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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 6, 2025

MeridianLink, Inc.
(Exact name of registrant as specified in its charter)

Delaware001-4068082-4844620
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareMLNKThe 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 6, 2025, MeridianLink, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2024. 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 6, 2025, the Company issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2024. 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 2025, 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
99.2
104Cover 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 6, 2025
By:/s/ Elias Olmeta
Elias Olmeta
Chief Financial Officer



Exhibit 99.1
image_0a.jpg
MeridianLink Reports Fourth Quarter and Fiscal Year 2024 Results
Fourth quarter revenue of $79.4 million grows 7% year-over-year

COSTA MESA, Calif., March 6, 2025 — 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, 2024. Additionally, MeridianLink’s Board of Directors has approved a stock repurchase program that authorizes the Company to repurchase up to $129.5 million of its common stock.

“MeridianLink® finished the year strongly, with record bookings despite a challenging macro environment, which is continued evidence of customers turning to MeridianLink® One to implement digital lending strategies that win," said Nicolaas Vlok, chief executive officer of MeridianLink. “Our dedication to customer success paired with our focus on execution has solidified our position as the leading digital lending platform for mid-market financial institutions. Looking forward, we are deploying capital into the business to drive demand and accelerate revenue growth. With our solid foundation and incremental investment, we believe we are well-positioned to scale the business in 2025 and beyond.”

Quarterly Financial Highlights:
•Revenue of $79.4 million, an increase of 7% year-over-year
•Lending software solutions revenue of $63.8 million, an increase of 7% year-over-year
•Operating loss of $(0.2) million, or 0% of revenue, and non-GAAP operating income of $17.8 million, or 22% of revenue    
•Net loss of $(7.7) million, or (10)% of revenue, and adjusted EBITDA of $33.4 million, or 42% of revenue
•Cash flows from operations of $13.8 million, or 17% of revenue, and free cash flow of $12.1 million, or 15% of revenue

2024 Fiscal Year Financial Highlights:
•Revenue of $316.3 million, an increase of 4% year-over-year
•Lending software solutions revenue of $249.3 million, an increase of 7% year-over-year
•Operating income of $4.6 million, or 1% of revenue, and non-GAAP operating income of $67.7 million, or 21% of revenue    
•Net loss of $(29.8) million, or (9)% of revenue, and adjusted EBITDA of $130.7 million, or 41% of revenue
•Cash flows from operations of $77.8 million, or 25% of revenue, and free cash flow of $70.3 million, or 22% of revenue

Business and Operating Highlights:
•MeridianLink finished the year strong with a healthy pipeline and record bookings driven by demand for MeridianLink® One, demonstrating the success of our land and expand strategy.
•In the quarter, fifteen customers selected MeridianLink® Access, demonstrating continued demand for our enhanced Point-of-Sale solution that provides personalized, digital consumer experiences.
•MeridianLink achieved the best new logo quarter in two years, including a significant deal with an $8 billion bank who purchased both MeridianLink® Mortgage and Consumer to enable cross-selling and their digital transformation efforts.
•MeridianLink launched a new Share-of-Wallet add-on for MeridianLink® Consumer and Opening customers, which FedChoice Federal Credit Union implemented, resulting in conversion rates of up to 9% for their campaigns.
•MeridianLink announced a new partnership with ScoreNavigator, an advanced credit report analysis tool, providing our customers with a more efficient screening and communication platform to increase application approval opportunities for lenders.

Stock Repurchase Program
Our board of directors has authorized a new stock repurchase program to acquire up to $129.5 million of the Company’s common stock in February 2025. The program is effective immediately and supersedes all prior authorized stock repurchase programs. There was an aggregate of approximately $29.7 million remaining for repurchase under the prior stock repurchase programs. Stock repurchases are subject to the Company’s discretion based on various factors, including market conditions.



Business Outlook
Based on information as of today, March 6, 2025, the Company issues full year 2025 financial guidance as follows:

Full Year 2025:
•Revenue is expected to be in the range of $326.0 million to $334.0 million
•Adjusted EBITDA is expected to be in the range of $131.5 million to $137.5 million

Conference Call Information
MeridianLink will hold a conference call to discuss its fourth quarter and fiscal year 2024 results today, March 6, 2025, 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 31623. 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, March 13, 2025, by dialing (888) 660-6264 from North America or the International number of (289) 819-1325 with Playback Passcode 31623.

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.

For More Information:

Press Contact
Sydney Wishnow
(508) 808-9060
meridianlinkPR@clyde.us

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.



Operational Measures Definitions
We reference bookings, which is an internal operational measure of the business. Bookings is defined as the minimum annual contracted value, or ACV, of newly sold capabilities of our software-as-a-service, or SaaS, products and professional services orders, inclusive of any corresponding fees owed to Third Parties. Bookings is a useful metric as it reflects the SaaS and services that have not been delivered. Management uses bookings to plan their go-to-market and services activities and inform product development efforts.

We reference ACV and ACV release, which are internal operational measures of the business. In any given period, ACV represents the minimum annualized SaaS revenue commitment from fully activated contracts in effect for customers at the end of the applicable period. ACV release is the portion of ACV that is recognized as subscription revenue throughout the twelve-month period beginning on the date after our software solutions are fully implemented. ACV and ACV release are useful to investors in assessing the growth and trajectory of our business. ACV and ACV release are used by management in financial and operational decision-making.

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 public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, and third party acquisition related costs. Non-GAAP operating margin is Non-GAAP operating income (loss) divided by total GAAP revenue.

•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 public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, third party acquisition related costs, and the effect of income taxes, on non-GAAP items. The effects of income taxes on non-GAAP items reflect a fixed long-term projected tax rate of 24%. Non-GAAP net income (loss) margin is Non-GAAP net income (loss) divided by total GAAP revenue.

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 and does not 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: GAAP net income (loss) before interest expense, provision for income taxes, depreciation and amortization of intangible assets, share-based compensation expense, employer payroll taxes on employee stock transactions, expenses associated with our public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, 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 Adjusted EBITDA margin is Non-GAAP Adjusted EBITDA divided by total GAAP revenue.

•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 public offering, charges in connection with litigation unrelated to our core business, expenses related to debt modification, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, third party acquisition related costs, and depreciation and amortization of intangible assets, as applicable.

•Free cash flow: GAAP cash flow provided by operating activities less GAAP purchases of property and equipment (Capital Expenditures) and GAAP capitalized software additions (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 to the most comparable GAAP measure 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 due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. 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 stock repurchase programs, including the execution and amount of repurchases, our ability to drive demand and accelerate revenue growth, our ability to scale in 2025, the strength of our pipeline, 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.


Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share data)

As of
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$92,765$80,441
Accounts receivable, net34,42232,412
Prepaid expenses and other current assets10,97311,574
Total current assets138,160124,427
Property and equipment, net2,1673,337
Right of use assets, net1,0951,140
Intangible assets, net201,522251,060
Goodwill610,063610,063
Other assets8,3266,224
Total assets$961,333 $996,251
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $6,798$4,405
Accrued liabilities29,38330,673
Deferred revenue17,17017,224
Current portion of debt, net of debt issuance costs3,6783,542
Total current liabilities57,02955,844
Long-term debt, net of debt issuance costs464,922420,004
Deferred tax liabilities, net11,28710,823
Long-term deferred revenue75792
Other long-term liabilities527541
Total liabilities$533,840$488,004
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.001 par value; 50,000,000 shares authorized; zero shares issued and outstanding at December 31, 2024 and December 31, 2023
——
Common stock, $0.001 par value; 600,000,000 shares authorized, 76,049,681 and 78,447,701 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively
127129
Additional paid-in capital709,057654,634
Accumulated deficit(281,691)(146,516)
Total stockholders’ equity427,493508,247
Total liabilities and stockholders’ equity$961,333$996,251



Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenues, net$79,437 $74,579 $316,298 $303,617 
Cost of revenues:
Subscription and services21,766 20,389 89,273 90,362 
Amortization of developed technology4,863 4,641 19,255 18,129 
Total cost of revenues26,629 25,030 108,528 108,491 
Gross profit52,808 49,549 207,770 195,126 
Operating expenses:
General and administrative32,393 22,481 116,458 92,663 
Research and development10,045 10,703 39,454 47,517 
Sales and marketing10,687 9,580 43,182 35,792 
Restructuring related costs(139)— 4,040 3,621 
Total operating expenses52,986 42,764 203,134 179,593 
Operating (loss) income
(178)6,785 4,636 15,533 
Other (income) expense, net:
Interest and other income(961)(1,433)(4,924)(4,029)
Interest expense8,880 10,031 38,424 38,158 
Total other expense, net7,919 8,598 33,500 34,129 
Loss before income taxes
(8,097)(1,813)(28,864)(18,596)
(Benefit from) provision for income taxes
(352)27,761 908 23,943 
Net loss
$(7,745)$(29,574)$(29,772)$(42,539)
Net loss per share:
Basic$(0.10)$(0.38)$(0.39)$(0.53)
Diluted$(0.10)$(0.38)$(0.39)$(0.53)
Weighted average common stock outstanding:
Basic75,629,246 78,767,040 76,270,632 80,349,895 
Diluted75,629,246 78,767,040 76,270,632 80,349,895 



Net Revenues by Major Source
(unaudited)
(in thousands)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Subscription fees$65,208$61,999$264,410$256,787
Professional services10,76210,10739,47736,250
Other3,4672,47312,41110,580
Total$79,437$74,579$316,298$303,617

Net Revenues by Solution Type
(unaudited)
(in thousands)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Lending software solutions$63,777$59,471$249,329$232,199
Data verification software solutions15,66015,10866,96971,418
Total
$79,437$74,579$316,298$303,617
% Growth (decline) attributable to:

Lending software solutions
6%6%
Data verification software
1%(1)%
Total % growth
7%4%
___________

Percent Revenue Related to the Mortgage Loan Market
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Lending software solutions11%13%11%12%
Data verification software57%56%56%59%
Total % revenue related to mortgage loan market20%22%20%23%


Consolidated Statements of Cash Flows
(unaudited)
(in thousands)

Year Ended December 31,
20242023
Cash flows from operating activities:
Net (loss) income$(29,772)$(42,539)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation1,3581,860
Amortization of intangible assets56,89455,969
Amortization of costs capitalized to obtain revenue contracts4,0563,342
Provision for expected credit losses778930
Amortization of debt issuance costs6531,085
Share-based compensation expense51,35530,550
Deferred income taxes46423,630
Loss on disposal of property and equipment102—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(2,183)(443)
Prepaid expenses and other assets(5,655)(7,007)
Accounts payable2,4353,170
Accrued liabilities(1,912)(2,514)
Deferred revenue(771)(69)
Net cash provided by operating activities77,80267,964
Cash flows from investing activities:
Capitalized software additions(7,092)(9,250)
Purchases of property and equipment(367)(943)
Return of escrow deposit
—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
Net cash (used in) provided by investing activities(7,459)20,133
Cash flows from financing activities:
Repurchases of common stock(104,847)(61,171)
Excise taxes paid on share repurchases(403)—
Proceeds from exercise of stock options6,8852,373
Proceeds from employee stock purchase plan1,8071,679
Taxes paid related to net share settlement of restricted stock units(5,886)(1,667)
Principal payments of debt(4,660)(4,350)
Proceeds from debt issuance50,000—
Payments of debt issuance costs(840)—
Payments of deferred offering costs(75)(300)
Net cash used in financing activities(58,019)(63,436)
Net increase in cash and cash equivalents
12,32424,661
Cash and cash equivalents, beginning of period80,44155,780
Cash and cash equivalents, end of period$92,765$80,441
Supplemental disclosures of cash flow information:
Cash paid for interest$37,958$37,018
Cash paid for income taxes6902,522
Non-cash investing and financing activities:
Shares withheld with respect to net settlement of restricted stock units5,8861,667
Initial recognition of operating lease liabilities623—
Initial recognition of operating lease right-of-use assets592—
Excise taxes payable included in repurchases of common stock561377
Share-based compensation expense included in capitalized software additions265303
Purchase price allocation adjustment related to income tax effects for StreetShares acquisition—1,132
Purchase price allocation adjustment for Beanstalk Networks LLC acquisition—274
Purchases of property and equipment included in accounts payable and accrued liabilities280
Costs related to shelf registration on Form S-3 included in accrued liabilities—75
Vesting of restricted stock awards and restricted stock units—5


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,
2024202320242023
Operating (loss) income
$(178)$6,785$4,636$15,533
Add: Share-based compensation expense16,6728,33551,36231,213
Add: Employer payroll taxes on employee stock transactions356891,587687
Add: Expenses associated with public offering
——2,114—
Add: Litigation-related charges(1)
——1,864—
Add: Expenses related to debt modification——473—
Add: Restructuring related costs(2)
(139)—4,0403,621
Add: Expenses associated with material weakness remediation(3)
840—1,347—
Add: Acquisition related costs277—277—
Non-GAAP operating income$17,828$15,209$67,700$51,054
Operating margin—%9%1%5%
Non-GAAP operating margin
22%20%21%17%
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net loss$(7,745)$(29,574)$(29,772)$(42,539)
Add: Share-based compensation expense16,6728,33551,36231,213
Add: Employer payroll taxes on employee stock transactions356891,587687
Add: Expenses associated with public offering
——2,114—
Add: Litigation-related charges(1)
——1,692—
Add: Expenses related to debt modification——473—
Add: Restructuring related costs(2)
(139)—4,0403,621
Add: Expenses associated with material weakness remediation(3)
840—1,347—
Add: Acquisition related costs277—277—
Subtract: Income tax effect on non-GAAP items(4,321)(2,022)(15,094)(8,525)
Non-GAAP net income (loss)
$5,940$(23,172)$18,026$(15,543)
Non-GAAP basic net income (loss) per share
$0.08$(0.29)$0.24$(0.19)
Non-GAAP diluted net income (loss) per share
$0.08$(0.29)$0.23$(0.19)
Weighted average shares used to compute Non-GAAP basic net income (loss) per share
75,629,24678,767,04076,270,63280,349,895
Weighted average shares used to compute Non-GAAP diluted net income (loss) per share
79,132,64178,767,04079,906,602 80,349,895
Net loss margin(10)%(40)%(9)%(14)%
Non-GAAP net income (loss) margin
7%(31)%6%(5)%
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net loss$(7,745)$(29,574)$(29,772)$(42,539)
Interest expense
8,88010,03138,42438,158
(Benefit from) provision for income taxes
(352)27,76190823,943
Depreciation and amortization of intangible assets
14,56314,44158,25257,829
Share-based compensation expense16,6728,33551,36231,213
Employer payroll taxes on employee stock transactions356891,587687
Expenses associated with public offering——2,114—
Litigation-related charges(1)
——1,692—
Expenses related to debt modification——473—
Restructuring related costs(2)
(139)—4,0403,621
Expenses associated with material weakness remediation(3)
840—1,347—
Acquisition related costs
277—277—
Deferred revenue reduction from purchase accounting for acquisitions prior to 2022—19—78
Adjusted EBITDA$33,352$31,102$130,704$112,990
Net loss margin(10)%(40)%(9)%(14)%
Adjusted EBITDA margin42%42%41%37%
_______________
(1) Litigation-related charges pertains to litigation settlements and related legal fees. During the year ended December 31, 2024, we incurred $1.5 million in settlements of class action lawsuits and $0.4 million related to third-party legal fees directly related to the settlements. During the year ended December 31, 2024, we recognized a $0.2 million gain on a favorable litigation settlement. The gain was recognized in interest and other income on our consolidated statements of operations.
(2) Restructuring related costs for the year ended December 31, 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.


Reconciliation from GAAP to Non-GAAP Results
(unaudited)
(in thousands)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Cost of revenue$26,629$25,030$108,528$108,491
Less: Share-based compensation expense1,3089304,7053,848
Less: Employer payroll taxes on employee stock transactions4821277157
Less: Amortization of developed technology4,8634,64119,25518,129
Non-GAAP cost of revenue$20,410$19,438$84,291$86,357
Cost of revenue as a % of revenue34%34%34%36%
Non-GAAP cost of revenue as a % of revenue26%26%27%28%
Three Months Ended December 31,Year Ended December 31,
2024202320242023
General and administrative$32,393$22,481$116,458$92,663
Less: Share-based compensation expense10,2974,51929,98416,456
Less: Employer payroll taxes on employee stock transactions21030641246
Less: Expenses associated with public offering
——2,114—
Less: Litigation-related charges——1,864—
Less: Expenses related to debt modification——473—
Less: Expenses associated with material weakness remediation
840—1,347—
Less: Acquisition related costs
277—277—
Less: Depreciation expense2933811,3581,860
Less: Amortization of intangible assets
9,4079,41937,63937,840
Non-GAAP general & administrative$11,069$8,132$40,761$36,261
General and administrative as a % of revenue41%30%37%31%
Non-GAAP general and administrative as a % of revenue14%11%13%12%
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Research and development$10,045$10,703$39,454$47,517
Less: Share-based compensation expense3,0001,6929,6637,060
Less: Employer payroll taxes on employee stock transactions6026383189
Non-GAAP research and development$6,985$8,985$29,408$40,268
Research and development as a % of revenue13%14%12%16%
Non-GAAP research and development as a % of revenue9%12%9%13%

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Sales and marketing$10,687$9,580$43,182$35,792
Less: Share-based compensation expense2,0671,1947,0103,849
Less: Employer payroll taxes on employee stock transactions381228695
Non-GAAP sales and marketing$8,582$8,374$35,886$31,848
Sales and marketing as a % of revenue13%13%14%12%
Non-GAAP sales and marketing as a % of revenue11%11%11%10%


Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net cash provided by operating activities$13,813$12,478$77,802$67,964
Less: Capitalized software1,6092,2467,0929,250
Less: Capital expenditures 154596367943
Free cash flow$12,050$9,636$70,343$57,771
Net cash provided by operating actives as a % of revenue17%17%25%22%
Free cash flow as a % of revenue15%13%22%19%


©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Fourth Quarter and Fiscal Year 2024 Review March 2025 Exhibit 99.2

 
©2025 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, including anticipated results of those offerings, features, and functionalities for our customers; our ability to identify and integrate strategic initiatives; our stock repurchase programs, including the execution and amount of repurchases; our ability to compete in a highly-fragmented and competitive landscape; market demand for our products and solutions; our ability to drive demand and accelerate revenue growth; 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 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, 2024, 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. 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 presentation, and links for these websites are inactive textual references only. Copyright Notice: All copyrightable text and graphics, the selection, arrangement, and presentation of all materials (including information in the public domain) are ©2025 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.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 3 Q4’24 in Review • Delivered solid Q4 results with accelerated revenue growth, expanded profitability, and improved cash flow conversion • Continued execution of “land and expand” strategy as new and existing customers choose MeridianLink® One for their digital transformation • Achieved best new logo quarter in two years, increasing new customer bookings nearly 40% year-over-year • 15 customers selected MeridianLink® Access, demonstrating continued demand for our enhanced Point-of-Sale solution • Sustained strong ACV release, showcasing our Services team’s continued focus on streamlining delivery • New Share-of-Wallet add-on for MeridianLink® Consumer and Opening customers that enables customer cross-sell campaigns • Launched partnership with ScoreNavigator, an advanced credit report analysis tool Note: We reference bookings, which is an internal operational measure of the business. Bookings is defined as the minimum annual contracted value, or ACV, of newly sold capabilities of our software-as-a-service, or SaaS, products and professional services orders, inclusive of any corresponding fees owed to Third Parties. We reference ACV and ACV release. IIn any given period, ACV represents the minimum annualized SaaS revenue commitment from fully activated contracts in effect for customers at the end of the applicable period. ACV release is the portion of ACV that is recognized as subscription revenue throughout the twelve-month period beginning on the date after our software solutions are fully implemented.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 4 Q4 2024 Financial Highlights Solid quarter of profitability, accelerating revenue growth, and improving cash flow Adjusted EBITDA, Adjusted Gross Profit, and Free Cash Flow are non-GAAP measures. For a definition and reconciliation of non-GAAP measures, please refer to the Appendix. YoY growth represents year-over-year growth from Q4’23 to Q4’24. (1) Adj. gross profit is calculated by subtracting non-GAAP cost of revenue from net revenues. Adj. gross margin represents adj. gross profit as a percentage of revenues. (2) Adj. EBITDA margin represents adj. EBITDA as a percentage of revenues. (3) Free cash flow margin represents free cash flow as a percentage of revenues. $79.4M Total Revenue 7% YoY growth 15% Free Cash Flow Margin(3) 225bps YoY growth 74% Adj. Gross Margin(1) 37bps YoY growth 42% Adj. EBITDA Margin(2) 28bps YoY growth GROWTH & SCALE ATTRACTIVE MARGIN AND CASH FLOW PROFILE

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. NEW LOGO WINS $8B AUM bank win 40% BEST NEW LOGO QUARTER IN TWO YEARS: Increasing nearly 40% year-over-year 5 Q4 2024 Business & Operating Highlights CROSS-SELL MOMENTUM E X I S T I N G Consumer Lending bank customer with $9B in Assets FOR A TOTAL OF 6 MODULES Automated Decisioning PLATFORM EXPANSION FedChoice’s cross-sell campaigns hit conversion rates of up to 9% with the Share-of-Wallet add-on. NEW SHARE-OF-WALLET ADD-ON FOR NEW PARTNERSHIP A platform for loan officers to assess creditworthiness and help consumers improve credit during the application process, therefore increasing lender application approvals. “This is a great example of the opportunity that MeridianLink One presents to deepen and expand existing relationships. Of note, this Access win was one of 15 in the fourth quarter, more than tripling customer wins year-over-year.” – Larry Katz, President “With visibility across the entire consumer debt wallet, this customer is also leveraging our patented debt optimization capability to maximize acceptance rates and deepen relationships with clients.” – Larry Katz, President

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. MortgageMortgage $7 $7 $8 $9 Q4'23A Q4'24A 57%56% $15 $16 $52 $57 $8 $7 Q4'23A Q4'24A 11%13% $59 $64 $62 $65 $10 $11 $2 $3 Q4'23A Q4'24A 82%83% $75 $79 6 Q4 2024 Revenue Drivers Revenue by Source ($ millions) Subscription Professional Services OtherSubscription Fees Lending Software Solutions Data Verification Software Solutions MortgageNon-Mortgage MortgageNon-Mortgage Revenue by Solution Type Note: Financial data as of the three months ended December 31st, 2023 or December 31st, 2024 as noted. Subtotals may not add to totals due to rounding.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. $55 $58 $56 $59 $59 $61 $62 $63 $64 $49 $51 $48 $52 $52 $54 $55 $56 $57 Q4 2022A Q1 2023A Q2 2023A Q3 2023A Q4 2023A Q1 2024A Q2 2024A Q3 2024A Q4 2024A 7 Lending Solutions Growing High Single-Digits at Scale Lending Software Solutions Revenue Non-Mortgage Lending Software Solutions Revenue YoY Non-Mortgage Lending Software Solutions Revenue Growth¹ ($ millions) (1) YoY Growth is calculated as the quarter financial performance divided by financial performance of the same quarter in the prior year. YoY Lending Software Solutions Revenue Growth¹ 23% 13% 1% 6% 5% 6% 14% 26% 18% 8% 12% 8% 5% 11% 9% 7% 9% 7%

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. $31 $33 42% 42% Q4'23A Q4'24A $113 $131 37% 41% FY2023A FY2024A $55 $59 74% 74% Q4'23A Q4'24A $217 $232 72% 73% FY2023A FY2024A 8 Attractive Margin Profile Driven by Cost Discipline Adj. Gross Profit ($ millions) Adj. EBITDA ($ millions) Adj. EBITDA Adj. EBITDA Margin Note: For a definition and reconciliation of Adjusted Gross Profit and Adjusted EBITDA, please refer to the Appendix. Adj. Gross Profit Adj. Gross Profit Margin

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. $8 $11 11% 14% Q4'23A Q4'24A $36 $41 12% 13% FY2023A FY2024A $9 $7 12% 9% Q4'23A Q4'24A $40 $29 13% 9% FY2023A FY2024A $8 $9 11% 11% Q4'23A Q4'24A $32 $36 10% 11% FY2023A FY2024A 9 Re-Allocating Costs Through Macro Uncertainty Non-GAAP Research & DevelopmentNon-GAAP Sales & Marketing ($ millions)($ millions) S&M of Revenue R&D of Revenue Note: For a definition and reconciliation of non-GAAP operating expenses, please refer to the Appendix. Non-GAAP General & Administrative ($ millions) G&A of Revenue

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. $10 $12 13% 15% Q4'23A Q4'24A $58 $70 19% 22% FY2023A FY2024A $15 $18 20% 22% Q4'23A Q4'24A $51 $68 17% 21% FY2023A FY2024A Note: Non-GAAP operating income and Free Cash Flow are non-GAAP measures. Non-GAAP operating margin represents non-GAAP operating income as a percentage of revenues. Free Cash Flow margin represents Free Cash Flow as a percentage of revenues. For a definition and reconciliation of non-GAAP operating income and Free Cash Flow, please refer to the Appendix. 10 Strong Operating Income & Free Cash Flow Generation Non-GAAP Operating Income Free Cash Flow ($ millions) Non-GAAP Operating Income Non-GAAP Operating Margin Free Cash Flow Free Cash Flow Margin ($ millions)

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 11 Guidance Update Guidance Update Year Ended December 31, 2025 ($ in thousands) 2024A Low (Estimated) High (Estimated) Revenue $316,298 $326,000 $334,000 Growth 4% 3% 6% Adj. EBITDA(1) 130,704 131,500 137,500 Growth 16% 1% 5% Margin(1) 41% 40% 41% Note: This forecasted 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 forecasted 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. 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.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 12 Appendix

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 13 Q4 2024 Performance ($ in thousands) Q4 2023A Q4 2024A Delta Consolidated Statements of Operations Data Revenue $74,579 $79,437 $4,858 Gross profit 49,549 52,808 3,259 Gross margin 66.4% 66.5% 0.1% Net (loss) (29,574) (7,745) 21,829 Net (loss) margin (39.7)% (9.7)% 30.0% Non-GAAP Financial Data Adj. EBITDA(1) 31,102 33,352 2,250 Adj. EBITDA margin(1) 41.7% 42.0% 0.3% Free cash flow(2) 9,636 12,050 2,414 Free cash flow margin(2) 12.9% 15.2% 2.3% 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. (2) Free cash flow is a non-GAAP measure. Free cash flow margin represents free cash flow as a percentage of revenues. For a definition and reconciliation of free cash flow, please refer to the Appendix.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED.©2025 MERIDIA LINK, INC. ALL IGHTS RESERVED. Non-GAAP Financial Measures 14 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, expenses associated with our public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, and third party acquisition related costs. Non-GAAP operating margin is Non-GAAP operating income (loss) divided by total GAAP revenue. • Adjusted EBITDA: GAAP net income (loss) before interest expense, provision for income taxes, depreciation and amortization of intangible assets, share-based compensation expense, employer payroll taxes on employee stock transactions, expenses associated with our public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, 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 Adjusted EBITDA margin is Non-GAAP Adjusted EBITDA divided by total GAAP revenue. • 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. • Adjusted gross profit: GAAP net revenues less non-GAAP cost of revenue. Adjusted gross profit margin represents adjusted gross profit divided by total GAAP revenue. • 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 public offering, charges in connection with litigation unrelated to our core business, expenses related to debt modification, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, third party acquisition related costs, and depreciation and amortization of intangible assets, as applicable. • Free cash flow: GAAP cash flow provided by operating activities less GAAP purchases of property and equipment (Capital Expenditures) and GAAP capitalized software additions (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 to the most comparable GAAP measure 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 due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 15 Financial Reconciliations ($ in thousands) 2023A 2024A Q4’23A Q4’24A Reconciliation of Net Income (Loss) to Adjusted EBITDA(1) Net loss ($42,539) ($29,772) ($29,574) ($7,745) (+) Interest expense 38,158 38,424 10,031 8,880 (+/-) (Benefit from) provision for income taxes3 23,943 908 27,761 (352) (+) Depreciation & amortization of intangible assets 57,829 58,252 14,441 14,563 (+) Share-based compensation expense 31,213 51,362 8,335 16,672 (+) Employer payroll taxes on employee stock transactions 687 1,587 89 356 (+) Expenses associated with public offering – 2,114 – – (+) Litigation-related charges4 – 1,692 – – (+) Expenses related to debt modification – 473 – – (+) Restructuring related costs5 3,621 4,040 – (139) (+) Expenses associated with material weakness remediation6 – 1,347 – 840 (+) Acquisition related costs – 277 – 277 (+) Deferred revenue reduction from purchase accounting for acquisitions prior to 2022 78 – 19 – Adjusted EBITDA(1) $112,990 $130,704 $31,102 $33,352 Net loss margin (14)% (9)% (3)% (9)% Adjusted EBITDA margin(2) 37% 41% 39% 42% Non-GAAP Adjusted EBITDA(1) (1) We define Adj. EBITDA as net income (loss) before interest expense, provision for income taxes, depreciation and amortization of intangible assets, share-based compensation expense, employer payroll taxes on employee stock transactions, expenses associated with our public offering, charges and gains in connection with litigation unrelated to our core business, expenses related to debt modification, restructuring related costs, expenses for services performed by a third party consultant relating to efforts to remediate our material weakness, third party acquisition-related costs and deferred revenue reductions from purchase accounting for acquisitions (2) Adj. EBITDA margin represents Adj. EBITDA as a percentage of revenues. (3) 2023 reflects the initial recording of a non-cash tax expense of $29.4M for a partial valuation allowance on certain deferred tax assets. (4) Litigation-related charges pertains to litigation settlements and related legal fees. During the year ended December 31, 2024, we incurred $1.5 million in settlements of class action lawsuits and $0.4 million related to third-party legal fees directly related to the settlements. During the year ended December 31, 2024, we recognized a $0.2 million gain on a favorable litigation settlement. The gain was recognized in interest and other income on our consolidated statements of operations. (5) Restructuring related costs for the year ended December 31, 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. (6) Expenses for services performed by a third party consultant related to efforts to remediate our previously identified material weakness.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 16 Financial Reconciliations (Cont’d) ($ in thousands) 2023A 2024A Q4’23A Q4’24A Revenues, net $303,617 $316,298 $74,579 $79,437 Cost of revenue 108,491 108,528 25,030 26,629 (-) Share-based compensation expense 3,848 4,705 930 1,308 (-) Employer payroll taxes on employee stock transactions 157 277 21 48 (-) Amortization of developed technology 18,129 19,255 4,641 4,863 Non-GAAP cost of revenue 86,357 84,291 19,438 20,410 Adjusted gross profit $217,260 $232,007 $55,141 $59,027 GAAP gross margin 64% 66% 66% 66% Adjusted gross margin 72% 73% 74% 74% Adjusted Gross Profit ($ in thousands) 2023A 2024A Q4’23A Q4’24A Operating income (loss) $15,533 $4,636 $6,785 ($178) (+) Share-based compensation expense 31,213 51,362 8,335 16,672 (+) Employer payroll taxes on employee stock transactions 687 1,587 89 356 (+) Expenses associated with public offering – 2,114 – – (+) Litigation-related charges(1) – 1,864 – – (+) Expenses related to debt modification – 473 – – (+) Restructuring related costs(2) 3,621 4,040 – (139) (+) Expenses associated with material weakness remediation(3) – 1,347 – 840 (+) Acquisition related costs – 277 – 277 Non-GAAP operating income $51,054 $67,700 $15,209 $17,828 GAAP operating margin 5% 1% 9% 0% Non-GAAP operating margin 17% 21% 20% 22% Non-GAAP Operating Income (1) Litigation-related charges pertains to litigation settlements and related legal fees. During the year ended December 31, 2024, we incurred $1.5 million in settlements of class action lawsuits and $0.4 million related to third-party legal fees directly related to the settlements. During the year ended December 31, 2024, we recognized a $0.2 million gain on a favorable litigation settlement. The gain was recognized in interest and other income on our consolidated statements of operations. (2) Restructuring related costs for the year ended December 31, 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.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 17 Financial Reconciliations (Cont’d) ($ in thousands) 2023A 2024A Q4’23A Q4’24A Sales and marketing $35,792 $43,182 $9,580 $10,687 (-) Share-based compensation expense 3,849 7,010 1,194 2,067 (-) Employer payroll taxes on employee stock transactions 95 286 12 38 Non-GAAP sales and marketing $31,848 $35,886 $8,374 $8,582 GAAP sales and marketing as a % of revenue 12% 14% 13% 13% Non-GAAP sales and marketing as a % of revenue 10% 11% 11% 11% Non-GAAP Sales and Marketing Expense ($ in thousands) 2023A 2024A Q4’23A Q4’24A Research and development $47,517 $39,454 $10,703 $10,045 (-) Share-based compensation expense 7,060 9,663 1,692 3,000 (-) Employer payroll taxes on employee stock transactions 189 383 26 60 Non-GAAP research and development $40,268 $29,408 $8,985 $6,985 GAAP research and development as a % of revenue 16% 12% 14% 13% Non-GAAP research and development as a % of revenue 13% 9% 12% 9% Non-GAAP Research and Development Expense ($ in thousands) 2023A 2024A Q4’23A Q4’24A General and administrative $92,663 $116,458 $22,481 $32,393 (-) Share-based compensation expense 16,456 29,984 4,519 10,297 (-) Employer payroll taxes on employee stock transactions 246 641 30 210 (-) Expenses associated with public offering – 2,114 – – (-) Litigation-related charges(1) – 1,864 – – (-) Expenses related to debt modification – 473 – – (-) Expenses associated with the material weakness remediation(2) – 1,347 – 840 (-) Acquisition related costs – 277 – 277 (-) Depreciation expense 1,860 1,358 381 293 (-) Amortization of intangibles assets 37,840 37,639 9,419 9,407 Non-GAAP general and administrative $36,261 $40,761 $8,132 $11,069 GAAP general and administrative as a % of revenue 31% 37% 30% 41% Non-GAAP general and administrative as a % of revenue 12% 13% 11% 14% Non-GAAP General and Administrative Expense (1) Litigation-related charges pertains to litigation settlements and related legal fees. During the year ended December 31, 2024, we incurred $1.5 million in settlements of class action lawsuits and $0.4 million related to third-party legal fees directly related to the settlements. During the year ended December 31, 2024, we recognized a $0.2 million gain on a favorable litigation settlement. The gain was recognized in interest and other income on our consolidated statements of operations. (2) Expenses for services performed by a third party consultant related to efforts to remediate our previously identified material weakness.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 18 Balance Sheet Highlights ($ in thousands) 2023A 2024A Total current assets $124,427 $138,160 Property and equipment, net 3,337 2,167 Intangible assets, net 251,060 201,522 Goodwill 610,063 610,063 Other assets 7,364 9,421 Total assets $996,251 $961,333 Total current liabilities $55,844 $57,029 Long-term debt, net of debt issuance costs 420,004 464,922 Other liabilities 12,156 11,889 Total liabilities $488,004 $533,840 Total stockholders’ equity 508,247 427,493 Total liabilities and stockholders’ equity $996,251 $961,333

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 19 FCF & Net Leverage ($ in thousands) 2023A 2024A Term loan $427,388 $472,728 (-) Debt issuance costs 3,842 4,128 (-) Cash and cash equivalents 80,441 92,765 Net Leverage $343,105 $375,835 LTM Adjusted EBITDA 112,990 130,704 Leverage multiple 3.0x 2.9x ($ in thousands) 2023A 2024A Q4’23A Q4’24A Net cash provided by operating activities $67,964 $77,802 $12,478 $13,813 (-) Capital expenditures 943 367 596 154 (-) Capitalized software 9,250 7,092 2,246 1,609 Non-GAAP free cash flow $57,771 $70,343 $9,636 $12,050 Net cash provided by operating activities as a % of revenue 22% 25% 17% 17% Free cash flow as a % of revenue 19% 22% 13% 15% Free Cash Flow Net Leverage

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 20 Financial Supplement Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Lending software solutions $ 182.3 $ 185.5 $ 186.4 $ 188.1 $ 189.2 $ 191.1 $ 193.7 $ 195.5 $ 199.8 Data verification software solutions $ 77.1 $ 73.4 $ 71.3 $ 69.3 $ 68.4 $ 65.3 $ 63.6 $ 63.8 $ 64.4 Total $ 259.4 $ 258.9 $ 257.7 $ 257.4 $ 257.5 $ 256.4 $ 257.3 $ 259.3 $ 264.2 Annual Recurring Revenue (ARR)¹ Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Lending software solutions 113.1% 113.3% 108.9% 106.0% 101.4% 101.1% 101.9% 101.9% 104.5% Data verification software solutions 87.0% 84.0% 83.5% 84.3% 88.5% 90.3% 89.9% 92.0% 93.9% Total 103.4% 102.6% 100.0% 98.8% 97.5% 98.1% 98.6% 99.2% 101.6% Net Retention Rate² Organic Customer Growth Rate4 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Lending software solutions 1,606 1,603 1,594 1,588 1,567 1,555 1,544 1,531 1,520 Data verification software solutions 427 430 436 435 429 430 430 430 432 Total 2,033 2,033 2,030 2,023 1,996 1,985 1,974 1,961 1,952 Total Customer³ Count Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Lending software solutions 2.8% 1.5% 0.1% (0.9)% (2.4)% (3.0)% (3.1)% (3.6)% (3.0)% Data verification software solutions 0.5% 1.9% 2.1% 0.9% 0.5% — (1.4)% (1.1)% 0.7% Total 2.3% 1.6% 0.5% (0.5)% (1.8)% (2.4)% (2.8)% (3.1)% (2.2)% (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) ARR 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.

 
©2025 MERIDIANLINK, INC. ALL RIGHTS RESERVED.©2025 MERIDIA LINK, INC. ALL IGHTS RESERVED. InvestorRelations@MeridianLink.com 21

 
v3.25.0.1
Cover
Mar. 06, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 06, 2025
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
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