MeridianLink Reports First Quarter 2025 Results
Total revenue of
Cash flow from operations of
“We are pleased with our first quarter results, which underscore our ability to manage our business amidst an unpredictable macro backdrop," said Larry Katz, current President and incoming Chief Executive Officer. “We benefited from a favorable demand environment as customers turned to MeridianLink for solutions that serve their consumers and communities. Our solid bookings were driven by an increased mix of larger deals, continued cross-sell momentum, and accelerated demand for mortgage lending solutions. As the most trusted, comprehensive and scalable platform for community financial institutions, we remain committed to product innovation and customer success. With a strong foundation and a market-leading position, I’m honored and energized to shape MeridianLink’s next chapter as we execute on strategic initiatives that will deliver long-term value to our customers, partners, and shareholders.”
“We’ve accomplished a lot over the last years, expanding the business meaningfully, growing revenue from approximately
Quarterly Financial Highlights:
-
Revenue of
$81.5 million 5% year-over-year -
Lending software solutions revenue of
$67.1 million 10% year-over-year -
Operating income of
$3.6 million 4% of revenue, and non-GAAP operating income of$19.1 million 23% of revenue -
Net loss of
$(4.7) million $34.8 million 43% of revenue -
Cash flows from operations of
$42.4 million 52% of revenue, and free cash flow of$40.6 million 50% of revenue
Business and Operating Highlights:
- MeridianLink welcomed Troy Coggiola as its new Chief Strategy Officer on April 21, 2025. Mr. Coggiola brings industry expertise and will help the Company meet customers’ needs through product innovation, partnerships, and acquisitions.
- We achieved solid bookings momentum through our land and expand strategy, highlighted by continued strength in cross-sell and fifteen mortgage lending deals selected by new and existing customers.
- MeridianLink announced the go-live of Solarity Credit Union on MeridianLink® Mortgage, which enabled them to optimize their application to funding process, reduce processing time by a third, and increase operational efficiency.
-
We enhanced MeridianLink One to streamline deposit account applications for returning consumers, reducing secondary account opening time by approximately
70% .
Business Outlook
Based on information as of today, May 12, 2025, financial guidance for 2025 remains unchanged and is as follows:
Full Year 2025:
-
Revenue is expected to be in the range of
$326.0 million $334.0 million -
Adjusted EBITDA is expected to be in the range of
$131.5 million $137.5 million
Conference Call Information
MeridianLink will hold a conference call to discuss its first quarter results today, May 12, 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
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 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, restructuring related costs, expenses for services performed by third party consultants 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, restructuring related costs, expenses for services performed by third party consultants 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 of24% 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 keyU.S. legislation where the Company operates. We will reevaluate this tax rate, as necessary, for significant events such as significant alterations in theU.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, restructuring related costs, expenses for services performed by third party consultants relating to efforts to remediate our material weakness, and third party acquisition-related costs.
-
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, including non-GAAP general and administrative, research and development, and sales and marketing costs: GAAP operating expenses, excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, expenses associated with our public offering, expenses for services performed by third party consultants 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, including financial guidance for 2025, future economic and market conditions, including with respect to the demand environment, our strategic initiatives, our Chief Executive Officer transition and leadership plans, our ability to drive demand, maintain bookings momentum, increase platform wins and lending deals, and accelerate revenue growth, our ability to scale, 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.
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
As of |
||||||
|
March 31, 2025 |
|
December 31, 2024 |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
128,895 |
|
|
$ |
92,765 |
|
Accounts receivable, net |
|
35,412 |
|
|
|
34,422 |
|
Prepaid expenses and other current assets |
|
11,300 |
|
|
|
10,973 |
|
Total current assets |
|
175,607 |
|
|
|
138,160 |
|
Property and equipment, net |
|
1,893 |
|
|
|
2,167 |
|
Right of use assets, net |
|
849 |
|
|
|
1,095 |
|
Intangible assets, net |
|
188,899 |
|
|
|
201,522 |
|
Goodwill |
|
610,063 |
|
|
|
610,063 |
|
Other assets |
|
9,647 |
|
|
|
8,326 |
|
Total assets |
$ |
986,958 |
|
|
$ |
961,333 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
5,796 |
|
|
$ |
6,798 |
|
Accrued liabilities |
|
29,821 |
|
|
|
29,383 |
|
Deferred revenue |
|
39,727 |
|
|
|
17,170 |
|
Current portion of debt, net of debt issuance costs |
|
3,678 |
|
|
|
3,678 |
|
Total current liabilities |
|
79,022 |
|
|
|
57,029 |
|
Long-term debt, net of debt issuance costs |
|
463,989 |
|
|
|
464,922 |
|
Deferred tax liabilities, net |
|
11,598 |
|
|
|
11,287 |
|
Long-term deferred revenue |
|
— |
|
|
|
75 |
|
Other long-term liabilities |
|
412 |
|
|
|
527 |
|
Total liabilities |
|
555,021 |
|
|
|
533,840 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ Equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
127 |
|
|
|
127 |
|
Additional paid-in capital |
|
718,186 |
|
|
|
709,057 |
|
Accumulated deficit |
|
(286,376 |
) |
|
|
(281,691 |
) |
Total stockholders’ equity |
|
431,937 |
|
|
|
427,493 |
|
Total liabilities and stockholders’ equity |
$ |
986,958 |
|
|
$ |
961,333 |
|
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Revenues, net |
$ |
81,488 |
|
|
$ |
77,816 |
|
Cost of revenues: |
|
|
|
||||
Subscription and services |
|
22,827 |
|
|
|
21,344 |
|
Amortization of developed technology |
|
4,896 |
|
|
|
4,729 |
|
Total cost of revenues |
|
27,723 |
|
|
|
26,073 |
|
Gross profit |
|
53,765 |
|
|
|
51,743 |
|
Operating expenses: |
|
|
|
||||
General and administrative |
|
27,685 |
|
|
|
25,179 |
|
Research and development |
|
10,912 |
|
|
|
9,485 |
|
Sales and marketing |
|
11,603 |
|
|
|
10,536 |
|
Restructuring related costs |
|
— |
|
|
|
3,191 |
|
Total operating expenses |
|
50,200 |
|
|
|
48,391 |
|
Operating income |
|
3,565 |
|
|
|
3,352 |
|
Other (income) expense, net: |
|
|
|
||||
Interest and other income |
|
(1,079 |
) |
|
|
(956 |
) |
Interest expense |
|
8,712 |
|
|
|
9,582 |
|
Total other expense, net |
|
7,633 |
|
|
|
8,626 |
|
Loss before provision for income taxes |
|
(4,068 |
) |
|
|
(5,274 |
) |
Provision for income taxes |
|
617 |
|
|
|
32 |
|
Net loss |
$ |
(4,685 |
) |
|
$ |
(5,306 |
) |
|
|
|
|
||||
Net loss per share: |
|
|
|
||||
Basic |
$ |
(0.06 |
) |
|
$ |
(0.07 |
) |
Diluted |
$ |
(0.06 |
) |
|
$ |
(0.07 |
) |
Weighted average common stock outstanding: |
|
|
|
||||
Basic |
|
76,516,629 |
|
|
|
77,335,072 |
|
Diluted |
|
76,516,629 |
|
|
|
77,335,072 |
|
Net Revenues by Major Source (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
2024 |
||
Subscription fees |
$ |
68,745 |
|
$ |
65,912 |
||
Professional services |
|
8,666 |
|
|
9,010 |
||
Other |
|
4,077 |
|
|
2,894 |
||
Total |
$ |
81,488 |
|
$ |
77,816 |
||
Net Revenues by Solution Type (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Lending software solutions |
$ |
67,069 |
|
|
$ |
60,903 |
|
Data verification software solutions |
|
14,419 |
|
|
|
16,913 |
|
Total |
$ |
81,488 |
|
|
$ |
77,816 |
|
% Growth (decline) attributable to: |
|
|
|
||||
Lending software solutions |
|
8 |
% |
|
|
||
Data verification software |
|
(3 |
)% |
|
|
||
Total % growth |
|
5 |
% |
|
|
||
___________ |
|
|
|
||||
Percent Revenue Related to the Mortgage Loan Market (unaudited) |
|||||
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Lending software solutions |
10 |
% |
|
11 |
% |
Data verification software |
49 |
% |
|
57 |
% |
Total % revenue related to mortgage loan market |
17 |
% |
|
21 |
% |
Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(4,685 |
) |
|
$ |
(5,306 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
383 |
|
|
|
376 |
|
Amortization of intangible assets |
|
14,303 |
|
|
|
14,148 |
|
Amortization of costs capitalized to obtain revenue contracts |
|
1,109 |
|
|
|
980 |
|
Provision for expected credit losses |
|
555 |
|
|
|
234 |
|
Amortization of debt issuance costs |
|
282 |
|
|
|
212 |
|
Share-based compensation expense |
|
12,381 |
|
|
|
7,803 |
|
Deferred income taxes |
|
311 |
|
|
|
(184 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(1,751 |
) |
|
|
(4,444 |
) |
Prepaid expenses and other current assets and other assets |
|
(2,146 |
) |
|
|
(1,934 |
) |
Accounts payable |
|
(1,021 |
) |
|
|
(270 |
) |
Accrued liabilities and other long-term liabilities |
|
147 |
|
|
|
(2,501 |
) |
Deferred revenue |
|
22,482 |
|
|
|
19,924 |
|
Net cash provided by operating activities |
|
42,350 |
|
|
|
29,038 |
|
Cash flows from investing activities: |
|
|
|
||||
Capitalized software additions |
|
(1,620 |
) |
|
|
(1,837 |
) |
Purchases of property and equipment |
|
(96 |
) |
|
|
(92 |
) |
Net cash used in investing activities |
|
(1,716 |
) |
|
|
(1,929 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repurchases of common stock |
|
— |
|
|
|
(44,000 |
) |
Proceeds from exercise of stock options |
|
14 |
|
|
|
191 |
|
Taxes paid related to net share settlement of restricted stock units |
|
(3,326 |
) |
|
|
(294 |
) |
Principal payments of debt |
|
(1,192 |
) |
|
|
(1,088 |
) |
Net cash used in financing activities |
|
(4,504 |
) |
|
|
(45,265 |
) |
Net increase (decrease) in cash and cash equivalents |
|
36,130 |
|
|
|
(18,156 |
) |
Cash and cash equivalents, beginning of period |
|
92,765 |
|
|
|
80,441 |
|
Cash and cash equivalents, end of period |
$ |
128,895 |
|
|
$ |
62,285 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
8,428 |
|
$ |
9,365 |
||
Cash paid for income taxes |
|
95 |
|
|
32 |
||
Non-cash investing and financing activities: |
|
|
|
||||
Shares withheld with respect to net settlement of restricted stock units |
|
3,326 |
|
|
294 |
||
Excise taxes payable included in repurchases of common stock |
|
— |
|
|
377 |
||
Share-based compensation expense included in capitalized software additions |
|
60 |
|
|
69 |
||
Purchases of property and equipment included in accounts payable and accrued liabilities |
|
21 |
|
|
44 |
||
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands, except share and per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Operating income |
$ |
3,565 |
|
|
$ |
3,352 |
|
Add: Share-based compensation expense |
|
12,381 |
|
|
|
7,936 |
|
Add: Employer payroll taxes on employee stock transactions |
|
625 |
|
|
|
422 |
|
Add: Expenses associated with public offering |
|
— |
|
|
|
1,389 |
|
Add: Restructuring related costs(1) |
|
— |
|
|
|
3,191 |
|
Add: Expenses associated with material weakness remediation(2) |
|
2,063 |
|
|
|
— |
|
Add: Acquisition related costs |
|
446 |
|
|
|
— |
|
Non-GAAP operating income |
$ |
19,080 |
|
|
$ |
16,290 |
|
Operating margin |
|
4 |
% |
|
|
4 |
% |
Non-GAAP operating margin |
|
23 |
% |
|
|
21 |
% |
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Net loss |
$ |
(4,685 |
) |
|
$ |
(5,306 |
) |
Add: Share-based compensation expense |
|
12,381 |
|
|
|
7,936 |
|
Add: Employer payroll taxes on employee stock transactions |
|
625 |
|
|
|
422 |
|
Add: Expenses associated with public offering |
|
— |
|
|
|
1,389 |
|
Add: Restructuring related costs(1) |
|
— |
|
|
|
3,191 |
|
Add: Expenses associated with material weakness remediation(2) |
|
2,063 |
|
|
|
— |
|
Add: Acquisition related costs |
|
446 |
|
|
|
— |
|
Subtract: Income tax effect on non-GAAP items |
|
(3,724 |
) |
|
|
(3,105 |
) |
Non-GAAP net income |
$ |
7,106 |
|
|
$ |
4,527 |
|
Non-GAAP basic net income per share |
$ |
0.09 |
|
|
$ |
0.06 |
|
Non-GAAP diluted net income per share |
$ |
0.09 |
|
|
$ |
0.06 |
|
Weighted average shares used to compute Non-GAAP basic net income per share |
|
76,516,629 |
|
|
|
77,335,072 |
|
Weighted average shares used to compute Non-GAAP diluted net income per share |
|
78,972,794 |
|
|
|
80,479,008 |
|
Net loss margin |
|
(6 |
)% |
|
|
(7 |
)% |
Non-GAAP net income margin |
|
9 |
% |
|
|
6 |
% |
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Net loss |
$ |
(4,685 |
) |
|
$ |
(5,306 |
) |
Interest expense |
|
8,712 |
|
|
|
9,582 |
|
Provision for income taxes |
|
617 |
|
|
|
32 |
|
Depreciation and amortization of intangible assets |
|
14,686 |
|
|
|
14,524 |
|
Share-based compensation expense |
|
12,381 |
|
|
|
7,936 |
|
Employer payroll taxes on employee stock transactions |
|
625 |
|
|
|
422 |
|
Expenses associated with public offering |
|
— |
|
|
|
1,389 |
|
Restructuring related costs(1) |
|
— |
|
|
|
3,191 |
|
Expenses associated with material weakness remediation(2) |
|
2,063 |
|
|
|
— |
|
Acquisition related costs |
|
446 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
34,845 |
|
|
$ |
31,770 |
|
Net loss margin |
|
(6 |
)% |
|
|
(7 |
)% |
Adjusted EBITDA margin |
|
43 |
% |
|
|
41 |
% |
_______________ |
|
|
|
||||
(1) |
Restructuring related costs for the three months ended March 31, 2024 are inclusive of forfeitures of share-based compensation associated with restructuring in the amount of |
(2) |
Expenses for services performed by third party consultants related to efforts to remediate our previously identified material weakness. |
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Cost of revenue |
$ |
27,723 |
|
|
$ |
26,073 |
|
Less: Share-based compensation expense |
|
1,670 |
|
|
|
782 |
|
Less: Employer payroll taxes on employee stock transactions |
|
112 |
|
|
|
48 |
|
Less: Amortization of developed technology |
|
4,896 |
|
|
|
4,729 |
|
Non-GAAP cost of revenue |
$ |
21,045 |
|
|
$ |
20,514 |
|
Cost of revenue as a % of revenue |
|
34 |
% |
|
|
34 |
% |
Non-GAAP cost of revenue as a % of revenue |
|
26 |
% |
|
|
26 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
General and administrative |
$ |
27,685 |
|
|
$ |
25,179 |
|
Less: Share-based compensation expense |
|
5,597 |
|
|
|
4,393 |
|
Less: Employer payroll taxes on employee stock transactions |
|
226 |
|
|
|
136 |
|
Less: Expenses associated with public offering |
|
— |
|
|
|
1,389 |
|
Less: Expenses associated with material weakness remediation |
|
2,063 |
|
|
|
— |
|
Less: Acquisition related costs |
|
446 |
|
|
|
— |
|
Less: Depreciation expense |
|
383 |
|
|
|
376 |
|
Less: Amortization of intangible assets |
|
9,407 |
|
|
|
9,419 |
|
Non-GAAP general & administrative |
$ |
9,563 |
|
|
$ |
9,466 |
|
General and administrative as a % of revenue |
|
34 |
% |
|
|
32 |
% |
Non-GAAP general and administrative as a % of revenue |
|
12 |
% |
|
|
12 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Research and development |
$ |
10,912 |
|
|
$ |
9,485 |
|
Less: Share-based compensation expense |
|
2,995 |
|
|
|
1,502 |
|
Less: Employer payroll taxes on employee stock transactions |
|
158 |
|
|
|
121 |
|
Non-GAAP research and development |
$ |
7,759 |
|
|
$ |
7,862 |
|
Research and development as a % of revenue |
|
13 |
% |
|
|
12 |
% |
Non-GAAP research and development as a % of revenue |
|
10 |
% |
|
|
10 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Sales and marketing |
$ |
11,603 |
|
|
$ |
10,536 |
|
Less: Share-based compensation expense |
|
2,119 |
|
|
|
1,259 |
|
Less: Employer payroll taxes on employee stock transactions |
|
129 |
|
|
|
117 |
|
Non-GAAP sales and marketing |
$ |
9,355 |
|
|
$ |
9,160 |
|
Sales and marketing as a % of revenue |
|
14 |
% |
|
|
14 |
% |
Non-GAAP sales and marketing as a % of revenue |
|
11 |
% |
|
|
12 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Net cash provided by operating activities |
$ |
42,350 |
|
|
$ |
29,038 |
|
Less: Capitalized software |
|
1,620 |
|
|
|
1,837 |
|
Less: Capital expenditures |
|
96 |
|
|
|
92 |
|
Free cash flow |
$ |
40,634 |
|
|
$ |
27,109 |
|
Net cash provided by operating actives as a % of revenue |
|
52 |
% |
|
|
37 |
% |
Free cash flow as a % of revenue |
|
50 |
% |
|
|
35 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250512887623/en/
For More Information:
Press Contact
Erica Bigley
(415) 710-9006
Erica.bigley@meridianlink.com
Investor Relations Contact
Gianna Rotellini
(714) 332-6357
InvestorRelations@meridianlink.com
Source: MeridianLink, Inc.
