In the release dated September 7, 2021, in the table “Net Revenues by Solution Type,” for the period “Three months ended June 30, 2020,” the figure for “Lending Software Solutions Contribution” should read: 12% (instead of 7%). The figure for “Total % Mortgage Loan Market Contribution” should read: 39% (instead of 37%).
The updated release reads:
MERIDIANLINK REPORTS SECOND QUARTER 2021 RESULTS
Revenue of $68.5 million grows 38% year-over-year
MeridianLink, Inc. (NYSE: MLNK), a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies (CRAs) to streamline loan decision making and origination, and credit reporting and background screening workflows, today announced financial results for the second quarter ended June 30, 2021.
“MeridianLink delivered strong performance throughout our business in Q2,” said Nicolaas Vlok, chief executive officer of MeridianLink. “We have great momentum in the business as MeridianLink continues to help financial institutions and CRAs bring equity to lending, placing power in consumers’ hands through our lending and data verification platforms. I couldn’t be prouder of these results which showcase both our robust organic growth and best-in-class margins.”
“Given our leadership position in the market, our operational execution and the positive market dynamics, we are confident in our growth trajectory. As financial institutions respond to customer demands for more integrated digital banking, lending, and data verification experiences, we are ideally positioned to help new and existing customers meet evolving consumer needs through our dynamic platform. As a result of this, I am even more optimistic about the opportunity ahead of us.”
- Revenue of $68.5 million, an increase of 38% year-over-year
- Operating profit of $19.2 million, or 28% of revenue
- Adjusted EBITDA of $33.4 million, or 49% of revenue
- Cash flow from operations of $21.2 million, and Free Cash Flow of $19.5 million
Initial Public Offering:
- MeridianLink completed its initial public offering on July 28, 2021, for net proceeds of $241.5 million, after deducting underwriters’ discounts
- A portion of the net proceeds were used to repay $75.0 million of borrowings outstanding under our first lien credit agreement and all borrowings outstanding under our second lien credit agreement of $125.0 million
Business and Operating Highlights:
- The 2021 Virtual User Forum took place in May and had a total of 80 sessions over three days. There were more than 2,100 unique attendees and over 13,000 cumulative attendees for all sessions to engage with and learn more about MeridianLink’s Lending offerings
- The organization completed the acquisition of Saylent on April 1st. Saylent contributes key data and marketing capabilities to the MeridianLink One platform, which will continue to be enhanced and integrated
- The company had another strong quarter of new logo wins, including key signings in specialty lending, continued bank and credit union expansion, and also several new customers for MerdianLink’s Data Verification Solutions
Based on information as of today, September 7, 2021, the Company issues the following financial guidance.
Third Quarter Fiscal 2021:
- Revenue is expected to be in the range of $62.9 million to $63.5 million
- Adjusted EBITDA is expected to be in the range of $25.0 million to $25.6 million
Full Year 2021:
- Revenue is expected to be in the range of $256.7 million to $257.9 million
- Adjusted EBITDA is expected to be in the range of $112.3 million to $113.5 million
Conference Call Information
MeridianLink will hold a conference call to discuss our second quarter 2021 results today, September 7, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed by dialing (877) 284-4396 from the United States and Canada or (873) 415-0298 internationally with conference ID 4917618. 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 approximately 8:59 p.m. Pacific Time (11:59 p.m. Eastern Time) on Tuesday, September 14, 2021, at (800) 585-8367 from the United States and Canada or (416) 621-4642 internationally with conference ID 4917618.