MeridianLink, Inc. (the “Company”) (NYSE: MLNK), a leading
provider of modern software platforms for financial institutions
and consumer reporting agencies, today announced preliminary
unaudited operating results for the fourth quarter ended December
31, 2023, and its year-end cash position. Additionally, the
Company’s Board of Directors has approved a stock repurchase
program with authorization to purchase up to $125.0 million of
common stock.
Select Preliminary Unaudited Fourth Quarter 2023
Highlights
- Revenue of approximately between $73.5 million and $74.5
million;
- Net income (loss) of approximately between $(40.0) million and
$(20.0) million;
- Adjusted EBITDA of approximately between $30.0 million and
$31.0 million; and
- Cash and cash equivalents as of December 31, 2023, of
approximately $80.4 million.
These financial results are only preliminary estimates, which
are based only on financial information available to the Company’s
management as of the date hereof and are subject to change. The
Company is in the process of finalizing its audited financial
results as of and for the year ended December 31, 2023. Upon
completion of the Company’s independent auditor’s review of the
results for the three months ended December 31, 2023, it is
possible significant changes to such preliminary results may be
necessary. Accordingly, it is possible that the Company’s final
operating results will differ from these preliminary estimates,
including as a result of review adjustments, and any resulting
changes could be material. Complete financial statements as of and
for the year ended December 31, 2023, will be included in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023.
Stock Repurchase Program
Our Board of Directors has authorized a new stock repurchase
program to acquire up to $125.0 million of the Company’s common
stock. Stock repurchases are subject to the Company’s discretion
based on various factors, including market conditions.
About MeridianLink
MeridianLink® (NYSE: MLNK) powers digital lending and account
opening for financial institutions and provides data verification
solutions for consumer reporting agencies. MeridianLink’s scalable,
cloud-based platforms help customers build deeper relationships
with consumers through data-driven, personalized experiences across
the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities. Learn more at
www.meridianlink.com.
Non-GAAP Financial Measures
To supplement the financial measures presented in accordance
with generally accepted accounting principles, or GAAP, we provide
certain non-GAAP financial measures, such as adjusted EBITDA. 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.
We define adjusted EBITDA as net income (loss) before interest
expense, taxes, depreciation and amortization, share-based
compensation expense, employer payroll taxes on employee stock
transactions, restructuring related costs, sponsor and 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.
The reconciliation of net income (loss), the most directly
comparable GAAP financial measure, to adjusted EBITDA for the three
months ended December 31, 2023, is provided in the table below.
(in thousands)
Three months ended December
31, 2023
Low (estimated)
High (estimated)
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(40,000
)
$
(20,000
)
Interest expense
9,700
10,000
Taxes(1)
38,200
18,200
Depreciation and amortization
14,100
14,400
Share-based compensation expense
8,000
8,300
Employer payroll taxes on employee stock
transactions
—
85
Restructuring related costs
—
—
Acquisition related costs
—
—
Deferred revenue reduction from purchase
accounting for acquisitions prior to 2022
—
15
Adjusted EBITDA
$
30,000
$
31,000
(1)
Reflects estimate for the range of the
valuation allowance to be applied against the Company’s deferred
tax assets in its provision for income taxes that will be recorded
upon the completion of its results as of and for the three months
ended December 31, 2023. The Company has identified certain
potential non-cash charges to our deferred tax assets that may
require it to record a valuation allowance as we complete our
interim financial statements, and any resulting changes could be
material and materially impact the Company’s reported net income
(loss).
Forward-Looking Statements
This press release contains 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 our preliminary unaudited fourth quarter
financial results; our year-end cash position; and our stock
repurchase program, including the execution and amount of
repurchases. 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, the completion of our audit, final
adjustments, and other developments that may arise in the course of
audit and review procedures and changes in market and economic
condition, as well as those risks set forth in Item 1A. Risk
Factors, or elsewhere, in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240206332889/en/
Press Contact Becky Frost (714) 784-5839
Media@meridianlink.com
Investor Relations Contact Gianna Rotellini (714)
332-6357 InvestorRelations@meridianlink.com
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