Revenue of $64.0 1000000 grows 19% year-over-year
COSTA MESA, Calif.–(Business organization WIRE)–$MLNK #earnings–MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for fiscal institutions and consumer reporting agencies, today announced financial results for the fourth quarter and fiscal year ended Dec 31, 2021.
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“2021 was a momentous year for the company, and we are immensely proud of our track record of proven results, including 19% year-over-year revenue growth and 38% adjusted EBITDA margins for Q4,” said Nicolaas Vlok, master executive officer of MeridianLink. “Our solid performance in Q4 and throughout the twelvemonth highlights the trust that financial institutions and consumer reporting agencies identify in our solutions equally a central commuter of their growth acceleration and rapid digitalization. We are in the right place at the right time to assist new and existing customers fuel future growth, and I am confident that the coming year will bring many more opportunities.”
Quarterly Financial Highlights:
- Acquirement of $64.0 million, an increase of 19% twelvemonth-over-year
- Operating income of $vii.8 1000000, or 12% of revenue and Non-GAAP operating turn a profit of $eleven.7 million, or 18% of revenue
- Adjusted EBITDA of $24.half dozen meg, or 38% of revenue
- Cash menstruation from operations of $20.8 million, and Free Cash Menstruation of $19.iv million
Business and Operating Highlights:
- The company exceeded guidance again in Q4, with GAAP Revenue up nineteen% year-over-year to $64.0 million and 38% Adjusted EBITDA margins
- MeridianLink saw strong momentum in the fourth quarter on the consumer side of the business, upward 23% twelvemonth-over-twelvemonth, with growth driven, in function, by the reinvestment of the mortgage-related upside into the consumer business over the last several quarters
- The company launched MeridianLink Engage, a unique and comprehensive end-to-end consumer lending, account, and card marketing automation solution, in beta in Q4 and expanded to full general availability in January 2022
Business Outlook
Based on data every bit of today, March ten, 2022, the Visitor issues first quarter financial guidance and initiates total year 2022 financial guidance as follows:
Starting time Quarter Fiscal 2022:
- Revenue is expected to exist in the range of $68.3 million to $69.three million
- Adapted EBITDA is expected to be in the range of $26.5 million to $27.5 1000000
Full Year 2022:
- Revenue is expected to be in the range of $288.0 million to $292.0 million
- Adjusted EBITDA is expected to be in the range of $112.0 meg to $116.0 million
Conference Call Data
MeridianLink volition concur a conference call to discuss our fourth quarter and fiscal yr 2021 results today, March 10, 2022, at 2:00 p.m. Pacific Time (5:00 p.thou. Eastern Time). The conference phone call tin can be accessed by dialing (877) 284-4396 from the United states of america and Canada or (873) 415-0298 internationally with conference ID 4345428. A alive webcast of the conference phone call tin can be accessed from the investor relations page of MeridianLink’southward website at ir.meridianlink.com. An archived replay of the webcast volition be bachelor at the aforementioned website following the conclusion of the call. A telephonic replay will exist available until approximately 8:59 p.m. Pacific Time (11:59 p.m. Eastern Time) on Thursday, March 17, 2022, at (800) 585-8367 from the The states and Canada or (416) 621-4642 internationally with conference ID 4345428.
About MeridianLink
MeridianLink® (NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than ane,900 customers, including a majority of the fiscal institutions on Forbes’ 2021 lists of America’s All-time Credit Unions and Banks. Further information tin can be found at www.meridianlink.com.
Non-GAAP Financial Measures
To supplement the financial measures presented in accordance with more often than not accepted accounting principles, or GAAP, nosotros provide certain non-GAAP fiscal measures, such every bit adjusted EBITDA and adjusted EBITDA margin; non-GAAP operating income (loss); non-GAAP internet income (loss); not-GAAP cost of revenue; non-GAAP sales and marketing expenses; non-GAAP research and development expenses; not-GAAP general and administrative expenses; and free greenbacks catamenia. The presentation of these financial measures is non intended to be considered in isolation or every bit a substitute for, or superior to, fiscal information prepared and presented in accordance with GAAP. Rather, nosotros 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 betwixt periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating our business. The following definitions are provided:
- Adjusted EBITDA: net income (loss) before interest expense, taxes, depreciation, amortization, share-based compensation expense, employer payroll taxes on employee stock transactions, certain expenses associated with our IPO, sponsor and third-party acquisition related costs, losses resulting from early repayment of debt, lease termination charges, and deferred acquirement reductions from purchase accounting
- Not-GAAP operating income: GAAP income (loss) from operations, excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, and sponsor and third-party acquisition-related costs
- Non-GAAP net income: GAAP net income (loss), excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, and sponsor and tertiary-party acquisition-related costs
- Not-GAAP cost of revenue: GAAP cost of revenue, excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, and acquittal of developed applied science
- Non-GAAP operating expenses: GAAP operating expenses, excluding the impact of share-based bounty and employer payroll taxes on employee stock transactions
- Free cash period: GAAP cash menstruation from operating activities plus GAAP purchases of holding and equipment (Uppercase Expenditures) and capitalized costs related to adult engineering (Capitalized Software)
Reconciliations to comparable GAAP financial measures are available in the accompanying schedules, which are posted as part of this earnings release on our website. No reconciliation is provided with respect to sure frontward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking footing. We cannot reliably predict all necessary components or their bear upon to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP aligning are inherently unpredictable and may have a significant touch on our future GAAP financial results.
Forrard-Looking Statements
This release contains, and our to a higher place-referenced briefing call and webcast will contain, statements which are non historical facts and are considered forward-looking inside the pregnant of Department 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Mostly, these statements can exist identified by the apply of words such every bit “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 forwards-looking statements. These frontward-looking statements reverberate our predictions, expectations, or forecasts, including, but not limited to, statements regarding, and guidance with respect to, our future financial and operational functioning, our strategic initiatives, our development or delivery of new or enhanced solutions, our market size and growth opportunities, and our competitive positioning. Bodily results may differ materially from those described in the forward-looking statements and will be afflicted by a variety of risks and factors that are across our command including, without limitation, risks related to our business and industry, every bit well as those prepare forth under the explanation “Risk Factors” in our final prospectus filed on July 28, 2021, and our other SEC filings. Additional information will also be set forth in Particular 1A. Take a chance Factors, or elsewhere, in our Almanac Report on Course x-Thou for the year ended December 31, 2021. Any forward-looking argument contained herein or provided on the related conference call is based on reasonable assumptions every bit of the appointment hereof. You lot should not rely upon frontward-looking statements as predictions of time to come events. Nosotros undertake no obligation, other than as required past applicable police, to update whatsoever forwards-looking statements, whether every bit a result of new information, time to come events, or otherwise.
|
Consolidated Balance Sheets (in thousands, except share/unit of measurement and per share/unit data) |
||||||||
|
December 31, |
Dec 31, |
|||||||
|
2021 |
2020 |
|||||||
|
Assets |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ |
113,645 |
$ |
37,739 |
||||
|
Restricted cash |
— |
ii,142 |
||||||
|
Accounts receivable, internet of allowance for hundred-to-one accounts |
24,913 |
22,358 |
||||||
|
Prepaid expenses and other current avails |
9,398 |
5,812 |
||||||
|
Related party receivable from sellers of MeridianLink |
— |
four,123 |
||||||
|
Full current assets |
147,956 |
72,174 |
||||||
|
Belongings and equipment, net |
5,989 |
seven,600 |
||||||
|
Intangible assets, internet |
298,597 |
328,032 |
||||||
|
Deferred tax assets, net |
4,286 |
nine,484 |
||||||
|
Goodwill |
564,799 |
542,965 |
||||||
|
Other assets |
4,266 |
3,450 |
||||||
|
Total assets |
$ |
1,025,893 |
$ |
963,705 |
||||
|
Liabilities, Preferred Units, and Stockholders’ Equity/Members’ Deficit |
||||||||
|
Electric current liabilities: |
||||||||
|
Accounts payable |
$ |
two,335 |
$ |
2,257 |
||||
|
Accrued liabilities |
24,667 |
21,070 |
||||||
|
Deferred revenue |
14,707 |
x,873 |
||||||
|
TazWorks, LLC purchase liability |
— |
85,646 |
||||||
|
Related political party liability due to sellers of MeridianLink |
— |
30,000 |
||||||
|
Current portion of long-term debt, cyberspace of debt issuance costs |
ii,139 |
ii,955 |
||||||
|
Total current liabilities |
43,848 |
152,801 |
||||||
|
Long-term debt, net of debt issuance costs |
425,371 |
516,877 |
||||||
|
Deferred rent |
396 |
543 |
||||||
|
Total liabilities |
469,615 |
670,221 |
||||||
|
Commitments and contingencies |
||||||||
|
Class A preferred units, no par value; unlimited units authorized, 319,913 units issued and outstanding at December 31, 2020; liquidation preference of $402,607 at December 31, 2020 |
— |
319,913 |
||||||
|
Stockholders’ Equity/Members’ Arrears |
||||||||
|
Preferred stock, $0.001 par value; 50,000,000 shares authorized at Dec 31, 2021; null shares issued and outstanding at Dec 31, 2021 |
— |
— |
||||||
|
Mutual stock, $0.001 par value; 600,000,000 shares authorized, 79,734,984 shares issued and outstanding at December 31, 2021 |
88 |
— |
||||||
|
Class B mutual units, no par value; unlimited units authorized, 51,492,805 units issued and outstanding at December 31, 2020 |
— |
— |
||||||
|
Additional paid-in uppercase |
596,542 |
three,909 |
||||||
|
Accumulated deficit |
(xl,352 |
) |
(30,338 |
) |
||||
|
Full stockholders’ equity/members’ deficit |
556,278 |
(26,429 |
) |
|||||
|
Full liabilities, preferred units, and stockholders’ equity/members’ deficit |
$ |
1,025,893 |
$ |
963,705 |
||||
|
Consolidated Statements of Operations (in thousands, except share/unit and per share/unit information) |
||||||||||||||||
|
Three Months Concluded December 31, |
Year Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Revenues, net |
$ |
64,024 |
$ |
53,933 |
$ |
267,676 |
$ |
199,340 |
||||||||
|
Price of revenues: |
||||||||||||||||
|
Subscription and services |
19,025 |
thirteen,571 |
77,103 |
49,480 |
||||||||||||
|
Amortization of developed technology |
3,329 |
2,457 |
12,519 |
eight,874 |
||||||||||||
|
Total cost of revenues |
22,354 |
16,028 |
89,622 |
58,354 |
||||||||||||
|
Gross profit |
41,670 |
37,905 |
178,054 |
140,986 |
||||||||||||
|
Operating expenses: |
||||||||||||||||
|
General and administrative |
21,057 |
14,347 |
85,160 |
54,640 |
||||||||||||
|
Research and development |
viii,529 |
5,109 |
36,336 |
18,691 |
||||||||||||
|
Sales and marketing |
iv,305 |
2,866 |
eighteen,122 |
9,371 |
||||||||||||
|
Loss on termination of financing obligation due to related party |
— |
5,755 |
— |
5,755 |
||||||||||||
|
Harm of trademarks |
— |
five,362 |
— |
5,362 |
||||||||||||
|
Acquisition related costs |
— |
1,579 |
781 |
1,579 |
||||||||||||
|
Total operating expenses |
33,891 |
35,018 |
140,399 |
95,398 |
||||||||||||
|
Operating income |
7,779 |
2,887 |
37,655 |
45,588 |
||||||||||||
|
Other (income) expense, internet: |
||||||||||||||||
|
Other income |
(10 |
) |
(24 |
) |
(49 |
) |
(41 |
) |
||||||||
|
Interest expense, net |
5,542 |
8,653 |
32,615 |
34,686 |
||||||||||||
|
Loss on debt repayment and extinguishment |
five,593 |
— |
nine,944 |
— |
||||||||||||
|
Total other expense, net |
11,125 |
viii,629 |
42,510 |
34,645 |
||||||||||||
|
Income (loss) before provision for income taxes |
(iii,346 |
) |
(5,742 |
) |
(4,855 |
) |
10,943 |
|||||||||
|
Provision for (benefit from) income taxes |
(133 |
) |
(1,653 |
) |
5,141 |
1,792 |
||||||||||
|
Net income (loss) |
$ |
(3,213 |
) |
$ |
(4,089 |
) |
$ |
(9,996 |
) |
$ |
9,151 |
|||||
|
Class A preferred return |
— |
(8,931 |
) |
(20,944 |
) |
(34,411 |
) |
|||||||||
|
Net loss attributable to common stockholders |
$ |
(iii,213 |
) |
$ |
(13,020 |
) |
$ |
(xxx,940 |
) |
$ |
(25,260 |
) |
||||
|
Weighted average common stock outstanding – basic and diluted |
79,596,418 |
51,393,573 |
63,813,770 |
51,153,041 |
||||||||||||
|
Net loss per share – basic and diluted |
$ |
(0.04 |
) |
$ |
(0.25 |
) |
$ |
(0.48 |
) |
$ |
(0.49 |
) |
||||
|
Net Revenues by Major Source (unaudited) (in thousands) |
||||||||||||||||
|
3 Months Ended Dec 31, |
Twelvemonth Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Subscription fees |
$ |
55,757 |
$ |
47,460 |
$ |
235,489 |
$ |
177,039 |
||||||||
|
Professional person services |
five,895 |
4,914 |
22,707 |
16,301 |
||||||||||||
|
Other |
ii,372 |
1,559 |
9,480 |
6,000 |
||||||||||||
|
Full |
$ |
64,024 |
$ |
53,933 |
$ |
267,676 |
$ |
199,340 |
||||||||
|
Net Revenues by Solution Type (unaudited) (in thousands) |
||||||||||||||||
|
Iii Months Ended December 31, |
Twelvemonth Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Lending software solutions |
$ |
43,759 |
$ |
37,054 |
$ |
176,793 |
$ |
133,754 |
||||||||
|
Information verification software solutions |
xx,265 |
16,879 |
xc,883 |
65,586 |
||||||||||||
|
Full |
$ |
64,024 |
$ |
53,933 |
$ |
267,676 |
$ |
199,340 |
||||||||
|
% Growth attributable to: |
||||||||||||||||
|
TCI and TazWorks |
xiii |
% |
21 |
% |
||||||||||||
|
Lending software solutions |
9 |
% |
12 |
% |
||||||||||||
|
Data verification software |
(3 |
) % |
ane |
% |
||||||||||||
|
Total % growth |
19 |
% |
34 |
% |
||||||||||||
|
(1) |
||||||||||||||||
|
Lending software solutions |
9 |
% |
12 |
% |
9 |
% |
12 |
% |
||||||||
|
Information verification software |
68 |
% |
94 |
% |
lxx |
% |
93 |
% |
||||||||
|
Total % revenue related to mortgage loan market |
27 |
% |
38 |
% |
30 |
% |
39 |
% |
||||||||
|
Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
Twelvemonth Ended December 31, |
||||||||
|
2021 |
2020 |
|||||||
|
Cash flows from operating activities: |
||||||||
|
Net income (loss) |
$ |
(9,996 |
) |
$ |
9,151 |
|||
|
Adjustments to reconcile net income (loss) to internet cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
50,453 |
forty,199 |
||||||
|
Amortization of debt issuance costs |
3,413 |
1,758 |
||||||
|
Share-based bounty expense |
30,736 |
ii,841 |
||||||
|
Loss on disposal of fixed assets and termination of financing obligation |
524 |
5,823 |
||||||
|
Impairment of trademarks |
— |
5,362 |
||||||
|
Loss on sublease liability |
405 |
— |
||||||
|
Loss on debt repayment and extinguishment |
9,944 |
— |
||||||
|
Other adjustments |
(eighteen |
) |
— |
|||||
|
Deferred income taxes |
4,926 |
1,555 |
||||||
|
Changes in operating assets and liabilities: |
||||||||
|
Accounts receivable |
one,619 |
(3,184 |
) |
|||||
|
Prepaid expenses and other avails |
(5,726 |
) |
(2,058 |
) |
||||
|
Accounts payable |
117 |
i,536 |
||||||
|
Accrued liabilities |
(302 |
) |
2,650 |
|||||
|
Deferred acquirement |
3,834 |
1,923 |
||||||
|
Deferred rent |
(94 |
) |
(77 |
) |
||||
|
Net greenbacks provided by operating activities |
89,835 |
67,479 |
||||||
|
Cash flows from investing activities: |
||||||||
|
Acquisition, net of cash acquired – Teledata Communications, Inc. |
— |
(103,055 |
) |
|||||
|
Acquisition, net of cash acquired – TazWorks, LLC |
(84,605 |
) |
(five,000 |
) |
||||
|
Acquisition, cyberspace of greenbacks and restricted greenbacks caused – Saylent Technologies, Inc. |
(35,945 |
) |
— |
|||||
|
Capitalized software additions |
(4,906 |
) |
(3,196 |
) |
||||
|
Purchases of property and equipment |
(843 |
) |
(4,141 |
) |
||||
|
Cyberspace cash used in investing activities |
(126,299 |
) |
(115,392 |
) |
||||
|
Greenbacks flows from financing activities: |
||||||||
|
Repurchases of Class A Units |
(54 |
) |
(907 |
) |
||||
|
Repurchases of Form B Units |
(i,887 |
) |
(ii,167 |
) |
||||
|
Gain from initial public offer, net of underwriters’ discounts and commissions |
247,307 |
— |
||||||
|
Proceeds from practice of stock options |
ane,714 |
— |
||||||
|
Payment due to event of corporate conversion |
(6 |
) |
— |
|||||
|
Proceeds from long-term debt |
535,000 |
— |
||||||
|
Chief payments of long-term debt |
(631,255 |
) |
(iv,156 |
) |
||||
|
Payments of debt issuance costs |
(7,207 |
) |
— |
|||||
|
Payments of financing obligation due to related party |
— |
(ii,187 |
) |
|||||
|
Payments of Class A cumulative preferred return |
(12 |
) |
(136 |
) |
||||
|
Payments of deferred offering costs |
(4,790 |
) |
(423 |
) |
||||
|
Payment to sellers of Saylent Technologies, Inc. |
(775 |
) |
— |
|||||
|
Payment to sellers of Teledata Communications, Inc |
(2,142 |
) |
— |
|||||
|
Holdback payment to sellers of MeridianLink |
(25,665 |
) |
— |
|||||
|
Net greenbacks provided by (used in) financing activities |
110,228 |
(9,976 |
) |
|||||
|
Net increment (decrease) in cash, cash equivalents and restricted cash |
73,764 |
(57,889 |
) |
|||||
|
Cash, greenbacks equivalents and restricted cash, beginning of menstruum |
39,881 |
97,770 |
||||||
|
Greenbacks, greenbacks equivalents and restricted cash, end of menstruum |
$ |
113,645 |
$ |
39,881 |
||||
|
Reconciliation of cash, cash equivalents, and restricted cash |
||||||||
|
Cash and cash equivalents |
$ |
113,645 |
$ |
37,739 |
||||
|
Restricted greenbacks |
— |
2,142 |
||||||
|
Greenbacks, cash equivalents, and restricted cash |
$ |
113,645 |
$ |
39,881 |
||||
|
Consolidated Statements of Cash Flows (in thousands) |
||||||
|
Year Ended December 31, |
||||||
|
2021 |
2020 |
|||||
|
Supplemental disclosures of cash menstruum information: |
||||||
|
Cash paid for interest |
$ |
29,242 |
$ |
33,179 |
||
|
Cash paid for income taxes |
306 |
137 |
||||
|
Non-greenbacks investing and financing activities: |
||||||
|
Upshot of corporate conversion |
$ |
319,868 |
$ |
— |
||
|
Related party receivable net against holdback payment to prior shareholders |
4,335 |
— |
||||
|
Deferred offering costs in prepaid expenses and other current assets at Dec 31, 2020 offsetting payments of deferred offering costs |
423 |
— |
||||
|
Share-based bounty expense capitalized to software additions |
111 |
— |
||||
|
Vesting of restricted stock awards and RSUs |
94 |
— |
||||
|
Debt issuance costs included in accrued expenses |
xc |
— |
||||
|
Purchases of property and equipment included in accounts payable and accrued expenses |
81 |
98 |
||||
|
Payable to seller in connection with acquisition of TazWorks |
— |
85,646 |
||||
|
Deferred offering costs included in accounts payable and accrued expenses |
— |
572 |
||||
|
Vesting of Class B Units |
— |
74 |
||||
|
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands, except share/unit and per share/unit data) |
||||||||||||||||
|
Iii Months Ended Dec 31, |
Year Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Operating income (loss) |
$ |
7,779 |
$ |
2,887 |
$ |
37,655 |
$ |
45,588 |
||||||||
|
Add: Share-based compensation expense |
three,901 |
783 |
30,736 |
ii,841 |
||||||||||||
|
Add: Employer payroll taxes on employee stock transactions |
16 |
— |
95 |
— |
||||||||||||
|
Add together: Sponsor and third-party conquering related costs |
25 |
2,079 |
ii,348 |
3,579 |
||||||||||||
|
Non-GAAP operating income |
$ |
11,721 |
$ |
5,749 |
$ |
70,834 |
$ |
52,008 |
||||||||
|
Non-GAAP operating margin |
18 |
% |
11 |
% |
26 |
% |
26 |
% |
||||||||
|
Three Months Ended December 31, |
Twelvemonth Concluded December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Cyberspace income (loss) |
$ |
(three,213 |
) |
$ |
(4,089 |
) |
$ |
(9,996 |
) |
$ |
9,151 |
|||||
|
Add together: Share-based compensation expense |
three,901 |
783 |
30,736 |
2,841 |
||||||||||||
|
Add: Employer payroll taxes on employee stock transactions |
sixteen |
— |
95 |
— |
||||||||||||
|
Add: Sponsor and 3rd-party acquisition related costs |
25 |
2,079 |
2,348 |
iii,579 |
||||||||||||
|
Non-GAAP internet income (loss) |
$ |
729 |
$ |
(1,227 |
) |
$ |
23,183 |
$ |
15,571 |
|||||||
|
Non-GAAP bones net income (loss) per share |
$ |
0.01 |
$ |
(0.02 |
) |
$ |
0.36 |
$ |
0.xxx |
|||||||
|
Non-GAAP diluted internet income (loss) per share |
$ |
0.01 |
$ |
(0.02 |
) |
$ |
0.35 |
$ |
0.29 |
|||||||
|
Weighted average shares used to compute Non-GAAP basic net income per share |
79,596,418 |
51,393,573 |
63,813,770 |
51,153,041 |
||||||||||||
|
Weighted average shares used to compute Non-GAAP diluted net income per share |
82,358,079 |
54,080,648 |
67,130,479 |
53,840,116 |
||||||||||||
|
Non-GAAP internet income (loss) margin |
1 |
% |
(two |
) % |
9 |
% |
8 |
% |
||||||||
|
Three Months Ended Dec 31, |
Yr Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Net income (loss) |
$ |
(3,213 |
) |
$ |
(4,089 |
) |
$ |
(ix,996 |
) |
$ |
nine,151 |
|||||
|
Involvement expense |
5,542 |
8,653 |
32,615 |
34,686 |
||||||||||||
|
Taxes |
(133 |
) |
(1,653 |
) |
5,141 |
1,792 |
||||||||||
|
Depreciation and amortization |
12,799 |
10,670 |
l,453 |
40,199 |
||||||||||||
|
Share-based compensation expense |
3,901 |
783 |
30,736 |
2,841 |
||||||||||||
|
Employer payroll taxes on employee stock transactions |
16 |
— |
95 |
— |
||||||||||||
|
Expenses associated with IPO |
— |
395 |
424 |
395 |
||||||||||||
|
Sponsor and third-party acquisition related costs |
25 |
2,079 |
2,348 |
3,579 |
||||||||||||
|
Loss on debt prepayment |
5,593 |
— |
9,944 |
— |
||||||||||||
|
Deferred revenue reduction from buy accounting |
109 |
334 |
733 |
851 |
||||||||||||
|
Harm of trademarks |
— |
5,362 |
— |
v,362 |
||||||||||||
|
Lease termination charges |
— |
5,755 |
879 |
v,755 |
||||||||||||
|
Adapted EBITDA |
$ |
24,639 |
$ |
28,289 |
$ |
123,372 |
$ |
104,611 |
||||||||
|
Adjusted EBITDA margin |
38 |
% |
52 |
% |
46 |
% |
52 |
% |
||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Cost of revenue |
$ |
22,354 |
$ |
xvi,028 |
$ |
89,622 |
$ |
58,354 |
||||||||
|
Less: Share-based compensation expense |
1,017 |
71 |
6,478 |
180 |
||||||||||||
|
Less: Employer payroll taxes on employee stock transactions |
— |
— |
three |
— |
||||||||||||
|
Less: Amortization of developed technology |
3,329 |
2,457 |
12,519 |
viii,874 |
||||||||||||
|
Non-GAAP cost of revenue |
$ |
eighteen,008 |
$ |
thirteen,500 |
$ |
seventy,622 |
$ |
49,300 |
||||||||
|
As a % of revenue |
28 |
% |
25 |
% |
26 |
% |
25 |
% |
||||||||
|
Three Months Ended December 31, |
Yr Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Full general & administrative |
$ |
21,057 |
$ |
fourteen,347 |
$ |
85,160 |
$ |
54,640 |
||||||||
|
Less: Share-based compensation expense |
1,694 |
498 |
14,558 |
1,952 |
||||||||||||
|
Less: Employer payroll taxes on employee stock transactions |
14 |
— |
73 |
— |
||||||||||||
|
Less: Depreciation expense |
560 |
531 |
2,303 |
2,515 |
||||||||||||
|
Less: Amortization of intangibles |
eight,910 |
7,682 |
35,631 |
28,810 |
||||||||||||
|
Non-GAAP general & administrative |
$ |
nine,879 |
$ |
5,636 |
$ |
32,595 |
$ |
21,363 |
||||||||
|
As a % of revenue |
15 |
% |
10 |
% |
12 |
% |
11 |
% |
||||||||
|
3 Months Ended Dec 31, |
Year Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Research and development |
$ |
8,529 |
$ |
5,109 |
$ |
36,336 |
$ |
xviii,691 |
||||||||
|
Less: Share-based compensation expense |
1,095 |
92 |
7,453 |
339 |
||||||||||||
|
Less: Employer payroll taxes on employee stock transactions |
— |
— |
eight |
— |
||||||||||||
|
Non-GAAP inquiry and development |
$ |
7,434 |
$ |
5,017 |
$ |
28,875 |
$ |
18,352 |
||||||||
|
As a % of acquirement |
12 |
% |
9 |
% |
11 |
% |
9 |
% |
||||||||
|
Three Months Ended December 31, |
Twelvemonth Ended December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Sales and marketing |
$ |
4,305 |
$ |
two,866 |
$ |
18,122 |
$ |
9,371 |
||||||||
|
Less: Share-based compensation expense |
95 |
122 |
2,247 |
370 |
||||||||||||
|
Less: Employer payroll taxes on employee stock transactions |
two |
— |
11 |
— |
||||||||||||
|
Non-GAAP sales and marketing |
$ |
4,208 |
$ |
2,744 |
$ |
xv,864 |
$ |
ix,001 |
||||||||
|
Equally a % of acquirement |
vii |
% |
5 |
% |
6 |
% |
5 |
% |
||||||||
|
Iii Months Concluded December 31, |
Yr Concluded December 31, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Net cash provided by operating activities |
$ |
20,823 |
$ |
12,298 |
$ |
89,835 |
$ |
67,479 |
||||||||
|
Less: Capital letter expenditures |
151 |
738 |
843 |
4,141 |
||||||||||||
|
Less: Capitalized software |
1,316 |
1,033 |
iv,906 |
iii,196 |
||||||||||||
|
Free cash flow |
$ |
nineteen,356 |
$ |
x,527 |
$ |
84,086 |
$ |
lx,142 |
||||||||
Contacts
Source: https://www.dailyhostnews.com/meridianlink-reports-fourth-quarter-and-fiscal-year-2021-results