2023 Q4 Form 10-Q Financial Statement

#000183449423000132 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $74.58M $76.49M
YoY Change 5.71% 6.6%
Cost Of Revenue $25.03M $27.01M
YoY Change -6.44% -2.89%
Gross Profit $49.55M $49.48M
YoY Change 13.13% 12.6%
Gross Profit Margin 66.44% 64.68%
Selling, General & Admin $22.64M $32.66M
YoY Change 16.09% 17.76%
% of Gross Profit 45.69% 66.01%
Research & Development $10.70M $11.25M
YoY Change -12.11% -2.34%
% of Gross Profit 21.6% 22.73%
Depreciation & Amortization $14.44M $500.0K
YoY Change 1.44% -16.67%
% of Gross Profit 29.14% 1.01%
Operating Expenses $42.76M $43.91M
YoY Change 4.18% 11.4%
Operating Profit $6.785M $5.569M
YoY Change 146.82% 23.1%
Interest Expense -$10.03M $9.780M
YoY Change 32.37% 42.67%
% of Operating Profit -147.84% 175.62%
Other Income/Expense, Net $1.433M -$8.438M
YoY Change 301.4% 29.26%
Pretax Income -$1.813M -$2.869M
YoY Change -72.74% 43.16%
Income Tax $27.76M -$800.0K
% Of Pretax Income
Net Earnings -$29.57M -$2.069M
YoY Change 441.35% -28.51%
Net Earnings / Revenue -39.65% -2.7%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.38 -$0.03
COMMON SHARES
Basic Shares Outstanding 78.99M shares 81.41M shares
Diluted Shares Outstanding 81.07M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.44M $97.60M
YoY Change 44.21% -15.68%
Cash & Equivalents $80.44M $97.56M
Short-Term Investments
Other Short-Term Assets $1.069M $614.0K
YoY Change 142.95% 50.12%
Inventory
Prepaid Expenses $5.762M $7.471M
Receivables $30.31M $34.00M
Other Receivables $961.0K $1.000M
Total Short-Term Assets $124.4M $144.2M
YoY Change -2.89% -24.24%
LONG-TERM ASSETS
Property, Plant & Equipment $3.337M $3.651M
YoY Change -21.39% -27.62%
Goodwill $610.1M $609.3M
YoY Change 0.23% 6.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.224M $5.738M
YoY Change 37.58% 37.6%
Total Long-Term Assets $871.8M $901.1M
YoY Change -6.36% 3.14%
TOTAL ASSETS
Total Short-Term Assets $124.4M $144.2M
Total Long-Term Assets $871.8M $901.1M
Total Assets $996.3M $1.045B
YoY Change -5.94% -1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.405M $4.847M
YoY Change 252.68% 123.06%
Accrued Expenses $30.67M $34.16M
YoY Change -5.62% 14.6%
Deferred Revenue $17.22M $26.69M
YoY Change 1.65% 17.83%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.542M $3.548M
YoY Change 1.06% 5.38%
Total Short-Term Liabilities $55.84M $69.25M
YoY Change 3.04% 19.39%
LONG-TERM LIABILITIES
Long-Term Debt $420.0M $420.9M
YoY Change -0.8% -0.63%
Other Long-Term Liabilities $541.0K $690.0K
YoY Change -59.08% -54.81%
Total Long-Term Liabilities $420.5M $421.6M
YoY Change -0.98% -0.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.84M $69.25M
Total Long-Term Liabilities $420.5M $421.6M
Total Liabilities $488.0M $491.6M
YoY Change 1.65% 1.66%
SHAREHOLDERS EQUITY
Retained Earnings -$146.5M -$91.22M
YoY Change 245.29% 169.42%
Common Stock $654.8M $645.0M
YoY Change 5.35% 4.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $508.2M $553.8M
YoY Change
Total Liabilities & Shareholders Equity $996.3M $1.045B
YoY Change -5.94% -1.76%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$29.57M -$2.069M
YoY Change 441.35% -28.51%
Depreciation, Depletion And Amortization $14.44M $500.0K
YoY Change 1.44% -16.67%
Cash From Operating Activities $12.48M $21.30M
YoY Change 69.72% 8.87%
INVESTING ACTIVITIES
Capital Expenditures $2.842M $2.480M
YoY Change 32.06% -193.48%
Acquisitions
YoY Change
Other Investing Activities -$1.219M $1.220M
YoY Change -98.03% -1644.3%
Cash From Investing Activities -$4.061M -$1.270M
YoY Change -93.65% -53.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.54M -31.35M
YoY Change 663.86% 2239.55%
NET CHANGE
Cash From Operating Activities 12.48M 21.30M
Cash From Investing Activities -4.061M -1.270M
Cash From Financing Activities -25.54M -31.35M
Net Change In Cash -17.12M -11.32M
YoY Change -71.46% -173.07%
FREE CASH FLOW
Cash From Operating Activities $12.48M $21.30M
Capital Expenditures $2.842M $2.480M
Free Cash Flow $9.636M $18.82M
YoY Change 85.31% -15.29%

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162000 usd
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mlnk Share Based Payment Arrangement Vested
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Organization and Description of BusinessMeridianLink, Inc., and its wholly-owned subsidiaries, (collectively, the “Company”) provides secure, cloud-based digital solutions that transform the ways in which traditional and emerging financial services providers engage with account holders and end users. The Company sells its solutions to financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. The Company delivers its solutions to the substantial majority of its customers using a software-as-a-service (“SaaS”) model under which its customers pay subscription fees for the use of the Company’s solutions. The Company is controlled by its majority stockholder, which is represented by various investment funds of Thoma Bravo UGP, LLC and its affiliates (“Thoma Bravo”). The Company is headquartered in Costa Mesa, California.
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Significant items subject to such estimates include revenue recognition including determining the nature and timing of satisfaction of performance obligations and variable consideration; allowance for credit losses; share-based compensation; the fair value of acquired intangible assets; the capitalization of software development costs; the useful lives of long-lived intangible assets; impairment of goodwill and long-lived assets; and income taxes. In accordance with GAAP, management bases its estimates on historical experience and on</span><span style="color:#332f2f;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates.</span></div>
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6600000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2900000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
400000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
9600000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
5116305 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
61759 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8322000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7253000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22216000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16501000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.444
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.440
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3200000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2500000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2069000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2069000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2894000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2894000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12965000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12965000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6757000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6757000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81073915 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80659320 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80883310 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80353399 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81073915 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80659320 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80883310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82364835 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81073915 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80659320 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80883310 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80353399 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81073915 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80659320 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80883310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82364835 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8275757 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6083912 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8272630 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2591138 shares
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
us-gaap Restructuring Charges
RestructuringCharges
3621000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
3621000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
608657000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
609333000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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