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MeridianLink Inc. (MLNK+1.65%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details MeridianLink's financial performance, showing total revenues of $316.3 million for the year, an increase from $303.6 million in 2023. This growth was primarily driven by higher revenues from Lending Software Solutions.
Cost of revenues for the year was $108.5 million, consistent with the previous year. The company reported a gross profit of $207.8 million, up from $195.1 million in 2023.
Operating expenses increased to $203.1 million from $179.6 million in the previous year, with general and administrative expenses rising significantly due to increased legal and advisory fees.
MeridianLink reported a net loss of $29.8 million for the year, compared to a net loss of $42.5 million in 2023. The loss was impacted by a $5.2 million valuation allowance provision and increased interest expense.
The company executed a stock repurchase program, acquiring approximately 5.3 million shares for $105.4 million, including excise taxes.
MeridianLink's balance sheet shows cash and cash equivalents of $92.8 million as of December 31, 2024, with total assets of $961.3 million and total liabilities of $533.8 million.
The filing also notes a material weakness in internal control over financial reporting identified in 2023, which the company is working to remediate.
MeridianLink continues to focus on its cloud-based digital solutions for financial institutions, with an emphasis on expanding its customer base and enhancing product offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MeridianLink Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.