good everyone. afternoon Thanks, to Nicolaas, and
growth. to in, services year dive would position phenomenal to serving and I'd customers for in team a our highlight the through anticipated moment I their headwinds customers teamwork the execution the remained best-in-class face the We to this demonstrated Before market quarter. businesses and has like steadfast with also and quick that take support
we only success, success future customer on the have we MeridianLink. are but invested focused of believe in we also Not significantly
structure. strategic a That's talent We on phase to matter growth initiatives and continue QX. next in and the of profitable put maintaining what exactly fuel executing now we our in our It's while processes these cost place to scale. did of
in performed our line MeridianLink year-over-year. growing with X% $XX.X guidance at million, revenue
of EBITDA strategic well above guidance range investments. combination the end achieved the of of cost of due payoff Additionally, our an adjusted initial to discipline and we our XX%, top margin the
Turning at to look financials. To begin, let's revenue.
breaking solutions. First, down specifically software
grew Our total revenue nearly XX% of and XX% year-over-year. accounted for total at software lending revenue
and close As our lending total. Lending of XX% contributed for Software X% software the revenue of Mortgage-related accounted XX% solutions, solutions, nonmortgage the within inclusive driver open revenue lending year-over-year. primary the of remaining grew
in accounted XX% mortgage-related last verification Revenue and data MeridianLink for software This and driven mortgage-related to of year-over-year. total was of total verification revenue. from solutions. by a of XX% declined decrease XX% revenue was revenue which In solutions. total overall data generated QX, X% Turning represents up year, XX% software revenue, nearly XX%
sources. our expectations adjusted second we for slower recover by quarter, pace industry volumes in the the a mortgage to at of as year indicated Last half
QX, While recovery we this control. in what stayed focused we out played can gradual on
demonstrated as the customers successful, our the Our platform lending quarter. in lending cross-selling strategy depository wins of go-to-market by to mortgage was consumer
The other base our the which One the of business of lending consumer for of grow, the evolving demand the of me brings suite caters This is consumer. end-to-end XX% MeridianLink capabilities. the a to to by primarily to needs our led back lending platform. from installed continues power
even prime As most in opportunity increases the turn in modules, which for the add environment, they're customers to lending on revenue grow challenging MeridianLink.
XX%, was point Moving for stock-based increased a gross margin driven to GAAP XXX our year-over-year, compensation, and XX%. QX basis Adjusted profitability. of by stack. gross productivity services in representing was team Accounting technology margin improvement
down the operating GAAP turning on operating a quarter, our basis X% in X% change performance quarter increased year. Compared a in was and basis of increased basis. GAAP quarter Before to last third the last to the year, the X% like break compared G&A expenses. R&D and basis non-GAAP year-over-year of to on to third on declined a flat a on non-GAAP I'd
basis, across primarily compensation XX%, and The expenses to our GAAP last efforts. a on the and was headcount third growth XX% while compared increased on fuel marketing costs non-GAAP our And sales by a operating quarter go-to-market increased increased basis, marketing of additional to non-GAAP and driven sales year.
next talent and phase in selectively that technology We our of growth. invest supports continue to
Turning GAAP $X.X $XX And negative GAAP our million. was X% operating performance. margin. and on On operating XX%. spend. and initiatives net basis was representing now of or $XX.X basis, non-GAAP margin down income was to approximately a a was noncritical billion, non-GAAP ramping million of operating a loss year-over-year XXX income a $X.X EBITDA basis, by basis, on and cost an million, sequential This driven adjusted improvement a represents points savings overall
to from of the or turning the with and was cash balance second of from $XX.X the flow $XX.X statement. decrease was XX% $XX.X XX% million cash the driven flow quarter. of end cash Now the a quarter of flow ended Cash million million of operations sheet We $XX.X and revenue, million third cash free equivalents, by third quarter $XX.X share or but and revenue for worth million buybacks. in
I'll period and capital opportunities value QX executed to while our levels for in to uncertainty us We QX. guidance for the build now for this continue seen by strategic protection as the and generate stockholders, enabling cash year allocation to pivot buybacks in XXXX. of provide full of for
model. driver been transaction-based business half is to recovery volumes, We've guiding a in which a second of our key
to as digits mortgage eyes In environment. drag overall in tightening. of we're reminder, to contribute volume current our in lending a with volumes normalized in same-store of expect delayed consumer, we result last growth recovery environment a and coming As year a the mid-single mid-teens same-store a off growth algorithm in credit experiencing the
Aside hyper-focused from that growth. we drivers on additional have current support there in to our are volumes, control performance future and been
out customers' year, finish will release capturing competitive edge market. we logos and we the the sharpen our to cross-sell opportunities, enhancing One and ACD accelerating As new continue MeridianLink in
note, for full we revenue guidance XXXX. are reaffirming that On the year
quarter, estimated XXXX. fourth expected between and million This estimated of the year-over-year $XX million period For revenue compared for X%. an to to represents $XX X% total million increase is be to the $XX.X same
to an This total million year-over-year. $XXX year revenue and compared we for increase X% same to of in XXXX, represents X% the XXXX. For be $XXX full expect million the million to $XXX estimated between period
market For compared for the to for XXXX. full year of XX% contribute year revenue expect to mortgage the mortgage-related XX% approximately the XXXX revenue, the full we
the drivers of guide a To provide mortgage-related in comparables continued in the our implies tough revenue. given more XXXX. color verification around growth revenue impact The in total data revenue decline
the revenue more mortgage lending data will growth our With year with close, low XXXX, verification ending we the single-digit the in expect offset total drag open of in revenue. inclusion than
to And slower On in headwinds flat dynamics, market lending a result be in year. expect the as compared continue of to pace at year-over-year verification these post-pandemic momentum streaming coming hiring. expect a continue we data last of employment Understanding non-mortgage we off the side, consumer will XXXX. revenue just to
car used we next into in to will are in be lending, used appear softening our and auto expect volumes that a weighted customers slight prices As uplift towards QX year. continue
at midpoint. Now representing adjusted EBITDA XX% approximately margins the of
XXXX, XX% For midpoint. the be approximately of EBITDA and expect the our representing to adjusted adjusted $XXX we million EBITDA between year million, full range margins at $XXX
reflects areas guide the not continued do EBITDA to meaningfully that in growth discipline adjusted Our acceleration. operating contribute
foundation Over strategic for to investments made the the build last scale. we have couple of years, future
drive now at which cost optimizing are bottom growth, continuously incremental the expansion volumes our as margin point turn to in of We support the structure impact line. will
through MeridianLink to like has believe execute we quarter consistently end after I'd on well market that a can out has team proven what volatility. quarter.
financial and has who's COVID-related be base market evident clients. in throughout lending the also We investing the their to on dynamics. resilience customers serve was have in in needed a the unprecedented our customer resilient focused capabilities This best true global the to crisis of recent downturn proven
the to made that, well With operator. of we over your the I'll any to Merdian I investments sustain questions, year place, happy the take come. and to in Nicolaas, years have to and growth is Link positioned turn strongly finish and it With Chris in out are profitable
