I'm Nicolaas. MeridianLink's help lead innovation. here of the leg and to thrilled Thanks, be to and next growth
the every stop deliver years got customer experience companies SaaS I've helped relevant in of block consumer been and in I've Fintech durable while growth mentioned, Nicolaas exceptional building and lending, experiences. have at scale As around businesses.
teams like Innovative that and and that capital companies companies have Personally, solutions right I I allocate disciplined the in unique performing enjoy story to that customers like is MeridianLink to market. lot join helping because about this chose experience financially prudently for are and and win. build today, There way. my MeridianLink and deliver the like a who to X of valuable knowledge
origination credit unique as and unions First, and Genesis. of financial know power, mortgage lending value servicing platforms in at JPMorgan value MeridianLink proposition has platforms. platforms experience I community point-of-sale design enterprise consumer around my I businesses their stickiness platform and know and choice from banks. I've of a lending, for and the the that these these and implemented institutions
are they platforms just the Our business. power don't the business
the are a where platform growing and We capabilities enable market compete resilient links leading segment to Meridian our grow. in digital customers
and this are tailwinds This with strong retention benefiting healthy contractual from minimums cash insulated margins robust of business a fundamentals with is of durable digitalization. business macro and rates, strong. the Second, generation. recurring revenue by
partner It for business, discipline excited talented They've that and management is smart them next and a great with by led to chapter. I'm team through a cycles. is with built this market executed
growth. to me to we are accelerate that clear it's positioned well Third,
current relationships MeridianLink of our One, customers power acquisition well partner a as with and as expansion the we significant play logo opportunities. With new have
to We're our bookings generate growth. time driving will becoming revenue customer with success in on teams, increased go-to-market release will services just which and volumes beginning our spring to we as a activations investment and accelerated see the healthy our are coiled and accelerate revenue demand return pipeline, recover, that
support operating processes, to I on MeridianLink, I data decisions. focus systems, focus and focus enter outline growth. own bringing I'll articulate a measure period; And I priorities, will medium-term and and controls and I long-term investment a One, disciplined plan year our short- to against allocation to at plan, a our CF I'll and delivering including capital analytics two, talent X-plus on will As progress milestones priorities scale key to growth discipline, framework. areas: rigor, over X our inform on
areas in M&A; via have be: and especially accretive when inorganic targeted will third, priorities as ROIs; go-to-market, trading investments second, growth intrinsic organic first, growth own R&D and shares our an value. in services strategic high at when such repurchasing those Our investing
free with revenue, and we all that capacity. to expect generation recurring balance We sheet able X will do be flow cash our
our priority performance investors understand understand a believer expectations I'm third committed our of levers will transparency, big our our the helping be to and investors better business. growth growth, I'm business algorithm. and of our My be our revenue what help financial in would for include which their to
a our EBITDA performed Adjusted top on and X% up high MeridianLink up in our well of quarter, generated our face the macroeconomic and by the XX% revenue XX% of guidance. on Turning the total guidance. a our was our revenue we million, environment. beat our strategy In platform end QX, EBITDA delivered executing In $XX.X shifting now guidance. line we year-on-year EBITDA results. exceeded year-over-year, margin of meeting million, to $XX.X
was and lending year-over-year softer a growth existing industry both macro higher subscription new driven volumes In revenue offset generational to Revenue by low in the face by declined lower release and due from revenue, Subscription by other of offset and volumes. revenue. ACV originations auto services lower mortgage customers. headwinds,
recover. and controlling managing can resulting adjusted growth our discipline. our for strong launching healthy with Breaking proactively revenue in bookings. are starting quarter, In when and demand and We guidance we executing this saw down beat by volumes Software cost pipeline EBITDA We investing base we in with the control macro, and Solutions. what
software for Our XX% nearly of and total revenue. accounted grew year-over-year lending revenue X%
and growth are due car and revenue existing lending volumes, to and remained lending for sequentially accounted financing revenue. category consumer software used year-over-year. dealer aggressive attributable Nonmortgage customers, offset was volumes volumes. grew X% our release Preowned largest XX% by remained and down but of solid the ACV from in alternatives. to loan inventory new challenged lower This softness improving Auto year-over-year
accounted XX% lending Lending remaining Solutions and for X% Mortgage-related year-over-year revenue revenue. the software within Software declined of
business, above it mortgage quarter, take lows volumes with smaller time up part volumes at lowest our are push will but since year-over-year, refinancing XXXX. generational industry customers to our for minimums. their were volumes level a committed of Through the volumes mortgage at This
volumes, Solutions. verification and by which customer. data data in This of XX% XX% represented declined to lower a attributable mortgage-related XX% revenue, which driven impacted mortgage-related revenue. XX% software downsell revenue QX. were large revenue for decline to total Software was by of a verification verification accounted decrease in year-over-year This of data total decline single Turning was Revenue in
total, revenue first quarter. total In points the XX% in X quarter, revenue year down was of from the ago mortgage-related MeridianLink
GAAP profitability. services margin team. On of of XX% by driven a on points in basis productivity Focusing our increased improvement year-over-year gross gross XXX adjusted leverage nearly QX. in basis, operating was XX%, margin was non-GAAP
year-over-year, R&D was This XX%. XX% was sales to expense non-GAAP a year-over-year up expenses, and basis. $X.X year-over-year a R&D spend operating compensation basis. investment increase the on non-GAAP and XX% and XX% was higher the due cost continued of a $XX.X technology our a million For a our is basis, cloud. increase $X.X sales costs variable as marketing go-to-market projects public GAAP discipline million, $X.X to million the marketing declined and on and completed expense in such for On million, declined and reflecting roll-off was GAAP migration On basis, team.
basis. G&A GAAP a $X.X excluding $XX.X the a secondary items such expense was X% million, to declined basis, in million, costs nonrecurring on offering QX. non-GAAP G&A year-over-year as up XX% On
And basis, GAAP income was million, million. margin. GAAP non-GAAP Moving and operating XX% negative a income operating million $X.X to operating loss negative non-GAAP $X.X was On performance. on $XX.X overall margin. a million EBITDA net $XX.X X% adjusted or basis, a was was
point represented and discipline in year-over-year XXX an in investing improvement operating cost growth. our reflects basis strategically continued leverage This while
$XX.X cash flow free was and to with in cash Now and driven in of and pivoting stock We quarter Cash from of XX% million of million revenue. by flow sheet quarter. was equivalents, $XX cash or from statement. million $XX.X This decline XX% was the operations the million balance cash $XX.X ended or a $XX million the year-end. decrease of first repurchases flow revenue,
year for now full XXXX. for updated QX guidance to and the I'll guidance pivot
outlook. a higher While be holding the the macro longer about rate environment uncertain remain for to with we consumer up, cautious seems
anticipated. We lending release. growth previously through volumes while And are ACV to grow sequentially, primarily continue expect that to than improving our will attributable volumes we be revenue, revenue nonmortgage-related lighter
this for volumes in on the on within Within control, we preparation focus including are management cost a things our macro, with when profitability focused return. disciplined
With that, mandates. continue and MeridianLink meet consumer our We cross-sell innovating updated One and Accelerating logos prioritize evolving ACV winning needs. share to to release lending new I'll guidance.
total quarter, million revenue For the in be $XX.X second is for between and the expected $XX compared to estimated XXXX. $XX same to period million million
X% onetime of reduction dispute. negative change estimated 'XX year-over-year X% for Adjusting change positive previously an X%. due revenue year-over-year a represents commercial the in of to disclosed estimated QX This represents to X%. This an to
the to $XXX we XXXX. million total of year compared to year X% $XXX.X full million This to an and be revenue year-over-year. XXXX, $XXX increase the estimated X% expect For full for million between represents
expect to contribute year full XX% and We quarter revenue the market approximately second the mortgage XXXX. of for
To total provide our of revenue. more color around the drivers
Our will above revenue the mortgage-related declining our volumes push year-over-year their revenue committed includes to recovery improving minimums. and it despite customers guidance for time take as volumes
verification For to our software job return as turnover. modest employment screening market nonmortgage-related labor data we year-over-year to solutions, expect growth openings reacts to and the
revenue uplift the improving improve This year-over-year across recovery release and industry by gradually in ACV is with gradual driven lending is are line some anticipated types. Non-mortgage to that primarily forecasting. loan sources from volumes
adjusted is a basis, EBITDA $XX approximately representing million, XX% to guide. adjusted adjusted expected tech EBITDA and estimated EBITDA at midpoint. million $XX quarter our focusing margins Now On the of on between be non-GAAP
year between This raises the to our margin our $XXX EBITDA representing million to and EBITDA our and focus on revenue adjusted execution guide full margins adjusted lower at continue range expect adjusted and on expected confidence XX% million, For we EBITDA signals and XXXX, adjusted the EBITDA of midpoint. profitability. effectively $XXX approximately be
growth. to I'd up, turn and to like to take the chart o the I questions, and your leg over how To team With any wrap business I to operator. I'll MeridianLink's it excited reiterate happy next are Chris Nicolaas, to of that, am and
