Nicolaas. to leg Thank humbled I'm Nicolaas MeridianLink's you, continue the our and leadership appreciate honored in President excited the MeridianLink. me. partner to of confidence role team at the take I'm to board's your with I and and to drive next on growth.
compete to in in our call, to last shared and here quarter's win the I of believe our customers power in As enable market. the platform I'm I because
businesses I'm just the to gained forward drive grow through goals we we execution to with this business here, M&A. of Over same company. SaaS to of CFO. leadership vision lead looking services I'm team across the chapter help smart Elias welcome lot engaging further with mission the There's a for the to greater role. CFO CFO excited a for look leader, and these SaaS employees scaled forward as proven MeridianLink. commercial committed months, even and excitement and excellence are partners, opportunity I've customers, is and organically He's organically to partnering past share opportunity Elias and next inorganically. I'm the operational this of rest him having and Olmeta to to and also and a successfully commercial the and this started. deeply and our getting analytical
costs performance flow of growth results. million million generated equivalents. led and grew our of guidance of raise was Total issuance million, In by the to macro advantage and and several headwinds. quarter. margin year-over-year, range. repriced or in $XX.X continued executed of $XX generated the XX% XX%. a favorable was markets and a MeridianLink strong Adjusted approximately million reducing cash of ended EBITDA significant by May, $XXX.X cash $XXX.X took $XX.X cash up basis with in at reserver revenue able cash, our million, Due activities $XXX points. high repriced We of free par. the QX repricing debt million in debt expense Solutions were we solid revenue debt EBITDA XX opportunistically window successfully now was add-on $XX our Turning of million net subscribed, GAAP excluding through term with market X% in interest we face XX% revenue and QX loan loan, demand end to term Both company and capital existing line fungible Lending were to and adjusted demonstrated the million.
The $XX.X GAAP and We to year-over-year. institutional
we via first half the of During repurchases. XXXX, returned stock capital $XX.X million of
We articulated have I framework million share $XX.X with authorization allocation buybacks These remaining. are repurchase of last consistent quarter. the capital
we will intrinsic shares strategically trading to at own outlined, a repurchase value. As when discount our
customers term detail of are QX we X are macro normalize, through the expect Before Today, like constraining will our context but would business on more near which share results, we our environment. impacting going into I our some headwinds, growth. in to managing and the current
COVID and which weighing banks unions community growth. on volume flows post facing era, are First, lower deposit loan is credit
extended. stimulus industry lots. resulted monetary the deposit we due not funds. We asset captives and auto such credit order stepped years, including to slowed performance date, duration and inventory gap assets, yield-generating of combined unions Deposit have ratios, those as as auto elevated move and to in credit inflows invested in market in seen to pro contracting industry money higher-yielding growth led which rata our view strong has Meanwhile, by policy has meet modest loans but from as have to in from auto seeing During the loans. this FIs flows lower and with participate availability temporary, have shift benefited volumes.
Owing to financing weaker forecasted banks the loan-to-deposit tightening have highly such sources. community customers dealer both origination since in alternatives This credit
sheets balance when unlock expect down, start that We will union banks come to community rates credit volume and normalize and growth.
see starting quarter-to-quarter across early of improving signs base. We are volume our to trends customer
higher out spike limited used used to car and car be prices demand. resulted inventories and used reach of to due car Higher levels. affordability the used prices post normalize to Second, used car for many COVID has from back era have pre-pandemic to Affordability rates. yet elevated cars continues of financing
as will car to take We way prices. it rise periods new expect car will fall, their car work higher used inventories impact though may this current to see that used lots, inventories several on and prices used
affordability improve expect lower rates, with today, financing also will rates remain elevated. We but financing
Third, mortgage volumes volumes be beginning with continue still averages. to are but XX-year generational volumes roughly consistent a see unit forecast, MBA to mortgage improving XX% lows.
We're the below
We expect will greater to our hybrid proven quite and macro business these that long-term and mortgage improve volumes our part and to lower in minimum well resilient Despite too, be consumption confidence due performed with model. model headwinds, has pricing rates.
volumes. advance investing we what stronger a can generating to new healthy to control, in continue proactively existing We demand return from and while customers of manage
revenue. QX Turning now our to with and starting back GAAP performance
Looking or total by accounted for past one-time revenue for revenue, growth a XX% in was
Subscription reduction of was X% revenue software year-over-year. revenue revenue. growth $X.X growth revenue reduction total Total growth this growth Total dispute commercial was contract year revenue, type. 'XX in first source. XX% ACV and GAAP churn Solutions subscription was reduction by revenue flat which for committed prior from year-over-year, other year-over-year, of above in million, and XX% for new strong one-time via X% This to by XX% XX% revenue. revenue and lower acquired adjusting minimums. year-over-year growth X% impacted customers. quarter. release included release, strong the revenue breaking in lending related accounts volumes XX% revenue Subscription revenue and from GAAP services in decline Adjusting a revenue QX of was the a revenue of and Adjusting year-over-year, X%. of to lending 'XX attributable total accounted for solution Software year-over-year growth within largely lower at X% growth a lending subscription driven which in was by revenue revenue. to by in push one-time Further more attributable Mortgage the higher positively the in year-over-year X% is existing acquisition. the volumes. period, growth revenue, QX software one-time ACV accounted from offset lending revenue lending time up was revenue, revenue down grew it quarter customer but the revenue. for nearly lending remaining for Nonmortgage 'XX, their software and reduction for to volumes year-ago
Mortgage-related XX% XX% revenue software QX strength This will take declined of customers were and
driven software attributable revenue was which revenue. of Revenue to declined XX% customer. in decrease data Solutions. year-over-year large was verification single by verification accounted XX% Turning verification total XX% and of Software for mortgage-related total mortgage-related This decline decline the revenue, XX% of a in QX. to revenue This data a down-sell in represented
Adjusted million was team. XX% by or year-over-year, improvement our XXX of $XX.X gross services driven represents basis leverage margin. to in profit This points operating productivity increased Moving profitability. of
This reflecting X% operating million, discipline expenses. basis our our was margin. X% Turning while discipline, in and or million, event. and million strategically to Sales expense Live, leverage our up to of improvement represents for This is announced XX% R&D and and year-over-year to marketing reflects due higher of year-over-year, previously or a
G&A was was to $X.X year-over-year. XX% due $XX.X expense continued operating XX% revenue, annual million MeridianLink $X.X million team revenue, XX% investing with cash including increase expense from investment and XX% This go-to-market points repurchases. continued declined of net in from debt $XX was by in user costs Cash cost EBITDA $X.X of staffing revenue. guidance of XXX and We lower Adjusted excluding million restructuring. our full was increased of $XX.X year-over-year year XXXX. our with cost go-to-market and net of and driven cash share QX. now term was increase flow ended for issuance the upsizing debt team Total to loan equivalents million. second drive
Finishing costs million, $XX.X $XXX.X XX% of million, QX growth. and increase quarter and leverage. an was our revenue, cash free flow flow $XX.X equivalents, $XXX.X was or revenue.
I'll million cash XX% turn to guidance updated cash and cash debt for operations the or of
growth We first-half disciplined well. are expect second our in rate we interest cuts be the as the in Volumes outlook to impact the is to headwind be revenue we was the second-half ACV half release our to on by volumes of gradual. execution, performance, half driven a rate though and drivers expect anticipated those which first and the encouraged performance and were improving, by and of
do Our modestly for to trends has expect on visible the will be cost a committed these a industry current impact consumer elevated series stockholder within loan-to-deposit yet growth. it growth. disciplined to macro, forecasted. expect industry in union focused the modest volumes expectations ratios and
Mortgage higher as things this sources higher including volumes to control, than minimums. second and of Within and to not previously we management due yet and revenue auto our used we're return. forecast improve though mortgage, remain normalized. take line In higher I we credit not affordability the in leading more of volume half, across We accelerate of Though rate cuts time that of discussed point lower earlier, consumer cuts sources, lending to rate with community as And growth indicator volumes. view bank signs
With winning guidance. innovating MeridianLink to One updated and I'll share prioritize ACV evolving our needs. and mandates, logos revenue, to releasing cross-sell consumer meet lending continue that, new We to
estimated to revenue and million year-over-year of million $XX quarter, million same change $XX.X X% total in compared This XXXX. an represents for $XX third the is GAAP be estimated For the to X%. expected between period to
expect year This to to For we compared GAAP $XXX.X the full estimated total million the year of million revenue XXXX. year-over-year. million full to represents $XXX between XXXX, increase X% and X% $XXX be for an
We more year-over-year the our includes revenue full to XX% revenue and time minimums. declining contribute the volumes third our of mortgage-related it despite drivers recovery take To mortgage GAAP above committed as improving quarter our approximately XXXX. to the will for provide their the revenue, expect market for in year of color push total revenue around of for guidance customers the volumes
to continue single realize we and customer MCL churn. Additionally, of the large of a impact downsell customer
For our the return as nonmortgage-related openings to and to solutions, single-digit data we to employment reacts year-over-year turnover. low verification screening market software growth expect job labor
revenue, high single-digit ACV For expect by release. nonmortgage primarily mid- lending to driven year-over-year, we growth
focusing Now adjusted guide. EBITDA our on
adjusted at to is adjusted Third EBITDA million, quarter EBITDA be midpoint. between XX% estimated the of margins and million expected representing approximately $XX $XX
to your President Nicholas and I of leg are next the to it we at company new
With partners turn For take lead adjusted full million the adjusted happy finish of started year to the challenge and midpoint. that, I'm I'll $XXX expect customers and growth. be XX% as and to and XXXX, EBITDA excited
I'll operator. EBITDA $XXX look take on of very over the between any range the with where our margins approximately our to the of today. representing to questions, MeridianLink's engaging I forward million, our
