Larry Nicolaas, I'm the its to be here and good have help great of my to expansion. MeridianLink joined and team It's phase everyone. partner call, Larry. company first growth to with Thanks, earnings excited to and the through next lead afternoon, on
over my helped unlock leadership SaaS mentioned, As alongside operations I've focus I've excited and Larry companies create scale growth bring them MeridianLink the also of metrics. and to worked greater course to my on a outstanding with through career, I'm value. potential of to operations effective organizations financial long-term this their team. and more work helping number experience
foundation, solid I company's tremendous opportunities ahead. see the With
are Solera a the platforms unions time stickiness heart of the platform lending vertical Platforms helping is choice enterprise our as power, enterprise, powering company community businesses. know like of and with and value remarkable Mitchell. banks. value and their their First, my credit them MeridianLink unique leading I the goals a MeridianLink at for and customers' of proposition achieve from
resilient digital our leading compete in We platform are the a to MeridianLink's customers where capabilities segment enable and grow. market growing
strong. Second, are of business the fundamentals this
cash solid capabilities. generation robust margins have We and
recurring team durable trend to is lending has banks with market as We by in upsides insulated unions and cater their minimums secular achieved. that with discipline revenue executed a are It also with by looking particular, benefit through those This credit business needs. from is by clients' management a minimums cycles. a digitalization, led mid-market contractual towards to
to well are we believe I accelerate growth. positioned Third,
power solid upside time, is prospects that logo volumes gradually accelerated the pipeline, bookings One, significant substantial have expansion with of revenue new opportunities. believe MeridianLink our and as With driving and well current partner activations, as recover, With base our as customer relationships we over there growth. we
decisions. As milestones MeridianLink, period. against And X articulate to and to our a operating and to that priorities, X-plus-year on inform growth continued a started. discipline, key analytics will data including One, deliver over I'll I short- work our progress I long-term continue priorities measure medium-term investment plan hone focus and of Larry CFO plan, areas rigor, and bringing the
scale deliver both especially organization to provides accretive M&A disciplined second, these ROI; us strategically the services, high high investments and and repeatability financially. investing a I approach. when Two, go-to-market organic will framework, first, with such disciplined prior in allocation capital line our is, order product, in growth take as reiterate, our priorities of a ROI, areas in that a and with with To
have a strong right ready We we those undertaking successfully, third, remain integrating believe repurchasing to continue and explore are and record shares those we attractive. returns the to of discount a when M&A trade we on at track execute and our them; and on actively value when shares and intrinsic to the opportunities,
be free X to we balance able sheet do generation flow We will that all and recurring cash our expect revenue, with capacity.
I will our to of levers our better help performance our understand algorithm. investors Finally, of our the revenue the growth, seek including and business
into I As information expectations. will performance appropriate investors delivering greater seat, helping work settle our transparency, with we and better the setting understand on
generated with growth Now moving debt equivalents. exceeding debt face $XXX.X We approximately representing $XX.X and X% solutions Adjusted and range, to demonstrated flow though of We cash million. free revenue macro growth representing year-over-year, excluding with generated million, by was high in of X%. GAAP the issuance $XXX.X in revenue net EBITDA slightly MeridianLink continued $XX.X XX% debt solid lending adjusted our LTM of diminished million in cash, a EBITDA QX. headwinds the $XX.X our was and of in led line performance Total million million, end high end was $XX.X or margin of and guidance to Xx. results. guidance cash million net ended costs EBITDA QX the And debt our of cash of range.
other by offset ACV the year-over-year, X% our in revenue revenue, in levers price single and each X% revenue, volumes customer low were in that are mostly our driven low each revenue. grew starting contributed and in to our accounts onetime a growth, revenue downsells single-digit Subscription X% back revenue release. ACV digits primarily release churn digits, combined the of grew single high turning were X% a by and source. with and services Total which Now revenue, breaking drag. XX% and GAAP and revenue in Further revenue performance for down other. control, total decline growth from subscription XX% growth
growth revenue but software was the to and more to their contracts XX% software declined Mortgage to the lending and from majority volumes at for of continued solutions professional highlights accounted accounted decline attributable largely rate lending Now existing within for Non-mortgage looking XX% and strong growth to of type. in drive are for revenue. total lending which solution for year-over-year revenue it X% X% Mortgage-related lending of customers, from year-over-year, XX% attributable revenue. was revenue. their lending time push new below The was customers was of This were minimums, will year-over-year by nearly growth our or customer software and ACV accounted year-over-year solid and revenue Total services our quarter the take committed release at revenue. remaining above performance team. revenue the volumes committed X% minimums software churn.
large solutions. and of mortgage-related represented accounted X% revenue. a was in revenue, which data total revenue was of the X% XX% which revenue their total declined is by the for at to of mortgage-related now decline a This downsell minimum single QX. customer, Turning attributable year-over-year decrease verification data remainder software decline software year. This the for driven verification to data verification XX% Revenue onetime in of operating in
a profitability. in XXX our million, operating XX% our profit continued $XX.X representing services of to productivity by year-over-year This of driven on a Adjusted represents Moving basis leverage was team. gross point improvement margin.
increased $X.X continued million discipline, declined revenue made million our marketing X% in the beyond. or $XX.X million scale is for XX% year-over-year and revenue, expense including to and previously year-over-year. staffing position XX% X% up announced expenses. R&D cost investments This to due of and increase reflecting discretionary lower in Turning to expense year-over-year, investment or to operating XX% restructuring. Sales of revenue, due was to reflecting G&A of go-to-market. XXXX was company expense select $X.X or XX%
in an margin. $XX.X XXX in operating This in to We representing discretionary million, to investments expect of made levels, leverage we XX% while disciplined purposeful basis maintaining QX margins further beyond do a was some normalize management environment. growth. remain we future and in these EBITDA uncertain improvement to expect elevated Adjusted represents year-over-year. investments cost them We XXXX and macro points discretionary at as over not accelerate undertake
$XXX.X of position. equivalents cash by decrease capital million We revenue, And costs driven $XX.X excluding Cash debt issuance third million buybacks. and Finishing was million debt the from quarter a cash, $XX.X net operations million. flow with our flow was XX% with of revenue. XX% Total share QX, of and cash cash was ended of and million. $XX.X $XX.X or or debt million, free $XXX.X from was
providing by new completed significant market public several Bravo, shares On capital executed Thoma XX, secondary for X greater liquidity of offering another activities and company the we common in million of stock The attracting quarter. investors. stock managed September the by funds
stockholders basis. to and share returned previously. I of $XXX.X have capital These stock million year-to-date a with total are of on $XX.X repurchases returned our million framework consistent discussed allocation capital a We via QX buybacks also in
update Now to I'll guidance year turn for full and for XXXX. guidance QX the
We QX by are was ACV release particular, in execution. disciplined year-to-date encouraged driven in our performance which and by
rates. of solid, in the the for tempering because our of primarily the our While at recent revenue interest midpoint our QX QX guide expectations we treasury full mortgage was are range and and holding year increases
of low. In financial auto addition, affordability liquidity and remains constrained, institution remains
different likely our things As base future headwinds quarters maintaining control, success are and term. this environment will on moderate our the within investing to happen will disciplined focused take improves, while our cost But the Nonetheless, we we the management. for macro the impacting at speeds. over believe medium is customer
ACV new One of addition, to MeridianLink In needs logos the winning to and and cross-sell evolving meet mandates, continue we prioritize releasing revenue customers. lending to innovating digital
With guidance that, updated I'll for our share XXXX.
the This the change fourth million $XX.X revenue XXXX. X%. compared to GAAP expect quarter, X% $XX represents period an year-over-year million to we of $XX total million and for For to estimated between guidance be same
to revenue for million of million full This year-over-year. full XXXX, million estimated $XXX X% we and represents an $XXX.X year compared X% year the total the For $XXX to between to increase expect GAAP be XXXX.
to fourth GAAP XXXX. the revenue the market expect for the quarter We contribute full mortgage and XX% year of for approximately
the provide our color will I total XXXX revenue. more around now of drivers
mid- growth For non-mortgage single-digit lending year-over-year, ACV revenue, we high driven release. to expect primarily by
guidance Our as are minimums mortgage-related will above revenue push in time volumes of our their them. portion majority the customers a below currently includes declining take revenue. significant year-over-year for committed It recovery to
we Additionally, and customer to of impact continue realize the downsell churn.
broadly data more expect verification we taken our time as solutions, recover. has non-mortgage-related to For hiring flat year-over-year growth software
estimated on at to XX% $XX.X representing midpoint. focusing be quarter adjusted our adjusted million, and approximately expected Now between of $XX.X Fourth is million margins EBITDA EBITDA guidance. adjusted EBITDA the
be of For adjusted the $XXX our the we $XXX representing year million approximately million, expect midpoint. and at range to full adjusted EBITDA XXXX, margins between EBITDA XX%
be drivers a To invested R&D the expected to non-GAAP our provide marketing Sales XXXX total the to team. G&A percentage percentage our to the adjusted expected XXXX, investments in higher company expected we and earlier be as made our expected is a to year-over-year more and beyond. for guidance EBITDA margin XXs. lower year-over-year, color is reflecting discretionary is go-to-market revenue due have gross of restructuring significantly for of be year. low as revenue scale select in higher position around in be to as to the year-over-year of in expense is
our Until the discipline the performance. more volumes EBITDA ACV and costs that we conviction we and environment we demonstrated political Our around recovery to QX. managing remain same in macro certain, becoming from cost focused guidance in adjusted reflects drive greater the on will releasing have
and to in look have take began finishing level. strongly where lie the to the foundation today. the I that next strong for the leadership forward ahead. to end capitalizing I believe place a on growth company team scale the and opportunities year we will I I
happy take it Nicolaas, are I'll any over Larry I and of With to and that, turn to the your questions, operator.
