Attached files
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| 8-K/A - 8-K/A - MeridianLink, Inc. | mlnk-20210907.htm |
Exhibit 99.1
CORRECTING and REPLACING MeridianLink Reports Second Quarter 2021 Results
Revenue of $68.5 million grows 38% year-over-year
CORRECTION...by MeridianLink, Inc.
COSTA MESA, Calif., September 8, 2021 — In the release dated September 7, 2021, in the table “Net Revenues by Solution Type,” for the period “Three months ended June 30, 2020,” the figure for “Lending Software Solutions Contribution” should read: 12% (instead of 7%). The figure for “Total % Mortgage Loan Market Contribution” should read: 39% (instead of 37%).
The updated release reads:
MeridianLink Reports Second Quarter 2021 Results
Revenue of $68.5 million grows 38% year-over-year
MeridianLink, Inc. (NYSE: MLNK), a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies (CRAs) to streamline loan decision making and origination, and credit reporting and background screening workflows, today announced financial results for the second quarter ended June 30, 2021.
“MeridianLink delivered strong performance throughout our business in Q2,” said Nicolaas Vlok, chief executive officer of MeridianLink. “We have great momentum in the business as MeridianLink continues to help financial institutions and CRAs bring equity to lending, placing power in the consumer’s hands through our lending and data verification platforms. I couldn’t be prouder of these results which showcase both our robust organic growth and best-in-class margins.”
“Given our leadership position in the market, our operational execution and the positive market dynamics, we are confident in our growth trajectory. As financial institutions respond to customer demands for more integrated digital banking, lending, and data verification experiences, we are ideally positioned to help new and existing customers meet evolving consumer needs through our dynamic platform. As a result of this, I am even more optimistic about the opportunity ahead of us.”
Financial Highlights:
•Revenue of $68.5 million, an increase of 38% year-over-year
•Operating profit of $19.2 million, or 28% of revenue
•Adjusted EBITDA of $33.4 million, or 49% of revenue
•Cash flow from operations of $21.2 million, and Free Cash Flow of $19.5 million
Initial Public Offering:
•MeridianLink completed its initial public offering on July 28, 2021, for net proceeds of $241.5 million, after deducting underwriters’ discounts
•A portion of the net proceeds were used to repay $75.0 million of borrowings outstanding under our first lien credit agreement and all borrowings outstanding under our second lien credit agreement of $125.0 million
Business and Operating Highlights:
•The 2021 Virtual User Forum took place in May and had a total of 80 sessions over three days. There were more than 2,100 unique attendees and over 13,000 cumulative attendees for all sessions to engage with and learn more about MeridianLink’s Lending offerings
•The organization completed the acquisition of Saylent on April 1st. Saylent contributes key data and marketing capabilities to the MeridianLink One platform, which will continue to be enhanced and integrated
•The company had another strong quarter of new logo wins, including key signings in specialty lending, continued bank and credit union expansion, and also several new customers for MerdianLink’s Data Verification Solutions
Business Outlook
Based on information as of today, September 7, 2021, the Company issues the following financial guidance.
Third Quarter Fiscal 2021:
•Revenue is expected to be in the range of $62.9 million to $63.5 million
•Adjusted EBITDA is expected to be in the range of $25.0 million to $25.6 million
Full Year 2021:
•Revenue is expected to be in the range of $256.7 million to $257.9 million
•Adjusted EBITDA is expected to be in the range of $112.3 million to $113.5 million
Conference Call Information
MeridianLink will hold a conference call to discuss our second quarter 2021 results today, September 7, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed by dialing (877) 284-4396 from the United States and Canada or (873) 415-0298 internationally with conference ID 4917618. A live webcast of the conference call can be accessed from the investor relations page of MeridianLink ’s website at ir.meridianlink.com. An archived replay of the webcast will be available at the same website following the conclusion of the call. A telephonic replay will be available until approximately 8:59 p.m. Pacific Time (11:59 p.m. Eastern Time) on Tuesday, September 14, 2021, at (800) 585-8367 from the United States and Canada or (416) 621-4642 internationally with conference ID 4917618.
For More Information:
Press Contacts
ICR for MeridianLink
MeridianLink-PR@icrinc.com
Becky Frost
(714) 784-5839
becky.frost@meridianlink.com
Investor Relations Contact
Erik Schneider
(714) 332-6357
InvestorRelations@meridianlink.com
About MeridianLink
MeridianLink® (NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes’ 2020 lists of America’s Best Credit Unions and Banks. Further information can be found at www.meridianlink.com.
Non-GAAP Financial Measures
To supplement the financial measures presented in accordance with generally accepted accounting principles, or GAAP, we provide certain non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA margin; non-GAAP operating income; non-GAAP net income; non-GAAP cost of revenue; non-GAAP sales and marketing expenses; non-GAAP research and development expenses; non-GAAP general and administrative expenses; and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Rather, we believe that these non-GAAP financial measures, when viewed in addition to and not in lieu of our reported GAAP financial results, provide investors with additional meaningful information to assess our financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating our business. The following definitions are provided:
•Adjusted EBITDA: net income before interest expense, taxes, depreciation, amortization, unit-based compensation expense, certain expenses associated with our IPO, and sponsor and third-party acquisition-related costs, and deferred revenue reduction from purchase accounting
•Non-GAAP operating income: GAAP income from operations, excluding the impact of stock-based compensation, employer taxes specific to equity compensation awards, and sponsor and third-party acquisition-related costs
•Non-GAAP net income: GAAP net income, excluding the impact of stock-based compensation, employer taxes specific to equity compensation awards, and sponsor and third-party acquisition-related costs
•Non-GAAP cost of revenue: GAAP cost of revenue, excluding the impact of stock-based compensation, employer taxes specific to equity compensation awards, and amortization of developed technology
•Non-GAAP operating expenses: GAAP operating expenses, excluding the impact of stock-based compensation and employer taxes specific to equity compensation awards
•Free cash flow: GAAP cash flow from operating activities plus GAAP purchases of property and equipment (Capital Expenditures) and capitalized costs related to developed technology (Capitalized Software)
Reconciliations to comparable GAAP financial measures are available in the accompanying schedules, which are posted as part of this earnings release on our website. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.
Forward-Looking Statements
This release contains, and our above-referenced conference call and webcast will contain, statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Generally, these statements can be identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions, although not all forward-looking statements contain these identifying words. Further, statements describing our strategy, outlook, guidance, plans, intentions, or goals are also forward-looking statements. These forward-looking statements reflect our predictions, expectations, or forecasts, including, but not limited to, statements regarding, and guidance with respect to, our future financial and operational performance, our strategic initiatives, our development or delivery of new or enhanced solutions, our market size and growth opportunities, and our competitive positioning. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks related to our business and industry, as well as those set forth under the caption “Risk Factors” in our final prospectus filed on July 28, 2021, and our other SEC filings. Additional information will also be set forth in Item 1A. Risk Factors, or elsewhere, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. Any forward-looking statement contained herein or provided on the related conference call is based on reasonable assumptions as of the date hereof. We undertake no obligation, other than as required by applicable law, to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Consolidated Balance Sheet
(unaudited)
(in thousands, except unit and per unit data)
| June 30, | December 31, | ||||||||||
| 2021 | 2020 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
Cash and cash equivalents | $29,236 | $37,739 | |||||||||
Restricted cash | 2,221 | 2,142 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | 29,086 | 22,358 | |||||||||
Prepaid expenses and other current assets | 9,322 | 5,812 | |||||||||
Related party receivable from sellers of MeridianLink | — | 4,123 | |||||||||
Total current assets | 69,865 | 72,174 | |||||||||
| Property and equipment, net | 7,105 | 7,600 | |||||||||
| Intangible assets, net | 320,162 | 328,032 | |||||||||
| Deferred tax assets, net | 5,121 | 9,484 | |||||||||
| Goodwill | 565,054 | 542,965 | |||||||||
| Other assets | 3,043 | 3,450 | |||||||||
Total assets | $970,350 | $963,705 | |||||||||
| Liabilities and Members’ Deficit | |||||||||||
| Current liabilities: | |||||||||||
Accounts payable | $2,400 | $2,257 | |||||||||
Accrued liabilities | 21,730 | 21,070 | |||||||||
Deferred revenue | 21,094 | 10,873 | |||||||||
TazWorks, LLC purchase liability | — | 85,646 | |||||||||
Related party liability due to sellers of MeridianLink | — | 30,000 | |||||||||
Payable due to sellers of Teledata Communications, Inc. | 2,142 | — | |||||||||
Current portion of long-term debt, net of debt issuance costs | 1,757 | 2,955 | |||||||||
Total current liabilities | 49,123 | 152,801 | |||||||||
| Long-term debt, net of debt issuance costs | 613,095 | 516,877 | |||||||||
| Deferred rent | 456 | 543 | |||||||||
| Other long-term liabilities | 127 | — | |||||||||
Total liabilities | 662,801 | 670,221 | |||||||||
| Commitments and contingencies | |||||||||||
| Class A units, no par value, unlimited units authorized, 319,859 and 319,913 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $420,706 and $402,607 as of June 30, 2021 and December 31, 2020, respectively | 319,859 | 319,913 | |||||||||
| Members’ Deficit | |||||||||||
| Class B units, no par value, unlimited units authorized, 52,112,904 and 51,492,805 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 9 | — | |||||||||
| Additional paid-in capital | 3,368 | 3,909 | |||||||||
| Accumulated deficit | (15,687) | (30,338) | |||||||||
| Total members’ deficit | (12,310) | (26,429) | |||||||||
| Total liabilities, preferred units, and members’ deficit | $970,350 | $963,705 | |||||||||
Consolidated Statements of Operations
(unaudited)
(in thousands, except unit and per unit data)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Revenues, net | $68,474 | $49,535 | $136,285 | $93,153 | |||||||||||||||||||
| Cost of revenues: | |||||||||||||||||||||||
Subscription and services | 17,997 | 12,114 | 34,611 | 23,249 | |||||||||||||||||||
Amortization of developed technology | 3,109 | 2,131 | 5,971 | 4,204 | |||||||||||||||||||
Total cost of revenues | 21,106 | 14,245 | 40,582 | 27,453 | |||||||||||||||||||
Gross profit | 47,368 | 35,290 | 95,703 | 65,700 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
General and administrative | 16,622 | 13,693 | 34,967 | 27,318 | |||||||||||||||||||
Research and development | 7,288 | 4,726 | 14,274 | 9,033 | |||||||||||||||||||
Sales and marketing | 4,224 | 2,177 | 7,823 | 4,201 | |||||||||||||||||||
Total operating expenses | 28,134 | 20,596 | 57,064 | 40,552 | |||||||||||||||||||
| Operating income | 19,234 | 14,694 | 38,639 | 25,148 | |||||||||||||||||||
| Other (income) expense, net: | |||||||||||||||||||||||
Other income | (10) | (23) | (30) | (24) | |||||||||||||||||||
Interest expense, net | 9,846 | 8,517 | 19,908 | 17,374 | |||||||||||||||||||
Total other expense, net | 9,836 | 8,494 | 19,878 | 17,350 | |||||||||||||||||||
| Income before provision for income taxes | 9,398 | 6,200 | 18,761 | 7,798 | |||||||||||||||||||
| Provision for income taxes | 1,966 | 1,304 | 4,098 | 1,576 | |||||||||||||||||||
| Net income | $7,432 | $4,896 | $14,663 | $6,222 | |||||||||||||||||||
| Class A preferred return | (9,232) | (8,462) | (18,165) | (16,747) | |||||||||||||||||||
| Net loss attributable to Class B unitholders | ($1,800) | ($3,566) | ($3,502) | ($10,525) | |||||||||||||||||||
| Weighted average units outstanding – basic and diluted | 52,015,526 | 51,248,738 | 51,843,086 | 51,024,837 | |||||||||||||||||||
| Loss per common unit – basic and diluted | ($0.03) | ($0.07) | ($0.07) | ($0.21) | |||||||||||||||||||
Net Revenues by Major Source
(unaudited)
(in thousands)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Subscription fees | $60,427 | $44,000 | $120,743 | $82,771 | |||||||||||||||||||
| Professional services | 5,615 | 3,651 | 11,106 | 7,400 | |||||||||||||||||||
| Other | 2,432 | 1,884 | 4,436 | 2,982 | |||||||||||||||||||
| Total | $68,474 | $49,535 | $136,285 | $93,153 | |||||||||||||||||||
Net Revenues by Solution Type
(unaudited)
(in thousands)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Lending Software Solutions | $45,243 | $32,799 | $88,377 | $63,338 | |||||||||||||||||||
| Data Verification Software Solutions | 23,231 | 16,736 | 47,908 | 29,815 | |||||||||||||||||||
| Total | $68,474 | $49,535 | $136,285 | $93,153 | |||||||||||||||||||
% Growth | |||||||||||||||||||||||
TCI and TazWorks Contribution | 24% | 24% | |||||||||||||||||||||
Lending Software Solutions Contribution | 13% | 14% | |||||||||||||||||||||
Data Verification Software Contribution | 1% | 8% | |||||||||||||||||||||
Total % Growth | 38% | 46% | |||||||||||||||||||||
% Mortgage Loan Market Contribution | |||||||||||||||||||||||
Lending Software Solutions Contribution | 8% | 12% | 10% | 11% | |||||||||||||||||||
Data Verification Software Contribution | 71% | 94% | 72% | 92% | |||||||||||||||||||
Total % Mortgage Loan Market Contribution | 30% | 39% | 32% | 37% | |||||||||||||||||||
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
| Six months ended June 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| Cash flows from operating activities: | |||||||||||
Net income | $14,663 | $6,222 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 24,957 | 19,458 | |||||||||
Provision for doubtful accounts | 89 | 300 | |||||||||
Amortization of debt issuance costs | 1,817 | 349 | |||||||||
Unit-based compensation expense | 1,308 | 1,313 | |||||||||
Loss on disposal of fixed assets | 207 | 72 | |||||||||
Loss on sublease liability | 405 | – | |||||||||
Deferred income taxes | 3,842 | 1,522 | |||||||||
Other adjustments | (16) | – | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (2,641) | (5,777) | |||||||||
Prepaid expenses and other assets | (1,774) | (1,030) | |||||||||
Accounts payable | (39) | 972 | |||||||||
Accrued liabilities | (3,081) | (339) | |||||||||
Deferred revenue | 10,221 | 7,286 | |||||||||
Deferred rent | (49) | (31) | |||||||||
| Net cash provided by operating activities | 49,909 | 30,317 | |||||||||
| Cash flows from investing activities: | |||||||||||
Acquisitions, net of cash acquired – TazWorks, LLC | (85,421) | – | |||||||||
Acquisitions, net of cash acquired – Saylent Technologies, Inc | (35,957) | – | |||||||||
Capitalized software additions | (2,216) | (1,428) | |||||||||
Purchases of property and equipment | (553) | (2,829) | |||||||||
| Net cash used in investing activities | (124,147) | (4,257) | |||||||||
| Cash flows from financing activities: | |||||||||||
Repurchases of Class A Units | (54) | (900) | |||||||||
Repurchases of Class B Units | (1,887) | (1,420) | |||||||||
Proceeds from long-term debt | 100,000 | – | |||||||||
Principal payments of long-term debt | (2,590) | (2,078) | |||||||||
Payments of debt issuance costs | (1,970) | – | |||||||||
Payments of financing obligation due to related party | – | (40) | |||||||||
Payments of Class A cumulative preferred return | (12) | (135) | |||||||||
Payments of deferred offering costs | (2,008) | – | |||||||||
Holdback payment to prior shareholders, net related party receivable | (25,665) | – | |||||||||
| Net cash provided by (used in) financing activities | 65,814 | (4,573) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (8,424) | 21,487 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 39,881 | 97,770 | |||||||||
| Cash, cash equivalents and restricted cash end of period | $31,457 | $119,257 | |||||||||
| Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||
Cash and cash equivalents | $29,236 | $119,257 | |||||||||
Restricted cash | 2,221 | – | |||||||||
Cash, cash equivalents, and restricted cash | $31,457 | $119,257 | |||||||||
| Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $18,078 | $17,258 | |||||||||
Cash paid for income taxes | 212 | 69 | |||||||||
| Non-cash investing and financing activities: | |||||||||||
| Purchases of property and equipment included in accounts payable and accrued expenses | $56 | $146 | |||||||||
| Deferred offering costs included in accounts payable and accrued expenses | 327 | – | |||||||||
| Vesting of Class B Units | 47 | 53 | |||||||||
| Paycheck Protection Program (“PPP”) Loan forgiven, reclassified from long- and short-term debt to payable due to sellers of Teledata Communications, Inc | 2,142 | ||||||||||
| Related party receivable net against holdback payment to prior shareholders | 4,335 | ||||||||||
Reconciliation from GAAP to Non-GAAP Results
(unaudited)
(in thousands, except per unit amounts)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Operating Income | $19,234 | $14,694 | $38,639 | $25,148 | |||||||||||||||||||
Add: stock-based compensation expense | 665 | 673 | 1,308 | 1,313 | |||||||||||||||||||
Add: sponsor and third-party acquisition related costs | 741 | 500 | 2,114 | 1,000 | |||||||||||||||||||
| Non-GAAP operating income | 20,640 | 15,867 | 42,061 | 27,461 | |||||||||||||||||||
Non-GAAP operating margin | 30% | 32% | 31% | 29% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net income (loss) | $7,432 | $4,896 | $14,663 | $6,222 | |||||||||||||||||||
Add: stock-based compensation expense | 665 | 673 | 1,308 | 1,313 | |||||||||||||||||||
Add: sponsor and third-party acquisition related costs | 741 | 500 | 2,114 | 1,000 | |||||||||||||||||||
| Non-GAAP net income | 8,838 | 6,069 | 18,085 | 8,535 | |||||||||||||||||||
| Non-GAAP basic net income per Class B unit | 0.17 | 0.12 | 0.35 | 0.17 | |||||||||||||||||||
| Non-GAAP diluted net income per Class B unit | 0.16 | 0.11 | 0.32 | 0.15 | |||||||||||||||||||
Weighted average Class B units used to compute basic net loss per unit attributable to Class B unitholders | 52,015,526 | 51,248,738 | 51,843,086 | 51,024,837 | |||||||||||||||||||
Weighted average Class B units used to compute diluted net loss per unit attributable to Class B unitholders | 56,756,604 | 57,192,530 | 56,584,164 | 56,968,629 | |||||||||||||||||||
| Non-GAAP net income margin | 13% | 12% | 13% | 9% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net income (loss) | $7,432 | $4,896 | $14,663 | $6,222 | |||||||||||||||||||
Interest expense | 9,846 | 8,517 | 19,908 | 17,374 | |||||||||||||||||||
Taxes | 1,966 | 1,304 | 4,098 | 1,576 | |||||||||||||||||||
Depreciation and amortization | 12,606 | 9,763 | 24,957 | 19,458 | |||||||||||||||||||
Unit-based compensation expense | 665 | 673 | 1,308 | 1,313 | |||||||||||||||||||
Expenses associated with IPO | – | – | 194 | – | |||||||||||||||||||
Sponsor and third-party acquisition related costs | 741 | 500 | 2,114 | 1,000 | |||||||||||||||||||
Deferred revenue reduction from purchase accounting | 178 | 171 | 502 | 347 | |||||||||||||||||||
| Adjusted EBITDA | $33,434 | $25,824 | $67,744 | $47,290 | |||||||||||||||||||
Adjusted EBITDA Margin | 49% | 52% | 50% | 51% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Cost of revenue | $21,106 | $14,245 | $40,582 | $27,453 | |||||||||||||||||||
Less: stock-based compensation expense | 93 | 28 | 165 | 55 | |||||||||||||||||||
Less: amortization of developed technology | 3,109 | 2,131 | 5,971 | 4,204 | |||||||||||||||||||
| Non-GAAP cost of revenue | 17,904 | 12,086 | 34,446 | 23,194 | |||||||||||||||||||
As a % of revenue | 26% | 24% | 25% | 25% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Sales and marketing | $4,224 | $2,177 | $7,823 | $4,201 | |||||||||||||||||||
Less: stock-based compensation expense | 137 | 72 | 273 | 141 | |||||||||||||||||||
| Non-GAAP sales and marketing | 4,087 | 2,105 | 7,550 | 4,060 | |||||||||||||||||||
As a % of revenue | 6% | 4% | 6% | 4% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Research and development | $7,288 | $4,726 | $14,274 | $9,033 | |||||||||||||||||||
Less: stock-based compensation expense | 82 | 88 | 164 | 159 | |||||||||||||||||||
| Non-GAAP research and development | 7,206 | 4,638 | 14,110 | 8,874 | |||||||||||||||||||
As a % of revenue | 11% | 9% | 10% | 10% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| General & administrative | $16,622 | $13,693 | $34,967 | $27,318 | |||||||||||||||||||
Less: stock-based compensation expense | 353 | 485 | 706 | 958 | |||||||||||||||||||
Less: depreciation expense | 588 | 589 | 1,171 | 1,169 | |||||||||||||||||||
Less: amortization of intangibles | 8,909 | 7,043 | 17,815 | 14,085 | |||||||||||||||||||
| Non-GAAP general & administrative | 6,772 | 5,576 | 15,275 | 11,106 | |||||||||||||||||||
As a % of revenue | 10% | 11% | 11% | 12% | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net cash provided by operating activities | $21,212 | $11,744 | $49,909 | $30,317 | |||||||||||||||||||
Less: Capital expenditures | 308 | 1,159 | 553 | 2,829 | |||||||||||||||||||
Less: Capitalized software | 1,412 | 738 | 2,216 | 1,428 | |||||||||||||||||||
| Free cash flow | $19,492 | $9,847 | $47,140 | $26,060 | |||||||||||||||||||