MeridianLink Inc (MLNK) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MeridianLink's Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持，並歡迎參加 MeridianLink 的 2022 年第四季度財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your first speaker today, Erik Schneider. Erik, please go ahead.

現在我想將會議交給今天的第一位發言人埃里克·施奈德 (Erik Schneider)。埃里克，請繼續。

Good afternoon, and welcome to MeridianLink's First Quarter Fiscal Year 2023 Earnings Call. We will be discussing the results announced in our press release issued after the market closed today. With me are MeridianLink's Chief Executive Officer, Nicolaas Vlok; Chief Financial Officer, Sean Blitchok; and President, Go-to-Market, Chris Maloof.

下午好，歡迎參加 MeridianLink 2023 財年第一季度收益電話會議。我們將討論今天收市後發布的新聞稿中宣布的結果。和我在一起的有 MeridianLink 首席執行官 Nicolaas Vlok；首席財務官肖恩·布里喬克；克里斯·馬洛夫 (Chris Maloof) 是上市部總裁。

Before we begin, I'd like to remind you that today's conference call will include forward-looking statements based on the company's current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and the other reports and filings we file from time to time with the Securities and Exchange Commission. All of our statements are made based on information available to us as of today, and except as required by law, we assume no obligation to update any such statements.

在開始之前，我想提醒您，今天的電話會議將包括基於公司當前預期的前瞻性陳述。這些前瞻性陳述受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布中的披露以及我們不時向美國證券交易委員會提交的其他報告和文件。我們的所有聲明均基於截至目前我們掌握的信息，除非法律要求，否則我們不承擔更新任何此類聲明的義務。

During the call, we will also refer to both GAAP and non-GAAP financial measures. You can find the reconciliation of our GAAP to non-GAAP measures included in our press release, which is posted to the Investor Relations section of our website.

在電話會議中，我們還將參考公認會計原則和非公認會計原則財務指標。您可以在我們的新聞稿中找到我們的 GAAP 與非 GAAP 措施的調節表，該新聞稿發佈在我們網站的投資者關係部分。

With that, let me turn the call over to Nicolaas.

現在，讓我把電話轉給尼古拉斯。

Thank you, Erik. Good afternoon, everyone. Thank you all for joining us for our first quarter 2023 earnings call. I want to thank the entire MeridianLink team for helping us achieve another solid quarter. Total lending software solutions revenue grew 18% year-over-year, which is a fantastic achievement given current market conditions. Let's take a look at our focus areas and business highlights that led to these results.

謝謝你，埃里克。大家下午好。感謝大家參加我們的 2023 年第一季度財報電話會議。我要感謝整個 MeridianLink 團隊幫助我們實現了又一個穩健的季度。貸款軟件解決方案總收入同比增長 18%，考慮到當前的市場狀況，這是一個了不起的成就。讓我們看一下導致這些結果的重點領域和業務亮點。

We remain hyper-focused on being the most trusted financial services technology platform, helping customers best position their businesses for success, especially in uncertain economic times. We are continuously improving our platform capabilities through product innovation and value-added partner integrations. And for another quarter, the powerful capabilities of the MeridianLink One platform continue to drive new logo and cross-sell momentum. As a result, MeridianLink exceeded top line guidance again in Q1 with GAAP revenue up 6% year-over-year to $77.1 million and demonstrated solid operating performance.

我們仍然高度專注於成為最值得信賴的金融服務技術平台，幫助客戶最好地定位其業務以獲得成功，特別是在不確定的經濟時期。我們通過產品創新和增值合作夥伴整合不斷提高我們的平台能力。在接下來的一個季度，MeridianLink One 平台的強大功能繼續推動新徽標和交叉銷售勢頭。結果，MeridianLink 在第一季度再次超出了營收指引，GAAP 收入同比增長 6% 至 7,710 萬美元，並展示了穩健的運營業績。

Our business model remains resilient, and our customers continue to win, especially our mid-market customers that provide personalized insights and real-time, frictionless lending solutions to meet the changing needs of consumers. As the leading provider of a modern digital lending platform, we see customers continuing to choose MeridianLink One to best position and transform their businesses for future growth. The health of our pipeline and the fact that sales cycles have not slowed reinforces this view.

我們的業務模式保持彈性，我們的客戶繼續獲勝，特別是我們的中端市場客戶，他們提供個性化的見解和實時、無摩擦的貸款解決方案，以滿足消費者不斷變化的需求。作為現代數字借貸平台的領先提供商，我們看到客戶繼續選擇 MeridianLink One 來為其業務進行最佳定位和轉型，以實現未來的增長。我們管道的健康狀況以及銷售週期並未放緩的事實強化了這一觀點。

We continue to pay close attention to external conditions and market expectations. Because our customers are retail focused, we have seen no material impact from the recent failure of several regional banks in the United States. The risk highlighted by these events was related to financial institutions with a large concentration of commercial deposits, which is not common in our target market.

我們繼續密切關注外部形勢和市場預期。由於我們的客戶以零售為主，因此我們沒有看到美國幾家區域銀行最近倒閉的重大影響。這些事件凸顯的風險與商業存款高度集中的金融機構有關，這在我們的目標市場並不常見。

Irrespective of the economic cycle, the market is on a going increased digitalization, and MeridianLink is at the forefront of that. Whether it's more competition, consolidation or regulation, there will be pressure on financial institutions to automate their lending processes. In each of these scenarios, the search and digital transactions will accrue to our benefit because of our volume-based business model. In the meantime, we remain laser focused on capturing new market opportunities and assisting our customers in serving their communities.

無論經濟周期如何，市場的數字化程度都在不斷提高，而 MeridianLink 處於這方面的前沿。無論是更多的競爭、整合還是監管，金融機構都將面臨實現貸款流程自動化的壓力。在每種情況下，由於我們基於數量的業務模式，搜索和數字交易都將為我們帶來好處。與此同時，我們仍然專注於捕捉新的市場機會並協助我們的客戶服務他們的社區。

In a few minutes, Sean will speak about our Q1 financial performance and provide 2023 second quarter guidance and full year guidance. Before that, I would like to recognize the leadership we have gained to fuel our go-to-market engine, and then I will give several updates on our 3 areas of growth acceleration.

幾分鐘後，Sean 將談論我們第一季度的財務業績，並提供 2023 年第二季度指導和全年指導。在此之前，我想對我們在推動上市引擎方面所取得的領導地位表示認可，然後我將介紹我們加速增長的 3 個領域的一些最新情況。

We are proud of the evolution of our go-to-market capabilities. As part of MeridianLink's development over the years, we have created and deployed a comprehensive, scalable strategy to accelerate growth and strengthen market position.

我們為我們的上市能力的發展感到自豪。作為 MeridianLink 多年來發展的一部分，我們創建並部署了全面、可擴展的戰略，以加速增長並鞏固市場地位。

As part of entering our next phase of growth as a public company, we have added the following leadership expertise across our go-to-market organization. First, we welcomed our new Chief Sales Officer, Richard Scheig, late summer of last year. Since joining the MeridianLink team, Richard has been instrumental in structuring our sales team to win more customers and increase cross-sell momentum.

作為上市公司進入下一階段增長的一部分，我們在我們的上市組織中增加了以下領導專業知識。首先，我們在去年夏末迎來了新任首席銷售官理查德·謝格 (Richard Scheig)。自從加入 MeridianLink 團隊以來，Richard 在構建我們的銷售團隊以贏得更多客戶並增加交叉銷售動力方面發揮了重要作用。

We also welcome Suresh Balasubramanian to the team as our new Chief Marketing Officer at the end of February. With the added benefit of Suresh's software experience and focus on demand generation, we are bolstering our ability to capture more share in the market.

我們還歡迎 Suresh Balasubramanian 於二月底加入團隊，擔任我們新任首席營銷官。憑藉 Suresh 的軟件經驗和對需求生成的關注，我們正在增強我們在市場上佔領更多份額的能力。

And finally, we are excited to add Dean Germeyer to our leadership team as MeridianLink's new Chief Customer Officer. Dean's [extensive] go-to-market experience, combined with his customer-centric approach, makes him a strong leader to accelerate productivity and engagement across our support, services and customer success teams.

最後，我們很高興將 Dean Germeyer 添加到我們的領導團隊中，擔任 MeridianLink 的新首席客戶官。 Dean 擁有豐富的市場推廣經驗，再加上以客戶為中心的方法，使他成為一名強有力的領導者，能夠提高我們的支持、服務和客戶成功團隊的生產力和參與度。

Our investment in the team has built an efficient and high-performing go-to-market motion, resulting in a consistent, robust pipeline. On that note, let's turn to a few go-to-market wins in the first quarter that represent our dedication to the first area of growth acceleration, which is engaging more deeply with our customers.

我們對團隊的投資建立了高效、高性能的上市行動，從而形成了一致、強大的渠道。在這一點上，讓我們來看看第一季度的一些進入市場的勝利，這些勝利代表了我們對增長加速的第一個領域的奉獻，即更深入地與客戶互動。

As evidence of continued demand for the MeridianLink One platform, we are happy to report an approximately 60% year-over-year increase in lending software solutions cross-sell bookings in Q1.

作為對 MeridianLink One 平台持續需求的證據，我們很高興地報告第一季度貸款軟件解決方案交叉銷售預訂量同比增長約 60%。

These 3 examples are fantastic signals that our platform strategy and go to market is accelerating. With the new leadership onboard, we are well positioned to further penetrate the market and help more customers achieve their growth objectives.

這 3 個例子是一個極好的信號，表明我們的平台戰略和進入市場正在加速。隨著新領導層的加入，我們已做好充分準備，進一步滲透市場並幫助更多客戶實現其增長目標。

With that, let's turn to our second area of growth acceleration, expanding the capabilities of our platform and our revenue opportunity. With the completion of the public cloud migration last year, we are excited to allocate existing resources to our product road map, which is focused on meeting the needs of our customers.

接下來，讓我們轉向第二個加速增長的領域，即擴展我們平台的功能和我們的收入機會。隨著去年公共雲遷移的完成，我們很高興能夠將現有資源分配到我們的產品路線圖上，該路線圖的重點是滿足客戶的需求。

Critical to our sales motion, we are focused on creating value through the connected capabilities of our multiproduct platform. For example, our MeridianLink consulting team is dedicated to maximizing the customer's credit portfolio performance and overall benefit from the MeridianLink One platform. Levering each depth of experience from past engagements, this team has been providing alternative decisioning rules to customers, a capability that is imperative for quickly capturing creditworthy customers in an economic downturn.

對於我們的銷售活動至關重要，我們專注於通過多產品平台的互聯功能創造價值。例如，我們的 MeridianLink 諮詢團隊致力於最大限度地提高客戶的信貸投資組合績效以及 MeridianLink One 平台的整體利益。利用過去合作中積累的豐富經驗，該團隊一直在為客戶提供替代決策規則，這是在經濟低迷時期快速捕獲信譽良好的客戶所必需的能力。

Turning to our partner network. We would like to highlight the enhancements made to our MeridianLink connections integration with SWBC. This expanded integration increases efficiency, automation of payments and improves the user's experience with the SWBC products launch from within MeridianLink One platform. Our customers and their borrowers can now leverage this improved functionality, strengthening their collection strategy in the midst of demanding financial conditions.

轉向我們的合作夥伴網絡。我們想重點介紹 MeridianLink 與 SWBC 連接集成的增強功能。這一擴展的集成提高了支付的效率和自動化，並改善了用戶在 MeridianLink One 平台內發布 SWBC 產品的體驗。我們的客戶及其借款人現在可以利用這一改進的功能，在嚴峻的財務狀況下加強他們的催收策略。

A final example of expansion can be seen through our ability to capitalize on partner relationships to win new logos. In Q1, we worked closely with one of our global fintech partners in developing a large-scale credit card origination solution. MeridianLink won the deal on our ability to configure the MeridianLink consumer to meet the lending needs of the customers' extensive network of banks and sub lenders.

擴張的最後一個例子可以通過我們利用合作夥伴關係贏得新徽標的能力看出。在第一季度，我們與全球金融科技合作夥伴之一密切合作，開發了大規模信用卡發行解決方案。 MeridianLink 贏得了這筆交易，因為我們有能力配置 MeridianLink 消費者，以滿足客戶廣泛的銀行和次級貸方網絡的貸款需求。

Turning to our third area of focus. MeridianLink empowers customers to compete, grow and succeed in the markets in which they participate. We have a track record of enabling customers to win more clients and capture a greater share of their clients' debt wallet.

轉向我們的第三個重點領域。 MeridianLink 幫助客戶在其參與的市場中競爭、成長並取得成功。我們擁有幫助客戶贏得更多客戶並在客戶債務錢包中佔據更大份額的良好記錄。

In Q1, we launched a new grow-your-deposits initiative to address the evolving needs of our customers who are shifting focus to increasing liquidity in response to the current lending environment. The integration of MeridianLink Engage and MeridianLink Opening provides a comprehensive deposit growth solution that enables customers to capture more deposit opportunities through frictionless account opening and relevant personalized communications.

在第一季度，我們推出了一項新的“增加存款”計劃，以滿足客戶不斷變化的需求，這些客戶正在將重點轉向增加流動性，以應對當前的貸款環境。 MeridianLink Engage 和 MeridianLink Opening 的集成提供了全面的存款增長解決方案，使客戶能夠通過無摩擦的開戶和相關的個性化溝通來抓住更多的存款機會。

Finally, we are looking forward to hosting our User Forum on May 8 through the 11 at the Disneyland Resort in Anaheim. There is nothing more empowering than bringing together existing and prospective customers to discuss how the innovative capabilities of the MeridianLink One platform can enable their growth journey. As we are on track for a record-breaking year in attendance, we can't wait to engage with our customers face to face and dive deeper on how MeridianLink can provide both immediate and long-term value to the market.

最後，我們期待於 5 月 8 日至 11 日在阿納海姆迪士尼樂園度假區舉辦用戶論壇。沒有什麼比將現有客戶和潛在客戶聚集在一起討論 MeridianLink One 平台的創新功能如何助力他們的成長之旅更能賦予他們力量的了。今年的出席人數有望打破紀錄，我們迫不及待地想與客戶面對面交流，並深入探討 MeridianLink 如何為市場提供即時和長期價值。

I want to emphasize again how MeridianLink continues to deliver consistent growth and healthy profitability levels while investing in strategic initiatives. We benefit from having a high-quality, resilient customer base whose mission, to create the best borrower experiences, is directly aligned with ours.

我想再次強調 MeridianLink 如何在投資戰略舉措的同時繼續實現持續增長和健康的盈利水平。我們受益於擁有高質量、有彈性的客戶群，他們的使命是創造最佳的借款人體驗，這與我們的使命直接一致。

In the face of uncertain macroeconomic conditions this year, we will continue executing well on what we can control, staying highly focused on our 3 areas of growth acceleration as demonstrated in Q1. We will continue engaging with customers to meet and exceed their digital lending needs, in part, by expanding our platform capabilities and revenue opportunity.

面對今年宏觀經濟形勢的不確定性，我們將繼續在可控範圍內做好工作，高度關注第一季度所展示的三個加速增長領域。我們將繼續與客戶合作，通過擴大我們的平台功能和收入機會來滿足並超越他們的數字借貸需求。

Our flywheel starts with empowering our customers to grow and better serve their clients and communities. We strive to be the most trusted financial services technology platform that positions our customers to succeed in any economic climate.

我們的飛輪首先是幫助我們的客戶成長並更好地服務他們的客戶和社區。我們努力成為最值得信賴的金融服務技術平台，幫助我們的客戶在任何經濟環境下取得成功。

With that, I will now turn the call over to Sean to talk about our financial results and provide guidance.

現在，我將把電話轉給肖恩，討論我們的財務業績並提供指導。

Thank you, Nicolaas, and I'd like to thank everyone for joining on the call today. Before reviewing our financial results and guidance, I'd like to emphasize how impressed I am with the achievements in the first quarter. Our results continue to reflect the impressive team effort and culture, and for that, I want to again share my gratitude for the entire MeridianLink team.

謝謝尼古拉斯，我要感謝大家參加今天的電話會議。在回顧我們的財務業績和指導之前，我想強調我對第一季度的成就印象深刻。我們的成果繼續反映了令人印象深刻的團隊努力和文化，為此，我想再次對整個 MeridianLink 團隊表示感謝。

In the face of challenging compares year-over-year, we finished the quarter strong, exceeding top line revenue guidance. We continue to see the impact of macroeconomic headwinds, but likewise, we continue to perform, remaining insulated by our customer mix, contract structure and ongoing customer growth.

面對與去年同期相比的挑戰，我們在本季度表現強勁，超出了營收指導。我們繼續看到宏觀經濟逆風的影響，但同樣，我們繼續表現，不受我們的客戶組合、合同結構和持續客戶增長的影響。

For 2 decades now, we've benefited from the resilience of our business model and the capabilities of our industry-leading solutions that enable customers to perform through the economic cycle. As we monitor external conditions, we continue to execute well on what we can control, balancing cost discipline and strategic investments to accelerate growth.

二十年來，我們的業務模式的彈性和行業領先的解決方案的功能使我們受益匪淺，這些解決方案使客戶能夠在整個經濟周期中表現出色。在監控外部條件的同時，我們繼續在我們可以控制的範圍內良好執行，平衡成本控制和戰略投資以加速增長。

Now turning to our first quarter financials. We generated total revenue of $77.1 million, up 6% year-over-year, driven primarily by growth in consumer lending transaction volumes. We continue to see the MeridianLink One platform empower the customers' growth journey with the capabilities that meet the evolving needs of consumers.

現在轉向我們第一季度的財務狀況。我們的總收入為 7710 萬美元，同比增長 6%，這主要是由消費貸款交易量的增長推動的。我們繼續看到 MeridianLink One 平台通過滿足消費者不斷變化的需求的功能來增強客戶的成長之旅。

Let's first look at how our software solutions break down. As the primary driver of software solutions, consumer lending revenue contributed 88% and grew 13% year-over-year. Mortgage-related revenue within lending software solutions, inclusive of OpenClose, accounted for the remaining 12% of the total. Combining mortgage and consumer, total lending software revenue accounted for nearly 75% of total revenue and grew 18% year-over-year.

讓我們首先看看我們的軟件解決方案是如何分解的。作為軟件解決方案的主要驅動力，消費貸款收入貢獻了88%，同比增長13%。包括 OpenClose 在內的貸款軟件解決方案中與抵押貸款相關的收入佔總收入的其餘 12%。將抵押貸款和消費貸款合計起來，貸款軟件總收入佔總收入的近 75%，同比增長 18%。

Turning to data verification software solutions. Revenue accounted for nearly 25% of total revenue and declined 19% year-over-year. This was driven by the 28% decrease in mortgage-related revenue, which represents 61% of total data verification software solutions.

轉向數據驗證軟件解決方案。收入佔總收入近25%，同比下降19%。這是由於抵押貸款相關收入下降了 28%，佔數據驗證軟件解決方案總額的 61%。

Let me focus on mortgage in total for a minute. Although total mortgage-related revenue was down 8% from last year and generated 24% of overall MeridianLink revenue, this is an improvement in total mortgage sequentially for a second straight quarter. Despite market headwinds, we remain focused on our mortgage lending strategy as a major component of the consumer debt wallet. We continue to outperform in a declining market as we are taking more share, cross-selling through MeridianLink One and adding capabilities that have enabled customers to win.

讓我先集中討論一下抵押貸款總額。儘管抵押貸款相關總收入比去年下降 8%，佔 MeridianLink 總收入的 24%，但這已經是抵押貸款總額連續第二個季度出現改善。儘管存在市場阻力，我們仍然專注於抵押貸款策略，將其作為消費者債務錢包的主要組成部分。我們在不斷下滑的市場中繼續表現出色，因為我們正在佔據更多份額，通過 MeridianLink One 進行交叉銷售，並增加了使客戶獲勝的功能。

The other 76% of our business continues to outperform, which is majority led by consumer lending. While we are seeing the anticipated deceleration in secured lending, other transaction types such as home equity, personal loans and account opening continue to grow. This brings me back to the point that our platform enables customers to provide a frictionless lending process to consumers. No matter the loan type or preferred channel for accessing credit, MeridianLink One meets the lending needs of its customers and their clients.

我們另外 76% 的業務繼續表現出色，其中大部分以消費貸款為主導。儘管我們預計擔保貸款將放緩，但房屋淨值、個人貸款和開戶等其他交易類型仍在繼續增長。這讓我回到了這一點：我們的平台使客戶能夠向消費者提供無摩擦的貸款流程。無論貸款類型或獲取信貸的首選渠道如何，MeridianLink One 都能滿足其客戶及其客戶的貸款需求。

With our healthy pipeline, as demonstrated by the wins in the quarter and the inevitable normalization of the mortgage market, the momentum in our business remains strong.

正如本季度的勝利和抵押貸款市場不可避免的正常化所證明的那樣，我們的管道健康，我們的業務勢頭仍然強勁。

Moving to profitability. Accounting for stock-based compensation, GAAP gross margin was 64%. Adjusted gross margin in Q1 was 71%.

轉向盈利。考慮到股票薪酬，GAAP 毛利率為 64%。第一季度調整後毛利率為 71%。

Before turning to operating performance in the quarter, I'd like to break down the year-over-year increase in our operating expenses. In addition to our strategic investments, we're also calling out specific costs associated with recent acquisitions that are onetime in nature but help investors better understand the true increase in operating expenses.

在討論本季度的運營業績之前，我想先詳細分析一下我們運營費用的同比增長情況。除了我們的戰略投資之外，我們還列出了與最近收購相關的特定成本，這些成本雖然是一次性的，但可以幫助投資者更好地了解運營費用的真實增長。

Compared to the first quarter of last year, G&A increased 24% on a GAAP basis and 39% on a non-GAAP basis. Adjusted for $0.2 million of onetime bad debt expense associated with customers from past acquisitions, G&A increased 36% compared to the first quarter of last year.

與去年第一季度相比，按 GAAP 計算的 G&A 增長了 24%，按非 GAAP 計算的 G&A 增長了 39%。考慮到過去收購中與客戶相關的 20 萬美元一次性壞賬費用，G&A 與去年第一季度相比增長了 36%。

R&D increased 64% on a GAAP basis and 65% on a non-GAAP basis compared to the first quarter of last year. Adjusted for a onetime $0.6 million retention bonus associated with the past acquisition, R&D increased 57% compared to the first quarter of last year.

與去年第一季度相比，研發費用按 GAAP 計算增長了 64%，按非 GAAP 計算增長了 65%。根據與過去收購相關的一次性 60 萬美元保留獎金進行調整後，研發部門與去年第一季度相比增長了 57%。

On a GAAP basis, sales and marketing increased 73%, while on a non-GAAP basis, sales and marketing increased 82% compared to the first quarter of last year.

與去年第一季度相比，按 GAAP 計算，銷售和營銷增長了 73%；按非 GAAP 計算，銷售和營銷增長了 82%。

These investments represent our commitment to engage more deeply with our customers to go to market and to expand our platform capabilities. We expect a long-term return on these investments, and we'll continue to examine each expenditure on its individual merits.

這些投資代表了我們與客戶更深入地合作以進入市場並擴展我們的平台能力的承諾。我們期望這些投資能獲得長期回報，並且我們將繼續根據每項支出的各自優點進行審查。

Turning now to our overall operating performance. GAAP operating income was $1.7 million and non-GAAP operating income was $9.6 million (sic) [$9.9 million]. On a GAAP basis, net loss was $5.7 million or 7% of revenue; and adjusted EBITDA was $24.9 million, representing an adjusted EBITDA margin of 32%. Highlighting the true operating performance of the business, adding back the $0.8 million of onetime costs, adjusted EBITDA was $25.7 million, representing an adjusted EBITDA margin of 33% and in line with our guidance.

現在談談我們的整體經營業績。 GAAP 營業收入為 170 萬美元，非 GAAP 營業收入為 960 萬美元（原文如此）[990 萬美元]。按 GAAP 計算，淨虧損為 570 萬美元，佔收入的 7%；調整後 EBITDA 為 2,490 萬美元，調整後 EBITDA 利潤率為 32%。突出業務的真實經營業績，加上 80 萬美元的一次性成本，調整後 EBITDA 為 2570 萬美元，調整後 EBITDA 利潤率為 33%，符合我們的指導。

Now turning to the balance sheet and cash flow statement. We ended the first quarter with $77.8 million in unrestricted cash and cash equivalents, an increase of $22 million from the end of the fourth quarter. Operating cash flow in the first quarter was $28.1 million or a 36% cash flow margin, and free cash flow was $26 million or a 34% cash flow margin. In the last 12-month period ending in the first quarter, operating cash flow was $67.8 million or a 25% cash flow margin; and free cash flow was $58.3 million or a 21% free cash flow margin. We repurchased $3.5 million worth of shares as part of our use of cash flow in the quarter.

現在轉向資產負債表和現金流量表。第一季度末，我們擁有 7780 萬美元的非限制性現金和現金等價物，比第四季度末增加了 2200 萬美元。第一季度運營現金流為 2810 萬美元，現金流利潤率為 36%，自由現金流為 2600 萬美元，現金流利潤率為 34%。截至第一季度的過去 12 個月內，運營現金流為 6,780 萬美元，現金流利潤率為 25%；自由現金流為 5,830 萬美元，自由現金流利潤率為 21%。作為本季度現金流使用的一部分，我們回購了價值 350 萬美元的股票。

MeridianLink's ongoing cash generation provides protection in this period of uncertainty while enabling strategic capital allocation for us to build value for our customers and shareholders.

MeridianLink 持續的現金生成為這一不確定時期提供了保護，同時使我們能夠進行戰略資本配置，為我們的客戶和股東創造價值。

I'll now pivot to guidance for Q2 and update guidance for the full year of 2023. Entering the year, we anticipated a deceleration in consumer lending volumes due to less aggressive lending in our customer base as excess deposits decreased. We also expected a continued decline in mortgage-related revenue in the first half of the year as the previous sharp increase in mortgage interest rates occurred during the second quarter of 2022.

我現在將轉向第二季度的指導，並更新 2023 年全年的指導。進入今年，我們預計，由於超額存款減少，我們的客戶群的貸款不那麼積極，消費者貸款量將放緩。我們還預計，由於此前抵押貸款利率大幅上漲發生在 2022 年第二季度，因此上半年抵押貸款相關收入將持續下降。

Our view on these dynamics has not changed over the last quarter, and we expect to continue adding new customers and increasing module penetration at a level that more than offsets these headwinds.

我們對這些動態的看法在上個季度沒有改變，我們預計將繼續增加新客戶並提高模塊滲透率，以抵消這些不利因素。

For the second quarter, estimated total revenue is expected to be between $76 million and $79 million compared to $73 million for the same period in 2022. This represents an estimated year-over-year change of 4% to 8%. For the full year 2023, we are raising total revenue to be between $307 million and $313 million compared to $288 million for the same period in 2022. This represents an estimated increase of 7% to 9% year-over-year.

第二季度的總收入預計為 7600 萬美元至 7900 萬美元，而 2022 年同期為 7300 萬美元。這意味著預計同比變化為 4% 至 8%。 2023 年全年，我們將總收入提高到 3.07 億美元至 3.13 億美元，而 2022 年同期為 2.88 億美元。預計同比增長 7% 至 9%。

For the mortgage-related revenue, we expect the mortgage market to contribute approximately 25% of revenue for the second quarter in 2023 compared to 24% for the second quarter of 2022. We anticipate our contribution in Q1 to continue throughout the year.

對於抵押貸款相關收入，我們預計抵押貸款市場將在 2023 年第二季度貢獻約 25% 的收入，而 2022 年第二季度這一比例為 24%。我們預計第一季度的貢獻將持續全年。

To provide more color around the growth drivers in our total revenue, the mortgage-related revenue guide implies a continued decline in data verification revenue given the impact of a tough comparable in 2022. However, we expect that to pick up from our mortgage lending capabilities of winning in the market, both organically and through OpenClose, will more than offset the data verification drag in 2023.

為了給我們總收入的增長動力提供更多的色彩，考慮到 2022 年嚴格可比性的影響，抵押貸款相關收入指南意味著數據驗證收入將持續下降。不過，我們預計這將通過我們的抵押貸款能力而有所改善通過有機方式和通過 OpenClose 在市場中獲勝的能力將足以抵消 2023 年數據驗證的拖累。

On the non-mortgage side, we expect data verification revenue to be flat year-over-year as a result of headwinds in the employment screening market coming off post-pandemic hiring highs. Understanding these dynamics, we expect consumer lending will continue momentum in 2023, as demonstrated in the first quarter.

在非抵押貸款方面，我們預計數據驗證收入將同比持平，因為就業篩選市場在大流行後的招聘高點出現逆風。了解這些動態後，我們預計消費貸款將在 2023 年繼續保持增長勢頭，如第一季度所示。

Consumer lending is the largest part of our business and is at the heart of our value proposition. MeridianLink exists to enable the customers' growth journey by providing a frictionless digital lending experience that exceeds consumer expectations.

消費貸款是我們業務的最大組成部分，也是我們價值主張的核心。 MeridianLink 的存在是為了通過提供超越消費者期望的無摩擦數字借貸體驗來實現客戶的成長之旅。

Over the years, we have thrived in providing premier lending capabilities, which are now enhanced through MeridianLink One. In 2023, there's ample opportunity to equip more customers with the capabilities that differentiates them against their competition in today's demanding environment.

多年來，我們在提供一流的貸款能力方面取得了蓬勃發展，現在通過 MeridianLink One 得到了增強。 2023 年，我們將有充足的機會為更多客戶提供能力，使他們在當今嚴苛的環境中在競爭中脫穎而出。

Our Q1 highlights today demonstrate how the configurability, cross-sell momentum and access to hundreds of partners through MeridianLink One can and will empower further volume growth for customers and for MeridianLink as a whole.

我們今天第一季度的亮點展示了可配置性、交叉銷售勢頭以及通過 MeridianLink One 與數百個合作夥伴的聯繫如何能夠並將為客戶和整個 MeridianLink 帶來進一步的銷量增長。

Now turning to the adjusted EBITDA guide. On a non-GAAP basis, second quarter estimated adjusted EBITDA is expected to be between $27 million and $30 million, representing an adjusted EBITDA margin of approximately 37% at the midpoint. For the full year 2023, we are reiterating our adjusted EBITDA range of $109 million and $115 million, representing adjusted EBITDA margins of approximately 36% at the midpoint.

現在轉向調整後的 EBITDA 指南。根據非公認會計原則，第二季度調整後 EBITDA 預計將在 2700 萬美元至 3000 萬美元之間，調整後 EBITDA 利潤率中值約為 37%。對於 2023 年全年，我們重申調整後 EBITDA 範圍為 1.09 億美元和 1.15 億美元，調整後 EBITDA 利潤率中點約為 36%。

Our EBITDA guide reflects the continued operating discipline in areas that do not contribute meaningfully to growth acceleration. Our guide also anticipates an increase in legal costs associated with third-party litigation and we expect will be largely completed this year. We will be focused on managing our cost structure to make up for an estimated $1.5 million of expenses from the onetime costs incurred in the first quarter and the increase in legal costs anticipated in the year.

我們的 EBITDA 指南反映了在對增長加速沒有顯著貢獻的領域中的持續運營紀律。我們的指南還預計與第三方訴訟相關的法律成本將會增加，預計今年將基本完成。我們將專注於管理我們的成本結構，以彌補第一季度產生的一次性成本和今年預計增加的法律成本中估計 150 萬美元的費用。

Moving forward, we continue to align our forecasting and accounting as part of the broader maturation as a public company. As CFO, I'm dedicated to organizing our processes and cost structure to best position MeridianLink for its next phase of growth.

展望未來，我們將繼續調整我們的預測和會計，作為上市公司更廣泛成熟的一部分。作為首席財務官，我致力於組織我們的流程和成本結構，以便為 MeridianLink 下一階段的增長做好最佳定位。

I'd like to end by reiterating the company's track record of consistent profitability and growth. These are 2 proof points demonstrating the resilience of our business model and superior quality of our customer base. At the end of the day, customers, now more than ever, need an efficient digital solution that's designed to accelerate growth. We've been the leader in providing that solution for decades. We will continue to deliver and capitalize on that promise as the market embraces an accelerated digitalization.

最後，我想重申該公司持續盈利和增長的記錄。這兩個證據證明了我們業務模式的彈性和客戶群的卓越品質。歸根結底，客戶現在比以往任何時候都更需要旨在加速增長的高效數字解決方案。幾十年來，我們一直是提供該解決方案的領導者。隨著市場加速數字化，我們將繼續兌現並利用這一承諾。

With that, Nicolaas, Chris and I are happy to take any of your questions, and I'll turn it back over to the operator.

尼古拉斯、克里斯和我很樂意回答您的任何問題，我會將其轉回給接線員。

(Operator Instructions) Your first question comes from Bob Napoli with William Blair.

（操作員說明）您的第一個問題來自鮑勃·納波利和威廉·布萊爾。

Good results in a tough environment. I guess just given all the concerns about credit crunch and what we're seeing in the stock market with the regional banking market, why are you as confident as you are in the guidance for consumer lending? It seems like there is higher risk of a potential significant slowdown.

在艱苦的環境下取得了良好的成績。我想考慮到對信貸緊縮的所有擔憂以及我們在股票市場和區域銀行市場上看到的情況，您為什麼對消費貸款指導如此充滿信心？潛在經濟顯著放緩的風險似乎更高。

Bob, Sean. I think a couple of quick ones. One is this hasn't just popped up out of nowhere. There's been continued pressure, if you will, in the market for a couple of quarters now, if not longer. And so we're not doing anything out of the ordinary. We continue to see strong demand, strong volumes. Volumes have held up nicely. And so there really isn't -- even though the growth in the consumer has decelerated, it is still material, and I think it will continue throughout the year. So that's number one, is just, historically, we see no pattern of a slowdown outside of our guide.

鮑勃、肖恩.我想有幾個快速的。一是這並不是憑空出現的。如果你願意的話，市場上的壓力已經持續了幾個季度，甚至更長時間。所以我們沒有做任何不尋常的事情。我們繼續看到強勁的需求和強勁的銷量。成交量保持良好。所以確實沒有——儘管消費者的增長已經放緩，但它仍然很重要，而且我認為這種情況將持續一整年。所以這是第一，從歷史上看，我們在我們的指南之外沒有看到任何放緩的模式。

I think the other is just around what I said in my prepared remarks, which is just the quality of our customer base. I was up very early this morning and listening to hours and hours of credit, credit tightening and fiscal policy and what will the Fed do. We look at our customer base, and they are lending to very high-quality customers. And it's because of the mid-market. It's because of the credit union making up 2/3 of our depository base. There's multiple factors for it, but we lend -- our customers lend to a very high-quality base, and it shows up in our volumes. So where you have kind of the at-risk institutions are typically where you see high proportions of commercial or at-risk lending. And we just don't see that in our base. And so we have anticipated the deceleration, it's built into our guidance, but we're very confident in the top line as it stands today.

我認為另一個就是我在準備好的發言中所說的，就是我們客戶群的質量。今天早上我起得很早，聽了一個又一個的信貸、信貸緊縮和財政政策以及美聯儲將採取什麼行動。我們查看我們的客戶群，他們正在向非常高質量的客戶提供貸款。這是因為中端市場。這是因為信用合作社占我們存款基礎的 2/3。這有多種因素，但我們放貸——我們的客戶向非常高質量的基礎放貸，這體現在我們的數量上。因此，凡是存在風險的機構，通常都會出現高比例的商業或風險貸款。而我們在我們的基地卻看不到這一點。因此，我們預計會出現減速，這已納入我們的指導中，但我們對目前的營收非常有信心。

And then as a follow-up, the credit union portion of your business, 2/3, as you said, of the base, are you seeing differences out of credit union versus the regional banking market?

然後，作為後續行動，您業務的信用社部分，正如您所說，占基礎的 2/3，您是否看到信用社與區域銀行市場的差異？

No. If anything, just credit unions operate fundamentally different, right? They don't have customers. They have partners. They have members. So if anything, the balance sheet of a credit union, the liquidity of a credit union, is more stable. And so we don't -- I don't take any escalation calls from credit unions. As a matter of fact, I would say the volumes are not only steady, but we're looking at how do we obtain more, with Richard and the go-to-market team, how do we obtain more of that credit union population going forward.

不。如果說有什麼不同的話，那就是信用合作社的運作方式根本不同，對吧？他們沒有顧客。他們有合作夥伴。他們有成員。因此，如果有什麼不同的話，那就是信用社的資產負債表、信用社的流動性更加穩定。所以我們不會——我不會接到信用合作社的任何升級電話。事實上，我想說的是，數量不僅穩定，而且我們正在研究如何獲得更多，與理查德和進入市場團隊一起，我們如何獲得更多的信用合作社人口向前。

Your next question comes from Nik Cremo with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的 Nik Cremo。

Congrats on the strong results. And it's nice to hear that the sales cycle has not slowed down. First, can you provide an update on the trends that you saw in April from a lending volume perspective and how that's factored into the Q2 guide, at the midpoint of the guide? It looks flat quarter-over-quarter first, lending volume being up seasonally in Q2 normally. So is that just more conservatism? Or are you seeing lending volumes taper off a little bit in April?

祝賀取得的強勁成果。很高興聽到銷售週期沒有放緩。首先，您能否從貸款量的角度提供您在 4 月份看到的趨勢的最新情況，以及如何將其納入第二季度指南（在指南的中點）？首先看起來環比持平，第二季度貸款量通常會季節性增長。那麼這只是更加保守嗎？或者您是否發現四月份貸款量略有減少？

Nik, it's Sean. We don't use conservatism around here. We did see slight volume decreases in April, nothing to be concerned about, but I think it's just, what I talked about earlier, the natural deceleration of growth from 2022. I can speak to the specific lines of business inside of consumer, but in general, we saw growth across the board, a little bit less growth in nonsecured assets, a little bit more growth in personal loans, credit cards, et cetera. But nothing remarkable is what I would say. The numbers were strong in terms of volumes. The numbers were strong in terms of rate, which was why the beat.

尼克，我是肖恩。我們在這裡不使用保守主義。我們確實看到 4 月份銷量略有下降，沒什麼可擔心的，但我認為這只是我之前談到的，從 2022 年開始增長的自然減速。我可以談論消費者內部的具體業務領域，但在總體而言，我們看到了全面增長，無擔保資產的增長略有減少，個人貸款、信用卡等的增長略有增加。但我要說的並不是什麼值得注意的事情。就數量而言，數字很強勁。從比率來看，這些數字很強勁，這就是擊敗的原因。

And then for my follow-up, I was hoping just to get an update on the traction you guys are having with your MeridianLink business lending product that was launched last quarter.

然後，對於我的後續行動，我希望了解你們對上季度推出的 MeridianLink 商業貸款產品的吸引力的最新情況。

Great question. This is Chris. We remain on track with our integration thesis. Remember that this was an IP buy. So we successfully integrated that into the product over Q4 and Q1, and now we're selling it as part of the overall platform value proposition to our customers and having some great conversations in the market around that.

很好的問題。這是克里斯。我們仍然堅持我們的整合論點。請記住，這是一次知識產權購買。因此，我們在第四季度和第一季度成功地將其集成到產品中，現在我們將其作為整體平台價值主張的一部分出售給我們的客戶，並圍繞這一點在市場上進行了一些精彩的對話。

Next question comes from Koji Ikeda with Bank of America.

下一個問題來自美國銀行的 Koji Ikeda。

I wanted to ask you if we could dig in a little bit more on the cross-sell bookings. You mentioned in the prepared remarks, 60% increase in the cross-sell bookings. If you could maybe talk about what products or what is it about the platform or what is it about the end market that is driving the cross-sell booking strength. I guess it's easy to assume that it would have been a tough quarter to sell, cross-sell, but it sounds like it's going pretty good for you guys, so any sort of color there would be helpful.

我想問您我們是否可以在交叉銷售預訂方面進行更多研究。您在準備好的評論中提到，交叉銷售預訂量增加了 60%。您是否可以談談哪些產品或平台或終端市場推動了交叉銷售預訂的強勁。我想很容易認為這個季度的銷售和交叉銷售會很困難，但聽起來對你們來說非常好，所以任何顏色都會有幫助。

This is Chris. And this really ties back to the year-over-year sales and marketing investment that we've been making. We have made a concerted effort to expand our capability, both on a messaging and customer contact perspective, on increasing our penetration or base. Remember that our average customer has 4 to 5 of our 13 modules, so a lot of runway there. We recognized that last year.

這是克里斯。這確實與我們一直在進行的逐年銷售和營銷投資有關。我們做出了一致的努力，從消息傳遞和客戶聯繫的角度來擴展我們的能力，以提高我們的滲透率或基礎。請記住，我們的普通客戶擁有 13 個模塊中的 4 到 5 個，因此有很多跑道。我們去年就認識到了這一點。

And from an R&D perspective, to support that, what we've been focused on is where do each of these solutions add more value together than apart and then tying that directly to the market need. To be more specific on where we're seeing some of that impact is a lot of our institutions are looking to grow their deposits, which is something we've been very successful from an account opening perspective. And we as a group, we've really invested in the seamlessness of the integration between our marketing automation, account opening and then, ultimately, our consumer LOS. And we're seeing that resonate across our customer base, both from an ROI perspective as well as a selling motion perspective. So that's just one example, and that's central to our thesis from our platform selling motion.

從研發的角度來看，為了支持這一點，我們一直關注的是這些解決方案中的每一個在一起比單獨添加更多的價值，然後將其直接與市場需求聯繫起來。更具體地說，我們看到的一些影響是我們的許多機構都在尋求增加存款，從開戶的角度來看，這是我們非常成功的事情。作為一個團隊，我們確實投資於營銷自動化、開戶以及最終消費者服務水平之間的無縫集成。我們看到，無論是從投資回報率角度還是從銷售動向角度來看，這都在我們的客戶群中引起了共鳴。這只是一個例子，也是我們平台銷售動議論文的核心。

Yes. And Koji, this is Sean. I would say that I've said in past quarters, the kind of the first wave of our go-to-market motion will be focused on cross-sell just because the opportunities are there. And so 70% of our bookings this quarter were cross-sell intentionally. So it's almost a natural progression where we're going to see cross-sell as the beginning phases of our go to market and then new logo almost catching up in future quarters. But very successful, very pleased with the 70% cross-sell inside the quarter.

是的。 Koji，這是肖恩。我想說的是，我在過去幾個季度說過，我們的第一波上市行動將集中於交叉銷售，因為機會就在那裡。因此，本季度我們 70% 的預訂都是有意交叉銷售的。因此，這幾乎是一個自然的進展，我們將把交叉銷售視為我們進入市場的開始階段，然後新徽標幾乎會在未來幾個季度迎頭趕上。但非常成功，對本季度 70% 的交叉銷售感到非常滿意。

Got it. And Sean, maybe just a follow-up for you. You mentioned, I think, in the guidance, assume 25% of total revenue coming from the mortgage loan market, and it sounds like also the commentary for the full year. It feels like maybe -- and correct me if I'm wrong here, it sounds like the first quarter mortgage performance kind of down year-over-year is going to be the bottom from a seasonal basis and maybe mortgage loan market is turning to growth for the rest just kind of going forward. Is that the right way to think about kind of this mortgage loan segment?

知道了。肖恩，也許只是你的後續行動。我認為你提到，在指導意見中，假設總收入的25%來自抵押貸款市場，這聽起來也是對全年的評論。感覺也許——如果我錯了，請糾正我，聽起來第一季度抵押貸款表現同比下降將是季節性的底部，也許抵押貸款市場正在轉向其餘的增長只是向前推進。這是思考抵押貸款細分市場類型的正確方法嗎？

I think, in general, yes, we countercyclically bought OpenClose in Q4 for a good reason. We saw good results for mortgage lending, better results than anticipated. DVS, we talked about in our prepared remarks, we saw 28% down from a year-over-year perspective, but that is beating the market considerably, so DVS being down 28%. If you even exclude kind of the inorganic piece, OpenClose piece, we're still only down in the mortgage lending component 2% or roughly 2%. So we're beating the market.

我認為，總的來說，是的，我們在第四季度逆週期買入 OpenClose 是有充分理由的。我們看到抵押貸款的良好結果，比預期更好。 DVS，我們在準備好的發言中談到，從同比角度來看，我們看到下降了 28%，但這大大跑贏了市場，所以 DVS 下降了 28%。如果你甚至排除某種無機部分，OpenClose 部分，我們的抵押貸款部分仍然只下降了 2% 或大約 2%。所以我們正在擊敗市場。

I think 25% is consistent throughout the year in our forecast and did turn a little bit of a corner in Q1. We said this in our last quarterly call. For us, with our contract structure, with our minimums in place, we thought it was the trough, and we're hoping that, that was the case and that they're going to come out positive going forward.

我認為 25% 與我們的預測全年一致，並且在第一季度確實出現了一些轉變。我們在上一次季度電話會議中說過這一點。對於我們來說，根據我們的合同結構，我們的最低限度到位，我們認為這是低谷，我們希望情況確實如此，並且他們會在未來取得積極的進展。

Your next question comes from William McNamara with BTIG.

您的下一個問題來自 BTIG 的 William McNamara。

Just kind of wanted to know if there have been any major changes with the go-to-market strategy given the new leadership in sales and marketing.

只是想知道鑑於銷售和營銷方面的新領導層，進入市場策略是否有任何重大變化。

This is Chris. The strategy remains consistent over the last 3 quarters, what we've been messaging, how we bring a comprehensive platform for our customers to ultimately enable them to compete for consumers. So this team is being brought in to help us on that journey as we look to double the company again.

這是克里斯。該戰略在過去三個季度保持一致，我們一直在傳達什麼信息，我們如何為客戶提供一個全面的平台，最終使他們能夠爭奪消費者。因此，當我們希望將公司規模再次翻倍時，這個團隊就被引入來幫助我們完成這一旅程。

Your next question comes from Alex Sklar with Raymond James.

您的下一個問題來自 Alex Sklar 和 Raymond James。

This is Jessica Wang on for Alex. I just got one quick question. So with the completion of your cloud move, you freed up a lot of R&D resources. What are big areas you're looking to address now on a product road map? And how should we think about product velocity now that you're in the cloud?

這是亞歷克斯的傑西卡·王。我剛剛有一個簡單的問題。因此，隨著雲遷移的完成，您釋放了大量的研發資源。您現在希望在產品路線圖上解決哪些重要領域？既然您已經在雲中，我們應該如何考慮產品速度？

This is Chris. Very excited about our move to the cloud and we've discussed the host of benefits that come with that. Now that those resources are rolling off, we maintain our investment and extending our advantage in terms of enabling our customers to outcompete for consumers and thus outgrow their competitors in the market.

這是克里斯。我們對遷移到雲感到非常興奮，我們已經討論了隨之而來的許多好處。現在這些資源正在不斷減少，我們將繼續投資並擴大我們的優勢，使我們的客戶能夠在消費者競爭中勝出，從而在市場上超越他們的競爭對手。

And the way we're doing that is a few fold. One is enabling our customers to maximize their auto decisioning, so meaning consumers' expectations on how fast they can get a loan, expanding the number -- leveraging technology, including our own technology as well as marketplace, to expand the percentage of the population base that they can auto decision and decision profitably. And then the third and final one is ensuring that they have the best-in-class digital tools to make that successful. So we're going to accelerate down that path with those additional resources.

我們這樣做的方式是多方面的。一是讓我們的客戶能夠最大化他們的自動決策，這意味著消費者對獲得貸款的速度的期望，擴大數量——利用技術，包括我們自己的技術和市場，擴大人口基數的百分比他們可以自動決策並做出有利可圖的決策。第三個也是最後一個是確保他們擁有一流的數字工具來實現這一目標。因此，我們將利用這些額外資源加速這條道路。

Your next question comes from Andrew Schmidt with Citi.

您的下一個問題來自花旗銀行的安德魯·施密特。

I know there's been a few questions on just the assumptions regarding loan volume, so maybe you could put a finer point on that. If we did see a sharper contraction just in the overall credit environment, can you just kind of remind us what the sensitivity is, how to think about that and how the scenarios that you're kind of positioning for today? It sounds like it's more of a kind of a gradual decel as savings kind of get spent down. But just curious on that front, any comments there would be helpful.

我知道對於貸款量的假設存在一些問題，所以也許你可以對此提出更具體的觀點。如果我們確實看到整體信貸環境出現更嚴重的收縮，您能否提醒我們敏感性是什麼，如何考慮這一點以及您今天對哪種情況進行定位？聽起來這更像是一種逐漸減速，因為儲蓄會被花掉。但只是對這方面感到好奇，任何評論都會有幫助。

Andrew, this is Nicolaas, and thank you for joining and the question. I think what you need to take a look at is the MeridianLink and the history of the company, too. Over the last 2 decades, even in the Great Recession, the company's consumer lending business continued to grow at slower rates during the narrow window around the Great Recession, but the company still grew. And we've spent considerable time thinking through how to model this year and what the year looks like.

安德魯，我是尼古拉斯，感謝您的加入和提問。我認為您還需要了解 MeridianLink 和公司的歷史。在過去的20年裡，即使在大衰退期間，該公司的消費貸款業務在大衰退前後的狹窄窗口期間繼續以較慢的速度增長，但該公司仍然在增長。我們花了相當多的時間來思考如何為今年建模以及今年會是什麼樣子。

And if you can compare what we've looked at from prior years and kind of this year, I think the team did a remarkably good job at staying ahead of the curve and expectations. And maybe to some extent, we have the benefit of the past that we can grow from on history and trends. But what we put forward into our guide at the beginning of this year's fiscal cycle, we're not moving up from that because we've already accounted in our viewpoint some of the slowdown and headwinds. And we've operated in kind of a headwind constrained environment for the better part of 18 months or a little longer.

如果你可以比較我們前幾年和今年的情況，我認為團隊在保持領先地位和期望方面做得非常好。也許在某種程度上，我們受益於過去，我們可以從歷史和趨勢中成長。但我們在今年財政週期開始時在指南中提出的內容，我們並沒有因此而升級，因為我們已經在我們的觀點中考慮到了一些經濟放緩和不利因素。在 18 個月或更長時間的時間裡，我們一直在逆風受限的環境中運營。

Now a few interesting dynamics that's in play, and we've seen this in past times as well, where the consumer would be entering a buying cycle or kind of a lending cycle for, call it, an asset, a vehicle, with the hopes of acquiring a certain class of vehicle, think, let's say, call it, BMW. And unfortunately, in a tightening credit environment, the BMW doesn't get approved, and it moves to a different brand and a different lower-cost model. And you see kind of the same social security number showing up a little later somewhere else where a second application is done through our system and which, in that case, may get approved. And I would leave you with that thought. It's not a total negative for us if the consumer, who's on a cycle with a vehicle every 3, 4 or 5 years, needs to interact with the system and have multiple touch points due to failure of first approval.

現在有一些有趣的動態正在發揮作用，我們在過去也看到過這種情況，消費者將進入購買週期或某種借貸週期，稱之為資產、車輛，並希望購買某種類型的車輛時，可以將其稱為“寶馬”。不幸的是，在信貸緊縮的環境下，寶馬沒有獲得批准，它轉向了不同的品牌和不同的低成本車型。您會看到相同的社會安全號碼稍後出現在其他地方，通過我們的系統完成第二次申請，在這種情況下，可能會獲得批准。我會讓你留下這個想法。如果消費者每 3 年、4 年或 5 年騎一次車，由於首次批准失敗而需要與系統交互並擁有多個接觸點，這對我們來說並不是完全負面的。

And then what I will also add into the mix here, and Sean touched on it very well in his early commentary, in a question asked by somebody, but our customer base typically functions well in a certain demographic. And that's kind of a demographic of folks who rarely have a deposit account of over $250,000, folks who get their bi-monthly salary paid in and it goes to a mortgage, a couple of car payments, it goes to a personal loan and credit cards, and are very stable members of a created union or a retail bank or a bank with a retail focus. And what we've seen in the past is, yes, there have been contractions. They've been in a great recession. We've seen kind of the early stages of COVID and we've kind of looked at the trends in our business and, what we have done so far this year, in how we've looked at the business and the modeling.

然後我還要在這裡添加一些內容，肖恩在他早期的評論中，在某人提出的問題中很好地談到了這一點，但我們的客戶群通常在特定人群中運作良好。這類人的存款賬戶很少超過 25 萬美元，他們每兩個月領取工資，用於抵押貸款、幾筆汽車付款、個人貸款和信用卡，並且是創建的工會或零售銀行或以零售為重點的銀行的非常穩定的成員。我們過去看到的是，是的，出現了收縮。他們正處於嚴重的衰退之中。我們已經看到了新冠疫情的早期階段，我們也了解了我們業務的趨勢，以及我們今年迄今為止所做的事情，以及我們如何看待業務和建模。

And from my perspective, our business is in good shape. There's a ton of interest in the market for digitalization in our customer base. And our traditional customer base is trailing. They're not ahead of the curve right now. And their members and clients are demanding more touchless interactions, touchless lending interactions. And the need for MeridianLink's offering and solutions and platform is growing. It's not receding. And from a need in the market standpoint, I believe, if you look at a 10-year cycle, those who are investing today, and will do so in the near medium-term future, will be the ones best positioned to gain new clients, new members. They will be the ones who is most likely going to be the driving force and future consolidation, if they have the right technology, the right platform, the right ways to interact with clients. And those who are lacking investment, lacking integration, will ultimately be consumed in.

從我的角度來看，我們的業務狀況良好。我們的客戶群對數字化市場非常感興趣。而我們的傳統客戶群正在落後。他們現在還沒有走在時代的前面。他們的會員和客戶需要更多的非接觸式互動、非接觸式借貸互動。對 MeridianLink 的產品、解決方案和平台的需求正在不斷增長。它並沒有消退。從市場需求的角度來看，我相信，如果你看一個 10 年周期，那些今天進行投資並將在不久的中期內進行投資的人將是最有能力獲得新客戶的人， 新成員。如果他們擁有正確的技術、正確的平台以及與客戶互動的正確方式，他們將是最有可能成為推動力和未來整合的人。而那些缺乏投入、缺乏整合的，最終都會被消耗掉。

Now we've kind of debated a lot of this internally over the last few months. And the conclusion that we've reached is maybe out of the whole banking kind of merry-go-round and the swings and the go arounds here, you see regulation tightening, kind of lesser deposit-taking institutions. Our expectation is it's going to be more on the banking side than the credit union side. And maybe there's a smaller number of those, but the number of consumers that's interacting with the system is growing. It's not shrinking. The consumer drives the U.S. economy, and the consumer is also in play more and more where every meaningful interaction for an asset purchase has some form of loan application. And it becomes more and more digital. And there was a pretty decent jump in the cycle of COVID initially, and that momentum is continuing and accelerating.

在過去的幾個月裡，我們內部對此進行了很多辯論。我們得出的結論可能是從整個銀行業的旋轉木馬和波動中得出的，你會看到監管收緊，存款機構的數量減少。我們的預期是銀行方面將比信用合作社方面更多。也許數量較少，但與系統交互的消費者數量正在增加。它沒有萎縮。消費者推動著美國經濟，消費者也越來越多地發揮作用，資產購買的每一次有意義的互動都涉及某種形式的貸款申請。它變得越來越數字化。新冠疫情週期最初出現了相當不錯的跳躍，而且這種勢頭正在持續並加速。

So my take is maybe if you think of it in a quarter or 2, there may be a little bit more headwinds. But overall, on this whole cycle and if you look at the MeridianLink business over 2 decades, I don't see this business going through a significant change in business model or anything because we have natural tailwinds that tends to be stronger in better times and the headwinds we've accounted for in the times we're in right now. So I'm pretty confident. I'm with Sean in how we view the business for 2023 here and our guidance. Sean alluded to April volumes here. We kind of see strengthen and, in some areas, a little weakness, but there's nothing to call out that is out of the ordinary for us based on the April volumes that will lead us to have a different view on Q2 or the year-to-date from the view that we started the year with.

所以我的看法是，如果你在一兩個季度內想到這一點，可能會遇到更多的阻力。但總的來說，在整個週期中，如果你看看過去 20 年的 MeridianLink 業務，我不認為該業務會經歷商業模式或任何方面的重大變化，因為我們有自然的順風，在更好的時期往往會更強，並且我們目前所處的時代所面臨的不利因素。所以我還是蠻有信心的。我同意 Sean 的觀點，我們如何看待 2023 年的業務以及我們的指導。肖恩在這裡提到了四月份的銷量。我們看到了某種程度的增強，並且在某些領域出現了一點疲軟，但根據 4 月份的銷量，沒有什麼可以指出的，這對我們來說是不尋常的，這將導致我們對第二季度或去年同期有不同的看法-從我們年初的觀點來看的日期。

So I've said a lot. Sean, I don't know if you want to add anything to what I've said.

所以我說了很多。肖恩，我不知道你是否想對我所說的內容進行補充。

I think to say anything would be would be idiotic. That was a perfect answer.

我認為說什麼都是愚蠢的。這是一個完美的答案。

Agree, very comprehensive. I agree, some of those nuances do need to be better understood in terms of the segments of the end market. On the cross-sell, obviously, there was a very positive momentum there. And clearly, that's been a focus from a go-to-market perspective. But it seems to me that MeridianLink One may also be helping as well. Just having things on a single platform may sort of incentivize more cross-sell. So to what extent is MeridianLink One a contributor as well as the kind of improved go-to-market. Obviously, it's not one thing but just curious specifically on the MeridianLink One component.

同意，很全面。我同意，其中一些細微差別確實需要在終端市場細分方面得到更好的理解。顯然，交叉銷售存在非常積極的勢頭。顯然，從進入市場的角度來看，這是一個重點。但在我看來，MeridianLink One 也可能有所幫助。僅將產品放在單一平台上可能會刺激更多的交叉銷售。那麼，MeridianLink One 在多大程度上是貢獻者以及改進的上市方式。顯然，這不是一回事，只是對 MeridianLink One 組件感到好奇。

Yes. This is Chris, and I very much view the R&D through sales and marketing alignment is central to the success. So being a little bit more specific is it really comes down to extending our value prop to the customers to encourage them to buy more than one solution from us, right? So as we look to extend the platform through a build, buy partner approach, everything we add has to add more value together than apart. So one item I discussed a little bit last when I was asked about what we would do with the cloud migration resources, it's really looking at that interconnected tissue and how do we extend that capability. So the MeridianLink One is the center and that associated value prop is the center of our cross-sell strategy. And the rest of the organization supports that.

是的。我是克里斯，我非常認為通過銷售和營銷協調進行研發是成功的關鍵。因此，更具體一點，這真的可以歸結為將我們的價值支柱擴展到客戶，以鼓勵他們從我們這裡購買多個解決方案，對吧？因此，當我們希望通過構建、購買合作夥伴的方式擴展平台時，我們添加的所有內容都必須比單獨添加更多的價值。因此，當我被問及我們將如何使用雲遷移資源時，我最後討論了一個項目，它實際上是在關注互連的組織以及我們如何擴展該功能。因此，MeridianLink One 是中心，而相關的價值支柱是我們交叉銷售策略的中心。組織的其他成員也支持這一點。

Got it. And then just one more quick one if I could sneak in. I know implementation efficiency and reducing time to revenue has been a focus. Maybe you could talk a little bit about that in terms of how that's trending and how we should expect that to progress over the coming quarters and years.

知道了。如果我能潛入的話，那麼就再快一點。我知道實施效率和縮短創收時間一直是重點。也許你可以談談它的趨勢如何，以及我們應該如何期望它在未來幾個季度和幾年內取得進展。

And I apologize, but the audio in mine was a little shaky on this last question. Was the question about backlog being...

我很抱歉，但我的音頻在最後一個問題上有點不穩定。關於積壓的問題是...

I can repeat that.

我可以重複一遍。

That would be great. Thank you.

那太好了。謝謝。

Yes. Sorry about that. It was about implementation efficiency and backlog absorption. I know that's been a focus. So just curious how that's trending and how should we expect that to evolve over the coming quarters and years. Hopefully, that came through clearly.

是的。對於那個很抱歉。這是關於實施效率和積壓的吸收。我知道這是一個焦點。所以只是好奇它的趨勢如何，以及我們應該期望它在未來幾個季度和幾年內如何發展。希望這一點能夠清楚地實現。

It came through clearly. Thank you, and I appreciate you repeating that. It's trending well. We continue to work the backlog down and release ACV in the business. I think, overall, if you look at our results, that's part of the story. We're also very excited to have had Dean Germeyer join us as our Chief Customer Officer. And Dean brings a ton of experience in the scaling of services, services enablement, kind of building a very repeatable, scalable, predictable services organization. And where we're at, I think we've done remarkably well in how we've accelerated the business over the last 3 years or so from where we were to where we're at.

事情已經很清楚了。謝謝您，我很感謝您重複這一點。趨勢很好。我們繼續處理積壓訂單並在業務中釋放 ACV。我認為，總的來說，如果你看看我們的結果，那就是故事的一部分。我們也非常高興 Dean Germeyer 加入我們擔任我們的首席客戶官。 Dean 在服務擴展、服務支持以及構建可重複、可擴展、可預測的服務組織方面擁有豐富的經驗。我認為，在過去三年左右的時間裡，我們在加速業務發展方面做得非常好。

But I really think that the focus and ideas and playbook that Dean -- is going to help us and his leadership team to move things to the next level. So I'm pretty excited as we go into '23, and we'll be doing planning for '24, how the business will continue to scale and expand. But having Dean join the team and driving a new focus on that organization, I think it's going to even pick up more pace than what we've seen through today.

但我真的認為迪恩的重點、想法和劇本將幫助我們和他的領導團隊將事情推向新的水平。因此，當我們進入 23 年時，我感到非常興奮，我們將為 24 年做規劃，即業務將如何繼續擴大規模和擴展。但是，隨著迪恩加入團隊並推動該組織的新重點，我認為它甚至會比我們今天看到的更快。

And Andrew, I think we've talked about this before, but just one more point on that. I agree wholeheartedly with Nicolaas. I'd like to see us -- I think even working the backlog as a phrase, we're kind of turning the corner internally to be more around ACV release, right? And so it means the same thing but has a little bit different connotation. I think there's an equilibrium that has to be struck between bookings, services velocity and that ACV release over time. And I have full intention on reporting that in due time. But right now, I would say I agree with Nicolaas. It's more manageable than it has been. We have line of sight to the backlog that we do have, and we have a good, improved cycle time around the services implementation, specific to -- and that will provide us the ACV release that's in our guidance.

安德魯，我想我們之前已經討論過這個問題，但再提一點。我完全同意尼古拉斯的觀點。我希望看到我們——我認為即使將積壓工作作為一個短語，我們也在內部扭轉局面，更多地圍繞 ACV 發布，對吧？因此，它的意思是相同的，但內涵略有不同。我認為隨著時間的推移，預訂、服務速度和 ACV 發布之間必須達到平衡。我完全有意在適當的時候報告這一點。但現在，我想說我同意尼古拉斯的觀點。它比以前更容易管理。我們已經看到了我們確實有的積壓工作，並且我們在服務實施方面有一個良好的、改進的周期時間，具體到——這將為我們提供指導中的 ACV 版本。

Your next question comes from Scott Wurtzel with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Scott Wurtzel。

Just one from me. Going back to sort of the topic on cross-selling. I was just wondering if there was any noticeable shift in demand from your existing customers as a result of the banking turmoil that we saw in March. Maybe if we sort of bifurcate January, February versus March and April, is there any noticeable shift in demand byproducts from your customers?

只有我的一份。回到交叉銷售的話題。我只是想知道由於三月份的銀行業動盪，您現有客戶的需求是否發生了明顯的變化。也許如果我們將一月、二月與三月和四月分開，您的客戶的需求副產品是否有任何明顯的變化？

What we did see, and it was in line our overall go-to-market motion, was an increase in interest in our account opening solution tied to our marketing automation solution which we had recently enhanced the integration of, specifically around account opening. So one thing that's great about the overall, really like one value proposition. is depending on the different economic cycles, we can leverage points of our platform together to help them accomplish their outcome. So in this case, they want to grow deposits, they can leverage a combination of our solutions to extend that capability.

我們確實看到的是，人們對與我們的營銷自動化解決方案相關的開戶解決方案的興趣有所增加，這與我們的整體上市行動一致，我們最近增強了該解決方案的集成，特別是在開戶方面。因此，總體而言，有一點很棒，那就是一個價值主張。根據不同的經濟周期，我們可以共同利用我們平台的點來幫助他們實現他們的成果。因此，在這種情況下，他們想要增加存款，他們可以利用我們的解決方案組合來擴展這種能力。

Your next question from Saket Kalia with Barclays.

巴克萊銀行 Saket Kalia 提出的下一個問題。

Okay. Sean maybe to start with you, and apologies I joined late, so apologies if this was asked, but great to see the improving net retention in the lending solutions business. By the way, I appreciate the disclosure. I wonder if you could just talk about sort of what products you feel like are having the most success in driving up that NRR or if that's more of sort of a volume-driven expansion? Any color on sort of what's driving that improvement in net retention one level deeper would be helpful.

好的。肖恩也許會從你開始，抱歉我加入得太晚了，所以如果有人問這個問題，我很抱歉，但很高興看到貸款解決方案業務的淨保留率不斷提高。順便說一句，我很欣賞這一披露。我想知道您是否可以談談您認為哪些產品在提高 NRR 方面最成功，或者這是否更像是一種銷量驅動的擴張？任何推動淨留存率進一步提高的因素的顏色都會有所幫助。

In the disclosure supplement, I think it calls out clearly lending software versus data verification, right? So clearly, a very big difference between 111% NRR on our lending software versus DVS at 83.7%. The DVS component, we've continued to see a mortgage drag for a long period of time. The balance of DVS is flat year-on-year. So I don't expect a huge improvement in that line. But really, it's inside of lending that we really see the benefit from an NRR perspective. 111% in total, the numbers are skewed towards consumer even at a higher rate. But mortgage is even above 100% at this point. So I think this is -- I don't know if you had a chance to review supplement, but that provides, I think, the added color that you're looking for.

在披露補充中，我認為它明確指出了借貸軟件與數據驗證，對嗎？很明顯，我們的貸款軟件的 NRR 為 111%，而 DVS 的 NRR 為 83.7%，差異很大。 DVS 部分，我們在很長一段時間內繼續看到抵押貸款的拖累。 DVS餘額同比持平。所以我不期望這條線有巨大的改進。但實際上，從 NRR 的角度來看，我們真正看到了貸款的好處。總計 111%，即使比例更高，這些數字也向消費者傾斜。但此時抵押貸款甚至超過100%。所以我認為這是——我不知道你是否有機會閱讀補充材料，但我認為這提供了你正在尋找的附加色彩。

Yes. So very helpful, and I saw the difference between those 2. I was kind of more wondering what's sort of driving that improvement. So the 111% in lending, I mean if we look at this back a year ago, it was about 101%. So clearly, just a lot of success in either volume or kind of new products. That's really the crux of the question. Is it sort of coming from one or the other? And kind of what's -- if it's from new products, which of those products are the ones that are driving it? Does it make sense?

是的。非常有幫助，我看到了這兩者之間的區別。我更想知道是什麼推動了這種改進。因此，111% 的貸款比例，我的意思是，如果我們回顧一年前，大約是 101%。很明顯，無論是在數量上還是在新產品種類上都取得了很大的成功。這確實是問題的關鍵。它是來自其中一方還是另一方？如果它來自新產品，那麼哪些產品是推動它的？是否有意義？

Yes. I mean it's a combination of things. I do want to make sure that we take note that the cross-sell was a big component of that, and that is now being included in the number, in the overall NRR percent calculation where it wasn't before. That's a correction and is now part of the footnote. But inside of the cross-sell motion, I think you're kind of seeing the opposite of what you saw last year, right, which was mortgage was driving a larger percent and consumer at a slower pace. We have the opposite now inside of consumer. Like I said, with volumes, you're kind of seeing it across the board with consumer. I don't think it's one product or another. I can't point to auto. I can't point to personal loans. I can't point to credit cards. It's kind of a stabilization and a sell-through of the entire consumer product.

是的。我的意思是這是多種因素的結合。我確實想確保我們注意到交叉銷售是其中的一個重要組成部分，並且現在已包含在總體 NRR 百分比計算的數字中，而以前是沒有的。這是一個更正，現在是腳註的一部分。但在交叉銷售運動中，我認為你會看到與去年相反的情況，對吧，抵押貸款推動了更大的百分比，而消費者的步伐則放緩了。我們現在在消費者內部有相反的情況。就像我說的，通過數量，你可以看到消費者的全面情況。我不認為這是一種產品或另一種產品。我無法指向自動。我不能指出個人貸款。我無法指出信用卡。這是整個消費品的穩定和銷售。

Got it. Got it. That's helpful. Nicolaas, maybe for the follow-up for you. I think it was in another question, you alluded to share gains a little bit. I was wondering where you feel like you're taking -- and Chris, feel free to chime in on this as well. Where do you feel like you're taking share more, right? Is it from the core providers? Is it from other software providers? Is it from in-house solutions? A little bit more color, qualitatively of course, where do you feel like you're getting some of those share gains?

知道了。知道了。這很有幫助。尼古拉斯，也許是為了你的後續行動。我認為這是在另一個問題中，你提到分享一點收益。我想知道你覺得自己要去哪裡——克里斯，也請隨意插話。你覺得你在哪些方面分享得更多，對吧？是來自核心提供商嗎？是來自其他軟件提供商嗎？是來自內部解決方案嗎？當然，從質量上講，你覺得你從哪裡獲得了一些份額收益？

I think I'll go with option D, Saket, and say all of the above, because there's not one area where we're executing in a way where we stand out. I would tell you, small or mid-market deposit-taking institutions, at least my perspective, have underinvested on a percentage basis over the last decade against larger peers who invested more in digital readiness, who invested more in order decisioning. And my sense right now is that it's pretty much a first for a solution that isn't a kind of single point offering, that is a broad platform offering.

我想我會選擇 D 選項，Saket，並說出以上所有內容，因為我們在執行方面沒有一個領域能夠脫穎而出。我想告訴你，至少在我看來，過去十年中小型或中型市場的存款機構在百分比基礎上投資不足，而大型同行則在數字準備方面投入更多，在訂單決策方面投入更多。我現在的感覺是，這幾乎是第一個解決方案，它不是一種單點產品，而是一個廣泛的平台產品。

And it's not that we compete with -- what I would rather say is our conversations with customers today is about the differences, what we have on offer. You have access to your information across our platform. You have the ability to do analytics across our platform. You have the ability to do enhanced marketing automation and other automations across our platform. And it's less about, at that point, competing with a single vendor. It's more about where we choose to compete, and we choose not to be at the high end of the market. We are pretty focused on where we are and where we win at a higher percentage than average. And we are replacing legacy solutions, single point solutions, kind of more workflow-driven solutions. And that cuts across, more of my definition, legacy offerings who is not as enabled as we are, who doesn't offer the integrations into a partner marketplace with APIs, with everything else.

這並不是說我們在競爭——我更願意說的是，我們今天與客戶的對話是關於差異、我們所提供的產品。您可以通過我們的平台訪問您的信息。您可以在我們的平台上進行分析。您能夠在我們的平台上增強營銷自動化和其他自動化。到那時，它不再是與單一供應商競爭。更多的是我們選擇在哪裡競爭，我們選擇不處於市場的高端。我們非常關注我們所處的位置以及我們以高於平均水平的百分比獲勝的地方。我們正在取代傳統解決方案、單點解決方案以及更多工作流程驅動的解決方案。從我的定義來看，這與傳統產品不一樣，這些產品不像我們那麼強大，不提供與 API 和其他一切的合作夥伴市場的集成。

So I think we have moved the needle over the last 3, 4 years with R&D and innovation that it's not -- we compare us against a single offering, and we win more there or more over here. It's either you buy MeridianLink's platform with all the integrations and the ability to do everything so well across the platform, from account opening to all the loan types, to analytics, to automation, to auto decisioning, to the integrations into the partner marketplace enablement and collections, if there's a workout room where somebody needs to go into. And you can't really put your finger on a single competitor out there who MeridianLink goes and competes with the same thing. And that's why I would pick option D and say all of the above, because we locally see it coming from all of the above sources and then some.

所以我認為我們在過去的三、四年里通過研發和創新取得了進展，但事實並非如此——我們將我們與單一產品進行比較，我們在那裡贏得了更多，或者在這裡贏得了更多。您要么購買 MeridianLink 的平台，該平台具有所有集成功能，並且能夠在整個平台上出色地完成所有工作，從開戶到所有貸款類型、分析、自動化、自動決策、集成到合作夥伴市場支持中，以及收藏品，如果有人需要去健身房的話。而且您無法真正確定 MeridianLink 與同一產品進行競爭的任何競爭對手。這就是為什麼我會選擇選項 D 並說出以上所有內容，因為我們在本地看到它來自上述所有來源，然後是一些來源。

(Operator Instructions) Your next question comes from Bob Napoli with William Blair.

（操作員說明）您的下一個問題來自鮑勃·納波利（Bob Napoli）和威廉·布萊爾（William Blair）。

You touched on it in the last answer, but MeridianLink Insight, the data analytics platform, any update on that or demand for that product, outlook for that product?

您在上一個答案中談到了這一點，但是 MeridianLink Insight（數據分析平台）是否有任何更新或對該產品的需求、該產品的前景？

This is Chris. So the MeridianLink Insight and the associated report cards we can provide our clients is central to our business review process going forward. So specifically what it enables is for our customers to see how they're benchmarked against key performance factors across the origination cycle. So they can get data from us that they can't get anywhere else due to our scale, and we leverage that as a cornerstone as we work with them to plan their 3- to 5-year technology road map, and that the Insights product is a way for them to drill deeper on that data on a day-to-day basis and how, through that change, we've seen an uptake in demand.

這是克里斯。因此，我們可以為客戶提供的 MeridianLink Insight 和相關報告卡是我們未來業務審查流程的核心。因此，它具體使我們的客戶能夠了解他們如何在整個發起週期中針對關鍵績效因素進行基準測試。因此，他們可以從我們這裡獲得由於我們的規模而無法在其他任何地方獲得的數據，我們利用這些數據作為與他們合作規劃他們 3 到 5 年技術路線圖的基石，並且 Insights 產品是他們每天更深入地研究這些數據的一種方式，以及通過這種變化，我們如何看到需求的增長。

Great. And then you did repurchase 3 million shares in the quarter, I think I read. Was that planned? Or was that opportunistic? And from a capital perspective, do you have more capital return planned?

偉大的。然後你確實在本季度回購了 300 萬股股票，我想我讀到了。那是計劃好的嗎？或者這是機會主義的？從資本角度來看，你們有更多的資本回報計劃嗎？

That's $3 million, not shares. But just to quickly touch on it, that is part of our structured repurchase plan. That's tiered based on price. Where we see value in the market, we're a participant on repurchase. And where stocks have just in general been, we've been a buyer.

那是 300 萬美元，不是股票。但簡單來說，這是我們結構化回購計劃的一部分。這是根據價格分級的。當我們看到市場價值時，我們就會參與回購。在股票總體走勢的情況下，我們一直是買家。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

Thank you, operator. And as we close today's earnings call, I'd like to welcome our new customers and partners to the MeridianLink family. And our dedicated team strives to create the best experiences for everyone who works with us. As we grow, we maintain our customer-centric approach, and I'm grateful to the hundreds of employees whose commitment inspires me on a daily basis.

謝謝你，接線員。在我們結束今天的財報電話會議之際，我謹歡迎我們的新客戶和合作夥伴加入 MeridianLink 大家庭。我們的敬業團隊致力於為與我們合作的每個人創造最佳體驗。隨著我們的成長，我們保持以客戶為中心的方針，我感謝數百名員工的承諾每天激勵著我。

Our partners and customers benefit from the expertise. And speaking of customers, I look forward to sharing the insights we will gather from our 2023 User Forum when we speak again. This event wouldn't happen without our staff and support of partners. Last year's User Forum was a resounding success and provided incredibly valuable moments of engagement and feedback that enriched our strategy and relationships. It played a key role in where we are today, and I look forward to another successful event.

我們的合作夥伴和客戶受益於我們的專業知識。說到客戶，我期待在我們再次發言時分享我們將從 2023 年用戶論壇中收集到的見解。此次活動的成功舉辦，離不開我們的員工和合作夥伴的支持。去年的用戶論壇取得了巨大成功，提供了極其寶貴的參與和反饋時刻，豐富了我們的戰略和關係。它對我們今天的成績發揮了關鍵作用，我期待著另一場成功的活動。

Again, thank you for joining, and have a great afternoon, evening. Back to you, operator.

再次感謝您的加入，祝您度過一個愉快的下午和晚上。回到你身邊，操作員。

Thank you, ladies and gentlemen. This concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

謝謝你們，女士們、先生們。今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。