MeridianLink Inc (MLNK) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to MeridianLink's Second Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 MeridianLink 的 2023 年第二季度財報電話會議。 （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, Gianna Rotellini. Gianna, please go ahead.

現在我想將會議交給今天的第一位發言人吉安娜·羅特里尼 (Gianna Rotellini)。吉安娜，請繼續。

Good afternoon, and welcome to MeridianLink's Second 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 today 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 財年第二季度收益電話會議。我們將討論今天收市後發布的新聞稿中宣布的結果。今天與我在一起的有 MeridianLink 首席執行官 Nicolaas Vlok；首席財務官肖恩·布里喬克；以及市場推廣總裁 Chris Maloof。

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. The forward-looking statements are subject to a number of significant risks and uncertainties and 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 filed from time to them 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。前瞻性陳述面臨許多重大風險和不確定性，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 today, 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.

在今天的電話會議中，我們還將提及 GAAP 和非 GAAP 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, Gianna. Good afternoon, everyone. Thank you all for joining us for our second quarter 2023 earnings call. I want to thank the entire MeridianLink team for delivering another solid quarter in the midst of the current macroeconomic backdrop. We continue to see healthy demand for the MeridianLink One platform, demonstrated by the business highlights in the quarter. There are a few key areas that led to our results.

謝謝你，吉安娜。大家下午好。感謝大家參加我們的 2023 年第二季度財報電話會議。我要感謝整個 MeridianLink 團隊在當前宏觀經濟背景下又交付了一個穩定的季度業績。我們繼續看到對 MeridianLink One 平台的健康需求，本季度的業務亮點就證明了這一點。有幾個關鍵領域促成了我們的成果。

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 continued to drive new logo and cross-sell momentum. Our GAAP revenue grew 3% year-over-year to $75.4 million and an adjusted EBITDA margin of 36%, which is below the second quarter guidance range on revenue and at the bottom end of the range on EBITDA. This was due to a $2.3 million reduction in revenue related to a commercial dispute of a contract acquired through a past acquisition. Sean will provide more details on this shortly.

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。在另一個季度，MeridianLink One 平台的強大功能繼續推動新徽標和交叉銷售勢頭。我們的 GAAP 收入同比增長 3%，達到 7540 萬美元，調整後 EBITDA 利潤率為 36%，低於第二季度收入指導範圍，也處於 EBITDA 範圍的底部。這是由於過去收購所獲得的合同的商業糾紛導致收入減少了 230 萬美元。肖恩將很快提供有關此事的更多詳細信息。

Adjusted for this reduction, MeridianLink performed in line with our guidance at $77.7 million and grew 6% year-over-year and an adjusted EBITDA margin of 38%. This demonstrates another quarter of consistent growth and solid operating performance, which is a great achievement in the face of the current environment. On that note, I'd like to take a moment to touch on the macro trends that are impacting our business. We continue to be in times of change and are witnessing the economy trying to find a more natural state. Consumer spending has remained reasonably healthy, However, we continue to see pressure on lending volumes as anticipated. While we have seen positive signals and economic trends recently, interest rate levels are ultimately what drives our transaction-based business model.

根據這一減少進行調整後，MeridianLink 的業績符合我們的指引，為 7,770 萬美元，同比增長 6%，調整後 EBITDA 利潤率為 38%。這表明又一個季度的持續增長和穩健的經營業績，在當前環境下這是一項巨大的成就。就此而言，我想花點時間談談影響我們業務的宏觀趨勢。我們繼續處於變革時代，並目睹經濟試圖尋找更自然的狀態。消費者支出仍然相當健康，但是，我們仍然看到貸款量如預期面臨壓力。雖然我們最近看到了積極的信號和經濟趨勢，但利率水平最終是推動我們基於交易的業務模式的因素。

While there is economic uncertainty, we are continuing to focus on what we can control, executing well on our scaling initiatives and selling through the headwinds. On a positive note, we continue to experience strong demand for our software solutions, finishing another quarter with solid bookings momentum and successful services delivery, both in line with our strategic investments in our go-to-market engine and services capabilities. It is the credit unions and community banks that we have seen remained resilient because of the innovative mindset and use of technology to quickly adapt to the evolving consumer lending needs that exist today. As the leading provider of a modern digital lending platform, we see customers continuing to choose MeridianLink One to best position their business to do exactly that, one.

儘管存在經濟不確定性，但我們將繼續專注於我們可以控制的事情，良好地執行我們的擴展計劃並克服逆風進行銷售。從積極的方面來看，我們繼續感受到對軟件解決方案的強勁需求，以強勁的預訂勢頭和成功的服務交付結束了另一個季度，這都符合我們對市場引擎和服務能力的戰略投資。我們看到信用合作社和社區銀行仍然保持著彈性，因為它們具有創新思維並利用技術來快速適應當今不斷變化的消費者貸款需求。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 來最好地定位他們的業務，以實現這一目標。

The health of our pipeline reinforces this view. Irrespective of the economic cycle, the market is undergoing increased digitalization, and we believe MeridianLink is at its forefront. Whether it's more competition, consolidation or regulation, we expect that 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 and the fact that we serve the mid-market.

我們管道的健康狀況強化了這一觀點。無論經濟周期如何，市場都在經曆日益數字化的過程，我們相信 MeridianLink 處於最前沿。無論是更多的競爭、整合還是監管，我們預計金融機構都會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以及我們服務於中端市場的事實，搜索和數字交易都將為我們帶來好處。

As we wait for markets to normalize, we remain laser-focused on MeridianLink being the most trusted financial services technology platform, engaging with our customers to best position their businesses for resilient growth. Whether that be through a one-stop shop for their lending needs or premier customer service, our goal is to optimize the success of our customers. We continue to realize our growth through their success.

在等待市場正常化的過程中，我們仍然專注於 MeridianLink 作為最值得信賴的金融服務技術平台，與我們的客戶合作，為他們的業務提供最佳定位，實現彈性增長。無論是通過一站式服務滿足他們的貸款需求還是優質的客戶服務，我們的目標都是優化客戶的成功。我們繼續通過他們的成功實現我們的成長。

In a few minutes, Sean will speak about our Q2 financial performance and provide 2023 third quarter and full year guidance. Before that, I would like to give several updates on our 3 areas of growth acceleration that fueled our performance. First, engaging more deeply with customers; second, expanding the capabilities of the platform; and third, empowering customers to grow more quickly and better serve their communities.

幾分鐘後，Sean 將談論我們第二季度的財務業績，並提供 2023 年第三季度和全年指導。在此之前，我想介紹一下推動我們業績增長的 3 個加速增長領域的最新情況。首先，更深入地與客戶接觸；第二，拓展平台的能力；第三，幫助客戶更快地成長並更好地服務於他們的社區。

Let's start with a few highlights that demonstrate the success we have had engaging with our customers across the organization. As I touched on briefly, bookings momentum was resilient in the second quarter where the majority driven by cross-sell and upsell. This is a great proof point of how we have deepened our engagement with customers. Our teams are focused on working with them to optimize their use of MeridianLink One by increasing their module penetration. Let's look at a couple of cross-sell wins in the quarter that demonstrate our success.

讓我們從一些亮點開始，這些亮點展示了我們與整個組織的客戶互動所取得的成功。正如我簡要提到的，第二季度的預訂勢頭強勁，其中大部分是由交叉銷售和追加銷售推動的。這是我們如何加深與客戶互動的一個很好的證明。我們的團隊致力於與他們合作，通過提高模塊滲透率來優化他們對 MeridianLink One 的使用。讓我們看一下本季度的幾項交叉銷售勝利，這些勝利證明了我們的成功。

We signed 14 consumer lending customers onto our mortgage lending solution in the first half of the year. This is the perfect cross-sell use case of MeridianLink One as different buyers within the same organization, come together and make a strategic decision to provide better digital lending capabilities on a singular platform to their clients. We see this as a fantastic signal that our platform strategy is working. Our sales and services teams partnered together to cross-sell the capabilities of the MeridianLink One platform to an existing indirect lending customer. While the initial engagement was focused on direct auto lending, the customer also selected home equity lending and Insight, our business intelligence tool to gain visibility across the platform, improve workflow efficiencies and scale their lending solution.

今年上半年，我們與 14 家消費貸款客戶簽約使用我們的抵押貸款解決方案。這是 MeridianLink One 的完美交叉銷售用例，因為同一組織內的不同買家聚集在一起並做出戰略決策，在單一平台上向其客戶提供更好的數字借貸功能。我們認為這是一個極好的信號，表明我們的平台戰略正在發揮作用。我們的銷售和服務團隊通力合作，向現有間接貸款客戶交叉銷售 MeridianLink One 平台的功能。雖然最初的參與重點是直接汽車貸款，但客戶還選擇了房屋淨值貸款和我們的商業智能工具 Insight，以獲取整個平台的可見性、提高工作流程效率並擴展其貸款解決方案。

As is often the case, when the customer engaged with MeridianLink One module, they quickly saw the value and adopted multiple modules to help accelerate growth. We also deepened our partnership with an existing MeridianLink One customer who turned to our team to deploy a more automated collections module. By improving workflow efficiencies, the customer spends less time recovering late payments and more time maintaining positive client relationships. This points to our platforms focus on helping customers navigate the financial journey on their clients by providing an end-to-end digital solution.

通常情況下，當客戶使用 MeridianLink One 模塊時，他們很快就看到了價值並採用了多個模塊來幫助加速增長。我們還加深了與現有 MeridianLink One 客戶的合作關係，該客戶向我們的團隊部署了更加自動化的收款模塊。通過提高工作流程效率，客戶可以花費更少的時間來追回逾期付款，並花更多的時間來維持積極的客戶關係。這表明我們的平台專注於通過提供端到端數字解決方案來幫助客戶駕馭客戶的財務旅程。

In Q2, we also engaged with over 1,100 customers and partners for 3 days at our in-person user forum, breaking last year's record of attendance. The event led directly to significant pipeline creation for new logo, cross-sell and partner integrations. It also provided an opportunity to recognize 10 valued customers for their strategic thinking, innovation and effective use of the MeridianLink One platform with the first ever ARC Awards.

第二季度，我們還在現場用戶論壇上與 1,100 多名客戶和合作夥伴進行了為期 3 天的交流，打破了去年的出席記錄。該活動直接導致了新標識、交叉銷售和合作夥伴集成的重要渠道創建。它還提供了一個機會，表彰 10 名尊貴客戶的戰略思維、創新和對 MeridianLink One 平台的有效利用，並頒發首屆 ARC 獎。

As the last point on our engagement efforts in the quarter, we made great progress in our services delivery capabilities. Since Q1, our year-over-year services revenue growth has doubled, demonstrating the success of the structural changes we have made in increased productivity, a strong services quarter sets us up well for future growth. Our customers remain the focal point of everything we do and our ongoing engagement across the customer-centric areas of the organization reflect this commitment as we serve more customers with greater efficiency, we accelerate growth for the business.

作為本季度參與工作的最後一點，我們在服務交付能力方面取得了巨大進步。自第一季度以來，我們的服務收入同比增長了一倍，這表明我們在提高生產力方面所做的結構性變革取得了成功，強勁的服務季度為我們未來的增長奠定了良好的基礎。我們的客戶仍然是我們所做的一切的焦點，我們在以客戶為中心的組織領域的持續參與反映了這一承諾，因為我們以更高的效率服務更多的客戶，我們加速業務增長。

Turning to our second area of growth acceleration, expanding the capabilities of the platform through product innovation and our partner network. Critical to our sales motion, we are focused on creating value through the connective capabilities of MeridianLink One. First, we enhance our platform's advanced decisioning capabilities to use a wider variety of customizable attributes in the loan decisioning process. With this automated logic, our customers price loans more effectively, increasing borrower satisfaction. Customers can now move beyond traditional scoring methodologies and expand their reach to more creditworthy consumers faster while driving profitability.

轉向我們加速增長的第二個領域，通過產品創新和我們的合作夥伴網絡擴展平台的功能。對於我們的銷售活動至關重要，我們專注於通過 MeridianLink One 的連接功能創造價值。首先，我們增強了平台的高級決策能力，以便在貸款決策過程中使用更廣泛的可定制屬性。通過這種自動化邏輯，我們的客戶可以更有效地對貸款進行定價，從而提高借款人的滿意度。客戶現在可以超越傳統的評分方法，更快地將其覆蓋範圍擴大到更多信譽良好的消費者，同時提高盈利能力。

In addition, we automated the loan and account cross-selling workflows on the MeridianLink One platform, removing the need for the loan officer to intervene manually. It's now effortless for our customers to increase cross-sell volumes as they deepen their visibility of demand with the use of the platform. We released a digital banking API for MeridianLink Engage, our marketing automation solution that enables customers to present personalized offers through online and mobile platforms. This expands the customers' ability to reach target consumers through their preferred digital channel, ultimately increasing conversion rates.

此外，我們在 MeridianLink One 平台上實現了貸款和賬戶交叉銷售工作流程的自動化，無需信貸員手動干預。現在，我們的客戶可以輕鬆增加交叉銷售量，因為他們通過使用該平台加深了對需求的了解。我們為 MeridianLink Engage 發布了數字銀行 API，這是我們的營銷自動化解決方案，使客戶能夠通過在線和移動平台提供個性化優惠。這擴大了客戶通過他們喜歡的數字渠道接觸目標消費者的能力，最終提高轉化率。

Ending on partner marketplace wins, we had a very successful quarter, enabling partners, and we want to highlight one. In the quarter, we added an integration with PortX, a financial infrastructure and integration technology company. By combining the MeridianLink One platform with PortX's integration capabilities, we can rapidly integrate with other core providers. This accelerates our customers' end-to-end lending process, driving automation for the lender and faster decisioning for the consumer. By expanding the platform's capabilities to create a seamless and personalized borrower experience, customers can now capture and retain more demand for their lending solutions, in turn, increasing revenues for MeridianLink.

以合作夥伴市場的勝利作為結束，我們度過了一個非常成功的季度，為合作夥伴提供支持，我們想強調其中一個。本季度，我們增加了與金融基礎設施和集成技術公司 PortX 的集成。通過將 MeridianLink One 平台與 PortX 的集成能力相結合，我們可以快速與其他核心提供商集成。這加快了客戶的端到端貸款流程，推動貸款人的自動化，並加快消費者的決策速度。通過擴展該平台的功能來創建無縫和個性化的借款人體驗，客戶現在可以捕獲並保留對其貸款解決方案的更多需求，從而增加 MeridianLink 的收入。

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. Let's review a few go-to-market highlights in the quarter, where the customer chose MeridianLink to empower their growth journey. For one, we were excited to announce the go-live of Space Coast Credit Union, the third largest credit union in Florida, on MeridianLink Insight, our business intelligence tool. As a result, instant approvals increased by over 25%, and approximately 95% of all loan applications are now processed and decided within 1 day. Space Coast growth and improved member experience is a testament to their expanded use of the MeridianLink One platform.

轉向我們的第三個重點領域，MeridianLink 使客戶能夠在他們參與的市場中競爭、發展並取得成功。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。讓我們回顧一下本季度的一些上市亮點，客戶選擇 MeridianLink 來增強他們的增長之旅。首先，我們很高興地宣布佛羅里達州第三大信用社 Space Coast Credit Union 在我們的商業智能工具 MeridianLink Insight 上上線。結果，即時審批量增加了 25% 以上，所有貸款申請中約 95% 現在在 1 天內得到處理和決定。 Space Coast 的發展和會員體驗的改善證明了他們對 MeridianLink One 平台的廣泛使用。

In addition, we achieved numerous high-value platform sale wins this quarter. As we evolve our go-to-market motion to sell MeridianLink One, customers are increasingly seeing the benefits of signing up with a trusted partner that enables them to offer multiple differentiated lending capabilities. For example, we won our largest new logo deal in the last year with a customer looking to transform their infrastructure into a growth driver. As part of the sales process, our consulting team engaged with the customer to accelerate growth across their portfolio of MeridianLink consumer, opening, auto, HELOC and business modules.

此外，本季度我們還取得了眾多高價值的平台銷售勝利。隨著我們推出銷售 MeridianLink One 的上市計劃，客戶越來越多地看到與值得信賴的合作夥伴簽約的好處，這使他們能夠提供多種差異化的貸款功能。例如，我們去年贏得了最大的新徽標交易，客戶希望將其基礎設施轉變為增長動力。作為銷售流程的一部分，我們的諮詢團隊與客戶合作，加速其 MeridianLink 消費者、開放、汽車、HELOC 和業務模塊組合的增長。

Another customer chose the MeridianLink One platform for its consumer, home equity and business lending capabilities. We won the deal based on our ability to automate the decisioning process and improve operational efficiencies across the lending workflow. These improvements streamline the client experience from application to funding, sharpening the competitive edge our customers need in the market.

另一位客戶選擇 MeridianLink One 平台是因為其消費者、房屋淨值和商業貸款功能。我們之所以贏得這筆交易，是因為我們能夠實現決策流程自動化並提高整個貸款工作流程的運營效率。這些改進簡化了從申請到融資的客戶體驗，增強了客戶在市場上所需的競爭優勢。

I want to close where I began and thank the team. Their focus on customer success is a driving reason that MeridianLink continues to deliver consistent growth and healthy profitability levels. We benefit from having a high-quality, resilient customer base dedicated to contributing greater value to their clients through a connected and integrated borrower experience. At MeridianLink, providing a seamless, innovative digital lending platform that enables our customers to deliver on their promise, is center of the everything we do.

我想結束我的開始並感謝團隊。他們對客戶成功的關注是 MeridianLink 持續實現持續增長和健康盈利水平的驅動因素。我們受益於擁有高質量、有彈性的客戶群，致力於通過互聯和集成的借款人體驗為客戶貢獻更大的價值。在 MeridianLink，我們所做的一切的核心是提供一個無縫、創新的數字借貸平台，使我們的客戶能夠兌現他們的承諾。

Facing the continued uncertainty through the remainder of the year, we are staying highly focused on executing our strategic initiatives. We will continue engaging with customers to meet and exceed the digital lending needs, in part by providing excellent customer support and innovating to expand our platform capabilities. Our flywheel starts with empowering our customers to grow as they automate the lending process and deepened visibility of demand with their use of MeridianLink One. We strive to be the most trusted financial services technology platform that positions our customers to succeed.

面對今年剩餘時間內持續的不確定性，我們將高度專注於執行我們的戰略舉措。我們將繼續與客戶合作，以​​滿足並超越數字借貸需求，部分方式是提供出色的客戶支持和創新以擴展我們的平台功能。我們的飛輪首先是幫助我們的客戶實現增長，因為他們通過使用 MeridianLink One 實現貸款流程自動化並加深了需求可見性。我們努力成為最值得信賴的金融服務技術平台，幫助我們的客戶取得成功。

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

現在，我將把電話轉給肖恩，討論我們的財務業績和指導。

Thank you, Nicolaas. Before diving in, I'd like to take a moment to echo my appreciation for the team's accomplishments this quarter. Our business highlights demonstrate great progress against our objectives across the organization. We're operating in a period of transformation for the business. And in the midst of that, we continue to execute well and empower our customers' success. Nicolaas spoke about our achievements in the quarter and set the stage on the macro front. I will further review how those trends have been impacting the business.

謝謝你，尼古拉斯。在深入討論之前，我想花點時間表達我對團隊本季度取得的成就的讚賞。我們的業務亮點表明整個組織在實現我們的目標方面取得了巨大進展。我們正處於業務轉型時期。在此期間，我們繼續出色執行並幫助客戶取得成功。尼古拉斯談到了我們在本季度取得的成就，並在宏觀方面奠定了基礎。我將進一步回顧這些趨勢如何影響業務。

We have a business model that continues to perform through macroeconomic headwinds. We are insulated by our contracted minimums, and the majority of our non-mortgage lending customers continue to see volume growth above their commitments. As anticipated, we continue to see a deceleration in that growth driven by the inverted yield curve and liquidity headwinds. Despite the unprecedented macroeconomic dynamics at play, there are a number of factors that give me great confidence in the business going forward.

我們的商業模式能夠在宏觀經濟逆風中繼續發揮作用。我們受到合同最低限額的保護，我們的大多數非抵押貸款客戶的數量增長繼續高於其承諾。正如預期的那樣，由於收益率曲線倒掛和流動性逆風，我們繼續看到增長放緩。儘管宏觀經濟形勢前所未有，但仍有許多因素讓我對業務的未來充滿信心。

First, we have an industry-leading solution that enables customers to perform through the economic cycle. Second quarter after quarter, we captured strong demand for the MeridianLink One platform, which will be a tailwind for the business. And third, we're seeing early indications of the anticipated normalization of the economy. With that, we expect that there will be an upside to our total growth as lending volumes recover across the platform.

首先，我們擁有行業領先的解決方案，使客戶能夠在整個經濟周期中表現出色。第二個季度又一個季度，我們捕捉到了對 MeridianLink One 平台的強勁需求，這將成為業務的推動力。第三，我們看到了經濟預期正常化的早期跡象。因此，我們預計，隨著整個平台貸款量的恢復，我們的總體增長將會出現上升趨勢。

While this recovery is happening, we continue to countercyclically and strategically invest to build the foundation for MeridianLink's next phase of growth.

在這種複蘇發生的同時，我們繼續進行反週期和戰略性投資，為 MeridianLink 下一階段的增長奠定基礎。

Now let's review our second quarter financial performance We generated total revenue of $75.4 million, up 3% year-over-year, which was below our second quarter guidance range of 4% to 8% year-over-year growth. As Nicholas mentioned, this was due to a $2.3 million reduction in revenue related to a commercial dispute for the reseller that we acquired from our acquisition of StreetShares. After further negotiations over the past quarter, we believe we have made the right business call to account for this accordingly, despite having satisfied our contractual obligation. While immaterial in size, I want to provide transparency around the onetime nature of the impact as it is not indicative of the true revenue or operating performance of the business.

現在讓我們回顧一下我們第二季度的財務業績。我們的總收入為 7540 萬美元，同比增長 3%，低於我們第二季度同比增長 4% 至 8% 的指導範圍。正如 Nicholas 提到的，這是由於我們收購 StreetShares 時收購的經銷商發生商業糾紛，導致收入減少 230 萬美元。經過上個季度的進一步談判，我們相信，儘管我們已經履行了合同義務，但我們已經做出了正確的業務決定，以相應地解決這一問題。雖然規模並不重要，但我希望提供關於影響的一次性性質的透明度，因為它並不代表企業的真實收入或運營績效。

Adjusted for this reduction MeridianLink performed in line with our revenue guidance at $77.7 million, growing 6% year-over-year, and our adjusted EBITDA margin was 38%, in line with the top end of our guidance range. As CFO, I am dedicated to improving our accounting and M&A processes. We accounted for this dispute in full in the quarter and have made great progress reshaping our company's financial processes and systems to support the business. We do not anticipate any further onetime M&A-related items from our past acquisitions. Despite the revenue reduction, we completed our escrow obligation for the StreetShares transaction, which resulted in the release and receipt of the $30 million escrow back to the company. This will fuel our strategic allocation of capital, adding value to customers at the right price.

根據這一減少進行調整後，MeridianLink 的業績符合我們的收入指引，為 7770 萬美元，同比增長 6%，調整後的 EBITDA 利潤率為 38%，符合我們指引範圍的上限。作為首席財務官，我致力於改進我們的會計和併購流程。我們在本季度全面解決了這一糾紛，並在重塑公司財務流程和系統以支持業務方面取得了巨大進展。我們預計我們過去的收購中不會再出現任何一次性併購相關的項目。儘管收入減少，我們還是完成了 StreetShares 交易的託管義務，這導致公司釋放並收到了 3000 萬美元的託管資金。這將推動我們的資本戰略配置，以合適的價格為客戶增加價值。

We will continue to scale organically and inorganically as we believe that MeridianLink can become a $1 billion-plus business and we strive to be the go-to partner for digitalization for all financial institutions in our market.

我們將繼續有機和無機擴展，因為我們相信 MeridianLink 可以成為價值超過 10 億美元的業務，並且我們努力成為市場上所有金融機構數字化的首選合作夥伴。

Now let's look at our Software Solutions revenue breakdown. As the primary driver of our lending software solutions, nonmortgage lending revenue contributed 87% and grew 1% year-over-year. Adjusted for the $2.3 million in revenue reduction, non-mortgage lending revenue grew at 5% year-over-year. Mortgage-related revenue within lending software solutions, inclusive of OpenClose accounted for the remaining 13% of the total.

現在讓我們看看我們的軟件解決方案收入細分。作為我們貸款軟件解決方案的主要驅動力，非抵押貸款收入貢獻了 87%，同比增長 1%。經收入減少 230 萬美元調整後，非抵押貸款收入同比增長 5%。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 13%。

Combining both mortgage and nonmortgage, total lending software revenue accounted for nearly 74% of total revenue and grew at 8% year-over-year. Adjusted for the $2.3 million in revenue reduction, total lending software revenue grew at 12% year-over-year.

結合抵押貸款和非抵押貸款，貸款軟件總收入佔總收入的近 74%，同比增長 8%。扣除 230 萬美元的收入減少後，貸款軟件總收入同比增長 12%。

Turning to data verification software solutions, revenue accounted for nearly 26% of total revenue and declined 8% year-over-year. This was driven by a 12% 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26%，同比下降8%。這是由於抵押貸款相關收入下降了 12%，佔數據驗證軟件解決方案總額的 61%。

Staying on the topic of mortgage, I'd like to take a minute and acknowledge that the decline in our mortgage volumes appears to have hit a trough in Q1. This quarter, total mortgage-related revenue was up 13% from last year and generated 26% of overall MeridianLink revenue, which is a continuation of the sequential improvement we have witnessed this year. As the mortgage market begins to recover, we are staying focused on our platform strategy of cross-selling mortgage lending to our consumer lending depository customers. We believe we continue to outperform the market because we've scaled our solutions to be on the offensive, taking more share, increasing use of MeridianLink One and providing the fit-for-purpose capabilities that enable customers to win.

繼續討論抵押貸款這個話題，我想花一點時間承認我們抵押貸款數量的下降似乎已在第一季度觸底。本季度，抵押貸款相關總收入比去年增長 13%，佔 MeridianLink 整體收入的 26%，這是我們今年看到的連續改善的延續。隨著抵押貸款市場開始復蘇，我們將繼續專注於向消費貸款存款客戶交叉銷售抵押貸款的平台戰略。我們相信，我們的表現將繼續跑贏市場，因為我們已經擴展了我們的解決方案，使其更具進攻性，佔據了更多份額，增加了MeridianLink One 的使用，並提供了適合客戶需求的功能，使客戶能夠獲勝。

The other 74% of our business continues to grow, which is primarily led by the demand from existing depository customers for end-to-end consumer lending capabilities. This brings me right back to our value proposition, MeridianLink One enables customers to provide a frictionless lending process, improving the consumers' experience. As the customers sign on more modules, they gain the ability to cross-sell different loans to the consumer. By turning to their trusted credit union or bank using MeridianLink One, consumers can fully optimize their debt wallet, a top-of-mind priority, especially in a high interest rate environment.

我們另外 74% 的業務持續增長，這主要是由現有存款客戶對端到端消費貸款能力的需求帶動的。這讓我回到了我們的價值主張，MeridianLink One 使客戶能夠提供無摩擦的貸款流程，從而改善消費者的體驗。隨著客戶簽署更多模塊，他們就能夠向消費者交叉銷售不同的貸款。通過使用 MeridianLink One 向值得信賴的信用合作社或銀行求助，消費者可以充分優化其債務錢包，這是首要任務，尤其是在高利率環境下。

Moving to profitability. Accounting for stock-based compensation, GAAP gross margin was 62%. Adjusted gross margin in Q2 was 70%. Before turning to operating performance in the quarter, I'd like to break down the year-over-year increase in our operating expenses. Compared to the second quarter of last year, G&A increased 17% on a GAAP basis and 4% on a non-GAAP basis. R&D increased 12% on a GAAP basis and 6% on a non-GAAP basis compared to the second quarter of last year. On a GAAP basis, sales and marketing increased 57%, while on a non-GAAP basis, sales and marketing increased 50% compared to the second quarter of last year. The growth across our non-GAAP operating expenses was primarily driven by additional headcount and increased compensation costs. We continue to selectively invest in talent that supports our customer-centric areas of the business that accelerate growth.

轉向盈利。考慮到股票薪酬，GAAP 毛利率為 62%。第二季度調整後毛利率為70%。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。與去年第二季度相比，按 GAAP 計算的 G&A 增長了 17%，按非 GAAP 計算的 G&A 增長了 4%。與去年第二季度相比，研發費用按 GAAP 計算增長 12%，按非 GAAP 計算增長 6%。與去年第二季度相比，按 GAAP 計算，銷售和營銷增長了 57%；按非 GAAP 計算，銷售和營銷增長了 50%。我們的非公認會計準則運營支出的增長主要是由於員工人數增加和薪酬成本增加所致。我們繼續有選擇地投資於人才，以支持我們以客戶為中心的業務領域，從而加速增長。

Now turning to our overall operating performance. GAAP operating income was $1.5 million, and non-GAAP operating income was $11.9 million. On a GAAP basis, our net loss was negative $5.2 million or a negative 7% margin. And adjusted EBITDA was $27.1 million, representing an adjusted EBITDA margin of 36%. Highlighting the true operating performance of the business, adding back the $2.3 million of onetime revenue reduction, adjusted EBITDA was $29.4 million and an adjusted EBITDA margin of 38%, in line with the top end of our guide.

現在轉向我們的整體經營業績。 GAAP 營業收入為 150 萬美元，非 GAAP 營業收入為 1190 萬美元。按照 GAAP 計算，我們的淨虧損為負 520 萬美元，即負利潤率 7%。調整後 EBITDA 為 2710 萬美元，調整後 EBITDA 利潤率為 36%。突出業務的真實經營業績，加上一次性收入減少的 230 萬美元，調整後 EBITDA 為 2940 萬美元，調整後 EBITDA 利潤率為 38%，與我們指南的上限一致。

Now turning to the balance sheet and cash flow statement. We ended the second quarter with $108.9 million in unrestricted cash and cash equivalents an increase of $31.1 million from the end of the first quarter, driven by the StreetShares escrow release. In the last 12-month period ending in the second quarter, operating cash flow was $61.1 million or a 21% cash flow margin, and free cash flow was $51.4 million or 17% free cash flow margin. 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 our shareholders.

現在轉向資產負債表和現金流量表。在 StreetShares 託管發布的推動下，我們第二季度末的非限制現金和現金等價物為 1.089 億美元，比第一季度末增加了 3110 萬美元。在截至第二季度的最後 12 個月期間，運營現金流為 6110 萬美元，現金流量利潤率為 21%，自由現金流為 5140 萬美元，自由現金流利潤率為 17%。 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 Q3 and update guidance for the full year of 2023. We've been guiding to a second half recovery in mortgage-related revenue. We are beginning to see a rebound in our volumes and through industry sources such as the Mortgage Bankers Association. However, this recovery is happening at a delayed pace if we compare current forecast to beginning of the year forecast. While we have been adding new customers, increasing cross-sell and accelerating ACV release, the onetime reduction in StreetShares revenue and this delayed recovery in mortgage volumes is substantial enough for us to lower our guidance range.

我現在將轉向第三季度的指導，並更新 2023 年全年的指導。我們一直在指導抵押貸款相關收入下半年復蘇。我們開始看到我們的交易量出現反彈，並通過抵押貸款銀行家協會等行業來源實現反彈。然而，如果我們將當前的預測與年初的預測進行比較，這種複甦的速度將會延遲。雖然我們一直在增加新客戶、增加交叉銷售並加速 ACV 發行，但 StreetShares 收入的一次性減少和抵押貸款數量的延遲恢復足以​​讓我們降低指導範圍。

For the third quarter, estimated total revenue is expected to be between $76 million and $78 million compared to $71.8 million for the same period in 2022. This represents an estimated year-over-year change of 6% to 9%. For the full year 2023, we expect total revenue to be between $302 million and $306 million compared to $288 million for the same period in 2022. This represents an estimated increase of 5% to 6% year-over-year. For the mortgage-related revenue, we expect the mortgage market to contribute approximately 23% of revenue for the third quarter of 2023 compared to 21% for the third quarter of 2022. As a result of the delay in the recovery of the mortgage market, we expect this level to continue through the year.

第三季度的總收入預計為 7600 萬美元至 7800 萬美元，而 2022 年同期為 7180 萬美元。這意味著預計同比變化為 6% 至 9%。對於 2023 年全年，我們預計總收入將在 3.02 億至 3.06 億美元之間，而 2022 年同期為 2.88 億美元。預計同比增長 5% 至 6%。對於抵押貸款相關收入，我們預計抵押貸款市場將貢獻 2023 年第三季度收入的約 23%，而 2022 年第三季度為 21%。由於抵押貸款市場復甦的延遲，我們預計這一水平將持續到今年。

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 tough comparables in 2022. With the inclusion of OpenClose, we expect our lending revenue will more than offset the data verification drag in 2023, ending the year with mid-single-digit growth in total mortgage-related revenue.

圍繞我們總收入的增長動力提供更多色彩。考慮到2022 年嚴峻的可比數據的影響，抵押貸款相關收入指南意味著數據驗證收入將持續下降。隨著OpenClose 的納入，我們預計我們的貸款收入將在2023 年抵消數據驗證的拖累，到年底結束時將達到年中-抵押貸款相關總收入實現個位數增長。

On the non-mortgage side, we continue to 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. Understanding these dynamics, we expect consumer lending will continue momentum in 2023, just at a slower pace compared to last year. As used car prices appear to be softening according to industry sources and our customers are weighted towards used auto lending, we expect an uplift in volumes in the back half of the year.

在非抵押貸款方面，由於大流行後招聘帶來的就業篩選市場的阻力，我們仍然預計數據驗證收入將同比持平。了解這些動態後，我們預計 2023 年消費貸款將繼續保持增長勢頭，只是增速較去年有所放緩。根據行業消息來源，由於二手車價格似乎正在走軟，而且我們的客戶更傾向於二手車貸款，我們預計今年下半年的交易量將有所增加。

Now turning to the adjusted EBITDA guide. On a non-GAAP basis, third quarter estimated adjusted EBITDA is expected to be between $27 million and $29 million, representing adjusted EBITDA margins of approximately 36% at the midpoint. For the full year 2023, we expect our adjusted EBITDA range to be between $104 million and $108 million, representing adjusted EBITDA margins of approximately 35% at the midpoint.

現在轉向調整後的 EBITDA 指南。根據非公認會計原則，第三季度調整後 EBITDA 預計將在 2700 萬美元至 2900 萬美元之間，調整後 EBITDA 利潤率中值約為 36%。對於 2023 年全年，我們預計調整後 EBITDA 範圍在 1.04 億美元至 1.08 億美元之間，調整後 EBITDA 利潤率中值約為 35%。

Our adjusted EBITDA guide reflects the continued operating discipline in areas that do not contribute meaningfully to growth acceleration. Over the last year, we've made strategic investments to build the foundation for MeridianLink's next phase of growth. These investments have fueled our go-to-market engine, improved our platform capabilities and enabled services delivery. We're seeing great progress in each of these areas and expect that momentum to accelerate next year.

我們調整後的 EBITDA 指南反映了在對增長加速沒有顯著貢獻的領域中持續的運營紀律。去年，我們進行了戰略投資，為 MeridianLink 下一階段的增長奠定了基礎。這些投資推動了我們的上市引擎，提高了我們的平台能力並實現了服務交付。我們看到這些領域都取得了巨大進展，並預計明年這一勢頭將加速。

I'd like to end on what we believe has consistently proven out quarter after quarter. MeridianLink has a team that can execute well through market volatility. We also have a resilient customer base who is focused on investing in the lending capabilities needed to best serve their clients. Our values of improving the borrower experience and being a trusted partner align with our customers. Those shared values underpin their success as well as ours. We will continue delivering on our mission to be the most trusted financial services technology platform as the market embraces accelerated digitalization and eventual normalization.

我想以我們認為已被逐季證明的觀點作為結束語。 MeridianLink 擁有一支能夠在市場波動中保持良好執行力的團隊。我們還擁有富有彈性的客戶群，他們專注於投資最佳服務客戶所需的貸款能力。我們改善借款人體驗並成為值得信賴的合作夥伴的價值觀與我們的客戶一致。這些共同的價值觀支撐著他們和我們的成功。隨著市場加速數字化和最終正常化，我們將繼續履行成為最值得信賴的金融服務技術平台的使命。

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

尼古拉斯、克里斯和我很樂意回答您的所有問題，我會將其轉交給接線員。

(Operator Instructions) And your first question comes from the line of Koji Ikeda from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的池田浩司。

A couple from me. So the first one, just really thinking about the growth algorithm over the medium term, a meaningful piece of that formula is net new customers. And I know you guys talked about 14 new customers in the prepared remarks. But when we look at the kind of the metrics here in the financial supplement, it does show that lending software solutions customers declined here for the second straight quarter down to 1,593 customers. So just can you help us -- can you walk through that a little bit and help us understand the dynamics there? And how we should be thinking about net new organic customer growth over the medium term?

我的一對。因此，第一個，只是真正考慮中期的增長算法，該公式的一個有意義的部分是淨新客戶。我知道你們在準備好的發言中談到了 14 位新客戶。但當我們查看財務補充中的此類指標時，確實表明貸款軟件解決方案客戶數量連續第二個季度下降，降至 1,593 名。那麼你能幫助我們嗎——你能稍微介紹一下並幫助我們了解那裡的動態嗎？我們應該如何考慮中期內新的有機客戶淨增長？

Yes. Koji, it's Sean. Thank you for the question. I think, there's a couple of things interesting about the customer count. And it's -- the algorithm, I wouldn't say it necessarily has changed, but the dynamic has changed. So for example, we have seen more consumer-only customers go into consumer and mortgage. So their cross -- the cross-sell motion is what we've been focused on a lot in the last couple of quarters, and we're seeing success in that. So that's important. We are seeing new customer growth across all of our business, but we are also seeing that offset by primarily mortgage. So if you think about mortgage, flash back a year ago, 18 months ago, we were heavily weighted towards IMBs in this space, call it, 70% to a 30% depository, and that has completely shifted. So we're shifting to a 70-30 model the other way. There are customers who are in financial distress, bankruptcy. There are -- as you know very well, there's a lot of consolidation in the market in that space. And so we're seeing a lot of offset in our total customer count.

是的。浩二，我是肖恩。感謝你的提問。我認為，關於客戶數量有一些有趣的事情。我不會說算法一定已經改變，但動態已經改變了。例如，我們看到更多的純消費者客戶進入消費和抵押貸款領域。因此，他們的交叉——交叉銷售運動是我們在過去幾個季度中一直關注的重點，並且我們在這方面看到了成功。所以這很重要。我們在所有業務中都看到了新客戶的增長，但我們也看到這種增長主要被抵押貸款所抵消。因此，如果你考慮抵押貸款，回顧一年前，即 18 個月前，我們在這個領域嚴重偏向 IMB，稱之為 70% 到 30% 的存款機構，而這種情況已經完全轉變了。因此，我們正在以另一種方式轉向 70-30 型號。有些客戶陷入財務困境、破產。正如您所知，該領域的市場存在大量整合。因此，我們發現我們的客戶總數出現了很大的偏差。

So I think the overall growth algorithm that we speak of is still -- it still holds true. But right now, I think the cross-sell component is taking up more space than the new logo, and we're okay with that, we're okay with that, given the overall market dynamics.

所以我認為我們所說的整體增長算法仍然是正確的。但現在，我認為交叉銷售組件比新徽標佔用了更多的空間，考慮到整體市場動態，我們對此表示同意。

Got it. No, that's super helpful. And just a follow-up here. Sean, in your prepared remarks, you mentioned you're seeing a delayed recovery. But when we look at the forecast here for the mortgage side, the revisions haven't pretty bullish upward from what we've seen. So why are you seeing the delayed recovery? Or maybe the better question is, what is it about the end market that is causing that delay? How long have you seen that delay play out? And then are you also seeing a delay on the consumer side and I guess, specifically with the consumer auto loan data that we've seen?

知道了。不，這非常有幫助。這裡只是後續行動。肖恩，在您準備好的發言中，您提到您的恢復速度有所延遲。但當我們查看抵押貸款方面的預測時，我們發現修正後的數據並沒有比我們所看到的樂觀。那麼，為什麼您會看到恢復延遲呢？或者也許更好的問題是，到底終端市場的什麼原因導致了這種延遲？您看到這種延遲發生了多久？然後你是否也看到了消費者方面的延遲，我猜，特別是我們看到的消費者汽車貸款數據？

So to answer the last question first. So no, consumer, we see the same growth that we saw when we initially guided the year. I think mortgage, if you look at the MBA forecast primarily as well as other data sources, but they have continually rolled forward with the recovery. And so there's been -- and when we initially guided the year, there's been an 8% decline in that recovery in the combined Q3 and Q4. And we had predicted the decline largely for Q1 and Q2. We had anticipated a faster recovery starting in Q2 and going into Q3 and Q4, and that's just really, really slow.

所以先回答最後一個問題。所以，不，消費者，我們看到的增長與我們最初指導今年時看到的增長相同。我認為抵押貸款，如果你主要看看 MBA 的預測以及其他數據源，但它們隨著復甦而不斷向前推進。當我們最初指導今年時，第三季度和第四季度的複蘇下降了 8%。我們預計第一季度和第二季度的下降幅度很大。我們預計從第二季度開始到第三季度和第四季度會出現更快的複蘇，但這真的非常非常慢。

So now the -- if I remember correctly, it's negative 3% for Q3 and around 30% in Q4 growth from the MBA, that's not the numbers that we had initially modeled. So while we do see recovery in Q2, and we will continue to see recovery, it's just not at the pace that we feel we can keep up with in the second half.

所以現在——如果我沒記錯的話，MBA 的第三季度增長為負 3%，第四季度增長約為 30%，這不是我們最初建模的數字。因此，雖然我們確實看到第二季度的複蘇，而且我們將繼續看到復蘇，但我們認為下半年的複蘇速度還達不到我們認為可以跟上的速度。

And your next question comes from the line of Bob Napoli from William Blair.

你的下一個問題來自威廉·布萊爾的鮑勃·納波利。

I'm just a little confused by the guidance with the deceleration in the non-mortgage. It looks like (inaudible) line. I'm not sure what his here, but the non-mortgage growth rate decelerated significantly this quarter. I think that's building your guidance. Is that not right? Or what am I missing?

我只是對非抵押貸款減速的指導感到有點困惑。它看起來像（聽不清）線。我不確定他在這裡是什麼，但本季度非抵押貸款增長率顯著放緩。我認為這正在建立你的指導。這是不對的嗎？或者我錯過了什麼？

Non-mortgage, grew, yes, grew 5% in Q2. Non-mortgage for -- as a total in the second half will grow high single digits. And so I'm not sure -- we'd have to get into the -- what specifically is confusing, Bob?

非抵押貸款增長了，是的，第二季度增長了 5%。下半年的非抵押貸款總額將出現高個位數增長。所以我不確定——我們必須討論——具體是什麼令人困惑，鮑勃？

Okay. I guess how do you go from the 5% to high single digits?

好的。我猜你是如何從 5% 上升到高個位數的？

Just -- I mean what we're modeling is a continued acceleration in auto. We're seeing account opening strengths. Credit cards is kind of moderate growth, low single digits, and personal loans has been very healthy as well. So Q2 has been, again, consumer in total is in Q2 was a good -- a positive story for us. We expect more of the same in Q3 and Q4. Certainly not what we saw in FY '22 in terms of the growth rates, but we anticipated that. We have not come off of our guide for consumer since the beginning of the year.

只是——我的意思是我們正在建模的是汽車行業的持續加速。我們看到了開戶的優勢。信用卡增長緩慢，個位數較低，個人貸款也非常健康。因此，第二季度的消費者總數是一個好的——對我們來說是一個積極的故事。我們預計第三季度和第四季度會出現更多相同情況。當然，這不是我們在 22 財年看到的增長率，但我們預計到了這一點。自今年年初以來，我們一直沒有放棄對消費者的指導。

Okay. And I know the backlog, can you give some color on the backlog? I know a big initiative was to accelerate onboarding of backlog. But how has the backlog overall trended? And how have you progressed on accelerating -- your efforts on accelerate onboarding?

好的。我知道積壓的情況，你能給積壓的情況一些說明嗎？我知道一項重大舉措是加速積壓訂單的處理。但積壓的總體趨勢如何？你們在加速入職方面的進展如何？

Bob, this is Nicolaas. It's been going really well. If you look at our services results for the quarter, growth of 28% is clearly showing progress made by Dean and the delivery team. It's one of our stronger quarters that we've had over the last few quarters. We are seeing good progress made, and we've seen accelerated ACV release Q2 over Q1, which means we're impacting the backlog. So pretty pleased with that progress and the results and services.

鮑勃，這是尼古拉斯。一切進展順利。如果您查看我們本季度的服務業績，就會發現 28% 的增長清楚地表明 Dean 和交付團隊取得的進步。這是我們過去幾個季度表現最強勁的季度之一。我們看到取得了良好的進展，並且 ACV 的發布速度比第一季度更快，這意味著我們正在影響積壓。對這一進展、結果和服務非常滿意。

Now keep in mind, once we've delivered a client and the client is made live, it's a ramp cycle after that. So as we continue to release ACV and turn projects live with clients, they keep ramping for roughly 12 months or so after the projects being delivered. So from our perspective, pretty pleased with the progress made there.

現在請記住，一旦我們交付了客戶並且客戶上線，之後就是一個斜坡週期。因此，當我們繼續發布 ACV 並向客戶交付項目時，他們會在項目交付後大約 12 個月左右的時間裡保持增長。因此，從我們的角度來看，對那裡取得的進展非常滿意。

If I could just sneak in one last one. Just as we think about 2024 or the long term, what is the right growth rate to think about in the EBITDA margins? What is the right level to think about for MeridianLink as we think about '24, really the long-term?

如果我能偷偷溜進最後一張就好了。正如我們考慮 2024 年或長期來看，應考慮 EBITDA 利潤率的正確增長率是多少？當我們考慮 '24，真正的長期問題時，MeridianLink 的正確水平是什麼？

So I think it's important to step back and think about our strategic initiatives and our strategy overall. We -- for the last year, we've been saying we can grow at a stronger pace. So I think 2024 guide will -- I'm not guiding to 2024 right now. But I think that will be represented in the 2024 guide. It will have to -- the macroeconomic conditions appear to be alleviating. And so I think we'll talk more about that when we guide for FY '24, but not right. But the whole direction and the whole strategy of the company has been to increase our installed base and increase growth to get the rebound, so when the rebound happens, we get kind of the effect of that through our volume channel. So I would expect a higher growth rate in '24.

因此，我認為退一步思考我們的戰略舉措和整體戰略非常重要。去年，我們一直在說我們可以以更快的速度增長。所以我認為 2024 年指南將會——我現在不會指導 2024 年。但我認為這將在 2024 年指南中得到體現。它必須——宏觀經濟狀況似乎正在緩解。因此，我認為當我們為 24 財年提供指導時，我們會更多地討論這一點，但這是不對的。但公司的整體方向和整體戰略是增加我們的安裝基礎並增加增長以獲得反彈，因此當反彈發生時，我們通過我們的銷量渠道得到了某種效果。所以我預計 24 年會有更高的增長率。

And your next question comes from the line of Matt VanVliet from BTIG.

您的下一個問題來自 BTIG 的 Matt VanVliet。

I guess as you look back over the history of the company. Obviously, there's not a lot of times where interest rates have been quite this high. But when we've seen movement like we have over the last several quarters, where do you feel like there's maybe an upper bound of consumer, I guess, elasticity to responding negatively towards rates continuing to go higher? So how should we think about if there are any additional rate hikes, how that could impact the various consumer areas?

我想當你回顧公司的歷史時。顯然，利率如此高的時候並不多。但是，當我們看到過去幾個季度的變化時，我想，您認為消費者對利率持續走高做出負面反應的彈性可能有上限嗎？那麼，我們應該如何考慮如果額外加息，會對各個消費領域產生怎樣的影響呢？

Matt, Sean. So it's a great question. If you look back at the data, the last time that we saw non-growth in consumer was 2008, 2009, and it was a blip for 1 quarter. So I think things have to be pretty dire for consumer not to grow. It's a matter of how much it grows. The interest rate environment is the single most important factor for both consumer and mortgage for us. But I think I'm old enough to remember when 7% rates were not that big of a deal. So there is a normalization process that I think we're undergoing now as well where the rates -- the Fed will do what the Fed will do, but the rates themselves will become more normalized with either a mortgage or the consumer.

馬特、肖恩.所以這是一個很好的問題。如果你回顧一下數據，我們上一次看到消費者非增長是在2008年、2009年，而且是一個季度的曇花一現。所以我認為，如果情況非常糟糕，消費者就無法增長。這是它增長多少的問題。對我們來說，利率環境對於消費者和抵押貸款來說都是最重要的因素。但我想我已經足夠大了，還記得 7% 的利率並不是什麼大不了的事。因此，我認為我們現在正在經歷一個利率正常化過程——美聯儲將做美聯儲會做的事情，但利率本身將變得更加正常化，無論是抵押貸款還是消費者。

I don't -- even if the Fed decides to raise again, I think the spread, for example, in mortgage between mortgage rates and the Fed rate provides enough cushion where we'll see -- I think we're going to see a little bit of a leveling off in terms of the deceleration going forward. You asked about consumer so I think I got a little bit out over my skis, but hopefully, that helped a little bit.

我不認為 - 即使美聯儲決定再次加息，我認為抵押貸款利率和美聯儲利率之間的抵押貸款利差也提供了足夠的緩衝，我們將看到 - 我認為我們將會看到就未來的減速而言，有點趨於平穩。你問到了消費者的問題，所以我想我對我的滑雪板有點了解，但希望這能有所幫助。

Maybe something to add there to Sean's question as well is consumers are still spending, but the type of spending that where it's coming from is still from savings and checking accounts. If you look at pre-pandemic levels, the data shows it's about 10% to 15% more in bank accounts now than pre-pandemic. What we are saying is that -- and it's kind of been a consistent process that started probably late Q1 or so, there is a continued tightening of credit happening. And we are certainly seeing higher numbers of loans being rejected than -- it's one of the highest levels of loan rejections in 5 years or so.

也許肖恩的問題還需要補充一點，那就是消費者仍在消費，但支出的類型仍然來自儲蓄和支票賬戶。如果你看看大流行前的水平，數據顯示，現在銀行賬戶中的餘額比大流行前增加了約 10% 至 15%。我們想說的是——這是一個持續的過程，可能從第一季度末左右開始，信貸持續收緊。我們確實看到貸款被拒絕的數量比這要多——這是五年左右貸款被拒絕的最高水平之一。

And I think what we are seeing happening at this stage is the consumer is not engaging as much in lending, given the rates and credit tightening and using cash for some of the purchases that they're doing at this point in time with an expectation that there's going to be some level of normalization. And in my opinion, we're kind of living through that. And the guide that Sean discussed is reflective of us expecting the back half of the year being softer, specifically if you look at the data around mortgage with MBA. MBA kept pushing out, pushing out their recovery on mortgage volumes and it has pushed into '24 and it's reflected in our guide.

我認為，我們現階段看到的情況是，考慮到利率和信貸緊縮，消費者並沒有那麼多地參與貸款，並且他們在此時使用現金進行一些購買，並期望將會出現某種程度的正常化。在我看來，我們正在經歷這個過程。肖恩討論的指南反映了我們預計今年下半年會更加疲軟，特別是如果你看看 MBA 抵押貸款的數據。 MBA 不斷推出，推動抵押貸款數量的複蘇，並且已經進入 24 年，這反映在我們的指南中。

Okay. Very helpful. And then you talked about growing success on the upsell, cross-sell. Can you give us a sense of whether it's a snapshot now or kind of what the forward outlook looks like in terms of the mix of customers on the consumer lending side that already have mortgage, so kind of how long is the runway there?

好的。很有幫助。然後您談到了在追加銷售和交叉銷售方面取得的日益成功。您能否讓我們了解一下，這是否是現在的快照，還是就已經擁有抵押貸款的消費者貸款方面的客戶組合而言的未來前景，那麼那裡的跑道有多長？

And then maybe a bigger picture, maybe any kind of update you can share in terms of the total number of loan types that the average customer has versus maybe what that number is for some of your largest, most penetrated customers to give us a sense of how much kind of dry powder is out there just in the installed base.

然後也許是一個更大的圖景，也許您可​​以分享關於普通客戶擁有的貸款類型總數與您的一些最大、最滲透的客戶的貸款類型總數的任何更新，以便讓我們了解已安裝的基地中有多少種干粉。

Yes, this is Chris. I'd like to go back to call out we gave on the upswing and the early indication of success we're having in cross-sell contained within last quarter's earnings. Really, what we're seeing now is a continued trend along that trajectory, all tied as a derivative to that investment we made last year in go-to-market and our ability to drive cross-sell. You brought up the mortgage part, but it's really all of our products that we're building this cross-sell motion around. And what we're seeing and benefiting from now is that, that early traction where we're showing that we can build new products, we can buy products in the M&A realm, integrate it into our product suite and then bring it to our clients in a situation where they see 1 plus 1 equals more than 2 because that's the only way that type of motion is successful, particularly in an environment where you brought up mortgage where there's -- there are different buyers within the financial institution. So I remain bullish on our capabilities there and the track record to come.

是的，這是克里斯。我想回顧一下我們對上季度收益中包含的上升趨勢和交叉銷售成功的早期跡象的看法。事實上，我們現在看到的是沿著這一軌蹟的持續趨勢，所有這些都與我們去年在進入市場和推動交叉銷售的能力方面進行的投資有關。您提到了抵押貸款部分，但實際上我們正在圍繞我們所有的產品建立這種交叉銷售運動。我們現在看到並從中受益的是，我們展示了我們可以構建新產品，我們可以在併購領域購買產品，將其集成到我們的產品套件中，然後將其帶給我們的客戶。在他們認為1加1 等於大於2 的情況下，因為這是此類動議成功的唯一途徑，特別是在您提出抵押貸款的環境中，金融機構內有不同的買家。因此，我仍然看好我們在這方面的能力以及未來的業績記錄。

Now the final -- your follow-on questions from a mortgage perspective as well as cross sellers. We're in the early stages of our penetration and our time spent on that motion. I mean if you even go back to the history of MeridianLink when it started, the mortgage and consumer divisions a decade ago were largely separate. And over the last 10 years, we've meaningfully brought them together from all aspects of the organization, and now we're seeing that benefit come to bear.

現在是最後一個問題——從抵押貸款和交叉賣家的角度提出的後續問題。我們正處於滲透的早期階段，並且我們在該運動上花費了時間。我的意思是，如果你回顧一下 MeridianLink 成立之初的歷史，就會發現十年前的抵押貸款部門和消費者部門基本上是分開的。在過去的十年裡，我們有意義地將組織各個方面的他們聚集在一起，現在我們看到了這種好處正在顯現。

And Matt, just one last comment, if you think about cross-sell. In Q2 alone, we saw mid-single-digit growth from cross-sell. So it's something that not only are we focused on, we're already proving out to be successful.

馬特，如果你考慮交叉銷售，我只是最後一個評論。僅在第二季度，我們就看到交叉銷售帶來的中個位數增長。因此，這不僅是我們關注的事情，而且已經被證明是成功的。

And your next question comes from the line of Scott Wurtzel from Wolfe Research.

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

Maybe first one on the consumer lending side. Wondering if you can maybe parse out some of the performance you saw with your clients sort of by loan type between whether it's auto, credit card, personal loans and how those performed this quarter relative to your expectations?

也許是消費貸款方面的第一個。想知道您是否可以按貸款類型（汽車貸款、信用卡貸款、個人貸款）以及本季度這些貸款的表現與您的預期相比，分析出您在客戶身上看到的一些表現？

Sorry, Scott, Sean. I haven't learned how to hit that on mute button. I talked about it a little bit earlier, but I think -- the first comment I'll make is overall growth for consumer was as anticipated as forecasted. If you look at the different loan types, strong in account opening, very strong in personal loans. So think non-asset-based loans vehicle was a headwind for us a little bit, but we expect that to turn around in half 2. And good growth in all other loan types, including cards. And so -- but those would be the ones that I would call out as really good growth and just a little bit of an offset in auto.

對不起，斯科特，肖恩。我還沒學會如何按下靜音按鈕。我之前談到過這個問題，但我認為——我要發表的第一條評論是消費者的整體增長正如預期的那樣。如果你看看不同的貸款類型，開戶方面很強，個人貸款方面也很強。因此，我認為非資產貸款工具對我們來說有點不利，但我們預計這種情況會扭轉一半。2.所有其他貸款類型（包括信用卡）都有良好增長。所以，但我認為這些是真正良好的增長，只是汽車領域的一點點抵消。

Got it. Got it. That's helpful. And then maybe just a follow-up on margins. Looking at the updated guide, it looks like the guide down on revenue has flowed through into the guide down on EBITDA. And I understand that you're continuing to invest for future growth. But just kind of wondering if we were to see kind of a further slowdown in lending volumes and potentially impacting revenue, how you guys could flex some of your expense levers to maybe preserve margins?

知道了。知道了。這很有幫助。然後也許只是利潤率的後續行動。看看更新後的指南，收入下降指南似乎已經融入了 EBITDA 下降指南。據我所知，您將繼續為未來的增長進行投資。但只是想知道，如果我們看到貸款量進一步放緩並可能影響收入，你們如何調整一些費用槓桿以保持利潤率？

Yes. So that's correct. We are -- I mean, we are -- we're doing two things at once, I think, is the important part of the story. We're investing in growth, but we are also rightsizing and restructuring the company as well. So we've diverted a lot of our spend towards customer-facing, customer-engaging parts of the business to accelerate that piece. Our overall headcount has come down. And so we're keeping pace from a margin profile perspective. I could paint a picture where revenue does something where we're -- we either have to relook at our cost structure or it's going to impact the bottom line.

是的。所以這是正確的。我們——我的意思是，我們——我們同時做兩件事，我認為，這是故事的重要部分。我們正在投資增長，但我們也在對公司進行規模調整和重組。因此，我們將大量支出轉移到了面向客戶、與客戶互動的業務部分，以加速這方面的發展。我們的總人數已經減少了。因此，從利潤率角度來看，我們正在跟上步伐。我可以描繪一幅圖景，收入在我們現在的情況下發揮著作用——我們要么必須重新審視我們的成本結構，要么它將影響利潤。

But we don't see that right now. I think within the -- we thought very carefully about this guide and the EBITDA, I think, is on pace. And so we'll continue to operate the business. Are there levers? Sure. There are always levers to pull. There are levers that I think as a management team, we're comfortable with where we're at right now. We believe that we have the right team going forward positioned correctly around the customer. And so we'll continue down that path until something proves us otherwise.

但我們現在還沒有看到這一點。我認為，我們非常仔細地考慮了本指南，並且我認為 EBITDA 正在穩步推進。因此我們將繼續經營這項業務。有槓桿嗎？當然。總是有槓桿可以拉動。我認為作為一個管理團隊，我們對目前所處的位置感到滿意。我們相信，我們擁有正確的團隊，以客戶為中心，正確定位。因此，我們將繼續沿著這條路走下去，直到有事情證明我們並非如此。

And your next question comes from the line of Alex Sklar from Raymond James.

您的下一個問題來自 Raymond James 的 Alex Sklar。

Nicolaas, I wanted to dig in more into the idea of auto decisioning as it relates to consumer lending, you spoke to the bunch in the prepared remarks. I know that you've got some partnerships in place that are assisting with the workflows. But can you just talk about -- are you now enabling a full touchless lending process? And with that, what percent of your base do you think is ready to actually implement those types of auto decisioning processes?

尼古拉斯，我想更深入地探討與消費者貸款相關的自動決策的概念，您在準備好的發言中對這群人進行了發言。我知道您已經建立了一些合作夥伴來協助工作流程。但您能否談談——您現在是否啟用了完整的非接觸式貸款流程？那麼，您認為您的基礎中有多少人準備好實際實施這些類型的自動決策流程？

I think it's a fast-growing group of clients that is paying attention to auto decisioning and also integrating third-party data sets that you can argue is introducing a score that is artificially kind of incubated and developed and enriched. What we are seeing is more customers are asking for the ability to do that. We've released an enhanced order decisioning module that our customers have started using and larger customers and customers is dealing with higher volumes have shown more interest in. But I would tell you it's probably, I would say, if the question is ready, that's a hard one to answer, but it's probably less than 1/3 that I would say, is ready, ready, but it's a fast-growing substation. And my expectation would be in a couple of years if you don't do auto decisioning and you don't have a touchless lending playbook that is meaningful and substantial in your business, you will miss out on engaging with your customer and closing the loan.

我認為這是一個快速增長的客戶群體，他們關注自動決策，並集成第三方數據集，你可以說這是引入了一種人工孵化、開發和豐富的分數。我們看到越來越多的客戶要求能夠做到這一點。我們已經發布了一個增強的訂單決策模塊，我們的客戶已經開始使用該模塊，並且較大的客戶和正在處理更高數量的客戶對此表現出了更大的興趣。但我會告訴你，我想說，如果問題準備好了，那就是這是一個很難回答的問題，但我想說的是，可能還不到1/3，準備好了，準備好了，但它是一個快速增長的變電站。我的期望是，如果您不進行自動決策，並且沒有對您的業務有意義且實質性的非接觸式貸款手冊，您將錯過與客戶互動並結束貸款的機會。

Some of our larger customers are very focused on it. We spoke about Space Coast Credit Union who improved their touchless and order decisioning and meaningfully with our technology that they implemented. And we are engaging and working with multiples of others in the same realm. But my view is it's probably going to be one of the bigger initiatives that our customers will have and will invest in here in the foreseeable future.

我們的一些大客戶非常關注它。我們談到了太空海岸信用社，他們利用我們實施的技術，改善了他們的非接觸式和訂單決策，並且有意義。我們正在與同一領域的多個其他人進行接觸和合作。但我的觀點是，在可預見的未來，這可能將成為我們的客戶將擁有並投資的更大舉措之一。

All right. That's great color. And Sean, maybe I just want to follow up on your answer to Koji and a couple of other questions earlier. But the mortgage outlook for the second half of the year -- I can appreciate given how we've seen the industry forecast walk down from the start of the year 1 to be conservative there. But you just had mortgage, I think, was about 26% of revenue this quarter. And I think you said it would only contribute 23% of revenue for the rest of the year. Can you just kind of help bridge why mortgage should drop off in terms of its total contribution in revenue versus the second quarter levels.

好的。那顏色真棒。肖恩，也許我只是想跟進你之前對 Koji 和其他幾個問題的回答。但下半年的抵押貸款前景——考慮到我們看到行業預測從年初開始變得保守，我可以理解。但我認為，僅抵押貸款約佔本季度收入的 26%。我想你說過它只會貢獻今年剩餘時間的收入的 23%。您能否幫助解釋為什麼抵押貸款對收入的總貢獻與第二季度水平相比應該下降。

Yes. So the 26% is 25.5%. And I'd say so it's a nit, but I think it's important. I do think it drops off not -- I mean when we say mortgage there's a combination of lending and MCL in there as well. We've seen continued drag from MCL, which is part of the walk down. And I just -- the rest of the business' growth is the other component. So I just think as a percent of total, those numbers are pretty easy to get to. If you want to talk about numbers, we're talking about $3.5 million of revenue coming out of the mortgage guide, and it's a combination of both lending and DVS. So it's -- we -- I know we have a call later, we can talk in detail more, but it's really just the delayed recovery is really the primary reason. I mean that's just -- it's not going to happen fast enough for us to recover, especially around MCL and the lending solutions as well. And keep in mind, too, that the growth -- but the growth, for example, in Q2, we saw good growth in OpenClose, which it -- I don't want to say it skews the number, but definitely when we talk about mortgage growth being in the double digits, that's part of the story as well. And so we have to look at the OpenClose acquisition and how it's going to perform in half 2 as well.

是的。所以 26% 就是 25.5%。我想說這是一個小問題，但我認為這很重要。我確實認為它不會下降——我的意思是當我們說抵押貸款時，也有貸款和 MCL 的組合。我們看到 MCL 持續拖累，這是下行的一部分。我只是——業務增長的其餘部分是另一個組成部分。所以我認為，作為總數的百分比，這些數字很容易獲得。如果你想談論數字，我們談論的是來自抵押貸款指南的 350 萬美元收入，它是貸款和 DVS 的組合。所以，我們——我知道我們稍後會通電話，我們可以詳細討論，但這實際上只是恢復延遲才是主要原因。我的意思是，這只是 - 它不會發生得足夠快，讓我們無法恢復，尤其是在 MCL 和貸款解決方案方面。還要記住，增長——但是增長，例如，在第二季度，我們看到 OpenClose 的良好增長，我不想說它扭曲了數字，但當我們談論時絕對如此關於抵押貸款增長達到兩位數，這也是故事的一部分。因此，我們必須關注 OpenClose 收購以及它在下半場 2 中的表現。

And your next question comes from the line of Andrew Schmidt from Citi.

你的下一個問題來自花旗銀行的安德魯施密特。

I appreciate all the detail here. I wanted to dig in just the question on cross-sell versus net new. Obviously, the investments in cross-sell bearing fruit, I'm seeing a lot of momentum there. So a lot of wood to chop. But do you feel like more investment is needed on the net new side to drive growth there? Or are there other reasons whether it's market maturity, we're in the cycle, things like that, that making more comfortable with the way you're at in terms of just the net new kind of sales resources?

我很欣賞這裡的所有細節。我想深入探討交叉銷售與淨新品的問題。顯然，交叉銷售的投資已結出碩果，我看到了很大的勢頭。所以要砍很多木頭。但您是否認為淨新增方面需要更多投資才能推動增長？或者是否還有其他原因，無論是市場成熟度，還是我們處於週期之中，諸如此類的原因，都使您對淨新型銷售資源的方式感到更加滿意？

This is Chris. Thank you for the question. The big -- the two biggest dynamics you're seeing at play are our mortgage team predominantly used to go after independent mortgage banks. So all those were classified as new logos. Now that team is directed almost exclusively at cross-sell into depositories, which is not reflecting in the new logos. What I would argue though is in that scenario, the long-term value of those clients is higher. They're staying power is stronger. It's tying directly into the retention capabilities of the broader platform. So that's one aspect. And then Sean brought up the other element as well, where some of -- we are seeing some -- you are seeing some independent mortgage banks pacing difficulties that are impacting our numbers as well.

這是克里斯。感謝你的提問。您所看到的最大的兩個動態是我們的抵押貸款團隊主要負責尋找獨立的抵押貸款銀行。所以所有這些都被歸類為新標誌。現在，該團隊幾乎專門針對存款機構進行交叉銷售，這並沒有反映在新徽標中。但我想說的是，在這種情況下，這些客戶的長期價值更高。他們的持久力更強。它直接與更廣泛平台的保留能力聯繫在一起。這是一方面。然後肖恩也提出了另一個因素，其中一些——我們看到一些——你看到一些獨立抵押貸款銀行面臨的困難也影響了我們的數字。

Yes. And Andrew, you used the word cycle. I do think it's important to key in on that. It's not to say that we haven't invested in new logo. We have a new logo team. It's a very good leader in place who is focused on new logo. I think there is a cycle, a pipeline build of new logo that is very healthy and we'll start to see the payoff of the new logos down the road. And I don't mean far down the road. But for right now, I think the dynamic with mortgage is offsetting even the new logos that we do see. So just as an added narrative.

是的。安德魯，你用了“循環”這個詞。我確實認為重點關注這一點很重要。這並不是說我們沒有投資新標誌。我們有一個新的標誌團隊。這是一位非常優秀的領導者，專注於新標誌。我認為有一個週期，一個非常健康的新徽標的管道構建，我們將開始看到新徽標的回報。我指的並不是遙遠的未來。但就目前而言，我認為抵押貸款的動態甚至抵消了我們確實看到的新徽標。所以只是作為一個補充敘述。

Got it. Maybe I could ask about the back half pickup in consumer LOS, the non-mortgage piece, I know it's been asked a couple of times, so I'll take another shot at it. Just in terms of the drivers there, is it purely the -- I should say, primarily volume based in terms of the expectations of reacceleration or the -- is there also kind of a cross-sell or net new implementation that's driving that? And then I have a follow-up, but it's a good place to start.

知道了。也許我可以詢問消費者 LOS 中的後半部分提貨（非抵押貸款部分），我知道這個問題已經被問過幾次了，所以我會再試一次。就那裡的驅動因素而言，這純粹是——我應該說，主要是基於重新加速的預期的數量，還是——是否還有某種交叉銷售或淨新實施來推動這一點？然後我有一個後續行動，但這是一個很好的起點。

I mean, to be quite honest, it's simply not simply, it's primarily driven by volumes, by volume pickup. And even though we've talked about the components of consumer and still seeing growth in Q2, we do think that the volumes will pick up further and particularly around in auto.

我的意思是，說實話，這並不簡單，它主要是由成交量、成交量提升驅動的。儘管我們已經討論了消費者的組成部分，並且仍然看到第二季度的增長，但我們確實認為銷量將進一步增加，特別是在汽車領域。

Got it. Okay. And then just last kind of follow-up to that. What -- I guess, is that directionally consistent with what you're seeing? Because the obvious question is, just confidence in that pickup and sort of do you feel like -- I think you've done a good job forecasting so far. But do you feel like this is derisked or I guess the question is, what's the visibility on that pickup in terms of volumes?

知道了。好的。然後是最後一種後續行動。我想，這與你所看到的方向一致嗎？因為顯而易見的問題是，只是對這種回升充滿信心，你是否感覺——我認為到目前為止你的預測做得很好。但你是否覺得這沒有風險，或者我想問題是，該皮卡的銷量能見度如何？

Andrew, I'm always confident in our forecast until I'm not. So we use multiple data sources, COX being the primary. Our -- most of our base is -- we have roughly a 70-30 split on used to the new so you're seeing good headlines around new inventory, good headlines around new sales. We think that has a downstream impact on used as well. That is very positive. But for use, as an example, the number, I think, is minus 2% year-over-year for used sales from Cox. So we've anticipated that, and we think that we can do better than that. And so all data sources are being considered in the forecast is what I would say. And I am confident in the half 2 forecast as it relates to different loan types.

安德魯，我一直對我們的預測充滿信心，直到我沒有信心為止。因此我們使用多個數據源，COX 是主要的。我們的——我們的大部分基礎是——我們對新產品的使用率大約有 70-30 的比例，所以你會看到關於新庫存的好頭條新聞，關於新銷售的好頭條新聞。我們認為這也會對下游產生影響。這是非常積極的。但以使用為例，我認為 Cox 的二手銷售額同比下降了 -2%。所以我們已經預料到了這一點，並且我們認為我們可以做得更好。因此，我想說的是，在預測中考慮了所有數據源。我對上半年 2 的預測充滿信心，因為它涉及不同的貸款類型。

And your next question comes from the line of Parker Lane from Stifel.

你的下一個問題來自 Stifel 的 Parker Lane。

I'll ask one in the interest of time here. Nicolaas, you guys announced a few interesting partnerships with AI providers during the quarter. And I was hoping to hear a little bit more about where in the platform and what problems do you think AI can be thrown at today and where the industry is as far as embracing more automation?

為了節省時間，我會在這裡問一個。 Nicolaas，你們在本季度宣布了與人工智能提供商的一些有趣的合作夥伴關係。我希望聽到更多關於平台中的哪些位置以及您認為人工智能今天可以解決哪些問題以及行業在擁抱更多自動化方面的進展？

Thanks for the question. This is Chris. Today, we're seeing the greatest pickup in AI in this industry is around decisioning or specifically around decisioning scores. Now there's been some hesitancy in its adoption due to the potential impacts around fair lending. That's something we work with our customers and our partners and to help them cross that bridge. Going forward, I think across all industries, there's a lot of areas where AI has application. I mean, specifically looking at this, you could have ways to accelerate how member service representatives are engaging with consumers in person, online, in the call center. We already have solutions within our product that makes recommendations on how our clients provide promotional offers to drive credit card usage, deposit behavior as well as lending behavior, all based on highest propensity to take that action.

謝謝你的提問。這是克里斯。今天，我們看到這個行業人工智能最大的進步是圍繞決策，特別是圍繞決策分數。現在，由於公平貸款的潛在影響，人們對它的採用有些猶豫。這就是我們與客戶和合作夥伴合作並幫助他們跨越這座橋樑的事情。展望未來，我認為在所有行業中，人工智能都有很多應用領域。我的意思是，特別關注這一點，您可以採取一些方法來加速會員服務代表在呼叫中心親自、在線、與消費者互動的方式。我們的產品中已經有解決方案，可以就我們的客戶如何提供促銷優惠來推動信用卡使用、存款​​行為以及貸款行為提出建議，所有這些都基於採取該行動的最高傾向。

So it's front and center now. The biggest difference in this industry versus others is the regulatory nature that we need to be very cautious about and thoughtful as we roll out solutions to our customers, and we'll do that as a combination of our own and partners as we do today.

所以它現在位於前面和中心。這個行業與其他行業的最大區別是監管性質，在向客戶推出解決方案時，我們需要非常謹慎和深思熟慮，我們將像今天一樣，與我們自己和合作夥伴結合起來做到這一點。

And your next question came -- comes from the line of Saket Kalia from Barclays.

你的下一個問題來自巴克萊銀行的 Saket Kalia。

I'll also keep it to one. And apologies in advance, I joined late. So hopefully, this question hasn't been asked yet. But Sean, maybe for you, just high level, I think the revision to this year's guide on revenue was about $5 million to $7 million. How much of that is from the onetime customer item? And is that just in this quarter? And how much of it is from the revised view on the mortgage market?

我也將其保留為一。提前道歉，我加入晚了。希望這個問題還沒有被問到。但是肖恩，也許對你來說，只是高層，我認為今年收入指南的修訂約為 500 萬至 700 萬美元。其中有多少來自一次性客戶產品？那隻是在本季度嗎？其中有多少是來自對抵押貸款市場的修正看法？

$2.3 million of it was from the dispute with the reseller, and the balance of it is due to the mortgage pressure, i.e., the delay in recovery in mortgage.

其中230萬美元來自與經銷商的糾紛，其餘部分是由於抵押貸款壓力，即抵押貸款收回的延遲。

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

謝謝。目前沒有其他問題。請繼續。

Thank you, operator. I'd like to thank you for joining the call today and extend the final thanks to the MeridianLink team. Our focus and dedication set us apart and help us better serve our growing list of customers. As I observed the team interacting with customers at our user forum, it was obvious how much we all care about helping each and every customer and partner to achieve their objectives and grow successfully. Our people make a difference, and I'm proud of their solid performance. Thanks again for listening in, and I look forward to speaking with you. Back to you, operator.

謝謝你，接線員。我要感謝您今天加入電話會議，並向 MeridianLink 團隊致以最後的謝意。我們的專注和奉獻使我們與眾不同，並幫助我們更好地服務不斷增長的客戶群。當我觀察團隊在用戶論壇上與客戶互動時，很明顯我們都非常關心幫助每一位客戶和合作夥伴實現他們的目標並成功成長。我們的員工發揮著重要作用，我為他們的出色表現感到自豪。再次感謝您的收聽，我期待著與您交談。回到你身邊，操作員。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝大家的參與。你們都可以斷開連接。