Marc Feldman • William Blair & Company

Question 1

Marc Feldman's questions to MeridianLink Inc (MLNK) leadership • Q1 2025

May 12, 2025

Question

Marc Feldman inquired about the strategic opportunity associated with upgrades to the deposit account opening application and how it creates a differentiated offering. He also asked if churn could be broken down by cause, specifically industry M&A.

Answer

President Larry Katz stated that account opening is a core, strategic offering and that investments in MeridianLink Access provide a modern, seamless digital experience that is highly differentiated. CFO Elias Olmeta said the company does not break out churn by cause. However, Katz added that industry consolidation is typically a tailwind, as acquirers are often existing customers who then migrate the acquired institutions onto the MeridianLink platform.

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Question 2

Marc Feldman's questions to Cantaloupe Inc (CTLP) leadership • Q1 2025

Nov 7, 2024

Question

Marc Feldman from William Blair asked for an updated perspective on the long-term potential for Average Revenue Per Unit (ARPU), referencing a 2022 Investor Day target, and also inquired about the expected contribution from international revenues for the fiscal year.

Answer

CFO Scott Stewart explained that ARPU saw 12% growth this quarter and is expected to continue that trend, driven by higher ticket prices, increased sales of Seed Analytics, and adoption of Cantaloupe One. CEO Ravi Venkatesan affirmed that while the pace of international scaling is being carefully managed in the short term, the company remains on track with its long-term trajectory for international revenue contribution.