Executive P&L Scorecard
Meridian Cloud Solutions · FY 2024 · $48M ARR · Series C
Gross Margin %
64.8%
−2.1pp
OPEX/Revenue
42.3%
+3.2pp
EBITDA (TTM)
$11.4M
+8.6%
FCF Conversion
82.1%
−5.9pp
Interest Coverage
9.2x
+0.8x
EBITDA Bridge: Budget vs. Actual (FY 2024)
One-time $600K vendor credit in March shown as spike
Revenue, COGS & Gross Profit Trend
Monthly view (Jan–Dec 2024)
Revenue Mix by Segment
Q4 2024 breakdown
Segment Gross Margin % by Quarter
Hardware segment collapsed to 28% in Q3
Segment
Q1
Q2
Q3
Q4
SaaS
82%
81%
80%
79%
Prof Services
58%
59%
57%
58%
Hardware
42%
38%
28%
35%
Support
72%
71%
70%
71%
COGS Escalation Index
Basis points change vs. prior quarter
Q2 spike +5.8pp due to AWS re-pricing
P&L Line-Item Detail (YTD Dec 2024)
| Account Category |
Budget ($M) |
Actual ($M) |
Variance ($M) |
Variance % |
Status |
| Revenue | 48.0 | 48.2 | +0.2 | +0.4% | ✓ |
| COGS | 16.2 | 17.0 | +0.8 | +4.9% | ⚠ |
| Gross Profit | 31.8 | 31.2 | −0.6 | −1.9% | ⚠ |
| Sales & Marketing | 12.0 | 13.2 | +1.2 | +10.0% | ⚠ |
| R&D | 8.0 | 7.8 | −0.2 | −2.5% | ✓ |
| G&A | 5.5 | 5.6 | +0.1 | +1.8% | ✓ |
| EBITDA | 10.5 | 11.4 | +0.9 | +8.6% | ✓ |
| Interest Expense | 1.2 | 1.1 | −0.1 | −8.3% | ✓ |
| Net Income | 8.2 | 8.8 | +0.6 | +7.3% | ✓ |
FCF Conversion Rate Trend
Quarterly % of EBITDA converted to FCF
SG&A Efficiency Ratio
SG&A as % of Revenue (target <50%)
Breached 55% in Aug due to sales team ramp
Revenue Realization
Billed vs. Recognized
R&D Capitalization
Capitalized vs. Expensed
NRR Impact
Expansion vs. Churn
Data as of Dec 31, 2024 · CFO approval required for margin actions · Powered by NetSuite GL + Salesforce ARR + Adaptive Insights