Mitek Reports Fiscal 2024 Third Quarter Financial Results
Mitek Systems (NASDAQ: MITK) announced its financial results for Q3 fiscal 2024, reporting a 4% revenue increase to $45.0 million compared to $43.1 million a year ago. GAAP operating income declined to $0.7 million, an operating margin of 2%, down from $1.8 million or 4% a year ago. GAAP net income improved to $0.2 million from a net loss of $0.4 million. Non-GAAP net income rose 27% to $12.0 million, or $0.25 per diluted share.
Cash flow from operations was $13.0 million, down from $16.6 million last year. The company ended the quarter with $133.2 million in cash and investments. Mitek repurchased 819,623 shares at an average price of $12.25 each, totaling $10.0 million. Looking ahead, Mitek revised its full-year guidance, expecting revenue between $169 million and $173 million, reflecting a 1% decrease at the midpoint, and a Non-GAAP operating margin between 23% and 25%.
Mitek Systems (NASDAQ: MITK) ha annunciato i risultati finanziari per il terzo trimestre dell'anno fiscale 2024, registrando un incremento del fatturato del 4%, arrivando a 45,0 milioni di dollari rispetto ai 43,1 milioni di dollari dell'anno scorso. Il reddito operativo GAAP è sceso a 0,7 milioni di dollari, con un margine operativo del 2%, in calo rispetto a 1,8 milioni di dollari o 4% dell'anno precedente. Il reddito netto GAAP è migliorato a 0,2 milioni di dollari rispetto a una perdita netta di 0,4 milioni di dollari. Il reddito netto non-GAAP è aumentato del 27% a 12,0 milioni di dollari, ovvero 0,25 dollari per azione diluita.
Il flusso di cassa dall'operatività è stato di 13,0 milioni di dollari, in calo rispetto ai 16,6 milioni di dollari dell'anno scorso. L'azienda ha concluso il trimestre con 133,2 milioni di dollari in contante e investimenti. Mitek ha riacquistato 819.623 azioni a un prezzo medio di 12,25 dollari ciascuna, per un totale di 10,0 milioni di dollari. Guardando al futuro, Mitek ha rivisto le sue previsioni annuali, aspettandosi ricavi compresi tra 169 milioni e 173 milioni di dollari, riflettendo una diminuzione dell'1% al punto medio, e un margine operativo non-GAAP compreso tra il 23% e il 25%.
Mitek Systems (NASDAQ: MITK) anunció sus resultados financieros para el tercer trimestre del año fiscal 2024, reportando un incremento del 4% en los ingresos, alcanzando los 45,0 millones de dólares en comparación con 43,1 millones de dólares hace un año. El ingreso operativo GAAP disminuyó a 0,7 millones de dólares, con un margen operativo del 2%, bajando desde 1,8 millones de dólares o 4% del año pasado. El ingreso neto GAAP mejoró a 0,2 millones de dólares desde una pérdida neta de 0,4 millones de dólares. El ingreso neto no GAAP aumentó un 27% a 12,0 millones de dólares, o 0,25 dólares por acción diluida.
El flujo de efectivo de las operaciones fue de 13,0 millones de dólares, disminuyendo desde los 16,6 millones de dólares del año pasado. La compañía terminó el trimestre con 133,2 millones de dólares en efectivo y inversiones. Mitek recompró 819,623 acciones a un precio promedio de 12,25 dólares cada una, totalizando 10,0 millones de dólares. De cara al futuro, Mitek revisó su guía para el año completo, esperando ingresos entre 169 millones y 173 millones de dólares, lo que refleja una disminución del 1% en el punto medio, y un margen operativo no GAAP entre el 23% y el 25%.
Mitek 시스템(NASDAQ: MITK)은 2024 회계연도 3분기 재무 결과를 발표하며 매출 4% 증가를 보고하였으며, 이는 작년 4310만 달러에서 4500만 달러로 증가한 수치입니다. GAAP 운영 수익은 180만 달러에서 70만 달러로 감소하였고, 운영 마진은 2%입니다. GAAP 순이익은 40만 달러의 순손실에서 20만 달러로 개선되었습니다. 비GAAP 순이익은 27% 증가하여 1200만 달러, 즉 희석주당 0.25달러에 달했습니다.
운영으로부터의 현금 흐름은 1300만 달러로, 작년의 1660만 달러에서 감소했습니다. 회사는 현금 및 투자로 1억 3320만 달러로 분기를 마감했습니다. Mitek은 평균 가격 12.25달러로 819,623주를 재매입하여 총 1000만 달러를 지출했습니다. 향후 Mitek은 연간 가이던스를 수정하여 매출을 1억 6900만 달러에서 1억 7300만 달러 사이로 예상하고 있으며, 이는 중간 값에서 1% 감소를 반영하며, 비GAAP 운영 마진은 23%에서 25% 사이로 예상하고 있습니다.
Mitek Systems (NASDAQ: MITK) a annoncé ses résultats financiers pour le troisième trimestre de l'exercice fiscal 2024, rapportant une augmentation des revenus de 4%, atteignant 45,0 millions de dollars par rapport à 43,1 millions de dollars l'année dernière. Le revenu opérationnel GAAP a diminué à 0,7 million de dollars, avec une marge opérationnelle de 2%, en baisse par rapport à 1,8 million de dollars ou 4% l'année précédente. Le revenu net GAAP s'est amélioré à 0,2 million de dollars par rapport à une perte nette de 0,4 million de dollars. Le revenu net non-GAAP a augmenté de 27% pour atteindre 12,0 millions de dollars, soit 0,25 dollar par action diluée.
Le flux de trésorerie provenant des opérations s'élevait à 13,0 millions de dollars, en baisse par rapport à 16,6 millions de dollars l'an dernier. L'entreprise a terminé le trimestre avec 133,2 millions de dollars en liquidités et investissements. Mitek a racheté 819 623 actions à un prix moyen de 12,25 dollars chacune, pour un total de 10,0 millions de dollars. En regardant vers l'avenir, Mitek a révisé ses prévisions pour l'année complète, s'attendant à des revenus compris entre 169 millions et 173 millions de dollars, ce qui reflète une baisse de 1% au point médian, et une marge opérationnelle non-GAAP entre 23% et 25%.
Mitek Systems (NASDAQ: MITK) hat seine finanziellen Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 bekannt gegeben und einen Umsatzanstieg von 4% auf 45,0 Millionen Dollar im Vergleich zu 43,1 Millionen Dollar im Vorjahr berichtet. Der GAAP-Betriebsgewinn sank auf 0,7 Millionen Dollar, was einer Betriebsrendite von 2% entspricht, im Vergleich zu 1,8 Millionen Dollar oder 4% im Vorjahr. Der GAAP-Nettoertrag verbesserte sich auf 0,2 Millionen Dollar gegenüber einem Nettoverlust von 0,4 Millionen Dollar. Der Non-GAAP-Nettoertrag stieg um 27% auf 12,0 Millionen Dollar oder 0,25 Dollar pro verwässerter Aktie.
Der Cashflow aus der Betriebstätigkeit betrug 13,0 Millionen Dollar, was einem Rückgang von 16,6 Millionen Dollar im Vorjahr entspricht. Das Unternehmen schloss das Quartal mit 133,2 Millionen Dollar in bar und Investitionen ab. Mitek kaufte 819.623 Aktien zu einem Durchschnittspreis von 12,25 Dollar zurück, was insgesamt 10,0 Millionen Dollar ausmachte. Ausblickend hat Mitek seine Prognose für das Gesamtjahr überarbeitet und erwartet Einnahmen zwischen 169 Millionen und 173 Millionen Dollar, was einen Rückgang von 1% im Mittelwert widerspiegelt, sowie eine Non-GAAP-Betriebsrendite zwischen 23% und 25%.
- 4% revenue growth to $45.0 million.
- Non-GAAP net income increased 27% to $12.0 million, or $0.25 per diluted share.
- Cash and investments increased to $133.2 million.
- Repurchased 819,623 shares totaling approximately $10.0 million.
- GAAP operating income decreased to $0.7 million with a margin of 2%, down from $1.8 million and a 4% margin.
- Cash flow from operations decreased to $13.0 million from $16.6 million.
- Revised full-year revenue guidance predicting a 1% decrease.
Insights
Mitek's Q3 FY2024 results present a mixed picture. While total revenue grew
The revised full-year guidance is concerning, with expected revenue between
Investors should note the strong cash position of
Mitek's performance in the digital identity and fraud prevention sector shows signs of strain. The company's Identity product revenue underperformance is a red flag, especially given the growing importance of digital identity solutions in today's market. This suggests Mitek may be losing ground to competitors or facing adoption challenges.
However, the company's Deposits segment is showing strength, indicating a diversified product portfolio that could help weather sector-specific challenges. The upcoming product launches mentioned by the CEO could be important in regaining momentum in the Identity segment.
Investors should closely monitor Mitek's ability to execute its strategic investments and new product rollouts, as these will be key to maintaining its competitive position in the rapidly evolving digital identity landscape.
Mitek's Q3 results and revised guidance reflect broader market dynamics in the digital identity and fraud prevention sector. The company's challenges in the Identity segment may indicate shifting customer preferences or increased competition. However, the growth in Deposits suggests continued demand for secure financial transaction solutions.
The multi-year mobile deposit reorder with a large customer, while beneficial for long-term stability, has created some complexity in year-over-year comparisons. Adjusting for this, the company estimates
Investors should consider Mitek's performance in the context of broader fintech and cybersecurity trends, as well as its ability to adapt to evolving market demands and technological advancements in digital identity verification.
Fiscal 2024 Third Quarter Financial Highlights
-
Total revenue was
$45.0 million $43.1 million 4% year-over-year growth. -
GAAP operating income was
$0.7 million 2% , compared to GAAP operating income of$1.8 million 4% a year ago. -
GAAP net income was
$0.2 million $0.00 $0.4 million $0.01 -
Non-GAAP operating income was
$11.6 million 26% , compared to non-GAAP operating income of$12.0 million 28% a year ago. -
Non-GAAP net income increased
27% to$12.0 million $0.25 $9.5 million $0.20 -
Cash flow from operations was
$13.0 million $16.6 million -
Total cash and investments was
$133.2 million $2.9 million $130.3 million -
Mitek repurchased 819,623 shares at an average per share price of
$12.25 $10.0 million
Mitek Executive Chairman and Interim CEO Scott Carter’s Comments
“While we grew total revenue
Fiscal 2024 Full Year Guidance
Mitek is revising its previously provided guidance for its fiscal year ending September 30, 2024, as follows:
-
Mitek now expects full-year revenue to be between
$169 million $173 million 1% at the midpoint of the range when compared to last year’s revenue. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately$7 million $7 million $2.7 million 5% at the midpoint. -
Mitek now expects its Non-GAAP operating margin for fiscal 2024 to be between
23% and25% . If the Company adjusts for the impact of the$7 million 25% at the midpoint.
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results for its fiscal 2024 third quarter ended June 30, 2024. To access the live call, dial 888-999-5318 (US and
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by
Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s fiscal 2024 guidance, the Company’s ability to address its challenges in Identity and the Company’s superior technology, strategic investments and upcoming product launches positioning the Company well to drive growth and deliver long-term shareholder value, are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the impact of the Company’s acquisition of HooYu Ltd. including any operational or cultural difficulties associated with the integration of the businesses of Mitek and HooYu Ltd., the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner, the Company’s ability to capitalize on a growing market, quarterly variations in revenue, the profitability of certain sectors of the Company, the performance of the Company’s growth initiatives, the outcome of any pending or threatened litigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.
Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-
The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP operating margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatility of the Company’s share price. Additionally, a significant portion of the Company’s operations are in foreign countries and the transactional currencies are primarily Euros and British pound sterling and the Company is not able to predict fluctuations in those currencies without unreasonable efforts.
MITEK SYSTEMS, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(amounts in thousands except share data) |
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|
|
|
|
||||
|
June 30, 2024 |
|
September 30, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
84,351 |
|
|
$ |
58,913 |
|
Short-term investments |
|
38,718 |
|
|
|
74,700 |
|
Accounts receivable, net |
|
41,609 |
|
|
|
32,132 |
|
Contract assets, current portion |
|
16,805 |
|
|
|
18,355 |
|
Prepaid expenses |
|
11,520 |
|
|
|
3,513 |
|
Other current assets |
|
2,681 |
|
|
|
2,396 |
|
Total current assets |
|
195,684 |
|
|
|
190,009 |
|
Long-term investments |
|
10,157 |
|
|
|
1,304 |
|
Property and equipment, net |
|
2,597 |
|
|
|
2,829 |
|
Right-of-use assets |
|
2,848 |
|
|
|
4,140 |
|
Goodwill and intangible assets |
|
181,434 |
|
|
|
188,222 |
|
Deferred income tax assets |
|
13,268 |
|
|
|
11,645 |
|
Contract assets, non-current portion |
|
1,793 |
|
|
|
5,579 |
|
Other non-current assets |
|
1,446 |
|
|
|
1,647 |
|
Total assets |
$ |
409,227 |
|
|
$ |
405,375 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
6,275 |
|
|
$ |
7,589 |
|
Accrued payroll and related taxes |
|
10,889 |
|
|
|
10,554 |
|
Accrued interest payable |
|
500 |
|
|
|
305 |
|
Income tax payables |
|
132 |
|
|
|
4,329 |
|
Deferred revenue, current portion |
|
23,746 |
|
|
|
17,360 |
|
Lease liabilities, current portion |
|
747 |
|
|
|
1,902 |
|
Acquisition-related contingent consideration |
|
— |
|
|
|
7,976 |
|
Restructuring accrual |
|
42 |
|
|
|
— |
|
Other current liabilities |
|
1,577 |
|
|
|
1,482 |
|
Total current liabilities |
|
43,908 |
|
|
|
51,497 |
|
Convertible senior notes |
|
141,531 |
|
|
|
135,516 |
|
Deferred revenue, non-current portion |
|
1,257 |
|
|
|
957 |
|
Lease liabilities, non-current portion |
|
2,409 |
|
|
|
2,867 |
|
Deferred income tax liabilities |
|
6,696 |
|
|
|
6,476 |
|
Other non-current liabilities |
|
3,790 |
|
|
|
2,874 |
|
Total liabilities |
|
199,591 |
|
|
|
200,187 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
46 |
|
|
|
46 |
|
Additional paid-in capital |
|
244,110 |
|
|
|
228,691 |
|
Accumulated other comprehensive loss |
|
(9,874 |
) |
|
|
(14,237 |
) |
Accumulated deficit |
|
(24,646 |
) |
|
|
(9,312 |
) |
Total stockholders’ equity |
|
209,636 |
|
|
|
205,188 |
|
Total liabilities and stockholders’ equity |
$ |
409,227 |
|
$ |
405,375 |
||
MITEK SYSTEMS, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited) |
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(amounts in thousands except per share data) |
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|
|
|
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|
|
|
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Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Software and hardware |
$ |
22,662 |
|
|
$ |
21,447 |
|
|
$ |
63,531 |
|
|
$ |
73,083 |
|
Services and other |
|
22,314 |
|
|
|
21,623 |
|
|
|
65,330 |
|
|
|
61,813 |
|
Total revenue |
|
44,976 |
|
|
|
43,070 |
|
|
|
128,861 |
|
|
|
134,896 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
||||||||
Cost of revenue—software and hardware (exclusive of depreciation & amortization) |
|
54 |
|
|
|
428 |
|
|
|
123 |
|
|
|
816 |
|
Cost of revenue—services and other (exclusive of depreciation & amortization) |
|
6,428 |
|
|
|
5,284 |
|
|
|
18,108 |
|
|
|
15,863 |
|
Selling and marketing |
|
10,354 |
|
|
|
10,296 |
|
|
|
31,231 |
|
|
|
29,434 |
|
Research and development |
|
9,982 |
|
|
|
7,461 |
|
|
|
28,569 |
|
|
|
22,504 |
|
General and administrative |
|
12,604 |
|
|
|
11,588 |
|
|
|
43,085 |
|
|
|
30,126 |
|
Amortization and acquisition-related costs |
|
3,750 |
|
|
|
6,207 |
|
|
|
11,581 |
|
|
|
15,302 |
|
Restructuring costs |
|
1,070 |
|
|
|
14 |
|
|
|
1,648 |
|
|
|
2,000 |
|
Total operating costs and expenses |
|
44,242 |
|
|
|
41,278 |
|
|
|
134,345 |
|
|
|
116,045 |
|
Operating income (loss) |
|
734 |
|
|
|
1,792 |
|
|
|
(5,484 |
) |
|
|
18,851 |
|
Interest expense |
|
2,329 |
|
|
|
2,362 |
|
|
|
6,895 |
|
|
|
6,662 |
|
Other income (expense), net |
|
1,436 |
|
|
|
925 |
|
|
|
4,268 |
|
|
|
1,719 |
|
Income (loss) before income taxes |
|
(159 |
) |
|
|
355 |
|
|
|
(8,111 |
) |
|
|
13,908 |
|
Income tax benefit (provision) |
|
375 |
|
|
|
(783 |
) |
|
|
2,816 |
|
|
|
(4,437 |
) |
Net income (loss) |
$ |
216 |
|
|
$ |
(428 |
) |
|
$ |
(5,295 |
) |
|
$ |
9,471 |
|
Net income (loss) per share—basic |
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.21 |
|
Net income (loss) per share—diluted |
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.20 |
|
Shares used in calculating net income (loss) per share—basic |
|
47,017 |
|
|
|
46,002 |
|
|
|
46,764 |
|
|
|
45,625 |
|
Shares used in calculating net income (loss) per share—diluted |
|
48,307 |
|
|
|
46,473 |
|
|
|
47,792 |
|
|
|
46,210 |
|
MITEK SYSTEMS, INC. |
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STOCK-BASED COMPENSATION EXPENSE |
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(Unaudited) |
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(amounts in thousands) |
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|
|
|
|
|
|
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Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cost of revenue |
$ |
194 |
|
$ |
124 |
|
$ |
447 |
|
$ |
316 |
||||
Selling and marketing |
|
818 |
|
|
|
885 |
|
|
|
2,579 |
|
|
|
2,423 |
|
Research and development |
|
1,344 |
|
|
|
644 |
|
|
|
3,751 |
|
|
|
2,097 |
|
General and administrative |
|
1,229 |
|
|
|
991 |
|
|
|
4,124 |
|
|
|
2,954 |
|
Total stock-based compensation expense |
$ |
3,585 |
|
|
$ |
2,644 |
|
|
$ |
10,901 |
|
|
$ |
7,790 |
|
MITEK SYSTEMS, INC. |
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DISAGGREGATION OF REVENUE |
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(Unaudited) |
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(amounts in thousands) |
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|
Three Months Ended June 30, |
|
|
|
Nine Months Ended June 30, |
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|
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|
2024 |
|
% of Total |
|
2023 |
|
% of Total |
|
2024 |
|
% of Total |
|
2023 |
|
% of Total |
||||||||
Major product category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits software and hardware |
$ |
21,793 |
|
74 |
% |
|
$ |
18,300 |
|
74 |
% |
|
$ |
58,335 |
|
73 |
% |
|
$ |
64,979 |
|
77 |
% |
Deposits services and other |
|
7,493 |
|
26 |
% |
|
|
6,504 |
|
26 |
% |
|
|
21,539 |
|
27 |
% |
|
|
18,866 |
|
23 |
% |
Deposits revenue |
|
29,286 |
|
|
|
|
24,804 |
|
|
|
|
79,874 |
|
|
|
|
83,845 |
|
|
||||
Identity verification software and hardware |
|
869 |
|
6 |
% |
|
|
3,147 |
|
17 |
% |
|
|
5,196 |
|
11 |
% |
|
|
8,104 |
|
16 |
% |
Identity verification services and other |
|
14,821 |
|
94 |
% |
|
|
15,119 |
|
83 |
% |
|
|
43,791 |
|
89 |
% |
|
|
42,947 |
|
84 |
% |
Identity verification revenue |
|
15,690 |
|
|
|
|
18,266 |
|
|
|
|
48,987 |
|
|
|
|
51,051 |
|
|
||||
Total revenue |
$ |
44,976 |
|
|
|
$ |
43,070 |
|
|
|
$ |
128,861 |
|
|
|
$ |
134,896 |
|
|
||||
MITEK SYSTEMS, INC. |
|||||||||||||||
NON-GAAP NET INCOME RECONCILIATION |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(amounts in thousands except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
216 |
|
|
$ |
(428 |
) |
|
$ |
(5,295 |
) |
|
$ |
9,471 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Acquisition-related costs and expenses(1) |
|
3,749 |
|
|
|
6,207 |
|
|
|
11,581 |
|
|
|
15,302 |
|
Litigation and other legal costs(2) |
|
157 |
|
|
|
393 |
|
|
|
3,244 |
|
|
|
1,119 |
|
Executive transition costs |
|
1,265 |
|
|
|
91 |
|
|
|
2,033 |
|
|
|
672 |
|
Stock-based compensation expense |
|
3,585 |
|
|
|
2,644 |
|
|
|
10,901 |
|
|
|
7,790 |
|
Non-recurring audit fees |
|
1,014 |
|
|
|
812 |
|
|
|
5,025 |
|
|
|
2,185 |
|
Enterprise risk, portfolio positioning and other related costs(3) |
|
— |
|
|
|
— |
|
|
|
996 |
|
|
|
— |
|
Restructuring costs(4) |
|
1,070 |
|
|
|
14 |
|
|
|
1,648 |
|
|
|
2,000 |
|
Amortization of debt discount and issuance costs |
|
2,081 |
|
|
|
1,909 |
|
|
|
6,057 |
|
|
|
5,609 |
|
Income tax effect of pre-tax adjustments |
|
(1,880 |
) |
|
|
(3,415 |
) |
|
|
(9,274 |
) |
|
|
(9,113 |
) |
Cash tax difference(5) |
|
740 |
|
|
|
1,243 |
|
|
|
2,939 |
|
|
|
2,410 |
|
Non-GAAP net income |
$ |
11,997 |
|
|
$ |
9,470 |
|
|
$ |
29,855 |
|
|
$ |
37,445 |
|
Non-GAAP income per share—basic |
$ |
0.26 |
|
|
$ |
0.21 |
|
|
$ |
0.64 |
|
|
$ |
0.82 |
|
Non-GAAP income per share—diluted |
$ |
0.25 |
|
|
$ |
0.20 |
|
|
$ |
0.62 |
|
|
$ |
0.81 |
|
Shares used in calculating non-GAAP net income per share—basic |
|
47,017 |
|
|
|
46,002 |
|
|
|
46,764 |
|
|
|
45,625 |
|
Shares used in calculating non-GAAP net income per share—diluted |
|
48,307 |
|
|
|
46,473 |
|
|
|
47,792 |
|
|
|
46,210 |
|
(1) |
Amortization of intangible assets recognized primarily from the ID R&D and HooYu acquisitions and the change in fair value of acquisition-related contingent consideration. |
|
(2) |
During the three and nine month periods ended December 31, 2023 and June 30, 2024, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects. |
|
(3) |
During the nine months ended June 30, 2024, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses. |
|
(4) |
Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were |
|
(5) |
The Company’s non-GAAP net income is calculated using a cash tax rate of |
MITEK SYSTEMS, INC. NON-GAAP OPERATING INCOME RECONCILIATION (Unaudited) (amounts in thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
GAAP operating income |
$ |
734 |
|
|
$ |
1,792 |
|
|
$ |
(5,484 |
) |
|
$ |
18,851 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Acquisition-related costs and expenses |
|
3,749 |
|
|
|
6,207 |
|
|
|
11,581 |
|
|
|
15,302 |
|
Litigation and other legal costs |
|
157 |
|
|
|
393 |
|
|
|
3,244 |
|
|
|
1,119 |
|
Executive transition costs |
|
1,265 |
|
|
|
91 |
|
|
|
2,033 |
|
|
|
672 |
|
Stock-based compensation expense |
|
3,585 |
|
|
|
2,644 |
|
|
|
10,901 |
|
|
|
7,790 |
|
Non-recurring audit fees |
|
1,014 |
|
|
|
812 |
|
|
|
5,025 |
|
|
|
2,185 |
|
Enterprise risk, portfolio positioning and other related costs |
|
— |
|
|
|
— |
|
|
|
996 |
|
|
|
— |
|
Restructuring costs |
|
1,070 |
|
|
|
14 |
|
|
|
1,648 |
|
|
|
2,000 |
|
Non-GAAP operating income |
$ |
11,574 |
|
|
$ |
11,953 |
|
|
$ |
29,944 |
|
|
$ |
47,919 |
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue |
$ |
44,976 |
|
|
$ |
43,070 |
|
|
$ |
128,861 |
|
|
$ |
134,896 |
|
Non-GAAP operating margin |
|
26 |
% |
|
|
28 |
% |
|
|
23 |
% |
|
|
36 |
% |
MITEK SYSTEMS, INC. |
|||||||||||||||
SUPPLEMENTAL RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(amounts in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Selling and marketing |
$ |
10,354 |
|
$ |
10,296 |
|
$ |
31,231 |
|
$ |
29,434 |
||||
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
818 |
|
|
|
885 |
|
|
|
2,579 |
|
|
|
2,423 |
|
Non-GAAP Selling and marketing |
$ |
9,536 |
|
|
$ |
9,411 |
|
|
$ |
28,652 |
|
|
$ |
27,011 |
|
|
|
|
|
|
|
|
|
||||||||
Research and development |
$ |
9,982 |
|
|
$ |
7,461 |
|
|
$ |
28,569 |
|
|
$ |
22,504 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
1,344 |
|
|
|
644 |
|
|
|
3,751 |
|
|
|
2,097 |
|
Non-GAAP Research and development |
$ |
8,638 |
|
|
$ |
6,817 |
|
|
$ |
24,818 |
|
|
$ |
20,407 |
|
|
|
|
|
|
|
|
|
||||||||
General and administrative |
$ |
12,604 |
|
|
$ |
11,588 |
|
|
$ |
43,085 |
|
|
$ |
30,126 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
1,229 |
|
|
|
991 |
|
|
|
4,124 |
|
|
|
2,954 |
|
Litigation and other legal costs |
|
157 |
|
|
|
393 |
|
|
|
3,244 |
|
|
|
1,119 |
|
Executive transition costs |
|
1,265 |
|
|
|
91 |
|
|
|
2,033 |
|
|
|
672 |
|
Non-recurring audit fees |
|
1,014 |
|
|
|
812 |
|
|
|
5,025 |
|
|
|
2,185 |
|
Enterprise risk, portfolio positioning and other related costs |
|
— |
|
|
|
— |
|
|
|
996 |
|
|
|
— |
|
Non-GAAP General and administrative |
$ |
8,939 |
|
|
$ |
9,301 |
|
|
$ |
27,663 |
|
|
$ |
23,196 |
|
|
|
|
|
|
|
|
|
||||||||
Total Non-GAAP Operating Expense |
$ |
27,113 |
|
|
$ |
25,529 |
|
|
$ |
81,133 |
|
|
$ |
70,614 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808303098/en/
Investor Contact:
Todd Kehrli or Jim Byers
MKR Investor Relations, Inc.
mitk@mkr-group.com
Source: Mitek Systems, Inc.
FAQ
What were Mitek's revenue and net income for Q3 fiscal 2024?
What is Mitek's revised full-year revenue guidance for fiscal 2024?
How much did Mitek's non-GAAP net income increase in Q3 fiscal 2024?
What was Mitek's operating margin for Q3 fiscal 2024?
How many shares did Mitek repurchase in Q3 fiscal 2024?
