Total Revenue for Fiscal 2022 Increased 20%
Year Over Year; Company Guides for Continued Revenue and Earnings
Growth in Fiscal 2023
Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek”
or the “Company”), a global leader in digital identity and digital
fraud prevention, today reported financial results for both its
fourth quarter and fiscal 2022 full year ended September 30, 2022.
Total revenue for the full year fiscal 2022 increased 20% year over
year, driven by additional revenue as a result of the acquisition
of HooYu Ltd. (“HooYu”), as well as increased demand for both
Mitek’s digital identity verification and deposits solutions, as
commerce continues its rapid shift to digital channels.
Fiscal 2022 Business Accomplishments
- Continued deposits business growth driven by increasing
consumer usage of Mobile Check Deposit and strong adoption of Check
Fraud Defender by several leading financial institutions.
- Successful integration of HooYu into the Mitek Identity line of
business which streamlined operations and yielded significant
synergies in product development and go to market.
- Launched the integrated identity platform, Mitek’s Verified
Identity Platform (MiVIP), which expanded Mitek’s addressable
market and delivered improved unit economics.
- Shortly following the close of the fiscal 2022, Mitek launched
MiPass, the industry’s first multi-model biometric solution for
continuous identity authentication, which further expanded Mitek’s
total addressable market.
Fiscal 2022 Full Year Financial Highlights
- Total revenue increased 20% year over year to a record $143.9
million.
- GAAP net operating income was $11.3 million.
- GAAP net income was $3.0 million, or $0.07 per diluted
share.
- Non-GAAP net operating income was $43.5 million, operating
margin of 30%, up 86 basis points year over year.
- Non-GAAP net income increased 16% year over year to a record
$39.6 million, or $0.87 per diluted share.
- Cash flow from operations was $26.4 million.
- Total cash and investments were $101.0 million at September 30,
2022.
Fiscal Fourth Quarter 2022 Financial Highlights
- Total revenue increased 17% year over year to $38.8
million.
- GAAP net operating income was $2.9 million.
- GAAP net loss was $0.3 million, or $0.01 per diluted
share.
- Non-GAAP net operating income was $11.0 million, operating
margin of 28%.
- Non-GAAP net income was $9.0 million, or $0.20 per diluted
share.
Mitek CEO, Max Carnecchia’s Comments
“Fiscal 2022 was another record year for Mitek. We again
achieved record revenue and earnings and delivered strong cash flow
from operations, as we continued to deliver industry leading
products that make digital commerce faster and safer. This ongoing
momentum reinforces our unwavering optimism about our long-term
prospects and our ability to further penetrate our large target
addressable markets.”
Fiscal 2023 Guidance
Mitek expects revenue for the year ending September 30, 2023 to
be in the range of $162.0 million to $165.0 million, an increase of
approximately 14% year over year from the mid-point of the guidance
range. In addition, Mitek expects its non-GAAP operating margin for
fiscal 2023 to be in the range of 29.5% to 30.5%.
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. To
access the live call, dial 877-270-2148 (US and Canada) or +1
412-902-6510 (International) and ask to join the Mitek call.
A live and archived webcast of the conference call will be
accessible on the Investor Relations section of the Company’s
website at www.miteksystems.com. In addition, a phone replay will
be available approximately two hours following the end of the call,
and it will remain available for one week. The phone call replay
can be access by dialing 877-344-7529 (US or Canada) or
1-412-317-0088 (International) and entering the passcode:
9370119.
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital identity and
digital fraud prevention, with technology 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. More than 7,800 organizations use Mitek to enable trust
and convenience for mobile check deposit, new account opening and
more. Learn more at www.miteksystems.com. [(MITK-F)]
Follow Mitek on LinkedIn, Twitter 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 long-term
prospects and market opportunities 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 U.S.
Securities and Exchange Commission (SEC), including, but not
limited to, the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2021, as filed with the SEC on December
13, 2021 and its quarterly reports on Form 10-Q and current reports
on Form 8-K, which you may obtain for free on the SEC’s website at
www.sec.gov. Collectively, these risks and uncertainties could
cause the Company’s actual results to differ materially from those
projected in its forward-looking statements and you are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company disclaims any
intention or obligation to update, amend or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-U.S. generally accepted
accounting principles (“GAAP”) financial measures for non-GAAP net
income and non-GAAP net income per share that exclude amortization
and acquisition-related costs, intellectual property litigation
costs, executive transition costs, stock compensation expenses,
restructuring costs, amortization of debt discount and issuance
costs, income tax effect of pre-tax adjustments, and the cash tax
difference. These financial measures are not calculated in
accordance with GAAP and are not based on any comprehensive set of
accounting rules or principles. In evaluating the Company’s
performance, management uses certain non-GAAP financial measures to
supplement financial statements prepared under GAAP. Management
believes these non-GAAP financial measures provide a useful measure
of the Company’s operating results, a meaningful comparison with
historical results and with the results of other companies, and
insight into the Company’s ongoing operating performance. Further,
management and the Board of Directors of the Company utilize these
non-GAAP financial measures to gain a better understanding of the
Company’s comparative operating performance from period-to-period
and as a basis for planning and forecasting future periods.
Management believes these non-GAAP financial measures, when read in
conjunction with the Company’s GAAP financial statements, are
useful to investors because they provide a basis for meaningful
period-to-period comparisons of the Company’s ongoing operating
results, including results of operations against investor and
analyst financial models, which helps identify trends in the
Company’s underlying business and provides a better understanding
of how management plans and measures the Company’s underlying
business.
MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(amounts in thousands except
share data)
September 30, 2022
September 30, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
32,059
$
30,312
Short-term investments
58,268
149,057
Accounts receivable, net
27,874
16,602
Contract assets
6,273
4,080
Prepaid expenses
2,000
1,920
Other current assets
2,622
2,085
Total current assets
129,096
204,056
Long-term investments
10,633
48,051
Property and equipment, net
3,493
3,671
Right-of-use assets
5,155
7,056
Goodwill and intangible assets
195,942
91,830
Deferred income tax assets
10,245
10,511
Convertible senior notes hedge
—
48,208
Other non-current assets
5,846
6,310
Total assets
$
360,410
$
419,693
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
4,974
$
2,507
Accrued payroll and related taxes
10,393
11,776
Accrued liabilities(1)
1,155
480
Deferred revenue, current portion
13,394
10,381
Lease liabilities, current portion
2,110
1,943
Acquisition-related contingent
consideration
5,920
11,050
Restructuring accrual
901
—
Other current liabilities(1)
1,650
1,072
Total current liabilities
40,497
39,209
Convertible senior notes
127,970
120,918
Embedded conversion derivative
—
48,208
Deferred revenue, non-current portion
1,775
955
Lease liabilities, non-current portion
4,106
6,588
Deferred income tax liabilities, non
current portion
14,132
4,117
Other non-current liabilities
1,613
6,868
Total liabilities
190,093
226,863
Stockholders’ equity:
Preferred stock, $0.001 par value,
1,000,000 shares authorized, none issued and outstanding
—
—
Common stock, $0.001 par value,
120,000,000 shares authorized, 44,680,429 and 44,168,745 issued and
outstanding, as of September 30, 2022 and September 30, 2021,
respectively
44
44
Additional paid-in capital
216,493
199,935
Accumulated other comprehensive loss
(28,219
)
(943
)
Accumulated deficit
(18,001
)
(6,066
)
Treasury stock, at cost, no shares and
7,773 shares as of September 30, 2022 and September 30, 2021,
respectively
—
(140
)
Total stockholders’ equity
170,317
192,830
Total liabilities and stockholders’
equity
$
360,410
$
419,693
(1)
September 30, 2021 consolidated balance
sheet reflects reclassifications to conform to the current year
presentation.
MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(amounts in thousands except
per share data)
Three Months Ended September
30,
Twelve Months Ended September
30,
2022
2021
2022
2021
Revenue
Software and hardware
$
19,815
$
17,781
$
72,925
$
60,069
Services and other
18,950
15,490
71,018
59,728
Total revenue
38,765
33,271
143,943
119,797
Operating costs and expenses
Cost of revenue—software and hardware
380
260
1,576
2,468
Cost of revenue—services and other
4,838
2,940
18,432
16,482
Selling and marketing
9,951
8,449
38,841
32,497
Research and development
8,278
8,241
30,192
23,632
General and administrative
7,993
6,081
26,591
22,490
Acquisition-related costs and expenses
4,395
3,375
15,172
8,951
Restructuring costs
(7
)
—
1,800
—
Total operating costs and expenses
35,828
29,346
132,604
106,520
Operating income
2,937
3,925
11,339
13,277
Interest expense
2,107
1,587
8,232
5,129
Other income (expense), net
(368
)
106
(370
)
654
Income before income taxes
462
2,444
2,737
8,802
Income tax benefit (provision)
(773
)
(637
)
295
(824
)
Net income (loss)
$
(311
)
$
1,807
$
3,032
$
7,978
Net income (loss) per share—basic
$
(0.01
)
$
0.04
$
0.07
$
0.18
Net income (loss) per share—diluted
$
(0.01
)
$
0.04
$
0.07
$
0.18
Shares used in calculating net income
(loss) per share—basic
44,693
44,616
44,595
43,509
Shares used in calculating net income
(loss) per share—diluted
45,311
46,236
45,780
45,083
MITEK SYSTEMS, INC.
NON-GAAP NET INCOME
RECONCILIATION
(Unaudited)
(amounts in thousands except
per share data)
Three Months Ended September
30,
Twelve Months Ended September
30,
2022
2021
2022
2021
Net income (loss)
$
(311
)
$
1,807
$
3,032
$
7,978
Non-GAAP adjustments:
Amortization and acquisition-related
costs(2)
4,395
3,375
15,533
8,951
Intellectual property litigation costs
348
330
1,446
974
Executive transition costs
—
—
—
428
Stock compensation expense
3,278
2,950
13,363
11,532
Restructuring costs
(7
)
—
1,800
—
Amortization of debt discount and issuance
costs
1,813
1,292
7,053
4,373
Income tax effect of pre-tax
adjustments
(2,457
)
(1,802
)
(9,799
)
(6,013
)
Cash tax difference(1)
1,935
2,179
7,210
5,961
Non-GAAP net income
8,994
10,131
39,638
34,184
Non-GAAP income per share—basic
$
0.20
$
0.23
$
0.89
$
0.79
Non-GAAP income per share—diluted
$
0.20
$
0.22
$
0.87
$
0.76
Shares used in calculating non-GAAP net
income per share—basic
44,693
44,616
44,595
43,509
Shares used in calculating non-GAAP net
income per share—diluted
45,311
46,236
45,780
45,083
(1)
The Company’s non-GAAP net income is
calculated using a cash tax rate of 5.4% and 3% in fiscal 2022 and
2021, respectively. The estimated cash tax rate is the estimated
tax payable on the Company’s tax returns as a percentage of
estimated annual non-GAAP pre-tax net income. The Company uses an
estimated cash tax rate to adjust for the historical variation in
the effective book tax rate associated with the reversal of
valuation allowances, the utilization of research and development
tax credits, and the utilization of loss carryforwards which
currently have an overall effect of reducing taxes payable. The
Company believes that the cash tax rate provides a more transparent
view of the Company’s operating results. The Company’s effective
tax rate used for the purposes of calculating GAAP net income
(loss) for the three months ended September 30, 2022 and 2021 was
167% and 26%, respectively. The Company’s effective tax rate used
for the purposes of calculating GAAP net income for the twelve
months ended September 30, 2022 and 2021 was negative 11% and 9%,
respectively.
(2)
Included in acquisition-related costs and
expenses is $0.3 million of foreign exchange and investment losses
incurred in connection with the acquisition of HooYu Ltd. which is
included in other income (expense), net in the consolidated
statements of operations for the twelve months ended September 30,
2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230629125709/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
Mitek Systems (NASDAQ:MITK)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Mitek Systems (NASDAQ:MITK)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024