Group 1 - Mitek Systems reported quarterly earnings of $0.15 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, and showing a slight increase from $0.14 per share a year ago, resulting in an earnings surprise of 15.38% [1] - The company achieved revenues of $37.25 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.93%, and compared to $36.92 million in the same quarter last year [2] - Mitek Systems has outperformed consensus revenue estimates three times over the last four quarters [2] Group 2 - The stock has underperformed the market, losing about 5.8% since the beginning of the year, while the S&P 500 has gained 2.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.24 on revenues of $47.02 million, and for the current fiscal year, it is $0.87 on revenues of $175.36 million [7] Group 3 - The Computer - Optical Imaging industry, to which Mitek Systems belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Mitek Systems is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Revenue Performance - Total revenue for the three months ended December 31, 2024, was $37.3 million, a 1% increase from $36.9 million in the same period of 2023[130] - Software and hardware revenue decreased by $4.0 million, or 25%, to $12.0 million, primarily due to lower sales of Mobile Deposit® software products[138] - Services and other revenue increased by $4.3 million, or 21%, to $25.3 million, driven by higher transactional SaaS revenue from identity verification products[138] Net Loss and Cash Flow - Net loss for the three months ended December 31, 2024, was $4.6 million, or negative $0.10 per diluted share, an improvement from a net loss of $5.8 million, or negative $0.13 per diluted share, in the same period of 2023[130] - Cash provided by operating activities was $0.6 million for the three months ended December 31, 2024, compared to cash used in operating activities of $9.5 million in the same period of 2023[130] - Net cash provided by operating activities for the three months ended December 31, 2024 was $0.6 million, an increase of $10.0 million compared to a net cash used of $9.5 million in the same period of 2023[149] Expenses - General and administrative expenses decreased by $3.6 million, or 23%, to $11.9 million, primarily due to lower legal and professional fees[142] - Research and development expenses decreased by $0.6 million, or 6%, to $8.3 million, mainly due to lower personnel-related costs[141] - Selling and marketing expenses decreased by $0.2 million, or 2%, to $9.7 million, attributed to lower personnel-related costs[140] Other Income and Tax - Other income decreased by $1.1 million, or 66%, to $0.6 million, primarily due to higher foreign currency exchange transactional losses[146] - For the three months ended December 31, 2024, the company recorded an income tax benefit of $0.3 million, resulting in an effective tax rate of 6%, compared to a benefit of $1.7 million and a 23% effective tax rate for the same period in 2023[147] Cash and Securities - As of December 31, 2024, the company had $137.9 million in cash and cash equivalents, a decrease of $3.9 million or 3% from $141.8 million on September 30, 2024[148] - Net cash provided by investing activities was $0.8 million for the three months ended December 31, 2024, a decrease of $17.0 million from $17.9 million in the same period of 2023[150] - As of December 31, 2024, the Company had $47.3 million in available-for-sale debt securities, representing 12% of total assets[174] Financing Activities - The company used $3.1 million in financing activities during the three months ended December 31, 2024, primarily due to repurchases of Common Stock[151] - The company issued $155.3 million in 0.75% Convertible Senior Notes due 2026, with a conversion price of approximately $20.85 per share, representing a 37.5% premium to the last reported sale price on February 2, 2021[152] - The company entered into a revolving line of credit agreement allowing borrowing up to $35.0 million, with an additional $15.0 million at the bank's discretion[158] Share Repurchase and Leverage - The company has a share repurchase program authorized for up to $50.0 million, effective from May 16, 2024, to May 16, 2026[165] - As of December 31, 2024, the company's net leverage ratio was 1.79 to 1.00, in compliance with the covenant of the Credit Agreement[163] - The Company purchased 363,378 shares for $3.3 million at an average price of $8.99 per share during the three months ended December 31, 2024[166] Working Capital and Securities Classification - Working capital decreased to $138.3 million at December 31, 2024, down from $142.9 million at September 30, 2024[168] - The Company classified $30.6 million of available-for-sale securities as current and $16.7 million as long-term as of December 31, 2024[167] Market Conditions and Accounting Estimates - A hypothetical 100 basis point change in market interest rates would not materially impact the fair value of the Company's cash equivalents and debt securities[175] - The Company operates in the UK, France, the Netherlands, and Spain, exposing it to foreign currency exchange rate fluctuations[176] - Inflation did not have a material effect on the Company's financial condition or results of operations during the three months ended December 31, 2024[177] - The Company has not made any material changes to its critical accounting estimates from those disclosed in the 2024 Annual Report[170] - The fair value of cash equivalents and debt securities is subject to changes in market interest rates and issuer creditworthiness[175] - The Company believes its current cash and cash equivalents will be adequate to satisfy working capital needs for at least the next twelve months[168]

Financial Performance - Mitek reported fiscal 2025 first quarter revenue of $37.3 million, relatively flat year-over-year compared to $36.9 million[5]. - GAAP net loss for the quarter was $4.6 million, an improvement from a net loss of $5.8 million a year ago[5]. - Adjusted EBITDA increased to $7.8 million, up from $5.9 million a year ago, with an adjusted EBITDA margin of 21%, compared to 16% a year ago[5]. - Non-GAAP net income was $6.6 million, slightly up from $6.3 million a year ago, with non-GAAP net income per diluted share at $0.15[5]. - Total revenue for the three months ended December 31, 2024, was $37,254,000, representing an increase of 0.9% compared to $36,917,000 in the same period of 2023[19]. - GAAP net loss for Q4 2024 was $4,612,000, an improvement from a loss of $5,793,000 in Q4 2023[25]. - Adjusted EBITDA for Q4 2024 was $7,845,000, with an adjusted EBITDA margin of 21%, compared to $5,949,000 and 16% in Q4 2023[25]. - Non-GAAP net income for the same period was $6,633 thousand, compared to $6,325 thousand in 2023, reflecting a year-over-year increase of 4.9%[28]. - Non-GAAP income per share—basic and diluted for Q4 2024 was $0.15, up from $0.14 in Q4 2023[28]. Revenue Segmentation - SaaS products grew 29% year-over-year, contributing positively to the overall performance[2]. - Total deposits revenue decreased to $19,285,000 in Q4 2024, down 8.5% from $21,077,000 in Q4 2023[19]. - Total identity revenue increased to $17,969,000 in Q4 2024, up 13.4% from $15,840,000 in Q4 2023[19]. Cash and Investments - Total cash and investments decreased to $137.9 million from $141.8 million at the end of the previous fiscal year[5]. - Total current assets decreased to $176,837,000 as of December 31, 2024, down from $185,051,000 as of September 30, 2024[18]. - Free cash flow for the twelve months ended December 31, 2024, was $40,184 thousand, compared to $15,742 thousand for the twelve months ended December 31, 2023, indicating a significant increase[30]. - Operating cash flow for the three months ended December 31, 2024, was $7,064 thousand, compared to $6,301 thousand in the same period of 2023[30]. Guidance and Future Outlook - Mitek is maintaining its fiscal 2025 full-year revenue guidance of between $170 million and $180 million[5]. - The company raised the lower end of its fiscal 2025 adjusted EBITDA margin guidance by 100 basis points to a range of 25%-28%[5]. - The company is focused on strengthening its foundation for durable, profitable revenue growth in fiscal 2026 and beyond[2]. Expenses and Liabilities - Non-GAAP operating expenses for Q4 2024 were $24,021,000, a decrease from $25,955,000 in Q4 2023[23]. - Total liabilities decreased to $195,042,000 as of December 31, 2024, compared to $198,952,000 as of September 30, 2024[18]. - Stockholders' equity decreased to $200,917,000 as of December 31, 2024, down from $214,801,000 as of September 30, 2024[18]. - Total stock-based compensation expense for Q4 2024 was $4,465 thousand, an increase from $3,430 thousand in Q4 2023[32]. Taxation - The estimated cash tax rate for fiscal 2025 is 15%, compared to 9% for fiscal 2024, reflecting a change in tax strategy[28]. - The effective tax rate for GAAP net income was 6% for fiscal 2025, down from 23% for fiscal 2024, indicating improved tax efficiency[28]. Strategic Initiatives - The company utilized third-party experts for product portfolio evaluation and competitive landscape analysis during Q4 2023, indicating a focus on strategic positioning[28]. - Mitek repurchased 0.4 million shares at an average price of $8.99, totaling approximately $3.3 million[5]. - Restructuring costs for the three months ended December 31, 2024, were $808 thousand, significantly higher than $48 thousand in the same period of 2023[28].

Group 1 - Mitek (NASDAQ: MITK) reported strong quarterly results with effective cost control and solid revenue growth in key product areas, particularly in ID and Check Fraud Defender [2] - The Value Lab focuses on long-only value investment strategies, targeting international mispriced equities with a portfolio yield of approximately 4% [1][2] - The Valkyrie Trading Society consists of analysts sharing high-conviction investment ideas that are expected to generate non-correlated and outsized returns in the current economic environment [3]

Core Insights - Mitek Systems, Inc. (MITK) reported non-GAAP earnings of 33 cents per share for Q4 fiscal 2024, up from 15 cents a year ago, exceeding the Zacks Consensus Estimate of 17 cents [1] - Revenues increased by 15% year over year to $43.2 million, surpassing the consensus estimate by approximately 5% [2] - The company is focusing on integrating past acquisitions and enhancing products to drive revenue growth and reduce costs [3] Financial Performance - Software & Hardware revenues, accounting for 42% of total revenues, rose by around 20% year over year to $18.3 million [4] - Services and other revenues, making up 58% of total revenues, increased to $24.8 million from $22.4 million in the prior year [5] - Non-GAAP operating income was $15 million, compared to $5.4 million in the year-ago quarter, with a non-GAAP operating margin of 35% [6] Balance Sheet and Cash Flow - As of September 30, 2024, MITK had cash and cash equivalents and investments totaling $141.8 million, a $6.8 million increase year over year [7] - The company generated a free cash flow of $30.3 million during the quarter and repurchased 2.2 million shares for $24.2 million [7] Outlook - For fiscal 2025, the company projects revenues in the range of $170-$180 million, with an adjusted EBITDA margin expected between 24% to 28% [8]

Group 1 - The core investment strategy focuses on buying undervalued companies at pivotal moments when their business narrative is shifting towards increased profitability [1] - The investment portfolio is concentrated, typically consisting of 15 to 20 stocks, with an average holding period of 18 months [1] - The primary sectors of interest include technology and the Great Energy Transition, which encompasses uranium investments [1] Group 2 - Michael Wiggins De Oliveira has over 10 years of experience analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] - He leads the investing group Deep Value Returns, which offers insights through a concentrated portfolio of value stocks, timely updates, and a supportive community for investors [3] - The group provides features such as weekly webinars for live advice and personalized support for both new and experienced investors [3]

Financial Data and Key Metrics - Q4 2024 revenue was $43.2 million, a 15% year-over-year increase, surpassing the midpoint of guidance by $1.1 million [38] - Identity products revenue grew 13% year-over-year, while deposit products revenue grew 17% [38] - Non-GAAP operating income for Q4 was $15 million, with a 34.8% margin, driven by one-time adjustments and operating expense efficiencies [39] - Full-year 2024 revenue was $172.1 million, roughly flat year-over-year, with a non-GAAP operating margin of 26% [41] - Free cash flow for fiscal 2024 was $30.3 million, with $141.8 million in cash and investments at year-end [47] Business Line Performance - Deposit products revenue declined slightly by less than 1% to $103.6 million, driven by timing of renewals, while Check Fraud Defender (CFD) showed strong growth [43] - Identity products revenue increased by less than 1% to $68.5 million, with growth in MiVIP offset by legacy ICAR hardware sunsetting and pricing pressure in Mobile Verify [45] - MiVIP platform transaction volumes more than doubled in several Tier 1 accounts, with revenue per transaction significantly higher than Mobile Verify [24] Market Performance - The U.S. check market processes 8-9 billion checks annually, with about one-third suitable for mobile capture. Mitek's platform handles over 1.2 billion transactions, representing a 40% digital adoption rate [44] - CFD's annualized contract value (ACV) grew nearly 60% year-over-year, exceeding $10 million at fiscal 2024's close, with strong interest expected to more than double ACV in fiscal 2025 [29] Strategy and Industry Competition - The company is focusing on organic growth, operational discipline, and transitioning to a higher proportion of SaaS revenue, aiming for SaaS to approach 50% of total revenue by fiscal 2026 [32] - Mitek is positioning itself as a comprehensive solution for fraud prevention and identity-related cybersecurity risks, leveraging proprietary technologies to combat AI-driven fraud and deepfakes [26][27] - The company is integrating acquired technologies, streamlining operations, and optimizing go-to-market strategies to achieve profitability in the identity product portfolio [20][21][22] Management Commentary on Business Environment and Outlook - Management emphasized the importance of operational discipline and organic growth, with a focus on strengthening the foundation in fiscal 2025 to deliver accelerating and profitable growth in fiscal 2026 [30] - The company expects revenue growth in fiscal 2025 to be driven by SaaS products, with adjusted EBITDA margins guided between 24% and 28% [49] - Management highlighted the growing threat of AI-driven fraud and the company's unique position to address these challenges with its proprietary technologies [27][28] Other Important Information - The company repurchased 2.2 million shares for $24.2 million in fiscal 2024 and plans to continue share repurchases in fiscal 2025, albeit at a slower pace to maintain financial flexibility [47][48] - Mitek is transitioning some on-premise CFD customers to the consortium model, which may create a small GAAP revenue headwind but strengthens the consortium's data asset [50] Q&A Session Summary Question: Lower-hanging fruit for organic growth and medium-term growth opportunity [56][63] - The company is focusing on integrating solutions, improving algorithms, and rolling out new products like Digital Fraud Defender to drive organic growth [58][59] - Management sees a medium-term opportunity for double-digit growth, with a focus on achieving low-teens CAGR [64] Question: Check Fraud Defender (CFD) customer conversations and partner activation [67][69] - CFD has shown strong ROI, with datasets built on 17% of U.S. checking accounts, and the company expects significant growth in fiscal 2025 [67][69] Question: Pricing power in mobile check deposit [75][76] - Mitek has a dominant position in the mobile check deposit market, with pricing aligned to the value provided to customers [75][76] Question: CFD revenue disclosure and investment [77][79] - The company plans to report more on ACV for CFD and expects incremental investment in CFD to impact EBITDA margins by mid-single-digit percentage points [77][79] Question: Identity product growth and profitability [97][103] - The company expects identity product revenue growth to be driven by SaaS solutions, with a goal of reaching $80-$85 million in run-rate revenue for the identity portfolio to become margin accretive [97][103] Question: Integration and transformation program [106][110] - The company is focused on automating transactions, integrating platforms, and aligning the organization to drive organic growth and margin expansion, with significant progress expected in fiscal 2025 [106][110] Question: Expense levels and cost savings [113][114] - Management expects margin expansion beyond fiscal 2025 if operational efficiencies are achieved, with current guidance incorporating planned investments and cost reductions [113][114] Question: Reduction in identity business spend [115][117] - Spending on identity products will be flat to slightly down in fiscal 2025, with a focus on driving productivity and customer satisfaction while maintaining innovation [115][117]

Core Viewpoint - Mitek Systems reported quarterly earnings of $0.33 per share, significantly exceeding the Zacks Consensus Estimate of $0.17 per share, marking a 94.12% earnings surprise [1][2]. Financial Performance - The company achieved revenues of $43.22 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.94% and showing an increase from $37.66 million year-over-year [2]. - Over the last four quarters, Mitek Systems has exceeded consensus revenue estimates two times [2]. Stock Performance - Mitek Systems shares have declined approximately 32.7% since the beginning of the year, contrasting with the S&P 500's gain of 26.9% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.11 on revenues of $36.07 million, and for the current fiscal year, it is $0.82 on revenues of $179.31 million [7]. - The estimate revisions trend for Mitek Systems is mixed, which may change following the recent earnings report [6]. Industry Context - The Computer - Optical Imaging industry, to which Mitek Systems belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8].

Financial Performance - Total revenue for the fiscal year 2024 was $172.1 million, a decrease of less than 1% from $172.6 million in fiscal year 2023[122]. - Net income for fiscal year 2024 was $3.3 million, or $0.07 per diluted share, down from $8.0 million, or $0.17 per diluted share in fiscal year 2023[122]. - Cash provided by operating activities was $31.7 million for fiscal year 2024, slightly up from $31.6 million in fiscal year 2023[122]. - Software and hardware revenue decreased by $6.5 million, or 7%, to $81.9 million in 2024, primarily due to a significant multiyear contract recognized in 2023[125]. - Services and other revenue increased by $6.0 million, or 7%, to $90.2 million in 2024, driven by strong growth in transactional SaaS revenue[125]. - The effective tax rate for fiscal year 2024 was 461%, compared to 22% in 2023, primarily due to pre-tax losses and research and development tax credits[137]. - The company experienced a revenue increase from $27.7 million in 2023 to $29.6 million in 2024 from the same key customer, indicating a growth rate of approximately 6.9%[79]. Acquisitions and Technology Development - Mitek acquired ID R&D in 2021 and HooYu Ltd. in 2022, significantly expanding its identity verification capabilities and KYC processes[13]. - Mitek's identity verification solutions now integrate manipulation detection to counter advanced AI-driven fraud tactics, addressing emerging cybersecurity threats[14]. - Mitek's MiVIP® platform combines facial biometrics, liveness detection, and ID document validation to provide a comprehensive identity verification solution[22]. - The company has issued 107 patents as of September 30, 2024, with expiration dates ranging from 2024 to 2041, and has filed for 20 additional patents[36]. - Mitek's Mobile Check Deposit product facilitates approximately 1.2 billion transactions annually, enhancing consumer experience and reducing fraud costs[12]. Employee and Organizational Structure - The company has 630 employees as of September 30, 2024, with 565 being full-time, including 318 in sales and marketing, and 229 in research and development[44]. - The company is committed to maintaining a workplace environment that promotes employee productivity and satisfaction, focusing on diversity and inclusion[44]. - The company has established an Annual Incentive Program for Fiscal 2024, aimed at enhancing employee performance and aligning with corporate goals[10.17]. - Mitek Systems, Inc. has implemented an Employee Stock Purchase Plan to encourage employee investment in the company[10.18]. Regulatory and Compliance Risks - The company is subject to various regulatory requirements that may increase compliance costs and impact business operations[51]. - The company is subject to significant fines for non-compliance with GDPR, which can reach up to 4% of worldwide revenue[76]. - The company faces risks from evolving data privacy laws, which may increase compliance costs and restrict the ability to collect and use personal information[80]. - The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) impose additional compliance obligations that could increase costs for the company[82]. - The company is subject to significant compliance efforts regarding data transfers from the EU to the U.S., which could lead to operational interruptions[75]. Financial Management and Capital Resources - The company anticipates that available capital resources and operating cash flows will be sufficient for at least the next 12 months, but may not support long-term growth[68]. - The company may need to raise additional capital through various means, which could be dilutive to existing shareholders[68]. - The company has a revolving line of credit agreement allowing borrowing up to $35 million, with no outstanding borrowings as of September 30, 2024[147]. - The Company issued $155.3 million of 0.75% Convertible Senior Notes due 2026, with net proceeds of approximately $149.7 million[144]. Cybersecurity and Operational Risks - Cyberattacks and security breaches could lead to significant financial liability and damage to the company's reputation and competitive position[86]. - The company relies on third-party systems for IT infrastructure, which are vulnerable to cyberattacks, potentially compromising sensitive data[86]. - The company faces risks associated with international operations, including compliance with foreign laws and potential liabilities under Anti-Corruption Laws[74]. Internal Controls and Financial Reporting - Management identified material weaknesses in its internal control over financial reporting, which could impair the accuracy of financial statements[90]. - The company’s internal control over financial reporting was not effective as of September 30, 2024, due to previously reported material weaknesses[169]. - Management has identified and implemented systems for order-to-cash management to reduce reliance on manual processes[175]. - Revenue recognition controls have been improved, including the identification of performance obligations and estimation of variable consideration, with ongoing employee training[175]. Market Competition and Challenges - The company faces competition from various sources, including customer-developed solutions and companies offering alternative identity verification methods, which may lead to price reductions and reduced gross margins[40]. - The decline in the use of checks and the rise of alternatives like Zelle and Venmo may negatively impact the company's revenue growth[57]. - The growth of active mobile banking users is plateauing, which could adversely affect the company's ability to grow its business[57]. - The company competes against several larger companies, which may result in price reductions and loss of market share[61]. Strategic Initiatives and Future Outlook - The company intends to expand its product offerings and introduce new mobile image capture and digital identity verification capabilities to meet a broader range of customer needs[41]. - The company plans to continue investing in research and development to maintain its competitive advantage in the mobile image capture and identity verification industry[39]. - The company is actively pursuing market expansion strategies, as indicated by its recent agreements and incentive programs[10.17][10.21].

Financial Performance - Fiscal 2024 Q4 revenue was $43.2 million, a 15% increase year-over-year from $37.7 million[3] - GAAP operating income for Q4 was $7.7 million, compared to a loss of $3.3 million in the same quarter last year, resulting in an operating margin of 18%[3] - Fiscal 2024 full-year revenue was $172.1 million, slightly down from $172.6 million the previous year[6] - Non-GAAP adjusted EBITDA for Q4 was $15.4 million, up from $5.9 million a year ago, with an adjusted EBITDA margin of 36%[5] - Non-GAAP net income for Q4 was $15.5 million, compared to $6.9 million a year ago, with a net income per diluted share of $0.33[5] - Total revenue for the three months ended September 30, 2024, was $43,222 thousand, a 14.5% increase from $37,656 thousand in the same period of 2023[24] - Net income for the three months ended September 30, 2024, was $8,573 thousand, compared to a net loss of $1,444 thousand in the same period of 2023[24] - Operating income for the three months ended September 30, 2024, was $7,715 thousand, a significant improvement from an operating loss of $3,287 thousand in the same period of 2023[24] - Total revenue for the twelve months ended September 30, 2024, was $172,083 million, slightly down from $172,552 million in the previous year[26] - GAAP net income for the three months ended September 30, 2024, was $8,573, compared to a loss of $1,444 for the same period in 2023[34] - Non-GAAP net income for the three months ended September 30, 2024, was $15,529, up from $6,922 in the same period in 2023[35] Cash and Investments - Total cash and investments increased to $141.8 million as of September 30, 2024, up by $8.6 million from $133.2 million at June 30, 2024[4] - Cash and cash equivalents increased to $93,456 thousand as of September 30, 2024, compared to $58,913 thousand as of September 30, 2023[22] - Free cash flow for the year was $30.3 million, slightly down from $30.6 million the previous year[9] - Free cash flow for the twelve months ended September 30, 2024, was $30,250, compared to $30,552 in the previous year[39] Shareholder Actions - Mitek repurchased 1.4 million shares at an average price of $9.94, totaling approximately $14.2 million in Q4[4] Guidance and Future Outlook - Fiscal 2025 revenue guidance is projected to be between $170 million and $180 million[10] Operational Efficiency - Mitek is focusing on refining strategies and optimizing resources to ensure organic growth and operational excellence[2] Expenses and Costs - Research and development expenses for the three months ended September 30, 2024, were $6,073 thousand, down from $6,484 thousand in the same period of 2023[24] - Total non-GAAP operating expenses for the three months ended September 30, 2024, were $22,142 million, down from $26,219 million in the same period of 2023[28] - Stock-based compensation expense for the three months ended September 30, 2024, was $1,723 million, compared to $2,673 million in the same period of 2023[30] - Executive transition costs for the three months ended September 30, 2024, were $599, compared to $7 in the same period last year[35] - The company incurred restructuring costs of $1.8 million for the twelve months ended September 30, 2024, related to employee severance and relocation[37] Taxation - The estimated cash tax rate for fiscal 2024 is 9%, compared to 23% for fiscal 2023, providing a more transparent view of operating results[37] Assets and Liabilities - Total current assets as of September 30, 2024, were $185,051 thousand, a slight decrease from $190,009 thousand as of September 30, 2023[22] - Total liabilities as of September 30, 2024, were $198,952 thousand, a decrease from $200,187 thousand as of September 30, 2023[22] - Total stockholders' equity as of September 30, 2024, was $214,801 thousand, up from $205,188 thousand as of September 30, 2023[22]