Mitek Systems, Inc. (NASDAQ:MITK) Q2 2021 Earnings Conference Call April 29, 2021 4:30 PM ET Company Participants Todd Kehrli - Investor Relations-MKR Group Max Carnecchia - Chief Executive Officer Jeff Davison - Chief Financial Officer Conference Call Participants Jake White - William Blair Mike Grondahl - Northland Securities Hamzah Mazari - Jefferies. Mark Schappel - Benchmark Operator Good day and welcome to the Mitek Systems Second Quarter Fiscal 2021 Financial Results Conference Call. Today's conferen ...

Financial Performance - Total revenue for the three months ended December 31, 2020, was $26.0 million, an increase of 18% compared to $22.1 million in the same period of 2019[148] - Net income for the same period was $2.2 million, or $0.05 per diluted share, compared to net income of $0.6 million, or $0.01 per share, in the prior year[148] - Cash provided by operating activities was $8.7 million for the three months ended December 31, 2020, up from $5.2 million in the same period of 2019[148] - Services and other revenue rose by $3.1 million, or 30%, to $13.7 million, driven by a 42% increase in Mobile Verify® transactional SaaS revenue[155] - Cash and cash equivalents increased by $10.6 million, or 17%, to $72.6 million as of December 31, 2020, compared to $62.0 million on September 30, 2020[163] - Net cash provided by operating activities was $8.7 million for the three months ended December 31, 2020, compared to $5.2 million for the same period in 2019[164][165] - The company had working capital of $64.3 million at December 31, 2020, compared to $59.8 million at September 30, 2020[176] Revenue Breakdown - Software and hardware revenue increased by $0.8 million, or 7%, to $12.3 million, primarily due to increased sales of Mobile Deposit® and CheckReader™ products[154] - Cost of revenue increased by $1.2 million, or 41%, to $4.1 million for the three months ended December 31, 2020, compared to $2.9 million for the same period in 2019, representing 16% of revenue[156] Expenses - Selling and marketing expenses rose by $0.7 million, or 11%, to $7.4 million for the three months ended December 31, 2020, down to 28% of revenue from 30% in the same period in 2019[157] - Research and development expenses increased by $0.9 million, or 16%, to $6.2 million for the three months ended December 31, 2020, consistent at 24% of revenue[158] - General and administrative expenses decreased by $0.2 million, or 4%, to $5.1 million for the three months ended December 31, 2020, down to 19% of revenue from 24% in the same period in 2019[159] - Acquisition-related costs increased by $0.1 million, or 5%, to $1.7 million for the three months ended December 31, 2020, remaining at 7% of revenue[160] Tax and Other Income - Other income, net decreased by $0.2 million to $0.1 million for the three months ended December 31, 2020, primarily due to foreign currency exchange losses[161] - The company recorded an income tax benefit of $0.5 million for the three months ended December 31, 2020, yielding an effective tax rate of negative 33%[162] Market and Growth Outlook - The financial services sector represents the largest percentage of users for Mitek's solutions, with accelerated adoption in marketplaces and hospitality sectors[139] - The company anticipates growth in deposits and identity verification products due to trends in payments, online lending, and increasing demand for digital services[143] - The sales cycle for Mitek's software can be lengthy, often taking six months or longer for larger customers, which may impact financial results if delays occur[145] - Mitek's patented technology and growing product portfolio provide a competitive advantage in the mobile image capture and identity verification industry[148] Patents and Innovations - The company added new patents during the first quarter of fiscal 2021, bringing the total number of issued patents to 69, with 17 pending applications[148]

Investor presentation : MITK Q1 FY21 © 2021 Mitek Systems Inc. 1 ● ● Safe harbor statement ● ● Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to our outlook or expectations for earni ...

Mitek Systems, Inc. (NASDAQ:MITK) Q1 2021 Earnings Conference Call January 28, 2021 4:30 PM ET Company Participants Todd Kehrli - Investor Relations-MKR Group Max Carnecchia - Chief Executive Officer Jeff Davison - Chief Financial Officer Conference Call Participants Bhavan Suri - William Blair Mark Schappel - Benchmark Allen Klee - Maxim Group Operator Good day everyone, and welcome to today???s Mitek Systems First Quarter Fiscal 2021 Financial Results Conference Call. Today's conference is being recorded. ...

Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-35231 MITEK SYSTEMS, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Indicate by check mark if the registrant is not required to fil ...

Investor presentation : MITK Q4 FY20 © 2020 Mitek Systems Inc. 1 ● ● Safe harbor statement ● ● Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to our outlook or expectations for earni ...

Financial Data and Key Metrics Changes - For fiscal year 2020, the company generated record revenue of $101.3 million, representing a growth of 20% year-over-year [8][39] - Non-GAAP net income for fiscal 2020 was $28.6 million or $0.67 per diluted share, up 66% year-over-year [8][40] - The company reported cash flow from operations of $24.1 million for the full year [41] Business Line Data and Key Metrics Changes - Deposits revenue increased 19% to $67.7 million, driven primarily by increased consumer adoption of mobile deposit [38] - Identity verification revenue increased 22% to $33.6 million, supported by a 36% growth in transactional revenue [38] - SaaS transactional revenue increased 36% year-over-year for fiscal 2020 [14] Market Data and Key Metrics Changes - The COVID-19 pandemic has accelerated the adoption of digital banking and mobile check deposits, leading to increased transaction levels in the deposits business [11][12] - The identity verification market is expected to grow significantly, with Gartner forecasting that by 2022, 80% of organizations will use document-centric identity proofing as part of their onboarding workflows [15][16] Company Strategy and Development Direction - The company is focused on enhancing its identity capabilities and product innovation, including advancements in biometric offerings and NFC-enabled solutions [19][18] - Mitek aims to navigate the pandemic effectively while delivering on customer priorities and long-term growth [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth of the identity verification market, despite current uncertainties [47][48] - The company is committed to exploring partnerships, acquisitions, and increased R&D to achieve product superiority [19] Other Important Information - Mitek has filed six new patent applications and was awarded 10 new patents during the last year, holding a total of 67 issued patents [27] - The company added a new board member, Kim Stevenson, who brings significant experience in cloud software [21] Q&A Session Summary Question: Growth driven by COVID in identity verification - Management acknowledged that COVID-19 has driven heavy transaction volumes, but there are uncertainties in the short term [46][47] Question: Competitive landscape in identity verification - Management noted that the market is attracting competition, and consolidation is expected as stronger players emerge [51][52] Question: Insights on mobile deposit trends - Management confirmed that mobile deposit usage has increased during COVID-19, with a shift in consumer behavior towards digital banking [56][60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-35231 MITEK SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 87-0418827 (State or other jurisdiction of incorporatio ...

Investor presentation : MITK Q3 FY20 © 2020 Mitek Systems Inc. 1 ● ● Safe harbor statement ● ● Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to our outlook or expectations for earni ...

Mitek Systems, Inc. (NASDAQ:MITK) Q3 2020 Earnings Conference Call July 30, 2020 4:30 PM ET Company Participants Todd Kehrli - IR, MKR Group, Inc. Max Carnecchia - Chief Executive Officer Jeff Davison - Chief Financial Officer Conference Call Participants Bhavan Suri - William Blair Mike Grondahl - Northland Securities Darren Aftahi - Roth Capital Partners Operator Good day and welcome to the Mitek Systems Third Quarter Fiscal 2020 Financial Results Conference Call. Today's conference is being recorded. And ...