Mitek Systems(MITK) - 2024 Q4 - Annual Results

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]