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Mitek Surpasses $100 Million in Annual Revenue and Sets Financial Records
Strong growth fueled by increased demand for both mobile deposit and identity verificationSAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com) today reported record financial results for both its fiscal 2020 fourth quarter and full year ended September 30, 2020. Total fourth quarter revenue increased 22% and full year revenue increased 20% year over year. These results were fueled by an increase in demand for both mobile deposit and identity verification capabilities, as more people and businesses transact online. Fiscal Fourth Quarter 2020 Financial Highlights * Total revenue increased 22% year over year to $30.6 million in a record quarter. * GAAP net income was $5.0 million, or $0.12 per diluted share. * Non-GAAP net income increased 31% year over year to a record $11.4 million, or $0.26 per diluted share. * Cash flow from operations was $6.7 million. * Total cash and investments were $62.0 million at the end of the fiscal fourth quarter.Fiscal 2020 Full Year Financial Highlights * Total revenue increased 20% year over year to a record $101.3 million. * GAAP net income was $7.8 million, or $0.18 per diluted share. * Non-GAAP net income increased 66% year over year to a record $28.6 million, or $0.67 per diluted share. * Full year cash flow from operations was $24.1 million.Commenting on the results, Max Carnecchia, CEO of Mitek, said:“Fiscal 2020 was another outstanding year for Mitek and our third consecutive year with record revenue for each quarter. Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners navigate this challenging environment as they accelerate their digital transformation.”Mitek is committed to providing convenience while preventing fraud in the digital world. The company’s technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with its remote check deposit solution, with thousands of financial organizations using its products, and more than four billion transactions processed.New Board MemberToday, Mitek announced the appointment of Kimberly S. Stevenson to its Board of Directors. Ms. Stevenson is a technology innovator who has transformed processes at some of the industry’s leading companies including Lenovo, Intel, DXC Technology, and IBM. She is currently a senior vice president and general manager at NetApp, Inc. In addition, she serves on the board of directors for Skyworks Solutions, Inc. and Boston Private Financial Holdings and previously held board positions with Riverbed Technology, Cloudera, and the National Center for Women and Information Technology. Ms. Stevenson has a Masters in Business Administration from Cornell University and a Bachelor of Science degree from Northeastern University.Conference Call InformationMitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results.To access the live call, dial 800-353-6461 (US and Canada) or +1 334-323-0501 (International) and give the participant passcode 2685329.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. To access the call replay dial-in information, please click here.About MitekMitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. 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 StatementsStatements contained in this news release relating to the company’s or 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, the extent to which the COVID-19 outbreak and measures taken in response thereto impact our business, results of operations and financial condition, a lack of demand for or market acceptance of the company’s products, the company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or 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, 2019, 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 MeasuresThis news release contains non-GAAP financial measures for non-GAAP net income and non-GAAP net income per share that exclude stock compensation expenses, intellectual property litigation costs, acquisition-related costs and expenses, costs associated with our strategic process, executive transition costs, restructuring costs, income tax effect of pre-tax adjustments, and the cash tax difference. These financial measures are not calculated in accordance with generally accepted accounting principles (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 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, 2020 September 30, 2019 ASSETS    Current assets:    Cash and cash equivalents$19,986  $16,748  Short-term investments40,035  16,502  Accounts receivable, net15,612  14,938  Contract assets5,187  2,350  Prepaid expenses1,338  1,487  Other current assets1,968  2,105  Total current assets84,126  54,130  Long-term investments1,963  1,552  Property and equipment, net3,610  4,231  Right-of-use assets5,407  —  Goodwill and intangible assets54,958  57,041  Deferred income tax assets13,484  16,596  Other non-current assets5,606  2,347  Total assets$169,154  $135,897  LIABILITIES AND STOCKHOLDERS’ EQUITY    Current liabilities:    Accounts payable$3,909  $3,555  Accrued payroll and related taxes8,882  6,410  Deferred revenue, current portion7,973  5,612  Lease liabilities, current portion1,819  —  Acquisition-related contingent consideration753  1,036  Restructuring accrual—  1,526  Other current liabilities1,020  1,909  Total current liabilities24,356  20,048  Deferred revenue, non-current portion1,597  736  Lease liabilities, non-current portion5,327  —  Deferred income tax liabilities4,649  5,555  Other non-current liabilities982  2,225  Total liabilities 36,911   28,564  Stockholders’ equity:    Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding, as of September 30, 2020 and September 30, 2019—  —  Common stock, $0.001 par value, 60,000,000 shares authorized, 41,779,853 and 40,367,456 issued and outstanding, as of September 30, 2020 and September 30, 2019, respectively42  40  Additional paid-in capital146,518  132,160  Accumulated other comprehensive loss(323) (4,061) Accumulated deficit(13,994) (20,806) Total stockholders’ equity132,243  107,333  Total liabilities and stockholders’ equity$169,154  $135,897           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,  2020 2019 2020 2019 Revenue        Software and hardware$17,972  $14,377  $54,152  $46,845  Services and other12,666  10,641  47,158  37,745  Total revenue30,638  25,018  101,310  84,590  Operating costs and expenses        Cost of revenue—software and hardware1,045  1,121  3,303  3,711  Cost of revenue—services and other2,532  2,108  9,889  8,555  Selling and marketing(1)7,302  5,946  27,646  24,550  Research and development(1)6,096  5,141  22,859  21,873  General and administrative5,902  4,118  22,284  19,861  Acquisition-related costs and expenses1,691  2,202  6,575  7,563  Restructuring costs—  (147) (114) 3,067  Total operating costs and expenses24,568  20,489  92,442  89,180  Operating income (loss)6,070  4,529  8,868  (4,590) Other income, net61  350  541  602  Income (loss) before income taxes6,131  4,879  9,409  (3,988) Income tax benefit (provision)(1,135) (1,597) (1,595) 3,264  Net income (loss)$4,996  $3,282  $7,814  $(724) Net income (loss) per share—basic$0.12  $0.08  $0.19  $(0.02) Net income per share—diluted$0.12  $0.08  $0.18  $(0.02) Shares used in calculating net income (loss) per share—basic41,770  40,252  41,410  39,341  Shares used in calculating net income (loss) per share—diluted43,101  41,635  42,533  39,341  (1)   September 30, 2019 consolidated statements of operations reflect reclassifications to conform to the current year presentation. 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,  2020 2019 2020 2019 Net income (loss)$4,996  $3,282  $7,814  $(724) Non-GAAP adjustments:        Acquisition-related costs and expenses1,691  2,202  6,575  7,563  Intellectual property litigation costs1,186  515  3,217  849  Insurance settlement received(1)—  (1,000) —  (1,000) Costs associated with strategic process—  —  —  1,224  Executive transition costs(2)—  —  —  251  Stock compensation expense2,439  2,346  9,551  9,637  Restructuring costs—  (147) (114) 3,067  Income tax effect of pre-tax adjustments(1,067) (879) (4,267) (4,851) Cash tax difference(3)2,173  2,426  5,832  1,264  Non-GAAP net income11,418  8,745  28,608  17,280  Non-GAAP income per share—basic$0.27  $0.22  $0.69  $0.44  Non-GAAP income per share—diluted$0.26  $0.21  $0.67  $0.42  Shares used in calculating non-GAAP net income per share—basic41,770  40,252  41,410  39,341  Shares used in calculating non-GAAP net income per share—diluted43,101  41,635  42,533  41,259  (1) The insurance settlement received in the fourth quarter of fiscal 2019 relates to the recovery of litigation costs incurred in prior fiscal years. This amount is included in general and administrative expenses in the consolidated statements of operations. (2)Comprised of costs associated with the transition of the company’s former executive officers. Our non-GAAP financial measures exclude these transition costs as we believe that such expense is inconsistent with the normally recurring operations of our company and the inclusion of these costs makes it difficult to make period-to-period comparisons of our operating performance. (3)The company’s non-GAAP net income is calculated using a cash tax rate of 0% and 3% in fiscal years 2020 and 2019, 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 for the three months ended September 30, 2020 and 2019 was 19% and 33%, respectively. The company’s effective tax rate used for the purposes of calculating GAAP net income for the twelve months ended September 30, 2020 and 2019 was 17% and 82%, respectively. ________________ Investor Contact: Todd Kehrli or Jim Byers MKR Group, Inc. mitk@mkr-group.com
GlobeNewswire · 11/05 21:05
Mitek Systems, Inc. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 5, 2020 / Mitek Systems, Inc.
ACCESSWIRE · 11/05 19:45
Mitek Systems Q4 2020 Earnings Preview
Mitek Systems (NASDAQ:MITK) is scheduled to announce Q4 earnings results on Thursday, November 5th, after market close.The consensus EPS Estimate is $0.14 (-33.3% Y/Y) and the consensus Revenue Estimate is
Seekingalpha · 11/04 22:35
Mitek to Report Fourth Quarter and Fiscal 2020 Financial Results on November 5, 2020
SAN DIEGO, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced that it will release its financial results for the fourth quarter and full fiscal year 2020, ended September 30, 2020, on Thursday, November 5, 2019, after the close of the market. Mitek management will host a conference call and live webcast for analysts and investors on November 5, 2020 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company's financial results.To access the live call, dial 800-353-6461 (US and Canada) or +1 334-323-0501 (International) and give the participant passcode 2685329.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. To access the call replay dial-in information, please click here.About MitekMitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,000 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com. [(MITK-F)]Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.Investor Contact: Todd Kehrli or Jim Byers MKR Group, Inc. mitk@mkr-group.com
GlobeNewswire · 10/27 12:00
Atlassian Sees Composite Rating Climb To 96; Hits New 52-Week High
Investor's Business Daily · 10/19 19:34
Hedge Funds Are Betting On Mitek Systems, Inc. (MITK)
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
Insider Monkey · 10/14 14:44
Atlassian Shows Rising Relative Strength As It Continues Push To Pivot
Investor's Business Daily · 10/12 15:30
Mitek: The Dark Clouds Will Pass
Mitek posted decent Q3 2020 results and fulfills the Rule of 40 in spite of the pandemic with 16% YoY revenue growth.The stock price is extremely undervalued due to shrinking TAM for mobile check deposits and legal issues.One third of revenue comes from identity verification, a high growth but extremely competitive opportunity.I believe that this stock is a risky but potentially lucrative buy opportunity.
Seekingalpha · 10/07 18:39
This Cloud Stock Enters Rarefield Air With Its 96 Composite Rating
Investor's Business Daily · 10/07 18:32
Mitek recognized in 2020 Gartner Market Guide for ID Proofing and Affirmation
SAN DIEGO, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, has been recognized in the 2020 Gartner Market Guide for ID Proofing and Affirmation report, released Sept. 11, 2020. The report provides
GlobeNewswire · 09/30 14:00
Mitek partners with Nova Credit to help immigrants establish U.S. credit in minutes, not years
New partnership enables immigrants to safely and securely use home country credit historySAN DIEGO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, has partnered with Nova Credit, the premier
GlobeNewswire · 09/23 14:00
3 Cheap Tech Stocks to Buy for Long-Term Growth Potential
A look at three highly-ranked stocks that are widely regarded as "cheap" because they trade for under $20 per share. All three are also part of different niche areas within the broader tech space that appear set to grow...
Zacks · 09/10 23:41
Mitek Systems' Shares March Higher, Can It Continue?
As of late, it has definitely been a great time to be an investor in Mitek Systems.
Zacks · 09/07 14:04
Stock Upgrades: Yext Shows Rising Relative Strength
Investor's Business Daily · 08/28 18:04
Here's Why Momentum Investors Will Love Mitek Systems (MITK)
Does Mitek Systems (MITK) have what it takes to be a top stock pick for momentum investors? Let's find out.
Zacks · 08/28 17:00
Stocks To Watch: Atlassian Sees RS Rating Jump To 81
Investor's Business Daily · 08/27 16:56
Atlassian Getting Closer To Key Technical Benchmark
Investor's Business Daily · 08/26 17:29
Can Mitek Systems (MITK) Stock Continue to Grow Earnings?
If you are looking for a fast-growing stock that is still seeing plenty of opportunities on the horizon, make sure to consider Mitek Systems (MITK).
Zacks · 08/20 13:32
Perfect Market For Mitek
Some may say the stock is up 3x over the last five years, so the stock is not exactly held back.The stock is trading at a 50-70% discount to peers in the security space.The street is estimating that the company can grow earnings at 15-20%, making the PEG ratio of the stock at 1.25-1.5, significantly lower than peers or the broader technology space.
Seekingalpha · 08/18 09:38
Mitek Systems (MITK) Looks Good: Stock Adds 8.8% in Session
Mitek Systems (MITK) saw a big move last session, as its shares jumped nearly 9% on the day, amid huge volumes.
Zacks · 08/17 12:59
Webull provides a variety of real-time MITK stock news. You can receive the latest news about Mitek Syst, Inc. through multiple platforms. This information may help you make smarter investment decisions.
About MITK
Mitek Systems, Inc. is a software development company. The Company develops mobile image capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, CheckReader, XE and ID_CLOUD. Mobile Deposit allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet. Mobile Verify is an identity verification solution. Mobile Fill automates application prefill of any form with user data by simply snapping a picture of the driver’s license or other similar user identity document. Mobile Docs is a mobile document scanning solution. It enables consumers to take photos of documents resulting in scanner-quality images. CheckReader enables financial institutions to automatically extract data from checks once they have been scanned or photographed by the application. Its XE technology provides accuracy for check image processing. ID_CLOUD is an automated identity verification solution.
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