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Mitek Systems(MITK) - 2024 Q4 - Annual Results
MITKMitek Systems(MITK)2024-12-16 21:09

Financial Performance - Fiscal 2024 Q4 revenue was 43.2million,a1543.2 million, a 15% increase year-over-year from 37.7 million[3] - GAAP operating income for Q4 was 7.7million,comparedtoalossof7.7 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 172.1million,slightlydownfrom172.1 million, slightly down from 172.6 million the previous year[6] - Non-GAAP adjusted EBITDA for Q4 was 15.4million,upfrom15.4 million, up from 5.9 million a year ago, with an adjusted EBITDA margin of 36%[5] - Non-GAAP net income for Q4 was 15.5million,comparedto15.5 million, compared to 6.9 million a year ago, with a net income per diluted share of 0.33[5]−TotalrevenueforthethreemonthsendedSeptember30,2024,was0.33[5] - Total revenue for the three months ended September 30, 2024, was 43,222 thousand, a 14.5% increase from 37,656thousandinthesameperiodof2023[24]−NetincomeforthethreemonthsendedSeptember30,2024,was37,656 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 1,444thousandinthesameperiodof2023[24]−OperatingincomeforthethreemonthsendedSeptember30,2024,was1,444 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 3,287thousandinthesameperiodof2023[24]−TotalrevenueforthetwelvemonthsendedSeptember30,2024,was3,287 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 172,552millioninthepreviousyear[26]−GAAPnetincomeforthethreemonthsendedSeptember30,2024,was172,552 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 1,444forthesameperiodin2023[34]−Non−GAAPnetincomeforthethreemonthsendedSeptember30,2024,was1,444 for the same period in 2023[34] - Non-GAAP net income for the three months ended September 30, 2024, was 15,529, up from 6,922inthesameperiodin2023[35]CashandInvestments−Totalcashandinvestmentsincreasedto6,922 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 8.6millionfrom8.6 million from 133.2 million at June 30, 2024[4] - Cash and cash equivalents increased to 93,456thousandasofSeptember30,2024,comparedto93,456 thousand as of September 30, 2024, compared to 58,913 thousand as of September 30, 2023[22] - Free cash flow for the year was 30.3million,slightlydownfrom30.3 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,comparedto30,250, compared to 30,552 in the previous year[39] Shareholder Actions - Mitek repurchased 1.4 million shares at an average price of 9.94,totalingapproximately9.94, totaling approximately 14.2 million in Q4[4] Guidance and Future Outlook - Fiscal 2025 revenue guidance is projected to be between 170millionand170 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 6,073thousand,downfrom6,073 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 22,142million,downfrom22,142 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 1,723million,comparedto1,723 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,comparedto599, compared to 7 in the same period last year[35] - The company incurred restructuring costs of 1.8millionforthetwelvemonthsendedSeptember30,2024,relatedtoemployeeseveranceandrelocation[37]Taxation−Theestimatedcashtaxrateforfiscal2024is91.8 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 190,009thousandasofSeptember30,2023[22]−TotalliabilitiesasofSeptember30,2024,were190,009 thousand as of September 30, 2023[22] - Total liabilities as of September 30, 2024, were 198,952 thousand, a decrease from 200,187thousandasofSeptember30,2023[22]−Totalstockholders′equityasofSeptember30,2024,was200,187 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]