(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Nasdaq Capital Market |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit Number | Description | |||||||
99.1 | Press Release issued by Mitek Systems, Inc. on September 14, 2023 | |||||||
104 | Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL) |
Mitek Systems, Inc. | |||||||||||
September 14, 2023 | By: | /s/ Fuad Ahmad | |||||||||
Fuad Ahmad | |||||||||||
Interim Chief Financial Officer |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL) |
March 31, 2023 | September 30, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 83,047 | $ | 32,059 | |||||||
Short-term investments | 26,711 | 58,268 | |||||||||
Accounts receivable, net | 35,132 | 27,874 | |||||||||
Contract assets, current portion | 8,845 | 6,273 | |||||||||
Prepaid expenses | 2,789 | 2,000 | |||||||||
Other current assets | 2,849 | 2,622 | |||||||||
Total current assets | 159,373 | 129,096 | |||||||||
Long-term investments | 4,767 | 10,633 | |||||||||
Property and equipment, net | 3,152 | 3,493 | |||||||||
Right-of-use assets | 4,625 | 5,155 | |||||||||
Goodwill and intangible assets | 203,598 | 195,942 | |||||||||
Deferred income tax assets | 16,965 | 10,245 | |||||||||
Contract assets, non-current portion | 6,839 | 4,218 | |||||||||
Other non-current assets | 1,645 | 1,628 | |||||||||
Total assets | $ | 400,964 | $ | 360,410 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,453 | $ | 4,974 | |||||||
Accrued payroll and related taxes | 7,892 | 10,393 | |||||||||
Accrued liabilities | 1,493 | 1,155 | |||||||||
Accrued interest payable | 219 | 202 | |||||||||
Income tax payables | 8,606 | 194 | |||||||||
Deferred revenue, current portion | 11,956 | 13,394 | |||||||||
Lease liabilities, current portion | 2,023 | 2,110 | |||||||||
Acquisition-related contingent consideration | 6,070 | 5,920 | |||||||||
Restructuring accrual | — | 901 | |||||||||
Other current liabilities | 1,326 | 1,254 | |||||||||
Total current liabilities | 45,038 | 40,497 | |||||||||
Convertible senior notes | 131,670 | 127,970 | |||||||||
Deferred revenue, non-current portion | 1,211 | 1,775 | |||||||||
Lease liabilities, non-current portion | 3,487 | 4,106 | |||||||||
Deferred income tax liabilities, non current portion | 15,670 | 14,132 | |||||||||
Other non-current liabilities | 1,587 | 1,613 | |||||||||
Total liabilities | 198,663 | 190,093 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding | — | — | |||||||||
Common stock, $0.001 par value, 120,000,000 shares authorized, 45,409,185 and 44,680,429 issued and outstanding, as of March 31, 2023 and September 30, 2022, respectively | 45 | 44 | |||||||||
Additional paid-in capital | 222,933 | 216,493 | |||||||||
Accumulated other comprehensive loss | (11,854) | (28,219) | |||||||||
Accumulated deficit | (8,823) | (18,001) | |||||||||
Treasury stock, at cost, no shares and 7,773 shares as of March 31, 2023 and September 30, 2022, respectively | — | — | |||||||||
Total stockholders’ equity | 202,301 | 170,317 | |||||||||
Total liabilities and stockholders’ equity | $ | 400,964 | $ | 360,410 | |||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Software and hardware | $ | 25,260 | $ | 18,150 | $ | 51,636 | $ | 33,595 | |||||||||||||||
Services and other | 20,054 | 15,360 | 39,381 | 32,387 | |||||||||||||||||||
Total revenue | 45,314 | 33,510 | 91,017 | 65,982 | |||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||
Cost of revenue—software and hardware (exclusive of depreciation & amortization) | 219 | 310 | 388 | 688 | |||||||||||||||||||
Cost of revenue—services and other (exclusive of depreciation & amortization) | 5,679 | 4,141 | 10,579 | 8,318 | |||||||||||||||||||
Selling and marketing | 9,623 | 9,206 | 19,138 | 17,644 | |||||||||||||||||||
Research and development | 7,373 | 7,095 | 15,043 | 13,502 | |||||||||||||||||||
General and administrative | 10,059 | 6,073 | 18,538 | 12,037 | |||||||||||||||||||
Amortization and acquisition-related costs | 4,274 | 4,005 | 9,095 | 6,284 | |||||||||||||||||||
Restructuring costs | 210 | — | 1,986 | — | |||||||||||||||||||
Total operating costs and expenses | 37,437 | 30,830 | 74,767 | 58,473 | |||||||||||||||||||
Operating income | 7,877 | 2,680 | 16,250 | 7,509 | |||||||||||||||||||
Interest expense | 2,163 | 2,040 | 4,300 | 4,048 | |||||||||||||||||||
Other income (expense), net | 454 | (225) | 794 | (90) | |||||||||||||||||||
Income before income taxes | 6,168 | 415 | 12,744 | 3,371 | |||||||||||||||||||
Income tax benefit (provision) | (1,720) | 20 | (3,566) | 188 | |||||||||||||||||||
Net income | $ | 4,448 | $ | 435 | $ | 9,178 | $ | 3,559 | |||||||||||||||
Net income per share—basic | $ | 0.10 | $ | 0.01 | $ | 0.20 | $ | 0.08 | |||||||||||||||
Net income per share—diluted | $ | 0.10 | $ | 0.01 | $ | 0.20 | $ | 0.08 | |||||||||||||||
Shares used in calculating net income per share—basic | 45,377 | 44,775 | 45,317 | 44,795 | |||||||||||||||||||
Shares used in calculating net income per share—diluted | 45,634 | 46,097 | 45,634 | 46,206 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 4,448 | $ | 435 | $ | 9,178 | $ | 3,559 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Amortization and acquisition-related costs(2) | 4,274 | 4,366 | 9,095 | 6,646 | |||||||||||||||||||
Intellectual property litigation costs | 473 | 286 | 725 | 660 | |||||||||||||||||||
Executive transition costs | 581 | — | 581 | — | |||||||||||||||||||
Stock compensation expense | 2,714 | 3,298 | 5,161 | 6,429 | |||||||||||||||||||
Non-recurring audit fees | 633 | — | 1,373 | — | |||||||||||||||||||
Restructuring costs | 210 | — | 1,986 | — | |||||||||||||||||||
Amortization of debt discount and issuance costs | 1,857 | 1,738 | 3,700 | 3,453 | |||||||||||||||||||
Income tax effect of pre-tax adjustments | (2,705) | (2,422) | (5,697) | (4,297) | |||||||||||||||||||
Cash tax difference(1) | 599 | 1,957 | 1,262 | 3,373 | |||||||||||||||||||
Non-GAAP net income | 13,084 | 9,658 | 27,364 | 19,823 | |||||||||||||||||||
Non-GAAP income per share—basic | $ | 0.29 | $ | 0.22 | $ | 0.60 | $ | 0.44 | |||||||||||||||
Non-GAAP income per share—diluted | $ | 0.29 | $ | 0.21 | $ | 0.60 | $ | 0.43 | |||||||||||||||
Shares used in calculating non-GAAP net income per share—basic | 45,377 | 44,775 | 45,317 | 44,795 | |||||||||||||||||||
Shares used in calculating non-GAAP net income per share—diluted | 45,634 | 46,097 | 45,634 | 46,206 |
Cover |
Sep. 14, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Sep. 14, 2023 |
Entity Registrant Name | MITEK SYSTEMS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35231 |
Entity Tax Identification Number | 87-0418827 |
Entity Address, Address Line One | 600 B Street, Suite 100 |
Entity Address, City or Town | San Diego, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92101 |
City Area Code | 619 |
Local Phone Number | 269-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | MITK |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000807863 |
Amendment Flag | false |
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