Company Quick10K Filing
Mitek Systems
Price9.63 EPS-0
Shares42 P/E-554
MCap401 P/FCF28
Net Debt-17 EBIT-2
TEV384 TEV/EBIT-249
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-02-07
10-K 2019-09-30 Filed 2019-12-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-08
10-K 2018-09-30 Filed 2018-12-14
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-01
10-K 2017-09-30 Filed 2017-11-30
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-02-03
10-K 2016-09-30 Filed 2016-12-09
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-Q 2015-12-31 Filed 2016-02-05
10-K 2015-09-30 Filed 2015-12-07
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-Q 2014-12-31 Filed 2015-02-06
10-K 2014-09-30 Filed 2014-12-05
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-Q 2013-12-31 Filed 2014-02-07
10-K 2013-09-30 Filed 2013-12-12
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-12-07
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-15
10-Q 2011-12-31 Filed 2012-02-10
10-K 2011-09-30 Filed 2011-12-15
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-12-31 Filed 2011-02-14
10-K 2010-09-30 Filed 2010-11-16
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-Q 2009-12-31 Filed 2010-02-16
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-04-30
8-K 2020-03-04
8-K 2020-01-30
8-K 2019-12-31
8-K 2019-12-13
8-K 2019-11-01
8-K 2019-07-25
8-K 2019-05-01
8-K 2019-03-06
8-K 2019-02-28
8-K 2019-01-29
8-K 2018-12-21
8-K 2018-12-11
8-K 2018-12-05
8-K 2018-11-26
8-K 2018-11-21
8-K 2018-11-20
8-K 2018-11-06
8-K 2018-11-05
8-K 2018-11-01
8-K 2018-10-23
8-K 2018-08-27
8-K 2018-07-26
8-K 2018-05-23
8-K 2018-05-01
8-K 2018-03-07
8-K 2018-02-27
8-K 2018-01-25

MITK 10Q Quarterly Report

Part I
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mitk-20200331xexx311.htm
EX-31.2 mitk-20200331xexx312.htm
EX-32.1 mitk-20200331xexx321.htm

Mitek Systems Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
14011284562802012201420172020
Assets, Equity
3022146-2-102012201420172020
Rev, G Profit, Net Income
20124-4-12-202012201420172020
Ops, Inv, Fin

mitk-20200331
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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 March 31, 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)

Delaware87-0418827
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
600 B Street, Suite 100
San Diego, California
92101
(Address of principal executive offices)(Zip Code)
(619269-6800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareMITK
The NASDAQ Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒
There were 41,159,465 shares of the registrant’s common stock outstanding as of April 30, 2020.





MITEK SYSTEMS, INC.
FORM 10-Q
For The Quarterly Period Ended March 31, 2020
INDEX
 





PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share data)
 March 31, 2020 (Unaudited)September 30, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$16,928  $16,748  
Short-term investments19,018  16,502  
Accounts receivable, net13,727  14,938  
Contract assets2,704  2,350  
Prepaid expenses1,604  1,487  
Other current assets1,466  2,105  
Total current assets55,447  54,130  
Long-term investments6,546  1,552  
Property and equipment, net3,910  4,231  
Right-of-use assets5,999  —  
Intangible assets, net21,335  24,405  
Goodwill33,554  32,636  
Deferred income tax assets, net16,128  16,596  
Other non-current assets5,059  2,347  
Total assets$147,978  $135,897  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$2,925  $3,555  
Accrued payroll and related taxes5,567  6,410  
Deferred revenue, current portion8,760  5,612  
Lease liabilities, current portion1,395  —  
Acquisition-related contingent consideration575  1,036  
Restructuring accrual333  1,526  
Other current liabilities853  1,909  
Total current liabilities20,408  20,048  
Deferred revenue, non-current portion1,213  736  
Lease liabilities, non-current portion6,117  —  
Deferred income tax liabilities5,578  5,555  
Other non-current liabilities754  2,225  
Total liabilities34,070  28,564  
Stockholders’ equity:    
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding
    
Common stock, $0.001 par value, 60,000,000 shares authorized, 41,075,875 and 40,367,456 issued and outstanding, as of March 31, 2020 and September 30, 2019, respectively
41  40  
Additional paid-in capital138,021  132,160  
Accumulated other comprehensive loss(3,814) (4,061) 
Accumulated deficit(20,340) (20,806) 
Total stockholders’ equity113,908  107,333  
Total liabilities and stockholders’ equity$147,978  $135,897  
 
See accompanying notes to consolidated financial statements.
1




MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)  
(Unaudited)
(amounts in thousands except per share data)
 
 Three Months Ended March 31,Six Months Ended March 31,
 2020201920202019
Revenue  
Software and hardware$11,453  $10,585  $22,968  $20,580  
Services and other11,739  9,398  22,291  17,086  
Total revenue23,192  19,983  45,259  37,666  
Operating costs and expenses  
Cost of revenue—software and hardware864  907  1,635  1,752  
Cost of revenue—services and other2,322  2,084  4,484  4,117  
Selling and marketing7,448  6,752  14,778  13,960  
Research and development4,819  5,290  9,429  9,778  
General and administrative5,210  4,827  10,498  10,669  
Acquisition-related costs and expenses1,579  1,773  3,187  3,600  
Restructuring costs(114)   (114)   
Total operating costs and expenses22,128  21,633  43,897  43,876  
Operating income (loss)1,064  (1,650) 1,362  (6,210) 
Other income, net32  140  335  154  
Income (loss) before income taxes1,096  (1,510) 1,697  (6,056) 
Income tax benefit (provision)(188) 794  (229) 2,149  
Net income (loss)$908  $(716) $1,468  $(3,907) 
Net income (loss) per share—basic$0.02  $(0.02) $0.04  $(0.10) 
Net income (loss) per share—diluted$0.02  $(0.02) $0.03  $(0.10) 
Shares used in calculating net income (loss) per share—basic
41,022  38,926  40,817  38,583  
Shares used in calculating net income (loss) per share—diluted
42,028  38,926  42,030  38,583  
Other comprehensive income (loss)  
Net income (loss)$908  $(716) $1,468  $(3,907) 
Foreign currency translation adjustment(1,064) (1,203) 189  (2,027) 
Unrealized gain on investments56  6  58  19  
Other comprehensive income (loss)$(100) $(1,913) $1,715  $(5,915) 
 
See accompanying notes to consolidated financial statements.
2



MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(amounts in thousands)

Three Months Ended March 31, 2020
Common Stock Outstanding SharesCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders’ Equity
Balance, December 31, 201940,865  $41  $134,535  $(20,246) $(2,806) $111,524  
Exercise of stock options161  —  572  —  —  572  
Settlement of restricted stock units112  —  —  —  —    
Issuance of common stock under employee stock purchase plan
75  —  606  —  —  606  
Stock-based compensation expense—  —  2,308  —  —  2,308  
Repurchases and retirements of common stock
(137) —  —  (1,002) —  (1,002) 
Components of other comprehensive loss:
Net income—  —  —  908  —  908  
Currency translation adjustment—  —  —  —  (1,064) (1,064) 
Change in unrealized gain (loss) on investments
—  —  —  —  56  56  
Total other comprehensive loss
(100) 
Balance, March 31, 202041,076  $41  $138,021  $(20,340) $(3,814) $113,908  


Three Months Ended March 31, 2019
Common Stock
Outstanding
Shares
Common
Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Balance, December 31, 201838,639  $39  $120,199  $(23,273) $(1,397) $95,568  
Exercise of stock options502  —  1,570  —  —  1,570  
Settlement of restricted stock units139  —  —  —  —    
Issuance of common stock under employee stock purchase plan
68  —  491  —  —  491  
Stock-based compensation expense—  —  2,353  —  —  2,353  
Components of other comprehensive loss:
Net loss—  —  —  (716) —  (716) 
Currency translation adjustment—  —  —  —  (1,203) (1,203) 
Change in unrealized gain (loss) on investments
—  —  —  —  6  6  
Total other comprehensive loss
(1,913) 
Balance, March 31, 201939,348  $39  $124,613  $(23,989) $(2,594) $98,069  

See accompanying notes to consolidated financial statements..
3



MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONTINUED
(Unaudited)
(amounts in thousands)

Six Months Ended March 31, 2020
Common Stock Outstanding SharesCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders’ Equity
Balance, September 30, 201940,367  $40  $132,160  $(20,806) $(4,061) $107,333  
Exercise of stock options185    645  —  —  645  
Settlement of restricted stock units586  1  (1) —  —    
Issuance of common stock under employee stock purchase plan
75  —  606  —  —  606  
Stock-based compensation expense—  —  4,611  —  —  4,611  
Repurchases and retirements of common stock
(137) —  —  (1,002) —  (1,002) 
Components of other comprehensive loss:
Net income—  —  —  1,468  —  1,468  
Currency translation adjustment—  —  —  —  189  189  
Change in unrealized gain (loss) on investments
—  —  —  —  58  58  
Total other comprehensive loss
1,715  
Balance, March 31, 202041,076  $41  $138,021  $(20,340) $(3,814) $113,908  

Six Months Ended March 31, 2019
Common Stock Outstanding SharesCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders’ Equity
Balance, September 30, 201837,961  $38  $116,944  $(21,002) $(586) $95,394  
Exercise of stock options637  —  2,156  —  —  2,156  
Settlement of restricted stock units682  1  (1) —  —    
Issuance of common stock under employee stock purchase plan
68  —  491  —  —  491  
Stock-based compensation expense—  —  5,023  —  —  5,023  
Cumulative-effect adjustment from the adoption of ASU 2014-09
—  —  —  920  —  920  
Components of other comprehensive loss:
Net loss—  —  —  (3,907) —  (3,907) 
Currency translation adjustment—  —  —  —  (2,027) (2,027) 
Change in unrealized gain (loss) on investments
—  —  —  —  19  19  
Total other comprehensive loss
(5,915) 
Balance, March 31, 201939,348  $39  $124,613  $(23,989) $(2,594) $98,069  

See accompanying notes to consolidated financial statements..
4



MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(amounts in thousands)
 
Six Months Ended March 31,
 20202019
Operating activities:  
Net income (loss)$1,468  $(3,907) 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Stock-based compensation expense4,611  5,023  
Amortization of intangible assets3,187  3,537  
Depreciation and amortization749  678  
Amortization of investment premiums and other(39) (28) 
Deferred taxes474  (2,496) 
Changes in assets and liabilities:  
Accounts receivable1,240  4,825  
Contract assets(3,570) (348) 
Other assets242  (145) 
Accounts payable(635) (435) 
Accrued payroll and related taxes(849) (2,505) 
Deferred revenue3,623  3,250  
Restructuring accrual(1,208)   
Other liabilities(924) (829) 
Net cash provided by operating activities8,369  6,620  
Investing activities:  
Purchases of investments(19,113) (5,241) 
Sales and maturities of investments11,700  7,880  
Purchases of property and equipment(422) (694) 
Net cash provided by (used in) investing activities(7,835) 1,945  
Financing activities:  
Proceeds from the issuance of equity plan common stock1,251  2,647  
Repurchases and retirements of common stock(1,002)   
Payment of acquisition-related contingent consideration(478) (1,029) 
Principal payments on other borrowings(96) (250) 
Net cash provided by (used in) financing activities(325) 1,368  
Foreign currency effect on cash and cash equivalents(29) (216) 
Net increase in cash and cash equivalents180  9,717  
Cash and cash equivalents at beginning of period16,748  9,028  
Cash and cash equivalents at end of period$16,928  $18,745  
Supplemental disclosures of cash flow information:  
Cash paid for income taxes$