$MITK

MITEK SYSTEMS INC

CIK:0000807863|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 54,038	$ 45,729	$ 153,123	$ 134,912
Operating costs and expenses
Selling and marketing	10,026	11,127	27,775	31,362
Research and development	8,059	8,960	22,999	27,049
General and administrative	12,926	11,251	36,244	33,250
Amortization of acquired intangibles and acquisition-related costs	3,304	3,560	9,913	10,817
Restructuring costs	0	0	515	837
Total operating costs and expenses	42,494	41,920	122,590	122,812
Operating income	11,544	3,809	30,533	12,100
Interest expense	721	2,469	4,713	7,274
Other income, net	347	1,805	2,484	3,478
Income before income taxes	11,170	3,145	28,304	8,304
Income tax provision	(2,803)	(749)	(7,629)	(1,368)
Net income	$ 8,367	$ 2,396	$ 20,675	$ 6,936
Net income per share—basic (in dollars per share)	$ 0.19	$ 0.05	$ 0.46	$ 0.15
Net income per share—diluted (in dollars per share)	$ 0.17	$ 0.05	$ 0.43	$ 0.15
Shares used in calculating net income per share—basic (in shares)	45,175	45,894	45,311	45,632
Shares used in calculating net income per share—diluted (in shares)	48,709	46,848	48,576	46,790
Comprehensive income
Net income	$ 8,367	$ 2,396	$ 20,675	$ 6,936
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	(215)	10,300	(3,284)	4,734
Unrealized loss on investments, net of tax benefit of $8, $3, $22, and $29	(2)	(8)	(50)	(92)
Other comprehensive income (loss), net of tax	(217)	10,292	(3,334)	4,642
Comprehensive income	8,150	12,688	17,341	11,578
Software license
Revenue
Total revenue	20,714	19,507	60,565	58,192
Operating costs and expenses
Cost of revenue	60	53	126	136
SaaS, maintenance, and other
Revenue
Total revenue	33,324	26,222	92,558	76,720
Operating costs and expenses
Cost of revenue	$ 8,119	$ 6,969	$ 25,018	$ 19,361

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 20,675	$ 6,936
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	12,582	13,239
Loss on extinguishment of revolving credit line	0	309
Amortization of acquired intangible assets	9,913	10,817
Amortization of costs capitalized to obtain revenue contracts	2,229	1,394
Depreciation and amortization expense	1,285	1,171
Bad debt expense	228	520
Amortization of investment premiums & other	(343)	(764)
Accretion and amortization on convertible senior notes	3,034	6,403
Deferred taxes	(28)	(7,942)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(15,878)	(8,852)
Contract assets	3,190	5,997
Other assets	(5,015)	(755)
Accounts payable	108	(3,691)
Accrued payroll and related taxes	(2,119)	3,947
Income taxes payable	416	1,990
Deferred revenue	6,104	4,584
Other liabilities	(2,152)	576
Net cash provided by operating activities	34,229	35,879
Investing activities:
Purchases of investments	(8,179)	(34,192)
Maturities of investments	34,621	34,900
Sales of investments	6,035	0
Purchases of property and equipment, net	(4,818)	(896)
Net cash provided by (used in) investing activities	27,659	(188)
Financing activities:
Proceeds from term loan	50,000	0
Repayments of term loan	(625)	0
Repayments of senior convertible notes	(155,250)	0
Payment of debt issuance costs	0	(224)
Proceeds from the issuance of equity plan common stock	2,263	530
Repurchases and retirements of common stock	(19,790)	(3,259)
Payment of tax withholding obligations related to net share settlements of equity awards	(2,131)	0
Proceeds from other borrowings	442	0
Principal payments on other borrowings	(172)	(142)
Net cash used in financing activities	(125,263)	(3,095)
Foreign currency effect on cash and cash equivalents	(733)	1,072
Net increase (decrease) in cash and cash equivalents	(64,108)	33,668
Cash and cash equivalents at beginning of period	154,153	93,456
Cash and cash equivalents at end of period	90,045	127,124
Supplemental disclosures of cash flow information:
Cash paid for interest	1,562	582
Cash paid for income taxes	7,648	7,065
Supplemental disclosures of non-cash investing and financing activities:
Unrealized holding loss on available-for-sale investments	$ (50)	$ (92)