Mitek Systems Inc (MITK) 2024 Q3 法說會逐字稿

Welcome to the Mitek fiscal 2024 third-quarter financial results call. (Operator Instructions)

歡迎參加 Mitek 2024 財年第三季財務業績電話會議。（操作員說明）

I would now like to turn the call over to your host, Todd Kehrli, MKR Investor Relations. You may begin.

現在我想將電話轉給主持人 MKR 投資者關係部門的 Todd Kehrli。你可以開始了。

Thank you, operator. Good afternoon, and welcome to Mitek's fiscal 2024 third-quarter earnings conference call. With me on today's call are Mitek's Executive Chairman and Interim CEO Scott Carter, and CFO Dave Lyle. Before I turn the call over to Scott, I'd like to cover a few quick items.

謝謝你，接線生。下午好，歡迎參加 Mitek 2024 財年第三季財報電話會議。參加今天電話會議的有 Mitek 執行董事長兼臨時執行長 Scott Carter 以及財務長 Dave Lyle。在將電話轉給斯科特之前，我想簡單介紹一些內容。

Today. Mitek issued a press release announcing its financial results for fiscal 2020 for third quarter ended June 30, 2024, that release is available on the company's website at miteksystems.com. This call is being broadcast live over the Internet for all interested parties. And the webcast will be archived on the Investor Relations page of the company's website.

今天。Mitek 發布新聞稿，宣布截至 2024 年 6 月 30 日的第三季 2020 財年財務業績，該新聞稿可在該公司網站 miteksystems.com 上查閱。此次電話會議正在透過網路向所有有興趣的各方進行現場直播。網路廣播將存檔在公司網站的投資者關係頁面上。

I want to remind everyone that on today's call, management will discuss certain factors likely to influence the business going forward or Any factors discussed today that are not historical facts, particularly comments regarding our long-term prospects and market opportunities should be considered forward looking statements.

我想提醒大家，在今天的電話會議上，管理層將討論可能影響未來業務的某些因素，或今天討論的任何非歷史事實的因素，特別是有關我們長期前景和市場機會的評論應被視為前瞻性陳述。

These forward looking statements may include comments about the company's plans and expectations of future performance. Forward looking statements are subject to a number of risks and uncertainties which could cause actual results to differ materially. We encourage all of our listeners to review our SEC filings, including our most recent 10-K and 10-Q for a complete description of these risks.

這些前瞻性陳述可能包括有關公司計劃的評論和對未來業績的預期。前瞻性陳述受到許多風險和不確定性的影響，可能導致實際結果有重大差異。我們鼓勵所有聽眾查看我們向 SEC 提交的文件，包括我們最新的 10-K 和 10-Q，以完整描述這些風險。

Our statements on this call are made as of today, August 8, 2024, and the company undertakes no obligation to revise or update publicly any of the forward-looking statements contained herein, whether as a result of new information, future events changes in expectations or otherwise.

我們在本次電話會議上的聲明截至今天，即 2024 年 8 月 8 日，本公司沒有義務公開修改或更新此處包含的任何前瞻性聲明，無論是由於新資訊、未來事件的預期變化或其他方式。

Additionally, throughout this call, we'll be discussing certain non-GAAP financial measures in today's earnings release and the related current report on Form 8-K describe the differences between our GAAP and non GAAP reporting and present the reconciliation between the two for the periods reported in the release.

此外，在整個電話會議中，我們將討論今天的收益發布中的某些非GAAP 財務指標，以及8-K 表格中的相關當前報告，描述我們的GAAP 報告和非GAAP 報告之間的差異，並展示兩者之間的調節情況。

With that said, I'll now turn the call over to Mitek's Executive Chairman and Interim CEO, Scott Carter.

話雖如此，我現在將把電話轉給 Mitek 的執行董事長兼臨時執行長 Scott Carter。

Good afternoon, everyone, and welcome. I appreciate your time today and your interest in Mitek. As you may know, on May 13, we announced my appointment as Interim CEO in the three months since then, I have conducted deep dives into all aspects of the business, and I've received invaluable feedback from shareholders, clients and countless members of the Mitek team.

大家下午好，歡迎光臨。感謝您今天抽出時間以及您對 Mitek 的興趣。如您所知，5月13日，我們宣布任命我為臨時首席執行官，在此後的三個月裡，我對業務的各個方面進行了深入研究，並收到了來自股東、客戶和無數成員的寶貴回饋。

Several important themes emerge, and I will discuss those today. Although there are revenue challenges, we will address head-on today. My first 90 days as interim CEO has amplified my deeply held conviction in the exciting opportunities ahead for my checks and our shareholders.

出現了幾個重要的主題，我今天將討論這些主題。儘管存在收入挑戰，但我們今天將正面解決。在擔任臨時執行長的頭 90 天裡，我更加堅信自己的支票和股東將面臨令人興奮的機會。

We have superior technology, important intellectual property, a high-quality team and are well positioned to capitalize on new and emerging market tailwinds.

我們擁有卓越的技術、重要的智慧財產權和高素質的團隊，並處於充分利用新興市場機會的有利位置。

Before discussing this quarter's results, which are candidly mixed, I want to reaffirm the investment thesis behind our agenda, a product portfolio. Our initial vision has grown stronger and our strategic investments have positioned us to capture significant opportunities in the evolving identity verification landscape after pioneering mobile check deposit technology, a phase where my tech remains the market leader with proprietary technology trusted by the largest banks worldwide and thousands of others.

在討論本季的業績（坦白說，業績好壞參半）之前，我想重申我們議程背後的投資主題，即產品組合。我們最初的願景變得更加堅定，我們的策略投資使我們能夠在開創行動支票存款技術之後，在不斷發展的身份驗證領域抓住重大機遇，在這個階段，我的技術仍然是市場領先者，其專有技術受到全球最大的銀行和數千家銀行的信賴其他人的。

We leveraged our expertise in verification technology to diversify into adjacent new markets, which we see as offering longer-term growth opportunities. We started with document verification, and we then evolved to include solutions that serve the entire customer lifecycle, including advanced biometrics and passive lightness. The ability to determine if there was a real human being behind the imager voice and doing so with minimal consumer friction.

我們利用我們在驗證技術方面的專業知識，向鄰近的新市場進行多元化發展，我們認為這些市場提供了長期成長機會。我們從文件驗證開始，然後發展到提供服務整個客戶生命週期的解決方案，包括先進的生物識別技術和被動照明技術。能夠確定成像器聲音背後是否有真人，並且能夠以最小的消費者摩擦來確定。

Mitak serves to highlight our evolution from point solution to platform provider by, Mitek clients conduct a complete know-your-customer or KYC process for a single interface. We have reinforced our position as a leader in the financial service technology industry as a one-stop shop for identity verification. This is much stickier product than our historical sales motion of selling individual point solutions.

Mitak 透過 Mitek 客戶針對單一介面執行完整的「了解你的客戶」或 KYC 流程來強調我們從單點解決方案到平台提供者的演進。作為一站式身分驗證服務，我們鞏固了作為金融服務科技產業領導者的地位。這是比我們過去銷售單點解決方案的銷售活動更具黏性的產品。

While our G&A revenue was disappointing, this quarter. We remain confident in our strategic direction synergies between our identity and deposits product portfolios, leveraging our core expertise and overlapping customer base will enable enable us to deliver sustained value and continue to continue building a robust and integrated identity verification platform.

雖然本季我們的一般管理費用收入令人失望。我們對身分和存款產品組合之間的策略方向協同效應仍然充滿信心，利用我們的核心專業知識和重疊的客戶群將使我們能夠提供持續的價值，並繼續建立一個強大的整合式身分驗證平台。

Now moving on to the third quarter, while our deposits revenue continued its solid performance, our identity product portfolio revenue was materially impacted by the ID R&D biometrics part of our business and execution challenges associated with scaling our ID R&D product portfolio to a lesser extent, but also material. We expected we experienced a timing shifts related to promotional campaign driven transaction volume from two large banking clients.

現在進入第三季度，雖然我們的存款收入繼續保持穩健的表現，但我們的身份產品組合收入受到我們業務的ID 研發生物識別部分以及與在較小程度上擴展我們的ID 研發產品組合相關的執行挑戰的重大影響，但也有物質。我們預計我們會經歷與兩個大型銀行客戶的促銷活動驅動的交易量相關的時間變化。

This pushed out some additional expected Mitek team and Mobile Verify product revenue based on customer input, we now expect these campaigns to occur in fiscal 2025.

根據客戶的意見，這推動了 Mitek 團隊和 Mobile verify 產品的一些額外預期收入，我們現在預計這些活動將在 2025 財年進行。

Let's dig deeper into the ID R&D related revenue shortfall. As a reminder, ID R&D solutions are delivered as on-premise software term licenses. Given software revenue recognition standards, term license revenue associated with new deals is typically recognized in the quarter in which the deal is closed. You may recall that during our last earnings call, we discussed some uncertainty regarding the timing of some prospective larger deals across Q3 and Q4 of fiscal 2024.

讓我們更深入探討與 ID 研發相關的收入缺口。請注意，ID 研發解決方案是作為本地軟體期限許可證提供。根據軟體收入確認標準，與新交易相關的定期授權收入通常在交易完成的季度確認。您可能還記得，在我們上次的財報電話會議上，我們討論了有關 2024 財年第三季和第四季一些潛在大型交易的時間表的一些不確定性。

In the June timeframe, we conducted deep dives and deal by deal inspection, and it became apparent to us the prior forecast for ID R&D biometric product revenue was unlikely to be achieved in the second half of this fiscal year, ID R&D and a number of promising six and seven figure opportunities which were anticipated to close in the second half of our fiscal 2024.

在 6 月的時間範圍內，我們進行了深入研究和逐筆交易檢查，我們清楚地看到，先前對 ID 研發生物識別產品收入的預測不太可能在本財年下半年實現，ID 研發和一些承諾提供六位數和七位數的機會，預計在2024 財年下半年完成。

However, upon review, these deals proved to be more complex than anticipated. These are deals with large multinational corporations for disruptive new applications of our biometrics technology. Dealing with customers of this size and complexity often leads to longer sales cycles.

然而，經過審查，這些交易被證明比預期更為複雜。這些是與大型跨國公司就我們的生物辨識技術的顛覆性新應用達成的協議。與這種規模和複雜性的客戶打交道通常會導致銷售週期更長。

But now let's talk about our go-forward plan following our acquisition of ID R&D in 2021. Our goal is to foster innovation and to leverage the entrepreneurial spirit, speed and agility of the ID R&D teams by maintaining their original organizational and operating structure.

現在讓我們談談 2021 年收購 ID R&D 後我們的未來計劃。我們的目標是透過維持 ID 研發團隊原有的組織和營運結構來促進創新並發揮 ID 研發團隊的創業精神、速度和敏捷性。

As such, this team continued to operate with its own CRM and forecasting tools. As we look forward, the opportunities for biometric solutions are expanding. The ID R&D customer mix and use cases are much more diversified and the vertical markets our large, given these expanding opportunities, we have taken actions to fully integrate ID R&D's technology, product development, sales and marketing and operations into the rest of the company to improve execution.

因此，該團隊繼續使用自己的 CRM 和預測工具進行營運。展望未來，生物辨識解決方案的機會正在擴大。ID R&D 的客戶組合和用例更加多樣化，垂直市場也很大，考慮到這些不斷擴大的機會，我們已採取行動將ID R&D 的技術、產品開發、銷售和營銷以及運營完全整合到公司的其他部門，以提高執行力。

The new structure is in place today. This will also include a gradual migration of the ID R&D brand into Mitek. I want to underscore the significant opportunity we have with ID R&D as customer and third party evaluations confirmed the superior efficacy of our proprietary biometrics technology.

新的結構今天已經到位。這也包括將 ID 研發品牌逐步遷移至 Mitek。我想強調我們在 ID 研發方面擁有的重要機會，因為客戶和第三方評估證實了我們專有的生物辨識技術的卓越功效。

Our new organizational structure will improve our ability to execute upon that opportunity playing through our respective strengths across the company. A recent Wall Street Journal article reported a staggering 700% increase in deep fake incidents in 2023.

我們的新組織結構將提高我們利用整個公司各自優勢的執行能力。《華爾街日報》最近的一篇文章報導，2023 年深度造假事件將驚人地增加 700%。

And according to a recent Liminal article, the defect detection market was valued at $5.5 billion last year and is expected to reach $15.7 billion by 2026, a CAGR of 42%. In a few weeks, we will plan to launch Mitek deep fake detection products to address this problem. This launch follows several quarters of critical R&D work built on ID R&D technology.

根據 Liminal 最近的一篇文章，缺陷檢測市場去年估值為 55 億美元，預計到 2026 年將達到 157 億美元，複合年增長率為 42%。幾週後，我們將計畫推出 Mitek 深度造假檢測產品來解決這個問題。此次發布是在基於 ID 研發技術的幾個季度的關鍵研發工作之後進行的。

We believe this product is at the leading edge. I've combined combating this ballooning defect problem. It is designed to verify a user's authenticity, ensuring they are real humans and not computer-generated for digital and posters. We have commenced early stage conversations with our installed base of ID R&D partners and are pleased with our favorable response and interest stay tuned for a press release and this new product suite.

我們相信該產品處於領先地位。我已經聯合起來對抗這個不斷膨脹的缺陷問題。它旨在驗證用戶的真實性，確保他們是真實的人，而不是電腦生成的數位和海報。我們已經開始與 ID 研發合作夥伴的安裝基礎進行早期對話，並對我們的積極回應感到高興，並且有興趣繼續關注新聞稿和這個新產品套件。

Now turning our attention to the rest of our identity product portfolio. Our identity transactional SaaS revenue came in moderately short of our expectations in the third quarter. As I said before, this is mainly due to two of our largest PND customers delaying promotional campaigns until our fiscal 2025 expansion revenue remains a large opportunity for Mitek was a strong component of identity revenue in Q3 and our almost 100% customer renewal rate is strong validation of our industry leading identity solutions.

現在將我們的注意力轉向我們的身份產品組合的其餘部分。第三季我們的身分交易 SaaS 營收略低於我們的預期。正如我之前所說，這主要是由於我們最大的兩個PND 客戶推遲了促銷活動，直到我們的2025 財年擴張收入仍然是一個很大的機會，因為Mitek 是第三季度身份收入的重要組成部分，而且我們幾乎100% 的客戶續訂率很高驗證我們業界領先的身份解決方案。

Today, the vast majority of D&E transactional SaaS sales are in financial services, but there's much more opportunity within this vertical. Bear in mind that over 7,000 banks in the US alone benefit from Mitek's Mobile Deposit. Yet we've only penetrated a single digit percentage of banks across our core geographic markets in the US, UK and EMEA with our identity solutions.

如今，絕大多數 D&E 交易 SaaS 銷售都來自金融服務，但在這一垂直領域還有更多機會。請記住，光是美國就有 7,000 多家銀行受益於 Mitek 的行動存款。然而，我們的身分解決方案僅滲透到美國、英國和歐洲、中東和非洲核心地理市場中百分之幾的銀行。

We are now laser focused on cross selling the combined ID R&D and Mitek identity and deposit story senior executive audiences. This has served to significantly elevate our conversations. One of those cross-sell opportunities with Mitek, our Mitek product combined voice and facial biometrics in a single transaction, replacing legacy approaches such as user name and passwords with more modern, safe and frictionless authentication.

我們現在專注於交叉銷售 ID 研發和 Mitek 身分和存款故事高階管理受眾。這極大地提升了我們的對話水平。與 Mitek 的交叉銷售機會之一是，我們的 Mitek 產品在一次交易中結合了語音和臉部生物識別技術，以更現代、更安全、更順暢的身份驗證取代了用戶名和密碼等傳統方法。

Mitek is being used or tested by five of the top banks in the UK, further validating interest in this disruptive product offering. Mitek leverages technology from ID R&D but is sold and delivered through traditional Mitek sales channels. And as a transactional SaaS business model looking ahead, we are keenly focused on product portfolio optimization, close-in section of customer level profitability growth and contribution margin by geographic and vertical market and by use case and products reveal opportunities to target our resources in a way that drives the best ROI in identity.

英國五家頂級銀行正在使用或測試 Mitek，進一步驗證了人們對這種顛覆性產品的興趣。Mitek 利用 ID 研發的技術，但透過傳統的 Mitek 銷售管道進行銷售和交付。作為展望未來的交易型SaaS 業務模式，我們高度關注產品組合優化、客戶層面盈利能力增長的近距離部分以及按地理和垂直市場以及用例和產品劃分的邊際貢獻，揭示了將我們的資源定位在以下領域的機會：推動身分認同方​​面最佳投資報酬率的方式。

We will increasingly target direct selling efforts towards the most profitable customer segments, while adjusting pricing and channel strategies for unprofitable customer segments. Let's use Mitek as an example, my Mitek as a platform that provides customers with the ability to integrate a variety of Mitek proprietary and third party partner point solutions into a one-stop shop for identity verification.

我們將越來越多地將直銷工作瞄準最有利可圖的客戶群，同時針對無利可圖的客戶群調整定價和通路策略。我們以 Mitek 為例，我的 Mitek 作為一個平台，為客戶提供將各種 Mitek 專有和第三方合作夥伴點解決方案整合到一站式商店進行身份驗證的能力。

This creates a stronger value proposition and a stickier customer relationship, therefore, supporting higher price points and driving higher contribution margins. Accordingly, we are refining go-to-market motions so that we can capitalize on this opportunity for improved quality of owned earnings and our G&E business.

這創造了更強大的價值主張和更黏性的客戶關係，因此支持更高的價格點並推動更高的邊際貢獻。因此，我們正在完善上市動議，以便我們能夠利用這一機會來提高自有收益和 G&E 業務的品質。

Likewise, when it comes to document verification, whether that be in our Mobile Verify offering for as an individual point solution within Mitek team automated transactions provide a higher contribution margins than agent transactions.

同樣，在文件驗證方面，無論是在我們的行動驗證產品中還是作為 Mitek 團隊自動交易中的單一點解決方案，都提供了比代理交易更高的邊際貢獻。

This to further informs our pricing and sales strategies as well as our assessment of product market fit going forward. These and other portfolio optimization efforts further increased our conviction in the opportunities ahead to drive improved return on invested capital in our G&E business.

這將進一步為我們的定價和銷售策略以及我們對未來產品市場契合度的評估提供資訊。這些和其他投資組合最佳化工作進一步增強了我們對未來機會的信心，以提高我們的 G&E 業務的投資資本回報率。

Now turning our attention to our deposit product portfolio, I'll start by highlighting our mobile deposit franchise, which we are pleased to report continued to deliver growth in this highly cash generative revenue stream.

現在將我們的注意力轉向我們的存款產品組合，我將首先強調我們的行動存款特許經營權，我們很高興地報告，該特許經營權繼續為這一高現金生成收入流帶來增長。

Revenue for this product grew year over year in Q3 due to a combination of increased consumer adoption timing of check reorders and continued price increases catching up in our efforts to capture our fair share value we created through this technology, which has transformed the entire retail banking industry.

該產品的收入在第三季度同比增長，原因是消費者採用支票重新訂購的時間增加，並且價格持續上漲，趕上了我們通過這項技術創造的公平份額價值的努力，這改變了整個零售銀行業務行業。

Now I want to turn our attention to Check Fraud Defender or CFD, which continues to grow its customer base, underscoring the strong interest from banks for this industry leading innovative offering as a reminder, sectoral Defender are our cloud-hosted product billing consortium data and AI technology and powered by Mitek enables customers to identify fraudulent checks this quarter, a top five US bank went live on the consortium.

現在我想將我們的注意力轉向Check Fraud Defender 或CFD，它的客戶群不斷增長，強調了銀行對這一行業領先的創新產品的濃厚興趣，提醒一下，部門Defender 是我們的雲端託管產品計費聯盟數據和由 Mitek 提供支援的人工智慧技術使客戶能夠在本季度識別詐欺支票，美國排名前五的銀行已在該聯盟上線。

This Bank implemented CFD and its real-time mode and is live and all of its 2000 plus branches. Real-time mode enables CFC to evaluate check deposits where the true mobile deposit ATM or in-branch to instantly flag likely fraudulent checks.

該銀行實施了差價合約及其即時模式，並已在其所有 2000 多家分行上線。即時模式使 CFC 能夠評估支票存款，其中真正的行動存款 ATM 或分行內可立即標記可能的詐欺支票。

There are now over 40 banks under contract with the consortium should position us well to achieve our goal of 50 plus CFD customers by the end of this fiscal year. Already in Q4, we signed another top 30 banks and we expect another top 10 bank to sign in Q4.

目前已有 40 多家銀行與該財團簽訂了合同，這將使我們能夠在本財年末實現擁有 50 多家差價合約客戶的目標。在第四季度，我們又簽了另外一家排名前 30 的銀行，預計第四季還會簽下另外一家排名前 10 的銀行。

As you can see, demand for CFT is strong. And as the consortium continues to grow, the flywheel effect of this network model, we'll continue to take hold as I just mentioned, a top five bank went live on Check Fraud Defender during the third quarter. Importantly, three of the top three of the top five banks are already using a prior on-premise generation of CFDs. These stand-alone implementations provide the banks with protection for only their individual institutions.

正如您所看到的，對 CFT 的需求很強勁。隨著聯盟的不斷發展，這種網路模型的飛輪效應將繼續發揮作用，正如我剛才提到的，一家排名前五的銀行在第三季度上線了 Check Fraud Defender。重要的是，排名前五的銀行中排名前三的銀行已經在使用之前的本地一代差價合約。這些獨立的實施方案僅為銀行各自的機構提供保護。

However, even they are quickly realizing the power of our AI based cross bank consortium and are actively evaluating CFDs as the next step in their check fraud migration strategy. As CheckFree's continues to be an acute problem for banks, it continues to grow rapidly the ability to leverage AI and machine learning to observe industry wide patterns and activity and develop sophisticated profiles for both normal consumer behavior and bad actor activity across the ecosystem drives that demonstrably high ROI.

然而，即使他們也很快意識到我們基於人工智慧的跨銀行聯盟的力量，並積極評估差價合約，作為其支票詐欺遷移策略的下一步。由於CheckFree 仍然是銀行面臨的一個嚴重問題，因此它繼續快速發展，利用人工智慧和機器學習來觀察整個行業的模式和活動，並為整個生態系統中的正常消費者行為和不良行為者活動開發複雜的檔案，這明顯推動了銀行業的發展。

In summary, over the past three months, we've identified some key challenges and opportunities. We've taken decisive action to address the challenges and capitalize on the opportunities while our agenda revenue performance has been underwhelming strong client engagement suggests it's a temporary sub setback.

總之，在過去的三個月裡，我們發現了一些關鍵的挑戰和機會。我們已採取果斷行動來應對挑戰並利用機遇，而我們的議程收入表現一直令人印象深刻，客戶的強烈參與表明這只是暫時的挫折。

Our identity product portfolio has shown solid renewals and expansion as digital transformation and secure online access becomes increasingly critical. We are well positioned to capitalize on a massive market opportunity by leveraging our strong banking customer base. Also as mobile deposit continues to grow and generate cash flow. Safety is gaining momentum and proposed and poised to be a significant future revenue driver for Mitek.

隨著數位轉型和安全線上存取變得越來越重要，我們的身分識別產品組合已顯示出穩健的更新和擴展。透過利用我們強大的銀行客戶群，我們處於有利地位，可以利用巨大的市場機會。此外，行動存款不斷增長並產生現金流。安全性正在蓬勃發展，並有望成為 Mitek 未來重要的收入驅動力。

Lastly, I want to provide an update on our CEO search. While we are still interviewing new candidates. Several have advanced to later stages of our process, and each has a strong track record of simultaneously driving growth and margin improvements within or within or adjacent to the markets where my tech already operates, we are confident we will be able to hire a new CEO who build shareholder value by leveraging our industry-leading product offerings and driving growth while at the same time driving sustained profitability across all of my text businesses.

最後，我想提供有關我們執行長搜尋的最新資訊。雖然我們仍在面試新的候選人。有幾家已經進入了我們流程的後期階段，並且每家都擁有在我的技術已經運營的市場內、內部或鄰近市場同時推動增長和利潤率提高的良好記錄，我們有信心能夠聘請一位新的執行長他們透過利用我們行業領先的產品和推動成長來創造股東價值，同時推動我所有文本業務的持續獲利。

Before I hand it over to Dave, I'd like to acknowledge his impact as our CFO over the past seven months. He led us through audit Nasdaq compliance challenges, improved our finance and accounting teams and has invaluable experience from his previous technology related public company, CFO roles Dave, I want to thank you for these contributions, and I look forward to continuing this partnership.

在將其交給戴夫之前，我想感謝他在過去七個月中作為我們的財務長所產生的影響。他帶領我們應對了納斯達克合規審計挑戰，改進了我們的財務和會計團隊，並從他之前的技術相關上市公司、首席財務官職位中獲得了寶貴的經驗，戴夫，我要感謝你的這些貢獻，我期待著繼續這種合作關係。

Now over to you to provide an update on our Q3 financial results and outlook.

現在請您提供有關我們第三季財務業績和前景的最新資訊。

Thanks, Scott. I'll begin by taking you through the fiscal Q3 2024 financial results and then comment on our outlook. Looking first at revenue, total revenue for fiscal Q3 increased 4% year over year to $45 million. We saw a solid 18% year-over-year revenue growth from deposits with mobile check deposit revenue being the primary growth driver and Check Fraud Defender showing a double-digit growth rate year over year.

謝謝，斯科特。我將首先向您介紹 2024 年第三季財務業績，然後評論我們的前景。首先看收入，第三財季總收入年增 4%，達到 4,500 萬美元。我們看到存款收入較去年同期穩定成長 18%，其中行動支票存款收入是主要成長動力，而 Check Fraud Defender 則較去年同期呈現兩位數成長率。

Mobile Check Deposit revenue saw a healthy cluster of earlier than expected renewals as continued strong transaction volumes led customers to utilize their prepaid transaction inventories faster than anticipated. Identity product revenue declined 14% year over year with ID R&D. biometrics revenue softness contributing to much of that decline for reasons described earlier by Scott, the pricing pressure on our Mobile Verify product as well as sunsetting E-Car hardware revenue contributed to the decline to a lesser extent. Looking more closely at Mobile Verify.

由於持續強勁的交易量導致客戶比預期更快地利用其預付交易庫存，行動支票存款收入出現了比預期更早更新的健康集群。由於身分研發，身份產品收入較去年同期下降 14%。由於史考特先前描述的原因，生物辨識收入疲軟是造成這種下降的主要原因，我們的行動驗證產品的定價壓力以及電動車硬體收入的下降導致了較小程度的下降。更仔細地觀察移動驗證。

The year-over-year decline was mostly attributable to some of our large customers renewing contracts at lower pricing. Notably, Mobile Verify transaction volume increased year over year, and we saw close to zero customer churn during fiscal Q3 signaling healthy demand despite the competitive pricing environment. And I'll talk more about how this could play out in my outlook commentary near the end of my remarks.

同比下降主要是由於我們的一些大客戶以較低的價格續約合約。值得注意的是，行動驗證交易量逐年增加，我們在第三財季看到客戶流失率接近零，這表明儘管定價環境競爭激烈，但需求仍然健康。我將在演講結束時的展望評論中更多地討論這將如何發揮作用。

Looking at revenue by group reporting category, software and hardware revenue grew 6% to $22.7 million in fiscal Q3, mostly driven by mobile check deposit but offset by declines in IT, R&D, biometrics, product revenue services and other revenue grew 3% to $22.3 million year over year as we saw Check Fraud Defender begin to contribute to our transactional SaaS revenue with additional contribution from mobile check deposit maintenance revenue growth.

從集團報告類別的收入來看，第三財季軟體和硬體收入成長了6%，達到2,270 萬美元，主要是由行動支票存款推動，但被IT、研發、生物識別、產品收入服務和其他收入的下降所抵消，增長了3%，達到22.3 美元同比我們看到 Check Fraud Defender 開始為我們的交易 SaaS 收入做出貢獻，行動支票存款維護收入增長也為我們帶來了額外貢獻。

GAAP operating expense for fiscal Q3 2024 was $37.8 million compared to $35.6 million a year ago. The increase was primarily driven by $900,000 in compensation related cost of living adjustments for employees we relocated from our offices in Russia, which have now been shut down, as well as $300,000 of investments in our AWS cloud service technology and $300,000 and retention expense associated with key go to market and technical product personnel.

2024 年第三財季的 GAAP 營運費用為 3,780 萬美元，去年同期為 3,560 萬美元。這一增長主要是由於我們為從俄羅斯辦事處調來的員工支付了90 萬美元的生活成本調整費用，這些辦事處現已關閉，此外還對我們的AWS 雲端服務技術進行了30 萬美元的投資，以及與AWS 相關的30 萬美元和保留費用。

Non-GAAP operating expense for fiscal Q3 '24 was $27.1 million compared to $25.5 million a year ago and down $900,000 sequentially from $28 million in Q2 '24 year over year increase in non-GAAP operating expense was primarily due to employee related costs associated with the move from Russia and to a lesser extent, due to the investment in the AWS cloud services for our growing transactional SaaS business and biometrics technology.

2024 年第 3 季的非 GAAP 營運費用為 2,710 萬美元，而去年同期為 2,550 萬美元，比 2024 年第 2 季的 2,800 萬美元減少了 90 萬美元。俄羅斯的遷移，在較小程度上，是由於我們不斷成長的交易SaaS 業務和生物辨識技術對AWS 雲端服務的投資。

The $900,000 sequential decrease in non-GAAP operating expense was due mainly to lower sales expenses from cost optimizations made in the quarter. Lower management bonus accrual as well as lower external contract support costs as we began our path to normalization following previous filing delays.

非 GAAP 營運費用較上季減少 90 萬美元，主要是由於本季成本優化帶來的銷售費用降低。隨著我們在先前的提交延遲之後開始走向正常化之路，管理層應計獎金降低，外部合約支援成本降低。

Excluded from our non-GAAP operating expense was $10.8 million of non-recurring items, of which $7.3 million were noncash accounting items and $3.5 million were cash items. Non-cash items were comprised of the amortization of purchased intangibles from prior acquisitions and stock-based compensation expense.

我們的非公認會計準則營運費用中不包括 1,080 萬美元的非經常性項目，其中 730 萬美元是非現金會計項目，350 萬美元是現金項目。非現金項目包括從先前收購中購買的無形資產的攤銷和股票補償費用。

The cash items were primarily comprised of about $1.3 million in executive transition costs, $1.1 million in restructuring costs associated with our cost optimization efforts and $1 million in non-reoccurring audit fees. Please see our earnings release for more detailed reconciliation.

現金項目主要包括約 130 萬美元的高階主管過渡成本、與我們的成本優化工作相關的 110 萬美元的重組成本以及 100 萬美元的非經常性審計費用。請參閱我們的收益發布以了解更詳細的對帳資訊。

GAAP operating income was $0.7 million in fiscal Q3 '24 for a GAAP operating margin of 2%. Our non-GAAP operating income was $11.6 million in fiscal Q3 '24 or a non-GAAP operating margin of 26%. GAAP net income for fiscal Q3 '24 was $0.2 million, which rounds to $0 per diluted share on 48 million shares. Non-Gaap net income grew 27% to $12 million, and earnings per diluted share was $0.25.

2024 年第三財季的 GAAP 營業收入為 70 萬美元，GAAP 營業利益率為 2%。2024 年第三財季，我們的非 GAAP 營業收入為 1,160 萬美元，非 GAAP 營業利潤率為 26%。24 年第 3 財季的 GAAP 淨利為 20 萬美元，四捨五入為 4,800 萬股稀釋每股收益 0 美元。非美國通用會計準則淨利潤成長 27%，達到 1,200 萬美元，攤薄後每股收益為 0.25 美元。

Turning to our balance sheet, our cash and investments at the end of fiscal Q3 were $133.2 million, $2.9 million higher sequentially versus fiscal Q2. It's important to note that during fiscal Q3, we repurchased we repurchased about 820,000 biotech shares at an average share price of $12.25, including trading costs totaling about $10 million. Therefore, adjusting for share repurchases, our cash and investments balance would have increased by $12.9 million during the quarter.

轉向我們的資產負債表，第三財季末的現金和投資為 1.332 億美元，比第二財季末增加 290 萬美元。值得注意的是，在第三財季，我們回購了約82萬股生技股票，平均股價為12.25美元，其中交易成本總計約1,000萬美元。因此，根據股票回購進行調整後，本季我們的現金和投資餘額將增加 1,290 萬美元。

Let's now shift to our fiscal 2024 outlook. With regard to revenue, we are resetting our fiscal 24 revenue range to $169 million to $173 million from our previous range of $180 million to $185 million, which implies fiscal Q4 revenue to be in the range of $40.1 million to $44.1 million. This is primarily due to the shortfall in larger pipeline deals from our ID R& biometrics products, and we're expected to close in the second half of fiscal 2024 as well as expected softness from two large identity customers delaying promotional campaigns until our fiscal year 2025.

現在讓我們轉向 2024 財年展望。關於收入，我們將24 財年的收入範圍從先前的1.8 億美元至1.85 億美元調整為1.69 億美元至1.73 億美元，這意味著第四季的營收將在4,010 萬美元至4,410 萬美元之間。這主要是由於我們的 ID R& 生物辨識產品的較大管道交易出現短缺，預計我們將在 2024 財年下半年完成，以及預計兩個大型身分客戶將促銷活動推遲到 2025 財年，導致交易疲軟。 。

These revenue shortfalls also require us to lower our previous guidance for fiscal year 2024 non-GAAP operating margin, where we now expect our non-GAAP operating margin to be in the range of 23% to 25% due primarily to the revenue shortfall from the ID R&D biometrics products as software term license revenue has very little cost of revenue associated with it.

這些收入短缺也要求我們降低先前對 2024 財年非 GAAP 營業利潤率的指導，我們現在預計我們的非 GAAP 營業利潤率將在 23% 至 25% 的範圍內，這主要是由於ID 研發生物識別產品作為軟體術語授權收入，與之相關的收入成本非常低。

Given the challenges we are seeing with the identity product revenue shortfall in the second half of this year. Our updated forecast model and models indicate that the total identity product portfolio, we'll not be profitable in fiscal Q4 on a fully burdened basis.

考慮到今年下半年身份產品收入短缺的挑戰。我們更新的預測模型和模型表明，就整個身份產品組合而言，我們在第四財季將無法在完全負擔的基礎上實現盈利。

Therefore, we don't expect to achieve our previously communicated target at this time, we feel it prudent to reassess the achievement and time line for this target following our annual operating planning process, and we will share the plan to achieve profitability and identity with you on our next earnings call.

因此，我們預計目前不會實現先前傳達的目標，我們認為根據年度營運規劃流程重新評估該目標的實現情況和時間表是明智的，我們將與大家分享實現盈利和認同的計劃請參加我們的下一次財報電話會議。

We want to assure you that achieving long-term sustainable profitability across all of my text business remains a primary objective. We will continue to be laser focused on disciplined operating expense control and optimization, while ensuring sufficient investment in our significant market opportunities.

我們想向您保證，在所有簡訊業務中實現長期可持續盈利仍然是我們的首要目標。我們將繼續專注於嚴格的營運費用控制和優化，同時確保對重要的市場機會進行充足的投資。

Moving on to our previous G&A expense outlooks, where we are reiterating that we expect our non-GAAP G&A operating expense to be approximately $8.5 million in fiscal Q4.

繼續我們先前的 G&A 費用展望，我們重申，我們預計第四財季的非 GAAP G&A 營運費用約為 850 萬美元。

Looking ahead to fiscal 2025. We expect Q1 total revenue to be down year over year due to timing of mobile deposits or reorders. Historically, Q1 is our weakest quarter of the year we anticipate that we will resume year-over-year revenue growth in fiscal Q2 '25, led by mobile deposits with growth also expected from identity in the second half of fiscal 2025 growth will be driven primarily by Check Fraud Defender, MiVIP and Mitek and ID R&D biometrics products. For the full fiscal year 2025, we expect identity to return to double-digit growth.

展望 2025 財年。我們預計，由於行動存款或重新訂購的時間安排，第一季總收入將同比下降。從歷史上看，第一季是我們今年最弱的季度，我們預計我們將在 25 財年第二季度恢復同比收入增長，其中行動存款帶動增長，預計 2025 財年下半年的增長將由身份驅動主要由Check Fraud Defender、MiVIP 和Mitek 以及ID 研發的生物辨識產品組成。在 2025 整個財年，我們預計身分將恢復兩位數成長。

Let's talk more about each of these products going forward.

讓我們進一步討論這些產品的未來。

Starting with Check Fraud Defender, one of our original customers, a major money center bank uses my tax on-premise check fraud solution with software term license revenue recognized all upfront in Q3 for this customer.

從我們的原始客戶之一 Check Fraud Defender 開始，一家主要貨幣中心銀行使用我的本地稅務支票詐欺解決方案，並在第三季為該客戶預先確認了軟體條款授權收入。

This causes about a $4 million revenue spike in Q3 of each fiscal year until they transition to a cloud-based SaaS model, which will result in smoother quarter to quarter revenue recognition for most all other banks. This solution will be offered only as a cloud-based SaaS solution with ratable revenue recognition of the contract period.

這導致每個財年第三季的收入激增約 400 萬美元，直到他們過渡到基於雲端的 SaaS 模式，這將使大多數其他銀行的季度收入確認更加平穩。該解決方案將僅作為基於雲端的 SaaS 解決方案提供，並在合約期間內按比例確認收入。

Now let's look at MiVIP and MiSnap, we are witnessing a shift in our existing customer behavior as many migrate from point solutions like Mobile Verify to our comprehensive, MiVIP orchestration platform, which more holistically addresses growing fraud detection and prevention needs to be clear customers.

現在讓我們來看看MiVIP 和MiSnap，我們正在見證現有客戶行為的轉變，因為許多客戶從行動驗證等單點解決方案遷移到我們全面的MiVIP 編排平台，該平台更全面地解決了客戶日益增長的詐欺檢測和預防需求。

Moving to MiVIP may continue to use Mobile Verify inside the MiVIP platform and therefore have access to expanded identity offerings such as my best. This trend also includes new customers seeking a unified solution for verification and often authentication.

遷移到 MiVIP 可能會繼續在 MiVIP 平台內使用移動驗證，因此可以存取擴展的身份產品，例如 my best。這一趨勢還包括新客戶尋求統一的驗證和身份驗證解決方案。

Finally, we expect solid revenue growth from our IDR&D biometrics products through customer expansion, increased transactions and new product launches. However, as Scott mentioned earlier, penetrating new market verticals with larger deals may take time with growth from these deals most likely later in fiscal 2025.

最後，我們預計透過客戶擴展、交易增加和新產品發布，IDR&D 生物辨識產品的收入將實現穩健成長。然而，正如斯科特之前提到的，透過更大規模的交易滲透新的垂直市場可能需要時間，而這些交易的成長很可能在 2025 財年稍後實現。

And fiscal 2025, we also expect some modest headwinds in our mobile deposit product and Mobile Verify products. First, as I mentioned earlier, Mobile Deposit is facing some renewal timing related headwinds in fiscal Q1, we expect first half 2025 deals to be more concentrated in the second quarter.

到 2025 財年，我們也預期我們的行動存款產品和行動驗證產品會遇到一些溫和的阻力。首先，正如我之前提到的，行動存款在第一季面臨一些與續訂時間相關的阻力，我們預計 2025 年上半年的交易將更加集中在第二季。

As a result, given the high margin profile of mobile deposit product deals. It will also cause a temporary headwind to our non-GAAP operating margin for the first quarter. However, we expect this margin to return to levels similar to fiscal 2024 in fiscal Q2 2025.

因此，考慮到行動存款產品交易的高利潤率。這也將對我們第一季的非公認會計原則營業利潤率造成暫時的不利影響。不過，我們預計這一利潤率將在 2025 財年第二季恢復到與 2024 財年相似的水平。

Now under Mobile Verify, we continue to face competitive pricing pressure, but it is important to note that a large portion of this revenue comes from banks that use products from our deposits product portfolio presenting significant cross-sell synergy opportunities.

現在，在行動驗證下，我們繼續面臨競爭性定價壓力，但值得注意的是，這筆收入的很大一部分來自使用我們存款產品組合中的產品的銀行，這提供了重大的交叉銷售協同機會。

In our 2024 fiscal year-end earnings call, we will introduce our revenue and operating target ranges for fiscal 2025 and provide more detail. Operator, that concludes our prepared remarks. Please open the line for questions in queue.

在 2024 財年終收益電話會議中，我們將介紹 2025 財年的收入和營運目標範圍，並提供更多詳細資訊。接線員，我們準備好的發言到此結束。請打開隊列詢問問題。

At this time, we will conduct a question-and-answer session. (Operator Instructions)

這時候，我們將進行問答環節。（操作員說明）

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, guys, I'm pretty disappointing. Can you help I mean, there's about seven weeks to go in the year and it looks like you're down $11 million to $12 million in revenue and it sounds like it's because ID R&D and a couple of promotions in Mobile ID slipping I don't know. Can you just allocate the shortfall between those two buckets?

嘿，夥計們，我很失望。我的意思是，今年還有大約七週時間，您的收入似乎減少了 1100 萬至 1200 萬美元，這聽起來像是因為 ID 研發和行動 ID 方面的一些促銷活動下滑，我不這麼認為。不知道。你能分配這兩個桶子之間的缺口嗎？

Yeah, Mike, thanks for the question. And I'll start and Dave, of course, elaborate if I miss anything important, both those items are material, Mike, I would say that the ID R&D miss was much more material than the timing issue with those promotional campaigns, we had a surge and very promising next and very substantial seven figure opportunities as I mentioned in the script.

是的，麥克，謝謝你的提問。當然，我會開始，戴夫，如果我錯過了任何重要的事情，請詳細說明，這兩件事都很重要，邁克，我想說，ID 研發的失誤比那些促銷活動的時間問題更重要，我們有一個正如我在劇本中提到的那樣，接下來的機會非常有希望，而且有很大的七位數的機會。

And based on the client feedback, the superior efficacy of this technology, there is an expectation that those deals are closed in Q3 and Q4. But again, as I mentioned in the script, as Dave and I dug into that, it just became clear that those would doesn't push, but they're still very viable, some opportunities, and we expect a good portion of those to remain viable going forward.

根據客戶的回饋，該技術的卓越功效，預計這些交易將在第三季和第四季完成。但同樣，正如我在劇本中提到的，當戴夫和我深入研究時，很明顯這些不會推動，但它們仍然非常可行，有一些機會，我們預計其中很大一部分能夠繼續保持可行。

Yeah, I just provide a little more color on the numbers. You're right. In the midpoint of guidance, you're talking about an $11 million shortfall on the majority of the vast majority of that is related to identity products. And I would say that the majority of that identity shortfall was from the ID R&D biometrics revenue and remember the ID R&D biometrics revenue because of the software term license and it has a very high gross margin, you know that $1 in revenues that's missed drops straight to the bottom line.

是的，我只是在數字上提供更多的顏色。你說得對。在指導的中點，您談到了 1100 萬美元的缺口，其中絕大多數與身份產品有關。我想說，身分缺口的大部分來自 ID 研發生物識別收入，記住 ID 研發生物識別收入是因為軟體期限許可證，而且它的毛利率非常高，你知道，錯過的 1 美元收入會直接下降到底線。

Got it, I don't know, guys, you seem to have a lot of confidence in Mobile ID, but it's just been so disappointing. I mean, have you thought about selling it or splitting the company?

明白了，我不知道，夥計們，你們似乎對 Mobile ID 很有信心，但它實在太令人失望了。我的意思是，您是否考慮過出售或分拆公司？

Yeah. I appreciate the question, Mike. I mean, just sort of go back. You've followed the company for a long time. You understand the original thesis was that our growth could eventually sort of decelerate and the Mobile Deposit business.

是的。我很欣賞這個問題，麥克。我的意思是，就回去吧。您關注公司已經很久了。你知道，最初的論點是我們的成長最終可能會放緩，行動存款業務也可能會放緩。

We want to diversify our revenue streams and there are significant adjacencies between what we didn't and Mobile Deposit and the sort of original identity products for quite some time. These businesses were in fact very distinct and separate from despite these results this quarter, it's interesting because we're actually now beginning to see much more sort of validation of this thesis that the two belong together, right? So the safety, in particular as a gateway for that, for the first time, we're seeing the same buyer rights to the Check Fraud Defender buyer is very often the same person or very adjacent to the person that's buying our verification solutions.

我們希望使我們的收入來源多樣化，並且在相當長的一段時間內，我們沒有做到的與行動存款和原始身份產品之間存在著顯著的相似性。儘管本季度有這些結果，但這些業務實際上非常不同且獨立，這很有趣，因為我們現在實際上開始看到對這兩者屬於同一論點的更多類型的驗證，對嗎？因此，安全性，特別是作為安全網關，我們第一次看到與 Check Fraud Defender 買家相同的買家權利通常是同一個人或與購買我們驗證解決方案的人非常接近。

It's important to remember that the MiVIP platform, it fuels the Check Fraud Defender proposition. So that's an example of sort of where these capabilities are coming together and are integrated. I believe that as we get smarter about the portfolio optimization that I mentioned in the script, we can we can significantly change sort of a mix shift of where we're focusing.

重要的是要記住，MiVIP 平台推動了 Check Fraud Defender 的主張。這是這些功能聚集在一起並整合的一個例子。我相信，隨著我們對我在腳本中提到的投資組合優化變得更加明智，我們可以顯著改變我們關注的重點的混合轉變。

Underlying demand remains strong. So Mobile Verify, for example, and significant growth in transaction volume. So that speaks to sort of the growth in the market. And as we migrate those customers to the MiVIP platform, which has a stronger value proposition, we see much better margin profiles, maybe it is a nice growth contribution for the company.

潛在需求依然強勁。例如，行動驗證和交易量的顯著成長。這說明了市場的成長。當我們將這些客戶遷移到具有更強價值主張的 MiVIP 平台時，我們看到更好的利潤狀況，也許這對公司的成長做出了很好的貢獻。

We believe that we have evidence that we'll continue to have increased validation of the synergy between these businesses and particularly with this integration now of the ID R&D business into the rest of the company.

我們相信，我們有證據表明，我們將繼續加強對這些業務之間協同作用的驗證，特別是現在 ID 研發業務與公司其他業務的整合。

And we've had I've been involved in recent conversations for example, where we brought together experts from our ID R&D biometric story experts and check fraud and our traditional identity verification folks. And we're telling a combined story that's allowing us to get access into much more senior audiences in the bank. And that's something that's been very well received and it's encouraging to us.

例如，我參與了最近的對話，我們聚集了來自 ID 研發生物識別故事專家、檢查詐欺和傳統身分驗證人員的專家。我們正在講述一個綜合故事，使我們能夠接觸到銀行中更資深的受眾。這是非常受歡迎的事情，這對我們來說是令人鼓舞的。

As a follow-up. I mean, clearly, you're not going to be breakeven in mobile ID in 4Q? You said that, I mean, is there any chance you're going to be late '25 breakeven there? I mean, seems like it's a multiyear, some chance to breakeven.

作為後續。我的意思是，很明顯，您在第四季度的行動 ID 業務上不會實現盈虧平衡嗎？你說，我的意思是，你有可能遲到 25 年達到收支平衡嗎？我的意思是，這似乎是一個多年的、有機會實現收支平衡的機會。

Dave, you want to start there and I'll fill in if any?

戴夫，你想從這裡開始嗎？

Yeah, couple of things there. We have to remember that we've got a few products in their nascent stage moving into the accelerated growth stage. And we really see have to see how those play out as evidenced by what happened the ID R&D and biometric products in the current quarter and what we expect next quarter.

是的，有幾件事。我們必須記住，我們有一些產品正處於起步階段，並且正在進入加速成長階段。我們確實必須看看這些結果如何發揮作用，本季 ID 研發和生物辨識產品的情況以及我們對下個季度的預期就證明了這一點。

So we have to see how that plays out to make that determination. That's why we talked a little bit about in my remarks that we'll come back to you in the next earnings call after we get through our annual operating plan.

因此，我們必須看看結果如何做出決定。這就是為什麼我們在演講中談到了我們將在完成年度營運計劃後在下一次財報電話會議上與您聯繫。

And get more specific there, slightly rising rapidly.

更具體地說，略有快速上升。

Did you say what revenue was in Q3 for Check Fraud Defender?

您是否說過 Check Fraud Defender 第三季的營收是多少？

We did not.

我們沒有。

We're not disclosing that product level.

我們不會透露該產品等級。

Just at the deposits level.

只是在存款層面。

Yeah. And I remind you, Mike, from the focus right now with this consortium flywheel kind of model is to get to a critical mass of adoption we think we're quickly approaching that, underscoring that the adoption of the top five customer, the top 10 customer, we top 10 bank rather than top 5 bank that we the top 10 bank.

是的。我提醒你，麥克，目前這種聯盟飛輪模型的重點是達到臨界數量的採用，我們認為我們正在迅速接近這一點，強調前 5 位客戶、前 10 位客戶的採用客戶，我們是前10名銀行，而不是我們前10名銀行的前5名銀行。

We expect to close this quarter. As you well know, you follow the company a long time. They're long sales cycles with banks. They are then further sort of lags implementation and then ramping, right. And with SaaS, some fast model will take a while for that to ramp.

我們預計本季結束。如您所知，您已經關注公司很長時間了。銀行的銷售週期很長。然後它們會進一步滯後實施，然後逐漸增加，對吧。對於 SaaS，一些快速模型需要一段時間才能實現成長。

But we're getting just terrific validation from customers that proof of concepts are very compelling with customers switching from other competitive products and all signs are quite positive. We're focused more on getting to scale and getting that flywheel going.

但我們從客戶那裡得到了很好的驗證，即概念驗證對於從其他競爭產品轉向的客戶來說非常引人注目，而且所有跡像都非常積極。我們更專注於擴大規模並讓飛輪運轉。

Got it. Okay.

知道了。好的。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Thanks for taking the question, Scott, can you just help us understand when it became clear ID R&D wasn't going to meet numbers. And then you talked about the two banking campaigns that were pushed out into fiscal 2025 and then a few six and seven-figure transactions that were a bit more complex. Just to confirm, did any of those deals in campaigns fall completely out of the pipeline? Or is your expectation now just as they push into fiscal 2025?

感謝您提出問題，Scott，您能否幫助我們了解 ID 研發顯然無法滿足數位要求的情況。然後您談到了推遲到 2025 財年的兩項銀行業務活動，以及一些稍微複雜一些的六位數和七位數的交易。只是想確認一下，競選活動中是否有任何交易完全被排除在外？或者您現在的預期是否正值 2025 財年即將到來之際？

Yeah, the campaigns have definitely shifted into 2025. The two that we highlighted in terms of the timing on this come as a surprise, as I said in the script, I was appointed May 13 from the role became official in a June first. Dave and I immediately began to conduct deep dives into all aspects of the business. I was personally conducting deep-dive reviews of these large ID R&D biometrics, some opportunities.

是的，競選活動肯定已經轉移到 2025 年了。我們在時間安排上強調的兩個令人驚訝，正如我在劇本中所說，我是在 5 月 13 日被任命的，這個角色在 6 月 1 日被正式任命。戴夫和我立即開始深入研究業務的各個方面。我親自對這些大型 ID 研發生物識別技術進行了深入審查，其中有一些機會。

I think Dave will tell you I was very the last one to give up on them and the last one to give up on profitability for Q4. And as a side note, in addition to the organizational change that I talked about, also immediately appointed a new sales leader for the ID R&D business, who is somewhat, I think very highly of was a senior executive at a much larger biometrics company, scaled them from the start-up stage to much larger than whereas my text biometrics businesses today.

我想戴夫會告訴你，我是最後一個放棄它們的人，也是最後一個放棄第四季獲利能力的人。順便說一句，除了我談到的組織變革之外，還立即任命了一位新的 ID 研發業務銷售主管，我認為他是一家更大的生物識別公司的高級管理人員，將它們從初創階段擴大到比我今天的文本生物識別業務更大的規模。

So I think we've got the right team in place today. This is a case of playing to strengths. We've got honestly, I've worked with lots of machine learning scientists over the years. Some very, very impressive ones. This is a world-class team of machine learning scientists from excited about what we can do in integrating their best practices and driving R&D efficiency with the rest of the company.

所以我認為我們今天已經找到了合適的團隊。這是一個發揮優勢的案例。老實說，多年來我與許多機器學習科學家一起工作。有些非常非常令人印象深刻。這是一支由機器學習科學家組成的世界級團隊，他們對我們在整合他們的最佳實踐並與公司其他部門提高研發效率方面所做的工作感到興奮。

And at the same time, we can bring more rigor in how we evaluate product market fit the business model, the revenue model, and that's where the focus going forward with this product portfolio optimization efforts.

同時，我們可以更嚴格地評估產品市場是否適合業務模式、收入模式，這就是產品組合優化工作的重點。

Okay, helpful. And then, Dave, can you just help us understand the expectations that underlying the guidance that you laid out for fiscal 2025, are you expecting those big ID R&D deals to close next year? And just would be helpful to understand the expectations that underlie that.

好的，有幫助。然後，戴夫，您能否幫助我們了解您為 2025 財年制定的指導方針的預期，您是否預計這些大型 ID 研發交易將於明年完成？這將有助於理解背後的期望。

Yeah. To back to your original question, also, some of those deals we did take out of the forecast completely and they could come back but nothing that we want to rely on, obviously.

是的。回到你最初的問題，我們確實將其中一些交易完全從預測中剔除，它們可能會回來，但顯然我們不想依賴任何東西。

And then in terms of the what's going to happen in '25, one of the reasons I made the comment about ID R&D products portfolio revenue starting to grow more in the second half is because we don't have enough clarity on exactly when those because close, candidly, they could close in the short term or they could close in oh in the next 18 months.

然後就 25 年將要發生的事情而言，我對 ID 研發產品組合收入在下半年開始增長更多的評論的原因之一是因為我們還沒有足夠清楚地知道這些收入何時會因為坦白說，他們可能會在短期內關閉，也可能在未來18 個月內關閉。

That's kind of the range of prospects there. But we we're working hard to make those close and as fast as possible that just with these big multinational guys. And as you know, they just take a long time to get through that process.

這就是那裡的前景範圍。但我們正在努力盡快與這些大型跨國公司建立密切的聯繫。如您所知，他們只是需要很長時間才能完成這個過程。

Okay. That makes sense. And then just one last one. On my end, you said most of the miss was driven by ID R&D verification, but that would imply that mobile deposit also had a slight miss in the quarter, was that more related to core mobile deposits volume or did Check Fraud Defender come in a bit a bit lighter than you expected?

好的。這是有道理的。然後只有最後一張。就我而言，您說大部分失誤是由身份研發驗證造成的，但這意味著行動存款在本季度也出現了輕微失誤，是與核心行動存款量更相關，還是 Check Fraud Defender 出現了？你想像的要輕一點嗎？

No, I think it was a more deep deal timing than anything else was a very small number in terms of that, that $11 million.

不，我認為這是一個比其他任何交易都更深入的交易時機，就這個數字而言，1100 萬美元是一個非常小的數字。

Okay. Thanks for taking the questions.

好的。感謝您提出問題。

George Sutton, Craig-Hallum Capital.

喬治·薩頓，克雷格·哈勒姆資本。

Thank you. I wondered if you could walk through the renewal dynamics. You talked about repricing issues as you were going through renewals my assumption has been that you're moving folks from point solutions to the broader platform and therefore you would see fairly good pricing dynamics as that happened. Can you just give me some clarity on that?

謝謝。我想知道您是否可以介紹更新動態。您在進行續訂時談到了重新定價問題，我的假設是您正在將人們從單點解決方案轉移到更廣泛的平台，因此您會看到相當好的定價動態。你能給我解釋一下嗎？

Yeah, it's a great question. So from what we've seen with MiVIP, as you move up the value proposition, I think this is fairly intuitive. You offer a stronger product, do the price elasticity improves, right? So for those customers that are orchestrating more than just the sort of the document verification piece, which is, I think, as Max talked about in prior calls, been commoditized.

是的，這是一個很好的問題。因此，從我們對 MiVIP 的觀察來看，當你提升價值主張時，我認為這是相當直觀的。你提供了更強大的產品，價格彈性是否提高了，對吧？因此，對於那些精心策劃的不僅僅是文檔驗證部分的客戶來說，我認為，正如馬克斯在之前的電話中談到的那樣，這已經商品化了。

The more of those sort of signals and data sources you're combining into that single platform with stronger the value proposition and the higher the price point that can bear. We're also seeing I alluded to this in the script, have significant differences in the unit economics between agent review transactions and auto. It transactions and that has the agent transactions are dilutive, right?

您將越多的此類訊號和資料來源組合到單一平台中，其價值主張就越強，可以負擔的價格點就越高。我們還看到我在腳本中提到了這一點，代理審查交易和汽車之間的單位經濟效益存在顯著差異。它的交易和那有代理的交易都是攤薄的吧？

As we look at things like profitability by geographic market or vertical, we have an opportunity to serve without tipping our hand to competitors so increased emphasis in some of these segments decreased emphasis and others, and we can aggressively sort of help migrate customers to best practices, both as they migrate Mobile Verify to MiVIP, but also to us to model best practice that some of our most successful customers have had with MiVIP.

當我們按地理市場或垂直市場來審視盈利能力等問題時，我們有機會在不向競爭對手傾斜的情況下提供服務，因此對其中一些細分市場的重視程度增加，而對其他細分市場的重視程度降低，我們可以積極幫助客戶遷移到最佳實踐，不僅因為他們將行動驗證遷移到 MiVIP，而且還讓我們為我們一些最成功的客戶在 MiVIP 上的最佳實踐進行建模。

That also happened to drive very attractive contribution margins on the lower end of our base. We see that there's some yes, relatively high cash to support the smaller customers, right? So we think there's a pretty intuitive opportunity for us to get smarter about pizzas through the direct versus channel model, pricing strategies for those customers and sort of where we focus from a product market fit standpoint with ID R&D you might you might refer to inbound only or channel strategy. And these are the things now that we've done this much deeper dive that we're taking a close look.

這也恰好為我們的低階市場帶來了非常有吸引力的貢獻率。我們看到有一些相對較高的現金來支持小客戶，對嗎？因此，我們認為，我們有一個非常直觀的機會，可以透過直接與通路模型、針對這些客戶的定價策略以及從產品市場契合的角度關注的ID 研發（您可能僅指入站）來更加明智地了解披薩。現在我們已經進行了更深入的研究，正在仔細研究這些事情。

Just so on the Check Fraud Defender side, I think there's been some scepticism that a top five bank would not use your system given their broad range of what they were seeing and therefore not benefiting from the network effect.

因此，在支票詐欺防禦者方面，我認為有人懷疑排名前五的銀行不會使用您的系統，因為他們所看到的內容範圍很廣，因此無法從網路效應中受益。

So that so the fact you did sign a top-5 bank, I think is very important. I just want you to confirm that in your marketing, but can you talk more broadly about you mentioned that demonstrably higher? I obviously, as banks are seeing this, I mean, it just seems simplistically to me this would be a very easy offering to sell given that higher ROI. So any updates on the kind of the sales process there?

因此，我認為您確實與一家排名前五的銀行簽約這一事實非常重要。我只是想讓你在你的行銷中確認這一點，但是你能更廣泛地談論你提到的明顯更高嗎？顯然，正如銀行所看到的那樣，我的意思是，在我看來，考慮到更高的投資回報率，這將是一個非常容易出售的產品。那麼那裡的銷售流程有更新嗎？

Yeah, first of all, the first part of the point I want to address, which is some of these banks do have a variety of sort of internally and other sort of third party solutions and then just some banks are more sophisticated than others in terms of the data science capabilities they have and so forth, right?

是的，首先，我想解決的第一部分是，其中一些銀行確實擁有各種內部和其他類型的第三方解決方案，然後只是一些銀行在方面比其他銀行更複雜他們擁有的數據科學能力等等，對嗎？

What really turbocharges the value proposition for Check Fraud Defender is that we can look in real-time mode across the entire ecosystem, right? So a top five bank will only have visibility to what's happening on the checks that are happening in their environment.

真正增強 Check Fraud Defender 價值主張的是我們可以在整個生態系統中以即時模式查看，對吧？因此，排名前五的銀行只能了解其環境中發生的檢查的情況。

But there is, for example, high velocity of activity elsewhere with indications that there's bad actor activity, they wouldn't have visibility to that, right? So that's an example of why some of this consortium based approach is, in fact, very additive to these top five banks.

但是，例如，其他地方的活動速度很高，表示有不良行為者活動，他們不會看到這一點，對吧？因此，這就是為什麼這種基於聯盟的方法實際上對這五家頂級銀行非常有利的一個例子。

The challenges at the same time, they're big banks and the there's a lot of inertia and takes it takes them a while to get things done. So I think I would underscore that that the sales cycles are just long and it takes a while to sort of get things done and through their internal processes, but all signs remain positive.

同時面臨的挑戰是，它們是大銀行，有很大的慣性，需要一段時間才能完成任務。因此，我想我要強調的是，銷售週期很長，需要一段時間才能完成工作並完成內部流程，但所有跡象仍然積極。

There are and, you know, anecdotally, I would tell you we've had very compelling examples of customers saving tens of millions of dollars in first number of months with the products we're targeting. Typically, I think when Dave walked is as a sizing model you talked about like a 10 to one ROI, which we think is very conservative.

有一些有趣的例子，我想告訴你，我們有一些非常引人注目的例子，客戶在使用我們的目標產品的最初幾個月內節省了數千萬美元。通常，我認為當戴夫走路時，您談到的尺寸模型就像 10 比 1 的投資回報率，我們認為這是非常保守的。

I think over time as the consortium is established and the fraudsters by the way then migrate from the banks that are protected to those that aren't we think we can capture some prices as a sort of higher percentage of that ROI over time.

我認為隨著時間的推移，隨著聯盟的建立，詐欺者將從受保護的銀行轉移到不受保護的銀行，我們認為隨著時間的推移，我們可以捕獲一些價格，作為投資回報率的更高百分比。

Understand. Okay. That's it for me. Thank you.

理解。好的。對我來說就是這樣。謝謝。

(Operator Instructions)

（操作員說明）

Allen Klee, Maxim Group.

艾倫克利，馬克西姆集團。

Hi, this is Derek Greenberg on for Alan. My first question was just on you had mentioned the transition from agent reviewed on transactions to more automated. And I was wondering if maybe you just had any metrics in terms of what percent is automated versus agent reviewed and what the relative margin differences as this continues to shift as well as just the capacity in terms of the percentage that can be automated versus manually reviewed?

大家好，我是艾倫的德瑞克‧格林伯格。我的第一個問題是關於您提到的從代理商審查交易到更加自動化的轉變。我想知道您是否有任何指標來衡量自動審核與代理審核的百分比以及隨著這種情況持續變化的相對利潤差異，以及可自動審核與手動審核的百分比方面的容量？

Yeah, I appreciate the question, I don't know that we have data kind of off the top of the top of available right now to talk about in terms of those specific metrics, I don't think we've disclosed those previously we can talk offline and figure out what we can provide you that after the fact the point I would I would emphasize is that agent transactions are dilutive.

是的，我很欣賞這個問題，我不知道我們現在是否有可用的數據來討論這些具體指標，我認為我們之前沒有披露過這些數據可以線下交談並弄清楚我們可以為您提供什麼，事後我要強調的一點是代理交易是稀釋性的。

There are highly variable depending on the customer and the use case and so forth, scale matters. So customers large banks that have come on same sort of an 80%, some automation rate would just by virtue of scale, economies have a better sort of margin profile than those smaller end, right? So that's something to think about.

根據客戶和用例等的不同，差異很大，規模很重要。因此，大型銀行的客戶擁有相同的 80% 的自動化率，只是憑藉規模，經濟體比那些規模較小的銀行擁有更好的利潤狀況，對嗎？所以這是值得考慮的事情。

So what we have is on an emphasis on having our sales teams. Other client-facing team has taken a more consultative approach to helping customers understand when they need to use agent transactions. There are certain regulatory dynamics in certain markets. And again, we'll take a sort of case by case basis.

因此，我們強調的是擁有我們的銷售團隊。其他面向客戶的團隊採取了更具諮詢性的方法來幫助客戶了解何時需要使用代理交易。某些市場存在某些監管動態。再次強調，我們將根據具體情況進行具體分析。

But I'll underscore again, just sort of repeat the theme about as we migrate the single use case customers that are on say, Mobile Verify and just doing the document authentication to the MiVIP platform, we can instantly provide stronger value proposition and improve the margin profile and as they orchestrate those other data sources and so forth.

但我要再次強調，只是重複主題，當我們將單一用例客戶遷移到移動驗證並僅將文檔身份驗證到 MiVIP 平台時，我們可以立即提供更強大的價值主張並改善利潤概況以及他們編排其他資料來源等。

Frankly, there's less need for the step-up authentication by the agent because you can handle that through digital as other digital sources.

坦白說，代理商對逐步身份驗證的需求較少，因為您可以像其他數位來源一樣透過數位方式處理該身份驗證。

Okay. Got it. That makes sense. And then my other question is just dumb with the partnerships you had with like Experian and Equifax, just maybe some color and some updates on how that's progressing.

好的。知道了。這是有道理的。然後我的另一個問題是關於你與 Experian 和 Equifax 等合作夥伴的愚蠢問題，也許只是一些顏色和一些關於進展的更新。

Very pleased with both of those partnerships, you know, Experian, that we've highlighted, I think publicly and it kind of goes back to the again the portfolio optimization theme as we think about putting a large channel partner like that to work for us and they have an ability to go to adjacent vertical markets or other not frankly, not adjacent vertical markets where they have access granting relationships, they've got the distribution reach and they know the customer demand in language, right?

對這兩個合作夥伴關係非常滿意，你知道，益百利，我們公開強調了這一點，這又回到了投資組合優化主題，因為我們考慮讓這樣的大型通路合作夥伴為我們工作他們有能力進入相鄰的垂直市場或其他不坦率地說，不相鄰的垂直市場，在那裡他們有准入授予關係，他們有分銷範圍並且他們了解客戶的語言需求，對吧？

So we've, for example, signed a very large and health healthcare provider in the UK was one of those one of those partners. And I'm yes, I would suspect as we move forward with the portfolio optimization work will be to get smarter and smarter about where and how we leverage those channel partners.

例如，我們在英國簽署了一家非常大的健康醫療保健提供者就是其中之一。我是的，我懷疑隨著我們推進投資組合優化工作，我們將越來越聰明地了解我們在哪裡以及如何利用這些通路合作夥伴。

Got it. Thank you.

知道了。謝謝。

And at this time, there are no further questions. I would like to turn the call back over to Todd for closing remarks.

而此時，已經沒有其他問題了。我想將電話轉回給托德，讓他發表結束語。

Thank you, operator, and thank you for joining our call today and for your continued support. As always, if you have any follow-up questions, please feel free to contact me, and I'll be happy to answer your questions. Thank you and have a great rest of your day.

感謝您，接線員，感謝您今天加入我們的通話並感謝您的持續支持。像往常一樣，如果您有任何後續問題，請隨時與我聯繫，我很樂意回答您的問題。謝謝您，祝您有個愉快的一天。

That concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。