Mitek Systems Inc (MITK) 2024 Q4 法說會逐字稿

Good day and welcome to Mitek's fiscal 2024 fourth quarter and year-end earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Mitek 2024 財年第四季和年終收益電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead, sir.

我現在想將會議轉交給 MKR 投資者關係部門的 Todd Kehrli。請繼續，先生。

Thank you, operator. Good afternoon and welcome to Mitek's fiscal 2024 fourth quarter and full-year earnings conference call. With me on today's call are Mitek CEO, Ed West, and CFO, Dave Lyle.

謝謝你，接線生。下午好，歡迎參加 Mitek 2024 財年第四季和全年財報電話會議。參加今天電話會議的有 Mitek 執行長 Ed West 和財務長 Dave Lyle。

Before I turn the call over to Ed, I'd like to cover a few quick items. Today, Mitek issued a press release announcing its financial results for its fiscal 2024 fourth quarter and full year ended September 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.

在將電話轉給艾德之前，我想簡單介紹一些內容。今天，Mitek 發布新聞稿，公佈截至 2024 年 9 月 30 日的 2024 財年第四季和全年財務業績。該版本可在該公司網站 miteksystems.com 上取得。此次電話會議將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. 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. These forward-looking statements may include comments about the company's plans and expectations of future performance.

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

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. Our statements on this call are made as of today, December 16, 2024, and the company undertakes no obligation to revise or update publicly any of the foward-looking statements contained herein whether as a result of new information, future events, changes in expectations or otherwise.

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，以獲取這些風險的完整描述。我們在本次電話會議上的聲明截至今天，即 2024 年 12 月 16 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、預期變化或其他方式。

Additionally, throughout this call, we'll be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on form 8-K describe the differences between the 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，我們將討論某些非公認會計準則財務指標。今天的收益發布和 8-K 表格中的相關當前報告描述了 GAAP 和非 GAAP 報告之間的差異，並提供了發布中報告期間兩者之間的調整。

With that said, I now turn the call over to Mitek CEO, Ed West.

話雖如此，我現在將電話轉給 Mitek 執行長 Ed West。

Thanks, Todd, and good afternoon. It's an honor to address you for the first time as CEO of Mitek. I would like to share my thoughts coming into the business, my learnings over the last 60 plus days, as well as the opportunities and actions that we're taking. Dave will cover the Q4 and fiscal '24 results and provide some insight regarding the outlook for the year. We will then open up the call for Q&A.

謝謝托德，下午好。很榮幸第一次以 Mitek 執行長的身份向您致詞。我想分享我對這個行業的想法、過去 60 多天的經驗教訓，以及我們正在採取的機會和行動。Dave 將介紹第四季和 24 財年的業績，並提供一些關於今年前景的見解。然後我們將開放問答環節。

There are four key takeaways. I would like for you to hear from today's call. First, the company now has an experienced leadership in place supported by a team with deep domain expertise who are executing against a clear plan to get back to durable growth.

有四個關鍵要點。我希望您能聽到今天的電話會議。首先，該公司現在擁有經驗豐富的領導層，並由具有深厚領域專業知識的團隊支持，他們正在執行明確的計劃以恢復持久增長。

Second, we're nearing the focus point for profitability on the identity side of our business. Third, Mitek is becoming a comprehensive solution for fighting fraud and mitigating identity related cybersecurity risks including deep fake and genAI fraud, a significant and growing problem for all businesses everywhere. And fourth, organic growth is our near term focus and operational discipline for long term value creation is our north star.

其次，我們正接近業務身分方面獲利能力的焦點。第三，Mitek 正在成為打擊詐欺和減輕身分識別相關網路安全風險（包括深度造假和 genAI 詐欺）的綜合解決方案，這對於世界各地的所有企業來說都是一個重大且日益嚴重的問題。第四，有機成長是我們近期的重點，而長期價值創造的營運紀律是我們的北極星。

So on to the first point, I recently joined Mitek in October, inspired by its legacy as a trusted partner to thousands of financial institutions or FIs. While the company has faced challenges, we are actively addressing them and strengthening our foundation in fiscal '25 to drive profitable organic growth. With a clear plan in place, we are well positioned to create significant value for customers, shareholders, and employees.

關於第一點，我最近在 10 月加入了 Mitek，受到其作為數千家金融機構或金融機構值得信賴的合作夥伴的傳統的啟發。儘管公司面臨挑戰，但我們正在積極應對這些挑戰，並在 25 財年鞏固我們的基礎，以推動獲利有機成長。有了明確的規劃，我們就能為顧客、股東和員工創造巨大的價值。

My confidence in Mitek's potential is rooted in my experience as CEO at Cardtronics where we delivered shareholder value by fostering innovation, driving organic growth while enhancing margins and building a scalable network serving over 1,000 FIs, fintechs, and the nation's largest retailers. These experiences along with my alignment with shareholder interests, drive my commitment to executing our growth and operating strategy here at Mitek and unlocking the transformative opportunities ahead.

我對Mitek 潛力的信心源於我擔任Cardtronics 執行長的經驗，我們透過促進創新、推動有機成長、同時提高利潤率和建立服務於1,000 多家金融機構、金融科技公司和全國最大零售商的可擴展網絡來為股東創造價值。這些經驗以及我與股東利益的一致，促使我致力於在 Mitek 執行我們的成長和營運策略，並釋放未來的變革機會。

Since Mitek founded almost 40 years ago, we have been at the forefront of innovation, delivering mission critical software solutions to some of the world's largest financial institutions. From enabling mobile banking to ensuring secure digital transactions, we've consistently solve the pressing challenges that our customers face. Today, we find ourselves uniquely positioned to tackle new and rapidly evolving threats, particularly the rise of AI driven fraud.

自 Mitek 成立近 40 年來，我們一直走在創新的前沿，為一些全球最大的金融機構提供關鍵任務軟體解決方案。從支援行動銀行到確保安全的數位交易，我們始終如一地解決客戶面臨的緊迫挑戰。如今，我們發現自己處於獨特的地位，可以應對新的和快速發展的威脅，特別是人工智慧驅動的詐欺的興起。

My comments today regarding the market are informed by meeting and speaking with numerous strategic customers and prospects over the last several weeks in Europe, the United Kingdom, and the US, mostly very large FIs. At the core of our success are mission critical solutions serving over 7,900 companies globally including FIs telecoms, fintech companies and marketplaces, Mitek is a trusted leader in computer vision and identity related application of AI and fraud prevention.

我今天對市場的評論是透過過去幾週在歐洲、英國和美國與眾多戰略客戶和潛在客戶（其中大部分是大型金融機構）的會面和交談得出的。我們成功的核心是為全球7,900 多家公司（包括金融電信公司、金融科技公司和市場）提供服務的關鍵任務解決方案，Mitek 是電腦視覺以及人工智慧和詐欺預防的身份相關應用領域值得信賴的領導者。

We revolutionized check processing with our mobile check deposit solution and we've continued to push boundaries with innovations in identity verification, authentication, and fraud management. This includes proprietary best-in-class multimodal biometrics, frictionless liveness injection, and recently released deep fake detections. At our core, our heritage solutions and mobile deposits has been fairly steady over the last three years with total transactions exceeding [$1.2 billion] each year.

我們透過行動支票存款解決方案徹底改變了支票處理方式，並透過身分驗證、身分驗證和詐欺管理方面的創新不斷突破界限。這包括專有的一流多模態生物辨識技術、無摩擦活體注射以及最近發布的深度虛假檢測。在我們的核心，我們的遺產解決方案和行動存款在過去三年中一直相當穩定，每年的交易總額超過[12億美元]。

Over the past five years, Mitek has undergone a decent amount of growth. In fiscal '19, the company had $85 million revenues primarily driven by check related products. Fast forward to today, we've almost doubled in size to $170 million in revenues and expanded adjusted margins to 27%, now with over 40% of the business focused on fighting fraud and verification.

在過去的五年裡，Mitek 經歷了可觀的成長。19 財年，該公司的營收為 8,500 萬美元，主要由支票相關產品推動。快進到今天，我們的規模幾乎翻了一番，達到 1.7 億美元的收入，並將調整後的利潤率擴大到 27%，目前超過 40% 的業務專注於打擊詐欺和驗證。

While this growth is impressive, it hasn't come without its challenges. The COVID 19 pandemic accelerated digital transformation, driving significant demand for our solutions and pushing the company to prioritize speed over scalability, outpacing its operational infrastructure.

儘管這種增長令人印象深刻，但它也面臨著挑戰​​。COVID 19 大流行加速了數位轉型，推動了對我們解決方案的巨大需求，並促使公司將速度置於可擴展性之上，從而超越了其營運基礎設施。

This challenge was amplified by executive turnover and major acquisitions which placed considerable strain on our accounting, finance, and legal teams. This created issues that you are all too familiar. With the dust settling, fiscal '25 marks a pivotal year for Mitek as we focus on strengthening our foundation, unifying products and technologies, and optimizing our go-to-market strategy to prepare for the next phase of growth.

高階主管更替和重大收購加劇了這項挑戰，給我們的會計、財務和法律團隊帶來了相當大的壓力。這造成了你們都非常熟悉的問題。隨著塵埃落定，25 財年對 Mitek 來說是關鍵的一年，因為我們專注於加強基礎、統一產品和技術以及優化我們的市場策略，為下一階段的成長做好準備。

Now, turning to the second key takeaway which has understandably been a major focus for the investment community, we are nearing the [Fulcrum] point in identity. The company is committed to the goal of returning to double digit revenue growth during fiscal '26 and beyond. This will be achieved through streamlined technology optimized, go to market strategies and cost efficiencies that will scale revenue while leveraging prior investments. In fiscal '25, we have shifted our focus towards innovation and enhancing customer experience while slightly reducing overall identity spending levels to position the portfolio for profitability.

現在，轉向第二個關鍵點，這可以理解為投資界的主要關注點，我們正在接近身份的[支點]點。該公司致力於實現在 26 財年及以後恢復兩位數營收成長的目標。這將透過優化的簡化技術、市場策略和成本效率來實現，從而在利用先前投資的同時擴大收入。在 25 財年，我們將重點轉向創新和增強客戶體驗，同時略微降低整體身分支出水平，以定位投資組合的獲利能力。

Historically, identity has been cash consuming and we have carefully considered feedback from our shareholders, our valued partners in addressing this moving forward. To provide some context, this product portfolio was dilutive to our overall consolidated adjusted EBITDA margins by high single digit percentage points in fiscal '24.

從歷史上看，身份一直是消耗現金的，在解決這個問題時，我們仔細考慮了股東和重要合作夥伴的回饋。為了提供一些背景信息，該產品組合在 24 財年稀釋了我們整體綜合調整後 EBITDA 利潤率，幅度高達個位數百分點。

And with the disciplined execution against the following four point plan, we believe achieving $80 million to $85 million in run rate, identity product revenue is the point at which this portfolio becomes margin agreed to. The plan is as follows. First, cultural integration. Over the past five years, our total head count has more than doubled to 630 in fiscal '24, bringing an exceptional talent but also creating silos that have hindered collaboration and efficient execution.

透過嚴格執行以下四點計劃，我們相信實現 8,000 萬至 8,500 萬美元的運行率，而身份產品收入是該投資組合達到商定利潤的點。計劃如下。第一，文化融合。在過去的五年裡，我們的總人數在 24 財年增加了一倍多，達到 630 人，帶來了傑出的人才，但也造成了阻礙協作和高效執行的孤島。

We're now focused on integrating past acquisitions, aligning teams, and driving product enhancements and cross selling. We believe this initiative will boost revenue through better up selling and product expansions while reducing costs by streamlining redundancies.

我們現在專注於整合過去的收購、調整團隊以及推動產品增強和交叉銷售。我們相信，這項措施將透過更好的銷售和產品擴張來增加收入，同時透過精簡裁員來降低成本。

Second, technological integration. Our acquisitions have significantly bolstered our technology stack with advanced biometrics liveness and platform capabilities that managing separate systems to preserve their unique innovation created fragmentation. For example, we have been operating multiple identity document verification systems, both homegrown and acquired that addressed similar customer needs but differed in functionality.

二是技術融合。我們的收購透過先進的生物識別活性和平台功能顯著增強了我們的技術堆棧，這些功能可以管理單獨的系統以保留其獨特的創新所造成的碎片化。例如，我們一直在經營多個身分證件驗證系統，包括自行開發的和收購的，可以滿足類似的客戶需求，但功能不同。

We have been integrating these into a single streamlined platform, and we've already seen positive customer feedback highlighting enhanced performance and ease of use. This consolidation is driving opportunities for revenue growth through cross selling and improved customer retention, while reducing operational costs by eliminating redundancies.

我們已經將這些整合到一個簡化的平台中，我們已經看到了積極的客戶回饋，強調了增強的效能和易用性。這種整合透過交叉銷售和提高客戶留任率推動收入成長的機會，同時透過消除裁員來降低營運成本。

The third action to get to the Fulcrum point in identity is cost efficiency. The key priority for us is reducing reliance on costly manual or agent review transactions which limit scalability. Through the integration of acquired technologies and enhanced AI models, we've significantly ramped up automation reducing the direct cost per transaction for identity by over 25% in '24, with automated transactions now the vast majority of our total transactions. As we continue to increase the proportion of automated transactions, we expect continued improvements in our unit economics.

達到身分支點的第三個行動是成本效率。我們的首要任務是減少對昂貴的人工或代理商審查交易的依賴，因為這限制了可擴展性。透過整合所獲得的技術和增強的人工智慧模型，我們顯著提高了自動化水平，在 24 年將每筆身分交易的直接成本降低了 25% 以上，自動化交易現在占我們總交易的絕大多數。隨著我們不斷增加自動化交易的比例，我們預計我們的單位經濟效益將持續改善。

And finally go to market optimization. To accelerate growth, we're focused on three key initiatives. First, increasing the maturation of recently acquired customers. Second, expanding within our existing customer base such as new use cases, new products, new geographies, and expanding to other business units, and third acquiring new customers.

最後進行市場優化。為了加速成長，我們專注於實施三項關鍵措施。首先，提高最近獲得的客戶的成熟度。其次，擴大我們現有的客戶群，例如新用例、新產品、新地區，並擴展到其他業務部門，第三，獲取新客戶。

My VIP platform has driven considerable growth with transaction volumes more than doubling in several tier one accounts following the first year of adoption. Its user friendly interface and flexible architecture allows customers to rapidly deploy new use cases and activate additional signals, driving further customer value and revenue per transaction for Mitek. In FY24, revenue per transaction My VIP was a multiple of that on the mobile verify document verification engine, underscoring its stronger value proposition as well as exhibiting pricing resiliency when compared with the pricing pressures experienced by stand alone document verification.

我的 VIP 平台在採用第一年後推動了可觀的成長，多個一級帳戶的交易量增加了一倍以上。其用戶友好的介面和靈活的架構使客戶能夠快速部署新的用例並啟動額外的訊號，從而進一步推動 Mitek 的客戶價值和每筆交易收入。2024 財年，My VIP 的每筆交易收入是行動驗證文檔驗證引擎的數倍，這凸顯了其更強的價值主張，並且與獨立文檔驗證所經歷的定價壓力相比，還表現出了定價彈性。

Simply stated, we want to leverage our proprietary differentiated capabilities and lessen the exposure to standalone commoditized offerings. As customers increasingly leverage the whole suite in my VIP products, we expect an uplift in revenue per transaction. With trust unable to cost thousands of FIs in our growing partner ecosystem, the opportunity for new customer acquisition remains significant. By deepening customer relationships and driving new customer acquisition, we're positioning MY VIP as a market leader in identity verification, authentication, and fraud management.

簡而言之，我們希望利用我們專有的差異化能力，減少獨立商品化產品的風險。隨著客戶越來越多地利用我的 VIP 產品中的整個套件，我們預計每筆交易的收入將會增加。在我們不斷發展的合作夥伴生態系統中，信任無法讓成千上萬的金融機構付出代價，因此獲取新客戶的機會仍然很高。透過深化客戶關係和推動新客戶獲取，我們將 MY VIP 定位為身份驗證、身份驗證和詐欺管理領域的市場領導者。

That said, we want to assure investors that we will closely monitor the execution of the strategy in fiscal '25. And if any significant deviations from our targets arise, we are committed to taking decisive data-driven actions to maximize shareholder value to support this. We will continue to provide transparency, offering our investors insights into our progress against these key milestones.

也就是說，我們希望向投資人保證，我們將密切關注 25 財年該策略的執行情況。如果出現任何與我們目標的重大偏差，我們致力於採取果斷的數據驅動行動，以最大限度地提高股東價值，以支持這一目標。我們將繼續提供透明度，讓投資者了解我們在這些關鍵里程碑方面的進展。

Now let's unpack the third key takeaway. Mitek is becoming a comprehensive solution for fighting fraud and mitigating identity related cybersecurity risks, a growing problem for all businesses. Customers are increasingly seeking integrated platforms, not just point solutions to combat rising AI driven threats and defects. Our fraud platform stands out with proprietary capabilities with an established track record of leading entrusted third-party and US government led benchmarks this independently verified technological leadership combined with our exceptional talent and domain expertise positions Mitek to lead in this evolving market.

現在讓我們來解開第三個關鍵要點。Mitek 正在成為打擊詐欺和減輕身分識別相關網路安全風險的全面解決方案，這是所有企業面臨的日益嚴重的問題。客戶越來越多地尋求整合平台，而不僅僅是單點解決方案來應對不斷增長的人工智慧驅動的威脅和缺陷。我們的詐欺平台憑藉專有功能脫穎而出，在領先的受託第三方和美國政府主導的基準測試中擁有良好的記錄，這種獨立驗證的技術領先地位與我們卓越的人才和領域專業知識相結合，使Mitek 在這個不斷發展的市場中處於領先地位。

The rapid proliferation of AI leads to a new and growing period of genAI driven fraud. We are uniquely positioned to address this growing problem as a result of our proprietary technologies and proven track record and high assurance market segments. Mitek's platform protects customers through onboarding transaction enablement, identity verification, and integrated authentication all enhanced by advanced four factor biometrics and digital fraud detection capabilities, which include defenses against defects, presentation, and injection attacks.

人工智慧的快速擴散導致了由 genAI 驅動的詐欺行為進入了一個新的增長時期。憑藉我們的專有技術、良好的業績記錄和高保證的細分市場，我們在解決這個日益嚴重的問題方面處於獨特的地位。Mitek 的平台透過入門交易支援、驗證和整合式身分驗證來保護客戶，所有這些都透過先進的四因素生物辨識技術和數位詐欺偵測功能進行增強，其中包括針對缺陷、演示和注入攻擊的防禦。

Our passive liveness detection and biometric solutions have earned strong recognition from this, and more recently, the Department of Homeland Security, highlighting our commitment to excellence in the field, technical capabilities and innovation in a rapidly changing fraud environment.

我們的被動活體檢測和生物識別解決方案贏得了美國國土安全部的高度認可，突顯了我們在快速變化的詐欺環境中對領域卓越、技術能力和創新的承諾。

Similarly, our check fraud defender or CFD product though in its early stages is already showing strong uptake. Annualized contract value or ACV grew by nearly 60% year over year, exceeding $10 million at fiscal '24 close. And we are currently seeing strong interest in CFD and are targeting to more than double CFD'S ACV in fiscal '25. The consortium model behind CFD where more participants enhance the data asset is proving effective.

同樣，我們的支票詐欺防禦者或差價合約產品儘管處於早期階段，但已經表現出強勁的採用率。年化合約價值 (ACV) 年成長近 60%，截至 24 財年結束時超過 1,000 萬美元。我們目前看到人們對差價合約的濃厚興趣，並計劃在 25 財年將差價合約的 ACV 增加一倍以上。CFD 背後的聯盟模式（更多參與者增強資料資產）被證明是有效的。

We have already seen checks from nearly all of the 8,700 plus FIs in the United States and we have accumulated data sets on approximately 17% of all checking accounts in the country, all while having less than 1% of these FIs as paying members of our consortium. With our strong mobile deposit foundation and relationships with major FIs, we are poised to deepen these partnerships and drive continued growth through cross selling CFD.

我們已經看到了來自美國幾乎所有 8,700 多家金融機構的支票，並且我們已經累積了該國大約 17% 的支票帳戶的數據集，同時這些金融機構中只有不到 1% 是我們的付費會員。 。憑藉我們強大的行動存款基礎以及與主要金融機構的關係，我們準備深化這些合作夥伴關係，並透過交叉銷售差價合約推動持續成長。

Now last but not least, let's discuss the fourth key takeaway. Organic growth is our near-term focus and operational discipline for long-term value creation is our north star. Our focus is on organic revenue growth, increasing the share of more predictable sass revenue, expanding margins, and generating free cash flow, all underscored by a disciplined capital allocation strategy to maximize shareholder value.

現在，最後但並非最不重要的一點是，讓我們討論第四個關鍵要點。有機成長是我們近期的重點，長期價值創造的營運紀律是我們的北極星。我們的重點是有機收入成長、增加更可預測的附加收入份額、擴大利潤率和產生自由現金流，所有這些都透過嚴格的資本配置策略來強調，以實現股東價值最大化。

Every initiative we've outlined today is designed to sharpen this focus, ensuring we strengthen the foundation in fiscal '25 and deliver accelerating and profitable growth in fiscal '26. Here's how this approach will drive measurable improvements in five key areas of our financials. First, organic revenue growth. By expanding transactions with existing customers, introducing new use cases like check fraud defender, and digital fraud defender, while selling within the my VIP platform and acquiring new customers, we aim for steady organic revenue growth.

我們今天概述的每項措施都是為了加強這一重點，確保我們在 25 財年鞏固基礎，並在 26 財年實現加速和獲利成長。以下是這種方法將如何推動我們財務的五個關鍵領域取得可衡量的改善。首先，有機收入成長。透過擴大與現有客戶的交易，引入支票詐欺防御者和數位詐欺防御者等新用例，同時在 my VIP 平台內進行銷售並獲取新客戶，我們的目標是實現穩定的有機收入成長。

Second, a higher percentage of sass revenue, we aim to transition towards a higher proportion of sass revenue which offers greater predictability and reduces volatility. In fiscal '24, approximately 37% of our revenue came from Sass. But as this becomes a larger portion of our sales, we expect to dampen the impacts of the volatile term license revenue which still dominates our revenue today. Looking out to fiscal '26, we're pursuing a goal for sass revenue to approach half of our total revenue.

其次，更高的 sass 收入比例，我們的目標是向更高的 sass 收入比例過渡，這提供了更大的可預測性並減少了波動性。在 24 財年，我們大約 37% 的營收來自 Sass。但隨著這在我們銷售額中所佔的比例越來越大，我們預計會減輕不穩定的定期授權收入的影響，而該收入目前仍然在我們的收入中占主導地位。展望 26 財年，我們的目標是讓 SAS 營收接近我們總營收的一半。

Third, margin expansion. By driving cost efficiencies, integrating operations and scaling revenue to achieve operating leverage, we anticipate a considerable improvement in adjusted EBITDA margins as we look out to fiscal '26. In fiscal '25, we expect to lower expenses associated with the identity product portfolio while we invest in accelerating demand for CFD. While this CFD investment temporarily reduces margins by mid-single digit percentage points, we believe the strong ROI justifies it.

第三，利潤擴張。透過提高成本效率、整合營運和擴大收入以實現營運槓桿，我們預計 26 財年調整後 EBITDA 利潤率將大幅改善。在 25 財年，我們預計將降低與身分識別產品組合相關的費用，同時投資於不斷增長的差價合約需求。雖然這種差價合約投資暫時將利潤率降低了個位數個百分點，但我們相信強勁的投資回報率證明了這一點。

Fourth, free cash flow generation. As we reduce non-recurring and extraordinary costs tied to acquisitions, executive transitions and audit fees, we expect a stronger free cash flow conversion of adjusted EBITDA, with a more significant impact starting in fiscal '26. And finally, capital allocation. We remain committed to balancing growth investments with returning capital to shareholders and maintaining a strong flexible balance sheet.

第四，自由現金流的產生。隨著我們減少與收購、高階主管調動和審計費用相關的非經常性和特殊成本，我們預計調整後 EBITDA 的自由現金流轉換將更加強勁，並從 26 財年開始產生更重大的影響。最後是資本配置。我們仍然致力於平衡成長投資與向股東返還資本以及維持強大且靈活的資產負債表。

In conclusion, operational discipline is not just about fiscal '25, it's the foundation for creating durable long term value for all of our stakeholders as we look forward to fiscal '26 and beyond.

總之，營運紀律不僅僅是 25 財年的問題，它也是為我們所有利害關係人創造持久長期價值的基礎，因為我們期待 26 財年及以後的發展。

And now let's turn it over to Dave.

現在讓我們把它交給戴夫。

Thanks, Ed. And I'd like to take a moment to say, welcome to Mitek. It's been great getting to know you and I'm excited about the strong start we've already had working together.

謝謝，艾德。我想花一點時間說，歡迎來到 Mitek。很高興認識你，我對我們合作的良好開端感到很興奮。

I'll begin today by taking you through financial results and then I'll provide a fiscal 2025 outlook and finish by addressing some housekeeping items. Please note that I'll be referring to non-GAAP results going forward.

今天，我將首先向您介紹財務業績，然後提供 2025 財年展望，最後討論一些內務事項。請注意，我將指的是未來的非 GAAP 業績。

First, our fiscal Q4 2024 results. Fiscal Q4 came in $1.1 million higher than the midpoint of the revenue guidance range at $43.2 million or 15% year-over-year revenue growth. Identity products revenue grew 13% year over year, while deposits products revenue grew 17%.

首先是我們 2024 年第四季的財務表現。第四財季的收入比收入指導範圍的中點 4,320 萬美元高出 110 萬美元，即營收年增 15%。身份產品收入年增 13%，存款產品收入較去年同期成長 17%。

Non-GAAP operating income for Q4 was $15 million, a 34.8% margin which surpassed the midpoint of the guidance range by just under $4 million. This was driven by a onetime reduction of $1.9 million related to bonus accruals adjustment based on our full year results, a onetime $600,000 reversal of allowance for doubtful accounts. The $1.1 million higher revenue just mentioned and the remainder from operating expense efficiencies.

第四季非 GAAP 營業收入為 1,500 萬美元，利潤率為 34.8%，比指導範圍的中位數高出近 400 萬美元。這是由於根據我們全年業績進行的應計獎金調整一次性減少了 190 萬美元，呆帳準備金一次性沖銷了 60 萬美元。剛才提到的 110 萬美元的收入增加，其餘部分來自營運費用效率。

Looking a little closer to our non-GAAP operating expenses, we reduced expenses by $5 million sequentially from $27.1 million in fiscal Q3 to $22.1 million in Q4. This was primarily due to a $2.2 million sequential reduction to bonus and vacation accruals, a $1.4 million reduction in outside accounting related support, the $600,000 accounting reversal as mentioned before, and $500,000 reduction in marketing and travel expenses.

更仔細地觀察一下我們的非 GAAP 營運費用，我們將費用連續減少了 500 萬美元，從第三財季的 2,710 萬美元減少到第四財季的 2,210 萬美元。這主要是由於獎金和假期應計費用連續減少 220 萬美元、外部會計相關支援減少 140 萬美元、前面提到的 60 萬美元會計沖銷以及行銷和差旅費用減少 50 萬美元。

Now let's move on to the full year 2024 results. In summary, fiscal '24 was roughly flat year over year at $172.1 million and our non-GAAP operating margins remained strong at 26%. If we adjust for the large customer four-year mobile deposit reorder contract recorded in fiscal Q1 2023 that we've discussed in prior calls where $7 million in accelerated revenue recognition created a $2 million-plus gap In fiscal 2024 fiscal year, '24 would have seen about 6% revenue growth and a 27% non-GAAP operating margin.

現在讓我們來看看 2024 年全年業績。總之，24 財年與去年同期基本持平，為 1.721 億美元，我們的非 GAAP 營業利潤率維持在 26% 的強勁水準。如果我們對2023 財年第一季記錄的大客戶四年期行動存款再訂購合約進行調整（我們在之前的電話會議中討論過），其中700 萬美元的加速收入確認造成了200 萬美元以上的缺口，那麼在2024 財年，'24 將營收成長約 6%，非 GAAP 營業利潤率達到 27%。

It's important to note that we believe the three-year CAGR is more reflective of the underlying potential trajectory of the business over the long term. That revenue CAGR since fiscal 2021 was 13%, as COVID 19 pulled forward the penetration of our mobile deposit product and boosted revenue growth in fiscal '22 and fiscal '23, while '24 remained flat. Turning now to more specifics on our full year revenue results starting with deposit products, deposit products revenue declined slightly by less than 1% to $103.6 million. Strong growth in CFD was offset by declines in mobile deposit and check rate of product revenue primarily driven by renewal time.

值得注意的是，我們認為三年複合年增長率更能反映長期業務的潛在潛在軌跡。自 2021 財年以來，營收複合年增長率為 13%，因為 COVID 19 推動了我們行動存款產品的滲透，並推動了 22 財年和 23 財年的收入增長，而 24 財年則保持平穩。現在我們從存款產品開始詳細了解全年收入結果，存款產品收入小幅下降不到 1%，至 1.036 億美元。差價合約的強勁成長被行動存款和支票產品收入下降所抵消，這主要是由於續約時間所致。

We believe that these declines are primarily due to timing rather than market weakness as our transaction volumes have remained relatively stable despite the broader decline in check volumes. This resilience reflects the increasing adoption of mobile deposit solutions. To provide context, we believe the US check market now processes about 8 billion to 9 billion checks with an estimated one third being retail checks suitable for mobile capture. With over 1.2 billion annual transactions on our platform, this translates to about a 40% digital adoption rate.

我們認為，這些下降主要是由於時機而不是市場疲軟，因為儘管支票量出現更廣泛的下降，但我們的交易量仍保持相對穩定。這種彈性反映了行動存款解決方案的日益普及。為了提供背景信息，我們認為美國支票市場目前處理約 80 億至 90 億張支票，其中估計三分之一是適合行動捕獲的零售支票。我們平台上的年交易量超過 12 億筆，這意味著大約 40% 的數位化採用率。

While we estimate that total check volumes have declined at a single digit rate in recent years, the growing adoption of mobile banking has helped sustain transaction levels in a relatively narrow range. Moving on to identity products revenue. Revenue increased by less than 1% year over year to $68.5 million for fiscal 2024. Strong transaction driven revenue growth on our My VIP platform was offset by the sunsetting of our legacy eCAR hardware products, continued pricing pressure in our mobile verified products, and small declines in our biometrics point solutions.

雖然我們估計近年來支票總量以個位數下降，但行動銀行的日益普及有助於將交易水準維持在相對狹窄的範圍內。接下來是身份產品收入。2024 財年營收年增不到 1%，達到 6,850 萬美元。My VIP 平台上交易驅動的強勁收入成長被我們傳統 eCAR 硬體產品的淘汰、行動驗證產品持續的定價壓力以及生物識別點解決方案的小幅下降所抵消。

The eCAR hardware sunsetting had a $1.2 million negative impact or a 2 percentage point headwind to identity. Moving down the P&L we maintain strong unit economics with an 86.2% non GAAP gross margin for fiscal 2024. Non GAAP operating expense rose to $103.6 million from $96.8 million in fiscal '23 with approximately 80% of that growth coming from R&D.

eCAR 硬體淘汰造成了 120 萬美元的負面影響，即對身分識別造成了 2 個百分點的不利影響。從損益表來看，我們維持了強勁的單位經濟效益，2024 財年的非 GAAP 毛利率為 86.2%。非 GAAP 營運費用從 23 財年的 9,680 萬美元增至 1.036 億美元，其中約 80% 的成長來自研發。

The bridge between our $103.3 million non-GAAP operating expenses and $145.4 million GAAP operating expenses reflects $14.8 million in cash adjustments and $27.3 million in non-cash accounting adjustments as detailed in our earnings release. This resulted in a 26.1% non GAAP operating margin for the year, non GAAP net income per diluted share improved to $0.96 on 47.5 million diluted shares, a $0.01 increase year over year.

我們 1.033 億美元的非 GAAP 營運費用和 1.454 億美元的 GAAP 營運費用之間的橋樑反映了 1,480 萬美元的現金調整和 2,730 萬美元的非現金會計調整，如我們的收益發布中詳述的。這導致本年度非 GAAP 營業利潤率為 26.1%，非 GAAP 稀釋後每股淨利潤提高至 4,750 萬股稀釋後每股收益 0.96 美元，年增 0.01 美元。

Now let's move on to our balance sheet and capital allocation framework. We generated $30.3 million in free cash flow during fiscal 2024. We purchased 2.2 million shares to for $24.2 million under our share repurchase program, and ended the year with $141.8 million in cash and investments, a $6.8 million increase year over year.

現在讓我們繼續討論我們的資產負債表和資本配置框架。2024 財年，我們產生了 3,030 萬美元的自由現金流。我們根據股票回購計畫以 2,420 萬美元的價格購買了 220 萬股股票，年底現金和投資為 1.418 億美元，年增 680 萬美元。

Our capital allocation priorities remain first and foremost, funding high return growth opportunities including MyVIP, CFP, MyPass, and biometrics which are poised for strong demand as we make headway with strengthening our foundations in fiscal 2025. Then we must balance returns of capital with balance sheet strength. Share repurchases continued in fiscal Q1 '25, but the pace has slowed to maintain flexibility ahead of the $155 million convertible bond maturity in February 2026.

我們的資本配置優先事項仍然是首要的，為高回報成長機會提供資金，包括MyVIP、CFP、MyPass 和生物辨識技術，隨著我們在2025 財年加強基礎方面取得進展，這些機會將帶來強勁的需求。然後我們必須平衡資本回報與資產負債表實力。股票回購在 25 年第一季繼續進行，但為了在 2026 年 2 月 1.55 億美元可轉換債券到期前保持靈活性，回購步伐已經放緩。

Combining our continued cash flow generation with our strong balance sheet, we are well positioned to repay and or refinance the bond by its maturity at our discretion. Our current repurchasing activity does not reflect any change in our views of the stock value. And given the current price, we are focusing on the least diluted financing strategies to protect shareholder interests.

將我們持續產生的現金流與強大的資產負債表結合，我們完全有能力在債券到期時自行決定償還或再融資。我們目前的回購活動並不反映我們對股票價值的看法有任何變化。考慮到目前的價格，我們專注於稀釋度最小的融資策略，以保護股東利益。

Now turning to our fiscal 2025 guidance. We are guiding to a revenue range of $170 million to $180 million with growth coming from our saas products. We are also introducing adjusted margin guidance replacing our emphasis on nongaap operating income as we feel it offers greater comparability and simplicity. Note that the bridge between these two is depreciation and amortization, which is historically run at approximately 1% of revenue. With that said, we are guiding to an adjusted even a margin range of 24% to 28% in fiscal 2025.

現在轉向我們的 2025 財年指導。我們的目標收入範圍為 1.7 億至 1.8 億美元，成長來自我們的 SaaS 產品。我們也推出了調整後的利潤指引，取代了對非公認會計準則營業收入的重視，因為我們認為它提供了更大的可比性和簡單性。請注意，兩者之間的橋樑是折舊和攤銷，歷史上折舊和攤提約為收入的 1%。話雖如此，我們預計 2025 財年調整後的利潤率範圍將達到 24% 至 28%。

More specifically on the deposit side, we expect total revenue for the year to be relatively steady with last year. We expect growth from our check fraud defender products to be somewhat offset by declines in mobile deposit product revenue mostly due to deal timing, where a few of our larger customers bought a second tranche of inventory in the second half of 2024 and where we expect those customers to likely return to a more typical single buy in 2025.

更具體地說，在存款方面，我們預計今年的總收入將與去年相對穩定。我們預期支票詐欺防禦產品的成長將在一定程度上被行動存款產品收入的下降所抵消，這主要是由於交易時機所致，我們的一些較大客戶在2024 年下半年購買了第二批庫存，我們預計這些收入將在2024 年下半年成長。

This revenue decline all reflects the nature of accounting for term license deals, especially with our larger bank customers where the timing and size of deals impact quarterly and yearly revenue recognition. But the key takeaway is that revenue accounting doesn't affect billing terms or contract values. Looking more specifically at CFD during 2025, we plan to transition some on premise CFD customers into the consortium.

這種收入下降都反映了定期許可交易會計的性質，特別是對於我們較大的銀行客戶，交易的時間和規模會影響季度和年度收入確認。但關鍵的一點是，收入會計不會影響計費條款或合約價值。更具體地說，我們計劃在 2025 年將一些本地 CFD 客戶轉變為聯盟。

While this transition strengthens our consortium and has no impact on ACD, it can create a small gap -- a small gap revenue headwind as we shift from term license to fast ratable revenue. Turning to identity products. We expect nearly all of our identity products revenue growth in fiscal 2025 to be driven by our staff's identity solutions with products like MyVIP expected to see meaningful growth.

雖然這一轉變增強了我們的聯盟，並且對 ACD 沒有影響，但它可能會產生一個小缺口——當我們從定期許可轉向快速可評稅收入時，這是一個小缺口收入逆風。轉向身份產品。我們預計 2025 財年幾乎所有身分識別產品收入成長都將由員工的身份解決方案推動，其中 MyVIP 等產品預計將出現有意義的成長。

While our biometrics point solutions primarily in our identity software and maintenance lines are expected to grow. We learn from fiscal 2024 forecasting challenges for these products and are taking a more cautious approach to forecasting those larger more complex deals that can significantly impact in year revenue recognition. To provide more clarity on how we see topline revenue phasing through the year, we anticipate the first half to be similar to fiscal 2024 with a heavier concentration of revenue occurring in the second fiscal quarter.

雖然我們主要在身分軟體和維護系列中的生物辨識點解決方案預計會成長。我們從這些產品的 2024 財年預測挑戰中汲取教訓，並採取更謹慎的方法來預測那些可能對年度收入確認產生重大影響的規模更大、更複雜的交易。為了更清楚地說明我們如何看待全年總收入的逐步變化，我們預計上半年將與 2024 財年類似，營收將更集中在第二財季。

We anticipate that the second half of fiscal 2025 will follow similar seasonality to the second half of 2024. Now for some color on non-GAAP operating expenses, we expect our operating expenses to revert to about the $26 million level in the first fiscal quarter of 2025, with sequential increases, primarily coming from the annual bonus, accrual reset as well as vacation, accrual reset for the new year. We expect some incremental operating expenses sequentially from there beginning in fiscal Q2, mostly in R&D and sales as we invest in our new products.

我們預計 2025 財年下半年將遵循與 2024 財年下半年類似的季節性特徵。現在，對於非 GAAP 營運支出的一些細節，我們預計我們的營運支出將在 2025 年第一財季恢復到 2600 萬美元左右的水平，並連續增加，主要來自年度獎金、應計重置以及假期，新的一年應計重置。我們預計從第二財季開始，營運支出將持續增加，主要是在我們投資新產品時用於研發和銷售。

Now let's move on to some housekeeping items. We refined our revenue disaggregation to show revenue type as well as new GAAP to non GAAP reconciliation tables all in our earnings release. In addition, we have introduced free cash flow which echoes Ed's emphasis on improving our free cash flow conversion.

現在讓我們繼續討論一些家務用品。我們改進了收入分類，以在收益發布中顯示收入類型以及新的 GAAP 與非 GAAP 調整表。此外，我們還引入了自由現金流，這與艾德對改善自由現金流轉換的強調相呼應。

Finally, we've uploaded an Excel based supplemental financial package to our industrial relations website containing some trended historical financials. All in all, we hope these updates coupled with more transparency in our remarks reflect our positive commitment to consistent transparent disclosures, enabling shareholders to better assess our performance and our plans moving ahead. Operator, that concludes the prepared remarks. Please open the line for questions.

最後，我們將基於 Excel 的補充財務包上傳到我們的勞資關係網站，其中包含一些趨勢歷史財務資料。總而言之，我們希望這些更新以及我們言論中的更高透明度反映了我們對一致透明揭露的積極承諾，使股東能夠更好地評估我們的業績和我們的未來計劃。操作員，總結準備好的發言。請打開提問專線。

(Operator Instructions)

（操作員說明）

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah, thanks for taking the questions and welcome aboard Ed. Added commentary and disclosures were really helpful, so, thanks to both you and Dave. Ed, you made some comments about refining the strategy to, to better prioritize organic growth. Can you help us parse out the lower hanging fruit that you're looking to address this year versus is maybe some of the longer term initiatives you're exploring? And then you talked about the three-year CAGR of 13%. As you look at the business moving forward, do you still see that as kind of the medium term opportunity here Once you work through those initiatives around ID verification and check fraud?

是的，感謝您提出問題，歡迎加​​入 Ed。添加的評論和披露確實很有幫助，所以，感謝您和戴夫。艾德，您對改進策略提出了一些意見，以更好地優先考慮有機成長。您能否幫助我們分析您今年希望解決的較容易實現的目標以及您正在探索的一些長期計劃？然後你談到了 13% 的三年複合年增長率。當您展望業務的發展時，一旦您完成了圍繞身份驗證和支票詐欺的這些舉措，您是否仍然認為這是中期機會？

So well, first of all, good to meet you. Thanks for the introduction. And as I spoke to in my comments, obviously, there's a lot of focus, an ardent focus on organic growth. And frankly, that's just getting very focused in our products, our solutions in terms of what the market is currently seeing. Integrating some of the solutions that we have in particular on the identity side with the emphasis on my VIP improving the algorithms like have been done, which is showing the improvement in transaction and auto transaction.

那麼，首先，很高興認識你。謝謝你的介紹。正如我在評論中所說，顯然，人們非常關注有機成長。坦白說，這只是非常關注我們的產品，我們的解決方案根據市場目前的情況而定。整合我們特別是在身分認同方​​面的一些解決方案，重點是我的 VIP 改進演算法，就像已經完成的那樣，這顯示了交易和自動交易的改進。

In addition to rolling out the new solutions, particularly like digital fraud defender with the IP, all kind of tee that up for some excellent conversations with our current base. One of the things I outlined is it with recently onboarded customers, we would see after about a year, a significant uptake in the use and volume as the solution has been tuned with them.

除了推出新的解決方案（特別是使用 IP 的數位詐欺防禦者）之外，還為與我們目前的基礎進行一些精彩的對話做好了準備。我概述的一件事是最近加入的客戶，大約一年後，我們會看到隨著解決方案與他們一起調整，使用量和數量顯著增加。

So we see that evolving this year more so with some of our key customers and key areas of growth. And then I guess on the deposit side, I would say with check fraud defender with the growth there, I mentioned that last year in the ACV, we saw about 60% and more than double into this year. So those areas -- and it's one of the reasons why I joined Mitek.

因此，我們看到今年我們的一些主要客戶和關鍵成長領域的變化更加明顯。然後我想在存款方面，我想說支票詐欺防御者隨著那裡的增長，我提到去年在 ACV 中，我們看到了大約 60％，今年增加了一倍多。這些領域——這也是我加入 Mitek 的原因之一。

When you look at our history and the reputation that we have, the company has for a long time with over 7,000 financial institutions in the US and frankly around the world, leveraging that cross-selling opportunities, leveraging those relationships, and coming in there with innovation and new thoughts. And frankly, my conversations I have had over the last few weeks, whether in Europe, the United Kingdom and the US, they see -- and frankly, some of these are customers in the US who are on the deposit side, but in particular in Europe, on the identity side where they see the issues that are rising and the concern around AI and looking at the solutions where we're that being a later on there's a significant level of interest in having those partnerships.

當你看到我們的歷史和我們所擁有的聲譽時，你會發現該公司長期以來與美國乃至世界各地的 7,000 多家金融機構合作，利用交叉銷售機會，利用這些關係，並與創新和新思想。坦白說，我過去幾週的談話，無論是在歐洲、英國還是美國，他們都看到了——坦率地說，其中一些是美國的客戶，他們是存款方，但特別是在歐洲，在身份方面，他們看到了正在出現的問題和對人工智慧的擔憂，並著眼於我們稍後提出的解決方案，對建立這些合作夥伴關係有很大的興趣。

So I think those areas with the company's history, the new product innovation, which is why. The last point I would make, it's really important that we continue to invest in the innovation and having these market leading technologies and capabilities. That's why these large high assurance companies like financial institutions will want to partner with someone like Mitek because of being a partner in these areas with evolving threats.

所以我認為這些領域與公司的歷史、新產品的創新有關，這就是原因。我要說的最後一點是，我們繼續投資於創新並擁有這些市場領先的技術和能力，這一點非常重要。這就是為什麼像金融機構這樣的大型高保證公司會希望與 Mitek 這樣的公司合作，因為它們是這些威脅不斷變化的領域的合作夥伴。

The second part was really around -- you talked about the three-year CAGR of 13% I guess as you look at the business moving forward. Do you see that as the medium term opportunity here? Because you were talking about double digit ID verification growth, check fraud, doubling next year. Just curious how you're how you're looking at that medium term growth opportunity.

第二部分確實很重要——當你展望未來的業務時，我猜你談到了 13% 的三年複合年增長率。您認為這是中期機會嗎？因為你談論的是兩位數的身份驗證增長，支票欺詐，明年將翻倍。只是好奇您如何看待中期成長機會。

I mean, I think that's fair. Our first goal is to get to -- back to the double-digit growth and then taking it from there. But having a low teens, I do not have a concern with in terms of that. And frankly, all of our goals and efforts can be how do we continue to drive that up from there? But we got a first turn the ship and making sure we're getting back to durable growth on that front.

我的意思是，我認為這是公平的。我們的首要目標是回到兩位數的成長，然後以此為基礎。但我有一個十幾歲的孩子，我對此並不擔心。坦白說，我們所有的目標和努力都是如何繼續推動這個目標？但我們取得了第一次轉變，並確保我們在這方面恢復持久成長。

This company has gone through a lot. I think as you all well know over the last couple of years been a lot of distractions, a lot of issues. And the good news is we've made tremendous progress on these and efforts now having the organization highly focused on a clear plan executing against those that momentum, you know, we believe we'll build throughout this year. And then we'll give you more color on it as that falls. But I do feel okay about that this stage.

這家公司經歷了很多。我想大家都知道，過去幾年有很多幹擾，很多問題。好消息是，我們在這些方面取得了巨大進展，現在組織高度專注於執行明確的計劃，以應對我們相信我們將在今年建立的勢頭。然後我們會在下降時為您提供更多顏色。但這個階段我確實感覺還不錯。

Okay, very helpful. And then just a two parter on check fraud defender. Have you started to see conversations with new customers change in any way now that you've had kind of those initial customers up and running and likely have a clearer ROI message. And then on the partner front with CFD, are there any other large partners that you may be able to activate on that solution this year?

好的，非常有幫助。然後只是一個兩人合作的支票詐欺辯護人。既然您已經擁有了一些初始客戶並正在運行，並且可能有更清晰的投資回報率訊息，那麼您是否開始看到與新客戶的對話發生了任何變化？然後，在 CFD 合作夥伴方面，今年您是否可以在該解決方案上啟動任何其他大型合作夥伴？

Now, let's turn over today from prior conversations and about how those have evolved. I would just tell you from the conversations that I've had and then also been aware of is the ROI is extremely compelling. The solution works. And I think as you see the level of the data sets that we've been able to build already, just with the few FIs that are into the network right now, now already having 17% of the accounts with some data set -- associated with 17% of those accounts is very meaningful. So I think as more and more get familiar with it, it's a new concept so it takes a little while to come along. But as they do and they, run the test and see the benefit that it brings forward, I think they'll move in more quickly.

現在，讓我們回顧一下之前的對話，看看這些對話是如何演變的。我只想從我所進行的對話中告訴您，然後我也意識到投資回報率非常引人注目。該解決方案有效。我認為，正如你所看到的，我們已經能夠構建的數據集的水平，只是現在進入網絡的少數金融機構，現在已經擁有 17％ 的帳戶與一些數據集 - 相關其中17% 的帳戶非常有意義。所以我認為隨著越來越多的人熟悉它，這是一個新概念，所以需要一段時間才能適應。但當他們這樣做並進行測試並看到它帶來的好處時，我認為他們會更快採取行動。

But Dave, I don't know if you can comment on prior.

但是戴夫，我不知道你是否可以事先發表評論。

Yeah, I just looking at where this is in the -- it's life cycle as we said before, it was in its nascent stage this past year. It obviously continues to be what we're trying -- we're starting to get the traction that we thought we would, which we're pretty excited about. Don't forget a little over a year ago, we had a handful of banks who are working on. So we've come a pretty long way.

是的，我只是看看它在生命週期中的位置，正如我們之前所說，去年它處於起步階段。顯然，這仍然是我們正在嘗試的事情——我們開始獲得我們預期的牽引力，對此我們感到非常興奮。不要忘記一年多前，我們有幾家銀行正在進行工作。所以我們已經走了很長的路。

Yes. You have great opportunity ahead and thanks for taking the questions.

是的。您前面有很好的機會，感謝您提出問題。

All right. Thank you.

好的。謝謝。

Mike Grondahl, Northland Systems.

麥克‧格隆達爾 (Mike Grondahl)，北國系統公司。

Hey, guys. Thanks a lot and welcome, Ed. My first question is really for you. When you reviewed Mitek and now that you've been there a while, have you found a competitor on the mobile check deposit side?

嘿，夥計們。非常感謝並歡迎，艾德。我的第一個問題確實是問你的。當您審查 Mitek 時，現在您已經在那裡一段時間了，您是否在行動支票存款方面找到了競爭對手？

Well, yeah, so going back to looking at the company historically, that I see the reputation, the presence we have with the number of of banks in the United States and financial institutions, credit unions, more broadly with over 7,000, we are the lion's share of the, of the solution. I think, the market sees tremendous value in our product, our suite, having a highly integrated into their own app and using that, there's just a tremendous amount of value associated with it. So there are others out there. But you know, we will continue to make sure we're delivering a very compelling competitive value proposition and excellently integrated application for our customers and their customers.

嗯，是的，所以回顧一下公司的歷史，我看到了我們在美國的銀行數量以及金融機構、信用合作社的聲譽和影響力，更廣泛地說，有 7,000 多家，我們是解決方案的最大份額。我認為，市場看到了我們的產品、我們的套件的巨大價值，高度整合到他們自己的應用程式中並使用它，與之相關的價值巨大。所以還有其他人。但您知道，我們將繼續確保為我們的客戶及其客戶提供非常具有競爭力的價值主張和出色的整合應用程式。

And my question more specifically is, you have such a dominant position out there. 7,000 out of 8,700 banks. What's your view on the pricing power that Mitek has in mobile check deposit and potential future price increases?

更具體地說，我的問題是，你們擁有如此主導地位。 8,700 家銀行中的 7,000 家。您對 Mitek 在行動支票存款方面的定價能力以及未來潛在的價格上漲有何看法？

Well, I mean, obviously this call is not the place of going into what pricing would be on a long-term basis. I would just say there's tremendous value in the solution. There's tremendous value in the product and offering and we will continue to see making sure, pricing is competitive and that the value is there. But there will continue to be opportunities and making sure that the pricing is aligned to the value to the market.

嗯，我的意思是，顯然這次電話會議不是討論長期定價的地方。我只想說該解決方案具有巨大的價值。產品和服務具有巨大的價值，我們將繼續確保定價具有競爭力且價值存在。但機會仍然存在，並確保定價與市場價值保持一致。

Fair enough. Hopefully it's something you guys take a hard look at. In check fraud defender, kind of two questions there. When do you think you'll be able to disclose quarterly revenue? And you talked about investing in check fraud defender this next year, roughly what is the dollar amount of that investment?

很公平。希望這是你們認真考慮的事情。在支票詐欺防禦者中，有兩個問題。您認為什麼時候可以揭露季度收入？您談到明年投資支票詐欺防禦者，該投資的金額大致是多少？

So I mentioned on my comments here, we ended the year with roughly a $10 million ACV in check fraud defender. So it grew 60% throughout the year and we expect it to more than double this year. So we're seeing strong interest and momentum on the solution.

所以我在這裡的評論中提到，我們在年底時為支票詐欺辯護人提供了大約 1000 萬美元的 ACV。因此全年增長了 60%，我們預計今年將增長一倍以上。因此，我們看到了對該解決方案的強烈興趣和動力。

So, but regarding the reporting, Dave, I don't know if you want to comment further on that.

所以，關於報道，戴夫，我不知道你是否想對此發表進一步評論。

Yeah, we're trying to stay or start heading towards more reporting on ACV because we think that you know, represents the better the economic value given all of the accounting guidelines for revenue recognition. So you'll see more ACV, not just with CFD, but expanding across other kind of -- parts of our product portfolio.

是的，我們正在努力保留或開始更多地報告 ACV，因為我們認為，考慮到所有收入確認的會計準則，代表的經濟價值就越好。因此，您將看到更多的 ACV，不僅是 CFD，而且還擴展到我們產品組合的其他部分。

In the cost side and the incremental, I think I mentioned kind of a low to mid single digit EBITDA margin impact from the incremental investment on CFD. And the good news is the way that the company invested in that is, getting it out into the market, getting with our customers, we are seeing such a strong interest in it and request of additional functionality, capability, reporting, and interest levels, which is terrific. And we want to deliver and execute on that swiftly to continue its growth and making sure that product continues to scale with the interest. So that's the investment this year it took the company has taken a prudent approach on that as the product is and solution has grown.

在成本方面和增量方面，我想我提到了差價合約增量投資對 EBITDA 利潤率產生的低到中個位數的影響。好消息是該公司投資的方式，即將其推向市場，與我們的客戶接觸，我們看到對其如此強烈的興趣以及對附加功能、能力、報告和興趣水平的要求，這太棒了。我們希望迅速交付和執行這一目標，以繼續其成長，並確保產品繼續隨著人們的興趣而擴展。這就是公司今年的投資，隨著產品和解決方案的不斷發展，公司對此採取了謹慎的態度。

Okay. And then just last one for Dave, I don't have the model in front of me, Dave. But overall, this fiscal '25, will OpEx be about what '24 was? Do you expect a little bit of savings or, or a little bit of elevated spending? Just OpEx relative to fiscal '24.

好的。最後一個是戴夫的，我面前沒有模型，戴夫。但整體而言，25 財年的營運支出與 24 財年的水準相同嗎？您希望節省一點，或增加一點支出嗎？只是相對於 24 財年的營運支出。

Yeah. Well, if you do the math on the mid call, it the midpoint of guidance at $170 million in revenue in our adjust EBITDA ranges, you end up kind of in an OpEx range of an additional, mid single digit millions of dollars over '24. And what we said earlier is the identity product portfolios, we'll see some improvement in efficiencies on the operating -- on the spending side. So most of the investment that you'll see is is really related to incremental investment through check fraud.

是的。好吧，如果你在中期電話會議中進行數學計算，它是我們調整的EBITDA 範圍內1.7 億美元收入指導的中點，那麼你最終會在24 年的運營支出範圍內增加數百萬美元的中間個位數。我們之前所說的是身份產品組合，我們將看到營運效率的一些提高 - 在支出方面。因此，您將看到的大部分投資確實與透過支票詐欺進行的增量投資有關。

Got it. Okay. Hey, thank you.

知道了。好的。嘿，謝謝你。

Thank you.

謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. Ed, welcome, nice to have you on board. So my first question is for Dave, if we go back a quarter, the challenge in that quarter was in identity we're moving from point solution sales to more of a platform sale. We had certainly the ID R&D group, more of the engineers selling the deals. It looks like we saw some improvement there. Can you just give us a sense of what happened in terms of some of those deals that we had seen pushing? How many of those happen in this this last quarter versus what we're looking for in the next fiscal year?

謝謝。艾德，歡迎，很高興您加入。所以我的第一個問題是戴夫，如果我們回到一個季度，該季度的挑戰在於我們正在從單點解決方案銷售轉向更多的平台銷售。我們當然有 ID 研發團隊，還有更多銷售交易的工程師。看起來我們在那裡看到了一些改進。您能否讓我們了解一下我們所推動的一些交易的情況？其中有多少是在上個季度發生的，而不是我們在下一財年所期望的？

Yeah, in Q4, you're right. We got kind of what we expected on that front. Obviously, with all the changes that we made to increase focus, especially on those point biometric products, we saw some decent results relative to our expectations. Going into 2025, if you remember in the last call, we said that quite a few of the revenue dollars that got pushed out were related to large multinational companies that were just, more difficult to close a sale with. So it would take some more time.

是的，在第四季度，你是對的。我們在這方面得到了我們的預期。顯然，透過我們為增加關注度所做的所有改變，特別是在那些點生物辨識產品上，我們看到了與我們的預期相關的一些不錯的結果。進入 2025 年，如果你還記得在上次電話會議中，我們說過相當多的收入被擠出來與大型跨國公司有關，而這些公司更難完成銷售。所以還需要一些時間。

And that revenue that was that we had originally expected to get near the end of '24 is now probably pushed out into '25, starting more in the back half of '25 to '26 probably somewhere in the 12 to 18 months range. But they, but the other point that we wanted to make was we don't believe that we necessarily lost revenue opportunities, we still think they're out there and that we can land them.

我們最初預計將在 24 年底實現的收入現在可能會推遲到 25 年，更多從 25 到 26 個月的後半段開始，可能在 12 到 18 個月的範圍內。但是我們想說的另一點是，我們不認為我們一定會失去收入機會，我們仍然認為它們就在那裡，我們可以找到它們。

Got you. So Ed, on check fraud defender. You gave an interesting statistic. We basically have data sets on 17% of the checks, but our current penetration is less than 1%. Can you just give us the delta between those two numbers? What does that 17% in your mind represent in terms of opportunity?

明白你了。艾德，支票詐欺辯護人。你給了一個有趣的統計數據。我們基本上有17%檢查的資料集，但我們目前的滲透率不到1%。您能給我們這兩個數字之間的差值嗎？您心目中的 17% 代表著什麼機會？

Well, what it really is the opportunity is the data sets that are being built on information and the number 17% of the number that accounts we believe in the country. So more and more information and again, it's the network effect of building that out and having the consortium, the network effect makes it just that much more valuable. So the more data we get, the more rich the asset becomes, and also having more and more institutions coming in and contributing to that everyone benefits by that.

嗯，真正的機會是基於資訊建立的數據集，以及我們相信該國數據的 17%。因此，越來越多的信息，再一次，這是構建並擁有聯盟的網絡效應，網絡效應使其更有價值。因此，我們獲得的數據越多，資產就會變得越豐富，並且會有越來越多的機構加入並做出貢獻，讓每個人都從中受益。

So it's early on. And the fact I think the point that I was trying to make there is hey, we have less than 1% of the FIs in the country in here now. Yet we are -- we have data sets being built on 17% of the accounts in the country. So that's you think about it. Those are accounts that are not necessarily the ones who are in the consortium, it's also accounts on that are in institutions outside the consortium. But there were checks that were deposited into it. So we just build up greater data sets, more value, everybody wins. And that's why the network is very valuable.

所以現在還早。事實上，我認為我想表達的觀點是，現在我們國家的金融機構不到 1%。然而，我們的數據集是基於該國 17% 的帳戶建立的。所以這就是你考慮的事情。這些帳戶不一定是聯盟內部的帳戶，也可以是聯盟外機構的帳戶。但裡面存有支票。所以我們只是建立更大的數據集，更多的價值，每個人都會贏。這就是為什麼網路非常有價值。

Got you. And one other thing for you, Cardtronics was a wonderful turnaround and the outcome was great. I'm curious as you look at this opportunity coming in, how similar or how different do you view this to be versus that opportunity?

明白你了。對您來說另一件事是，Cardtronics 實現了美妙的轉變，結果也很棒。我很好奇，當您看到這個機會時，您認為這個機會與那個機會有何相似或不同？

It's a great question. It's one of the reasons I'm sitting here right now. I saw a lot of similarity obviously, from the international footprint of the presence, the capability. Cardtronics have very strong position and with financial institutions and a strong presence and particularly in the US. And where we saw the value there is what attracted me here is because of those relationships, but also to build up the network effect which we did there, which is what drove all the values, you may be familiar with in the growth. And that's what got the company moving to double digit organic growth.

這是一個很好的問題。這是我現在坐在這裡的原因之一。從國際影響力和能力來看，我明顯看到了許多相似之處。Cardtronics 擁有非常強大的地位，並擁有金融機構和強大的影響力，特別是在美國。我們在這裡看到了價值，吸引我的地方是因為這些關係，而且還建立了我們在那裡所做的網路效應，這就是推動所有價值的因素，你可能在成長中很熟悉。這就是公司實現兩位數有機成長的原因。

Building out that network, the similarity here obviously a different solution. But this company is very well positioned because of the relationships and the history and the operating capability. But also, the technical expertise in people who are at the forefront of an evolving market that these high assurance companies need a partner and want a partner for.

建立該網絡，這裡的相似之處顯然是不同的解決方案。但由於關係、歷史和營運能力，該公司處於非常有利的地位。而且，處於不斷發展的市場最前沿的人員的技術專業知識是這些高保證公司需要合作夥伴並希望有合作夥伴的。

I just felt like Mitek was very well positioned for that. And then, getting inside just I couldn't be more enthusiastic. With the team across the organization of our technical capabilities and the relationships it's informed by meeting you face to face with customers in multiple countries around the world.

我只是覺得 Mitek 在這方面處於非常有利的位置。然後，一走進去，我就變得非常熱情。整個組織的團隊透過與世界多個國家的客戶面對面交流來了解我們的技術能力和關係。

Got you. Finally my compliments today. But when we look at operating expenses down $5 million quarter over quarter and service gross margins at an all-time high [76]. I know that was hard work and that's why we're seeing the great results today. So congratulations.

明白你了。最後我今天的讚美。但當我們看到營運費用環比下降 500 萬美元，而服務毛利率創歷史新高時[76]。我知道這是一項艱苦的工作，這也是我們今天看到如此出色的成果。所以恭喜你。

Thanks George.

謝謝喬治。

Thank you.

謝謝。

Allen Klee, Maxim Group LLC.

艾倫克利，馬克西姆集團有限責任公司。

Yes. Hi. I wanted to touch on your guidance at the midpoint of your revenue guidance, it's implying around a 2% increase year over year. And you've mentioned that deposits are going to be relatively flat with check defender up and the rest of the stuff down. I'm assuming a couple of things that's going to mean that there's a negative margin impact there. And it seems like -- why do we have -- I'm a little confused on how we have confidence that deposits is going to grow in the future. But then second, the guidance kind of implies that you're not going to really see much growth in identity and I'm not sure why that is if you could give the reasons behind that. Thank you.

是的。你好。我想在收入指導的中點談談你們的指導，這意味著同比增長約 2%。你也提到過，隨著防守球員的增加和其他東西的減少，存款將相對持平。我假設有幾件事意味著利潤率會受到負面影響。看起來——為什麼我們——我對我們如何相信存款未來會成長感到有點困惑。但其次，指導有點意味著你不會真正看到太多身份的成長，我不確定為什麼會這樣，如果你能給出背後的原因的話。謝謝。

Yeah. Thanks, Allen. We actually decided to lengthen our range a little bit from, as you can see from the range that we have of 170-180. We did that because, on the biometric side, we have some opportunity there, but we wanted to be pretty conservative in terms of our forecasting, given the forecasting issues that we had last year. We still have confidence that that can create upside that would move us up into the higher end of the guidance. We also think we have opportunity on the My VIP platform, which we're pretty excited about.

是的。謝謝，艾倫。實際上，我們決定稍微延長我們的範圍，正如您從 170-180 的範圍中看到的那樣。我們這樣做是因為，在生物辨識方面，我們有一些機會，但考慮到去年的預測問題，我們希望在預測方面相當保守。我們仍然有信心，這可以創造上行空間，使我們進入指導的高端。我們也認為我們在 My VIP 平台上有機會，對此我們感到非常興奮。

But don't forget we have headwinds, right? We have our ear legacy headwind which is mild, but it's enough to make a difference. And mobile verify, the document verification pricing pressure that we've talked about historically will continue. So it's kind of outpacing on the identity side, outpacing those headwinds. On the deposit side, remember that with lower mobile deposit gap revenue that and, and assuming kind of a flattish year over year, that means the check broad funder is growing to offset it.

但別忘了我們也有逆風，對吧？我們的耳朵遺留下來的逆風雖然溫和，但足以產生影響。對於行動驗證，我們歷史上討論過的文檔驗證定價壓力將持續下去。因此，它在身份方面超越了那些逆風。在存款方面，請記住，由於行動存款缺口收入較低，並假設同比持平，這意味著支票廣泛資助者正在增長以抵消它。

We think actually once we get to this 2025 year that when we get into 2026, we'll start to see both deposits and identity starting to grow together and accelerate, especially if we're able to do what Ed talked about in terms of our focus operating this plan in 2025.

我們認為，實際上，一旦到了 2025 年，當我們進入 2026 年時，我們將開始看到存款和身份開始共同增長並加速，特別是如果我們能夠做到 Ed 所說的那樣2025年重點實施該計劃。

You're on the right point about the opportunity for for growth. And then as we talked about on the identity side where the midpoint is the driver of that. And obviously, as I laid out that plan earlier, this has an -- this organization has an ardent focus on making sure we can continue to accelerate that organic growth with the products, the solutions, who we're selling to, the relationships there, and building that out and making sure we have the product and solutions to execute on.

關於成長機會，您的觀點是正確的。然後，正如我們在身份方面討論的那樣，中點是其驅動因素。顯然，正如我早些時候制定的計劃，該組織熱切關注確保我們能夠繼續加速產品、解決方案、我們的銷售對像以及那裡的關係的有機增長，並構建它並確保我們擁有可以執行的產品和解決方案。

So we aspire and we continue all of our objectives and goals are to continue to accelerate that growth. Obviously, I'm new into it and we're going to take a prudent approach to it and that we, and we'll keep you updated, throughout the year and, but how we exit the scene here today. We're driving towards that double digit growth going into '26.

因此，我們渴望並繼續我們的所有目標和目標是繼續加速這種成長。顯然，我是新手，我們將採取謹慎的態度，我們將全年向您通報最新情況，但我們今天將如何退出這一場景。進入 26 年，我們正在努力實現兩位數的成長。

Okay. One last question just following up on identity. Mobile identity was it $68.5 million of revenue in fiscal '24. And I thought I heard you say that when you get to $85 million, it can switch over to profitability. But based on what you're talking about, it sounds like best case is that maybe we would see that in '26. But am I thinking about that wrong?

好的。最後一個問題只是關於身分的後續問題。2024 財年，行動身分收入為 6,850 萬美元。我想我聽到你說過，當你達到 8500 萬美元時，它可以轉為盈利。但根據你所說的，聽起來最好的情況是我們可能會在 26 年看到這一點。但我這樣想有錯嗎？

So, are the comments on that fulcrum point, we believe is $80 million to $85 million. So let's just take the midpoint. And yes, pulling out from where we were this past year that says there's a delta of about $14 million that we need to execute and deliver on in terms of growth of getting to that level of contribution turning positive, so that -- those products are accretive to the margin that we're focused on it. That's what we're executing against, that we would move into 2026 to achieve that. And we're going to keep you posted on it. We see any to the positive or negative changes on that trajectory, we will keep you posted. But yeah, we see that going in to the '26 period.

那麼，關於這個支點的評論，我們認為是 8000 萬美元到 8500 萬美元。所以我們只取中點。是的，從我們去年的情況來看，我們需要執行和實現約 1400 萬美元的增量，以實現正貢獻水平的增長，因此 - 這些產品是增加我們關注的利潤。這就是我們正在執行的目標，我們將在 2026 年實現這一目標。我們將隨時向您通報相關情況。我們看到該軌蹟的任何積極或消極變化，我們都會及時通知您。但是，是的，我們看到了進入 26 世紀的情況。

Now I say, that that level of contribution also is a, is a fully burdened contribution. So that includes all the company's overheads and general G&A. So that's a very, I would say a fully burdened approach at that objective.

現在我說，那個層次的貢獻也是一個，是一個完全負擔的貢獻。這包括公司的所有管理費用和一般管理費用。因此，我想說，這是實現該目標的一種非常全面的方法。

Okay. Thank you very much.

好的。非常感謝。

Surinder Thind, Jeffries.

蘇林德·辛德，傑弗里斯。

Thank you. Ed, I'd like to start a question with about the I'll call it the integration or transformation program that you're going through. Can you walk us through that in a bit more detail in the sense of how big a lift that is at this point? And when you kind of expect to get to the end target? Is that a multi year journey? Is it a year long journey where you get most of the benefits? Sometimes, as you get into these projects, they can turn out to be a bit more complex than originally anticipated.

謝謝。艾德，我想提出一個關於您正在經歷的整合或轉型計劃的問題。您能否更詳細地向我們介紹目前的升力有多大？你什麼時候期望達到最終目標？這是一個多年的旅程嗎？在為期一年的旅程中您是否獲得了大部分好處？有時，當您進入這些項目時，它們可能會比最初預期的更複雜。

Absolutely. They can, but I would tell you. I always found better to, move swiftly, get the whole organization again. Just as I commented on one of our, previous questions. This company has gone through a lot over the last couple of years, the people have gone through a lot. Having a clarity to focus on a plan, what we're executing against having this organization geared to the results that drive value and what are the biggest value levers for the enterprise? How we want the team aligned to now having clarity to that these programs?

絕對地。他們可以，但我會告訴你。我總是能找到更好的辦法，迅速行動，重新組成整個組織。正如我對我們之前的一個問題的評論。這家公司在過去幾年經歷了很多，人們也經歷了很多。明確關注計劃，我們要執行什麼目標，讓這個組織致力於推動價值的結果，以及企業最大的價值槓桿是什麼？我們希望團隊現在如何清楚地了解這些計劃？

And I mentioned some of them over here. How are we getting, automating more transactions running on the identity side? How are we integrating those multiple platforms that were going through from either, heritage ones or acquired? Getting -- well, the company used to have four, getting those to one continuing to tune AI, algorithms and making sure our machine learning algorithms are properly taking the latest data sets to improve the level of automation.

我在這裡提到了其中一些。我們如何實現在身分認同方​​面運行更多交易的自動化？我們如何整合那些來自傳統平台或收購平台的多個平台？嗯，公司過去有四個，現在把它們變成一個，繼續調整人工智慧、演算法，並確保我們的機器學習演算法正確地採用最新的數據集來提高自動化程度。

Getting our sales team geared towards the products that actually drive the needle in terms of both margin and scalability. So it's just gearing the organization. I think we'll make a lot of headway on it this year, but it will evolve into next year. And there will probably be more things where we see more opportunities. But I guess the overarching point is it's about clarity and gearing for the organization to drive towards organic growth and scaling margins, and having customers that are our goal is having raving fans that they want to push and do more with Mitek.

讓我們的銷售團隊專注於在利潤和可擴展性方面真正推動發展的產品。所以這只是為組織做好準備。我認為今年我們會在這方面取得很大進展，但它會發展到明年。我們可能會在更多的事情上看到更多的機會。但我想最重要的一點是，組織的清晰度和調整是推動有機成長和擴大利潤的關鍵，而擁有客戶是我們的目標，擁有狂熱的粉絲，他們希望推動Mitek 並與Mitek 一起做更多事情。

Understood. Definitely hear you on obviously having an integrated tech stack or approach from a product perspective as well as will definitely help on the organic side. But what about the actual execution of that in the sense of these projects can also get expensive, right? Because sometimes you need a lot of bodies to throw at, to get the problem solved within some reasonable time frame.

明白了。肯定會聽到您從產品角度顯然擁有集成的技術堆疊或方法，並且肯定會在有機方面有所幫助。但從這些項目的意義上來說，實際執行也可能變得昂貴，對嗎？因為有時你需要投入大量的精力，才能在合理的時間內解決問題。

How are you guys managing that part of the equation? Because when we look across the industry, we see others that have gone through some of these programs that they're not cheap per se. And so usually, you'll see things like expenses adjusted out of the numbers. And will we see anything like that or is this somehow you're managing within your existing cost structure?

你們是如何管理這部分的方程式？因為當我們縱觀整個行業時，我們發現其他已經經歷過其中一些項目的人本身並不便宜。通常，您會看到從數字中調整費用等內容。我們會看到類似的情況嗎？

I'm not going to predict the future on what you may or may not say. But I will tell you the guidance that we outlined in the day walk through incorporates these actions, these investments. Frankly, some of the efficiencies and redundancies that we've already incurred in the company and have taken action those already. And we also outlined the incremental investments on product enhancements and scale that we are investing in on the CFD solution this year.

我不會根據你可能說或不說的話來預測未來。但我會告訴你，我們在當天的演練中概述的指導方針包含了這些行動、這些投資。坦白說，我們已經在公司提高了一些效率並進行了裁員，並且已經採取了行動。我們也概述了今年我們在 CFD 解決方案上投資的產品增強和規模增量投資。

That's all -- that's in the numbers. And so if something were to come along that has an extremely compelling ROI that we feel strong about that requires an incremental investment, we would discuss that. But based on everything that we talk through right now, that's -- those are in the numbers and we want to drive upside from those results.

僅此而已——這都在數字中。因此，如果出現某種具有極其引人注目的投資回報率且我們認為需要增量投資的產品，我們就會對此進行討論。但根據我們現在討論的一切，這些都在數字中，我們希望從這些結果中推動成長。

Okay. That's actually really good to hear. And then maybe a question for you, Dave, here. When we think about the guidance on kind of the expense levels of fiscal 1Q and then kind of the modest build up after that, is that kind of the normalized level of expenses here or do we expect to see incremental cost savings coming in? Obviously, I assume all of this is incorporated within the numbers, but just kind of the puts and takes on that component of the expense line.

好的。這真的很高興聽到。戴夫，也許有個問題想問你。當我們考慮第一季財政支出水準的指導以及之後的適度增長時，這是這裡的正常化支出水平還是我們期望看到增量成本節省？顯然，我假設所有這些都包含在數字中，但只是費用線該部分的看跌期權和承付金額。

Are you talking about more about what's going to happen after 2025?

您是否更多地談論 2025 年之後會發生的事情？

That is correct, yeah.

這是正確的，是的。

Yeah. And we think if we can execute on what Ed's plan, what he laid out, I think we can see margin expansion beyond that. We just don't want to get ahead of ourselves and start guiding past '25. But certainly, we think if we can get operating efficiencies, we should be able to see margin expansion.

是的。我們認為，如果我們能夠執行艾德的計劃和他所製定的計劃，我認為我們可以看到利潤率的擴大。我們只是不想超越自己並開始指導過去的 25 年。但當然，我們認為如果我們能夠提高營運效率，我們應該能夠看到利潤率的擴張。

Got it. And then I guess the final question here just if I heard this correctly, there was some commentary around the reduction in some modest level of reduction in spend in the identity business. Can you provide additional color on that, especially when that's a business that you're investing to build?

知道了。然後我想這裡的最後一個問題是，如果我沒聽錯的話，有一些關於身份業務支出適度減少的評論。您能否就此提供更多信息，尤其是當您投資建立該業務時？

Yes. So this is about focus. I did mention that and said that the spending for the identity products will actually be flat to slightly down for this fiscal year. I think this is just a recognition. There's been a lot of investment on that over the last couple of years. And in the results, we want to drive results and performance. So we've geared the team, the organization, to the products to make sure they're scaling that the customer satisfaction is there that the customer experience is there that we can cross sell by integrating these platforms. So that's in there. And we're investing in the product.

是的。所以這是關於焦點的。我確實提到過這一點，並表示本財年的身份產品支出實際上將持平甚至略有下降。我想這只是一種認可。過去幾年，我們在這方面投入了大量資金。在結果中，我們希望推動結果和績效。因此，我們讓團隊、組織和產品適應，以確保他們能夠擴大客戶滿意度，客戶體驗，我們可以透過整合這些平台進行交叉銷售。所以就在那裡。我們正在投資該產品。

We just announced DFD with digital fraud defender, which we frankly, we figure is at the forefront of the market right now based on what's happening with gen AI. So the goal is to have the efficient drive productivity and getting back to a double-digit organic growth and being prudent with the with how and where we're investing. So we're trying to balance all those interests and have the relationships. So I'm not concerned about the cuts or changes or the cost side, impacting the customer experience or innovation. It's actually the opposite because we're focused, we're actually able to achieve it.

我們剛剛宣布與數位詐欺防禦者一起推出 DFD，坦白說，根據 gen AI 的情況，我們認為目前它處於市場的前沿。因此，我們的目標是有效提高生產力，恢復兩位數的有機成長，並謹慎對待我們的投資方式和地點。因此，我們正在努力平衡所有這些利益並建立關係。因此，我並不擔心削減、變更或成本方面會影響客戶體驗或創新。事實上恰恰相反，因為我們專注，我們實際上能夠實現它。

Got it. Okay. I appreciate the time guys. Thank you.

知道了。好的。我很感激你們的時間。謝謝。

All right. Well, thank you very much. Operator, I was just going to kind of close out here for a minute. We've covered a lot of information today. I want to thank you for your time.

好的。嗯，非常感謝。接線員，我想在這裡結束一分鐘。今天我們已經介紹了很多資訊。我想感謝您抽出時間。

We're highly enthusiastic about the changes we're making and the prospects for growth for the company. This focused operating discipline combined with the effective sales execution should position us for attractive organic growth as we exit this year. And this mission will keep you updated on our quarterly progress towards the milestones that were outlined as well as any actions that are taken as necessary to enhance shareholder value. And last to say, additionally, Dave and I will be attending the Needham Growth conference on January 14, and I just look forward to, hopefully we'll be able to meet some of you all in person there in the next month.

我們對我們正在做出的改變和公司的成長前景充滿熱情。這種專注的營運紀律與有效的銷售執行相結合，將使我們在今年退出時能夠實現有吸引力的有機成長。此任務將使您隨時了解我們在實現所概述的里程碑方面的季度進度以及為提高股東價值而採取的任何必要行動。最後要說的是，戴夫和我將參加 1 月 14 日舉行的 Needham Growth 會議，我期待著，希望我們能夠在下個月在那裡與你們中的一些人見面。

So till then, thank you very much and we thank you for your support of of Mitek. Great day.

到目前為止，非常感謝您，感謝您對 Mitek 的支持。美好的一天。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。