Mitek Systems Inc (MITK) 2025 Q1 法說會逐字稿

(Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Todd Kehrli of PondelWilkinson, please go ahead.

（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 PondelWilkinson 的 Todd Kehrli，請繼續。

Thank you, operator. Good afternoon and welcome to Mitek's fiscal 2025 first quarter earnings conference call. With me on today's call are Mitek CEO, Ed West, and CFO, Dave Lyle.

謝謝您，接線生。下午好，歡迎參加 Mitek 2025 財年第一季財報電話會議。今天與我一起參加電話會議的還有 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 '25 first quarter ended December 31, 2024. That release is available on the company's website at miteksystems.com.

在我將電話轉給 Ed 之前，我想先簡單介紹一些事項。今天，Mitek 發布了一份新聞稿，宣布了截至 2024 年 12 月 31 日的 25 財年第一季的財務業績。新聞稿可在該公司網站 miteksystems.com 上查閱。

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.

本次電話會議將透過網路向所有相關方進行現場直播，網路直播內容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 we'll discuss certain factors that are 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，管理階層將討論一些可能影響未來業務的因素。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對公司計劃和未來業績預期的評論。

For statements are subject to a number of risks and uncertainties which cause actual results to differ materially. We encourage all of our listeners to review our SEC filings, including our most recent 10 and 10Q for a complete description of these risks.

因為聲明受到許多風險和不確定性的影響，導致實際結果有重大差異。我們鼓勵所有聽眾查看我們向美國證券交易委員會提交的文件，包括我們最近的 10 和 10Q，以獲得這些風險的完整描述。

Our statements on this call are made as of today, February 10, 2025, and the company undertakes no obligation to revise or update publicly any of the forwarding 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（2025 年 2 月 10 日）做出，本公司不承擔公開修改或更新此處包含的任何轉發聲明的義務，無論其是由於新資訊、未來事件、預期變化或其他原因。

Additionally, throughout this call we'll be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form-8K 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，我們將討論某些非公認會計準則財務指標。今天的收益報告和 Form-8K 上的相關當前報告描述了我們的 GAAP 和非 GAAP 報告之間的差異，並提供了新聞稿中報告期間兩者之間的對帳情況。

With that said, I'm going to turn the call over to Mitek CEO, Ed West.

話雖如此，我將把電話轉給 Mitek 執行長 Ed West。

Thank you, Todd, and good afternoon, everyone. For those who are new to Mitek, let me start with a quick overview of who we are, the problems we solved, and why our mission-critical solutions are becoming increasingly more important in today's market environment.

謝謝你，托德，大家下午好。對於那些剛接觸 Mitek 的人，讓我先簡單介紹一下我們是誰、我們解決的問題，以及為什麼我們的關鍵任務解決方案在當今的市場環境中變得越來越重要。

Mitek Systems is a global leader in computer vision, digital identity verification, biometric authentication, and fraud prevention. Trusted by over 7,900 organizations worldwide, including financial institutions, telecoms, fintechs, and marketplaces. We empower businesses to combat growing threats like AI-driven fraud, deep fakes, and cyber attacks using advanced AI, proprietary biometrics, and automation technologies all delivered as software solutions.

Mitek Systems 是電腦視覺、數位身分驗證、生物辨識認證和詐欺預防領域的全球領導者。受到全球 7,900 多家組織的信賴，包括金融機構、電信公司、金融科技公司和市場。我們使用先進的人工智慧、專有生物識別和自動化技術（均以軟體解決方案的形式提供）來幫助企業應對日益增長的威脅，例如人工智慧驅動的詐欺、深度偽造和網路攻擊。

Our mobile check deposit solution, enabled by industry leading computer vision technology, has revolutionized consumer banking, processing approximately 1.2 billion transactions annually. It has become a foundational element of North American financial services. This deep expertise in serving high assurance industries has positioned us to expand.

我們的行動支票存款解決方案採用業界領先的電腦視覺技術，徹底改變了消費者銀行業務，每年處理約 12 億筆交易。它已成為北美金融服務的基礎要素。在服務高保證產業方面擁有深厚的專業知識，這為我們拓展業務奠定了基礎。

Our total addressable market with innovative solutions like MiVIP, an end-to-end identity verification, orchestration, and authentication platform, along with advanced fraud prevention tools such as Check Fraud Defender and Digital Fraud Defender. These offerings are designed to tackle sophisticated fraud threats using industry leading technology.

我們的整體目標市場包括創新解決方案，如 MiVIP（一個端對端身份驗證、編排和身份驗證平台），以及先進的詐欺預防工具，如 Check Fraud Defender 和 Digital Fraud Defender。這些產品旨在利用業界領先的技術來應對複雜的詐欺威脅。

We generate revenue through term license agreements for our heritage check related products and stand-alone biometrics as well as SaaS agreements for our identity and fraud platform solutions. Our focus in fiscal '25 is on enhancing our solutions, operational excellence, and strengthening our foundation to position us for adorable, profitable revenue growth in fiscal '26 and beyond.

我們透過針對遺產檢查相關產品和獨立生物識別技術的定期授權協議以及針對身分和詐欺平台解決方案的 SaaS 協議來創造收入。我們在 25 財年的重點是增強我們的解決方案、卓越營運並鞏固我們的基礎，以便我們在 26 財年及以後實現可觀的獲利收入成長。

As digital check deposits remain essential and the demand for fraud solutions intensifies in the face of sophisticated AI-driven threats, we are uniquely positioned to lead to innovation and help secure the future of online transactions.

由於數位支票存款仍然至關重要，並且面對複雜的人工智慧威脅，對詐騙解決方案的需求日益加劇，我們擁有獨特的優勢，可以引領創新並幫助確保線上交易的未來。

The last quarter we introduced a four-pronged framework to guide our transformation. Today I'll provide some updates on our progress across the four pillars, which are: one, strengthening the foundation to provide a platform for durable, profitable growth in fiscal '26; two, scaling our identity platform business to drive it towards the fulcrum point on profitability; expanding -- our third, expanding our leadership and broad solutions; and fourth, maintaining operational excellence as the cornerstone of organic revenue growth, free cash flow generation, and driving shareholder value.

上個季度，我們引入了四管齊下的框架來引導我們的轉型。今天，我將介紹我們在四大支柱方面取得的進展，即：一、加強基礎，為26財年的持久盈利增長提供平台；二是擴大我們的身份平台業務，推動其走向盈利的支點；擴大——我們的第三點，擴大我們的領導地位和廣泛的解決方案；第四，保持卓越運營作為有機收入增長、自由現金流產生和推動股東價值的基石。

Now let's walk through the progress we've made on each of these pillars since the end of last fiscal year. In Q1 and early Q2 we made meaningful progress on the first pillar of our strategy which is strengthening our foundation for durable, profitable growth in fiscal '26 and beyond.

現在讓我們回顧一下自上個財政年度結束以來我們在各個支柱上取得的進展。在第一季和第二季初，我們在策略的第一大支柱上取得了有意義的進展，這為我們在 26 財年及以後實現持久、獲利的成長奠定了堅實的基礎。

I'd like to highlight a few key achievements. First, we're fostering greater collaboration across our go-to-market teams by breaking down silos and enhancing cross-functional execution for new and expanded business. I know it sounds pretty fundamental but this effort is already bearing fruit by closing new business in Q1.

我想強調幾項主要成就。首先，我們透過打破孤島和加強新業務和擴展業務的跨職能執行，促進行銷團隊之間的更大協作。我知道這聽起來很基礎，但這項努力已經取得了成果，第一季就完成了新業務。

We also have additional meaningful contract negotiations, as well as new product developments currently underway as a result of these efforts. These are only validation points that leverage Mitek's extensive relationships and credibility with financial institutions with a growing request for identity and fraud use cases.

由於這些努力，我們還進行了額外的有意義的合約談判，並且目前正在進行新產品開發。這些只是驗證點，利用了 Mitek 與金融機構的廣泛關係和信譽，這些機構對身分和詐欺用例的需求日益增長。

Second, we have realigned our R&D resources and team structures to better support our growth objectives. We're advanced to have one mindset ethos by introducing a product-driven framework, centralizing engineering and AI machine learning resources, and fostering deeper cross team collaboration.

其次，我們重新調整了研發資源和團隊結構，以便更好地支持我們的成長目標。我們透過引入產品驅動框架、集中工程和人工智慧機器學習資源以及促進更深入的跨團隊協作，形成了統一的思維模式。

These initiatives get the machine learning engineers closer to the customer and are already driving greater effectiveness and accelerating innovation, particularly within our identity portfolio which I will quantify later.

這些舉措使機器學習工程師更貼近客戶，並且已經提高了效率並加速了創新，特別是在我們的身份組合中，我稍後將對其進行量化。

Our operational and cultural integration efforts serve as the catalyst for our technological integration, as I highlighted on our prior call. The key initiative is consolidating our identity verification or IDV engines into a single, unified platform on MiVIP. By integrating our IDV and fraud prevention capabilities, we are simplifying the customer experience while enhancing our competitive position. In short, the walls within our business that remained after multiple acquisitions are rapidly coming down and we expect to see measurable benefits from this in our P&L in fiscal '26.

正如我在之前的電話會議上所強調的那樣，我們的營運和文化融合努力是我們技術融合的催化劑。關鍵舉措是將我們的身分驗證或 IDV 引擎整合到 MiVIP 上的單一統一平台。透過整合我們的 IDV 和詐欺預防功能，我們簡化了客戶體驗，同時增強了我們的競爭地位。簡而言之，我們業務中在多次收購之後留下的障礙正在迅速消失，我們預計在 26 財年的損益表中會看到可衡量的收益。

Now turning to our second pillar, our progress towards the $80 million to $85 million dollar fulcrum point in identity. At the end of the first quarter, our last 12 months identity revenue was $70.7 million, up from $68.5 million at the end of fiscal '24, demonstrating progress towards this critical milestone.

現在轉向我們的第二個支柱，我們在身份認同方面朝著 8000 萬美元到 8500 萬美元的支點邁進。截至第一季末，我們過去 12 個月的身份收入為 7,070 萬美元，高於 24 財年末的 6,850 萬美元，這表明我們在實現這一關鍵里程碑方面取得了進展。

Now it's important to note that the fast transaction volumes and timing of software license sales can create upward and downward movement on a quarter-to-quarter basis. It's also important to recognize that the tipping point is dynamic. Any improvements in our unit economics and contribution margins along the way effectively lower the revenue threshold required to reach this key target.

現在值得注意的是，軟體許可證銷售的快速交易量和時間可能會導致季度間的上升和下降。認識到臨界點是動態的也很重要。在此過程中，我們的單位經濟效益和貢獻利潤率的任何改善都會有效降低實現這一關鍵目標所需的收入門檻。

The two key drivers that we're closely monitoring an identity that are driving us towards our fulcrum point are as follows: one, an increased mix of MiVIP identity transactions which carry more attractive unit economics compared to our heritage standalone document verification solutions through the platform's greater intrinsic value; and two, a higher mix of automated identity transactions which carry a lower cost per transaction and reflect improvements in our algorithm efficacy.

我們正在密切監控身份並推動我們走向支點的兩個關鍵驅動因素如下：一是增加 MiVIP 身份交易的組合，與我們傳統的獨立文檔驗證解決方案相比，該平台具有更大的內在價值，具有更具吸引力的單位經濟效益；二是自動化身份交易組合的增加，降低了每筆交易的成本，並反映了我們算法效率的提高。

Together, these factors drive a higher contribution profit per transaction and coupled with ongoing transaction growth contribute to a growing bottom line.

這些因素共同推動了每筆交易的貢獻利潤增加，再加上持續的交易成長，有助於提高利潤。

On the first of these two drivers, the 26% year-over-year growth observed in identity theft revenue was driven by accelerating transaction volume across the board and most notably in MiVIP with over 60% transaction volume growth in the quarter, primarily driven through expansion with existing customers.

在第一個驅動因素中，身分盜竊收入年增 26%，這是由全面加速的交易量推動的，最明顯的是 MiVIP，本季交易量成長超過 60%，這主要得益於現有客戶的擴張。

Currently a minority of our identity transactions are running through our MiVIP platform. But as we improve our go to market execution with MiVIP and begin migrating customers from our stand-alone point solutions to our platform, we expect an increased mix of these higher value transactions.

目前，我們的少數身分交易都是透過 MiVIP 平台進行的。但是，隨著我們透過 MiVIP 改善我們的市場執行情況，並開始將客戶從我們的獨立點解決方案遷移到我們的平台，我們預計這些高價值交易的組合會增加。

On the second driver, we had a double-digit percentage reduction in direct cost per transaction year over year as our enhanced algorithms improved our MiVIP agent productivity versus last year. And automated transactions continue to increase both sequentially and year over year.

在第二個驅動因素方面，由於我們增強的演算法提高了 MiVIP 代理的生產力，因此與去年相比，我們每筆交易的直接成本同比下降了兩位數百分比。自動化交易量持續環比和年成長。

This shift towards higher margin automation drove the 300 basis points year-over-year improvement in gross margin in our services and other revenue which today we'll discuss in more detail a little later.

這種向更高利潤率自動化的轉變推動了我們的服務和其他收入的毛利率同比提高了 300 個基點，今天我們將稍後詳細討論這一點。

Finally, our go to market optimization efforts are yielding results as demonstrated by the transaction growth of recently acquired customers, expansion into new use cases with our existing customers, and acquiring new customers across geographies and industries.

最後，我們的市場優化工作正在取得成果，這體現在最近獲得的客戶的交易成長、現有客戶的新用例擴展以及跨地域和行業中獲得新客戶。

Looking at our customer cohorts, identity related customers acquired just one year ago in Q1 '24 are now spending almost 40% more with us, driven by higher transaction volumes and expanded use cases. Our Q1 2023 cohort, which our customers who have been with us for 2 years, have increased spending by more than three times compared to their initial spending levels.

縱觀我們的客戶群，由於交易量增加和用例擴展，僅在一年前（2024 年第一季）獲得的身份相關客戶現在在我們這裡的支出增加了近 40%。我們 2023 年第一季的客戶群，即與我們合作了 2 年的客戶，與最初的支出水準相比，支出增加了三倍以上。

And looking at our top 10 identity customers today, their spending is now 80% higher than it was two years ago, underscoring the expanding scope of our relationships. Notably, among the top 10 are a number of leading financial institutions who had initially partnered with Mitek for identity verification in online account openings but have since significantly increased their investment.

看看我們今天的十大身分客戶，他們的支出比兩年前高出了 80%，這凸顯了我們關係範圍的不斷擴大。值得注意的是，排名前十的機構中有許多領先的金融機構，它們最初與 Mitek 合作進行線上開戶身份驗證，但後來大幅增加了投資。

Today, they rely on Mitek as an end-to-end enterprise verification solution partner with our solutions empowering a wide range of critical identity and fraud prevention workloads. These solutions enable our customers to provide best-in-class customer experience and safely expand the products they can offer in their digital channels.

如今，他們依靠 Mitek 作為端到端企業驗證解決方案合作夥伴，我們的解決方案為廣泛的關鍵身分和詐欺防制工作負載提供支援。這些解決方案使我們的客戶能夠提供一流的客戶體驗，並安全地擴展他們可以在其數位管道中提供的產品。

Examples of these expansions include digital mortgages, commercial onboarding, telephony authentication, mobile password resets, fraud and dispute claims, commercial KYC, document verification, and retail fraud prevention.

這些擴展的例子包括數位抵押貸款、商業入職、電話認證、行動密碼重設、詐欺和爭議索賠、商業 KYC、文件驗證和零售詐欺預防。

Overall, this deepening adoption highlights the increasing strategic value we provide to some of the world's largest high insurance businesses. At the same time, our ability to win and scale new business across industries and geographies reflects this early success of our go-to-market enhancements.

總體而言，這種不斷深化的採用凸顯了我們為一些全球最大的高保險企業提供的日益增長的策略價值。同時，我們在各個行業和地區贏得和擴大新業務的能力反映了我們市場進入能力增強的早期成功。

Now let's dive into our third pillar which is expanding the reach and impact of our fraud solutions with a spotlight on check fraud defender or CFD. By harnessing the power of our growing consortium data network, this strategy drives compelling results for both our customers and Mitek.

現在讓我們深入探討第三個支柱，即擴大我們的詐欺解決方案的覆蓋範圍和影響力，並專注於支票詐欺防禦者或 CFD。透過利用我們不斷成長的聯盟資料網路的力量，這項策略為我們的客戶和 Mitek 帶來了令人矚目的成果。

CFD's annual contract value, or ACV, experienced considerable growth in fiscal '24 as highlighted on our prior call. With this momentum continuing in Q1 with ACV now approaching $12 million at the end of Q1 of 25. As mentioned, we have now seen checks from nearly all FIs in the country, and we now have accumulated data sets on approximately 18% of all checking accounts in the country, up from 17% last quarter, reflecting our expanding footprint. While we successfully onboarded more paying customers in Q1, penetration remains below 1% of US financial institutions, signaling the substantial untapped growth opportunity.

正如我們之前的電話會議所強調的那樣，CFD 的年度合約價值（ACV）在 24 財年經歷了顯著增長。這一勢頭在第一季得以延續，截至 25 年第一季末，ACV 已接近 1,200 萬美元。如上所述，我們現在已經看到了來自全國幾乎所有金融機構的支票，並且我們現在已經積累了全國約 18％ 的支票帳戶的數據集，高於上一季度的 17％，這反映了我們不斷擴大的覆蓋範圍。雖然我們在第一季成功吸收了更多付費客戶，但滲透率仍低於美國金融機構的 1%，這表明還有巨大的未開發的成長機會。

Our confidence in this opportunity remains strong, reinforced by customer feedback indicating a clear preference for addressing check fraud through our consortium or shared data model. Mitek's competitive advantage lies in our credibility and expertise in checked imaging and computer vision combined with the machine learning and broad scoring. This is supported by our multi-decade track record of execution with these banking clients.

我們對此機會的信心依然堅定，客戶回饋也進一步表明，他們明顯傾向於透過我們的聯盟或共享資料模型來解決支票詐欺問題。Mitek 的競爭優勢在於我們在檢視影像和電腦視覺方面的信譽和專業知識，以及機器學習和廣泛評分的組合。我們與這些銀行客戶合作數十年的良好記錄支持了這一點。

Looking ahead, our goal remains to double CFDs ACV in fiscal '25 from our fiscal '24 exit, driven by an exciting pipeline of opportunities. While we expect variability in the quarterly pacing towards this goal, the momentum remains clear.

展望未來，我們的目標仍然是在一系列令人興奮的機會的推動下，在 2025 財年將 CFD ACV 從 2024 財年提高一倍。儘管我們預計實現這一目標的季度步伐會有所不同，但勢頭依然明顯。

Just last week, we signed another top 10 FI and CFD with the plan go live early next quarter. Each incremental institution strengthens the network, increasing the value of the data and insights for all participants. As the fraud landscape continues to evolve, MiTek's is uniquely positioned to deliver industry-leading solutions and tackle our customers' most pressing challenges -- from payment fraud to identity and digital fraud -- helping them stay ahead of emerging threats.

就在上週，我們與另外 10 家頂級 FI 和 CFD 簽約，該計劃將於下個季度初生效。每個增量機構都會加強網絡，增加所有參與者的數據和見解的價值。隨著詐欺情勢的不斷發展，MiTek 擁有獨特的優勢，能夠提供業界領先的解決方案，並解決客戶最緊迫的挑戰——從支付詐欺到身分和數位詐欺——幫助他們始終領先於新興威脅。

But finally, our fourth pillar, which is operational excellence, remains the cornerstone of our strategy. This is supported by durable organic growth, fast expansion, cost efficiency, and strong pre cash flow conversion to maximize shareholder value.

但最終，我們的第四大支柱，即卓越運營，仍然是我們策略的基石。這是由持久的有機成長、快速擴張、成本效率和強勁的預現金流轉換所支持的，以最大化股東價值。

While overall revenue growth was clouded by the timing of mobile deposit reorders, total SaaS revenue grew 29% year-over-year during the first quarter, with deposits revenue of 64% and identity SaaS revenue of 26%, driven by CFD and MiVIP respectively. Total SaaS revenue for the last 12 months reached $67.8 million, at 13% year-on-year increase now representing over 39% of our last 12 months' revenue -- a notable sequential improvement. As mentioned last quarter, looking out to fiscal '26, we're pursuing a goal for SaaS revenue to approach half of our total revenue.

雖然整體營收成長受到行動存款重新訂購時間的影響，但第一季 SaaS 總營收年增 29%，其中存款收入成長 64%，身分 SaaS 營收成長 26%，分別由 CFD 和 MiVIP 推動。過去 12 個月的 SaaS 總收入達到 6,780 萬美元，年增 13%，占我們過去 12 個月收入的 39% 以上，這是一個顯著的連續增長。正如上個季度所提到的，展望 26 財年，我們的目標是讓 SaaS 收入接近總收入的一半。

On the profitability front, the adjusted EBITDA increased 32% year on year in the first quarter, driven by our commitment to cost discipline and operational efficiency. The last 12-month free cash flow conversion improved during the quarter to 83% which has benefited by positive changes in networking capital and reductions in our non-GAAP adjustments, reflecting discipline management of these non-recurring costs.

在獲利能力方面，由於我們致力於控製成本和提高營運效率，第一季調整後的 EBITDA 年成長 32%。過去 12 個月的自由現金流轉換率在本季度提高至 83%，這受益於網路資本的積極變化和非 GAAP 調整的減少，反映了對這些非經常性成本的嚴格管理。

So in summary, it's still early in the year but we are encouraged by the company's progress in Q1, positioning Mitek for durable, profitable growth and fiscal '26 and beyond. With that, let me turn the call over now to Dave for a few comments on the financials.

總而言之，雖然現在還處於年初階段，但我們對該公司在第一季的進展感到鼓舞，這使 Mitek 能夠在 26 財年及以後實現持久、盈利的成長。好了，現在讓我把電話轉給戴夫，請他針對財務狀況發表一些評論。

Thanks, Ed. I'll start by walking you through our results for the quarter, highlighting the drivers behind our performance. From there, I'll share some additional insights into how we're approaching the balance of the year.

謝謝，艾德。我將首先向您介紹我們本季的業績，重點介紹我們業績背後的驅動因素。從那裡，我將分享一些有關我們如何實現今年平衡的額外見解。

First, our fiscal Q1 '25 results. Our total revenue for fiscal Q1 was slightly ahead of last year's at $37.3 million, consistent with the revenue phasing remarks on our last earnings call. As expected, deposit products revenue was impacted by mobile deposit deal timing, declining 9% year over year.

首先，我們的 2025 財年第一季業績。我們第一財季的總收入略高於去年同期的 3,730 萬美元，與我們上次收益電話會議上的收入分階段言論一致。如預期的那樣，存款產品收入受到行動存款交易時機的影響，年減 9%。

Our identity products revenue increased by 13% year over year, underscored by accelerating transaction volumes and a sequential acceleration in revenue growth from the fourth quarter. Our non-GAAP gross profit for the quarter was $31.5 million, representing an 84% non-GAAP gross margin and an adjusted EBITDA came in at $7.8 million, representing a 21% margin. Both exceeded our expectations due to the benefits of cost efficiencies within our identity product portfolio and our company-wide focus on cost controls; more on this in a moment.

我們的身份產品收入年增 13%，這得益於交易量的加速以及第四季度收入成長的連續加速。本季我們的非公認會計準則毛利為 3,150 萬美元，代表非公認會計準則毛利率為 84%，調整後的 EBITDA 為 780 萬美元，代表利潤率為 21%。由於我們的身份產品組合具有成本效益，並且我們全公司都注重成本控制，因此兩者都超出了我們的預期；稍後將對此進行詳細介紹。

Turning now to the specifics of our revenue performance, let's start with deposit products. Deposit revenue declined 9% year over year to $19.3 million in Q1 primarily due to a 21% decline in our deposit software license revenue. This decline reflects the anticipated timing air pockets and mobile deposit renewals as highlighted in our prior call.

現在來談談我們收入表現的具體情況，讓我們從存款產品開始。第一季存款收入年減 9% 至 1,930 萬美元，主要原因是存款軟體授權收入下降 21%。這一下降反映了我們先前電話會議中強調的預期時間氣泡和行動存款續訂。

Given the nature of the term license revenue lumpiness, we would encourage investors to look at longer term trends to assess the health of this revenue stream and therefore would highlight that LTM deposit revenue or fiscal Q1 '25 was $101.8 million.

鑑於長期許可收入波動的性質，我們鼓勵投資者關注長期趨勢，以評估這一收入流的健康狀況，因此強調 LTM 存款收入或 25 財年第一季為 1.018 億美元。

I'd like to provide additional insight into the nature of renewal timing in mobile deposit solutions. Customers and channel partners typically purchase one or more year's worth of transaction inventory in advance to ensure uninterrupted support and avoid disruptions.

我想對行動存款解決方案中續訂時間的性質提供更多見解。客戶和通路合作夥伴通常會提前購買一年或一年以上的交易庫存，以確保不間斷的支援並避免中斷。

While purchase timing and usage generally move in tandem, they can occasionally diverge. Importantly, our revenue recognition occurs at the time of purchase rather than when the transactions are actually used. This dynamic creates variability in our revenue phasing.

雖然購買時間和使用情況通常同步進行，但有時也會出現分歧。重要的是，我們的收入確認發生在購買時，而不是交易實際使用時。這種動態導致我們的收入階段發生變化。

Renewal timing is influenced by two key factors: the number of years of transaction inventory purchased up front and the rate at which transactions are consumed. While we have good visibility into consumption patterns and can reliably anticipate when customers will need to replenish their inventory, the intermittent nature of their purchasing behavior contributes to the uneven revenue phasing.

續約時間受兩個關鍵因素的影響：預先購買的交易庫存的年數和交易的消耗率。雖然我們對消費模式有很好的了解，並且可以可靠地預測客戶何時需要補充庫存，但其購買行為的間歇性導致了收入分階段不均衡。

That said, our transactional volumes are -- that said, our transactional volumes, a more stable indicator of the products' health, continue to maintain an annual run rate of approximately 1.2 billion transactions.

也就是說，我們的交易量——也就是說，我們的交易量，作為產品健康狀況的更穩定指標，繼續保持每年約 12 億筆交易的運行率。

Deposit revenue highlights this quarter included deposit maintenance revenue, which posted steady 3% year-over-year growth and deposit SaaS revenue led by CFD, which grew over 60% year over year, accelerating from a 40% growth rate in the fourth quarter of last fiscal.

本季存款收入亮點包括存款維護收入，年增 3%，以 CFD 為主導的存款 SaaS 收入年增超過 60%，高於上一財年第四季 40% 的成長率。

Now turning to identity. Revenue from identity products grew 13% year over year to $18 million, driven primarily by a 26% year-over-year increase in identity SaaS revenue. This growth resulted from accelerating transaction growth in both MiVIP and mobile verify, which, due to less impactful pricing pressures from mobile verify this quarter, allowed the transaction growth to shine through to revenue. All in all, we were pleased to see mobile verify revenue growth year over year for two quarters in a row and to see MiVIP continue its growth trajectory.

現在談談身份。身份產品營收年增 13% 至 1,800 萬美元，主要得益於身分 SaaS 營收年增 26%。這一增長得益於 MiVIP 和行動驗證交易量的加速成長，由於本季行動驗證的定價壓力較小，交易量的成長得以轉化為收入。總而言之，我們很高興看到行動驗證收入連續兩個季度同比增長，並且 MiVIP 繼續保持成長軌跡。

Now, to tie us all together, our total revenue increased nearly 1% year over year, as 21% year-over-year growth in our services revenue streams were offset by a 25% decline in software and hardware sales. Fast revenue grew 29% year over year, driving the increase in services revenue, helping to counterbalance the decline in total software and hardware revenue which reflected fluctuations in our biometrics point solutions software sales and the timing of mobile deposit software renewals.

現在，綜合起來，我們的總收入同比增長近 1%，因為服務收入流同比增長 21% 被軟體和硬體銷售額下降 25% 所抵消。快速收入年增 29%，推動了服務收入的成長，有助於抵消軟體和硬體總收入的下降，這反映了我們的生物識別點解決方案軟體銷售的波動以及行動存款軟體續訂的時間。

Moving down the P&L, we maintained strong unit economics, achieving an 84% non-GAAP gross margin in the quarter. This was driven by over 99% gross margins on our software license revenue and more notably a 77% gross margin on our services and other revenue -- an improvement of nearly 300 basis points year over year and our highest quarterly services gross margin in three years. As Ed highlighted, these results reflect the early financial benefits of our efforts to increase automation, improve cost efficiencies, and drive cultural integration particularly within our identity portfolio.

在損益表中，我們維持了強勁的單位經濟效益，本季實現了 84% 的非 GAAP 毛利率。這是由於我們的軟體授權收入的毛利率超過 99%，更值得注意的是我們的服務和其他收入的毛利率達到 77%——同比增長近 300 個基點，是我們三年來最高的季度服務毛利率。正如 Ed 所強調的，這些結果反映了我們為提高自動化程度、改善成本效率和推動文化融合（尤其是在我們的身分組合中）所做的努力所帶來的早期財務效益。

Non-GAAP operating expense for the quarter total of $24 million, a $1.9 million dollar sequential increase from $22.1 million in fiscal Q4. The sequential increase was primarily due to the annual management bonus accrual reset which occurred in our first fiscal quarter and a return to normalized operational spending levels after enforcing some near-term cost controls on certain discretionary spending during the fourth quarter.

本季非公認會計準則營運費用總計 2,400 萬美元，較第四財季的 2,210 萬美元增加 190 萬美元。環比成長主要歸因於我們在第一財季進行的年度管理獎金累積重置，以及在第四季度對某些可自由支配的支出實施一些短期成本控制後恢復到正常的營運支出水準。

We ended up approximately $2 million below the expected $26 million operating expense level which we communicated in December, primarily due to delaying hiring and other discretionary spending while we finalized our go forward plan with Ed as our new CEO.

我們最終的營運費用比我們 12 月傳達的預期 2600 萬美元的水平低了大約 200 萬美元，這主要是因為在我們與 Ed 作為新首席執行官敲定前進計劃期間推遲了招聘和其他可自由支配的支出。

The $10.4 million dollar bridge between our non-GAAP operating expense of $24 million and GAAP operating expenses of $34.4 million consists of $2.4 million in cash adjustments and $8 million in non-cash accounting adjustments as detailed in our earnings release.

我們的非 GAAP 營運費用 2,400 萬美元與 GAAP 營運費用 3,440 萬美元之間的 1,040 萬美元過渡費用包括 240 萬美元的現金調整和 800 萬美元的非現金會計調整，詳情請參閱我們的收益報告。

Focusing on our non-GAAP cash adjustments, this amount has decreased from $5.1 million or 14% of revenue in the first quarter of 2024 to $2.4 million or 6% of revenue in this quarter. This 700-basis-point free cash flow conversion improvement reflects discipline management of non-recurrent costs such as executive transitions, legal, and one-time audit fees -- all of which have declined both sequentially and year over year.

關注我們的非 GAAP 現金調整，該金額已從 2024 年第一季的 510 萬美元或收入的 14% 下降至本季度的 240 萬美元或收入的 6%。自由現金流轉換率提高 700 個基點，反映出對非經常性成本（如高階主管變動、法律費用和一次性審計費用）的嚴格管理——這些成本均比上一季和去年同期均有所下降。

Elevated restructuring costs this quarter are attributable to the cultural and operational integration initiatives that occurred, particularly during December, as discussed earlier by Ed.

正如 Ed 先前所討論的，本季重組成本的增加歸因於發生的文化和營運整合舉措，特別是 12 月的舉措。

Tying this all together, adjusted EBITDA for Q1 2025 reached $7.8 million up 32% year over year, representing a 21% adjusted EBITDA margin. After factoring in other income, interest expenses, and taxes, this equates to $6.6 million in non-GAAP net income or $0.15 per diluted share based on 45.2 million diluted shares outstanding.

綜合以上因素，2025 年第一季調整後 EBITDA 達到 780 萬美元，年增 32%，調整後 EBITDA 利潤率為 21%。考慮到其他收入、利息支出和稅金後，這相當於非 GAAP 淨收入 660 萬美元，或基於 4,520 萬股稀釋流通股計算的每股稀釋收入 0.15 美元。

Moving on to our balance sheet and capital allocation frame. Over the last 12 months, we generated $40.2 million in free cash flow and spent $27.2 million of this, repurchasing 2.6 million shares at a weighted average cost of $10.44 per share.

繼續討論我們的資產負債表和資本配置架構。在過去的 12 個月中，我們產生了 4,020 萬美元的自由現金流，並花費了其中的 2,720 萬美元，以每股 10.44 美元的加權平均成本回購了 260 萬股。

At the end of Q1 '25, our cash and investments balance was $137.9 million and we have $22.8 million remaining under our current share repurchase authorization. As outlined on our December earnings call, we moderated our share repurchase activity in Q1 '25 to maintain balance sheet flexibility while we actively assess and implement the optimal capital structure for our business. The key near-term priority in our capital structure strategy remains addressing our $155 million dollar convertible senior notes which mature on February 1, 2026.

截至 2025 年第一季末，我們的現金和投資餘額為 1.379 億美元，根據目前的股票回購授權，我們還剩餘 2,280 萬美元。正如我們在 12 月的收益電話會議上所概述的那樣，我們在 25 年第一季度調整了股票回購活動，以保持資產負債表的靈活性，同時我們積極評估並實施適合我們業務的最佳資本結構。我們資本結構策略的近期重點仍是解決 2026 年 2 月 1 日到期的 1.55 億美元可轉換優先票據。

These notes feature an attractive 75-basis-point annual cash coupon, a conversion price of $20.85 and an effective dilution threshold price of over $26 per share due to no hedges and warrants.

這些票據具有頗具吸引力的 75 個基點年度現金票面利率、20.85 美元的轉換價格以及由於沒有對沖和認股權證而產生的超過 26 美元每股的有效稀釋門檻價格。

We remain confident in our ability to retire these notes when economically advantageous, supported by our existing cash balance and cash flow generation, as well as any external financing options that will be available to us.

我們仍然有信心，在經濟有利的情況下，憑藉我們現有的現金餘額和現金流生成以及任何可用的外部融資選擇，我們有能力贖回這些票據。

Now turning to the fiscal 2025 guidance. We are reiterating our revenue guidance range of $170 million to $180 million and we are flowing through the cost benefits realized in the first quarter into our adjusted EBITDA margin range by raising the lower end of the range by 100 basis points, resulting in a new guidance range of 25% to 28%.

現在談 2025 財年指導。我們重申 1.7 億美元至 1.8 億美元的營收指引範圍，並將第一季實現的成本效益納入調整後的 EBITDA 利潤率範圍，將範圍下限提高 100 個基點，從而得出新的 25% 至 28% 的指導範圍。

From a revenue phasing perspective, we continue to expect quarterly revenue seasonality and fiscal 2025 to follow a similar pattern to that of fiscal 2024.

從收入分階段的角度來看，我們繼續預期季度收入季節性和 ​​2025 財年將遵循與 2024 財年類似的模式。

Now to help with operating expense modeling for Q2, we expect non-GAAP operating expense to increase sequentially to approximately $26 million, plus or minus $1 million, with depreciation expense around 70 basis points of revenue.

現在，為了協助建立第二季的營運費用模型，我們預計非 GAAP 營運費用將環比增加至約 2,600 萬美元，上下浮動 100 萬美元，折舊費用約為收入的 70 個基點。

Looking ahead, we anticipate non-GAAP operating expense will continue to modestly increase sequentially throughout the remainder of the year as we invest in R&D and sales to support our new products.

展望未來，我們預計，由於我們投資於研發和銷售以支援我們的新產品，非 GAAP 營運費用將在今年剩餘時間內繼續小幅成長。

And finally, our Excel-based supplemental financial package containing trended historical financials has been updated for Q1 '25 and is now available on our investors relations website.

最後，我們基於 Excel 的補充財務軟體包包含趨勢歷史財務數據，已針對 2025 年第一季進行了更新，現在可以在我們的投資者關係網站上取得。

Operator, that concludes our prepared remarks. Please open the line for questions.

接線員，我們的準備好的發言到此結束。請開通熱線以解答疑問。

(Operator Instructions) Jake Roberge, William Blair & Co. LLC.

（操作員指示）Jake Roberge，William Blair & Co. LLC。

Yeah. Thanks for taking the questions and congrats on the solid results. Ed, great to hear about some of the early wins on the go-to-market integration and the bigger push to to MiVIP.

是的。感謝您回答問題，並祝賀您所取得的堅實成果。艾德，很高興聽到有關進入市場整合和大力推動 MiVIP 的一些早期勝利。

Can you just talk about some of the near term opportunities from here? And then if you take a step back, now that you've been with Mitek a bit longer, do you still feel confident this is a business that can return to that double-digit growth key year following these transitions?

能談談一些近期的機會嗎？然後如果您退一步考慮，現在您在 Mitek 工作的時間已經比較長了，您是否仍然相信這項業務能夠在這些轉變之後重回兩位數增長的關鍵年份？

So good afternoon, Jake. When we start with -- the second part is, yes, I think with what we've been going through the business and some of the actions already experienced this past quarter, what we have ahead of us here for this year that we're executing against; it is all very encouraging.

下午好，傑克。當我們開始時——第二部分是，是的，我認為根據我們一直在經歷的業務和上個季度已經經歷的一些行動，我們今年要執行的任務是什麼；這一切都令人鼓舞。

In particular, which you know, I particularly enjoy is meeting with customers and prospects and spending time with our go-to-market team out in the market. And just hearing the level of dialogue and conversations we have, in particular, around fraud and helping solve some of their growing issues that they have, leveraging our capabilities and financial services.

特別是，你知道，我特別喜歡與客戶和潛在客戶會面，並與我們的行銷團隊一起在市場上度過時光。並且聽到我們進行的對話和交談的水平，特別是有關欺詐的對話和交談，並利用我們的能力和金融服務來幫助解決他們面臨的一些日益嚴重的問題。

And on the identity side, around -- the metrics around, as I mentioned earlier, around AI and digital kind of threat vectors that are continuing to increase significantly. And if they recognize our capabilities with the platform with not just on the identity side but authentication, orchestration, bringing in deep fake and, you know, injection tech capabilities and then in particular, in financial services is now combining in check fraud into the dialogue is very encouraging.

在身份方面，正如我之前提到的，圍繞人工智慧和數位威脅載體的指標正在持續大幅增加。如果他們認識到我們平台的能力，不僅在身份識別方面，還包括身份驗證、編排、引入深度偽造和注入技術能力，特別是在金融服務領域，現在將支票詐欺納入對話中，這是非常令人鼓舞的。

Obviously, we talked about kind of muddling and kind of clouding the growth this year really gets back to some of the timing on the license sales on in particular and mobile deposits but is -- they talked about on that. And we have to look at that on an LTM basis and you know, hopefully, that just kind of stabilizes itself out.

顯然，我們談論的是某種混亂和模糊的情況，今年的成長實際上回到了許可證銷售的一些時機，特別是行動存款，但他們談論的是這個。我們必須從 LTM 的角度來看這個問題，希望它能自行穩定下來。

So going forward it's really around those key areas and the fast and that attractive growth level and we'll progress more this year as, I mentioned on the last call, we'll report back closer to the end of the year some of the things that we have underway. Product, new products, other activities, and you know, report back about how we're feeling about '26 and beyond but so far quite encouraged by the progress to date.

因此，展望未來，我們確實將圍繞這些關鍵領域以及快速且有吸引力的增長水平，今年我們將取得更多進展，正如我在上次電話會議上提到的那樣，我們將在年底前報告我們正在進行的一些事情。產品、新產品、其他活動，你知道，報告我們對 26 年及以後的感受，但到目前為止，我們對取得的進展感到非常鼓舞。

That's helpful, thanks. And then on the check fraud defender front, great to hear the momentum there and signing that top 10 FI last week. Can you talk about how the partner channel for that solution is trending though? I know you all have a few partners already live on the platform so it would be great to hear how those relationships are building. And then is there any update on the potential for some of your larger mobile deposit partners to shift over and start selling that solution as well?

這很有幫助，謝謝。然後在支票詐欺防禦方面，很高興聽到那裡的勢頭，並在上週簽署了前 10 名 FI。您能談談該解決方案的合作夥伴管道的趨勢嗎？我知道你們的平台上已經有幾個合作夥伴了，所以很高興聽到這些關係的建立。那麼，您的一些較大的行動存款合作夥伴是否有可能轉向並開始銷售該解決方案？

Yes, on both fronts there, the partnerships that we have today are growing. You've got to remember, CFP is an early stage, earlier, you know, product and solution with the with the FIs. We've rolled out with several partners; those are growing. The opportunity list is growing with those as they get their sea legs and having the conversation, the dialogue. In addition to the conversations we're having with some of the larger channel partners as well, and that's -- those conversations progress.

是的，在這兩個方面，我們今天的夥伴關係都在不斷加強。你必須記住，CFP 是與 FI 合作的早期階段、較早的產品和解決方案。我們已經與多個合作夥伴一起推出了該產品；這些都在增長。隨著他們逐漸適應海上生活並開始對話，機會也越來越多。除此之外，我們也與一些較大的通路夥伴進行了對話，而這些對話也正在取得進展。

I think as banks continue and all FIs continue to experience growing fraud and seeing the value of this solution, they will also continue to push on their partners, being some of the indirect channels to the channel partners there of ours, and push them up for this solution and obviously our direct conversations continue on and mount.

我認為，隨著銀行和所有金融機構繼續經歷日益嚴重的詐欺行為並看到此解決方案的價值，他們也將繼續向其合作夥伴施壓，作為我們通路合作夥伴的一些間接管道，並推動他們採用此解決方案，顯然我們的直接對話將繼續進行並不斷增加。

It's pretty compelling when we can sit there and have a conversation. Even though you know this solution has only been around for a short period of time, we've already now seen 18% -- or data sets built on 18% of all accounts in the country even though we have fewer than 1% of the FIs in the network.

當我們坐在那裡交談時，感覺非常有吸引力。儘管您知道這個解決方案只出現了很短的一段時間，但我們已經看到了 18%——或者說在全國 18% 的所有帳戶上建立的資料集，儘管我們的網路中只有不到 1% 的金融機構。

So just the value of that continues to grow, we can sit down with them and talk about what we're already seeing in your portfolio. And you know, it's a very compelling ROI because of the level of fraud that we're able to assess and see and we have those conversations so it's compelling, has a quick return for them on a growing threat.

因此，只要其價值持續成長，我們就可以與他們坐下來談談我們已經在您的投資組合中看到的情況。你知道，這是一個非常引人注目的投資回報率，因為我們能夠評估和看到的欺詐程度，而且我們進行了這些對話，所以它很有吸引力，可以讓他們快速獲得日益增長的威脅的回報。

Okay, great. And then if I could just sneak one more in. The past few quarters you've talked about the larger ID R&D deals and then the two banking campaigns for ID verification that were pushed out of it. Can you just give us an update on how those those deals are trending through the pipeline and just how they've been accounted for in the guide?

好的，太好了。然後如果我能再偷偷地進去一個。過去幾個季度，您談到了更大規模的身份證研發交易，以及隨後被推遲的兩項身分證驗證銀行活動。您能否向我們介紹一下這些交易的進展以及它們在指南中是如何解釋的？

I'm going to turn to Dave on the prior quarter of previous campaigns.

我將向戴夫介紹之前活動的前一個季度。

Yeah, it's a good question. We talked about that back in the Q4 time frame initially, I reset there, as during that time and even last quarter, we kind of reiterated we think these are deals that eventually will close. It's just going to be a long sale cycle and that we should start seeing some benefit to that in the second half of '25 and into '26.

是的，這是個好問題。我們最初在第四季度討論過這個問題，我重新設定了這一目標，因為在那段時間甚至上個季度，我們都重申我們認為這些交易最終會完成。這將是一個漫長的銷售週期，我們應該會在 2025 年下半年和 2026 年看到一些好處。

And let me, if I might, I would step back on the R&D whereas you were talking about earlier, where it's see the capabilities that Mitek has with that platform, that team. Frankly, now attested by the US Department of Homeland Security with our passive liveness capabilities, that is second to none worldwide in terms of those capabilities around passive liveness which is increasingly more important on the digital fraud that we're sitting on and frankly, what's just growing significantly on a day-to-day basis.

如果可以的話，我想回到您之前談到的研發問題，看看 Mitek 憑藉該平台和團隊所擁有的能力。坦白說，現在美國國土安全部已經證明了我們的被動活躍性能力，就被動活躍性而言，我們的被動活躍性能力在世界範圍內是首屈一指的，這對於我們面臨的數位詐欺越來越重要，坦白說，這種詐欺行為每天都在顯著增長。

And that captured a lot of the conversations that we've been having with a lot of high insurance businesses. So we're very enthusiastic about that and continue to evolve different products and solutions that we sell directly into the market or how also how those are integrated into broader platform solutions here. So glad you asked. Thanks.

這涵蓋了我們與許多高保險企業進行的許多對話。因此，我們對此非常熱衷，並將繼續開發直接銷售到市場的不同產品和解決方案，或如何將它們整合到更廣泛的平台解決方案中。很高興你問了這個問題。謝謝。

Yeah, very helpful. Thanks for taking the question.

是的，非常有幫助。感謝您回答這個問題。

Thank you.

謝謝。

Mike Grondahl, Northland Systems.

麥克‧格隆達爾（Mike Grondahl），Northland Systems 公司。

Hey guys, thanks. The top 10 bank you signed up for check fraud defender, can you talk a little bit about how long the sales cycle was there? And what kind of revenue can this customer generate over the next couple of years?

嘿，大家，謝謝。您簽約的十大銀行的支票詐欺防御者，您能談談那裡的銷售週期有多長嗎？未來幾年該客戶能產生什麼樣的收入？

Well, the -- good afternoon, Mike. The sales cycle is long. This is a comprehensive -- I think, the company talked about that in previous calls and quarters. It's a long cycle because you have a lot of people involved with it, validation. Many of them have some other solutions, some internal, some external solutions and just kind of going through the validation and seeing it. But then once you get into the data and see, it's very compelling. And the value to it, and frankly, the more the network grows, the more valuable it is for all parties involved. All the parties in the network as well as Mitek. So this is, I think, we'll continue to grow.

嗯，下午好，麥克。銷售週期較長。這是一個全面的——我認為，公司在之前的電話會議和季度中討論過這個問題。這是一個漫長的周期，因為有很多人參與其中並進行驗證。他們中的許多人都有一些其他的解決方案，有些是內部的，有些是外部的解決方案，只是經過驗證並看到它。但一旦你了解了數據，你會發現它非常引人注目。坦白說，網路越發展，它對所有參與者的價值就越大。網路中的所有各方以及 Mitek。所以我認為我們會繼續成長。

Was it over a year, the sales cycle?

銷售週期超過一年了嗎？

That particular one, I would say yes but that's that particular one; other ones are shorter. We've had other ones that have come in in a very short period of time but obviously that's a very large FI going through a lot of different validations, a lot of tests, a lot of validations throughout the business.

那個特定的，我會說是的，但那是那個特定的；其他的則更短。我們在很短的時間內就已經遇到了其他客戶，但顯然那是一個非常大的金融機構，需要在整個業務過程中經歷很多不同的驗證、很多測試、很多驗證。

And what would the revenue potential be -- a range, if you will -- like in year three or four for this bank?

那麼，這家銀行第三年或第四年的收入潛力（可以給出一個範圍）是多少呢？

Yeah. We can't get any specifics on a particular institution. I would just say it's compelling for both them and it's a very attractive for for all of us. Great to have them as a partner in the network.

是的。我們無法獲得有關特定機構的任何具體資訊。我只想說，這對他們雙方都很有吸引力，而且對我們所有人來說都很有吸引力。很高興他們成為網路的合作夥伴。

It's nice to see a top 10 bank, that's for sure. Mobile check reorders, did they come in a little bit more than you expected, or how did that shake out in the December quarter?

看到躋身十大銀行之列真是令人高興，這是肯定的。行動支票重新訂購量是否比您預期的多一點，或者 12 月季度的情況如何？

That wasn't much different than we expected. I'd say it was just a a relatively solid quarter relative to what we thought.

這與我們的預期並沒有什麼不同。我想說，相對於我們想像的而言，這是一個相對穩健的季度。

Got it. Okay. Thanks guys.

知道了。好的。謝謝大家。

Thank you.

謝謝。

Allen Klee, Maxim Group, LLC.

艾倫·克萊（Allen Klee），馬克西姆集團有限責任公司。

Yes, hi. You talked about outside of MiVIP that the mobile verify product had less pricing pressure pressure this quarter so that and that was different than the quarter before. Could you comment on the change maybe in the competitive environment and how you're also thinking about telling more pushing on MiVIP?Thank you.

是的，你好。您談到在 MiVIP 之外，本季行動驗證產品的定價壓力較小，這與上一季有所不同。您能否評論一下競爭環境的變化以及您如何考慮在 MiVIP 上做出更多推動？謝謝你。

Yeah, good afternoon, Alan; I would start with the the latter. Where that is our focus is growing MiVIP, obviously having that full orchestration platform. Bringing in more signals, more capabilities for our partners and greater intrinsic value for everybody involved -- that is our focus.

是的，下午好，艾倫；我將從後者開始。我們的重點是發展 MiVIP，顯然擁有完整的編排平台。為我們的合作夥伴帶來更多的訊號、更多的能力並為每個參與者帶來更大的內在價值——這是我們的重點。

And we've integrated in VIP and the algorithms in the process. Having that integrated in and bringing these others doesn't make any sense to have historically four versus -- let's have the best algorithms going into from an IDD standpoint into VIP.

我們已經將 VIP 和演算法融入了流程中。將其整合並引入這些其他演算法是沒有意義的，歷史上有四個對決——讓我們從 IDD 的角度將最好的演算法帶入 VIP。

So that that's coming along and I would just say that'll increasingly, over time, as we have more of the business shifting as a percentage into VIP, the -- I think some of those pricing pressures will be less so obviously it's always competitive and always going to have different situations but we like this direction.

所以這一切正在發生，我想說的是，隨著時間的推移，隨著我們的業務以一定比例轉向 VIP，我認為其中一些定價壓力將會減少，所以顯然它總是有競爭力的，總是會有不同的情況，但我們喜歡這個方向。

Thank you. And I just wanted to, I was just, -- I know you don't give any '26 guidance, but if you did hit double digits, low double digits, and if I assume that the deposit transaction-related businesses flat.

謝謝。我只是想，我只是——我知道你沒有給出任何 26 年的指導，但如果你確實達到了兩位數，低兩位數，並且我假設存款交易相關業務持平。

And then some wrote assumptions in the check defender and the identity, it seems like the identity segment would be -- at least in your target of probably higher of $80 million to $85 million -- which would mean that it would no longer be -- at least it wouldn't be a drag on your margins -- compared to what you said last year it was like a high single-digit impact on EBITDA margins. Is that -- that could go away? Is that -- is there anything I'd say that I'm missing something?

然後，一些人在支票防禦者和身份方面寫下了假設，似乎身份部分會——至少在你的目標中可能更高，即 8000 萬美元到 8500 萬美元——這意味著它將不再是——至少它不會拖累你的利潤率——與你去年所說的相比，它對 EBITDA 利潤率的影響就像一個高個位數。那——那會消失嗎？那是——我是否要說我遺漏了什麼？

Yeah, I don't think you're missing anything. Again, it's going to depend on all the work we're doing now. We're actually seeing great results on the things Ed was talking about on how we're optimizing some of the way we operate. If that continues and we're able to achieve what we want, then I think that can be -- the answer can be yes.

是的，我認為你沒有遺漏任何東西。再次強調，這將取決於我們現在所做的所有工作。事實上，我們在 Ed 談到的如何優化我們的某些營運方式方面已經看到了很好的成果。如果這種情況持續下去，並且我們能夠實現我們的目標，那麼我認為答案是肯定的。

As we say last quarter, we'll come back later in the year in terms of progress on that but it's our objective here is to pass that [focal] point sooner rather than later and just do it there but in a durable way. And we'll keep you updated.

正如我們上個季度所說的那樣，我們將在今年晚些時候回顧這方面的進展，但我們的目標是儘早通過該[焦點]並以持久的方式做到這一點。我們會及時向您通報最新情況。

Great, thanks. Thank you very much.

太好了，謝謝。非常感謝。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. And I'd like to start with some of the restructuring that's been going on internally. Can you maybe expand upon when we think about the salesforce, we think about the engineering department, where we are in that process and what does it mean for like headcount and just the ability to sell? Is there some sort of resetting or some air pocket that we should be aware of that you kind of work through some of these changes?

謝謝。我想先談談內部正在進行的一些重組。當我們考慮銷售人員時，我們考慮工程部門時，您能否詳細說明我們處於這個過程的哪個階段，以及這對員工人數和銷售能力意味著什麼？是否存在某種重置或某種氣泡，我們應該意識到，您可以透過其中的一些變化來工作嗎？

So good afternoon. We worked through those near-term changes this past quarter, back in Q1, and Dave mentioned we had some restructuring charges in December. As we executed on that, it kind of went thoroughly throughout the business, working with the teams, how do we get these different platforms integrated together? How do we get our R&D resources closer to the customer tied in tightly with product and go-to-market side and aligning people around the organization? Yes, we did have some reductions that was done then.

午安.我們在第一季解決了這些近期變化，戴夫提到我們在 12 月有一些重組費用。當我們執行這一目標時，它徹底貫穿了整個業務，與團隊合作，我們如何將這些不同的平台整合在一起？我們如何讓我們的研發資源更貼近客戶、與產品和市場緊密結合、並協調組織內的人員？是的，我們當時確實做了一些削減。

Now we're focused on rolling up the sleeves and executing. And you know, driving the business and you know, to try to simplify. We're different, still a lot of work to be done. This is really kind of assessing the situation and beginning to execute but now we got to deliver and get the make sure the product enhancements, other things that we talked about throughout this year.

現在我們專注於捲起袖子並執行。你知道，推動業務發展，並嘗試簡化。我們有所不同，還有很多工作要做。這實際上是一種評估情況並開始執行，但現在我們必須交付並確保產品的增強，以及我們今年討論過的其他事情。

I guess the clarification -- I guess what I was trying to ask was, so you're effectively at target at this point so there's you just kind of went from where you were to target. We shouldn't expect any more changes, meaning we have stability at this point. And from here we kind of build out with respect to kind of -- as people can start to get comfortable in the roles and start asking whether it's building pipelines, all of that kind of stuff, I guess that's kind of what I was trying to get to with this.

我想澄清的是——我想問的是，所以你現在實際上已經達到了目標，所以你只是從原來的位置轉到了目標位置。我們不應該期待任何更多的變化，這意味著我們現在已經穩定了。從這裡開始，我們開始建立某種東西——隨著人們開始適應這些角色，並開始詢問是否正在建立管道，所有這類東西，我想這就是我想要達到的目的。

Yes, we are at a level where it's execute what we have to do. There's nothing -- you never say never and these things can change but based on what we know right now where we have the team that we're executing on, we're going to continue to have enhancements and changes. But that's just going to be small ups and ups and downs but it's about focus and execute from here.

是的，我們正處於執行我們必須做的事情的水平。沒有什麼——你永遠不要說永遠，這些事情可能會改變，但根據我們目前所知道的，我們擁有正在執行的團隊，我們將繼續進行改進和改變。但這只是一些小的起伏，關鍵在於從這裡開始集中精力並執行。

Got it.. And then in terms of -- just as you go through the simplification of your product lineup as you go through some integration efforts, what does that do to the actual sales process? I mean, is there a chance that clients kind of pause a little bit rather than implementing what you have versus maybe willing to wait? And I think that was what I was trying to get at is in terms of if there's any potential for air pockets.

知道了..然後就——就像您在進行一些整合工作時簡化產品陣容一樣，這對實際銷售流程有什麼影響？我的意思是，客戶是否有可能稍微猶豫一下，而不是實施你已有的方案，或是願意等待？我想這就是我想要了解的，是否有氣穴的可能性。

No, I think what we have right now is a go-to-market team who's actually -- there's been a lot of change in our sales team and who are now getting more and more familiar with the solutions, the dialogue in the market, what's been evolving in the market around fraud, our broadening things that we've rolled out like DFD on the identity side.

不，我認為我們現在擁有的是一支行銷團隊，我們的銷售團隊已經發生了很多變化，他們現在越來越熟悉解決方案、市場對話、圍繞詐欺的市場動態，以及我們在身分識別方面推出的 DFD 等擴展產品。

That and then how the better since we're now we're focused on MiVIP, that is the solution. Then with the additional signals on that, I think now just having focus and execution is very much a positive for everybody involved -- the customer, the dialogue we've had there as well on both prospects and expansions.

那樣會更好，因為我們現在專注於 MiVIP，這就是解決方案。然後，結合這方面的附加訊號，我認為現在只需集中精力並執行，對於所有相關人員來說都是非常積極的——客戶，以及我們就前景和擴張進行的對話。

I think that was one of the reasons why I went through is the breadth of the expansions in our -- some of our forecast where existing ones is pretty very impressive and especially as they see these increased threat factors coming in.

我認為這是我之所以要經歷的原因之一，是因為我們擴張的廣度——我們對現有擴張的一些預測非常令人印象深刻，特別是當他們看到這些增加的威脅因素出現時。

And then the final one for me, just on check fraud defender. Following up on an earlier question, when we think about the revenue opportunity to given client, is there a way that you can maybe compare it to the opportunity from a mobile deposits perspective, so I assume it's higher, or how should we think about that or any magnitude? Can you get to twice what it might be for mobile or is it an equal, any characterization you can do there?

對我來說最後一個是關於支票詐欺防禦的。接下來是先前的問題，當我們考慮給客戶帶來的收入機會時，有沒有辦法將其與行動存款角度的機會進行比較，所以我認為它更高，或者我們應該如何看待它或任何幅度？您能否將其提升至行動端的兩倍或同等水平，您能對此進行任何描述嗎？

I mean, I'm going to get into what exactly that that would be in terms of size. I would say, we feel like that is a key platform for growth opportunity because it's about fraud and financial institutions have an increasing amount of fraud.

我的意思是，我將深入研究它的尺寸到底是多少。我想說，我們覺得這是一個重要的成長機會平台，因為它與詐欺有關，而且金融機構的詐欺行為日益增加。

We bring in a particular credibility and capability because of our history with check fraud but that's the beginning of fraud that they're exposed with. It allows us to bring in and look at potentially, over time, other signals so we feel like it offers a lot more for Mitek for the future. And to be as part of the future of the business where over time you just see the starts of checks or involves into other forms going forward in addition to all the verification authenticationl, orchestration capabilities, and other digital fraud.

由於我們過去曾處理過支票欺詐，所以我們擁有特殊的信譽和能力，但這只是他們所遭受欺詐的開始。它使我們能夠引入並觀察隨著時間的推移可能出現的其他訊號，因此我們覺得它為 Mitek 的未來提供了更多幫助。作為未來業務的一部分，隨著時間的推移，您會看到檢查的開始或涉及其他形式的發展，以及所有驗證認證、編排功能和其他數位詐欺。

Thank you.

謝謝。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員指示）喬治·薩頓，克雷格·哈勒姆。

Hey. Good afternoon, guys. This is Logan on for George; I want to follow up. You guys gave some helpful commentary on kind of the MiVIP cohorts and how those have trended over time. And as we think about that $80 million to $85 million range where the ID segment becomes margin creative.

嘿。大家下午好。這是洛根代替喬治；我想跟進。你們對 MiVIP 群體的類型以及它們隨時間的變化趨勢給出了一些有用的評論。當我們考慮 8000 萬到 8500 萬美元的範圍時，ID 部分就變成了利潤創意。

I mean, how much of that growth could come through kind of just organic growth with cross sell and expanding transactions with those existing customers versus kind of the need for new customers or how would you frame that, I guess.

我的意思是，這種成長有多少可以透過交叉銷售和擴大與現有客戶的交易等有機成長來實現，有多少是透過對新客戶的需求來實現的，或者您如何看待這一點？

I mean, I -- we like all new business, whether it's continued expanding growth with existing as you can see from some of the numbers throughout there; how that has expanded. I think it will be a combination of all the above. We'll know in hindsight what exactly it was but all we care about is getting there and driving any organization and continue to grow our relationships with our customers and having them -- to see them wanting to use more and more value and bring in new customers to the platform. So there's really no magic target; we'd rather continue to expand and do new.

我的意思是，我——我們喜歡所有新業務，無論它是現有業務的持續擴大增長，正如您從那裡的一些數字中看到的那樣；它是如何擴展的。我認為它將是以上所有因素的結合。事後我們才知道它到底是什麼，但我們所關心的只是到達那裡並推動任何組織，並繼續發展我們與客戶的關係並讓他們看到他們想要使用越來越多的價值並為平台帶來新客戶。所以實際上沒有什麼神奇的目標；我們寧願繼續擴張並嘗試新事物。

Yeah. I think just to add on to that -- a little color onto that, I think the opportunity for expansion revenue is actually pretty large and we're pretty excited about it. In fact, a lot of the revenue growth we're expecting even this year in '25 is through the expansion.

是的。我想補充一點，我認為擴大收入的機會實際上相當大，我們對此感到非常興奮。事實上，我們預計 2025 年的營收成長很大一部分將來自於擴張。

Got it; that's helpful. That is all for me. I appreciate it guys.

知道了;這很有幫助。對我來說就這些了。我很感謝你們。

This concludes our question and answer session. I would like to turn the conference back over to Ed West for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Ed West 並請他做最後發言。

We just want to say thank you. We appreciate the support and interest as we mentioned the last quarter and this time we'll continue to report back on the progress as we position the company for the durable, profitable growth going forward in '26 and beyond. Have a great day. Thank you.

我們只是想說聲謝謝。正如我們在上個季度中提到的那樣，我們感謝大家的支持和關注，這一次，我們將繼續報告進展情況，為公司在 26 年及以後實現持久、盈利的增長做好準備。祝你有美好的一天。謝謝。

The conference is 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。