Mitek Systems Inc (MITK) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Mitek fiscal 2025 2nd quarter earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Mitek 2025 財年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the concert to Todd Kehrli of PondelWilkinson. Please go ahead.

現在我想把音樂會交給 PondelWilkinson 的 Todd Kehrli。請繼續。

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

謝謝接線員，下午好，歡迎參加 Mitek 2025 財年第二季財報電話會議。今天與我一起參加電話會議的還有 Mitek 的執行長 Ed West 和財務長 David 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 2025 second quarter ended March 31, 2025. 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 2025 年 3 月 31 日的 2025 財年第二季的財務業績。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. 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.

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。我想提醒大家，在今天的電話會議上，管理層將討論某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。

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

這些前瞻性陳述可能包括對公司未來業績計畫和預期的評論。前瞻性陳述受多種風險和不確定性的影響，可能導致實際結果大不相同。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-K 和 10-Q，以獲得這些風險的完整描述。

Our statements on this call are made as of today, May 8, 2025, and the company undertakes no obligation to revise or update publicly any forward-looking statements contained herein, whether as a result of new information, future events, changes in expectations, or otherwise.

我們在本次電話會議上的聲明截至今天（2025 年 5 月 8 日）做出，本公司不承擔修改或公開更新此處包含的任何前瞻性聲明的義務，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 8-K describe the differences between our GAAP and non-GAAP reporting and present the reconciliation between the two for the periods reported in the release.

此外，在整個電話會議期間，我們將討論某些非 GAAP 財務指標、今天的收益報告以及 8-K 表上的相關當前報告，描述我們的 GAAP 和非 GAAP 報告之間的差異，並展示新聞稿中報告的期間兩者之間的對帳情況。

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

話雖如此，我現在將電話轉給 Mitek 的執行長 Ed West。

Thank you, Todd, and good afternoon, everyone. I would like to begin with a brief overview of Mitek, who we are, the problems we solve, and why our role is more critical than ever in today's digital world. Mitek is a global leader in identity verification and fraud prevention, trusted by over 7,000 organizations worldwide, including top banks, fintechs, telecoms, and marketplaces.

謝謝你，托德，大家下午好。首先，我想簡單介紹一下 Mitek，我們是誰，我們解決的問題，以及為什麼我們在當今數位世界中的作用比以往任何時候都更重要。Mitek 是身分驗證和防詐騙領域的全球領導者，受到全球 7,000 多家組織的信賴，包括頂級銀行、金融科技公司、電信公司和市場。

We earned that trust by pioneering mobile check deposit, a technology that now enables about 1.2 billion mobile deposit transactions each year. That same technology was built to securely capture and process sensitive data using any camera-enabled device is what paved the way for our leadership in digital identity.

我們透過開創行動支票存款贏得了這種信任，這項技術目前每年可實現約 12 億筆行動存款交易。同樣的技術也可以透過任何支援攝影機的設備安全地捕獲和處理敏感數據，這為我們在數位身分領域的領導地位鋪平了道路。

Today, our capabilities have expanded to include payment fraud detection, powered by an industry-leading consortium of financial institutions, as well as identity verification and authentication, advanced biometrics, and detection of deepfakes and synthetic fraud.

如今，我們的能力已擴展到包括由業界領先的金融機構聯盟提供支援的支付詐欺檢測，以及身份驗證和認證、先進的生物識別技術以及深度偽造和合成詐欺的檢測。

In high-assurance industries, where precision, integrity, and regulatory compliance are essential, we help our customers stay ahead of evolving threats before they cause harm. The rise of generative AI is fundamentally reshaping the threat landscape, giving fraudsters access to powerful, low-cost tools that can mimic identities, forge documents, and bypass traditional defenses. It's never been easier or cheaper for bad actors to launch attacks. Fraud has essentially been democratized.

在高保證行業中，精確性、完整性和法規遵循至關重要，我們幫助客戶在不斷演變的威脅造成危害之前保持領先地位。生成式人工智慧的興起從根本上重塑了威脅格局，使詐欺者能夠使用強大、低成本的工具來模仿身份、偽造文件並繞過傳統防禦措施。對於不法分子來說，發動攻擊從未如此簡單且便宜。欺詐行為其實已經民主化了。

That's why Mitek's mission to provide secure, real-time identity and fraud prevention is more relevant and more necessary than ever. As I noted earlier this year, our priorities this year have been to drive organic growth, increase the percentage of SaaS revenue, expand margins, and increase free cash flow conversion.

這就是為什麼 Mitek 提供安全、即時身分和詐欺預防的使命比以往任何時候都更加重要和必要。正如我今年早些時候指出的那樣，我們今年的首要任務是推動有機成長、提高 SaaS 收入的百分比、擴大利潤率以及增加自由現金流轉換。

With that context, here are four key takeaways from the second quarter, each aligned with the transformation framework we outlined on prior calls. First, we made tangible progress strengthening the foundation for scalable, profitable, organic growth by improving sales execution, our technology platform, and operational efficiency.

在此背景下，以下是第二季的四個關鍵要點，每個要點都與我們在先前的電話會議上概述的轉型框架一致。首先，我們透過改善銷售執行、技術平台和營運效率，在加強可擴展、獲利、有機成長的基礎方面取得了實際進展。

Second, our identity portfolio continues to build momentum, reaching over $71 million in the last 12 months' revenue, driven by strong transaction growth.

其次，我們的身分組合持續保持強勁勢頭，在強勁交易成長的推動下，過去 12 個月的收入達到 7,100 多萬美元。

Third, check fraud defender continues to expand rapidly. We now have data sets on 23% of US checking accounts up meaningfully from the last quarter. And fourth, we are enforcing financial discipline, lowering spend intensity while delivering meaningful EBITDA leverage and improving free cash flow, all under an umbrella of strict oversight of capital allocation.

第三，支票詐欺防禦者繼續快速擴張。我們現在擁有 23% 美國支票帳戶的資料集，與上一季相比有顯著成長。第四，我們正在嚴格執行財務紀律，降低支出強度，同時提供有意義的 EBITDA 槓桿並改善自由現金流，所有這些都在嚴格的資本配置監督下進行。

Now, let me discuss each of these, starting with our efforts to strengthen the foundation of our company. In the second quarter, we made meaningful progress in identity sales execution, notably without adding headcount.

現在，讓我逐一討論這些，先從我們為加強公司基礎所做的努力開始。在第二季度，我們在身分銷售執行方面取得了有意義的進展，尤其是在沒有增加員工人數的情況下。

We have restructured compensation plans to focus on driving high-quality, recurring revenue, aligning front line incentives with our strategic goals. This shift is already paying off, with growth driven by new customer wins, expansion with existing accounts, and increased adoption of newer identity and fraud-related products, all supported by tighter, ideal customer profile alignment and a more focused go-to-market approach.

我們已經調整了薪酬計劃，重點是推動高品質、經常性收入，使第一線激勵措施與我們的策略目標保持一致。這種轉變已經取得了成效，新客戶的贏得、現有帳戶的擴張以及新身份和欺詐相關產品的採用增加推動了增長，所有這些都得到了更緊密、更理想的客戶資料調整和更有針對性的市場進入方式的支持。

On the R&D front, we are leveraging our AI and machine learning resources to help manage the business better. We launched a fully modernized document onboarding system, reducing document onboarding cycle times.

在研發方面，我們正在利用人工智慧和機器學習資源來幫助更好地管理業務。我們推出了完全現代化的文件入職系統，縮短了文件入職週期時間。

When a government agency introduces a new document, such as a redesigned driver's license, our systems initially flags it as unclassified because it's unfamiliar. This triggers manual reviews, increasing operational burden, and slowering the user experience.

當政府機構引入新文件（例如重新設計的駕駛執照）時，我們的系統最初會將其標記為未分類，因為它不為人所知。這會觸發人工審查，增加營運負擔，並降低使用者體驗。

With the recent system upgrades, we've improved new document cycle times, reducing reliance on manual intervention and enabling faster, more scalable support for global document libraries. This rollout began in the US and will soon expand to Europe and the UK, improving automation rates and strengthening our product scalability in high-assurance markets.

透過最近的系統升級，我們改進了新文件的週期時間，減少了對人工幹預的依賴，並為全球文件庫提供了更快、更具可擴展性的支援。此次推廣首先在美國進行，很快將擴展到歐洲和英國，以提高自動化率並增強我們產品在高保證市場中的可擴展性。

These efforts also complement our broader initiative to automate more transactions, enhance scalability, and streamline the customer experience. In addition, we strengthen our leadership team with the appointment of Garrett Gafke as COO. A proven operator in identity and fraud prevention, Garrett will focus on scaling automation, product development, and data analytics, all core to our path toward durable, profitable growth.

這些努力也補充了我們更廣泛的計劃，即實現更多交易的自動化、增強可擴展性並簡化客戶體驗。此外，我們任命 Garrett Gafke 為首席營運官，加強了我們的領導團隊。作為身份和詐欺預防領域經驗豐富的操作員，加勒特將專注於擴大自動化、產品開發和數據分析，這些都是我們實現持久獲利成長的核心。

Now, turning to identity, we saw meaningful progress in the two key drivers of profitability, stronger transaction mix and a greater automation, resulting in the need for fewer manual review agents. We're tracking towards our $80 million to $85 million fulcrum point for identity, with the last 12 months' revenue at $71.4 million exiting the second quarter.

現在，談到身份識別，我們看到盈利能力的兩個關鍵驅動因素取得了有意義的進展，即更強大的交易組合和更高的自動化程度，從而需要更少的人工審查代理。我們的識別業務的支點正朝著 8,000 萬美元至 8,500 萬美元的方向發展，截至第二季度，過去 12 個月的收入為 7,140 萬美元。

As a reminder, improvements in unit economics, especially gross profit per transaction, could lower that breakeven threshold over time. MiVIP continued to outpace the rest of the portfolio, further shifting the transaction mix. Over half of identity journeys now include multiple verification steps, such as face match, liveness, SMS, and deepfake detection, versus the single-step journeys typical of mobile verify. This richer signal set is driving higher revenue per journey and stronger unit level profitability.

提醒一下，單位經濟效益的改善，尤其是每筆交易的毛利，可能會隨著時間的推移降低損益兩平門檻。MiVIP 繼續超越投資組合中的其他部分，進一步改變了交易組合。現在，超過一半的身份認證過程包括多個驗證步驟，例如人臉匹配、活體檢測、簡訊和深度偽造檢測，而移動驗證通常只涉及單步驟流程。這種更豐富的信號集正在推動每次旅程的更高收入和更強的單位獲利能力。

On the automation front, improved AI models (technical difficulty) reduced manual reviews, driving down per transaction cost and lifting our services gross margin by 230 basis points over last year, advancing us further along our path to scalable, sustainable profitability and identity.

在自動化方面，改進的人工智慧模型（技術難度）減少了人工審核，降低了每筆交易的成本，並使我們的服務毛利率比去年提高了 230 個基點，使我們在可擴展、可持續的盈利和身份認同的道路上邁出了更大的一步。

Another key milestone this quarter is the increasing traction with MiPass, our biometric authentication solution, which replaces credentials with biometric login tied to a verified identity, critical for high-assurance sectors.

本季的另一個重要里程碑是我們的生物辨識身分驗證解決方案 MiPass 的吸引力不斷增強，它以與已驗證身分綁定的生物辨識登入取代憑證，這對於高保證產業至關重要。

Finally, we began expanding our relationships with existing customers by adding real-time deepfake detections and other synthetic attacks through our digital fraud defender solution. These advanced signal-rich solutions position Mitek to lead in an increasingly AI-driven fraud landscape.

最後，我們開始透過數位詐欺防禦解決方案添加即時深度偽造偵測和其他合成攻擊，從而擴大與現有客戶的關係。這些先進的訊號豐富的解決方案使 Mitek 在日益受人工智慧驅動的詐欺領域中處於領先地位。

To summarize, identity growth is being driven by two key trends, both directly aligned with our strategy. First, identity journeys are becoming more layered, with customers adding additional verification and authentication steps to strengthen security.

總而言之，身分成長受到兩個關鍵趨勢的推動，這兩個趨勢都與我們的策略直接相關。首先，身份旅程變得更加分層，客戶增加了額外的驗證和身份驗證步驟來加強安全性。

This shift reflects the increasing complexity of digital identity and demonstrates that we are successfully executing on our strategy. And second, we believe usage of our platform will continue to expand beyond initial onboarding to include reauthentication throughout the customer life cycle, such as during wire transfers or high-risk activities, where high-assurance businesses rely on Mitek's advanced capabilities like liveness detection and biometrics and authenticate against a verified identity.

這種轉變反映了數位身分日益複雜的變化，也顯示我們正在成功執行我們的策略。其次，我們相信，我們平台的使用範圍將繼續擴大，從最初的入職培訓擴展到整個客戶生命週期的重新認證，例如在電匯或高風險活動期間，高保證業務依賴 Mitek 的先進功能（如活體檢測和生物識別）並根據已驗證的身份進行認證。

Now, turning to the third key takeaway. Our check fraud defender solution made good progress in Q2 across both direct and partner channels. ACV grew to nearly $13 million, and we now have data set coverage on approximately 23% of all US checking accounts, up from 18% when we last updated the market.

現在，我們來談談第三個關鍵要點。我們的支票詐欺防禦解決方案在第二季度在直接管道和合作夥伴管道都取得了良好的進展。ACV 成長至近 1,300 萬美元，現在我們的資料集涵蓋了約 23% 的美國支票帳戶，而我們上次更新市場時這一比例為 18%。

This coverage is a leading indicator of value for the consortium members, as well as future growth. It allows us to engage with banks whose checks we already see through consortium operations. On the direct side, we closed 2 major relationships, including a top 10 and a top 50 US bank.

這一覆蓋率是聯盟成員價值以及未來成長的領先指標。它使我們能夠與已經透過財團運營看到其支票的銀行進行合作。在直接方面，我們建立了兩個主要合作關係，其中包括一家美國排名前 10 位的銀行和一家排名前 50 位的銀行。

We also advanced our relationship with another top 10 bank currently using our on-premise solution. This institution is now running a full-volume pilot across mobile, branch, ATM, and end-clearing channels, highlighting growing interest in our real-time cloud-based consortium model.

我們也加強了與目前使用我們的內部解決方案的另一家十大銀行的關係。該機構目前正在行動、分公司、ATM 和終端清算管道進行全面試點，凸顯了人們對我們基於即時雲端的聯盟模式日益增長的興趣。

On the partner side, which helps us serve the broader long tail regional banks, Abrigo added multiple new clients during this quarter, and another new partner signed 30 new FIs. Our pipeline is solid, and we're in advanced conversations with additional potential partners. While sales cycles and banking remain long and complex, the payoff is high.

在合作夥伴方面，這有助於我們為更廣泛的長尾區域銀行提供服務，Abrigo 在本季度增加了多個新客戶，另一個新合作夥伴簽署了 30 家新的金融機構。我們的管道很穩固，我們正在與其他潛在合作夥伴進行深入對話。儘管銷售週期和銀行業務仍然漫長而複雜，但回報卻很高。

Our solutions become mission-critical once deployed, generating strong lifetime value and long-term recurring revenue. And that brings us to our fourth and final takeaway, continued progress towards a more durable, growing, and cash-generative business model.

我們的解決方案一旦部署就會變得至關重要，產生強大的終身價值和長期經常性收入。這就引出了我們的第四個也是最後一個重點，那就是繼續朝著更持久、成長更快、現金流更充裕的商業模式邁進。

SaaS revenue grew 15% year over year in Q2 and now accounts for 40% of total last 12 months revenue, up from 39% last quarter, evidence of our steady transition to a more recurring revenue model. We're also driving sharper financial discipline. Non-GAAP cash adjustments were down to a low single-digit percentage point of revenue from 9% a year ago, highlighting stronger execution and cost control.

SaaS 營收在第二季年增 15%，目前佔過去 12 個月總營收的 40%，高於上一季的 39%，證明我們穩步過渡到更具經常性的營收模式。我們還在推行更嚴格的財務紀律。非公認會計準則現金調整佔收入的比例從一年前的 9% 降至個位數低百分點，凸顯了更強的執行力和成本控制。

Over the last 12 months, we've generated $47 million in free cash flow on $56 million of adjusted EBITDA and 86% conversion rate. This cash strength gives us flexibility to prudently invest in innovation, strengthen our balance sheet, and return capital to shareholders. Dave will speak more about our capital allocation strategy a little later.

在過去的 12 個月中，我們創造了 4,700 萬美元的自由現金流，調整後 EBITDA 為 5,600 萬美元，轉換率為 86%。這種現金實力使我們能夠靈活地審慎投資於創新，加強我們的資產負債表，並向股東返還資本。戴夫稍後會詳細介紹我們的資本配置策略。

Now, before I wrap up, I want to zoom out and speak briefly about the broader opportunity in digital identity and fraud prevention. As we strengthen our position in this market, it's important to reflect on how the landscape is evolving and why Mitek is well positioned to lead.

現在，在我結束之前，我想先簡要談談數位身分和詐欺預防方面的更廣泛的機會。隨著我們加強在這個市場的地位，重要的是要反思市場格局如何演變以及為什麼 Mitek 處於領先地位。

There are three primary ways to verify or authenticate someone's identity. Something you know, such as a password or a PIN, something you have, such as a phone or an ID, or something that you are, such as biometrics and behavioral signals.

驗證或認證某人身份的主要方法有三種。您知道的某些東西，例如密碼或 PIN，您擁有的某些東西，例如電話或身分證，或您本身的某些東西，例如生物識別和行為訊號。

Yet most of the world, including high-assurance industries, still rely on the first two. While these methods remain important, they are no longer sufficient on their own. In today's AI-driven threat environment, stand-alone authentication must give way to a layered, signal-rich approach.

然而，世界上大多數國家，包括高保證產業，仍然依賴前兩者。儘管這些方法仍然很重要，但僅靠它們已經不夠了。在當今人工智慧驅動的威脅環境中，獨立身份驗證必須讓位給分層的、訊號豐富的方法。

The gap between the sensitivity of digital transactions and the strength of protections is significant and widening. Mitek's view is that, the identity must be verified directly by something you are and continuously, not just at login. That means layering biometrics, behavioral data, and proprietary identity signals to truly know who a user is. But even biometrics alone aren't enough.

數位交易的敏感度與保護力度之間的差距巨大且還在不斷擴大。Mitek 的觀點是，身分必須透過某種方式直接且持續地進行驗證，而不僅僅是在登入時。這意味著要分層生物辨識、行為數據和專有身分訊號才能真正了解使用者是誰。但即使只有生物辨識技術也是不夠的。

According to EDF Research Institute, the vast majority of systems today cannot detect deepfakes. Our technology is built specifically to mitigate that gap. Fraud today is global, scalable, and alarmingly accessible. What was once limited to skilled criminals is now powered by off-the-shelf toolkits and cheap generative AI, making advanced attacks available to anyone, anywhere, and at a low cost.

據 EDF 研究機構稱，目前絕大多數系統無法偵測深度偽造。我們的技術就是專門為彌補這一差距而建造的。如今，詐欺行為已經全球化、可擴展且極為容易發生。曾經只有熟練的犯罪分子才能做到的事情，現在卻由現成的工具包和廉價的生成人工智慧所驅動，任何人都可以在任何地方以低成本進行高級攻擊。

Across my recent conversations with customers and prospects in North America, the United Kingdom, and Europe, the message has been consistent, that the threat is real, growing, and reshaping enterprise priorities.

在我最近與北美、英國和歐洲的客戶和潛在客戶的交談中，我始終得到這樣的訊息：威脅是真實存在的、不斷成長的，並且正在重塑企業的優先事項。

At Mitek, we're building a unified platform that combines fraud prevention, identity verification, and biometric authentication to help organizations stay secure in an AI-driven world. This platform approach is driving broadening demand, deeper customer engagement, and turning our innovation into durable, profitable growth.

在 Mitek，我們正在建立一個統一的平台，將詐欺預防、身份驗證和生物識別認證結合在一起，幫助組織在人工智慧驅動的世界中保持安全。這種平台方法正在推動擴大需求、加深客戶參與，並將我們的創新轉化為持久的、有利可圖的成長。

And with that, I'd like to turn it over to Dave for financial highlights and our outlook.

接下來，我想將財務亮點和我們的展望交給戴夫。

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

謝謝，埃德。首先，我將介紹我們本季的業績，重點介紹業績背後的驅動因素，然後再分享一些關於我們如何應對今年剩餘時間的額外見解。

First, our fiscal Q2 '25 results. Total revenue reached a record $51.9 million, up 11% year over year in the second quarter. As expected, deposit products revenue increased 14% year over year, driven by strong mobile deposit renewal activity.

首先，我們的 2025 財年第二季業績。第二季總收入達到創紀錄的 5,190 萬美元，年增 11%。如預期，受強勁的行動存款續約活動的推動，存款產品收入年增 14%。

Our identity products revenue increased by 4% year over year, and was highlighted by strong 9% year over year growth in identity SaaS revenue, and continued strength in our identity transaction volumes. Our non-GAAP gross profit for the quarter was $45.6 million, representing an 88% non-GAAP gross margin, and adjusted EBITDA came in at $20.2 million, representing a 39% margin.

我們的身分識別產品營收年增 4%，其中身分 SaaS 營收年增 9%，身分交易量持續強勁成長。本季我們的非公認會計準則毛利為 4,560 萬美元，非公認會計準則毛利率為 88%，調整後 EBITDA 為 2,020 萬美元，利率為 39%。

Both slightly exceeded our expectations due to the mixed benefits of revenue outperformance, and our near 100% gross margin deposit software license business, combined with better than expected operating expenses, due to the company-wide focus on cost controls.

由於收入表現優異、軟體授權業務毛利率接近 100% 以及公司範圍內注重成本控制，營業費用好於預期，因此兩項業績均略微超出我們的預期。

Turning now to the specifics of our revenue performance, let's start with deposit products. Deposits revenue grew 14% year over year to $33.7 million, primarily due to a 10% increase in our deposit software license revenue, relating specifically to our mobile deposit and check intelligence software products.

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。存款收入年增 14% 至 3,370 萬美元，主要由於我們的存款軟體授權收入成長 10%，具體涉及我們的行動存款和支票智慧軟體產品。

This increase was consistent with expected renewal patterns as customers returned to repurchase mobile check deposit transactions. As we've noted before, due to the lumpiness inherent to term license revenue, which makes up 70% of deposits products revenue, we encourage investors to focus on longer-term trends.

這一增長與預期的續訂模式一致，因為客戶回歸重新購買行動支票存款交易。正如我們先前所指出的，由於定期授權收入本身的不穩定性（佔存款產品收入的 70%），我們鼓勵投資者專注於長期趨勢。

To that end, deposit software license revenue for the last 12 months ending fiscal Q2 '25 was $73 million, up from $68 million for the last 12 months ending fiscal Q2 '24, and consistent with the longer-term average of $70 million. This stability reflects our consistent $1.2 billion transaction run rate, which continues to offset broader declines in check usage as mobile adoption grows.

為此，截至 2025 年第二財季的 12 個月的存款軟體授權收入為 7,300 萬美元，高於截至 2024 年第二財季的 12 個月的 6,800 萬美元，與 7,000 萬美元的長期平均水準一致。這種穩定性反映了我們始終如一的 12 億美元交易運行率，隨著行動裝置的普及，這將繼續抵消支票使用量的整體下降。

In addition to strong performance in license revenue, deposit maintenance revenue grew 10% year over year, reflecting a healthy cadence of contract renewals following continued strength in software licensing. While check fraud defender remains in the early stages of monetization, we're encouraged by its growing traction with deposit SaaS revenue rising 64% year over year, driven by increased adoption of this solution.

除了授權收入表現強勁之外，存款維護收入年增 10%，反映出在軟體授權持續強勁的情況下，合約續約節奏健康。雖然支票詐欺防禦器仍處於貨幣化的早期階段，但我們對其日益增長的吸引力感到鼓舞，由於該解決方案的採用率不斷提高，存款 SaaS 收入同比增長 64%。

Overall, it was a strong quarter for our deposits products, supported by robust license renewals, solid maintenance growth, and accelerated SaaS momentum.

整體而言，由於許可證續期強勁、維護成長穩健以及 SaaS 發展勢頭加速，我們的存款產品在本季度表現強勁。

Now, turning to our identity product portfolio, which grew 4% year over year to $18.2 million, driven by a 9% increase in identity SaaS revenue. This growth was supported by continued strong transaction volumes across both MiVIP and mobile verify, consistent with trends we've seen in recent quarters.

現在，談談我們的身份產品組合，該組合同比增長 4%，達到 1820 萬美元，這得益於身份 SaaS 收入增長 9%。這一增長得益於 MiVIP 和行動驗證持續強勁的交易量，這與我們最近幾季看到的趨勢一致。

While Q1 benefited from unusually high overage activity at premium pricing tiers, we're pleased to see the underlying strength of the business continue in Q2. We're also seeing an increasingly diversified mix of verification steps attached to each identity transaction on MiVIP, such as face match, liveness, and SMS verifications.

雖然第一季受益於高端定價層級異常高的超額活動，但我們很高興看到該業務的潛在優勢在第二季得以延續。我們也看到 MiVIP 上每個身分交易所附帶的驗證步驟越來越多樣化，例如臉部配對、活體驗證和簡訊驗證。

While these can carry lower per unit pricing, they boost engagement and volume, reflecting how our platform is being used in more complex workflows. Given the ongoing mix shift towards lower priced but higher volume verification steps, we view gross profit dollars as an informative indicator of our underlying unit economics.

雖然這些可以降低單位價格，但它們提高了參與度和交易量，反映了我們的平台如何在更複雜的工作流程中使用。鑑於產品組合正在朝向價格更低但數量更多的驗證步驟轉變，我們將毛利視為衡量我們基礎單位經濟效益的指標。

In Q2, gross profit from our services and other revenue category, which includes identity SaaS, increased nearly 18% year over year, more accurately reflecting the expanding contribution and improving efficiency of our identity offerings.

第二季度，包括身分 SaaS 在內的服務和其他收入類別的毛利年增近 18%，更準確地反映了我們身分認同產品的貢獻不斷擴大和效率不斷提高。

Turning to total SaaS revenue, we continue to see strong performance across both our fraud and identity SaaS offerings, with total SaaS revenue growing 15% year over year. As Ed noted, we're making solid progress towards our goal of SaaS revenue representing a majority of our business.

談到 SaaS 總收入，我們繼續看到詐欺和身分 SaaS 產品表現強勁，SaaS 總收入年增 15%。正如 Ed 所指出的，我們正在朝著 SaaS 收入占我們業務大部分收入的目標穩步前進。

Last 12 months, our LTM SaaS revenue now accounts for 40% of total revenue, up from 35% a year ago. Identity SaaS revenue may experience quarterly fluctuations based on customer overage activity as seen in Q1.

過去 12 個月，我們的 LTM SaaS 收入佔總收入的 40%，高於一年前的 35%。身份 SaaS 收入可能會根據第一季的客戶超額活動出現季度波動。

Moving down the P&L, we maintain strong unit economics, achieving an 88% non-GAAP gross margin for the quarter. This was driven by our near 100% gross margins on our software license revenue, mostly mobile deposit, and a notable 75% gross margin on our services and other revenue, mostly mobile verify and MiVIP, reflecting continued improvement and up 230 basis points year over year.

在損益表中，我們維持了強勁的單位經濟效益，本季實現了 88% 的非 GAAP 毛利率。這是由於我們的軟體授權收入（主要是行動存款）的毛利率接近 100%，以及我們服務和其他收入（主要是行動驗證和 MiVIP）的毛利率高達 75%，反映出持續的改善，年成長 230 個基點。

These results reflect the financial benefits of our efforts to increase automation, improve cost efficiencies, and drive cultural integration, particularly within our identity portfolio. Non-GAAP operating expense for the quarter totaled $25.7 million, a $1.7 million sequential increase from fiscal Q1.

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財務效益。本季非公認會計準則營運費用總計 2,570 萬美元，較第一財季增加 170 萬美元。

The increase was primarily driven by higher R&D, as well as continued investment in marketing and cloud-related initiatives. We are particularly pleased with our progress on G&A expenses. Non-GAAP G&A fell $1.8 million year over year to 15% of revenue, down from 21% a year ago.

這一成長主要得益於研發投入的增加，以及對行銷和雲端相關計畫的持續投資。我們對 G&A 費用的進展感到特別滿意。非公認會計準則下的一般及行政開支年減 180 萬美元，佔營收的 15%，低於一年前的 21%。

This improvement was widespread and reflects our ongoing efforts to build a more scalable and efficient G&A organization while maintaining strong controls and governance. This discipline is also evident in the declining gap between our non-GAAP and GAAP operating expenses, which reflects fewer nonrecurring cash items.

這項改進是廣泛的，反映了我們在保持強有力的控制和治理的同時，不斷努力建立一個更具可擴展性和更有效率的 G&A 組織。這種紀律性也體現在我們的非公認會計準則和公認會計準則營運費用之間的差距不斷縮小，這反映了非經常性現金項目的減少。

The $8.3 million difference between our non-GAAP and GAAP operating expenses in Q2 reflects a $0.5 million in cash adjustments and $7.8 million in noncash accounting adjustments. This represents a significant improvement from Q2 fiscal year '24 when cash adjustments totaled $4.4 million.

我們第二季非 GAAP 和 GAAP 營運費用之間的 830 萬美元差額反映了 50 萬美元的現金調整和 780 萬美元的非現金會計調整。這與 24 財年第二季現金調整總額 440 萬美元相比有了顯著改善。

The $3.9 million year over year reduction reflects lower non-recurring audit fees, legal costs, executive transition expenses, and restructuring charges. To tie this all together, adjusted EBITDA for Q2 '25 reached a record $20.2 million, reflecting a 52% increase year over year and representing a 39% adjusted EBITDA margin.

與去年同期相比減少 390 萬美元，反映了非經常性審計費用、法律成本、高階主管過渡費用和重組費用的降低。綜合起來，2025 年第二季的調整後 EBITDA 達到創紀錄的 2,020 萬美元，年增 52%，調整後 EBITDA 利潤率為 39%。

After factoring in other income, interest expenses, and taxes, this equates to $16.7 million in non-GAAP net income or $0.36 for diluted share based on 46.6 million diluted shares outstanding.

在計入其他收入、利息支出和稅金後，這相當於非 GAAP 淨收入 1,670 萬美元，或基於 4,660 萬股稀釋流通股計算的稀釋每股收益 0.36 美元。

Turning to our balance sheet and capital allocation strategy, over the last 12 months, we generated $47.1 million in free cash flow and returned $27.2 million to shareholders through share repurchases. These two factors account for most of the change in our cash and investments balance, which increased by $22.1 million over the past 12 months.

談到我們的資產負債表和資本配置策略，在過去的 12 個月中，我們產生了 4,710 萬美元的自由現金流，並透過股票回購向股東返還了 2,720 萬美元。這兩個因素導致了我們的現金和投資餘額的大部分變化，在過去 12 個月中增加了 2,210 萬美元。

Importantly, we ended the quarter in a near net cash position with $152.4 million in cash and investments against $155.3 million in face value of convertible senior notes due in February '26. Given the low 75 basis points coupon and the notes conversion feature is deep out of the money, we continue to earn a favorable spread by holding cash and plan to wait as long as practical before redeeming.

重要的是，本季末我們處於接近淨現金狀況，現金和投資為 1.524 億美元，而 26 年 2 月到期的可轉換優先票據面值為 1.553 億美元。鑑於較低的 75 個基點票面利率和票據轉換功能處於深度價外狀態，我們繼續透過持有現金賺取有利的利差，並計劃在贖回之前等待盡可能長的時間。

To support this strategy and strengthen our overall capital allocation position, yesterday, we closed a $100 million senior credit facility with Silicon Valley Bank, a division of First Citizens Bank. This includes a $75 million delayed draw term loan available in tranches through February 2026 to retire our convertible notes and a $25 million revolver for general corporate purposes.

為了支持這項策略並加強我們的整體資本配置地位，昨天，我們與第一公民銀行旗下的矽谷銀行達成了 1 億美元的優先信貸協議。其中包括一筆 7,500 萬美元的延期提取定期貸款，可分批發放至 2026 年 2 月，用於償還我們的可轉換票據，以及一筆 2,500 萬美元的循環信貸，用於一般公司用途。

Both mature in May 2030 and are structured with favorable terms, extended duration of five years, and ample flexibility to support our long-term growth and capital allocation plans. Our strong financial position supports a disciplined, opportunistic capital allocation strategy, enabling us to balance share purchases when valuation is compelling with high return investments and growth, all with a singular focus on maximizing free cash flow per share.

兩筆債券均於 2030 年 5 月到期，且條款優惠，期限延長至五年，並具有充足的靈活性，可支持我們的長期增長和資本配置計劃。我們強大的財務狀況支持嚴謹的、機會主義的資本配置策略，使我們能夠在估值具有吸引力時平衡股票購買與高回報投資和成長，所有這些都專注於最大化每股自由現金流。

Before turning to our outlook, a brief note on the macro environment. While the broader environment remains uncertain, we continue to see resilience in our business. As a software company today, we are largely insulated from trade-related disruptions, and security-related IT spending has historically remained steady even in constrained budget environments.

在談到我們的展望之前，我們先簡單介紹一下宏觀環境。儘管整體環境仍然不確定，但我們的業務仍然具有韌性。作為一家軟體公司，我們在很大程度上不受貿易相關幹擾的影響，即使在預算受限的環境下，與安全相關的 IT 支出也保持穩定。

Our global customer base also provides diversification against regional volatility, and we have not seen any cancellations tied to the macro backdrop. That said, given potential for evolving macroeconomic headwinds, we are approaching our fiscal 2025 outlook with appropriate discipline and caution.

我們的全球客戶群也提供了針對區域波動的多樣化，我們尚未看到與宏觀背景相關的任何取消。儘管如此，考慮到宏觀經濟逆風可能不斷演變，我們將以適當的紀律和謹慎態度對待 2025 財年的展望。

With regard to revenue, we are maintaining our full year revenue guidance range of $170 million to $180 million. Based on the midpoint of our guidance and typical seasonal patterns, we expect Q3 revenue to modestly exceed Q4, reflecting normal customer buying behavior and the expected timing of several term-based license renewals.

在營收方面，我們維持全年營收預期範圍 1.7 億美元至 1.8 億美元。根據我們的指導中點和典型的季節性模式，我們預計第三季度的收入將略高於第四季度，這反映了正常的客戶購買行為和幾個基於期限的許可證續訂的預期時間。

On the profitability front, we are raising our full year adjusted EBITDA margin guidance range to 26% to 29%, up from our prior range of 25% to 28%. This increase reflects our strong first half performance and the sustained impact of recent efficiency improvements while still preserving flexibility to invest strategically.

在獲利能力方面，我們將全年調整後 EBITDA 利潤率預期範圍從先前的 25% 至 28% 上調至 26% 至 29%。這一成長反映了我們上半年強勁的業績和近期效率提升的持續影響，同時仍保留了戰略投資的靈活性。

For fiscal Q3, we expect non-GAAP operating expenses to be in the range of $26 million to $27 million, with depreciation expense around 70 basis points of revenue. While we continue to manage costs with discipline, we anticipate modest sequential increases in our non-GAAP operating expenses through year-end as we selectively ramp hiring, invest in go-to-market initiatives, and support innovation across our product portfolio.

對於第三財季，我們預計非 GAAP 營運費用將在 2,600 萬美元至 2,700 萬美元之間，折舊費用約為收入的 70 個基點。在我們繼續嚴格管理成本的同時，我們預計到年底我們的非公認會計準則營運費用將環比小幅增加，因為我們有選擇地增加招聘，投資於市場進入計劃，並支持整個產品組合的創新。

With that, I'll turn the call back over to the operator for questions.

說完這些，我將把電話轉回給接線生以回答問題。

(Operator Instructions)

（操作員指示）

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah. Thanks for taking the questions and really nice results on both the top and bottom line. Ed, now that you've been at Mitek for a few quarters, can you talk about some things that have gone well thus far and maybe a few things that have been a bit more difficult for you?

是的。感謝您回答這些問題，無論是頂線還是底線，結果都非常好。艾德，您已經在 Mitek 工作了幾個季度，您能談談到目前為止進展順利的一些事情，以及對您來說比較困難的一些事情嗎？

And then, obviously, some turbulent times in the market, so we'd love to get your take on what you're seeing from customers. Sounds like things have been largely stable, but it would be great to hear what you saw from some of your more usage or transactional-based businesses as you progressed through the month of April?

然後，顯然，市場正處於一些動盪時期，所以我們很想了解您對客戶的看法。聽起來情況基本上穩定，但是如果您能聽聽您在四月份的一些使用量較大或基於交易的業務方面看到的情況，那就太好了？

Sure. Well, thanks, Jake. I appreciate the word, and frankly, it all goes to the employees across Mitek around the world who just did a terrific job this past quarter, and frankly, since I've been here for the six months. A lot was underway, and a lot of execution has occurred, and so we couldn't be more pleased with the results and attraction that we were able to see and realize this past quarter.

當然。好吧，謝謝你，傑克。我很感激這句話，坦白說，這一切都歸功於 Mitek 遍布全球的員工，他們在上個季度做得非常出色，坦白說，自從我來到這裡已經有六個月了。很多工作正在進行中，很多執行已經發生，因此我們對上個季度看到和實現的結果和吸引力感到非常滿意。

Going to your question about, what we're hearing from customers and prospects, frankly, it's one of the things I enjoy doing the most is getting and meeting with customers, prospects, whether it be here in North America, Canada, UK, Europe, and frankly, learning about what's working, what's not, the strategy, where we're going, and understanding their needs, and frankly, that's shaping a lot of the feedback, the comments that you heard on my prepared comments about where we're going, what we're seeing, the focus on fraud and identity, and pulling that together across our platform.

回答您關於從客戶和潛在客戶那裡聽到什麼的問題，坦率地說，我最喜歡做的事情之一就是與客戶和潛在客戶會面，無論是在北美、加拿大、英國還是歐洲，坦率地說，了解哪些有效，哪些無效，我們的戰略，我們的發展方向，了解他們的需求，坦率地說，這形成了很多反饋，您在我準備好的評論中以及我們的平台上的目標

So our priorities are highly aligned to what we've heard in the market, what I've heard, and then just executing against that. And so, one of the things that I've felt, most encouraged about it coming here, first and foremost, the company's heritage and experience, the expertise, the trust earned over decades of working with financial institutions, over 7,000 FIs, and combining that with the technological capabilities, the various software applications, the people, the technical skills that we have, in particular, on identity and the biometric side, combining those things together to address the evolution of fraud in the market is what really sets us apart from others.

因此，我們的優先事項與我們在市場上聽到的、我聽到的密切相關，然後就根據這些來執行。因此，我對此感到最受鼓舞的事情之一就是，首先也是最重要的是公司的傳統和經驗、專業知識、數十年來與超過 7,000 家金融機構合作所贏得的信任，再加上我們的技術能力、各種軟體應用程式、人員、技術技能，特別是在身份和生物識別方面，我們將這些結合起來以應對市場上欺詐行為的演變，這才是我們真正與眾不同的地方。

And I've heard that loud and clear from customers and prospects, and it's how we're moving our technology. So think of us as, around fraud and identity, this coming together from payments to verification to authentication across the platform. On the last part of your question, just to get about, how are things progressing? So encouraging.

我從客戶和潛在客戶那裡清楚地聽到了這一點，這就是我們推動技術進步的方式。因此，我們可以將我們視為圍繞詐欺和身份識別，從支付到驗證再到整個平台的身份驗證的集合體。關於你問題的最後一部分，我想問一下，事情進展如何？太令人鼓舞了。

As Dave mentioned that, we haven't seen cancellations or something for the macro environment. Frankly, I think with fraud, it's moving in our direction, which is highly encouraging to us. I will say that, we're still gaining our sea legs, history, one quarter, we're not going to ring the bell after one quarter, but it's a nice one to have behind us. Things will go up and down over time, but we really like the hand that we've been dealt and look forward to executing it against that going forward.

正如戴夫所提到的，我們還沒有看到宏觀環境中出現取消或其他情況。坦白說，我認為詐欺行為正在朝著我們的方向發展，這對我們來說非常令人鼓舞。我想說的是，我們仍在適應歷史，一個季度之後，我們不會敲響警鐘，但有一個季度過去了，對我們來說是一件好事。隨著時間的推移，事情會有起伏，但我們真的很喜歡我們所得到的待遇，並期待在未來繼續執行。

Okay. That's helpful. And then just on guidance, you obviously had a strong quarter and good to see the EBITDA raise. But on the maintain top line guide, can you talk about whether there were any kind of pull forwards that helped drive the strength in the quarter? Or whether that maintain top line guide is really just reflecting some added prudence related to the current macro environment?

好的。這很有幫助。然後僅從指導來看，您顯然有一個強勁的季度，並且很高興看到 EBITDA 的成長。但是在維持營收指引方面，您能否談談是否有任何形式的推動因素幫助推動了本季的強勁成長？或者維持營收指引是否真的只是反映了與當前宏觀環境相關的一些額外的審慎態度？

Yeah, I can take that. Yes, we did see one very large mobile deposit customer order earlier than we expected in Q2 rather than in Q3, that was probably the majority of the overachievement versus our expectations. There was another customer that actually ordered on the mobile deposit side more than we expected. That's a good thing. So we were excited to see that happen, too.

是的，我可以接受。是的，我們確實看到一個非常大的行動存款客戶訂單比我們預期的在第二季度而不是在第三季度更早，這可能是超出我們預期的主要原因。實際上，還有另一位客戶在行動存款方面訂購的金額超出了我們的預期。這是一件好事。所以我們也很高興看到這種情況發生。

Okay. And then if I could just sneak one more in. Great to hear you now have data on, I think, 23% of checking accounts. I think the target was to reach $20 million ACV by the end of the year. So could you just talk about how you're progressing toward those targets?

好的。然後如果我能再偷偷地進去一個。很高興聽到您現在擁有我認為是 23% 的支票帳戶的數據。我認為目標是到今年年底達到 2000 萬美元的 ACV。那麼，您能否談談您目前在實現這些目標方面取得的進展？

Sure. So on the first part about that around the data sets on now 23%, and that's up significantly. The volumes that we're seeing going through our platform are ramping pretty substantially. More and more partners, as I mentioned, now both direct and indirect through partners coming in, more and more information, those are all great leading indicators of what's ahead. And so we like the progress.

當然。因此，關於第一部分，數據集現在約為 23%，而且增長顯著。我們看到透過我們平台的交易量正在大幅成長。正如我所提到的，現在越來越多的合作夥伴，無論是直接的還是間接的，透過合作夥伴的加入，越來越多的信息，這些都是未來的良好領先指標。因此我們喜歡這個進步。

Of course, I would say, and going back, Jake, one of your questions from several questions ago about one of the things to see that's on the frustrating part, these things take time, the time. We like to tell time by a watch, not by a calendar.

當然，我想說，回想一下，傑克，你之前幾個問題中的一個問題是，令人沮喪的事情之一，這些事情需要時間。我們喜歡用手錶而不是日曆來判斷時間。

And we need to -- how do we accelerate the cycles and the process to bring some of these to recognize revenue sooner and close them out and get them up and running. But we're in it for the long haul, so some of these things take longer. But we like the direction. We like where we're headed and feel good about moving forward against our goals.

我們需要——如何加速這些週期和流程，以便更快地確認收入、結束收入並使其啟動並運行。但我們要長期堅持，所以有些事情需要更長的時間。但我們喜歡這個方向。我們喜歡我們所前進的方向，並且對朝著目標前進感到高興。

Very helpful. Thanks for taking the questions and congrats on the solid results.

非常有幫助。感謝您回答問題，並祝賀您所取得的堅實成果。

Thanks, Jake.

謝謝，傑克。

Mike Grondahl, Northland Securities.

北國證券公司的麥克‧格隆達爾 (Mike Grondahl)。

Hey guys. This is Luke on for Mike. Congrats on the quarter. Just wanted to touch on your earlier comments on the kind of modernized document onboarding system. I'm wondering if there's any sort of way to quantify just how much quicker this process is with this sort of automation and cycle times.

嘿，大家好。這是盧克代替麥克上場。恭喜本季取得佳績。只是想談談您之前對現代化文件入職系統的評論。我想知道是否有某種方法可以量化這種自動化和週期時間可以讓這個過程快多少。

Good afternoon, Luke, thanks for the acknowledgement. It's like I said, we've just done it in the US and now we're moving to broaden that out over the UK and Europe. It's a meaningful acceleration, in particular because when it takes so long, when our systems it -- our systems are seeing is unclassified, we're having to then do a lot of this manually.

下午好，盧克，謝謝你的認可。就像我說的，我們剛剛在美國做到了這一點，現在我們正準備將其擴展到英國和歐洲。這是一個有意義的加速，特別是因為當它花費很長時間時，當我們的系統看到未分類的資訊時，我們必須手動完成很多工作。

It's taking longer for customers and the customer experience. So the more we can accelerate and rapidly accelerate that, the better. I don't have data for you on exactly the percentage. Over time, we'll see it. I don't want to be premature on exactly what the number would be, but it's potentially meaningful from cycle time.

顧客和顧客體驗需要更長的時間。因此，我們越能加速並快速加速這一進程，就越好。我沒有確切的百分比數據。隨著時間的推移，我們就會看到它。我不想過早透露這個數字到底是多少，但從週期時間來看它可能很有意義。

And then, again, it goes back to a line that we talked about earlier. It's also a another great acknowledgement for our terrific machine learning, AI resources, and R&D that, hey, looking at the business, how do we continue to improve profitability, scalability, automate different functions across the system? This is something the team jumped on and brought to life. So we'll keep you apprised.

然後，它又回到了我們之前討論過的路線。這也是對我們出色的機器學習、人工智慧資源和研發能力的又一次極大認可，嘿，縱觀業務，我們如何繼續提高盈利能力、可擴展性、實現整個系統的不同功能的自動化？這是團隊積極參與並實現的目標。因此我們會隨時向您通報最新情況。

Got it. Thanks for that. And then just on SaaS revenue, up 15% year over year, now accounts for 40% of revenue mix, I think that was up from 39% last quarter. I guess, just how do you kind of see this mix trending in the years to come? And where do you kind of expect that to normalize that at the current business?

知道了。謝謝。僅就 SaaS 收入而言，年增 15%，目前佔收入組合的 40%，我認為這比上一季的 39% 有所上升。我想，您如何看待這種混合在未來幾年的流行趨勢？您希望在當前業務中如何實現正常化？

Well, what we outlined at the earlier part of the year is that, our goal was to going into '26 as soon as we could to see the majority of our revenue. So more than half of that coming from SaaS-related. Clearly, what's driving this are our fraud platform, focusing on payments with checks, as well as all the identity, all the SaaS side on the identity verification, the biometric layered into the products that are all SaaS.

嗯，我們在今年早些時候概述的是，我們的目標是盡快進入 26 年，以實現大部分收入。其中超過一半來自 SaaS 相關領域。顯然，推動這一進程的是我們的詐騙平台，該平台專注於支票付款，以及所有身分、所有 SaaS 方面的身份驗證、分層到所有 SaaS 產品中的生物識別技術。

So it's really a combination of those that are driving that, and we just aspire to -- we want all sides of the P&L to go up, but we'd just like to see that SaaS become a majority to add more durability and consistency to our top side.

因此，這實際上是推動這一進程的多種因素的結合，我們只是渴望——我們希望損益表的各個方面都上升，但我們只是希望看到 SaaS 成為主流，從而為我們的營收增加更多的持久性和一致性。

Yeah and the reason we have optimism around it is those are the products that are kind of moving from their nascent stage and starting to really grow, so that's where we have the most growth potential, and those are all SaaS products.

是的，我們對此感到樂觀的原因是這些產品剛走出初期階段，開始真正成長，因此，這些產品是我們擁有最大成長潛力的領域，而這些都是 SaaS 產品。

Okay. Got it. Thanks for the color there, guys. And appreciate you taking the questions and congrats on the quarter.

好的。知道了。謝謝你們的色彩，夥伴們。感謝您回答問題並祝賀本季取得的成績。

Thanks, Luke.

謝謝，盧克。

Derek Greenberg, Maxim Group LLC.

德里克·格林伯格（Derek Greenberg），Maxim Group LLC。

Hey guys. Congrats on the quarter. My first question is just on second half seasonality. I know you outlined at the beginning of the year that you expected this to be similar to '24, where 26% of revenue was in the third quarter and 25% was in the fourth quarter.

嘿，大家好。恭喜本季取得佳績。我的第一個問題是關於下半年的季節性。我知道您在年初曾概述過，您預計今年的情況將與 24 年類似，其中 26% 的收入來自第三季度，25% 的收入來自第四季度。

I heard you talk about how some of that order volume was pulled into the second quarter, and there was also higher anticipated revenue from another customer. I was just wondering how the pacing of this has changed, if at all, going forward.

我聽到您談到部分訂單量是如何被拉到第二季度的，而且另一位客戶的預期收入也更高。我只是想知道，如果有的話，這種節奏在未來會發生怎樣的變化。

No, typically, the answer is, it's not changing much from what we've guided previously. Typically, we see Q1 and Q4 as our lower quarters. That's related to -- mostly related to mobile deposit, software license revenue, which fluctuates, and it's just a deal timing issue more than anything else. I said in my remarks that we thought Q3 would be a little higher than Q4, which follows the same pattern that we drew before.

不，通常來說，答案是，它與我們之前指導的內容相比並沒有太大變化。通常，我們將第一季和第四季視為較低的季度。這主要與行動存款、軟體授權收入有關，這些收入是波動的，而且這主要是交易時機問題。我在發言中說過，我們認為第三季的成長率會略高於第四季度，這與我們之前繪製的模式相同。

Okay. Got it. Thanks. That's helpful. And then, returning to your Software-as-a-Service revenue goal of more than half of total revenue. Is that for calendar '26 or fiscal '26? Could you just be more specific there?

好的。知道了。謝謝。這很有幫助。然後，回到軟體即服務收入佔總收入一半以上的目標。這是 26 年曆還是 26 年財政年度？能更具體一點嗎？

Yeah, that's a goal of ours. We didn't set necessarily for this year, but something that we do have line of sight, we believe, too.

是的，這是我們的目標。我們沒有為今年設定明確的目標，但我們相信，我們確實已經看到了一些跡象。

Okay. Got it. And then, I noticed you guys had put out a press release earlier just talking about a submission to an opportunity with the Department of Homeland Security. I was wondering if you could just talk about this a little bit more.

好的。知道了。然後，我注意到你們早些時候發布了一份新聞稿，只是談論向國土安全部提交一個機會。我想知道您是否可以再多談這個問題。

Actually, I think what you're referring to is something that we put out, where the Department of Homeland Security ran an assessment looking at various liveness applications and biometric, and where we had submitted on that, as well as others doing both active and passive liveness, and assessing those relative to the market.

實際上，我認為您指的是我們發布的產品，國土安全部對各種活體應用和生物識別技術進行了評估，我們提交了相關報告，其他人也進行了主動和被動活體檢測，並根據市場對這些報告進行了評估。

The great news is, our results were terrific. We led the industry in terms of responsiveness with the positives and picking up fraud, as well as how fast it was, and then the potential latency from other systems. So we came out ahead. It was done on a blind basis, so you only knew what your own results were.

好消息是，我們的成果非常棒。我們在回應能力、發現詐欺行為的能力、回應速度以及其他系統的潛在延遲方面處於行業領先地位。因此我們領先了。這是盲測，所以只有你自己知道結果。

But we -- team did a terrific job and really just recognizes our passive liveness capabilities and the need for those now is a recognition from the market on the DHS, looking at that, assessing that, and seeing that Mitek solutions were leading the market.

但我們 - 團隊做得非常出色，並且真正認識到我們的被動活躍能力，現在對這些能力的需求是來自 DHS 市場的認可，我們對此進行了觀察、評估，並看到 Mitek 解決方案引領著市場。

Okay. That makes sense. And then just my final question. Thinking of organic growth and your selling and marketing initiatives, I was wondering how much of growth we should expect to come from new business versus cross-sell and expansion with current clients?

好的。這很有道理。這是我的最後一個問題。考慮到有機成長和您的銷售和行銷計劃，我想知道我們應該期望多少成長來自新業務，而不是交叉銷售和向現有客戶的擴張？

I would just say the answer is yes. I mean, it's a focus on organic. We want to continue to add new logos and new relationships like we have been and continue to expand with our existing relationships. We have terrific ones.

我只能說答案是肯定的。我的意思是，它注重有機。我們希望像以前一樣繼續增加新的標誌和新的關係，並繼續擴大我們現有的關係。我們有非常棒的。

We're rolling out new products, new solutions that are new to the market and obviously, very timely with some of the need and the fraud that we're seeing, particularly around the biometrics, the liveness that we just talked about.

我們正在推出新產品、新解決方案，這些都是新上市的，顯然，這些產品和解決方案非常及時，可以滿足我們看到的一些需求和欺詐行為，特別是圍繞生物識別技術和我們剛才談到的活體識別技術。

And frankly, some that's been out there but now is beginning to see its day is around authentication that's authenticating back to -- biometrically back to a verified identity and something that we're fairly unique in and can offer. In my visits with customers and prospects, this is what we've been hearing and very encouraged about our position on that.

坦白說，一些已經存在但現在開始看到它的時代的技術是關於身份驗證的，即通過生物識別技術驗證回已驗證的身份，這是我們相當獨特並且可以提供的技術。在我拜訪客戶和潛在客戶的過程中，我們聽到的都是這樣的，我們對此的立場感到非常鼓舞。

And our focus as a company, as I outlined two quarters ago and as Dave and I have talked about, we're focused on organic growth and doing whatever is necessary to continue to accelerate that. And honestly, that's going to go up and down quarter to quarter. Some peers look better than others, but we're encouraged about the pace right now.

正如我在兩個季度前概述的以及戴夫和我談到的，我們作為一家公司的重點是有機成長，並盡一切必要努力繼續加速這一成長。老實說，這個數字每季都會有所波動。有些同行看起來比其他同行更好，但我們對目前的步伐感到鼓舞。

Okay, great. Thanks for the color.

好的，太好了。謝謝你的顏色。

This concludes our question-and-answer session. I'd like to turn the conference back over to Todd Kehrli for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Todd Kehrli 來做結束語。

Thank you, operator, and thank you all for joining us today and for your continued support. As always, if you have any follow-up questions, please contact me and we can set up a follow-up call. Thanks and have a great rest of your day.

謝謝接線員，也謝謝大家今天的加入我們以及你們一直以來的支持。像往常一樣，如果您有任何後續問題，請聯繫我，我們可以安排後續電話。謝謝，祝您今天剩餘時間過得愉快。

Very good. Thank you.

非常好。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。