Mitek Systems Inc (MITK) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Mitek reports fiscal 2025 third-quarter financial results. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

女士們、先生們，下午好，歡迎來到 Mitek 發布 2025 財年第三季財務業績報告。（操作員指示）本次通話於2025年8月7日星期四進行錄音。

I would now like to turn the conference over to Ryan Flanagan, ICR. Please go ahead.

現在我謹將會議交給 ICR 的 Ryan Flanagan。請繼續。

Thank you, operator. Good afternoon, and welcome to Mitek's fiscal 2025 third-quarter earnings conference call. With me on today's call are: Mitek's CEO, Ed West; and CFO, Dave Lyle. Before I turn the call over to Ed, I'd like to cover a few quick items.

謝謝接線生。下午好，歡迎參加 Mitek 2025 財年第三季財報電話會議。今天和我一起參加電話會議的有：Mitek 的執行長 Ed West；以及財務長 Dave Lyle。在把電話交給艾德之前，我想先簡單說幾件事。

Today, Mitek issued a press release announcing its financial results for the fiscal 2025 third quarter ended June 30, 2025. That release is available on the company's website at miteksystems.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

今天，Mitek 發布新聞稿，公佈了截至 2025 年 6 月 30 日的 2025 財年第三季財務業績。新聞稿可在本公司網站miteksystems.com上查閱。本次電話會議將透過網路直播，供所有有興趣的人士收聽，網路直播錄影將存檔於公司網站的投資者關係頁面。

I want to remind everyone that on today's call, management will discuss certain factors likely to influence the business going forward. Any factors discussed today that are not historical facts, particularly comments regarding our long-term prospects and market opportunities, should be considered forward-looking statements. These forward-looking statements may include comments about the company's plans and expectations for future performance. Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially.

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公司未來發展的因素。今天討論的任何非歷史事實的因素，特別是關於我們長期前景和市場機會的評論，都應被視為前瞻性陳述。這些前瞻性陳述可能包括有關公司未來計劃和業績預期方面的評論。前瞻性陳述受多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。

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. Our statements on this call are made as of today, August 7, 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.

我們鼓勵所有聽眾查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 和 10-Q 表格，以全面了解這些風險。我們在本次電話會議的聲明截至今日（2025 年 8 月 7 日）有效，本公司不承擔因新資訊、未來事件、預期變更或其他原因而公開修訂或更新本文所載任何前瞻性聲明的義務。

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 periods reported in the release.

此外，在本次電話會議中，我們將討論一些非GAAP財務指標。今天的獲利報告和相關的 8-K 表格目前報告描述了我們 GAAP 和非 GAAP 報告之間的差異，並列出了報告中報告期間的兩者之間的調整表。

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

接下來，我將把電話交給 Mitek 的執行長 Ed West。艾德？

Great. Thanks, Ryan. Good afternoon, and thank you for joining us today, and welcome to our Q3 update call. This has been a solid quarter in terms of business performance. But even more importantly, it marks a quarter of disciplined execution against the objectives that we outlined at the beginning of the year.

偉大的。謝謝你，瑞恩。下午好，感謝各位今天參加我們的第三季業績更新電話會議。從業務表現來看，本季表現穩健。但更重要的是，這標誌著我們按照年初制定的目標，有條不紊地執行了四分之一的工作。

Let me start with three key takeaways from the quarter:

首先，我想總結本季的三個主要要點：

First, based on the growth and operational efficiencies that we've implemented, we are rapidly approaching the fulcrum point for durable profitability in our Identity product portfolio.

首先，基於我們已實施的成長和營運效率，我們正迅速接近身份產品組合實現持久獲利能力的關鍵點。

Second, our Fraud and Identity solutions continue to grow and scale, posting 23% year-over-year SaaS revenue growth and representing over 41% of total revenue for the last 12 months.

其次，我們的詐欺和身分解決方案持續成長和擴大規模，SaaS 營收年增 23%，在過去 12 個月中佔總營收的 41% 以上。

And third, we're running the business with sharper operational discipline. Free cash flow for the last 12 months was $56 million, representing a 99% conversion rate.

第三，我們以更嚴格的營運紀律來經營業務。過去 12 個月的自由現金流為 5,600 萬美元，轉換率為 99%。

Now for those of you newer to the Mitek story, we provide the core Identity and Fraud infrastructure that high assurance businesses rely on to operate securely in today's dynamic threat environment. Our technology verifies identities and documents, authenticates users and detects fraud from onboarding to login to transactions. We serve over 7,000 organizations globally, including top banks, fintechs and telecom providers.

對於那些還不了解 Mitek 的人來說，我們提供核心的身分和詐欺基礎設施，這是高安全保障企業在當今動態威脅環境中安全運作所依賴的。我們的技術可以驗證身份和文件，驗證使用者身份，並偵測從註冊到登入再到交易的詐欺行為。我們為全球超過 7,000 家機構提供服務，其中包括頂級銀行、金融科技公司和電信營運商。

Mitek's platform has become important for companies that need to balance security with a seamless user experience, especially today when fraud is increasingly driven by generative AI and synthetic identity attacks. Generative AI has essentially allowed fraud to be democratized.

Mitek 的平台對於需要在安全性和無縫用戶體驗之間取得平衡的公司來說變得非常重要，尤其是在當今詐欺行為日益受到生成式人工智慧和合成身分攻擊的影響的情況下。生成式人工智慧實際上使詐欺行為變得普遍化了。

Our solutions span the customer journey from onboarding to authentication to transaction monitoring. This includes our identity verification and orchestration platform, MiVIP, which helps customers onboard users securely and at scale, biometric authentication tools like MiPass and our mobile deposit technology, which has revolutionized consumer banking and supports approximately 1.2 billion transactions annually. Each solution is underpinned by advanced AI, proprietary biometrics and automation technologies and are all delivered via software solutions.

我們的解決方案涵蓋客戶旅程的整個過程，從註冊到身份驗證再到交易監控。這包括我們的身份驗證和編排平台 MiVIP，它可以幫助客戶安全、大規模地接納用戶；生物識別認證工具，如 MiPass；以及我們的行動存款技術，該技術徹底改變了消費者銀行業務，每年支援約 12 億筆交易。每個解決方案都以先進的人工智慧、專有生物識別技術和自動化技術為基礎，並且全部透過軟體解決方案交付。

Underlying this platform is a powerful and growing data asset, our fraud prevention consortium, now encompassing approximately one-fourth of all US checking accounts or around 100 million accounts. That footprint continues to expand as we onboard new financial institutions and as existing members contribute more data, whether through newly opened accounts or checks received from customers at other banks. In either case, the data flows through our systems to detect fraud.

該平台的基礎是一個強大且不斷增長的數據資產——我們的反詐騙聯盟，目前涵蓋了大約四分之一的美國支票帳戶，約 1 億個帳戶。隨著我們不斷吸收新的金融機構，以及現有會員透過新開帳戶或從其他銀行客戶收到的支票等方式貢獻更多數據，我們的業務範圍仍在不斷擴大。無論哪種情況，資料都會流經我們的系統以偵測詐欺行為。

Now let's move to the progress against the four strategic pillars that we outlined in prior quarters. As a reminder, those four pillars are: first, strengthening our foundation; second, scaling Identity; third, expanding Fraud solutions; and fourth, driving operational excellence.

現在讓我們來看看前幾季提出的四大策略支柱的進展。再次提醒大家，這四大支柱分別是：第一，加強我們的基礎；第二，擴大身分認證規模；第三，擴展詐欺解決方案；第四，推動卓越營運。

On the first pillar, which is strengthening our foundation, this quarter, we continued transforming how we operate with tangible changes now visible across every function of the business. Teams across R&D, Marketing, Product, Engineering and G&A are being aligned on platform execution with simpler systems and clear accountability, enabling reinvestment without increasing our cost base as we position Mitek to drive durable, profitable growth in fiscal '26 and beyond.

在第一支柱——加強我們的基礎——方面，本季我們繼續轉變營運方式，現在公司各個職能部門都發生了實際的變化。研發、行銷、產品、工程和行政管理等各個團隊正在透過更簡單的系統和明確的責任制來協調平台執行，從而在不增加成本基礎的情況下實現再投資，使 Mitek 能夠在 2026 財年及以後實現持久、盈利的增長。

Over the last 12 months, we improved our unit economics by automating more of our transactions and modernizing our technology stack, which has improved our cost of goods sold. Overall, our non-GAAP operating expense intensity has improved from 64% down to 55% of last 12 months revenue, driven primarily by reductions in vendor spend. These actions have not only lowered our structural cost base, but they've also sharpened our execution with a heightened focus on profitability.

在過去的 12 個月裡，我們透過自動化更多交易和更新技術堆疊，提高了單位經濟效益，從而降低了銷售成本。整體而言，我們的非GAAP營運費用強度已從過去12個月收入的64%下降到55%，這主要是由於供應商支出減少所致。這些措施不僅降低了我們的結構性成本基礎，而且透過更加重視獲利能力，提高了我們的執行力。

On the technology front, we made further progress automating key workflows and laying the groundwork for a unified, scalable platform. We've also expanded our use of the AI-assisted development tools across engineering, helping us activate customers more efficiently. Behind the scenes we've continued building out our data science capabilities, which is an important evolution in our shift towards intelligence-driven fraud prevention.

在技​​術方面，我們在自動化關鍵工作流程方面取得了進一步進展，並為統一、可擴展的平台奠定了基礎。我們也擴大了人工智慧輔助開發工具在工程領域的應用，幫助我們更有效率地啟動客戶。在幕後，我們一直在不斷增強數據科學能力，這是我們向智慧驅動型詐欺防制轉型過程中的重要發展階段。

Now moving on to the second pillar, which is scaling Identity. We are nearing the fulcrum point where our Identity product portfolio is contributing positively on a fully burdened and durable basis. We are making excellent progress towards this important milestone. Trailing 12-month Identity revenue has reached $75 million, up 13% year-over-year. During this time, we have also improved the fulcrum point to less than $80 million on a fully burdened basis and a result of the efficiency and scale gains.

接下來是第二支柱，也就是身分認證的擴展。我們正接近一個關鍵節點，我們的身分識別產品組合將以全面且持久的方式做出積極貢獻。我們朝著這個重要里程碑取得優異進展。過去 12 個月的識別收入達到 7,500 萬美元，較去年同期成長 13%。在此期間，由於效率和規模的提高，我們的支點也降低到完全負擔基礎上的 8,000 萬美元以下。

This is not just a financial milestone, it's a structural turning point.

這不僅是一個財務里程碑，更是一個結構性轉捩點。

Identity, which was previously a margin drag, is now helping fund the broader business. It's important to note that on a contribution basis before allocating overhead, Identity is contributing positively today. That shift reflects the disciplined execution over the past year, driven by increased automation, improved gross profit per transaction and transaction volumes reaching a scale that efficiently leverages a predominantly fixed cost base.

身分識別業務以前是利潤​​率的拖累因素，現在卻有助於為更廣泛的業務提供資金。值得注意的是，在不分配間接費用的情況下，身分功能目前對收益做出了積極貢獻。這一轉變反映了過去一年來嚴謹的執行力，這得益於自動化程度的提高、每筆交易毛利潤的改善以及交易量達到能夠有效利用以固定成本為主的規模。

MiVIP continues to lead the portfolio in transaction growth with more identity journeys incorporating advanced verification steps like liveness detection, face match, deep fake analysis and behavioral signals. These multilayered workflows are materially improving unit economics.

MiVIP 在交易成長方面繼續引領產品組合，更多身份驗證流程融入了先進的驗證步驟，例如活體檢測、人臉匹配、深度偽造分析和行為訊號。這些多層工作流程從根本上改善了單位經濟效益。

Just as important, we're seeing real convergence between Identity and Fraud. Customers are increasingly looking to deploy both together across onboarding, transaction verification and step-up authentication. This convergence is accelerating our evolution into a unified full stack platform that secures the customer journey from first touch through transaction verification to ongoing engagement.

同樣重要的是，我們看到身分識別和詐騙之間正在真正融合。客戶越來越希望在客戶註冊、交易驗證和升級身份驗證過程中同時部署這兩項技術。這種融合正在加速我們向統一的全端平台演進，該平台能夠保障客戶從首次接觸到交易驗證再到持續互動的整個旅程。

As fraud continues to grow more sophisticated, we are seeing increased customer interest for MiPass, Mitek's authentication solution. We're fielding more authentication opportunities and embedding identity verification at critical points in the user journey to build trust, reduce friction and strengthen security. Our solution encompasses a highly secure passwordless biometric authentication, all back to a verified identity.

隨著詐欺手段日益複雜，我們看到客戶對 Mitek 的身份驗證解決方案 MiPass 的興趣日益濃厚。我們正在提供更多身份驗證機會，並在用戶旅程的關鍵點嵌入身份驗證，以建立信任、減少摩擦並加強安全性。我們的解決方案包含高度安全的無密碼生物辨識認證，最終實現身份驗證。

As an example, a leading U.K. financial institution significantly expanded its commitment to Mitek this quarter by deploying MiPass in multiple new use cases. What began as a single reauthentication use case has grown into a broad set of high-risk scenarios such as payment authorization and changes to personal information.

例如，英國一家領先的金融機構在本季大幅增加了對 Mitek 的投入，在多個新的用例中部署了 MiPass。最初只是一個重新認證的用例，現在已經發展成為一系列高風險場景，例如支付授權和個人資訊變更。

Unlike traditional verification, which is typically used once at sign-up, MiPass enables transactional authentication that secures interactions across the bank's existing customer base. By replacing outdated tools, MiPass is helping the institution deliver faster, more secure digital experiences at scale, saving time for consumers while strengthening fraud defenses.

與傳統註冊時通常使用一次的傳統驗證不同，MiPass 可進行交易認證，保障銀行現有客戶群的互動安全。MiPass 透過替換過時的工具，幫助機構大規模地提供更快、更安全的數位體驗，既節省了消費者的時間，也加強了防詐騙能力。

Now naturally, the expanding role in Identity is closely linked to the growing demand for real-time fraud prevention, which is our third pillar. Check Fraud Defender continues to scale with annual contract value reaching approximately $13.1 million, up 56% year-over-year. Enterprise banking deployments at Check Fraud Defender tend to unfold through multistage rollouts with validation cycles and complex procurement processes.

當然，身分識別領域的角色日益擴大，這與即時防詐騙的需求不斷增長密切相關，而即時防詐騙正是我們的第三大支柱。Check Fraud Defender 的業務持續成長，年度合約價值達到約 1,310 萬美元，年增 56%。Check Fraud Defender 的企業銀行部署往往透過多階段推廣、驗證週期和複雜的採購流程來實現。

We continue to run test cycles all the while negotiating the contracts to enroll several large, well-known FIs. Accordingly, we have good visibility towards a potential step-up in ACV growth. We're also seeing strong momentum through our channel partner network. In Q3 alone, we closed nearly 40 new FIs who joined as partners -- through partners, expanding our reach into the long tail of community and regional institutions.

我們一邊繼續進行測試週期，一邊與幾家大型知名金融機構洽談合同，以吸引他們加入。因此，我們對 ACV 成長的潛在提升有良好的預期。我們也透過通路合作夥伴網路看到了強勁的發展動能。光是在第三季度，我們就新增了近 40 家金融機構作為合作夥伴——透過合作夥伴，我們將業務拓展到了社區和區域機構的廣大領域。

As I mentioned earlier, Check Fraud Defender now has visibility into check activity from approximately one-fourth of all US checking accounts, which includes mostly production and a small amount of pilot data. This trajectory highlights the growing engagement with our platform and its increasing relevance as a source of real-time industry-wide fraud intelligence. What we're building with Check Fraud Defender is just the starting point. We see this as a foundation towards a broader enterprise fraud platform.

正如我之前提到的，Check Fraud Defender 現在可以查看大約四分之一的美國支票帳戶的支票活動，其中大部分是生產數據，少量是試點數據。這項發展軌跡凸顯了使用者對我們平台的參與度不斷提高，以及該平台作為即時產業詐欺情報來源的重要性日益增強。我們正在開發的 Check Fraud Defender 只是一個開始。我們認為這是建立更廣泛的企業級反詐騙平台的基礎。

Now on to our fourth and final pillar, building a more durable, cash-generative and fully integrated business model powered by disciplined operational excellence. While we continue to scale our Fraud and Identity solutions, we're equally focused on how we run the business, driving operational excellence that is first and foremost about the customer experience that delivers incremental value and insight while enabling us to do more with less. The latter is driven by leverage and focus.

現在我們進入第四個也是最後一個支柱，即建立一個更持久、更具現金流和完全一體化的商業模式，並以嚴謹的卓越營運為支撐。在我們不斷擴大詐欺和身分解決方案規模的同時，我們也同樣關注業務運營方式，致力於實現卓越運營，而卓越運營的首要目標是提升客戶體驗，從而創造更多價值和洞察力，並使我們能夠以更少的資源做更多的事情。後者是由槓桿作用和專注力所驅動的。

SaaS revenue now represents over 41% of trailing 12-month revenue, up from last quarter, a steady strategic mix shift that improves visibility, enhances scalability and positions us for long-term margin expansion. At the same time, we're instilling stronger financial discipline. Through tighter cost controls and more focused execution, we accelerated EBITDA growth and achieved a 99% free cash flow conversion rate on an LTM basis, giving us the flexibility to reinvest where it matters most.

SaaS 收入目前佔過去 12 個月收入的 41% 以上，較上一季度有所增長，這一穩步的戰略組合轉變提高了可見性，增強了可擴展性，並為長期利潤率擴張奠定了基礎。同時，我們正在培養更嚴格的財務紀律。透過更嚴格的成本控制和更專注的執行，我們加快了 EBITDA 成長，並實現了過去 12 個月 99% 的自由現金流轉換率，使我們能夠靈活地在最重要的地方進行再投資。

This quarter, we launched a series of company-wide efficiency initiatives spearheaded with precision and urgency by our new COO, Garrett Gafke, including a comprehensive vendor audit, renegotiation of major contracts and consolidation of legacy infrastructure. These efforts are already freeing up resources we're using to reinvest directly into the platform, advancing automation, improving performance and ultimately enhancing the customer experience.

本季度，我們推出了一系列全公司範圍的效率提升舉措，這些舉措由我們新任首席營運官加勒特·加夫克 (Garrett Gafke) 精準而迅速地領導，包括全面的供應商審計、主要合同的重新談判以及遺留基礎設施的整合。這些努力已經釋放出我們用於直接再投資於平台的資源，推動自動化，提高效能，最終提升客戶體驗。

We're also evaluating new opportunities to better align our go-to-market resources to support growth in our current geographies, strategic relationships and channel partnerships. As we look ahead to year-end, we anticipate ongoing changes to ensure our operating model is in alignment with the most compelling opportunities in Fraud and Identity. In short, we're operating with greater focus, tighter integration and a growing ability to convert operational discipline into product enhancements and innovation, margin expansion and free cash flow per share.

我們也在評估新的機會，以便更好地調整我們的市場推廣資源，以支持我們在現有地區、策略關係和通路合作夥伴關係中的成長。展望年底，我們預計將持續進行調整，以確保我們的營運模式與詐欺和身分識別領域最具吸引力的機會保持一致。簡而言之，我們正以更大的專注度、更緊密的整合以及越來越強的能力將營運紀律轉化為產品改進和創新、利潤率擴張和每股自由現金流。

In closing, I would like to summarize our journey over the past three quarters and how the business is evolving. Mitek comes from a history of several strong assets, ranging from pioneering model -- mobile deposit, which led to the credibility with thousands of financial institutions to leading technologies in nascent but evolving digital identity space, all supported by terrific technical talent and capabilities, all of which are the very reasons that I joined. These assets were clouded by CEO and CFO turnover, material weaknesses, years of late filings as a public company and unintegrated acquisitions. And we have made clear progress in putting that chapter behind us.

最後，我想總結一下我們過去三個季度的發展歷程以及業務的發展。Mitek 擁有多項強大的資產，從開創性的行動存款模式（贏得了數千家金融機構的信任）到新興但不斷發展的數位身分領域的領先技術，所有這些都得到了傑出的技術人才和能力的支持，而這正是我加入 Mitek 的原因。這些資產因執行長和財務長的頻繁更迭、重大缺陷、作為上市公司多年來遲交文件以及未整合的收購而蒙上陰影。我們在翻過那一頁方面已經取得了明顯的進展。

We have executed against the initiatives that we outlined at the beginning of the year, streamlining and integrating the business and moving the Identity product portfolio towards durable profitability. We are approaching the fulcrum point on a durable basis for Identity and believe we are well situated to reposition Mitek as a Fraud and Identity business that works with its customers to detect and prevent fraud. As a result of growing and persistent AI-driven fraud, customers are asking for integrated platforms that unify identity, authentication and fraud detection, purpose-built to protect what's real across every digital interaction, that is Mitek's purpose.

我們落實了年初制定的各項舉措，精簡並整合了業務，使身分識別產品組合朝著持續獲利的方向發展。我們正朝著身分識別領域持久發展的關鍵節點邁進，我們相信我們已經做好充分準備，將 Mitek 重新定位為詐騙和識別企業，與客戶合作，偵測和預防詐騙。由於人工智慧驅動的詐欺行為日益增多且持續不斷，客戶要求提供整合平台，統一身分、認證和詐欺檢測，旨在保護每一次數位互動中的真實信息，這就是 Mitek 的宗旨。

With that, I'm going to turn it over to Dave for some financial highlights and a discussion of our improved outlook.

接下來，我將把發言權交給戴夫，讓他介紹一些財務亮點並討論我們前景的改善。

Thanks, Ed. I'll begin with a review of our Q3 financial results, including the key drivers behind our performance and then provide context on how we're approaching the final quarter of the year and discuss our updated full year outlook.

謝謝，埃德。我將首先回顧我們第三季度的財務業績，包括推動我們業績成長的關鍵因素，然後介紹我們將如何應對今年最後一個季度，並討論我們更新後的全年展望。

For the third quarter, total revenue was $45.7 million, up 2% year-over-year, driven primarily by our Identity products, which grew 24% year-over-year, fueled by 19% growth in Identity SaaS and continued strength in transactional volumes. Deposits revenue came in as expected and in line with the quarterly seasonality associated with Mobile Deposit renewal timing as we outlined in prior calls.

第三季總營收為 4,570 萬美元，年成長 2%，主要得益於我們的身分識別產品，其年增 24%，其中身分認同 SaaS 成長 19%，交易量持續強勁成長。存款收入符合預期，與行動存款續約時間相關的季度季節性變化一致，正如我們在先前的電話會議中所述。

Our non-GAAP gross margin for the quarter was 85%, about 100 basis points less than a year ago due to a slight mix shift away from our higher-margin deposits products. Non-GAAP operating expense came in at $26.3 million at the lower end of our previous guidance range. This represents a 3% year-over-year improvement, driven by a broader focus on cost discipline and operational excellence. Adjusted EBITDA was $13.1 million, representing a solid 28.6% margin and 170 basis points better than a year ago.

本季我們的非GAAP毛利率為85%，比去年同期下降了約100個基點，原因是產品組合略有變化，減少了高利潤率存款產品的比例。非GAAP營運費用為2,630萬美元，處於我們先前預期範圍的下限。這比去年同期提高了 3%，主要得益於對成本控制和卓越營運的更廣泛關注。調整後 EBITDA 為 1,310 萬美元，利潤率為 28.6%，比去年同期成長了 170 個基點。

Turning now to the specifics of our revenue performance, starting with deposits products. Revenue was $26.2 million. As we've noted before, term license revenue, which is roughly 70% of the deposits mix can fluctuate meaningfully based on renewal timing, so we focus on trailing 12 months trends for a clearer view. Trailing 12-month license revenue totaled $69.1 million, just below our long-term average of $70 million, reflecting the continued resilience of the $1.2 billion Mobile Deposit annual transactions even as overall check volumes decline.

現在我們來具體分析我們的收入表現，先從存款產品說起。營收為2620萬美元。正如我們之前提到的，長期許可收入約佔存款組合的 70%，會根據續約時間發生顯著波動，因此我們關注過去 12 個月的趨勢，以便更清楚地了解情況。過去 12 個月的授權收入總計 6,910 萬美元，略低於我們 7,000 萬美元的長期平均水平，這反映出即使支票總量下降，12 億美元的行動存款年度交易量仍然保持韌性。

Notably, maintenance revenue in the deposits portfolio grew 4% year-over-year, supported by healthy renewal cycles and a few early renewal pull-ins, helping to smooth quarterly license variability.

值得注意的是，存款組合的維護收入年增 4%，這得益於健康的續約週期和一些提前續約的增加，從而有助於平緩季度許可證的波動。

Turning to our Fraud solutions within deposits. Check Fraud Defender continues to gain traction. Deposit SaaS revenue, where this product is primarily recognized, delivered growth of 55% year-over-year, albeit off of a small base. This was driven by organic usage growth and expansion across both direct and partner channels.

轉向我們的存款詐欺防範方案。Check Fraud Defender 持續獲得使用者的青睞。該產品主要在存款 SaaS 收入中實現同比增長 55%，儘管基數較小。這主要得益於直接通路和合作夥伴通路的自然成長和擴張。

In summary, our deposits product portfolio generated $103 million in revenue over the last 12 months, up modestly from $100 million a year ago, a reflection of the resilient but slower growth profile in deposit solutions, especially as the market for check-based workflows matures. Those pressures are increasingly being offset by growth in our Fraud Prevention solutions that solve a fundamentally different and more urgent problem, detecting and preventing fraud before losses occur.

總而言之，我們的存款產品組合在過去 12 個月中創造了 1.03 億美元的收入，比一年前的 1 億美元略有增長，這反映出存款解決方案具有韌性但增長速度放緩的特點，尤其是在基於支票的工作流程市場日趨成熟的情況下。這些壓力正日益被我們防詐欺解決方案的成長所抵消，這些解決方案解決了一個根本不同且更緊迫的問題，即在損失發生之前檢測和預防詐欺。

Now turning to Identity, which delivered another strong quarter with revenue up 24% year-over-year to $19.5 million, driven by a 19% increase in SaaS and solid performance across both our MiVIP platform and Mobile Verify Point solutions. SaaS growth was fueled by deeper adoption within existing accounts, especially in high assurance verticals and increased usage of complex multisignal journeys. We also saw higher-than-expected overages from several large customers, further boosting revenue.

現在來看看身分驗證業務，該業務又迎來了一個強勁的季度，營收年增 24% 至 1,950 萬美元，主要得益於 SaaS 業務成長 19%，以及 MiVIP 平台和行動驗證點解決方案的穩健表現。SaaS 的成長得益於現有客戶（尤其是高保障垂直產業）的更深入採用，以及對複雜多訊號旅程的更多使用。我們也發現幾位大客戶的超額費用高於預期，進一步推高了收入。

MiVIP continues to account for a growing share of identity journeys, reflecting growing demand for end-to-end orchestration. Importantly, customers are not only running more identity checks, they're embedding more verification steps across the user life cycle from onboarding to reauthentication and fraud remediation. These deeper integrations make the platform stickier and drive more durable revenue. As Ed mentioned, Identity is progressing in the right direction with improving contribution and greater scale efficiency.

MiVIP 在身分認證流程中所佔份額持續成長，反映出對端到端流程編排的需求不斷增長。重要的是，客戶不僅進行了更多的身份驗證，而且還在用戶生命週期的各個階段（從註冊到重新認證和詐欺補救）嵌入了更多的驗證步驟。這些更深層的整合使平台更具用戶黏性，並帶來更持久的收入。正如 Ed 所提到的，身分管理正朝著正確的方向發展，貢獻度不斷提高，規模效率也越來越高。

Turning to SaaS revenue and building on what Ed outlined, we continue to see strong SaaS momentum with SaaS revenue becoming an increasingly larger share of our mix today representing 41% of total trailing 12-month revenue.

再來看 SaaS 收入，在 Ed 概述的基礎上，我們繼續看到 SaaS 的強勁勢頭，SaaS 收入在我們目前的收入組合中所佔比例越來越大，佔過去 12 個月總收入的 41%。

Moving down the P&L. We delivered a non-GAAP gross margin of 85% in Q3, supported by strong unit economics across the business. This includes nearly 100% gross margin on software license revenue, primarily driven by Mobile Deposit and a 74% gross margin on services and other revenue, including our Identity SaaS offerings, which improved by approximately 200 basis points year-over-year.

向下移動損益表。第三季度，我們實現了 85% 的非 GAAP 毛利率，這得益於公司整體強勁的單位經濟效益。這包括軟體授權收入近 100% 的毛利率（主要由行動存款業務推動），以及服務和其他收入（包括我們的身分 SaaS 產品）74% 的毛利率（年增約 200 個基點）。

This expansion reflects operating leverage within our fixed cost services infrastructure as Identity volumes scale, combined with ongoing improvements in automation and delivery efficiency. These gains reflect the efficiency of our platform and the automation improvements discussed earlier. These trends reinforce our confidence that as the business continues shifting towards SaaS, the underlying margin profile will continue to strengthen, giving us greater flexibility to either expand profitably or reinvest in growth as attractive opportunities arise.

隨著身分識別業務量的擴大，以及自動化和交付效率的不斷提高，此次擴張反映了我們固定成本服務基礎設施的營運槓桿效應。這些收益反映了我們平台的效率以及前面討論過的自動化改進。這些趨勢增強了我們的信心，隨著業務繼續向 SaaS 轉型，潛在的利潤率將繼續增強，使我們有更大的靈活性，可以在出現有吸引力的機會時進行盈利擴張或再投資增長。

Non-GAAP operating expense for the quarter were $26.3 million, up modestly from $25.7 million in Q2, driven by higher sales commissions and fiscal year-end audit costs, partially offset by lower marketing and personnel-related expenses. We are particularly pleased with the continued improvement in G&A efficiency. On an LTM basis, non-GAAP G&A expenses improved by 18% year-over-year, reflecting our progress in streamlining external services and building a more scalable, cost-effective corporate function.

本季非GAAP營運費用為2,630萬美元，較第二季的2,570萬美元略有成長，主要原因是銷售佣金增加和財年末審計成本上升，但部分被行銷和人事相關費用下降所抵銷。我們對一般及行政管理效率的持續提高感到特別滿意。從過去 12 個月來看，非 GAAP 一般及行政費用年減 18%，這反映了我們在精簡外部服務和建構更具可擴展性、成本效益更高的企業職能方面取得的進展。

Adjusted EBITDA for Q3 2025 reached $13 million, up 8% year-over-year and representing a 28.6% adjusted EBITDA margin. After factoring in other income, interest and a modest increase in tax expense, this translated to $10.2 million in non-GAAP net income or $0.22 per diluted share on 46.8 million diluted shares outstanding.

2025 年第三季調整後 EBITDA 達到 1,300 萬美元，年增 8%，調整後 EBITDA 利潤率為 28.6%。在計入其他收入、利息和稅收支出略微增加後，這轉化為 1,020 萬美元的非 GAAP 淨收入，或每股攤薄收益 0.22 美元，流通股為 4,680 萬股。

Turning to our balance sheet and capital allocation strategy. Over the last 12 months, we generated $55.8 million of free cash flow, a 99% conversion of adjusted EBITDA, reflecting strong earnings quality, higher interest income and improved working capital efficiency. As the impact of interest arbitrage goes away when our convertible notes are retired and working capital improvements are lapped, we expect free cash flow to be predominantly driven by recurring contributions from our core operations.

接下來，我們來看看資產負債表和資本配置策略。在過去的 12 個月裡，我們產生了 5,580 萬美元的自由現金流，調整後 EBITDA 轉換率達到 99%，這反映了強勁的獲利品質、更高的利息收入和更高的營運資本效率。隨著可轉換債券的償還和營運資本改善的完成，利息套利的影響也將消失，我們預期自由現金流將主要由核心業務的經常性貢獻所驅動。

We ended Q3 in a healthy net cash position with over $175 million in cash and investments and $155 million in face value of convertible notes due February 2026. With the notes carrying a low 75 basis points coupon and a convertible feature trading well out of the money, we're earning favorable carry and intend to retire them at the most economically advantageous point. To support our flexibility, we already secured a $100 million credit facility in May, which remains undrawn.

第三季末，我們擁有健康的淨現金狀況，現金和投資超過 1.75 億美元，2026 年 2 月到期的可轉換債券面值為 1.55 億美元。由於這些票據的票息僅為 75 個基點，且可轉換特性處於深度價外狀態，因此我們獲得了有利的收益，並打算在經濟上最有利的時候贖回它們。為了支持我們的靈活性，我們已在 5 月獲得了 1 億美元的信貸額度，目前尚未動用。

Our strong financial position allows us to balance reinvestment in the business with shareholder returns. Since the authorization of our current $50 million buyback program was made in May of 2024, we've returned $29 million to shareholders, which includes $27.5 million executed through the end of Q3 '25 and $1.5 million since quarter end through end of trading yesterday, August 6, leaving $21 million remaining on the authorization.

我們雄厚的財務實力使我們能夠在業務再投資和股東回報之間取得平衡。自 2024 年 5 月批准目前的 5,000 萬美元股票回購計畫以來，我們已向股東返還了 2,900 萬美元，其中包括截至 2025 年第三季末執行的 2,750 萬美元，以及自季度末至昨日（8 月 6 日）交易結束執行的 1,50 萬美元，授權金額還剩 2100 萬美元。

We remain focused on disciplined capital allocation and building a more efficient, scalable business that delivers sustained free cash flow per share and long-term value. Against this backdrop, we are tightening our full year fiscal 2025 revenue guidance to a range of $174 million to $177 million with a $175.5 million midpoint, modestly above our prior guidance. This implies fourth quarter revenue of between $39 million and $42 million. This range reflects seasonally low mobile deposit revenue due to renewal deal timing with the high-end reflecting potential higher usage-based activity in Identity, which could drive incremental overages in Q4.

我們將繼續專注於有紀律的資本配置，並打造一個更有效率、可擴展的業務，以實現持續的每股自由現金流和長期價值。在此背景下，我們將 2025 財年全年營收預期收緊至 1.74 億美元至 1.77 億美元，中位數為 1.755 億美元，略高於我們先前的預期。這意味著第四季營收將在 3,900 萬美元至 4,200 萬美元之間。該範圍反映了由於續約協議時間表而導致的季節性行動存款收入較低，而高端則反映了身份驗證方面潛在的更高使用量活動，這可能會在第四季度推動增量超額費用。

On profitability, we are raising our full year adjusted EBITDA margin guidance to a range of 28% to 29%, up from 26% to 29% previously. This increase reflects the flow-through of our continued improvements in operational efficiency, a leaner G&A structure and stronger unit economics across both Identity and Deposits. For the fourth quarter, we expect non-GAAP operating expenses to be in the range of $25 million to $26 million, with depreciation at approximately 80 basis points of revenue.

在獲利能力方面，我們將全年調整後 EBITDA 利潤率預期從先前的 26% 至 29% 上調至 28% 至 29%。這一增長反映了我們在營運效率、精簡的行政管理結構以及身分識別和存款業務的單位經濟效益方面持續改進所帶來的正面影響。我們預計第四季非GAAP營運費用將在2,500萬美元至2,600萬美元之間，折舊約為營收的80個基點。

While we remain disciplined on cost, we will continue to invest in strategic priorities, particularly in unifying and enhancing our product portfolio. Overall, we're encouraged by continued SaaS momentum, improving unit economics and positive signals across key KPIs as we build on the operational discipline and strategic progress of the past year.

在保持成本控制的同時，我們將繼續投資於策略重點領域，特別是統一和增強我們的產品組合。整體而言，我們受到 SaaS 持續成長動能、單位經濟效益改善以及關鍵 KPI 各項指標正向訊號的鼓舞，同時我們也鞏固了過去一年在營運紀律和策略進展方面所取得的成就。

Looking ahead at fiscal year '26, our strategy centers on scaling a unified platform that integrates Identity, Authentication and Fraud. Product investments and go-to-market efforts are aligned around this foundation. And while the groundwork is well underway, we expect the benefits to build gradually over time, positioning fiscal year '26 as a year of continued execution and set up for scalable, durable growth.

展望 2026 財年，我們的策略重點是擴展一個整合身分、認證和詐欺的統一平台。產品投資和市場推廣工作都圍繞著這個基礎。雖然前期準備工作進展順利，但我們預計收益會隨著時間的推移逐步積累，使 2026 財年成為持續執行並為可擴展、可持續增長奠定基礎的一年。

Lastly, an important housekeeping item. Our updated investor presentation and Excel-based supplemental financial package for Q3 are now available on our newly revamped and redesigned Investor Relations website.

最後，還有一件重要的家事。我們更新的第三季投資人簡報和基於 Excel 的補充財務資料包現已在我們全新改版和重新設計的投資者關係網站上提供。

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

這樣，我就把電話轉回接線生，回答大家的問題。

(Operator Instructions)

（操作說明）

Mike Grondahl, Northland Securities.

Mike Grondahl，北地證券。

This is Logan on for Mike. First, so now with SaaS revenue up 23% year-over-year and being 41% of trailing 12-month revenue, how are you guys thinking about return to double-digit growth in 2026? Is there any updates to call on your strategy?

這裡是洛根替麥克報道。首先，鑑於 SaaS 營收年增 23%，佔過去 12 個月收入的 41%，你們認為 2026 年能否恢復兩位數成長？您的策略方面有任何更新嗎？

No, we're -- a couple of things here. We're not going to guide 2026 in this call. We'll do that in our next earnings call. But just to provide some preliminary color on 2026, we think next year is going to be a year of continued execution, where we'll focus on unifying our platform and continuing to strengthen our foundation.

不，我們這裡有兩件事。本次電話會議我們不會對2026年進行預測。我們將在下次財報電話會議上討論這個問題。但為了初步展望 2026 年，我們認為明年將是繼續執行的一年，我們將專注於統一我們的平台並繼續加強我們的基礎。

We anticipate also revenue growth to come out of the SaaS solutions, primarily the Fraud and Identity products. And we also anticipate that cost discipline will allow us to reinvest in the areas that matter most, which is really the long-term platform transformation.

我們預計 SaaS 解決方案，特別是詐欺和識別產品，也將帶來收入成長。我們也預計，成本控制將使我們能夠將資金重新投入最重要的領域，也就是真正的長期平台轉型。

Then, is there anything to call out? We saw that deposit software revenue was down 20% year-over-year. How are you guys viewing that going forward? Is that expected to stabilize in the coming quarters?

那麼，還有什麼需要指出的嗎？我們發現存款軟體收入較去年同期下降了 20%。你們對未來的發展有什麼看法？預計未來幾季情況會趨於穩定嗎？

Well, we've seen -- on the transaction volume side, we've seen real stability quarter-to-quarter LTM. So we're pretty happy about that. We've managed to offset any reduction that we see out there in potential revenue declines with increases in ASPs over time. So we've done a good job there.

嗯，從交易量方面來看，我們已經看到季度間的穩定性，過去12個月的數據也保持穩定。所以對此我們非常滿意。隨著時間的推移，我們透過提高平均售價來抵消了潛在收入下降帶來的任何損失。所以我們在那方面做得很好。

I think overall there, Logan, is, again, I think it's important for the Mobile Deposit side of the business is looking at on a trailing 12-month basis. And as Dave mentioned in his points, trailing 12-month revenue there is pretty well in line with historical levels. And as we've mentioned on previous calls that we've seen transactions around -- approximately around that 1.2 billion transactions a year on the underlying use of the solution.

我認為總的來說，Logan，我認為行動存款業務方面重要的是要著眼於過去 12 個月的業績。正如戴夫在他的觀點中所提到的，過去 12 個月的收入與歷史水準基本一致。正如我們在先前的電話會議中提到的，我們看到該解決方案底層應用每年約有 12 億筆交易。

So overall, it's been relatively stable. It's just not to get caught up. That's part of the problem on where -- how it was originally set up in terms of selling the software. So it just led to a very jumpiness, which is why strategically, to the first part of your question, one of our clear priorities is growing the SaaS part of the business and now seeing that at 41%. And we outlined a while back, it's our goal to try to get where the business, the majority of that is SaaS driven, to get better visibility and stability to the business.

所以整體而言，情況相對穩定。關鍵是不要被捲入其中。問題的一部分在於軟體最初的銷售模式。所以這導致了非常不穩定，因此，從戰略角度來看，對於你問題的第一部分，我們明確的優先事項之一是發展 SaaS 業務，現在我們看到這部分業務佔比達到了 41%。我們之前已經概述過，我們的目標是努力讓業務（其中大部分是 SaaS 驅動的）獲得更好的可見性和穩定性。

Yes. And I'll just add one more thing here, Logan, which is if you actually look at what we said in our last earnings call about Q2. Q2 was our largest revenue quarter, really, I think, in the history of Mitek's -- Mitek history. That was driven by the deposit side. And some of that uptick that we saw was just deal timing, deal timing on the renewal side, where we actually saw some revenue get pulled in from the quarter we had expected it, which was this third quarter.

是的。洛根，我還要補充一點，如果你仔細看看我們在上次財報電話會議上對第二季的發言。第二季度是我們收入最高的季度，我認為，這在 Mitek 的歷史上是前所未有的。這是由存款方面所驅動的。我們看到的部分成長只是交易時機，續約方面的交易時機，我們實際上看到一些收入從我們預期的季度（即第三季）被拉了過來。

So this is kind of all where we think it would be going forward. And on an LTM basis, we're feeling pretty good about it.

所以，這就是我們對未來發展方向的大致看法。從長期來看，我們感覺相當不錯。

That was helpful. Then switching over to Check Fraud Defender. How is the pipeline looking for new partners? And anything big to call out kind of in the near term?

那很有幫助。然後切換到 Check Fraud Defender。目前該業務線如何尋找新的合作夥伴？近期有什麼值得一提的大事嗎？

Well, I would tell you in terms of the ongoing dialogue and conversations, they're excellent. We're having conversations with multiple partners. As you know, we're -- we have significant relationships with many of the large OEM and processors in the industry, and we continue the ongoing dialogue there. Our current partners have been doing terrific. As I mentioned, nearly 40 new institutions (inaudible) came into the consortium this past quarter, and there's more underway.

就目前進行的對話和交流而言，我認為它們非常出色。我們正在與多個合作夥伴進行洽談。如您所知，我們與業內許多大型 OEM 廠商和處理器廠商建立了重要的合作關係，並且我們一直在與他們保持對話。我們目前的合作夥伴表現非常出色。正如我之前提到的，上個季度有近 40 家新機構（聽不清楚）加入了該聯盟，而且還有更多機構正在加入。

At the same time, we have some fairly large institutions that are in a pilot phase right now and who are ongoing and testing and evaluating and we're having conversations and discussions with contracts there. So we're optimistic of seeing some of those convert over time. and have good visibility to it. So far, the performance there has been great. And the fact that we now have visibility to one-fourth of all checking accounts in the United States, having just built up over the last couple of years is very encouraging.

同時，我們有一些規模相當大的機構目前正處於試點階段，他們正在進行測試和評估，我們正在與這些機構進行溝通和洽談，並簽訂合約。因此，我們樂觀地認為隨著時間的推移，其中一些項目會轉化，而且我們對轉化情況有很好的預期。到目前為止，那裡的表現非常出色。在過去幾年裡，我們已經能夠監控美國四分之一的支票帳戶，這一事實非常令人鼓舞。

So we feel like this is an ongoing long-term opportunity. And as I mentioned in my points, strategically is a foundation for an enterprise solution for fraud detection.

所以我們認為這是一個持續的長期機會。正如我在前面提到的，策略性地建立企業級詐欺偵測解決方案是其基礎。

That's great. And then one last one from us. What are you guys most excited about for the rest of fiscal year '25 and heading into 2026? Yes.

那太棒了。最後，我們再補充一句。你們對2025財年剩餘時間和即將到來的2026年最期待的是什麼？是的。

Just executing on exactly what we talked about. I mean we're -- the team, as I pointed out, we outlined our goals and objectives earlier in the year and just executing against those, hitting singles and doubles, integrating this business, pulling these acquisitions in, consolidating the platform and starting to see growth. We're really enthusiastic about seeing the SaaS growth, stability in the Mobile Deposit business and overall deposit software solutions, the stability there and the growth potential.

只是按照我們之前討論的內容執行而已。我的意思是，正如我之前提到的，我們團隊在今年早些時候制定了我們的目標和目的，現在正朝著這些目標努力，一步一個腳印地推進，整合業務，完成收購，鞏固平台，並開始看到增長。我們非常高興地看到 SaaS 的成長、行動存款業務的穩定性以及整體存款軟體解決方案的穩定性和成長潛力。

I would tell you personally, I'm most encouraged by every time I talk to customers and prospects because what we have here, I think, is a terrific asset with the history and the credibility of financial institutions and the capabilities, and technical capabilities with where the puck is going in terms of fraud, synthetic fraud, mostly by generative AI we're well positioned. We're digital identity and ongoing.

我個人認為，每次與客戶和潛在客戶交談都讓我倍感鼓舞，因為我們擁有金融機構的歷史和信譽，以及應對欺詐、合成欺詐（主要透過生成式人工智慧實現）的能力和技術實力，這是一筆非常寶貴的資產，我們在這方面處於有利地位。我們是數位身分領域，並且不斷發展。

I think that was one of the reasons I touched in on one of the institutions who expanded with us this past quarter, where they're now recognizing the ability and need to take this level of security now on ongoing authentication, where we do have that closed-loop network where we can verify biometrically on a passwordless base back to a verified identity for their base. I just think we're well positioned for it, and it will continue to evolve over time and just about executing.

我認為，這正是我在上個季度與我們合作擴張的其中一家機構所面臨的原因之一，他們現在認識到，在持續身份驗證方面，他們有能力和必要性來提升安全性。我們擁有一個閉環網絡，可以在無密碼的基礎上透過生物辨識技術驗證其使用者身分。我認為我們已經做好了充分的準備，隨著時間的推移，它也會不斷發展，最終得以實現。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Could you talk a little bit more about what you're seeing on the demand front for Check Fraud Defender? Do you still feel confident in that product hitting your $20 million ACV target? And now that you've gotten more customers on that solution, do you feel like the new logo opportunities are -- or maybe better understanding the ROI of the solution that you can start getting these new deals across the finish line quicker?

能否再詳細談談您目前觀察到的支票詐欺防禦軟體的需求情況？你仍有信心該產品能夠達到每年2000萬美元的銷售目標嗎？現在，您已經透過該解決方案獲得了更多客戶，您是否覺得新的客戶機會更多了？或者，您是否更了解該解決方案的投資報酬率，從而能夠更快地完成這些新交易？

Jake, Yes, I would just say just going back to and consistent with the last discussion around the opportunities that we currently have underway and in discussion with in terms of the test we have ongoing, additional partners that we're in conversations with as well as several very large financial institutions that you know, are all evaluating and going through in the data that we see through that. And with most of those, we're in contract discussions with right now. So we're optimistic about getting in -- to our -- as we talked about with our goals and wanting to see ACV double. It's a matter of time.

傑克，是的，我想說的是，回到我們上次討論的機會，以及我們正在進行的測試、我們正在與之洽談的其他合作夥伴，還有幾家大型金融機構，你知道，他們都在評估和分析我們透過這些數據看到的情況。目前，我們正在與其中大多數公司進行合約談判。所以我們對實現目標持樂觀態度——正如我們之前談到的，我們希望看到 ACV 翻一番。這只是時間問題。

When that occurs? Whether -- which month and when it occurs? I can't give you definitiveness on that, but we're optimistic about achieving that and frankly, just the ones that we have visibility to right now. The ROI is very real. People see it.

這種情況何時發生？具體是哪個月，何時發生？我無法給出確切的答案，但我們對實現這一目標持樂觀態度，坦白說，這只是我們目前所能看到的那些目標。投資報酬率是實實在在的。人們都看到了。

It just takes time evaluating it and then kind of going through the whole procurement process. And these are significant changes for the institutions, many coming off of other internal systems that they may use or others. So there is a big change. But so far, the results speak for itself.

評估需要時間，然後還要走完整個採購流程。對於這些機構而言，這些都是重大變化，許多機構都從他們可能使用的其他內部系統或其他系統過渡過來。所以變化很大。但就目前來看，結果已經說明了一切。

Okay. Very helpful. And then obviously, last year, you had the larger ID R&D deals that had pushed out a little bit. Can you give us an update on how those deals are trending? And then just how the integration of that ID R&D team has been into the broader Fraud and ID verification suite?

好的。很有幫助。然後很明顯，去年，一些規模較大的ID研發交易被推遲了一些。能否向我們介紹一下這些交易的進展？那麼，該身分識別研發團隊與更廣泛的詐欺和身分驗證套件的整合情況究竟如何？

Yes. And you're talking about the stand-alone biometrics revenue that shows up as software revenue, the way we disclose it. And I think you're also talking about it -- it was about a year ago that a bunch of deals -- larger deals got pushed out from some larger potential customers out there. Those -- I think, some of those have changed. Some of those have -- are still staying the course and just taking longer.

是的。您指的是我們揭露時作為軟體收入顯示的獨立生物辨識收入。我想你也提到了這一點——大約一年前，一些較大的交易——一些較大的交易——被一些更大的潛在客戶擠掉了。我認為，其中一些已經改變了。有些項目仍在進行中，只是耗時更長。

So we're not betting on it, but we're certainly focused on closing those deals still.

所以我們並不指望能達成交易，但我們當然仍然專注於完成這些交易。

And I would say to the second part of your question strategically is some of the changes we've been making is we're integrating the business all in tightly with overall Mitek and part of the sales, in particularly on go-to-market and the team there. We're seeing, as I mentioned earlier, where Identity and Fraud are becoming closer and closer interlinked with one another.

至於你問題的第二部分，我想說的是，從策略角度來看，我們一直在進行的一些改變是，我們將業務與整個 Mitek 以及部分銷售部門緊密整合起來，尤其是在市場推廣和團隊方面。正如我之前提到的，我們看到身分盜竊和詐欺之間的關聯越來越緊密。

A lot of our transactional growth is -- some of the new solutions we've rolled out with the capabilities there around whether it's liveness, injection and attack detection, presentation and attack detection, deep fake detection, those were all strong capabilities from ID R&D and now integrated into our platforms. And that's just the team integrating in on the evolution and now getting tighter and tighter from a product. That's, again, part of the efforts that we've been outlining over the last couple of calls.

我們許多交易成長都得益於我們推出的一些新解決方案，這些解決方案具備各種功能，例如活體偵測、注入和攻擊偵測、呈現和攻擊偵測、深度偽造偵測等等，這些都是 ID R&D 的強大功能，現在已整合到我們的平台中。而這只是團隊融入產品發展過程中，變得越來越緊密地與產品本身緊密結合的過程。這再次體現了我們在過去幾次電話會議中提出的努力方向。

Okay. That's helpful. And then if I could just sneak one more in. You all obviously brought in Garrett a couple of quarters ago. Can you just talk about some of the low-hanging fruit that he's been able to identify within the organization to help improve some of the operational efficiencies around the business?

好的。那很有幫助。如果我能再偷偷加一個就好了。你們顯然是在幾個季度前引進了加勒特。您能否談談他已經在公司內部發現了哪些容易實現的改善措施，以幫助提高業務營運效率？

Yes. As I mentioned, that was last quarter. And frankly, I would just say, as I pointed out in here, we kicked off various cost exercises and streamlining that and also just accelerating the pace of change in the organization, bringing focus to integrating these solutions. As we talked about at the beginning of the year, we're very serious about integrating this business as opposed to having multiple platforms for multiple acquisitions over the years.

是的。正如我之前提到的，那是上個季度的事了。坦白說，正如我在這裡指出的那樣，我們啟動了各種成本核算工作，簡化了流程，加快了組織內部的變革步伐，並將重點放在整合這些解決方案上。正如我們在年初討論的那樣，我們非常認真地對待整合這項業務，而不是像過去幾年那樣，透過多次收購建立多個平台。

We need to be highly integrated and being able to capture the data insight and leverage that as a business. And he is an absolute champion of that. And I would just say accelerating that pace then ultimately getting it to where the data and capabilities with that becomes a stronger and stronger asset for the company and our customers.

我們需要高度整合，能夠獲取數據洞察並將其應用於業務發展。而他正是這方面的絕對擁護者。我只想說，加快這一步伐，最終使數據和相關能力成為公司和客戶越來越強大的資產。

George Sutton, Craig Hallum.

喬治·薩頓，克雷格·哈勒姆。

First, I just want to make sure I have the numbers right. So on the Identity side, I believe you mentioned you -- last 12 months have had $75 million of Identity revenues and $80 million of fully burdened costs. So that fulcrum you speak to is in front of us. Did I get those numbers correct?

首先，我只想確認一下數字是否正確。所以，在識別方面，我相信您提到過——過去 12 個月您的身份識別收入為 7500 萬美元，完全成本為 8000 萬美元。所以，你所說的支點就在我們面前。我算的這些數字正確嗎？

Yes. The $75 million, you're correct. That's on an LTM basis. When it comes to the fulcrum point, you've heard Ed and myself talk about having durable, profitable growth. We've already seen some profitability out of Identity.

是的。沒錯，是7500萬美元。這是基於過去12個月的數據。說到關鍵點，你們都聽我和艾德談過如何實現持久、獲利的成長。我們已經從身份驗證業務中看到了一些盈利機會。

We're now focused on making sure that, that is durable. We think we're nearing that point pretty quickly here.

我們現在的重點是確保這一點能夠持久有效。我們認為很快就要達到那個階段了。

And what I mentioned, George, there is that from previous conversations where we talked about that kind of fulcrum point is roughly $80 million to $85 million because of all the actions that we've been taking over the last few quarters. We've actually been able to move that breakeven point below $80 million and seeing positive contributions now.

喬治，我之前提到過，根據我們之前的談話，由於過去幾季我們採取的所有行動，這個關鍵點大約在 8000 萬美元到 8500 萬美元之間。我們實際上已經將損益平衡點降低到 8000 萬美元以下，並且現在看到了積極的收益。

And frankly, what we want to see is, to Dave's point on that last statement, the second point there that is durable that, frankly, we've seen it over a trailing 12-month basis, and we're pretty close to getting there. And once that's achieved, we'll kind of declare it and move on. But I would tell you, just purely based on the actions, the activity, current visibility, it's very close to happening as we speak.

坦白說，正如戴夫在上一段話中提到的，我們希望看到的是第二個持久性因素，坦白說，我們已經在過去 12 個月中看到了這一點，而且我們離實現這個目標已經非常接近了。一旦達到目標，我們就會正式宣布，然後繼續前進。但我可以告訴你，僅僅根據目前的行動、活動和可見度來看，這件事離發生已經非常接近了。

And just so I'm clear, in Identity, the goal is still to migrate customers to the platform away from the point solutions. Is that effort continuing, accelerating?

為了確保我理解正確，在身分識別方面，我們的目標仍然是將客戶從各個獨立解決方案遷移到平台。這項工作是否仍在繼續，或正在加速？

Yes. That's all correct. We're seeing the benefit of the platform. As I mentioned in my comments on VIP, that's actually where we've seen the largest amount of growth and transactional growth where we're also having more and more journeys there, but also more transactions per journey. So additional insights coming in, additional signals, as I mentioned on there.

是的。完全正確。我們看到了這個平台帶來的好處。正如我在 VIP 的評論中提到的，這實際上是我們看到成長和交易量成長最大的地方，我們不僅在那裡獲得了越來越多的旅程，而且每次旅程的交易量也越來越多。正如我之前提到的，我們會收到更多見解和訊號。

So absolutely, that's ongoing.

當然，這項工作仍在進行中。

It will take time because obviously, there's migration. But in terms of new efforts going forward for new relationships come on, the focus is on the platform approach versus just selling a point solution.

這需要時間，因為很顯然，有人口遷移的問題。但就未來建立新關係的努力而言，重點在於平台方法，而不是僅僅銷售單一解決方案。

So Ed, separate from this conversation, you've begun to talk about taking the Check Fraud Defender concept and migrating it to the broader payment market. Is this similar to what you're now starting to refer to as the Enterprise Fraud platform?

所以，艾德，除了我們這次談話之外，你已經開始討論將支票詐欺防禦的概念推廣到更廣泛的支付市場。這和您現在所說的企業反詐騙平台類似嗎？

Well, that's -- it's one use. So obviously, with checks right now, we've continued to grow and grow with checks. And that is a platform in payments? And then can we go beyond just checks because of the credibility, frankly, we have with checks and checking accounts. Those transactions, they're fraud that's taking place every day with financial institutions outside of checks.

嗯，這就是它的一個用途。很明顯，目前支票業務一直在持續成長。這是一個支付平台嗎？那麼，鑑於支票和支票帳戶的信譽度，我們是否可以超越支票本身？這些交易都是每天都在發生的、與支票無關的金融機構詐欺行為。

We have the visibility with checks, is there any interoperability with that through other payment types. An example, would be like check kiting. And with check kiting also then gives you visibility into other payment types such as wires or an ACH or other things. So the more we can do here, better insight for the financial institution, more fraud signals to help them detect and prevent fraud.

我們可以透過支票進行視覺化，那麼它與其他支付方式之間是否存在互通性？例如，空頭支票就是一種空頭支票。此外，透過空頭支票交易，還可以了解其他付款方式，例如電匯、ACH 轉帳或其他方式。因此，我們在這方面做得越多，金融機構就能獲得更深入的了解，並獲得更多的詐欺訊號，從而幫助他們偵測和預防詐欺。

At the same time, in some of those financial institutions, we may be doing verifications for them, which again, is additional signals, additional insight that can be brought forth. The conversations that we have now, George, where we've kind of moved from a particular conversation on a product or in a particular department in FI to now the head of fraud.

同時，我們可能正在對其中一些金融機構進行核實，這又可以提供額外的訊號和見解。喬治，我們現在的談話內容已經從討論某個產品或金融機構的某個部門，轉移到了反詐欺主管的話題。

Fraud is looking across the business, whether that be in payments, which may be a check or other form of payment, in verification, in authentication, account takeover, they care about fraud and are looking to us about being a signal-rich environment to help them prevent fraud. So that's where we see this evolving into more of an enterprise solution.

欺詐行為遍及整個業務，無論是支付（可能是支票或其他形式的支付）、驗證、認證還是帳戶盜用，他們都關心欺詐，並希望我們能提供一個信號豐富的環境來幫助他們預防欺詐。所以我們看到它正在向更企業級的解決方案演變。

And we're pretty unique of being able to bring forth these various assets and have the deep relationships with many financial institutions.

我們的獨特之處在於能夠提供這些不同的資產，並與許多金融機構建立了深厚的關係。

Got you. Last question for me. You mentioned that you're seeing positive signals across a number of your KPIs. I'm wondering if you could just be more specific what you're referring to there?

抓到你了。最後一個問題。您提到您在多個關鍵績效指標中都看到了正面的訊號。我想請您更具體地說明您指的是什麼？

Well, as we see, especially on the Fraud and Identity side, as we start to see improvements in, for instance, gross profit per transaction -- per journey as well as rapid growth in our transaction volumes, more journeys with more transactions, all of those kinds of KPIs are really important to us watching closely.

正如我們所看到的，尤其是在詐欺和身分識別方面，例如，每筆交易的毛利（每次旅程）以及交易量的快速成長（更多旅程，更多交易），所有這些關鍵績效指標對我們來說都非常重要，我們密切關注這些指標。

Derek Greenberg, Maxim Group.

Derek Greenberg，Maxim集團。

I was wondering, just looking at the balance sheet, with $175 million in cash and then generating $55 million, $56 million over the last 12 months. I was wondering if you could maybe talk a little bit about how you plan to allocate cash and cash flow going forward? I know part of that will be used towards paying off the debt in February, but thereafter, just wondering how you plan to use your resources.

我只是看了看資產負債表，上面顯示有 1.75 億美元的現金，而過去 12 個月卻產生了 5500 萬美元或 5600 萬美元的收入，這讓我很懷疑。我想請您談談您未來計劃如何分配現金和現金流？我知道其中一部分將用於在二月償還債務，但之後，我只是想知道您打算如何使用這些資金。

Yes. At this point, we talked about -- we have a $100 million credit facility, as you know, that we put in place to help us pay -- repay the debt if we choose to use it. It's got a $75 million delayed draw term loan associated with it for that purpose. We don't have to make that decision now. We have a healthy arbitrage opportunity on our 75 basis points loan.

是的。當時我們談到了——正如您所知，我們設立了 1 億美元的信貸額度，以幫助我們償還債務（如果我們選擇使用它的話）。為此，該公司獲得了一筆7500萬美元的延期提取定期貸款。我們現在不必做這個決定。我們75個基點的貸款存在良好的套利機會。

We also kind of have a balanced approach on our capital allocation here, invest in the business and return capital to shareholders. We still have $21 million left in our share repurchase program that we will take advantage of opportunistically. Once we get through paying the debt off, we'll determine how much of that we're using our own cash for and how much we borrowed, and then we'll determine our capital allocation approach after.

我們在資本配置方面也採取了平衡的方法，既投資於業務，又向股東返還資本。我們的股票回購計畫中還剩下 2,100 萬美元，我們將擇機利用這筆資金。一旦我們還清了債務，我們將確定其中有多少是我們自己的現金，有多少是我們借的錢，然後再確定我們的資本配置方法。

So I would just say there's also kind of a second part of that where maybe unsaid in your question is something we've been consistent and clear about for this past year, the last three quarters, we have a very strong focus on organic growth and deploying capital back into the business or returning it to shareholders in driving organic growth in the company, integrating the business and then having growth from our own product expansions. So that's where 100% of our focus is right now in generating the free cash flow.

所以我想說，這個問題還有第二部分，也許你的問題中沒有提到，但在過去一年，也就是過去三個季度裡，我們一直堅持並明確表示，我們非常重視內生增長，並將資金重新投入業務或返還給股東，以推動公司的內生增長，整合業務，並通過我們自己的產品擴張實現增長。所以，我們目前100%的精力都集中在創造自由現金流。

Okay. Got it. And then my other question is just in prior quarters, you had outlined some of the margin improvement you received from automation on costs. I think last quarter was around 230 basis points in the services gross margin. I was wondering if you had any statistics like that for this quarter?

好的。知道了。我的另一個問題是，在前幾個季度，您曾概述了自動化在成本方面帶來的利潤率提升。我認為上個季度服務業毛利率約為 230 個基點。我想知道你們有沒有本季類似的統計數據？

And going forward, if you still see potential incremental improvements from automation? Or if you think you've largely tapped that avenue as a driver of margin expansion?

展望未來，您是否仍認為自動化能帶來潛在的漸進式改進？或者，您是否認為您已經充分挖掘了這一途徑作為利潤率擴張的驅動力？

Yes. We saw this quarter a 200 basis points year-over-year improvement already again. So we're feeling really good about delivering that -- the benefit of automation into our gross margins. We think we can continue to do that. We're not tapped out in terms of ability to automate more, especially as we move from our Mobile Verify Point solution to our MiVIP platform, it becomes more and more important.

是的。本季我們再次看到年比改善了 200 個基點。因此，我們對實現這一目標感到非常滿意——將自動化帶來的好處轉化為我們的毛利率。我們認為我們可以繼續做到這一點。我們在自動化方面的能力還沒有達到極限，尤其是在我們從行動驗證點解決方案過渡到 MiVIP 平台的過程中，自動化變得越來越重要。

So we've got room to grow there.

所以我們在這方面還有發展空間。

And that's just a mindset of when we talk about operational excellence, it's just a mindset of continuing to drive improvement in the business. It will ebb and flow from quarter-to-quarter, but how do we continue to expand margin, delight customers, deliver more and more value and operate more efficiently and expand margins and free cash flow.

這就是我們談論卓越營運時所秉持的一種心態，即不斷推動業務改善的心態。它會隨著季度而波動，但我們如何繼續擴大利潤率、取悅客戶、提供更多價值、提高營運效率並擴大利潤率和自由現金流呢？

There are no further questions at this time. I would like to turn the call back over to Ed West.

目前沒有其他問題了。我想把電話轉回給艾德·韋斯特。

Great. Well, thank you -- thank you very much for your time today, and we look forward to seeing you in person and talking about the business. So thank you for your support, and good day.

偉大的。非常感謝—非常感謝您今天抽出時間，我們期待與您見面並洽談業務。感謝您的支持，祝您今天愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you so much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。