Mitek Systems Inc (MITK) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Mitek Reports fiscal 2025 fourth-quarter and full year financial results. (Operator Instructions) This call is being recorded on Thursday, December 11, 2025.

女士們、先生們，下午好，歡迎收聽 Mitek 發布的 2025 財年第四季和全年財務業績報告。（操作員指示）本次通話於 2025 年 12 月 11 日星期四進行錄音。

And I would now like to turn the conference over to Ryan Flanagan with ICR. Thank you. Please go ahead.

現在，我想把會議交給 ICR 的 Ryan Flanagan。謝謝。請繼續。

Thank you, operator. Good afternoon, and thank you for joining us today to discuss Mitek's fiscal fourth-quarter and full year fiscal 2025 financial results. Joining me today are Chief Executive Officer, Ed West; and Chief Financial Officer, Dave Lyle.

謝謝接線生。下午好，感謝各位今天蒞臨，與我們共同探討 Mitek 2025 財年第四季及全年財務表現。今天與我一同出席的有執行長艾德·韋斯特和財務長戴夫·萊爾。

Please note that today's call will include forward-looking statements, and because these statements are based on the company's current intent, expectations and projections, they are not guarantees of future performance, and a variety of factors could cause actual results to differ materially.

請注意，今天的電話會議將包含前瞻性陳述，由於這些陳述是基於公司目前的意圖、預期和預測，因此它們並不保證未來的業績，並且各種因素可能導致實際結果與預期結果有重大差異。

A description of these risks and uncertainties can be found in our 10-K filing dated December 11, 2025, and our other SEC filings. These forward-looking statements include, but are not limited to, our expectations around consumer demand for our products and services, expansion of our Check Fraud Defender or CFD, data consortium, the ongoing stability of our check verification business, our growth and investment plans, expected improvements in gross profits and unit economics, improvement to operating leverage and scale, expected free cash flow conversion rate and our FY26 financial outlook and guidance. Except as required by law, we do not undertake any obligation to update these forward-looking statements.

有關這些風險和不確定性的描述，請參閱我們於 2025 年 12 月 11 日提交的 10-K 文件以及我們向美國證券交易委員會提交的其他文件。這些前瞻性聲明包括但不限於：我們對消費者對我們產品和服務的需求的預期、我們的支票欺詐防禦系統 (CFD) 的擴展、數據聯盟、我們支票驗證業務的持續穩定性、我們的增長和投資計劃、毛利潤和單位經濟效益的預期改善、經營槓桿和規模的改善、預期自由現金流轉化率以及我們 2026 財年的財務指導和指導。除法律要求外，我們不承擔更新這些前瞻性聲明的任何義務。

This call will also include references to non-GAAP adjusted results. Please reference this afternoon's press release and our Investor Relations website for further information regarding forward-looking statements and reconciliations of GAAP to non-GAAP financial measures.

本次電話會議也將提及非GAAP調整後的績效。有關前瞻性聲明和 GAAP 與非 GAAP 財務指標的調節，請參閱今天下午的新聞稿和我們的投資者關係網站以獲取更多資訊。

With that, I'd like to turn the call over to Ed. Ed?

那麼，我想把電話交給艾德。艾德？

Thank you, Ryan. Good afternoon, everyone, and thank you for joining us today. For those less familiar with Mitek, we provide the identity verification, authentication and fraud decisioning infrastructure that high assurance institutions rely on to onboard customers, authenticate users and protect what's real across digital interactions.

謝謝你，瑞恩。各位下午好，感謝各位今天參加我們的節目。對於不太熟悉 Mitek 的人來說，我們提供身份驗證、認證和詐欺決策基礎設施，高安全機構依靠這些基礎設施來引導客戶、驗證用戶身份並保護數位互動中的真實資訊。

We closed fiscal '25 with a strong fourth quarter, coming in ahead of our expectations, driven by broad-based demand across our portfolio of business. As we reflect upon fiscal '25, one constant stands out. The fraud landscape is changing at an extraordinary pace as generative AI is accelerating both the volume and sophistication of fraud and identity-based attacks. AI is lowering the cost of creating deep fakes and synthetic identities for fraudsters.

2025 財年第四季業績強勁，超乎預期，這得益於我們各項業務組合的廣泛需求。回顧 2025 財年，有一點始終不變。隨著生成式人工智慧的出現，詐騙格局正以驚人的速度發生變化，詐欺和基於身分的攻擊的數量和複雜性都在增加。人工智慧正在降低詐騙分子製作深度偽造和合成身份的成本。

The Deloitte Center for Financial Services estimates that AI-enabled fraud in the United States could reach $40 billion by 2027, and recent industry research shows that a majority of financial institutions now view synthetic identity fraud as their most urgent emerging threat.

德勤金融服務中心估計，到 2027 年，美國人工智慧支持的詐欺行為可能達到 400 億美元，而最近的產業研究表明，大多數金融機構現在將合成身分詐欺視為他們最緊迫的新興威脅。

In recent conversations with several of our largest banking partners, we have heard the same message. AI-enabled fraud attempts have risen sharply over the past year and institutions are turning to Mitek with a clear mandate to help protect their customers and their business as these attacks scale.

最近與幾家最大的銀行合作夥伴的對話中，我們都聽到了同樣的回饋。過去一年，人工智慧輔助的詐欺行為急劇增加，隨著此類攻擊的規模不斷擴大，各機構紛紛向 Mitek 尋求協助，希望藉助其明確的解決方案來保護客戶和業務安全。

Before returning to key takeaways, I want to highlight a brief operational update. To deliver on our commitment to improve transparency and provide a simpler view for our investors that matches how customers buy and how we are operating, we're updating our external reporting beginning this quarter. We are now disaggregating our revenues between fraud and identity and check verification.

在回到主要結論之前，我想先簡單介紹一下營運情況。為了履行我們提高透明度的承諾，並為投資者提供更簡潔的視角，使其與客戶的購買方式和我們的營運方式相匹配，我們將從本季度開始更新我們的對外報告。我們現在將收入按詐欺收入和身份驗證收入進行細分。

Customers are increasingly asking us to address fraud holistically, not as an isolated identity or payments problems. This has led to tighter integration across our identity, biometrics, authentication and fraud capabilities. Those solutions are included in the fraud and identity portfolio.

客戶越來越要求我們從整體上解決詐欺問題，而不是將其視為孤立的身份或支付問題。這促使我們在身分識別、生物辨識、身分驗證和詐欺防範能力方面實現了更緊密的整合。這些解決方案包含在詐欺和識別產品組合中。

Check verification includes the heritage mobile deposit and check intelligence solutions. With synthetic fraud accelerating, financial institutions are clear about what they need, fewer point solutions and a core partner who can help secure digital interactions across the entire customer journey.

支票驗證包括傳統的行動存款和支票智慧解決方案。隨著合成詐欺的加速發展，金融機構清楚知道自己需要什麼：更少的單一解決方案，以及一個能夠幫助保護整個客戶旅程中數位互動安全的核心合作夥伴。

I would now like to discuss a few key takeaways for you as we exit fiscal '25. First, fraud and identity now accounts for over half of our total business. Growing more than 15% year-over-year, it is now firmly established as our growth engine for revenue and SaaS expansion. Second, SaaS revenue growth accelerated to 21% in fiscal '25, a meaningful acceleration from mid-single digits in fiscal '24, while the mix of SaaS increased to 43% of total revenue.

在即將結束 2025 財年之際，我想和大家討論幾個關鍵要點。首先，詐欺和身分識別問題現在占我們總業務的一半以上。該業務年增超過 15%，現已穩固確立了其作為我們收入成長和 SaaS 業務擴張引擎的地位。其次，SaaS 營收成長在 2025 財年加速至 21%，較 2024 財年的個位數成長有了顯著提高，同時 SaaS 佔總營收的比例也增加到 43%。

These trends contribute to an improvement in the quality and predictability of our revenue. And third, we strengthened the company's foundation in fiscal '25 operationally, commercially and technically, setting a stronger base for fiscal '26. Adjusted EBITDA margins were 30%, and we improved execution across go-to-market and customer delivery. We are now reinvesting in R&D, go-to-market expansion and advanced decisioning to create a more unified and insight-rich customer journey.

這些趨勢有助於提高我們收入的品質和可預測性。第三，我們在 2025 財年從營運、商業和技術方面加強了公司的基礎，為 2026 財年奠定了更堅實的基礎。調整後的 EBITDA 利潤率為 30%，我們在市場推廣和客戶交付方面都提高了執行力。我們現在正重新投資於研發、市場拓展和先進決策，以創造更統一、更具洞察力的客戶旅程。

At the start of the year, we said fiscal '25 would focus on the fundamentals, fixing the foundation and restoring operational discipline required for scalable, profitable growth. Our results this year show that we've done exactly that.

今年年初，我們曾表示 2025 財年將著重於基本面，夯實基礎，恢復可擴展、獲利成長所需的營運紀律。今年的結果表明，我們確實做到了這一點。

We simplified how we run the company, consolidating go-to-market and the product and R&D groups are now under unified leadership. As a result, non-GAAP operating expenses declined 2%, while revenue grew nearly 5%, driving improved efficiency and an 11% increase in revenue per employee.

我們簡化了公司的運作方式，整合了市場推廣、產品和研發團隊，現在這些團隊都由統一的領導階層負責。因此，非GAAP營運費用下降了2%，而收入成長了近5%，從而提高了效率，並使每位員工的收入增加了11%。

Our identity portfolio was again a major driver of performance. Over the past year, we consistently highlighted that increasing automation and cost efficiencies, combined with continued revenue growth was a key factor to reaching a profitability fulcrum point on a fully burdened basis.

我們的識別產品組合再次成為業績的主要驅動力。過去一年，我們一直強調，提高自動化程度和成本效益，再加上持續的收入成長，是實現完全成本基礎上獲利能力拐點的關鍵因素。

With automation now at approximately 90% and identity revenue at roughly $77 million, an increase of 12% year-over-year, that profitability fulcrum point has now been achieved. At the same time, we're seeing a clear shift towards higher assurance identity journeys that require more verification steps. And despite that added complexity, our high level of automation is enabling scale while continuing to expand margins.

自動化程度已達到約 90%，身分識別收入約為 7,700 萬美元，較去年同期成長 12%，獲利能力的臨界點已達到。同時，我們看到身分驗證流程正朝著更高安全等級的方向發展，這需要更多的驗證步驟。儘管增加了複雜性，但我們高度的自動化實現了規模化，同時不斷擴大利潤率。

We see this playing out in both North America and EMEA. In North America, several of our largest financial institutions expanded with us across multiple business units and moved identity earlier in the onboarding flow, combining identity verification with fraud checks in a single stack.

我們看到這種情況在北美和歐洲、中東及非洲地區都在發生。在北美，我們幾家最大的金融機構與我們一起擴展到多個業務部門，並將身分驗證提前到客戶註冊流程中，將身分驗證與詐欺檢查合併在一個流程中。

In EMEA, banks in the UK and Europe are adding new use cases and adopting authentication products such as MiPass, while digital ID initiatives in markets like Spain and Italy are beginning to drive higher verification and authentication volumes.

在歐洲、中東和非洲地區，英國和歐洲的銀行正在增加新的用例並採用 MiPass 等身份驗證產品，而西班牙和義大利等市場的數位身分計畫也開始推動更高的驗證和身分驗證量。

SaaS revenue mix rose to 43% of total revenues, keeping us firmly on track toward the goal we laid out for SaaS to approach half of total revenue. We are also seeing strong leverage in our platform model with gross profit per journey materially higher than that of a single signal workflow.

SaaS 收入佔總收入的比例上升至 43%，使我們穩步朝著 SaaS 收入接近總收入一半的目標邁進。我們也看到，我們的平台模式具有強大的槓桿作用，每次旅程的毛利明顯高於單一訊號工作流程的毛利。

Check Fraud Defender continues to gain traction. ACV grew 50% year-over-year, while data sets configured in the consortium expanded to over one-fourth of all US checking accounts, and that figure is approaching 50% when including FIs in pilot phase. We believe the expansion in data set coverage of checking accounts in the US is quite unique and is a leading indicator of the value for consortium members because accuracy and value scale with consortium breadth.

Check Fraud Defender 持續獲得使用者的青睞。ACV 年成長 50%，聯盟中配置的資料集已擴展到美國所有支票帳戶的四分之一以上，如果將試點階段的金融機構也包括在內，這一數字將接近 50%。我們認為，美國支票帳戶資料集覆蓋範圍的擴大是相當獨特的，並且是衡量聯盟成員價值的領先指標，因為準確性和價值與聯盟的廣度成正比。

Check Fraud Defender ACV for the year came in below our initial goal, primarily due to the timing of large enterprise deployments. Several large FIs moved through multistage validation and procurement cycles more slowly than anticipated, shifting the decisions into fiscal '26, but not changing the underlying demand.

由於大型企業部署的時間表，Check Fraud Defender 的年度平均合約價值低於我們最初的目標。一些大型金融機構在多階段驗證和採購週期中的進展速度比預期要慢，導致決策延後到 2026 財年，但並未改變根本需求。

Our expanding footprint is already driving tangible customer outcomes. At our October sales kickoff, multiple large FIs shared that Mitek is preventing millions of dollars of fraud. This feedback underscores the differentiated value of our consortium and the strength of the model as we scale into full production. All of these efforts made fiscal '25 translated into higher margins and stronger free cash flow, which Dave will cover in more detail.

我們不斷擴大的商業版圖已經為客戶帶來了切實可見的成果。在10月的銷售啟動會上，多家大型金融機構表示，Mitek正在防止數百萬美元的詐欺行為。這項回饋凸顯了我們聯盟的差異化價值，以及隨著我們擴大規模投入全面生產，該模式的優勢。2025 財年所有這些努力都轉化為更高的利潤率和更強勁的自由現金流，戴夫將對此進行更詳細的介紹。

With a more unified foundation in place, we are entering fiscal '26 from a position of strength and with a clear mandate from our customers. They want us to unify even more of what we do and help them grow safely. While fiscal '25 was about strengthening the foundation, fiscal '26 is about moving into our next phase, unify and grow unifying our identity, authentication and fraud capabilities into a cohesive insights-driven platform and scaling it across our customer base. When we help institutions open more accounts digitally, move more transactions through safer channels and keep bad actors out, we then deepen our role in their core customer journeys and grow our SaaS revenue.

隨著更統一的基礎的建立，我們以強大的實力和客戶的明確授權進入了 2026 財年。他們希望我們進一步整合我們的工作，並幫助他們安全發展。2025 財年著重於鞏固基礎，而 2026 財年則著重於進入下一階段，將我們的身分、認證和詐欺能力統一起來，發展成為一個以洞察為驅動的統一平台，並將其擴展到我們的客戶群中。當我們幫助機構以數位化方式開設更多帳戶，透過更安全的管道進行更多交易，並將不良行為者拒之門外時，我們就加深了我們在他們核心客戶旅程中的作用，並提高了我們的 SaaS 收入。

To guide this next phase, we have organized fiscal '26 around four key pillars that we want to share with you. Our first pillar is to fortify our check verification franchise, the durable platform, including mobile deposit and check intelligence that established our long-standing relationship with many of North America's largest financial institutions and has earned us a reputation as a market leader through scale and accuracy. This franchise remains one of the strongest assets in our business, providing the reliability and trust that our customers expect.

為了指導下一階段的工作，我們圍繞著四個關鍵支柱組織了 2026 財年的工作，我們想與大家分享這些支柱。我們的第一個支柱是鞏固我們的支票驗證業務，這是一個持久的平台，包括行動存款和支票智能，它建立了我們與北美許多最大的金融機構的長期合作關係，並透過規模和準確性為我們贏得了市場領導者的聲譽。該特許經營權仍然是我們業務中最強大的資產之一，為我們的客戶提供了他們所期望的可靠性和信任。

Despite periodic fluctuations from license renewal timing, check verification has remained remarkably stable over the last several years. That stability reflects the scale and mission-critical nature of a portfolio that supports approximately 1.2 billion mobile check deposit transactions every year with high margins and high levels of reliability.

儘管許可證續約時間會週期性波動，但在過去幾年裡，核查驗證工作一直保持著顯著的穩定性。這種穩定性反映了該投資組合的規模和關鍵任務性質，該投資組合每年支持約 12 億筆行動支票存款交易，利潤率高，可靠性高。

Our second pillar is to unify our fraud and identity capabilities and expand that portfolio. Fiscal '26 is about showing up as one Mitek across that full journey, increasing our fraud and identity SaaS footprint by enabling customers to grow digital adoption and transaction volume without corresponding increases in fraud losses or manual costs. Fraud and identity now represents just over half of our business and remains our fastest-growing portfolio.

我們的第二個支柱是統一反詐欺和身分驗證能力，並擴大該領域的業務範圍。2026 財年的目標是在整個發展歷程中展現 Mitek 的統一形象，透過幫助客戶在不增加詐欺損失或人工成本的情況下提高數位化採用率和交易量，擴大我們在詐欺和身分 SaaS 領域的影響力。詐欺和識別業務目前占我們業務的一半以上，並且仍然是我們成長最快的業務組合。

The continued shift towards SaaS, high automation and multisignal journeys is improving margins across the broader portfolio. In fiscal '26, we plan to grow the fraud and identity portfolio through deeper signal-rich identity journeys, broaden engagement with customers across additional lines of business and geographies, expand the Check Fraud Defender consortium and continue to drive commercial expansion across our customer and geographic base and growing network of channel partners.

向 SaaS、高度自動化和多重訊號旅程的持續轉變正在提高整個產品組合的利潤率。在 2026 財年，我們計劃透過更深入的、富含訊號的識別流程來發展詐欺和身分識別產品組合，擴大與更多業務線和地區的客戶的互動，擴大 Check Fraud Defender 聯盟，並繼續推動在我們的客戶和地域基礎以及不斷增長的管道合作夥伴網絡中的商業擴張。

Customers are increasingly deploying multisignal workflows that combine documents, biometrics, liveness, behavioral analytics and third-party data, which materially improves their economics by reducing fraud losses, lowering manual review and improving conversion. At the same time, as more institutions contribute data to the CFD consortium, detection accuracy improves and loss rates decline, strengthening the value of the network for every participant, including Mitek.

客戶越來越多地部署多訊號工作流程，將文件、生物識別、活體檢測、行為分析和第三方數據結合起來，從而透過減少詐欺損失、降低人工審核和提高轉換率，顯著改善其經濟效益。同時，隨著越來越多的機構向 CFD 聯盟貢獻數據，檢測精度不斷提高，損失率不斷下降，增強了該網路對包括 Mitek 在內的每個參與者的價值。

Our third pillar for fiscal '26 is to invest in the areas that we believe we have a clear advantage and where we can lead. As I mentioned earlier, our customers do not just want us to deliver signals, they want a partner who can lead them through this shift by returning data-driven insights for a simple risk-adjusted decision they can act on in real time.

我們 2026 財年的第三大支柱是投資於我們認為具有明顯優勢且能夠引領潮流的領域。正如我之前提到的，我們的客戶不僅希望我們傳遞訊號，他們還希望找到一個合作夥伴，能夠透過提供數據驅動的見解，幫助他們做出簡單的、經過風險調整的決策，從而引領他們完成這一轉變，並讓他們能夠即時採取行動。

This is why our fiscal '26 investments are focused on AI-supported insights and decisioning, biometrics, data and intelligence and targeted go-to-market and delivery capacity. Given our history and expertise, we have a strong basis of differentiation with financial institutions and high assurance use cases. This is where incremental investment dollars will have the greatest impact.

因此，我們在 2026 財年的投資重點是人工智慧支援的洞察和決策、生物辨識技術、數據和情報以及有針對性的市場推廣和交付能力。憑藉我們的歷史和專業知識，我們在金融機構和高可靠性應用案例方面具有強大的差異化優勢。這裡將是增量投資產生最大影響的地方。

You'll see this focus reflected in our financials. We expanded adjusted EBITDA margin to 30% in fiscal '25, and we are deliberately reinvesting to fund these initiatives in fiscal '26 while still delivering attractive margins.

你會在我們的財務報表中看到這種重視程度的展現。我們在 2025 財年將調整後的 EBITDA 利潤率提高到 30%，並且我們正在有意識地進行再投資，為 2026 財年的這些舉措提供資金，同時仍然保持具有吸引力的利潤率。

We expect improvements in gross profit dollars and unit economics as richer decisioning increases value per workflow. You'll see more of our OpEx shift towards R&D and go-to-market as we fund these higher ROI initiatives. Fiscal '25 proved we can grow margin through operating leverage and scale. Fiscal '26 is about investing behind the capabilities where we can lead and evolving our solution set, all with the goal to accelerate growth.

我們預計，隨著決策能力的提升，每個工作流程的價值將增加，毛利和單位經濟效益也將得到改善。隨著我們為這些投資報酬率更高的項目提供資金，您將會看到我們的營運支出更轉向研發和市場推廣。2025財年證明，我們可以透過經營槓桿和規模經濟來提高利潤率。2026 財年，我們將加大對自身優勢領域的投資，並不斷改進我們的解決方案，所有這些都是為了加速成長。

Our fourth pillar is maximizing value through disciplined capital allocation. To lead in the areas where we hold an advantage, every dollar of capital must be deployed deliberately to earn a high return, either reinvested into the capabilities that strengthen our long-term leadership and growth or return to shareholders.

我們的第四大支柱是透過嚴格的資本配置來實現價值最大化。為了在我們具有優勢的領域保持領先地位，每一美元的資本都必須經過深思熟慮地加以利用，以獲得高回報，要么再投資於增強我們長期領導地位和增長的能力，要么回報給股東。

We will measure our impact via improving revenue quality and growth, margin durability and strengthen free cash flow conversion, all with a clear capital allocation framework to ensure that we maintain a strong balance sheet while balancing investments with returning capital to shareholders.

我們將透過提高收入品質和成長、利潤率穩定性以及加強自由現金流轉換率來衡量我們的影響，所有這些都將建立在清晰的資本配置框架之上，以確保我們在保持強勁的資產負債表的同時，平衡投資與向股東返還資本。

Our Unify and Grow framework reflects where the market is moving and how our customers are asking us to partner with them. By unifying our capabilities and reinvesting in the technology, data and decisioning layers where we have a structural advantage, we are positioning Mitek for durable recurring high-quality organic growth. We expect to expand our SaaS base. increase fraud and identity revenue and extend the reach and value of our consortium.

我們的統一與發展框架反映了市場的發展方向以及客戶希望我們如何與他們合作。透過整合我們的能力，並對我們具有結構性優勢的技術、數據和決策層面進行再投資，我們正在為 Mitek 實現持久、持續的高品質內生成長奠定基礎。我們期望擴大SaaS用戶群，增加詐欺和身分識別的收入，並擴大我們聯盟的影響力和價值。

Now before I turn it over to Dave, I also want to recognize our nearly 600 teammates around the world and our trusted partners. Fiscal '25 was a year of meaningful change across the entire company, operationally, commercially and technically. And the team delivered with focus, discipline and a deep commitment to our strong purpose-driven mission of protecting our customers and their users.

在把發言權交給戴夫之前，我也想感謝我們在世界各地的近 600 名團隊成員和我們值得信賴的合作夥伴。2025 財年是公司在營運、商業和技術方面發生重大變革的一年。團隊以專注、自律和對我們以保護客戶及其用戶為己任的堅定使命的堅定承諾，出色地完成了任務。

The progress we made this year, including simplifying how we operate, elevating customer support, strengthening the core technology behind our platform and returning to growth reflects the commitment and execution of our people. Their work is the foundation for the results you're hearing today and gives us confidence as we enter fiscal '26.

今年我們取得的進展，包括簡化營運方式、提升客戶支援、加強平台背後的核心技術以及復原成長，都體現了我們員工的奉獻精神和執行力。他們的工作是你們今天聽到的結果的基礎，也讓我們對進入 2026 財年充滿信心。

With that, I'll hand it over to Dave.

這樣，我就把它交給戴夫了。

Thanks, Ed. As you just heard, we are exiting fiscal 2025 with a clear framework for fiscal 2026. This afternoon, I will focus my commentary on three areas. First, I'll review our fourth quarter results and will discuss revenue using the historical deposits and identity categories.

謝謝，埃德。正如你剛才聽到的，我們即將結束2025財年，並已為2026財年制定了清晰的框架。今天下午，我將重點放在以下三個方面。首先，我將回顧我們第四季的業績，並使用歷史存款和身分類別來討論收入狀況。

Then I will review our full year performance using the new fraud and identity and check verification reporting structure. And then finally, I'll walk through our fiscal 2026 outlook and how it supports the pillars Ed laid out.

然後，我將使用新的詐欺、身份驗證和支票核實報告結構來審查我們全年的業績。最後，我將詳細介紹我們 2026 財政年度的展望，以及它如何支持 Ed 提出的各項支柱。

Starting with fourth quarter results. Total Q4 revenue was $44.8 million, up 4% year-over-year, with SaaS revenue growth of 19% being a highlight. Revenue results exceeded the midpoint of our guidance range by roughly $4 million as several large deposit deals closed sooner than forecast from higher transactional volumes, and we saw stronger-than-expected identity transaction volumes.

首先來看第四季業績。第四季總營收為 4,480 萬美元，年增 4%，其中 SaaS 營收成長 19%，表現突出。由於交易量增加，幾筆大筆存款交易比預期提前完成，收入結果比我們預期範圍的中點高出約 400 萬美元，而且身分交易量也強於預期。

Identity revenue was $21 million, up 7% year-over-year, driven by 14% SaaS growth from continued transactional volume overages and deposits revenue was $23.8 million, up 1% year-over-year, driven by growth in CFD SaaS revenue.

身分識別收入為 2,100 萬美元，年增 7%，主要得益於 SaaS 業務持續成長 14%；存款收入為 2,380 萬美元，年增 1%，主要得益於 CFD SaaS 收入的成長。

Q4 non-GAAP gross margin was 84%, down approximately 200 basis points year-over-year, driven by higher investment in SaaS services delivery. Q4 non-GAAP operating expense was just under $25 million, improving 5% sequentially from Q3, driven by lower external services spending and the timing of marketing events.

第四季非GAAP毛利率為84%，年減約200個基點，主要原因是SaaS服務交付的投資增加。第四季非GAAP營運費用略低於2,500萬美元，較第三季季增5%，主要得益於外部服務支出減少及行銷活動時間安排的調整。

On a year-over-year basis, Q4 non-GAAP operating expense increased by approximately $3 million, normalizing for a reduction in bonus accruals and a reversal of doubtful accounts in the prior year, underlying operating expense was essentially flat.

與去年同期相比，第四季非GAAP營運費用增加了約300萬美元，扣除上年獎金提列減少和壞帳衝回的影響後，基本營運費用基本持平。

Tying this all together, adjusted EBITDA was $12.9 million in the quarter or a 28.7% margin. After other income, interest and tax, non-GAAP net income came in at $11.1 million or $0.24 per diluted share on 47.3 million shares.

綜上所述，本季調整後的 EBITDA 為 1,290 萬美元，利潤率為 28.7%。扣除其他收入、利息及稅金後，非GAAP淨收入為1,110萬美元，即每股攤薄收益0.24美元（4,730萬股）。

As Ed mentioned earlier, we have updated our external reporting. Under the new structure, deposits maps to check verification, Identity maps to fraud and identity and Check Fraud Defender has moved from deposits to fraud and identity. We are also simplifying our revenue categories.

正如艾德之前提到的，我們已經更新了對外報告。在新架構下，存款會對應到支票驗證，身份對應到詐欺和身份，而支票詐欺防禦程序已從存款轉移到詐欺和身份。我們也在簡化收入類別。

Going forward, the primary change will be the combination of license and maintenance into a single line to better reflect how customers contract and pay for those items. The 10-K provides results in both the prior disaggregated format and the new reporting format, allowing investors to compare historical performance across the two presentations.

展望未來，主要變化是將許可證和維護合併為一個項目，以更好地反映客戶如何簽訂合約和支付這些項目的費用。10-K 表格以先前細分格式和新的報告格式提供業績，使投資者能夠比較兩種呈現方式的歷史業績。

With that framing, I will now walk through full year 2025 performance. Starting with Fraud and Identity for fiscal year 2025, Fraud and Identity revenue was $90 million, up 15% year-over-year with growth led by our SaaS offerings, primarily driven by continued volume expansion in our core customer base. What stands out this year is how consistent customer behavior has become across regions and customer tiers.

有了這樣的框架，接下來我將詳細介紹 2025 年全年的業績表現。從詐欺和識別業務開始，2025 財年詐欺和識別業務的收入為 9,000 萬美元，年增 15%，成長主要得益於我們的 SaaS 產品，而 SaaS 產品的成長又主要得益於我們核心客戶群的持續成長。今年最突出的特點是，不同地區和不同客戶層級的客戶行為變得非常一致。

Large banks and enterprise customers are converging on the same pattern, shifting identity earlier in the onboarding flow, consolidating fraud and identity workflows and standardizing on bundled stacks rather than fragmented point solutions. Taken together, fraud and identity is now operating at increased scale and more durable economics, positioning us well for continued growth in fiscal 2026.

大型銀行和企業客戶正在朝著相同的方向發展，在客戶註冊流程中更早地進行身份驗證，整合詐欺和身份驗證工作流程，並採用捆綁式解決方案而不是分散的單點解決方案。綜合來看，詐欺和身分識別技術目前正以更大的規模和更持久的經濟效益運作，這為我們在 2026 財年繼續成長奠定了良好的基礎。

Turning to check verification, comprised of our Mobile Deposit and Check Intelligence products. This portfolio remains an important cash flow generator for the company. Check verification revenue for fiscal 2025 was $90 million compared with $94 million in fiscal 2024, a variance mostly related to deal timing year-over-year.

接下來是支票驗證，包括我們的行動存款和支票智慧產品。該投資組合仍然是該公司重要的現金流來源。2025 財年支票驗證收入為 9,000 萬美元，而 2024 財年為 9,400 萬美元，差異主要與交易時間較去年同期有關。

This year's performance reflects the resiliency of a portfolio that has operated in a relatively defined annual revenue range for several years despite overall check volume declines in the US and the digestion effects of an unusually large revenue recognition event in fiscal 2023 from a single large channel partner when we recognized roughly four years' worth of revenue in a single quarter. On a consolidated basis, total revenue for fiscal 2025 was about $180 million, split evenly between fraud and identity and check verification.

今年的業績反映了該投資組合的韌性，儘管美國整體支票量下降，並且 2023 財年來自一家大型通路合作夥伴的異常巨額收入確認事件（我們在一個季度確認了大約四年的收入）也產生了消化效應，但該投資組合多年來一直在相對明確的年度收入範圍內運營。合併計算，2025 財年的總收入約為 1.8 億美元，詐欺和身分及支票驗證收入各佔一半。

Our 4% consolidated revenue growth breaks down cleanly as follows: SaaS, which grew 21% year-over-year, contributed roughly 8 points of growth. Licensed software and support reduced growth by roughly 4 points as expected, reflecting the ongoing overall mix shift from software term licenses to recurring SaaS. For the full year, non-GAAP gross margin was about 85% compared with about 86% in fiscal 2024.

我們4%的綜合營收成長可以清楚分解如下：SaaS年增21%，貢獻了約8個百分點的成長。正如預期的那樣，授權軟體和支援服務的成長減少了約 4 個百分點，這反映了軟體期限授權向 SaaS 的持續整體結構轉變。全年非GAAP毛利率約為85%，而2024財年約為86%。

The modest step down is consistent with our transition to a heavier SaaS and services mix. SaaS and services carry blended margins in the mid-70s percent range versus nearly 100% for licensed software. As is typical with a mix shift towards SaaS, the margin rate compresses slightly, but absolute gross profit dollars continue to grow. Importantly, automation and richer identity fraud journeys are lifting gross profit per journey, which offsets some of the mix impact and supports long-term scale.

此次小幅下調與我們向更側重 SaaS 和服務組合的轉型是一致的。SaaS 和服務的綜合利潤率約為 70% 左右，而授權軟體的利潤率則接近 100%。隨著產品組合向 SaaS 轉型，利潤率通常會略有下降，但絕對毛利金額會持續成長。重要的是，自動化和更豐富的身份詐欺處理流程提高了每次處理流程的毛利，這抵消了部分組合影響，並支持了長期規模化。

Non-GAAP operating expense for fiscal 2025 was $100.9 million, improving 2% from last year and an improvement in operating expense intensity from 60% to 56% of revenue. Breaking that down in G&A, vendor consolidation and tighter procurement reduced external spending, bringing G&A intensity down from 20% of revenue to 18%. We also streamlined finance and accounting processes, which lowered our reliance on external advisers.

2025 財年非 GAAP 營運費用為 1.009 億美元，較上年成長 2%，營運費用佔營收的比例從 60% 降至 56%。進一步細分到一般及行政費用，供應商整合和更嚴格的採購減少了外部支出，使一般及行政費用佔收入的比例從 20% 降至 18%。我們也簡化了財務和會計流程，從而降低了我們對外部顧問的依賴。

Sales and marketing intensity improved from almost 22% to under 21%, driven by stronger alignment between marketing programs and pipeline generation and a shift away from higher cost event-driven activity toward digital and partner-led demand generation.

銷售和行銷強度從近 22% 提高到 21% 以下，這得益於行銷計劃與銷售管道產生之間更緊密的協調，以及從成本較高的活動驅動型活動轉向數位化和合作夥伴主導的需求生成。

R&D intensity improved from 18% to 17% of revenue as we completed several platform consolidation initiatives, reduced reliance on higher cost contractors and increased engineering productivity through automation and broader adoption of AI-assisted development tools.

隨著我們完成多項平台整合計劃，減少了對高成本承包商的依賴，並透過自動化和更廣泛地採用人工智慧輔助開發工具提高了工程生產力，研發強度從收入的 18% 提高到 17%。

Adjusted EBITDA for fiscal 2025 grew by 15% to $54 million, representing a margin of 30%, up from 27% a year ago. Non-GAAP net income for fiscal 2025 was $45 million and roughly flat with fiscal 2024, even though adjusted EBITDA increased by 15%.

2025 財年調整後 EBITDA 成長 15% 至 5,400 萬美元，利潤率為 30%，高於一年前的 27%。2025 財年非 GAAP 淨收入為 4,500 萬美元，與 2024 財年大致持平，儘管調整後的 EBITDA 成長了 15%。

This result was driven primarily by a higher non-GAAP tax rate, 21% in fiscal 2025 compared to 9% in fiscal 2024. The increase reflects higher pretax income across jurisdictions and lower tax deductions from stock-based compensation and other payroll-related items.

此結果主要是由於非GAAP稅率提高所致，2025財年為21%，而2024財年為9%。這一增長反映了各司法管轄區稅前收入的增加，以及股票選擇權激勵和其他工資相關項目的稅收扣除額減少。

Free cash flow for the full year was $54 million, which equates to 100% conversion of adjusted EBITDA compared with just under 65% last year.

全年自由現金流為 5,400 萬美元，相當於調整後 EBITDA 的 100% 轉換率，而去年這一比例略低於 65%。

While operational discipline and lower non-GAAP cash adjustments contributed, this conversion level is above what we consider a longer-term steady state, and it's important to highlight a couple of nonstructural tailwinds that will dissipate over time.

雖然營運紀律和較低的非GAAP現金調整有所貢獻，但這種轉換水準高於我們認為的長期穩定狀態，而且有必要強調一些非結構性利好因素，這些因素會隨著時間的推移而消散。

First, following the expected payoff of our 75 basis points convertible debt on February 1, 2026, we will no longer receive the interest arbitrage benefit. Second, there is an initial working capital step change benefit as revenue mix changes, which should be followed by an ongoing but smaller growth linked benefit as SaaS base expands.

首先，在我們預計於 2026 年 2 月 1 日償還完 75 個基點的可轉換債券後，我們將不再獲得利息套利收益。其次，隨著收入結構的變化，營運資本會有最初的階躍式變化收益，隨著 SaaS 用戶群的擴大，隨後將出現持續但較小的成長相關收益。

And third, by 2028, we will have exhausted the benefits associated with the catch-up provisions within the recent tax legislation, which will lower the cash tax rate during fiscal year 2026 and fiscal year 2027. Taking these items into consideration, over the longer term, we believe a more realistic steady state is around 75% conversion, which we believe is consistent with recurring revenue software peers.

第三，到 2028 年，我們將耗盡近期稅收立法中有關追趕條款的優惠，這些條款將在 2026 財年和 2027 財年降低現金稅率。考慮到這些因素，從長遠來看，我們認為更現實的穩定狀態是轉換率在 75% 左右，我們認為這與經常性收入軟體同行的情況一致。

Our approach to capital allocation remains consistent and disciplined. We first fund high-return initiatives in the business while ensuring the balance sheet remains resilient, balanced with returning excess capital to shareholders. We ended the year with about $196 million of cash and investments and approximately $157 million of total debt, resulting in $40 million net cash position.

我們的資本配置方法始終保持一致和嚴謹。我們首先為業務中高回報的項目提供資金，同時確保資產負債表保持穩健，並透過向股東返還剩餘資本來實現平衡。截至年底，我們擁有約 1.96 億美元的現金和投資，以及約 1.57 億美元的總債務，淨現金部位為 4,000 萬美元。

Combined with our committed term loan and revolving credit facilities, this provides full flexibility to retire the $155 million of convertible debt maturing in early calendar 2026 while preserving ample liquidity to fund product development and enable additional share repurchases.

結合我們已承諾的定期貸款和循環信貸額度，這為我們提供了充分的靈活性，可以償還將於 2026 年初到期的 1.55 億美元可轉換債務，同時保持充足的流動性，為產品開發提供資金並進行額外的股票回購。

Regarding share repurchases, in fiscal 2025, we repurchased approximately $5 million of shares. And since fiscal year-end through December 10, we have repurchased an additional $7.7 million, leaving $13.6 million remaining in the current authorization to execute through May 2026.

關於股票回購，在 2025 財年，我們回購了約 500 萬美元的股票。自財政年度結束至 12 月 10 日，我們又回購了 770 萬美元，目前授權執行期限至 2026 年 5 月還剩 1,360 萬美元。

Let me now turn to our fiscal 2026 outlook. We expect fiscal 2026 revenue of $185 million to $195 million, implying roughly 6% at the midpoint. This range reflects the balance of stable check verification and accelerating fraud and identity demand. With the first quarter nearly complete, Q1 revenue is tracking to between $41 million and $44 million.

現在讓我來談談我們對2026財年的展望。我們預計 2026 財年營收為 1.85 億美元至 1.95 億美元，這意味著中點成長率約為 6%。這一範圍反映了穩定的支票驗證與不斷增長的詐欺和身份驗證需求之間的平衡。第一季即將結束，預計第一季營收將在 4,100 萬美元至 4,400 萬美元之間。

We expect fiscal 2026 to be slightly more back half weighted, reflecting a gradual ramp in fraud and identity SaaS. We expect fraud and identity product portfolio revenue of $101 million to $105 million in fiscal 2026, which would represent approximately 15% growth at the midpoint and would maintain the same growth rate we delivered in fiscal 2025.

我們預期 2026 財年下半年的業績將略微偏重後半段，反映出詐欺和身分 SaaS 業務的逐步成長。我們預計 2026 財年詐欺和身分產品組合收入將達到 1.01 億美元至 1.05 億美元，中位數約為 15%，並將維持與 2025 財年相同的成長率。

We expect modest gross margin pressure in fiscal 2026, largely due to mix shift towards SaaS and services as we invest ahead of expected demand growth. We still expect gross profit dollars to continue to rise despite this compression, assuming the midpoint of the revenue guidance range.

我們預計 2026 財年毛利率將面臨輕微壓力，這主要是由於我們在預期需求成長之前進行投資，導致產品組合向 SaaS 和服務方向轉變。儘管營收有所下降，但我們仍預期毛利將持續成長，前提是營收達到預期範圍的中位數。

On operating expenses, we expect to increase R&D intensity as we accelerate development. This investment will be funded by continued leverage in G&A and by lower sales and marketing intensity as we unify our go-to-market teams, automate more of the cycle and improve sales operations and analytics.

在營運費用方面，隨著我們加快研發步伐，我們預期研發投入力度也會加大。這項投資將透過持續增加一般及行政費用以及降低銷售和行銷強度來提供資金，因為我們將整合市場推廣團隊，實現更多流程自動化，並改善銷售營運和分析。

Taken together, these offsets allow us to maintain or improve overall operating expense intensity versus fiscal 2025, even as we invest behind our product road map.

綜合來看，這些抵銷措施使我們能夠在推進產品路線圖的同時，維持或改善 2025 財年的整體營運費用強度。

We expect fiscal 2026 adjusted EBITDA margins in the 27% to 30% range. At the midpoint, this implies adjusted EBITDA dollars remaining roughly flat year-over-year, reflecting deliberate reinvestment rather than a step back in earnings power.

我們預計 2026 財年調整後 EBITDA 利潤率將在 27% 至 30% 之間。從中點來看，這意味著調整後的 EBITDA 美元與去年同期基本持平，反映出企業有意進行再投資，而不是獲利能力下降。

We believe that rising demand for fraud and identity solutions and strong unit economics makes this a good place -- a good balance between delivering profitability and deploying capital into high-return R&D and go-to-market initiatives. We also expect adjusted EBITDA to continue converting to free cash flow at attractive rates during fiscal 2026 with normalization towards our long-term target over time.

我們相信，對詐欺和身分解決方案日益增長的需求以及強勁的單位經濟效益，使這裡成為一個好地方——在實現盈利和將資金投入高回報的研發和市場推廣計劃之間取得了良好的平衡。我們也預計，在 2026 財年期間，調整後的 EBITDA 將繼續以可觀的速度轉化為自由現金流，並隨著時間的推移逐步恢復到我們的長期目標水平。

Regarding taxes, we expect fiscal 2026 non-GAAP tax expense, which reflects cash taxes to decline meaningfully from fiscal 2025. This change is driven by changes in US tax legislation, particularly the revised treatment of capitalized R&D. As a result, we expect a fiscal 2026 non-GAAP tax rate of roughly 10% of non-GAAP pretax income.

關於稅收，我們預計 2026 財年非 GAAP 稅收支出（反映現金稅收）將比 2025 財年大幅下降。這項變更是由美國稅法的變化所驅動的，特別是對資本化研發的修訂處理方式。因此，我們預計 2026 財政年度非 GAAP 稅率約為非 GAAP 稅前收入的 10%。

Before we turn to Q&A, I want to highlight an important milestone. Over the last several quarters, we've said we would finish the cleanup of material weaknesses in our internal controls. As disclosed in our filings today, we have now fully remediated all previously reported material weaknesses. This outcome reflects multiyear investment in people, systems and technology to strengthen our processes and control environment.

在進入問答環節之前，我想強調一個重要的里程碑。在過去的幾個季度裡，我們一直表示會完成內部控制中重大缺陷的清理工作。正如我們今天在文件中所披露的那樣，我們現在已經完全糾正了先前報告的所有重大缺陷。這項成果體現了多年來在人員、系統和技術方面的投入，以加強我們的流程和控制環境。

This is a significant accomplishment and a meaningful step forward for the company. We want to thank our teams across the organization and particularly our accounting team for their discipline, commitment and very hard work throughout the process.

這是一項重大成就，也是公司向前邁出的重要一步。我們要感謝公司各團隊，特別是會計團隊，感謝他們在整個過程中展現的嚴謹作風、敬業精神和辛勤工作。

Finally, our updated investor presentation and the Q4 and full year supplemental financial package are available on our Investor Relations website, including trended historical data for our new product categories and revenue classification.

最後，我們更新的投資者簡報以及第四季度和全年補充財務資料包已發佈在我們的投資者關係網站上，其中包括我們新產品類別和收入分類的趨勢歷史資料。

With that, operator, we are ready to take questions.

操作員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作說明）

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Dave, if your SaaS business is doing really well, if you had to sort of distill one or two drivers behind that growth, how would you describe those?

Dave，如果你的 SaaS 業務發展得非常好，如果你必須提煉出一兩個推動成長的因素，你會如何描述它們？

Mike, as you point out, we did see an acceleration of SaaS growth throughout the year and feel really good about where the year is ending up. Underlying demand, frankly, what's the big driver of this is what's happening in the market.

麥克，正如你所指出的，我們確實看到了 SaaS 業務在今年加速成長，並且對今年的最終結果感到非常滿意。坦白說，潛在需求，或者說推動這一趨勢的主要因素，是市場正在發生的事情。

And we feel like Mitek is really well positioned based on what all is happening with the growth in synthetic fraud because of generative AI, and the growth we're seeing there, the rising fraud, frankly, essentially fraud being democratized. That's been a driver of the needs because of our partnerships and credibility of working with some of the largest financial institutions around the world.

我們覺得，鑑於生成式人工智慧帶來的合成詐欺的成長，以及我們所看到的詐欺行為的增加，Mitek 的市場地位非常有利。坦白說，欺詐行為本質上正在變得普遍。由於我們與世界各地一些最大的金融機構建立了合作關係，並憑藉這種合作關係贏得了信譽，因此產生了這些需求。

So we're seeing growth in the overall relationships in terms of new products, new solutions with those institutions. We're seeing growth in transactions, as I mentioned, bringing up our verification process and also fraud checks earlier up as new customers are coming on board. We're seeing more in authentication because of this.

因此，我們看到與這些機構在新產品、新解決方案方面的整體關係正在成長。正如我之前提到的，我們看到交易量有所增長，因此我們加快了驗證流程，並提前進行了詐欺檢查，因為有新客戶加入。因此，我們看到身份驗證方面出現了更多問題。

And frankly, just the -- with that market continuing to expand, we feel very good about the growth there going forward. So that's the key driver of this. And frankly, the -- what we capture in terms of the outlook this year has been -- is capturing that increasing demand.

坦白說，隨著該市場的持續擴張，我們對未來的成長前景感到非常樂觀。這就是關鍵驅動因素。坦白說，我們今年的展望是——捕捉了不斷增長的需求。

Got it. And then any more details you can share on Check Fraud Defender number of banks or revenue or just kind of progress momentum you're seeing there?

知道了。關於 Check Fraud Defender，您能否分享更多細節，例如合作銀行數量、收入狀況，或您看到的進度動能？

Well, as I mentioned on the call, we saw 50% growth in overall ACV. And probably the biggest metric there, Mike, to be really very encouraging is the amount of data sets that we now have compiled and configured within the consortium. So today, we're over 25% of all checking accounts in the US -- in the United States, we have visibility into and built those data sets.

正如我在電話會議上提到的，我們的整體 ACV 成長了 50%。麥克，最令人鼓舞的指標可能是我們聯盟內部已經彙編和配置的資料集的數量。所以今天，我們在美國擁有超過 25% 的支票帳戶——在美國，我們能夠了解並建立了這些資料集。

And when you include the institutions who are currently in pilot phase, that actually approaches 50%, nearly 50% of all US checking accounts. That is, we believe, a significant asset for the consortium and ultimately, this franchise. And it goes back to what I mentioned a minute ago about more signals that we can provide customers around potential fraud and insight, the more valuable the franchise is.

如果將目前處於試點階段的機構也算在內，這個數字實際上接近 50%，幾乎占美國所有支票帳戶的 50%。我們認為，這對財團乃至整個特許經營權而言，都是一項重要的資產。這和我剛才提到的情況類似，我們可以向客戶提供更多關於潛在詐欺和洞察的訊息，特許經營權的價值就越高。

So the progress there, the data sets that are being built, the momentum, the engagement with financial institutions and some of the largest institutions in this country are seeing the benefits and it goes back to your previous question, hey, what's driving all this? And it's just the accelerating growth of fraud and synthetic fraud around the world.

因此，這方面的進展、正在建立的數據集、發展勢頭、與金融機構的互動，以及該國一些最大的機構都看到了好處，這又回到了你之前的問題，嘿，是什麼在推動這一切？這就是全球範圍內詐欺和合成詐欺行為加速成長的體現。

Got it. Thank you

知道了。謝謝

Thank you, man.

謝謝你，兄弟。

Jake Roberts, William Blair.

傑克羅伯茨，威廉布萊爾。

Hey guys, thanks for taking the questions and great to see the strong results, good quarter there. Ed, when you initially joined, you talked about getting organic growth back above 10%. Obviously, still building some things out on the fraud side. But now that you've been here for over a year, do you feel like you're starting to get more visibility into that path with SaaS really starting to accelerate this year?

大家好，感謝你們回答問題，很高興看到這麼好的成績，這個季度表現不錯。艾德，你剛加入公司的時候，曾說過要讓有機成長率回升到 10% 以上。顯然，在反詐騙方面還有一些工作要做。但現在你在這裡已經一年多了，你是否覺得隨著 SaaS 今年真正開始加速發展，你對這條發展道路有了更清晰的認識？

Yeah. Great question, and thanks for the comment on the results. Again, a lot of work by everybody across this company. Having seen the accelerating growth in SaaS, as we were just talking about, over 21% growth and the growing in demand. But what's most important about getting to that -- our goals, where we want to is that longer-term double-digit growth rate and organic growth -- the good news is the market is moving in the right direction.

是的。問得好，感謝您對結果的評論。再次強調，這是公司全體員工共同努力的成果。鑑於 SaaS 的加速成長（正如我們剛才所討論的，成長率超過 21%）以及不斷增長的需求，我們看到了這一點。但要實現這一目標——我們想要達到的目標——最重要的是長期兩位數的成長率和內生成長——好消息是市場正朝著正確的方向發展。

We feel like Mitek is really well positioned to capitalize on that. And it's going back to that credibility that we have some of the largest financial institutions in the world, the growing need for fraud and identity detection. All of that compiles, I think, and leads to decent confidence in going to our longer-term growth objectives there.

我們認為 Mitek 已經做好了充分準備，能夠從中獲益。而這一切又回到了信譽問題上，因為我們擁有世界上一些最大的金融機構，對詐欺和身分檢測的需求也日益增長。我認為，所有這些因素綜合起來，使我們有相當大的信心實現那裡的長期成長目標。

Okay. That's helpful. And then now that you've done a lot of the heavy lifting on consolidating the platforms and also kind of your go-to-market motion into One Mitek over the past year, what inning do you feel like we're in with those changes on both the go-to-market and product into the One Mitek story? And then how do you feel like the visibility into the business has changed over the past year now that you're not operating several different sales forces and systems?

好的。那很有幫助。過去一年，你們在整合平台以及將產品推向市場方面做了很多艱苦的工作，最終形成了 One Mitek。現在，你們覺得在 One Mitek 的市場推廣和產品方面，我們目前處於哪個階段？那麼，過去一年來，由於您不再經營多個不同的銷售團隊和系統，您覺得業務的可見度發生了哪些變化？

Well, obviously, that improves every day and gets better and better. And last year was a year about fixing the foundation and integrating these various businesses, getting people to working together as one solution and having that strong purpose-driven mission.

很顯然，這種情況每天都在改善，而且會越來越好。去年，我們著重夯實基礎，整合各個業務，讓人們齊心協力，朝著同一個目標努力，並擁有強大的目標驅動型使命。

But frankly, we've moved from that phase and now into the unify and grow where we've got to bring together that integrated platform approach and driving more data and insight and signals, richer signals to provide insights to our core customers.

但坦白說，我們已經從那個階段過渡到了統一和發展階段，在這個階段，我們必須整合平台方法，並推動更多的數據、洞察和訊號，更豐富的訊號，為我們的核心客戶提供洞察。

We're early on in there because that's -- we're bringing these pieces together. We have a lot of capability and credibility and insights, but that's why building out these various forms, whether that's building up the consortium, bringing more value to those enterprise. We're early on in that. That's still not a mature business as we've talked about. Then also fighting the fraud that evolves and change every day.

我們現在還處於早期階段，因為──我們正在把這些部分整合起來。我們擁有強大的能力、信譽和洞察力，但正因如此，我們才需要建立各種形式的合作，無論是組成聯盟，還是為企業帶來更多價值。我們目前還處於早期階段。正如我們之前討論過的，這仍然不是一個成熟的行業。此外，還要打擊日新月異、不斷演變的詐欺行為。

I think we've got a good grasp on having the discipline on how we're operating across the platform. Now I think we're just now beginning to get into the groove of really seeing that come together in terms of value creation for our customers and ultimately for Mitek.

我認為我們已經很好地掌握瞭如何在整個平台上保持營運紀律。現在我認為我們才剛開始真正體會到，這一切最終會為我們的客戶以及最終為 Mitek 創造價值。

Very helpful. And then, Dave, if I could just sneak one more in. I know you're still sunsetting some of the legacy hardware assets. Can you help us understand what that headwind will be on revenue growth this year? And will those hardware products be fully sunsetted this year?

很有幫助。戴夫，如果我能再偷偷加一個就好了。我知道你們仍在逐步淘汰一些老舊硬體資產。您能否幫助我們了解今年營收成長將面臨哪些不利因素？這些硬體產品會在今年全面停產嗎？

Sure. Yes, we've actually expected a more rapid falloff, as you know, in revenue from those -- that hardware product. It just survived for longer than we thought, which actually is a good thing from a revenue perspective. But we're down into the immateriality level of revenue dollars. So it will have a little bit of an impact, but nothing like it's had historically in the last couple of years.

當然。是的，如你所知，我們原本預期這些硬體產品的收入會更快下降。它存活的時間比我們預想的要長，從收入角度來看，這其實是件好事。但我們現在的收入金額已經低到可以忽略的地步了。所以它會產生一些影響，但遠不及過去幾年所產生的影響。

All right, thank you, Jake. Next question, operator.

好的，謝謝你，傑克。下一個問題，操作員。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Thank you, and Ed, can you maybe talk about the level of investment that you're making at this point? Is that kind of a normalized pace? Or are we early in an investment cycle where maybe there's a lot of ideas to pursue given how things are changing? Just any color on that as you think about the year ahead and obviously, the next couple of years?

謝謝，艾德，您能否談談您目前的投資規模？這是正常節奏嗎？或者我們正處於投資週期的早期階段，鑑於情勢的變化，或許有很多想法值得追求？當你展望未來一年，以及接下來的幾年時，你會用什麼顏色來形容呢？

Sure. Well, I think Dave outlined in his remarks just in terms of the -- what that investment looks like this year. And that's really driven. As you know, we've been very disciplined about the operations, driving margin, the performance, integrating the business.

當然。我認為戴夫在他的演講中已經概述了今年的投資情況。這確實很有動力。如您所知，我們在營運、提高利潤率、提升業績和整合業務方面一直非常嚴謹。

This is really driven by the confidence that we see where we're positioned with customers, what's happening in the market and how do we accelerate growth because of what's happening and making sure we're capitalizing on that as a business for everyone involved.

這主要源自於我們對自身在客戶中的定位、市場現狀以及如何利用這些變化加速成長的信心，並確保我們能夠從中獲益，為所有相關人員創造商機。

Longer term, we continue to -- we're very margin focused. We want to continue to grow free cash flow and margins. So -- but I think we've outlined the amount of investment here and continuing to drive performance from there.

從長遠來看，我們依然——我們非常注重利潤率。我們希望繼續提高自由現金流和利潤率。所以——但我認為我們已經概述了這裡的投資金額，並將繼續以此為基礎推動業績成長。

So, Ed, maybe a clarification on my part. I guess what I was trying to ask is more about like are we in a period where you could -- if you wanted to invest even more at this point? Or are you pursuing all of the ideas that you want to pursue in relationship to obviously, I understand you have to balance margins and stuff. But just that's what I was trying to get a better handle on the longer term.

所以，艾德，或許我需要澄清一下。我想問的是，我們現在是否處於一個可以——如果你想在這個時候投入更多資金——的時期？或者你是想追求所有你想追求的想法嗎？當然，我知道你必須平衡利潤等等。但我一直想更好地掌握長遠發展趨勢。

Sure. Yeah. I would say we want to be prudent and balanced with the business. anybody can say they always can invest more. There are clearly continue to be things, but we just want to be prudent. We want to deliver the results and be a balance in it, just like we've talked about in capital allocation and maintaining that flexibility. But right now, we feel good about where we are, the position and what we have.

當然。是的。我認為我們希望在業務上保持謹慎和平衡。任何人都可以聲稱他們總是能增加投資。顯然還有一些問題需要解決，但我們只想謹慎行事。我們希望取得成果，並在其中保持平衡，就像我們在資本配置和保持靈活性方面所討論的那樣。但就目前而言，我們對我們所處的位置、我們所擁有的一切感到滿意。

Yeah. We think, Surinder, we have the kind of right balance like Ed was talking about. The big focus, as Ed also stated on R&D, more specifically on AI decisioning, biometrics and fraud intelligence. And then on the go-to-market side of the equation, it's time to strike a little harder there and put a little more investment there. Most of the investment is going to be in R&D. And I think this is a good pace to do it looking into 2026.

是的。蘇林德，我們認為，我們找到了艾德所說的那種恰當的平衡。正如 Ed 所說，研發的重點在於人工智慧決策、生物辨識和詐欺情報。然後，在市場推廣方面，是時候加大力度，投入更多資金了。大部分投資將用於研發。我認為以這樣的速度展望2026年是個不錯的策略。

Got it. And then when we kind of think about -- you talked a little bit about Check Fraud Defender and all the good stuff that's going on. You also highlighted the idea that some of the larger financial institutions are taking their time. Is that something that might potentially change as we go ahead?

知道了。然後當我們仔細想想——你剛剛談到了 Check Fraud Defender 以及所有正在發生的好事。您也強調了一些大型金融機構正在謹慎行事的觀點。隨著事態發展，這種情況是否有可能改變？

Or is that just as you've now kind of worked through this process, that's just how it is, meaning that if you layer on a number of these FIs taking time, ultimately, the growth rate would accelerate, right? But I'm just trying to understand the dynamic there of how we think about the decision-making at the large FIIs and what that really means for the FD's growth rate.

或者，正如你現在已經了解的，事情就是這樣，這意味著，如果你疊加多個這樣的金融機構，隨著時間的推移，最終增長率會加快，對嗎？但我只是想了解大型外國機構投資者在決策過程中的動態，以及這對 FD 的成長率究竟意味著什麼。

Yeah. I think the more data that you have, the incremental value creation just increases. And so the more value everybody sees that should accelerate over time. And we've continued to build out the business, the insights and the value there. But these are very large institutions. They take their time. They've got built-in processes that they go through.

是的。我認為，數據越多，創造的增量價值就越大。因此，隨著大家越來越看到這種價值，這種價值應該會隨著時間的推移而加速成長。我們一直在不斷發展壯大這項業務，累積洞察力，並創造價值。但這些都是規模非常大的機構。他們不慌不忙。他們有自己既定的流程。

The good news is it's coming along. It's been happening and will continue. We think that, that would accelerate over time. But our focus is getting the data and the insight that then we can share with the customers and create more value for them and Mitek.

好消息是，事情正在進展中。這種情況一直在發生，而且還會繼續發生。我們認為，隨著時間的推移，這種情況會加速發展。但我們的重點是獲取數據和見解，然後與客戶分享，為客戶和 Mitek 創造更多價值。

That's helpful. Thank you.

那很有幫助。謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thanks guys nice results. So when we're talking about synthetic fraud, I wondered if we can get a little more granular in terms of how the discussions with the customers are going. You've been trying to migrate folks from point solutions into the MiVIP platform and the full stack. Is synthetic fraud helping drive those discussions? Or are you seeing new interest from new parties specific around synthetic fraud?

謝謝各位，效果不錯。所以，當我們在討論合成詐欺時，我想知道我們是否可以更細緻地了解與客戶的討論進度。您一直試圖將使用者從點解決方案遷移到 MiVIP 平台和全端解決方案。合成詐欺是否在推動這些討論？或者您注意到有新的參與者對合成詐欺特別感興趣？

Well, going to the former -- thank you, George, is synthetic fraud, obviously, whether they're injection attacks, presentation attacks, template attacks that are happening, deepfakes, all this, and that's accelerating. And the reason we take a highly layered approach to detection, which is why having that orchestration and VIP is very important.

嗯，說到前者——謝謝你，喬治——顯然是指合成欺詐，無論是注入攻擊、呈現攻擊、模板攻擊，還是深度偽造等等，而且這種情況還在加速發展。我們之所以採用高度分層的檢測方法，是因為擁有這種編排和 VIP 非常重要。

And the more insight and signals we can bring to that, the more detection we can deliver. That's why, again, we have unique assets with the biometric and liveness capabilities combined with other signals, we can bring in other third-party signals and all these different pieces come together in a platform approach to provide more data.

我們掌握的資訊和訊號越多，就能進行越多的檢測。這就是為什麼，我們擁有獨特的資產，將生物識別和活體檢測功能與其他訊號結合，我們可以引入其他第三方訊號，所有這些不同的部分都以平台方式結合在一起，以提供更多數據。

And as that synthetic fraud is increasing, is helping out on that detection. But it's changing. It's changing daily. Some of the fraud vectors change rapidly, and that's why staying in front of that and having that core partner is very important.

隨著合成詐欺行為的增加，這也有助於偵測此類詐欺行為。但這正在改變。情況每天都在變化。有些詐欺手段變化很快，所以掌握先機並擁有核心合作夥伴非常重要。

I think as this continues to grow, as your second point of that, it logically would start impacting other organizations as well and seeing other use cases where it's important to bring these biometric liveness and other fraud detection and synthetic fraud detection capabilities to bear on applications that we may not have been thinking about a year or so ago that we're now seeing today.

我認為，隨著這項技術的不斷發展，正如你提到的第二點，它理所當然地也會開始影響其他組織，並出現其他應用場景，在這些場景中，將這些生物識別活體檢測和其他欺詐檢測以及合成欺詐檢測功能應用於我們一年前可能沒有想到的應用場景，就顯得尤為重要。

Got you. So I wondered if we could walk through the pilot process for the banks, these large banks. Obviously, the network effect is starting to occur here. I'm just curious, how are they viewing their pilot process? Are they're obviously looking for incremental value of being part of the consortium versus something they would have identified themselves. Can you just walk through kind of the touch points there?

抓到你了。所以我想知道我們是否可以為這些大型銀行詳細講解試點流程。顯然，網路效應在這裡開始顯現。我只是好奇，他們如何看待他們的試點過程？他們顯然是在尋求加入聯盟所帶來的增量價值，而不是他們自己就能發現的價值。你可以直接走過那些接觸點嗎？

Well, you just outlined it, being a part of the consortium start seeing the value of, okay, now I'm seeing data, have access to data that I didn't have on my own, for example, where we can talk about the amount of the coverage.

正如你剛才概述的那樣，成為聯盟的一員，開始看到它的價值，好吧，現在我可以看到數據，可以訪問我自己沒有的數據，例如，我們可以討論覆蓋範圍的大小。

A lot of times, we'll go into and meet with an institution, we'll already have insights and data sets on their customers that they didn't give to us, but because we see it in many other financial institutions so frequently that we've been able to build up that profile to then have that conversation. That gets folks attention.

很多時候，當我們去拜訪一家機構時，我們已經掌握了他們客戶的一些資訊和資料集，這些資訊他們並沒有主動提供給我們。但由於我們經常在其他金融機構看到類似的情況，所以我們能夠建立起客戶畫像，從而展開對話。這樣能吸引人們的注意。

Now they start seeing the benefit of being a part of a consortium versus just having an on-premise software solution themselves that is now maybe not seeing all of the signal-rich capabilities about being a part of a broader consortium.

現在他們開始意識到加入聯盟的好處，而不是僅僅擁有自己的本地軟體解決方案，而自己的本地軟體解決方案可能並沒有意識到加入更廣泛的聯盟所帶來的所有豐富的訊號功能。

So now just going through that just takes time. You walk through, you get the data, you do the test, do the pilot, and it just evolves over time and getting people more broad. You're talking about very large institutions who have done it in certain ways.

所以現在光是完成這些事情就需要時間。你一步一步走過去，收集數據，進行測試，開展試點，然後隨著時間的推移不斷發展，讓更多人參與其中。你指的是一些規模非常大的機構，它們以特定的方式做到了這一點。

And the more data they have, they see, now they see the benefits and then participate in the consortium. We have multiple top 10 institutions, some of the largest in the country in working with us. And so we're encouraged about the progress at what we see ahead.

他們掌握的數據越多，就越能看出其中的好處，然後再加入聯盟。我們與多家排名前十的機構合作，其中一些機構是全國規模最大的。因此，我們對未來的進展感到鼓舞。

Got you. Just one other thing. We're 80% or so through the fiscal first quarter. And we also line up with the fiscal year-ends of most of your customers. I'm just curious if you can -- are there any sort of things you would point to that might be a focus for this quarter versus what you were seeing in Q3 or any meaningful deltas?

抓到你了。還有一件事。第一財季已經完成了大約 80%。而且，我們的財年結束日期也與貴公司大多數客戶的財政年度結束日期一致。我只是好奇，您能否指出本季需要重點關注的方面，與第三季相比有哪些不同，或者有哪些顯著的變化？

No meaningful deltas other than just continued -- directionally, I think, has informed the guidance that we've outlined for the year, and Dave walked through both the year. And frankly, we gave you some more color on the quarter based on where we are.

除了延續之外，沒有其他實質的變化——我認為，這為我們今年的業績指引提供了依據，戴夫也回顧了這一年的情況。坦白說，我們根據我們所處的位置，為大家提供了更多關於本季的資訊。

Perfect thanks guys. Thanks.

太好了，謝謝各位。謝謝。

Allen Klee, Maxim Group.

艾倫克利，馬克西姆集團。

Yes, good afternoon, evening, could you comment a little on the mobile deposit business on -- in terms of -- it looks like if you back in, you're implying a decline. Are you thinking that this business is kind of going to be in secular decline or some stability at some point? Or how are you thinking about it?

是的，下午好，晚上好，您能否就行動存款業務發表一些評論——就目前而言——看起來如果您再次進入市場，您似乎暗示著下滑。你認為這個行業最終會走向衰落，還是會在某個時候趨於穩定？還是你是怎麼考慮的？

Well, I'll tell you, let me just turn it over to Dave to walk through in terms of what your point there, Allen, is kind of backing into what that means from a guidance.

好吧，我這就把麥克風交給戴夫，讓他來解釋一下你剛才說的艾倫的觀點，你實際上是在從指導的角度來反駁這個觀點。

Yeah. The way we kind of look at it is looking historically at the stability in the overall transactional volume that we see for Mobile Deposit, it's been a $1.2 billion plus for years, right? And so we've managed pretty well just through adoption, I think, to keep those volumes where they -- in a pretty stable position.

是的。我們從歷史角度來看，行動存款的整體交易量一直保持穩定，多年來一直超過 12 億美元，對吧？因此，我認為，我們僅透過推廣應用程式就很好地保持了這些銷量處於相當穩定的狀態。

What we've seen over the past couple of years is more about deal timing from a revenue perspective. If you remember, Allen, there was a very large channel partner deal that allowed us to -- or required us to recognize four years of revenue in a single quarter in 2023, essentially taking out sequential years ahead of additional revenue from that customer.

過去幾年我們看到的情況更多是從收入角度出發，關注交易時機。艾倫，如果你還記得的話，當時有一項非常大的通路合作夥伴協議，允許（或說要求）我們在 2023 年的一個季度確認四年的收入，這實際上取消了該客戶未來幾年的額外收入。

That circles back, by the way, next year in 2027, where we'll have a renewal there. But that creates -- the digestion of that deal created some pretty big declines over the years. And we also have -- depending on when larger customers run out of transactions and have to renew, that timing matters in a pretty significant way.

順便一提，明年（2027年）我們將再次談到這一點，屆時我們將進行續約。但這也造成了——這筆交易的消化過程在過去幾年帶來了相當大的下滑。而且，對於大客戶來說，交易次數用完就需要續訂，這個時間點也至關重要。

You even saw some of that at the end of Q4, where we had some expected upsides. When you have expected upsides in that time period, it's usually because they run out of transactions earlier, which is a good thing.

甚至在第四季末，我們也看到了一些預期中的利多因素。如果你預期該時間段內會有上漲空間，通常是因為他們的交易量提前耗盡了，這是一件好事。

So we know that overall checks are coming down over time. And eventually, they will start to see a more secular decline from our transaction volume. But right now, we're seeing stability in that -- in the volumes.

所以我們知道，隨著時間的推移，整體檢查次數正在下降。最終，他們將開始看到我們的交易量出現更長期的下降趨勢。但目前，我們看到交易量趨於穩定。

Yeah. So just kind of long-term takeaway or to summarize that is just separating out the underlying transaction volumes, which is right, has been around $1.2 billion versus the rev rec based on those ongoing purchases of the volumes.

是的。所以，從長遠來看，或者總結一下，就是把基礎交易量（沒錯，大約是 12 億美元）和基於這些持續購買量的收入確認分開來看。

Okay. And then just from a capital structure perspective, is it reasonable to assume that you will pay off the entire amount of the convert when it comes due or that you might use some of your facilities to keep more cash around?

好的。那麼，從資本結構的角度來看，是否可以合理地假設您會在到期時償還全部可轉換債券的金額，或者您可能會利用一些信貸額度來保留更多現金？

Yeah. The decision -- so first of all, yes, we're going to pay the debt off completely when it's due February 1, 2026. We haven't yet communicated how we're going to do that. We have that $100 million facility, the $75 million term and the $25 million revolver to give us flexibility. We'll make that decision closer to the time we actually pay it off. It could be a combination of both borrowings as well as cash from our cash balance.

是的。決定是——首先，是的，我們將在 2026 年 2 月 1 日到期時全額償還債務。我們尚未說明將如何做到這一點。我們擁有 1 億美元的融資額度、7,500 萬美元的定期貸款和 2,500 萬美元的循環貸款，這給了我們很大的靈活性。我們會在接近還清貸款的時候再做決定。這可能是藉款和現金餘額的組合。

And as Dave pointed out, we have close to end of the year, roughly $196 million in cash plus those facilities.

正如戴夫指出的那樣，到年底，我們大約有 1.96 億美元的現金，再加上這些融資安排。

Okay, thank you. Thank you, Alan.

好的，謝謝。謝謝你，艾倫。

There are no further questions at this time. I will now hand the call back to Mr. Ed West for any closing remarks.

目前沒有其他問題了。現在我將把電話交還給艾德·韋斯特先生，請他作總結發言。

Great. Well, thank you. Thank you very much for your interest and time. You've got a highly enthusiastic team and company based on the position where we see things evolving in the market and very energized about what's happening. So thank you for your interest, and we look forward to visiting with you all over this next quarter. Have a great day.

偉大的。謝謝。非常感謝您的關注和時間。你們擁有一支充滿熱情、積極進取的團隊和公司，因為我們看到了市場的發展趨勢，並且對正在發生的事情感到非常振奮。感謝您的關注，我們期待在接下來的一個季度與各位見面。祝你有美好的一天。

And this concludes today's call. Thank you for participating. You may all disconnect

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。