Mitek Systems Inc (MITK) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Mitek Reports fiscal second quarter 2026 Financial Results.

各位女士、各位先生，下午好，歡迎參加 Mitek 2026 會計年度第二季財務業績報告。

(Operator Instructions) This call is being recorded on Thursday, May 7, 2026. I would now like to turn the conference call over to Mr. Ryan Flanagan with IRC. Please go ahead.

(接線員指示) 本次電話會議於 2026 年 5 月 7 日（星期四）錄音。現在我想把電話會議交給 IRC 的 Ryan Flanagan 先生。請開始。

Thank you, operator. Good afternoon, and thank you for joining us today to discuss Mitek's fiscal second quarter 2026 financial results. Joining me today are Chief Executive Officer, Ed West; and Chief Financial Officer, Dave Lyle.

謝謝，接線員。各位下午好，感謝各位今天加入我們，一同討論 Mitek 2026 會計年度第二季財務業績。今天與我一同出席的有執行長 Ed West，以及財務長 Dave Lyle。

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. A description of these risks and uncertainties can be found in our 10-Q filing dated May 7, 2026, and our other SEC filings.

請注意，今天的電話會議將包含前瞻性陳述。由於這些陳述係基於公司目前的意圖、預期與推估，並不保證未來表現，且多項因素可能導致實際結果與之存在重大差異。相關風險與不確定性的說明，請參閱我們於 2026 年 5 月 7 日提交的 10-Q 申報文件，以及我們其他向 SEC 提交的文件。

These forward-looking statements include, but are not limited to, our expectations around customer 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 profit and unit economics, improvement to operating leverage and scale, expected free cash flow conversion rates, and our FY26 financial outlook and guidance.

這些前瞻性陳述包括但不限於：我們對客戶對產品與服務需求的預期、我們的 Check Fraud Defender（或 CFD）資料聯盟的擴張、我們支票驗證業務的持續穩定性、我們的成長與投資計畫、毛利與單位經濟效益的預期改善、營運槓桿與規模效益的改善、預期自由現金流轉換率，以及我們 FY26 的財務展望與指引。

Except as required by law, we do not undertake any obligation to update these forward-looking statements. 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.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何義務。本次電話會議亦將提及非 GAAP 調整後結果。關於前瞻性陳述以及 GAAP 與非 GAAP 財務衡量指標之間的調節資訊，請參閱今天下午發布的新聞稿與我們的投資人關係網站。

And with that, I'd like to turn the call over to Ed.

接下來，我想把電話會議交給 Ed。

Thanks, Ryan. Good afternoon, everyone, and thank you for joining us today. For those less familiar with Mitek, we provide the verification, authentication, and fraud decisioning infrastructure that high assurance institutions rely on to protect customers and stop fraud across a broad digital life cycle, whether someone is opening an account, logging in, depositing a check, approving a high-risk payment our role is to help determine whether that person, session, document, check or transaction can be trusted.

謝謝你，Ryan。各位下午好，感謝各位今天加入我們。對於較不熟悉 Mitek 的朋友，我們提供高信任度機構所倚賴的驗證、身分認證與詐欺決策基礎設施，以在廣泛的數位生命週期中保護客戶並阻止詐欺。無論是有人開立帳戶、登入、存入支票、核准高風險付款，我們的角色是協助判斷該人員、該連線階段、文件、支票或交易是否可信。

By leveraging our data network, leading digital fraud detection solutions, expertise, and history in financial services, we believe that we are well aligned to how the market is evolving to fight increasingly sophisticated synthetic AI-assisted fraud. This quarter's progress is a good indicator of that alignment. The team delivered a strong fiscal second quarter, including record revenue and record adjusted EBITDA.

透過運用我們的資料網路、領先的數位詐欺偵測解決方案、專業能力以及在金融服務領域的歷史積累，我們相信我們與市場演進方向高度一致，能對抗日益精密、由 AI 輔助的合成式詐欺。本季的進展正是這種一致性的良好指標。團隊交出強勁的 2026 會計年度第二季表現，包括創紀錄的營收與創紀錄的調整後 EBITDA。

With that as context, I'd like to walk through four key takeaways from this past quarter:

在此背景下，我想回顧本季的四項關鍵重點：

First, Fraud and Identity remains our growth engine with revenue up 28% year over year. Due to our data network, platform and expertise, our customers are becoming more engaged with Mitek, both contractually and technologically.

第一，詐欺與身分（Fraud and Identity）仍是我們的成長引擎，營收年增 28%。受惠於我們的資料網路、平台與專業能力，客戶在合約層面與技術層面都更深入地與 Mitek 互動。

Second, our check verification solutions remain a durable cash-generative foundation for the business with long-standing relationships that support broader Fraud and Identity growth.

第二，我們的支票驗證解決方案仍是業務中具韌性、可產生現金的基礎，並透過長期合作關係支持更廣泛的詐欺與身分成長。

Third, the quality of our revenue base continues to improve. Total SaaS revenue grew 18% year over year and now represents approximately 44% of total last 12 months revenue.

第三，我們的營收基礎品質持續改善。SaaS 營收年增 18%，目前約占過去 12 個月總營收的 44%。

And fourth, execution is showing up in the numbers, record revenue and profitability, healthy cash flow, and a significantly stronger balance sheet.

第四，執行力反映在數字上：創紀錄的營收與獲利能力、健康的現金流，以及顯著更強健的資產負債表。

The consistent theme across all of this is that our Unify and Grow ethos is working. Fraud demand is increasing. Customers are expanding with us. Our platform is becoming more valuable as data and participation scale, and we are translating that progress into stronger financial performance.

貫穿以上各點的一致主題是：我們「整合並成長（Unify and Grow）」的理念正在奏效。詐欺防護需求正在增加。客戶正與我們擴大合作。隨著資料與參與規模擴大，我們的平台價值提升，而我們也將這些進展轉化為更強勁的財務表現。

Underpinning that progress is a demand environment that continues to strengthen and AI is exacerbating it, increasing the scale, speed, and unpredictability of attacks. AI is lowering the cost of and making it easier to create fake identities, manipulated documents, deep fake images, cloned voices, and coordinated attacks at high velocity and scale. That is making legacy tools less effective, particularly during periods of changing attack volume.

支撐這些進展的是持續走強的需求環境，而 AI 正在加劇此趨勢，提升攻擊的規模、速度與不可預測性。AI 降低了偽造身分、竄改文件、深偽影像、複製聲音，以及以高速度與大規模發動協同攻擊的成本與門檻。這使得傳統工具的效果下降，尤其在攻擊量變動的期間更為明顯。

This environment plays directly to Mitek's strengths. Customers increasingly need a trusted partner with flexible infrastructure that scales, combined with multiple fraud detection signals, and proprietary network-based data to drive better trust decisions without adding unnecessary friction or cost.

這樣的環境正好凸顯 Mitek 的優勢。客戶日益需要一位可信賴的合作夥伴：具備可彈性擴展的基礎設施、結合多重詐欺偵測訊號，以及專有的網路型資料，以在不增加不必要摩擦或成本的情況下，做出更佳的信任決策。

Just as importantly, fraud rarely stays isolated to one institution. Once vulnerabilities are identified, attacks often spread across multiple organizations, increasing the value of a broader network that can recognize patterns early and help customers benefit from shared intelligence that no single institution can generate alone.

同樣重要的是，詐欺很少只侷限於單一機構。一旦漏洞被識別，攻擊往往會擴散至多個組織，因而更凸顯更廣泛網路的價值：能及早辨識模式，並讓客戶受益於共享情資，而這是任何單一機構都無法獨自產生的。

As fraud becomes more complex, more coordinated, and more expensive to manage, we believe the need for modern identity verification, authentication, and fraud decisioning solutions will continue to grow.

隨著詐欺變得更複雜、更具協同性，且管理成本更高，我們相信市場對現代化身分驗證、身分認證與詐欺決策解決方案的需求將持續成長。

Now back to our first key takeaway. As institutions confront this environment, they are gravitating toward a multilayered approach that is showing up in our results with Fraud and Identity revenue up 28% year over year. High-quality institutions are engaging more deeply with Mitek through stronger contractual commitments, broader platform adoption, and growing participation in our data network.

回到我們的第一項關鍵重點。當機構面對這樣的環境時，正逐步採用多層式方法，這也反映在我們的業績上：詐欺與身分營收年增 28%。高品質機構正透過更強的合約承諾、更廣泛的平台採用，以及在我們資料網路中日益增加的參與度，更深入地與 Mitek 合作。

Reflecting this, several relationships deepened during the quarter. A flagship customer, one of the largest banks in the United Kingdom, evolved from a predominantly variable pay-as-you-go model to a new multiyear, multimillion dollar committed structure, increasing annual spend.

反映在此，本季有多段合作關係進一步深化。一位旗艦客戶——英國最大的銀行之一——從以可變動、隨用隨付為主的模式，轉為新的多年期、數百萬美元等級的承諾式架構，提高年度支出。

We saw a similar pattern with a leading European information services customer, which renewed into a larger committed relationship that included expansion. These examples reflect a broader trend. As customers scale with Mitek, they increasingly choose larger multiyear contractual commitments. a positive indicator of customer confidence that improves visibility, strengthens revenue quality, and supports long-term value creation.

我們也在一家領先的歐洲資訊服務客戶身上看到類似模式：其續約為更大規模的承諾式合作關係，並包含擴張。這些例子反映出更廣泛的趨勢。當客戶與 Mitek 的合作規模擴大時，往往會選擇更大額的多年期合約承諾；這是客戶信心的正面指標，可提升可見度、強化營收品質，並支持長期價值創造。

Customers are also expanding their use of Mitek beyond a single onboarding workflow to address the broader customer life cycle, including account login, profile changes, account recovery, step-up authentication, and higher risk transactions.

客戶也正將 Mitek 的使用範圍從單一的上線（onboarding）流程，擴展到更廣泛的客戶生命週期，包括帳戶登入、個人資料變更、帳戶復原、升級式身分認證（step-up authentication）以及更高風險的交易。

We saw clear examples of this during the quarter. A major UK bank expanded fraud decisioning across customer journeys. A leading UK digital bank broadens relationship into Germany while adding fraud capabilities and a major European customer adopted MiPass as a part of a broader authentication strategy.

本季我們看到了明確的例子。一家主要英國銀行在各個客戶旅程中擴大採用詐欺決策。一家領先的英國數位銀行在新增詐欺能力的同時，將合作關係拓展至德國；另有一家主要歐洲客戶將 MiPass 納入更廣泛的身分認證策略之一環。

Finally, participation in our data network continues to grow. Check Fraud Defender ACV now exceeds $19 million, up more than 50% year over year, with contributing data sets covering over 60% of US checking accounts and annualized volumes now measured in the billions. Checks remain a meaningful part of the US financial system, and those workflows produce rich image and behavioral data that is highly valuable for fraud detection.

最後，我們資料網路的參與度持續成長。Check Fraud Defender 的 ACV 目前已超過 1,900 萬美元，年增超過 50%；貢獻的資料集涵蓋美國超過 60% 的支票帳戶，年化交易量目前以數十億計。支票仍是美國金融體系的重要組成部分，而這些流程會產生豐富的影像與行為資料，對詐欺偵測具有高度價值。

As participation grows, the network strengthens through greater volumes. More institutions contributing means a richer view of cross-institutional fraud patterns, better outcomes, and stronger customer ROI. During the quarter, we added another top 10 financial institution with another top 10 FI currently in pilot.

隨著參與度提升，網路也因更大的交易量而更為強健。更多機構貢獻資料，代表能更完整掌握跨機構詐欺模式、帶來更佳成果，並提升客戶投資報酬率（ROI）。本季我們新增了另一家前十大金融機構，另有一家前十大金融機構目前正在試點（pilot）中。

This proprietary visibility is also where our broader Fraud and Identity strategy gains its edge. Few participants see US check activity at this scale, and those signals translate into stronger decisioning across adjacent workloads.

這種專有的可視性，也是我們更廣泛的詐欺與身分（F&I）策略取得優勢的關鍵所在。很少有參與者能以這樣的規模掌握美國支票活動，而這些訊號可轉化為在相鄰工作負載上的更強決策能力。

We saw that play out this quarter with the launch of the first phase of Positive Pay Plus, which strengthens controls at the point of presentment by comparing issued checks against presented items in real time and automating historically manual decisions. Because it leverages existing infrastructure with no new integration required for many customers, adoption friction is low and time to value is fast.

我們在本季看到了這一點，隨著 Positive Pay Plus 第一階段的推出而具體展現；該方案透過即時比對已開立支票與提示兌付的票據，並將過去仰賴人工的決策自動化，從提示兌付端強化控管。由於它可利用既有基礎設施，對許多客戶而言無需新的整合，因此導入摩擦低、價值實現速度快。

We added a new top U. regional bank for these capabilities and expanded within a large existing customer. It's a clear example of how our check verification footprint creates an expansion opportunity, one that drives broader F&I platform adoption and gives customers a stronger fraud detection signal than they could build on their own.

我們新增了一家美國頂尖的區域性銀行採用這些能力，並在一個大型既有客戶內進一步擴展。這清楚展現了我們的支票驗證覆蓋面如何創造擴張機會：推動更廣泛的 F&I 平台採用，並為客戶提供比其自行建置更強的詐欺偵測訊號。

Importantly, this value is resonating beyond the largest institutions. Through partners such as Abreigo and our recently announced TyFone integration, we are broadening access to consortium-powered fraud intelligence for community and regional banks who face meaningful fraud losses and operational strain of their own.

重要的是，這項價值不僅在最大型機構中引起共鳴。透過 Abreigo 等合作夥伴以及我們近期宣布的 TyFone 整合，我們正擴大社群銀行與區域性銀行對「聯盟驅動」詐欺情報的取得；這些銀行同樣面臨顯著的詐欺損失與營運壓力。

We also continue to extend the platform through strategic ecosystem partnerships that broaden reach and simplify deployment for customers. including our recently announced integration with Ping Identity to help customers embed identity verification more seamlessly across the customer journey and our partnership with Synectics Solutions, which brings Mitek's identity capabilities into the insurance market through its fraud orchestration platform.

我們也持續透過策略性的生態系夥伴關係延伸平台，以擴大觸及並簡化客戶部署，包括我們近期宣布與 Ping Identity 的整合，協助客戶在客戶旅程中更無縫地嵌入身分驗證；以及我們與 Synectics Solutions 的合作，透過其詐欺協同編排平台，將 Mitek 的身分能力帶入保險市場。

On to our second key takeaway. Check verification continues to operate as a durable and highly cash-generative part of Mitek and represents trusted positions with many of the largest financial institutions in North America.

接著談第二個關鍵重點。支票驗證仍是 Mitek 中一個具持久性且高度創造現金的業務，並在北美許多最大型金融機構中占據受信任的地位。

During the quarter, we saw multiple meaningful renewals, extensions, and license wins across leading processors and financial institutions, including activity tied to key partners such as FIS, Jack Henry, and Candescent as well as additional international wins.

本季期間，我們在領先的處理商與金融機構中看到多項具意義的續約、延展與授權得標，其中包括與 FIS、Jack Henry 與 Candescent 等關鍵合作夥伴相關的業務活動，以及額外的國際得標。

These relationships provide deep connectivity into the FI ecosystem and reinforce the critical role our solutions play in supporting high-volume mission-critical workflows. Importantly, we're seeing these relationships evolve as customers look to address rising check fraud, exception handling, and workflow complexity.

這些關係為我們提供與金融機構（FI）生態系的深度連結，並強化我們解決方案在支援高量、關鍵任務工作流程中的關鍵角色。重要的是，隨著客戶希望因應日益上升的支票詐欺、例外處理與工作流程複雜度，我們也看到這些關係正在演進。

Many institutions that have historically relied on Mitek for Mobile Deposit are now expanding into adjacent fraud use cases. Now to our third key takeaway, we continue to improve the quality and durability of our revenue base.

許多過去主要依賴 Mitek 行動存款（Mobile Deposit）的機構，現在正擴展到相鄰的詐欺使用情境。接著談第三個關鍵重點：我們持續提升營收基礎的品質與持久性。

This quarter, SaaS revenue grew 18% year over year and represented approximately 44% of the total last 12-month revenue, up 40% from a year ago. We view this as a meaningful indicator of the continued evolution of our business model towards a larger, higher-quality recurring revenue base, and this mix improvement is being driven by SaaS growth.

本季，SaaS 營收年增 18%，約占過去 12 個月總營收的 44%，較一年前的 40% 提升。我們將此視為一項重要指標，顯示我們的商業模式正持續演進，朝向更大且更高品質的經常性營收基礎；而這項組合改善主要由 SaaS 成長所帶動。

We now estimate that a substantial and growing portion of our SaaS revenue is generated from committed contractual arrangements rather than variable pay go or overage structures. This enhances visibility, improves durability, and reduces reliance on more volatile consumption patterns over time.

我們目前估計，我們 SaaS 營收中相當且持續成長的一部分，來自具承諾性的合約安排，而非可變動的按用量付費或超量（overage）結構。這提升了可見度、增強了持久性，並隨時間降低對較波動的使用型態之依賴。

Given our revenue is increasingly tied to transaction activity, usage volumes, and customer workflows rather than seat-based pricing, our model is well aligned to where the market is going. As digital interactions grow and more decisions move into automated or machine-to-machine environments, we believe our model is well positioned to scale alongside that activity.

鑑於我們的營收日益與交易活動、使用量與客戶工作流程連動，而非以席位（seat）為基礎的定價，我們的模式與市場走向高度一致。隨著數位互動增加，且更多決策轉向自動化或機器對機器的環境，我們相信我們的模式具備良好條件，可隨著該等活動一同擴張。

Taken together, these shifts are helping create a business that is increasingly recurring, visible, scalable and resilient. And on to our fourth and final takeaway. Consistent execution is translating into stronger profitability, healthy cash generation, and a significantly improved balance sheet. We delivered record revenue and record adjusted EBITDA quarter, reflecting the benefits of growth, improving mix, and continued operating discipline across the business.

綜合而言，這些轉變正協助打造一個愈來愈具經常性、可見度更高、可擴展且更具韌性的業務。接著談第四個也是最後一個重點。穩健一致的執行正轉化為更強的獲利能力、健康的現金創造，以及顯著改善的資產負債表。我們本季達成創紀錄的營收與創紀錄的調整後 EBITDA，反映成長、組合改善，以及全公司持續的營運紀律所帶來的效益。

We're also seeing leverage in the model as we scale, supported by automation, tooling efficiencies, focused investment and a disciplined cost structure. At the same time, we have taken meaningful steps to strengthen the balance sheet.

隨著規模擴大，我們也看到模型的槓桿效應，這得益於自動化、工具效率、聚焦投資與具紀律的成本結構。同時，我們也採取了重要措施來強化資產負債表。

Following the retirement of our convertible notes, we remain in a healthy net cash position with added flexibility, resilience and a simplified capital structure. On capital allocation, we continue to take a balanced and disciplined approach, returning capital to shareholders through share repurchases while preserving strategic flexibility.

在我們償還可轉換公司債後，我們仍維持健康的淨現金部位，並具備更高的彈性與韌性，以及更簡化的資本結構。在資本配置方面，我們持續採取平衡且具紀律的方法：一方面透過庫藏股回購向股東返還資本，同時保留策略彈性。

While Dave will cover the financial details shortly, the takeaway is straightforward. Our Unify and Grow ethos is creating a more profitable and more resilient Mitek better positioned to generate and allocate capital from a position of strength.

雖然 Dave 稍後會說明財務細節，但重點很清楚。我們的「Unify and Grow」理念正在打造一個更具獲利能力、也更具韌性的 Mitek，使我們能在更強勢的基礎上產生並配置資本。

In closing, we remain confident in the direction of the business. The market continues to reinforce a simple reality. As AI makes fraud cheaper, faster, and more scalable, trust becomes more valuable. In an AI-driven fraud environment, we believe Mitek's relevance increases.

最後，我們對業務方向仍充滿信心。市場持續強化一個簡單的事實。當 AI 讓詐欺變得更便宜、更快速且更可規模化時，信任就變得更有價值。在 AI 驅動的詐欺環境中，我們相信 Mitek 的相關性將提升。

We sit at the center of that shift by building a network-driven business that is designed to secure our customers' digital interactions, supported by deep integrations, proprietary data and long-standing customer relationships.

我們透過打造一個網路驅動的業務，站在這場轉變的核心；該業務旨在保護客戶的數位互動，並由深度整合、專有資料與長期客戶關係所支撐。

With that, I'd now like to turn the call over to Dave to walk through the financial results and our raised outlook in more detail.

接下來，我想把電話會議交給 Dave，請他更詳細說明財務結果以及我們上調後的展望。

Thanks, Ed. I'll review our second quarter results and then walk through our updated outlook for the rest of the year.

謝謝你，Ed。我將回顧我們第二季的結果，接著說明我們對今年剩餘期間更新後的展望。

Second quarter fiscal 2026 was a record revenue quarter for Mitek with total revenue of $54.8 million, up 6% year over year. Fraud and Identity grew 28% and check verification declined 8% on renewal timing against a strong prior year comparison.

2026 會計年度第二季是 Mitek 創紀錄的營收季度，總營收為 5,480 萬美元，年增 6%。詐欺與身分（Fraud and Identity）成長 28%，而支票驗證因續約時點因素、在強勁的去年同期比較基礎下下滑 8%。

Total SaaS revenue grew 18%, bringing SaaS to approximately 44% of last 12 months revenue, up from 40% a year ago and improving the overall mix. Adjusted EBITDA set a Mitek record at $22.3 million, a margin of approximately 41%. Revenue scale, favorable mix, higher capitalized costs, and strong drop-through from check verification and our seasonally strongest renewal quarter all contributed.

SaaS 總營收成長 18%，使 SaaS 約占過去 12 個月營收的 44%，高於一年前的 40%，並改善整體組合。調整後 EBITDA 創下 Mitek 紀錄，達 2,230 萬美元，利潤率約 41%。營收規模擴大、有利的組合、更高的資本化成本，以及支票驗證的強勁利潤貢獻（drop-through）與我們季節性最強的續約季度，共同促成了這些表現。

Looking at revenue by portfolio. Fraud and Identity revenue grew 28% year over year, reflecting continued demand for identity verification, authentication, and fraud prevention across the customer life cycle. Fraud and Identity SaaS revenue again led the way at 19% growth, driven by healthy transaction volumes, adoption of higher-value workflows, and momentum in Check Fraud Defender.

從產品組合角度來看營收。詐欺與身分營收年增 28%，反映市場對身分驗證、身分驗證（authentication）與詐欺防制在客戶生命週期各階段的持續需求。詐欺與身分的 SaaS 營收再次領先，成長 19%，主要由健康的交易量、更高價值工作流程的採用，以及 Check Fraud Defender 的動能所帶動。

The bridge between 19% Fraud and Identity SaaS growth and 28% total Fraud and Identity growth reflects another strong quarter of biometric software licensing, making a second consecutive quarter where license activity contributed meaningfully. Customers are deepening relationships through multiyear commitments and expanded deployments, which can drive higher upfront license revenue recognition.

詐欺與身分 SaaS 成長 19% 與詐欺與身分總成長 28% 之間的差異，反映本季生物辨識軟體授權再度表現強勁，且連續第二季授權活動對成長有顯著貢獻。客戶正透過多年期承諾與擴大部署來深化合作關係，這可能帶動較高的前期授權營收認列。

Biometrics license activity is lumpy by nature, and we expect it to step down sequentially from these first half highs as we move through the back half of the year. With SaaS being the substantial majority of Fraud and Identity revenue, we expect portfolio growth to track SaaS growth more closely over time.

生物辨識授權活動本質上具有不均勻（lumpy）的特性；隨著我們進入下半年，我們預期其將較上半年高點呈現季對季下滑。由於 SaaS 占詐欺與身分營收的絕大多數，我們預期隨時間推移，該產品組合的成長將更貼近 SaaS 的成長。

Turning to Check verification. Revenue for the quarter was $29.1 million, driven by seasonally strong renewals and customer upgrades from legacy CheckReader to our modernized Check Intelligence solutions. On a trailing 12-month basis, check verification revenue was $88.2 million, consistent with the range we have seen previously. Overall, check verification remains a durable, highly profitable, and cash-generative portfolio. The trusted relationships it anchors are also create a strategic foundation for broader growth in Fraud and Identity.

接著談支票驗證。本季營收為 2,910 萬美元，主要由季節性強勁的續約，以及客戶從舊版 CheckReader 升級至我們現代化的 Check Intelligence 解決方案所帶動。以過去 12 個月計，支票驗證營收為 8,820 萬美元，與我們先前看到的區間一致。整體而言，支票驗證仍是一個具持久性、高獲利且高度創造現金的產品組合。其所奠基的受信任關係，也正在為詐欺與身分的更廣泛成長建立策略基礎。

Non-GAAP gross profit for the quarter was $46.6 million and non-GAAP gross margin was 85%, a decline of approximately 270 basis points year over year. Roughly half of the change was mix shift towards faster-growing SaaS and services, which carry lower gross margins than software license revenue at close to 100%. The remainder was the implementation activity in early-stage pilots where costs occur ahead of revenue.

本季非 GAAP 毛利為 4,660 萬美元，非 GAAP 毛利率為 85%，較去年同期下降約 270 個基點。約一半的變動來自產品組合轉向成長更快的 SaaS 與服務，而其毛利率低於接近 100% 的軟體授權收入。其餘則來自早期試點專案的導入活動，在收入認列之前即先發生成本。

We expect this to moderate over the next few quarters as those customers move into production, and we have already factored that trajectory into our gross margin outlook for the balance of the year. Beneath the headline, CFD SaaS margins actually expanded this quarter as a re-architecture of how CFD transactional data is stored, materially reduced the compute cost of moving it through our analytics pipeline. We expect these efficiencies to compound as transaction volumes scale.

我們預期隨著這些客戶在未來幾季轉入正式上線（production），此影響將趨於緩和；而我們也已將該趨勢納入今年剩餘期間的毛利率展望。在表面數字之下，本季 CFD SaaS 毛利率其實有所擴張，因為我們重新架構 CFD 交易資料的儲存方式，實質降低了資料在分析管線中流轉的運算成本。我們預期隨著交易量擴大，這些效率將持續累積放大。

Taken together, the underlying margin profile remains strong with attractive unit economics across the platform with gross profit dollars per customer journey expanding as adoption deepens.

綜合而言，基礎毛利結構仍然強勁，整個平台具備具吸引力的單位經濟效益；隨著採用程度加深，每段客戶旅程所貢獻的毛利美元也在擴大。

Total non-GAAP operating expense was $24.8 million, improving 4% year over year. As a percentage of revenue, operating expense improved approximately 440 basis points to 45%, driven by revenue growth, cost discipline and prioritized investment in our highest return growth opportunities.

本季非 GAAP 營業費用總額為 2,480 萬美元，較去年同期改善 4%。以營收百分比計，營業費用改善約 440 個基點至 45%，主要受惠於營收成長、成本紀律，以及將投資優先配置於報酬率最高的成長機會。

Non-GAAP sales and marketing expense was $8.5 million, down from $9.5 million last year. As a percentage of revenue, sales, and marketing improved by approximately 290 basis points to 15%. This reflects a more focused go-to-market model, tighter marketing spending, and growing ability to sell the broader portfolio through a unified commercial approach.

本季非 GAAP 銷售與行銷費用為 850 萬美元，低於去年的 950 萬美元。以營收百分比計，銷售與行銷費用改善約 290 個基點至 15%。這反映出更聚焦的市場進入（go-to-market）模式、更嚴謹的行銷支出，以及透過一致的商業策略銷售更廣泛產品組合的能力提升。

Non-GAAP R&D expense was $7.1 million, down from $8.4 million last year. As a percentage of revenue, R&D declined by approximately 330 basis points to 13%. The reported reduction reflects capitalized development activity and higher revenue. On a cash basis, R&D investment is actually up approximately 8.5% year-to-date.

本季非 GAAP 研發費用為 710 萬美元，低於去年的 840 萬美元。以營收百分比計，研發費用下降約 330 個基點至 13%。所呈現的下降反映了資本化的開發活動以及較高的營收。以現金基礎計算，年初至今研發投資實際上增加約 8.5%。

In AI-based decisioning, fraud intelligence and biometrics innovation. And finally, non-GAAP G&A expense was $9.2 million, up from $7.8 million last year. As a percentage of revenue, G&A increased by approximately 170 basis points to 17%. This year-over-year increase is amplified by an unusually low prior year comparison, which benefited from a bad debt expense reversal. This quarter's G&A reflects a more normalized base going forward.

主要投入於以 AI 為基礎的決策、詐欺情報與生物辨識創新。最後，非 GAAP 一般與行政（G&A）費用為 920 萬美元，高於去年的 780 萬美元。以營收百分比計，G&A 增加約 170 個基點至 17%。此年增幅因去年同期比較基期異常偏低而被放大，去年受惠於呆帳費用回轉。本季的 G&A 反映未來較為正常化的基礎水準。

We continue to drive discipline, automation and efficiency across our corporate functions, and we expect to see those actions deliver leverage over the coming years.

我們持續在公司各項職能推動紀律、流程自動化與效率提升，並預期這些行動將在未來幾年帶來營運槓桿。

As I mentioned, adjusted EBITDA was a record $22.3 million, up 10% year-over-year at a margin of approximately 41%. Non-GAAP income tax expense was approximately 15% of pretax income, resulting in non-GAAP net income of $18.5 million and adjusted diluted earnings per share of $0.38.

如我先前提到，調整後 EBITDA 創下紀錄，達 2,230 萬美元，較去年同期成長 10%，利潤率約 41%。非 GAAP 所得稅費用約為稅前所得的 15%，因此非 GAAP 淨利為 1,850 萬美元，調整後稀釋每股盈餘為 0.38 美元。

Free cash flow for the quarter was negative $2.5 million, while trailing 12-month free cash flow was approximately $45 million, representing approximately 72% conversion of adjusted EBITDA. Quarterly free cash flow was driven by timing-related working capital, most notably higher accounts receivable from late quarter billings, which we substantially collected in April.

本季自由現金流為負 250 萬美元，而過去 12 個月的自由現金流約為 4,500 萬美元，約相當於調整後 EBITDA 的 72% 轉換率。本季自由現金流主要受工作資本時點影響，最顯著的是季末開立帳單增加導致應收帳款上升，而我們已在 4 月大致收回。

This is typical of our fiscal second quarter when a concentration of check verification annual renewals closes late in the quarter, temporarily increasing receivables and reducing cash conversion. On a trailing 12-month basis, free cash flow remains healthy and within our 70% to 80% long-term conversion range. Our capital allocation priorities are unchanged, investing in high-return growth, maintaining balance sheet strength and returning excess capital to shareholders.

這是我們會計年度第二季的典型情況，因為支票驗證（check verification）的年度續約多集中在季末完成，短期推升應收款並降低現金轉換。以過去 12 個月計，自由現金流仍維持健康，並落在我們長期 70% 至 80% 的轉換區間內。我們的資本配置優先順序維持不變：投資於高報酬成長、維持資產負債表強度，並將多餘資本回饋股東。

We ended the quarter with $78 million of cash and investments and $54.5 million of total debt, resulting in a net cash position of $23.1 million. As we discussed in our last call, during the quarter, we fully retired our $155 million convertible notes and drew $50 million on our term loan facility, reducing total debt by approximately $105 million versus the prior quarter and extending our nearest debt maturity to 2030, simplifying the capital structure and adding flexibility and resilience.

本季末我們持有 7,800 萬美元的現金與投資，總負債為 5,450 萬美元，淨現金部位為 2,310 萬美元。如同我們在上次電話會議所討論，本季我們已全數償還 1.55 億美元可轉換公司債，並自定期貸款融資額度提用 5,000 萬美元，使總負債較前一季減少約 1.05 億美元，並將最近一期到期日延長至 2030 年，簡化資本結構並提升彈性與韌性。

We also returned $8 million to shareholders through share repurchases. As a reminder, we previously announced a new $50 million share repurchase program, which provides ongoing flexibility to return capital opportunistically. Turning to our updated fiscal 2026 outlook. We are raising full year revenue guidance to $189 million to $198 million, which now represents 8% year-over-year growth at the midpoint. The raise reflects stronger first half execution and improved visibility, particularly within Fraud and Identity, where SaaS continues to lead growth.

我們也透過庫藏股回購向股東返還 800 萬美元。提醒一下，我們先前已宣布新的 5,000 萬美元庫藏股回購計畫，提供持續的彈性以便在適當時機回饋資本。接著說明我們更新後的 2026 會計年度展望。我們上調全年營收指引至 1.89 億至 1.98 億美元，以中位數計代表年增 8%。此次上調反映上半年執行更強、能見度提升，特別是在 Fraud and Identity（詐欺與身分）領域，SaaS 仍是成長主力。

We are also raising our full year Fraud and Identity revenue outlook to $103 million to $108 million, representing approximately 17% growth at the midpoint. For the fiscal third quarter, we expect revenue in the range of $49 million to $53 million. This implies fiscal fourth quarter revenue in the range of $41 million to $46 million, broadly in line with last year's fiscal fourth quarter, reflecting check verification, renewal timing and the step down in biometrics license from a strong first half.

我們也上調全年 Fraud and Identity 營收展望至 1.03 億至 1.08 億美元，以中位數計約成長 17%。針對會計年度第三季，我們預期營收介於 4,900 萬至 5,300 萬美元。這意味著會計年度第四季營收約在 4,100 萬至 4,600 萬美元區間，整體與去年會計年度第四季大致一致，反映支票驗證、續約時點，以及在上半年表現強勁後生物辨識授權收入的回落。

Importantly, we anticipate Fraud and Identity SaaS will continue to step up sequentially through the balance of the year, which is a better proxy for the underlying growth trajectory of the business. We expect non-GAAP operating expense in fiscal Q3 to be in the range of $25 million to $26 million, up modestly from fiscal Q2, reflecting our continued investment in R&D.

重要的是，我們預期 Fraud and Identity 的 SaaS 在今年剩餘期間將持續逐季提升，這更能代表業務的基礎成長軌跡。我們預期會計年度 Q3 的非 GAAP 營業費用介於 2,500 萬至 2,600 萬美元，較會計年度 Q2 小幅上升，反映我們持續投資研發。

Turning to profitability. We are raising our fiscal 2026 adjusted EBITDA margin guidance range to 30% to 33%, reflecting stronger first half revenue, operating discipline and an increasingly favorable SaaS mix. From a modeling perspective, we expect non-GAAP gross margin to remain in the low 80s range for the rest of the year.

接著談獲利能力。我們上調 2026 會計年度調整後 EBITDA 利潤率指引區間至 30% 至 33%，反映上半年營收更強、營運紀律，以及日益有利的 SaaS 組合。就建模角度而言，我們預期今年剩餘期間非 GAAP 毛利率將維持在 80% 出頭的區間。

We continue to expect capital expenditures of approximately 3.5% of revenue and depreciation and amortization of approximately 1% of revenue for the full year. Overall, our results reflect our Unify and Grow Ethos, a more focused and scalable Mitek, delivering stronger growth, expanding profitability and durable cash generation with the flexibility to allocate capital from a position of strength.

我們仍預期全年資本支出約為營收的 3.5%，折舊與攤銷約為營收的 1%。整體而言，我們的成果反映我們的「Unify and Grow」理念：更聚焦且更具可擴展性的 Mitek，帶來更強勁的成長、擴大的獲利能力，以及具持久性的現金創造，同時也具備從優勢地位配置資本的彈性。

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

接下來，接線員，我們準備開始提問。

(Operator Instructions)

(接線員指示)

Mike Grondahl, Northland Capital Markets.

Northland Capital Markets 的 Mike Grondahl。

This is Logan on for Mike. With the rise in Gen AI fraud, can you give some color around how customer urgency has changed over the last 6 to 12 months, especially with the larger banks?

我是 Logan，代替 Mike 發問。隨著生成式 AI（Gen AI）詐欺增加，能否談談過去 6 到 12 個月客戶的急迫性如何改變，特別是大型銀行？

Sure. Logan, thanks for the question. We have seen an increase in interest and demand because of the increase in attacks. As I mentioned in my comments, just with the cost and speed of cost going down, the speed, the ubiquity of access to very sophisticated models for fraudsters to use around the world.

當然可以。Logan，謝謝你的提問。由於攻擊增加，我們看到興趣與需求都有所提升。如我在評論中提到，隨著成本下降以及速度提升，加上全球各地詐騙者都能普遍取得非常先進的模型來加以利用。

They're obviously attacking locations where they want to steal or have an attack or go to an account takeover. And so, we're seeing increasing issues, which is also increasing outreach and interest in working with them, partnering with them. Very importantly, we used a highly layered approach, bringing forth our knowledge, our expertise, working with financial institutions in a highly regulated environment, model governance controls and bringing in our capabilities, not just on the verification, but also the biometrics and seeking for various types of attacks that a fraudster might utilize, whether manipulating the documents, whether an injection attack, a deep fake or other presentation.

他們顯然是在攻擊他們想要竊取的地點，或是發動攻擊，或進行帳戶接管。因此，我們看到問題日益增加，這也帶動了更多外聯與合作意願，包含與他們合作、建立夥伴關係的興趣提升。非常重要的是，我們採用了高度分層的方法，結合我們的知識與專業，在高度受監管的環境中與金融機構合作，落實模型治理控管並導入我們的能力，不僅在驗證上，也涵蓋生物辨識，並針對詐騙者可能採用的各類攻擊進行偵測與搜尋，例如文件竄改、注入式攻擊、深偽（deepfake）或其他呈現攻擊。

And so, we'll use a layered approach and also bring in other third parties to work with our customers to help prevent, detect and prevent the fraud. So, demand has been increasing in that, and I think that's going to continue to do so. Attacks have been and they're morphing and changing. So it's a high focus of interest and not just in financial institutions. We've actually been seeing more recently increasing demand from other sectors, which we're predominantly approaching through partners to approach other high-risk digital interactions.

因此，我們會採用分層式方法，也會引入其他第三方與我們的客戶合作，以協助防範、偵測並預防詐騙。所以這方面的需求一直在增加，我認為未來也會持續。攻擊一直存在，而且正在演變與改變。因此這是高度關注的焦點，而且不僅限於金融機構。事實上，我們最近也看到其他產業的需求增加；我們主要透過合作夥伴來切入，去因應其他高風險的數位互動場景。

Could you double-click on that? What other verticals are you exploring for Gen AI fraud to combat that?

你可以再深入說明一下嗎？你們正在探索哪些其他垂直領域，以對抗生成式 AI 詐騙？

Well, in terms of vertical, in terms of a customer standpoint where someone who might be utilizing AI for fraud, like insurance. I mentioned a partnership with Synectics, who has a fraud orchestration platform, working with insurance industries. We have a close partnership with them, and that's a very large vertical. It's related to financial services and that's supporting.

就垂直領域而言，從客戶端的角度來看，可能有人會利用 AI 進行詐騙，例如保險業。我提到與 Synectics 的合作夥伴關係，他們有一個詐騙編排（orchestration）平台，並與保險產業合作。我們與他們有緊密合作，而那是一個非常大的垂直領域。它與金融服務相關，也能提供支援。

Another one is the government, like in the United Kingdom, working through other channel partners who have relationships with various ministries in the United Kingdom or other governments in Europe, working to them for support government. We also have healthcare of interest because of the records, the access in healthcare have seen an approach. So that's several beyond just financial services.

另一個是政府部門，例如在英國，我們透過其他通路合作夥伴——他們與英國各部會或歐洲其他政府有合作關係——來提供政府端的支援。我們也對醫療保健領域感興趣，因為醫療紀錄與存取權限等因素，醫療領域也出現了相關的切入與需求。所以除了金融服務之外，還有以上幾個領域。

Clearly, our expertise has been centered for a long time on financial services and understanding the regulatory, the approach, the expertise, the knowledge but, and then working through these partners who have a lot of expertise in some of these other verticals, utilizing our tools and capability.

顯然，我們長期以來的專業核心在金融服務，理解監管、方法論、專業與知識；同時，我們也透過在其他垂直領域具備深厚專長的合作夥伴，來運用我們的工具與能力。

Derek Greenberg, Maxim Group.

Derek Greenberg，Maxim Group。

On the quarter. I wanted to talk about the Fraud and Identity segment in terms of just the overall economics of that business. I know historically, the deposits have been the cash cow. I was wondering when do you expect this segment to turn profitable in the Fraud and Identity.

關於本季。我想談談 Fraud and Identity（詐欺與身分）部門，就該業務的整體經濟性而言。我知道歷史上，存款一直是主要的現金牛。我想請問你們預期該部門何時能在 Fraud and Identity 轉為獲利？

We haven't talked about Fraud and Identity as a segment with or without profitability. We did, if you remember a year ago before we changed the way we categorized our product portfolio. We had talked about getting identity to profitability, which we had done a year ago. And then we shuffled some products around to make more sense into different product groups, Fraud and Identity, and check verification.

我們並沒有把 Fraud and Identity 作為一個部門來談論其是否獲利。如果你記得，一年前在我們改變產品組合分類方式之前，我們曾談到要讓身分（identity）業務達到獲利，而我們在一年前已經做到。之後我們重新調整了一些產品，讓它們更合理地歸入不同的產品群組：Fraud and Identity，以及支票驗證（check verification）。

That being said, historically, check verification has been a very profitable heritage business for us. It not only generates a lot of cash for us, but it's pretty important strategically as we've merged Mitek into One Mitek and it's helping our Fraud and Identity products grow. But in terms of specific profitability metrics, we haven't put those out at this point.

話雖如此，歷史上支票驗證一直是我們非常獲利的傳統核心業務。它不僅為我們帶來大量現金流，在策略上也相當重要；因為我們把 Mitek 整合成 One Mitek 的過程中，它也在協助推動我們的 Fraud and Identity 產品成長。但就具體的獲利指標而言，我們目前還沒有對外提供。

Got it. That's helpful color. I guess I was just curious how to think about, I mean, the margins this quarter, 41% adjusted EBITDA margins. I was wondering as identity eventually matures and scales, how much upside you see from what we saw this quarter in terms of margin?

了解。這些補充說明很有幫助。我想我只是好奇該怎麼看待——我是說，本季的利潤率是 41% 的調整後 EBITDA 利潤率。我想請問，隨著身分業務最終成熟並擴大規模，你們認為相較於本季所看到的利潤率，還有多少上行空間？

Yes. First of all, I think we're at the very early innings given how fast the market is growing and how large it already is, I think the opportunity is there for us. And I think we have leading-edge products to be able to compete. You'll see in the, if you look at our adjusted EBITDA guidance for the entire year, 30% to 33%. We've been raising that 2 quarters in a row.

是的。首先，我認為我們仍處於非常早期的階段；考量市場成長速度很快、且目前規模已經很大，我認為我們有很大的機會。而且我認為我們擁有領先的產品，能夠參與競爭。你會看到，如果你看我們全年調整後 EBITDA 的指引，是 30% 到 33%。我們已經連續兩季上調這個指引。

We feel pretty confident in that range.

我們對這個區間相當有信心。

The adjusted EBITDA in Q2 is typically our highest quarter for adjusted EBITDA, but that's mostly driven by check verification is seasonally strongest in Q2. Typically, Q3 is second and then Q1 and Q4 are typically weakest. So you see more, a little more pressure on adjusted EBITDA margins.

第二季的調整後 EBITDA 通常是我們全年最高的季度，但這主要是因為支票驗證在第二季具有最強的季節性表現。通常第三季是第二高，然後第一季與第四季通常最弱。因此你會看到調整後 EBITDA 利潤率會承受一些、略多一些的壓力。

All in all, if you kind of look at the core of what's driving our growth, it's Fraud and Identity SaaS. Fraud and Identity SaaS has pretty consistently been in kind of the, call it, 20% range, fluctuates a little bit quarter-to-quarter depending on overages that there's certain seasonality in Q1 and Q3. But otherwise, I think we feel pretty good about those kinds of growth rates in that core part of the business. And when I say that, I really mean product portfolio that includes Mobile Verify, MiVIP, Check Fraud Defender, MiPass, those kinds of products.

整體而言，如果你看驅動我們成長的核心，主要是 Fraud and Identity 的 SaaS。Fraud and Identity SaaS 的成長率相當一致，大約在 20% 左右；會因季度間的超額用量（overages）而有些波動，且在第一季與第三季存在一定的季節性。但除此之外，我們對這類核心業務的成長率感覺相當不錯。我所說的核心，指的其實是包含 Mobile Verify、MiVIP、Check Fraud Defender、MiPass 等這類產品的產品組合。

And Derek, I would just add on to what David is saying there. It's a mindset that we've had since working together for the last 1.5 years in the organization and across the company. It's just that mindset of continuous improvement, continuing to drive scale, efficiency as we're seeing now with such a strong focus and growth, as Dave talked about, how even going through the remainder of the year with the growth within SaaS and F&I SaaS, the scale each quarter progresses, more and more scale, more volume, better unit economics across the business.

Derek，我再補充一下 David 剛才的說法。這是我們在過去一年半一起在組織內、以及全公司推動的一種思維模式。也就是持續改善的心態，持續推動規模化與效率提升；正如我們現在看到的，在如此強烈的成長聚焦下，正如 Dave 所談到的，即使在今年剩餘期間，隨著 SaaS 與 F&I SaaS 的成長，每一季規模都在擴大——規模越來越大、量越來越多，整體業務的單位經濟效益也會更好。

We've been implementing with new tooling, new capabilities, more efficiency, how we're utilizing various tools across the business. So we're actually very encouraged year-to-date progress, how we see that going and seeing improved unit economics over time. That said, we're highly focused on growth and continuing to capitalize on the opportunity that's ahead of us.

我們一直在導入新的工具、新的能力與更高的效率，並改善我們在整個業務中使用各種工具的方式。因此，我們對今年迄今的進展其實非常受到鼓舞，也看好未來的走向，並預期單位經濟效益會隨時間改善。不過，我們仍高度聚焦於成長，並持續把握眼前的機會。

Okay. Got it. One last question. I was wondering just maybe if you could talk about in terms of the growth, if you're seeing more from current customers on the platform, expanding workflows and transactions or if it's more driven by new customer sign-ups on the platform? Or is it kind of just broad-based?

好的。了解。最後一個問題。我想請問，就成長來源而言，你們看到更多是來自平台上的既有客戶——擴大工作流程與交易量——還是更多由新客戶在平台上的註冊/導入所驅動？還是說其實是全面性的？

I would say it's broad, where a large part of the growth has been, has come from is relationships that have continued to expand. As I mentioned, and as you know, in particular, on the Fraud and Identity side, we work with numerous large financial institutions and other large high assurance businesses that have multiple divisions, operating in multiple countries, multiple products.

我會說是全面性的，其中很大一部分成長來自於持續擴大的既有合作關係。如我所提到、你也知道的，特別是在 Fraud and Identity 這一端，我們與許多大型金融機構以及其他大型高信任（high assurance）企業合作；這些客戶往往有多個事業部門、在多個國家營運、並使用多種產品。

And what we find is even though the sales cycle is long and working with them and starting to roll out in the implementation of the systems, but over time, as the relationships grow, we find we are expanding to different margins. or different markets, different product uses, capabilities, other step-up functions. And so that's where a lot of the growth has come in addition to signing up several new relationships over the last several quarters, some of the largest financial institutions in North America as well as Europe and through, and other partners, but we're early on through that.

我們發現，即使銷售週期很長，且與他們合作並開始在系統導入上逐步推行，但隨著時間推移、關係加深，我們發現我們正在擴展到不同的利潤率領域，或不同的市場、不同的產品使用情境、能力，以及其他升級功能。因此，除了在過去幾個季度簽下數個新的合作關係之外，許多成長也來自於此，其中包括北美以及歐洲一些最大的金融機構，並且也透過其他合作夥伴，但我們在那方面仍處於早期階段。

Last, I would just say one last comment. I think you've also noticed like on part of the business on fraud, where we're amping up more of a focus on our partners. We've announced several new partner, channel partner relationships and now having them out bringing on additional institutions like onto our fraud platform, and that's really been accelerating over the last several months. And we see we have, there's more to go on that front, too.

最後，我再補充一句。我想你們也注意到，在業務的詐欺防護部分，我們正在加大對合作夥伴的投入與聚焦。我們已宣布數個新的合作夥伴、通路合作夥伴關係，現在也讓他們在外部協助引入更多機構加入我們的詐欺防護平台，而這在過去幾個月確實加速了。而且我們看到在這方面還有更多可以推進的空間。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

Logan on for George. I wanted to follow up on kind of the comments you were just making there. I mean you talked quite a bit today about expanding with existing customers and kind of that upsell motion. I was hoping you could just shed some light on what's enabling the success there. I mean, does that just kind of have to do with the better market environment?

我是 Logan，代 George 發問。我想跟進一下你剛才提到的那些評論。我的意思是，你今天談了不少關於在既有客戶中擴張，以及那種向上銷售（upsell）的推動方式。我希望你能說明一下，究竟是什麼促成了那裡的成功。我的意思是，這是否只是與更好的市場環境有關？

Or is some of that drawn to the changes in the go-to-market that you've been making over the last year?

或者其中一部分是源自於你們在過去一年對 go-to-market（市場進入策略）所做的調整？

I mean I wouldn't say there's any one. It's just having a full focus with these organizations. What's important is establishing and building trust. Trust doesn't happen overnight. It's earned over time and credibility and having the results and the team.

我的意思是，我不會說只有單一因素。這就是對這些組織保持全力聚焦。重要的是建立並培養信任。信任不會一夕之間產生。它是隨著時間、可信度，以及成果與團隊而逐步贏得的。

We have terrific people working with these organizations and working and partnering with them, in particular, when there's a fraud attack and where they may be the subject of fraud coming on and about how we can work with them, having our systems and people and bringing in the expertise associated with that. And then many of these institutions, as you know, they're highly regulated.

我們有非常優秀的人才與這些組織合作、並與他們建立夥伴關係，尤其是在發生詐欺攻擊、他們可能成為詐欺目標時，我們如何與他們協作，運用我們的系統與人員，並引入相關專業知識來應對。此外，如你所知，許多這類機構都受到高度監管。

The regulatory knowledge and expertise, model governance is very important. That is our language. that we speak with them. And then from a go-to-market standpoint is in dialogue and conversations and trying to broaden with them and support them in many other ways. That said, we are, we continue to bring on new relationships, too, but we may be early on and they just expand over time with them.

監管知識與專業能力、模型治理非常重要。那就是我們與他們溝通的語言。而從 go-to-market 的角度來看，就是持續對話與交流，並嘗試在更多面向上與他們擴大合作、以多種方式支持他們。話雖如此，我們也持續建立新的合作關係，但可能仍在早期階段，之後會隨時間與他們逐步擴張。

So there's also the benefit like within SaaS, it's a layered approach where you continue to add on additional contracts, and we see that layering on benefit over time as we bring in expansions and the new relationships, and it all just adds up incremental.

因此也有一個好處是，在 SaaS 模式下，這是一種分層式的方法，你會持續新增額外合約；我們看到，隨著我們帶來擴張與新合作關係，這種分層帶來的效益會隨時間累積，而所有這些都會形成增量貢獻。

Yes, you'll see expanded geographies, expanded use cases. That gives us more journeys. We get more transactions per journeys with more journeys. So you get some nice unit economics and revenue expansion, gross profit expansion also.

是的，你會看到地理區域擴張、使用案例擴張。這會帶給我們更多「旅程」（journeys）。旅程變多後，每個旅程中的交易數也會增加。因此你會獲得不錯的單位經濟效益與營收擴張，毛利也會擴張。

So one of the key focuses kind of in the industry seems to be the idea of having more kind of layers of protection on each engagement or session, if you will, which I think you've touched on a bit today. I was wondering if you could just talk about sort of how that changes the scope of your monetization opportunity on the Fraud and Identity side.

所以，產業中一個關鍵焦點似乎是：在每一次互動或每一個工作階段（session）上，建立更多層的防護，我想你今天也稍微提到了一些。我想請你談談，這如何改變你們在詐欺防護與身分（Fraud and Identity）領域的變現機會範圍。

I think it's what Dave just mentioned, where you're bringing in, it's a multilayered approach, bringing in additional signals beyond just doing the verification or authentication, bringing in digital signals with the biometrics seeking for either deepfake or an injection attack or some sort of other layered data that comes in for that particular journey. We could also be bringing in other third-party data as well, maybe looking at a geo or device in the utilization of that particular transaction. So think of a journey within multiple transactions. The more volume, the more throughput, better unit economics for each transaction or.

我想這就是 Dave 剛才提到的：採取多層式方法，導入除驗證或身分驗證（authentication）之外的額外訊號，加入數位訊號與生物辨識，用來偵測深偽（deepfake）或注入式攻擊（injection attack），或其他在特定旅程中會納入的分層資料。我們也可能導入其他第三方資料，例如查看地理位置或裝置，並用於該筆特定交易的使用情境判斷。所以把一個旅程想成包含多筆交易。量越大、吞吐量越高，每筆交易的單位經濟效益就越好，或是。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

I wanted to maybe try to better understand with all the concerns out there with Claude Mythos, have your discussions changed at all with banks? Or has prioritization potentially risen for Fraud and Identity solutions just given what's potentially coming down the pipe? And how do you think about maybe exploiting some of that increased concern over time?

我想也許試著更了解一下：在外界對 Claude Mythos 的各種疑慮之下，你們與銀行的討論是否有任何改變？或者，鑑於可能即將出現的情況，詐欺防護與身分解決方案的優先順序是否可能提高？你們又如何看待，隨著時間推移去利用這種提高的關注度？

Jonathan, the answer, the simple answer is yes in terms of the dialogue has increased. But I would say that's not just from Mythos or changes with Claude, just really AI in general and the proliferation of fraud attacks and the sophisticated nature of that. obviously, thinking about with Mythos coming out and what that does from a cyber standpoint and looking for vulnerabilities, all of this comes back to the same key point, which is around how are we protecting our franchise, how are we protecting our interactions with our customers. That's where we come in and having the conversation on that digital interaction and making sure we're protecting it to the greatest extent possible, continuing to bring in new solutions, ideas, thoughts around that based on our technologies and capabilities and experience. So, the trend clearly is continuing to go up.

Jonathan，答案——簡單的答案是：是的，對話確實增加了。但我會說，這不只是因為 Mythos 或 Claude 的變化，而是整體 AI 的發展，以及詐欺攻擊的普及與其日益精密的特性。顯然，隨著 Mythos 的推出，以及它在資安角度所帶來的影響、以及對漏洞的探查，所有這些都回到同一個關鍵點：我們如何保護我們的核心業務（franchise），如何保護我們與客戶的互動。這正是我們的切入點：針對數位互動進行對話，並確保我們在最大程度上加以保護，並基於我們的技術、能力與經驗，持續帶來新的解決方案、想法與觀點。因此，這個趨勢顯然仍在持續上升。

Over time, the relevance of Mitek has gone up significantly within the conversations. I would tell you when I started first at the company 1.5 years ago, just the profile who we're having in dialogue with the importance across the organization is at the highest levels of many of these institutions and the high assurance businesses that we work with because of the concern and the fraud and the sophisticated nature of the fraud that's now prevalent in the world.

隨著時間推移，Mitek 在對話中的相關性已顯著提升。我可以告訴你，當我在 1.5 年前剛加入公司時，我們對話的對象輪廓、以及在這些機構內部的重要性，已經提升到許多機構的最高層級，以及我們所服務的高保障（high assurance）業務領域，原因在於對詐欺的擔憂，以及如今在全球普遍存在、且日益精密的詐欺型態。

Thank you. Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day, everybody. Thank you.

謝謝。各位女士先生，今天的電話會議到此結束。非常感謝各位的參與，現在您可以掛線。祝各位今天愉快。謝謝。