The following is a summary of the Mitek Systems, Inc. (MITK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Mitek Systems reported Q2 revenue of $47 million, an increment of 2% year-over-year.

• A significant contributor to this growth was new identity products, even while there was reduced revenue from the shift from agent review to automated review.

• Q2 deposits revenue grew by 3% year-over-year to reach $29.5 million.

• Non-GAAP operating income amounted to $12.8 million in fiscal Q2, reflecting a non-GAAP operating margin of 27%.

• GAAP net income for the second quarter was $0.3 million, translating to earnings of $0.01 per diluted share.

• The company's financial stability is demonstrated by its cash and investments worth $130.3 million.

• The board authorized a share repurchase program of up to $50 million of Mitek common stock.

Business Progress:

• The decision of the current CEO, Max Carnecchia, to vacate his position by May 31, 2024, was announced. However, he will retain his role on the board.

• The primary drivers of revenue growth were new products: MiVIP, MiPass, ID R&D biometrics, and Check Fraud Defender.

• The Check Fraud Defender solution showed momentum with several customers closed during the quarter.

• Product innovations are gaining market acceptance, including Check Fraud Defender, MiVIP, MiPass, and ID R&D biometrics.

• Mitek's anticipation of reaching standalone profitability in the identity business by fiscal Q4 strategically aligns with its growth strategy.

• The company reaffirmed its revenue guidance range for fiscal year 2024, between $180 million and $185 million, and a non-GAAP operating margin around 30% to 31%.

• Despite a rise in G&A headcount, the company believes the current staff levels can support projected growth into FY '25.

• The company expresses confidence in its strategic plan and team, and is open to necessary operational and headcount focus redistribution.

• Mitek also showed a strong response to its Check Fraud Defender, with more than 25 contracts signed and more financial institutions leaning into the system.

• Search for a new CEO is being conducted, with the company aiming to find domain expertise, while the existing Interim CEO wouldn't be a candidate for the permanent position.

More details: Mitek Systems IR

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