10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000807863-18-000008`
Period End Date	20171231
Filing Date	20180201
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mitk-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 42 Cash Flow Statement 58

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.34M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$32.00M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$30.28M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.10M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.65M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.08M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.21M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	33.72M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$50.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.07M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.90M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.90M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	33.72M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$3.78M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$7.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$613.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$833.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.30M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$8.34M	USD	Point-in-time
Goodwill	`Goodwill`	$10.01M	USD	Point-in-time
Goodwill	`Goodwill`	$3.01M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$14.90M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$11.06M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$74.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$306.00K	USD	Point-in-time
Total assets	`Assets`	$71.72M	USD	Point-in-time
Total assets	`Assets`	$88.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.92M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$2.42M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$3.71M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.97M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.31M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$602.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.84M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$99.00K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$85.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$4.61M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$692.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.31M	USD	Point-in-time
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 34,902,816 and 33,724,392 issued and outstanding, as of December 31, 2017 and September 30, 2017, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 34,902,816 and 33,724,392 issued and outstanding, as of December 31, 2017 and September 30, 2017, respectively	`CommonStockValue`	$35.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$87.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$78.68M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$147.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$277.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$72.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$61.41M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$88.95M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$71.72M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Software and hardware	`LicensesRevenue`	$7.21M	USD	1 Quarter
Software and hardware	`LicensesRevenue`	$5.98M	USD	1 Quarter
SaaS, maintenance, and consulting	`SalesRevenueServicesGross`	$3.29M	USD	1 Quarter
SaaS, maintenance, and consulting	`SalesRevenueServicesGross`	$4.93M	USD	1 Quarter
Total revenue	`Revenues`	$12.14M	USD	1 Quarter
Total revenue	`Revenues`	$9.27M	USD	1 Quarter
Cost of revenuesoftware and hardware	`LicenseCosts`	$214.00K	USD	1 Quarter
Cost of revenuesoftware and hardware	`LicenseCosts`	$719.00K	USD	1 Quarter
Cost of revenueSaaS, maintenance, and consulting	`CostOfServices`	$677.00K	USD	1 Quarter
Cost of revenueSaaS, maintenance, and consulting	`CostOfServices`	$898.00K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$4.78M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.84M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.45M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.28M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.24M	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$518.00K	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$1.26M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$9.94M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$14.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-672.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.31M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$190.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$65.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-607.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.12M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Net loss per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Shares used in calculating net loss per share basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.21M	shares	1 Quarter
Shares used in calculating net loss per share basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.38M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-370.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$189.00K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-59.00K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-998.00K	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.08M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$376.00K	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$355.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$144.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$484.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$91.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$170.00K	USD	1 Quarter
Amortization of investment premiums and other	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$46.00K	USD	1 Quarter
Amortization of investment premiums and other	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-9.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$4.42M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-3.06M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$631.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-364.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.55M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$49.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$307.00K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.67M	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.39M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-326.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-755.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$239.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.57M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.23M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$15.39M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$5.33M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.80M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.95M	USD	1 Quarter
Acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.99M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$216.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.65M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.57M	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$19.00K	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$137.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$137.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-4.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-10.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.79M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.95M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.29M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.34M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.29M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$36.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.00K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-59.00K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.