10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000807863-19-000010`
Period End Date	20181231
Filing Date	20190208
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	mitk-20181231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 60 Stockholders Equity 28

Balance Sheet 79 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, 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`	$9.03M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.44M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.29M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$8.45M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$9.25M	USD	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`	$12.83M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.82M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.10M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.28M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.46M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	37.96M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.05M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.64M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$37.63M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$37.07M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	38.64M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.67M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.78M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$32.95M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$30.74M	USD	Point-in-time
Goodwill	`Goodwill`	$34.06M	USD	Point-in-time
Goodwill	`Goodwill`	$34.41M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$15.36M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$16.72M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.15M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.81M	USD	Point-in-time
Total assets	`Assets`	$126.18M	USD	Point-in-time
Total assets	`Assets`	$127.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.51M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$7.92M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$6.20M	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	$4.79M	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	$4.66M	USD	Point-in-time
Acquisition-related contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$1.85M	USD	Point-in-time
Acquisition-related contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$1.82M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.02M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.21M	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	$407.00K	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	$485.00K	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$8.05M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$8.16M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.94M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$31.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$30.61M	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, 38,638,816 and 37,961,224 issued and outstanding, as of December 31, 2018 and September 30, 2018, respectively	`CommonStockValue`	$39.00K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 38,638,816 and 37,961,224 issued and outstanding, as of December 31, 2018 and September 30, 2018, respectively	`CommonStockValue`	$38.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$116.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$120.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-586.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$95.39M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$61.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$95.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$72.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$127.15M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$126.18M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.14M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$17.68M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$4.78M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$7.21M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.28M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.49M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$1.83M	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$1.26M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$22.24M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$14.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.56M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.31M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$14.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$190.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.55M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.12M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$3.61M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-1.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	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`	38.25M	shares	1 Quarter
Shares used in calculating net loss per share - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.21M	shares	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$189.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-824.00K	USD	1 Quarter
Change in unrealized gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-59.00K	USD	1 Quarter
Change in unrealized gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.00M	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.67M	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$355.00K	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	-	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.77M	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`	$373.00K	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`	$-1.63M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$4.42M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-3.92M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-3.06M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.55M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$733.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$943.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$307.00K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.39M	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.81M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-205.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-326.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$189.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.57M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.30M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$15.39M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$1.73M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.95M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$950.00K	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.99M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$508.00K	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`	$-1.29M	USD	1 Quarter
Proceeds from the issuance of equity plan common stock	`ProceedsFromStockOptionsAndWarrantsExercised`	$586.00K	USD	1 Quarter
Proceeds from the issuance of equity plan common stock	`ProceedsFromStockOptionsAndWarrantsExercised`	$137.00K	USD	1 Quarter
Principal payments on other borrowings	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Principal payments on other borrowings	`RepaymentsOfNotesPayable`	$164.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$137.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$422.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-4.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-23.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.95M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.41M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.03M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.44M	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`	$12.29M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.03M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.44M	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`	$12.29M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$9.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$69.00K	USD	1 Quarter
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-59.00K	USD	1 Quarter
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	37.96M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	38.64M	shares	Point-in-time
Beginning Balance	`StockholdersEquity`	$95.39M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$61.41M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$95.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$72.40M	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	134,727.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$586.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$137.00K	USD	1 Quarter
Settlement of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Acquisition-related shares issued	`StockIssuedDuringPeriodValueAcquisitions`	$5.61M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.89M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.67M	USD	1 Quarter
Amortization of closing shares	`AdjustmentsToAdditionalPaidInCapitalOther`	$710.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$189.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-824.00K	USD	1 Quarter
Change in unrealized gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-59.00K	USD	1 Quarter
Change in unrealized gain on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Total other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.00M	USD	1 Quarter
Total other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter
Ending Balance (in shares)	`CommonStockSharesOutstanding`	37.96M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	38.64M	shares	Point-in-time
Ending Balance	`StockholdersEquity`	$95.39M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$61.41M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$95.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$72.40M	USD	Point-in-time

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