Q4 2024 Mitek Systems Inc Earnings Call Transcript
Key Points
- Mitek Systems Inc (MITK) has an experienced leadership team in place, focused on returning to durable growth.
- The company is nearing profitability on the identity side of its business.
- Mitek is becoming a comprehensive solution for fighting fraud and mitigating identity-related cybersecurity risks.
- Organic growth is a near-term focus, with operational discipline aimed at long-term value creation.
- The company has a strong history of innovation, serving over 7,900 companies globally, including financial institutions, telecoms, fintech companies, and marketplaces.
- The company has faced challenges due to executive turnover and major acquisitions, which have strained accounting, finance, and legal teams.
- Identity products have historically been cash-consuming and have diluted overall consolidated adjusted EBITDA margins.
- There is continued pricing pressure in mobile verify products and small declines in biometrics point solutions.
- The COVID-19 pandemic accelerated digital transformation, which outpaced the company's operational infrastructure.
- The transition of some on-premise Check Fraud Defender customers to the consortium model may create a small revenue headwind.
Good day and welcome to my fiscal 2024 fourth quarter and year-end earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.
Sir. Thank you operator. Good afternoon and welcome to Mitek fiscal 2024 4th quarter and full year earnings conference call with me on today's call are Mitek CEO, Ed West, and CFO, Dave Lyle.
Before I turn the call over to Ed, I'd like to cover a few quick items today. My tech issued a press release announcing its fiscal its financial results for its fiscal 2024 4th quarter and full year ended September 30 2024. That release is available on the company's website at Mitek systems dotcom. This call is being broadcast live over the internet for all interested parties and the webcast will be archived on the investor relations page of the company's website.
I want to remind everyone that on today's call management will discuss certain
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