<p>Mitek Systems（(MITK)）已举行第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Mitek Systems 最近的财报电话会议传达了乐观的语气，管理层强调了创纪录的收入、创纪录的调整后 EBITDA 和更强的资产负债表。高管们强调，尽管某些逆风因素如季节性和组合驱动的利润压力仍然存在，但这些主要是时机问题，被加速的欺诈与身份增长和扩展的 SaaS 贡献所掩盖。</p>
<h2>创纪录的收入和盈利里程碑</h2>
<p>Mitek 的总收入为 5480 万美元，同比增长 6%，创下公司新高。调整后 EBITDA 也达到了创纪录的 2230 万美元，约占 41% 的利润率，而非 GAAP 净收入为 1850 万美元，调整后的稀释每股收益为 0.38 美元。</p>
<h2>欺诈与身份组合推动增长</h2>
<p>欺诈与身份业务是明显的增长引擎，得益于更强的 SaaS 采用、更高价值的工作流程和稳健的生物识别许可证活动，收入同比增长 28%。管理层因此将全年欺诈与身份收入预期上调至 1.03 亿至 1.08 亿美元，意味着中间值约 17% 的增长。</p>
<h2>SaaS 组合上升，网络效应加深</h2>
<p>总 SaaS 收入同比增长 18%，现在占 Mitek 最近 12 个月收入的约 44%，高于 40%，显示出向经常性、基于云的收入流的稳定转变。公司的支票欺诈防护产品的年度合同价值增长超过 50%，超过 1900 万美元，得益于现在覆盖超过 60% 的美国支票账户的数据集。</p>
<h2>指导上调，盈利能力和资本回报增强</h2>
<p>管理层将全年收入指导上调至 1.89 亿至 1.98 亿美元，意味着中间值约 8% 的增长，并将调整后的 EBITDA 利润率预期提高至 30% 至 33%。Mitek 在本季度结束时拥有 7800 万美元的现金和投资，经过偿还可转换票据后的净现金头寸，并通过回购返还了 800 万美元，同时授权了一项新的 5000 万美元回购计划。</p>
<h2>稳健的支票验证业务</h2>
<p>尽管专注于较新的身份产品，Mitek 的支票验证业务仍然是一个持久的现金生成者，本季度实现收入 2910 万美元。在过去的 12 个月中，该业务产生了 8820 万美元的收入，得益于与主要处理商和金融机构的多次续约和整合，增强了连接性并开辟了新的防欺诈应用场景。</p>
<h2>支票验证的季节性和短期压力</h2>
<p>支票验证收入在本季度同比下降 8%，管理层将其归因于与强劲的前一年期间相比的续约时机，而非基本面疲软。高管们警告称，季节性续约模式和预期的生物识别许可证识别的下降可能会对下半年部分的连续收入产生压力。</p>
<h2>毛利率受到组合和投资影响</h2>
<p>非 GAAP 毛利率仍然强劲，为 85%，但较去年下降约 270 个基点，因为业务组合转向增长更快的 SaaS 和服务，这些业务的利润率低于许可证。其余的压缩来自于与早期阶段试点相关的实施成本，这些费用在收入之前产生，反映了对未来增长的投资。</p>
<h2>自由现金流受到营运资本时机影响</h2>
<p>本季度自由现金流为负 250 万美元，主要是由于与集中年度续约相关的季度末应收账款，暂时提高了营运资本需求。然而，在过去 12 个月中，自由现金流仍然强劲，约为 4500 万美元，相当于调整后 EBITDA 的约 72% 转换，突显了公司的现金生成能力。</p>
<h2>生物识别许可证贡献波动</h2>
<p>生物识别软件许可证销售在本季度对收入增长产生了显著的推动作用，补充了欺诈与身份的 SaaS 驱动扩展。然而，管理层强调，这一业务线本质上是波动的，预计许可证相关的收入确认将从上半年的高峰下降，给短期报告结果带来一些波动。</p>
<h2>营业费用正常化，投资持续</h2>
<p>非 GAAP 一般和行政费用从去年 780 万美元上升至 920 万美元，并在收入中所占比例上升，去年基数异常低，管理层将其视为正常化。尽管报告的研发费用有所下降，但实际现金研发支出同比增长约 8.5%，显示出对产品和平台能力的持续投资。</p>
<h2>上调前景和关键前瞻性信号</h2>
<p>展望未来，Mitek 现在预计全年收入在 1.89 亿至 1.98 亿美元之间，欺诈与身份收入预计在 1.03 亿至 1.08 亿美元之间，调整后的 EBITDA 利润率为 30% 至 33%。管理层预计非 GAAP 毛利率将保持在低 80% 范围内，资本强度和折旧适度，并强调欺诈与身份 SaaS 应该在剩余的年度中逐步增长。</p>
<p>Mitek 的财报电话会议描绘了一家专注于更高增长、经常性收入的公司，同时应对其传统业务中的时机驱动的逆风。凭借创纪录的盈利能力、更健康的资产负债表和上调的指导，管理层对欺诈与身份及 SaaS 的势头能够在未来几个季度为投资者带来可观的增长和现金生成表示信心。</p>

Mitek系统

<p>Mitek 系统报告了创纪录的第二季度收益，总收入为 5480 万美元，同比增长 6%，调整后的 EBITDA 为 2230 万美元。欺诈与身份部门推动了增长，收入增长了 28%。公司将全年收入指引上调至 1.89 亿至 1.98 亿美元，并将调整后的 EBITDA 利润率展望提高至 30% 至 33%。尽管支票验证收入下降了 8%，Mitek 的现金状况依然强劲，达到了 7800 万美元，并通过回购返还了 800 万美元。管理层预计 SaaS 和欺诈与身份收入将持续增长，同时应对季节性和投资成本带来的短期压力</p>

<p>Mitek Systems ((MITK)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Mitek Systems（(MITK)）已举行第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Mitek Systems’ latest earnings call struck an upbeat tone, with management highlighting record revenue, record adjusted EBITDA and a stronger balance sheet. Executives stressed that while certain headwinds like seasonality and mix-driven margin pressure remain, these are largely timing issues, outweighed by accelerating Fraud &amp; Identity growth and expanding SaaS contributions.</p>
<div class="lb-trans"><p>Mitek Systems 最近的财报电话会议传达了乐观的语气，管理层强调了创纪录的收入、创纪录的调整后 EBITDA 和更强的资产负债表。高管们强调，尽管某些逆风因素如季节性和组合驱动的利润压力仍然存在，但这些主要是时机问题，被加速的欺诈与身份增长和扩展的 SaaS 贡献所掩盖。</p>
</div><h2>Record Revenue and Profitability Milestones</h2>
<div class="lb-trans"><h2>创纪录的收入和盈利里程碑</h2>
</div><p>Mitek posted total revenue of $54.8 million, up 6% year over year, marking a new high for the company. Adjusted EBITDA also reached a record $22.3 million, representing roughly a 41% margin, while non-GAAP net income came in at $18.5 million, translating to adjusted diluted EPS of $0.38.</p>
<div class="lb-trans"><p>Mitek 的总收入为 5480 万美元，同比增长 6%，创下公司新高。调整后 EBITDA 也达到了创纪录的 2230 万美元，约占 41% 的利润率，而非 GAAP 净收入为 1850 万美元，调整后的稀释每股收益为 0.38 美元。</p>
</div><h2>Fraud &amp; Identity Portfolio Powers Growth</h2>
<div class="lb-trans"><h2>欺诈与身份组合推动增长</h2>
</div><p>The Fraud &amp; Identity business was the clear growth engine, with revenue climbing 28% year over year on the back of stronger SaaS adoption, higher-value workflows and solid biometric license activity. Management responded by lifting the full-year Fraud &amp; Identity revenue outlook to a range of $103 million to $108 million, implying roughly 17% growth at the midpoint.</p>
<div class="lb-trans"><p>欺诈与身份业务是明显的增长引擎，得益于更强的 SaaS 采用、更高价值的工作流程和稳健的生物识别许可证活动，收入同比增长 28%。管理层因此将全年欺诈与身份收入预期上调至 1.03 亿至 1.08 亿美元，意味着中间值约 17% 的增长。</p>
</div><h2>SaaS Mix Rises and Network Effects Deepen</h2>
<div class="lb-trans"><h2>SaaS 组合上升，网络效应加深</h2>
</div><p>Total SaaS revenue increased 18% from a year ago and now represents about 44% of Mitek’s last-12-month revenue, up from 40%, signaling a steady shift toward recurring, cloud-based revenue streams. The company’s Check Fraud Defender product saw annual contract value climb more than 50% to over $19 million, supported by datasets that now cover more than 60% of U.S. checking accounts.</p>
<div class="lb-trans"><p>总 SaaS 收入同比增长 18%，现在占 Mitek 最近 12 个月收入的约 44%，高于 40%，显示出向经常性、基于云的收入流的稳定转变。公司的支票欺诈防护产品的年度合同价值增长超过 50%，超过 1900 万美元，得益于现在覆盖超过 60% 的美国支票账户的数据集。</p>
</div><h2>Guidance Raised, Profitability and Capital Returns Strengthen</h2>
<div class="lb-trans"><h2>指导上调，盈利能力和资本回报增强</h2>
</div><p>Management raised full-year revenue guidance to a range of $189 million to $198 million, implying around 8% growth at the midpoint, and increased the adjusted EBITDA margin outlook to 30% to 33%. Mitek ended the quarter with $78 million in cash and investments, a net cash position after retiring convertible notes and returned $8 million via buybacks, alongside authorizing a new $50 million repurchase plan.</p>
<div class="lb-trans"><p>管理层将全年收入指导上调至 1.89 亿至 1.98 亿美元，意味着中间值约 8% 的增长，并将调整后的 EBITDA 利润率预期提高至 30% 至 33%。Mitek 在本季度结束时拥有 7800 万美元的现金和投资，经过偿还可转换票据后的净现金头寸，并通过回购返还了 800 万美元，同时授权了一项新的 5000 万美元回购计划。</p>
</div><h2>Resilient Check Verification Franchise</h2>
<div class="lb-trans"><h2>稳健的支票验证业务</h2>
</div><p>Despite the focus on newer identity products, Mitek’s check verification business remains a durable cash generator, delivering $29.1 million of revenue in the quarter. Over the past 12 months, this franchise produced $88.2 million in revenue, supported by multiple renewals and integrations with major processors and financial institutions that enhance connectivity and open new fraud-prevention use cases.</p>
<div class="lb-trans"><p>尽管专注于较新的身份产品，Mitek 的支票验证业务仍然是一个持久的现金生成者，本季度实现收入 2910 万美元。在过去的 12 个月中，该业务产生了 8820 万美元的收入，得益于与主要处理商和金融机构的多次续约和整合，增强了连接性并开辟了新的防欺诈应用场景。</p>
</div><h2>Check Verification Seasonality and Near-Term Pressure</h2>
<div class="lb-trans"><h2>支票验证的季节性和短期压力</h2>
</div><p>Check verification revenue declined 8% year over year in the quarter, which management tied to renewal timing against a strong prior-year period rather than underlying weakness. Executives cautioned that seasonal renewal patterns and an expected step down in biometric license recognition could weigh on sequential revenue in parts of the back half of the year.</p>
<div class="lb-trans"><p>支票验证收入在本季度同比下降 8%，管理层将其归因于与强劲的前一年期间相比的续约时机，而非基本面疲软。高管们警告称，季节性续约模式和预期的生物识别许可证识别的下降可能会对下半年部分的连续收入产生压力。</p>
</div><h2>Gross Margin Feels Mix and Investment Impact</h2>
<div class="lb-trans"><h2>毛利率受到组合和投资影响</h2>
</div><p>Non-GAAP gross margin was a still-strong 85%, but declined around 270 basis points versus last year as the business mix shifted toward faster-growing SaaS and services, which carry lower margins than licenses. The rest of the compression came from implementation costs tied to early-stage pilots where expenses are incurred ahead of revenue, reflecting investment in future growth.</p>
<div class="lb-trans"><p>非 GAAP 毛利率仍然强劲，为 85%，但较去年下降约 270 个基点，因为业务组合转向增长更快的 SaaS 和服务，这些业务的利润率低于许可证。其余的压缩来自于与早期阶段试点相关的实施成本，这些费用在收入之前产生，反映了对未来增长的投资。</p>
</div><h2>Free Cash Flow Hit by Working Capital Timing</h2>
<div class="lb-trans"><h2>自由现金流受到营运资本时机影响</h2>
</div><p>Free cash flow for the quarter was negative $2.5 million, driven mainly by late-quarter accounts receivable associated with concentrated annual renewals, which temporarily elevated working capital needs. On a trailing 12-month basis, however, free cash flow remained robust at roughly $45 million, equating to around 72% conversion of adjusted EBITDA, underscoring the company’s cash-generative profile.</p>
<div class="lb-trans"><p>本季度自由现金流为负 250 万美元，主要是由于与集中年度续约相关的季度末应收账款，暂时提高了营运资本需求。然而，在过去 12 个月中，自由现金流仍然强劲，约为 4500 万美元，相当于调整后 EBITDA 的约 72% 转换，突显了公司的现金生成能力。</p>
</div><h2>Lumpy Biometric License Contribution</h2>
<div class="lb-trans"><h2>生物识别许可证贡献波动</h2>
</div><p>Biometric software license sales were a meaningful tailwind to revenue growth in the quarter, complementing the SaaS-driven expansion in Fraud &amp; Identity. Management emphasized, however, that this line of business is inherently lumpy and expects license-related revenue recognition to step down from the first-half peaks, adding some volatility to near-term reported results.</p>
<div class="lb-trans"><p>生物识别软件许可证销售在本季度对收入增长产生了显著的推动作用，补充了欺诈与身份的 SaaS 驱动扩展。然而，管理层强调，这一业务线本质上是波动的，预计许可证相关的收入确认将从上半年的高峰下降，给短期报告结果带来一些波动。</p>
</div><h2>Operating Expenses Normalize and Investments Continue</h2>
<div class="lb-trans"><h2>营业费用正常化，投资持续</h2>
</div><p>Non-GAAP general and administrative expense rose to $9.2 million from $7.8 million a year ago and increased as a percentage of revenue after an unusually low base last year, which management framed as a normalization. While reported R&amp;D expense declined, actual cash R&amp;D spending is up about 8.5% year to date, signaling continued investment in product and platform capabilities.</p>
<div class="lb-trans"><p>非 GAAP 一般和行政费用从去年 780 万美元上升至 920 万美元，并在收入中所占比例上升，去年基数异常低，管理层将其视为正常化。尽管报告的研发费用有所下降，但实际现金研发支出同比增长约 8.5%，显示出对产品和平台能力的持续投资。</p>
</div><h2>Upgraded Outlook and Key Forward-Looking Signals</h2>
<div class="lb-trans"><h2>上调前景和关键前瞻性信号</h2>
</div><p>Looking ahead, Mitek now expects full-year revenue between $189 million and $198 million, with Fraud &amp; Identity revenue projected at $103 million to $108 million and an adjusted EBITDA margin of 30% to 33%. Management anticipates non-GAAP gross margin to remain in the low-80% range, modest capital intensity and depreciation, and highlighted that Fraud &amp; Identity SaaS should increase sequentially through the remainder of the year.</p>
<div class="lb-trans"><p>展望未来，Mitek 现在预计全年收入在 1.89 亿至 1.98 亿美元之间，欺诈与身份收入预计在 1.03 亿至 1.08 亿美元之间，调整后的 EBITDA 利润率为 30% 至 33%。管理层预计非 GAAP 毛利率将保持在低 80% 范围内，资本强度和折旧适度，并强调欺诈与身份 SaaS 应该在剩余的年度中逐步增长。</p>
</div><p>Mitek’s earnings call painted the picture of a company leaning into higher-growth, recurring revenue while managing through timing-driven headwinds in its legacy businesses. With record profitability, a healthier balance sheet and raised guidance, management signaled confidence that momentum in Fraud &amp; Identity and SaaS can drive attractive growth and cash generation for investors over the coming quarters.</p>
<div class="lb-trans"><p>Mitek 的财报电话会议描绘了一家专注于更高增长、经常性收入的公司，同时应对其传统业务中的时机驱动的逆风。凭借创纪录的盈利能力、更健康的资产负债表和上调的指导，管理层对欺诈与身份及 SaaS 的势头能够在未来几个季度为投资者带来可观的增长和现金生成表示信心。</p>
</div>

Mitek 系统在创纪录的收益后提高了业绩预期