$MITK
MITEK SYSTEMS INC Stock $mitk

$mitk Overview Financials Valuation SEC Filings Company Website

2017 Q4 Form 10-Q Financial Statement

#000080786318000008 Filed on February 01, 2018

Income Statement

Concept	2017 Q4	2016 Q4
Revenue	$12.14M	$9.269M
YoY Change	30.93%	25.19%
Cost Of Revenue	$1.617M	$891.0K
YoY Change	81.48%	-5.41%
Gross Profit	$10.52M	$8.378M
YoY Change	25.56%	29.65%
Gross Profit Margin	86.68%	90.39%
Selling, General & Admin	$8.292M	$6.081M
YoY Change	36.36%	33.54%
% of Gross Profit	78.83%	72.58%
Research & Development	$3.280M	$2.451M
YoY Change	33.82%	43.61%
% of Gross Profit	31.18%	29.26%
Depreciation & Amortization	$91.00K	$170.0K
YoY Change	-46.47%	55.96%
% of Gross Profit	0.87%	2.03%
Operating Expenses	$12.83M	$9.050M
YoY Change	41.78%	33.01%
Operating Profit	-$2.312M	-$672.0K
YoY Change	244.05%	96.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net	$190.0K	$65.00K
YoY Change	192.31%	80.56%
Pretax Income	-$2.122M	-$607.0K
YoY Change	249.59%	98.37%
Income Tax	$3.614M	$0.00
% Of Pretax Income
Net Earnings	-$5.736M	-$607.0K
YoY Change	844.98%	88.51%
Net Earnings / Revenue	-47.26%	-6.55%
Basic Earnings Per Share	-$0.17	-$0.02
Diluted Earnings Per Share	-$0.17	-$0.02
COMMON SHARES
Basic Shares Outstanding	34.21M shares	32.38M shares
Diluted Shares Outstanding	34.21M shares	32.38M shares

Balance Sheet

Concept	2017 Q4	2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$38.30M	$34.50M
YoY Change	11.01%	35.29%
Cash & Equivalents	$6.341M	$6.215M
Short-Term Investments	$32.00M	$28.30M
Other Short-Term Assets	$3.077M	$1.200M
YoY Change	156.42%	50.0%
Inventory
Prepaid Expenses
Receivables	$5.652M	$5.500M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$47.07M	$41.20M
YoY Change	14.25%	35.08%
LONG-TERM ASSETS
Property, Plant & Equipment	$833.0K	$300.0K
YoY Change	177.67%	-68.1%
Goodwill	$10.01M
YoY Change
Intangibles
YoY Change
Long-Term Investments	$7.500M	$0.00
YoY Change		-100.0%
Other Assets	$306.0K	$0.00
YoY Change		-100.0%
Total Long-Term Assets	$41.88M	$5.500M
YoY Change	661.44%	-40.22%
TOTAL ASSETS
Total Short-Term Assets	$47.07M	$41.20M
Total Long-Term Assets	$41.88M	$5.500M
Total Assets	$88.95M	$46.70M
YoY Change	90.47%	17.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$2.962M	$1.400M
YoY Change	111.57%	-12.5%
Accrued Expenses	$2.400M	$1.600M
YoY Change	50.0%	33.33%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$11.84M	$6.100M
YoY Change	94.13%	-17.57%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$4.606M	$700.0K
YoY Change	558.0%	-22.22%
Total Long-Term Liabilities	$4.606M	$700.0K
YoY Change	558.0%	-22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities	$11.84M	$6.100M
Total Long-Term Liabilities	$4.606M	$700.0K
Total Liabilities	$16.55M	$6.800M
YoY Change	143.34%	-18.07%
SHAREHOLDERS EQUITY
Retained Earnings	-$14.93M
YoY Change
Common Stock	$87.06M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$72.40M	$39.90M
YoY Change
Total Liabilities & Shareholders Equity	$88.95M	$46.70M
YoY Change	90.47%	17.63%

Cashflow Statement

Concept	2017 Q4	2016 Q4
OPERATING ACTIVITIES
Net Income	-$5.736M	-$607.0K
YoY Change	844.98%	88.51%
Depreciation, Depletion And Amortization	$91.00K	$170.0K
YoY Change	-46.47%	55.96%
Cash From Operating Activities	$2.567M	-$1.229M
YoY Change	-308.87%	-220.49%
INVESTING ACTIVITIES
Capital Expenditures	$216.0K	$45.00K
YoY Change	380.0%	-39.19%
Acquisitions	$2.991M	$0.00
YoY Change
Other Investing Activities	-$8.430M	-$1.530M
YoY Change	450.98%	-363.79%
Cash From Investing Activities	-$8.648M	-$1.575M
YoY Change	449.08%	-408.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$137.0K	$19.00K
YoY Change	621.05%	-82.73%
NET CHANGE
Cash From Operating Activities	$2.567M	-$1.229M
Cash From Investing Activities	-$8.648M	-$1.575M
Cash From Financing Activities	$137.0K	$19.00K
Net Change In Cash	-$5.944M	-$2.785M
YoY Change	113.43%	-269.82%
FREE CASH FLOW
Cash From Operating Activities	$2.567M	-$1.229M
Capital Expenditures	$216.0K	$45.00K
Free Cash Flow	$2.351M	-$1.274M
YoY Change	-284.54%	-234.67%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2017Q4	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2017Q4	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
CY2017Q4	dei	Document Period End Date DocumentPeriodEndDate	2017-12-31
CY2017Q4	dei	Document Type DocumentType	10-Q
CY2017Q4	dei	Entity Central Index Key EntityCentralIndexKey	0000807863
CY2017Q4	mitk	Number Of Patents Granted NumberOfPatentsGranted	35	patent
CY2017Q4	mitk	Number Of Pending Patent Applications NumberOfPendingPatentApplications	19	patent
CY2017Q4	mitk	Number Of Top Retail Banks That Deployed Mobile Deposit NumberOfTopRetailBanksThatDeployedMobileDeposit	50	institution
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CY2017Q4	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
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CY2017Q4	dei	Trading Symbol TradingSymbol	MITK
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CY2017Q3	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	74000	USD
CY2017Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	306000	USD
CY2016Q4	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-370000	USD
CY2017Q4	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	189000	USD
CY2016Q4	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	-21000	USD
CY2017Q4	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	-59000	USD
CY2017Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	602000	USD
CY2017Q3	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	692000	USD
CY2017Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	4606000	USD
CY2016Q4	us-gaap	Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet	0	USD
CY2017Q4	us-gaap	Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet	0	USD
CY2016Q4	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
CY2017Q4	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	2991000	USD
CY2016Q4	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	5330000	USD
CY2017Q4	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	15391000	USD
CY2016Q4	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	45000	USD
CY2017Q4	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	216000	USD
CY2017Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2017Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2017Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2017Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2017Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2017Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2017Q3	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2017Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2016Q4	us-gaap	Proceeds From Sale And Maturity Of Marketable Securities ProceedsFromSaleAndMaturityOfMarketableSecurities	3800000	USD
CY2017Q4	us-gaap	Proceeds From Sale And Maturity Of Marketable Securities ProceedsFromSaleAndMaturityOfMarketableSecurities	9950000	USD
CY2017Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	613000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	833000	USD
CY2016Q4	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	2451000	USD
CY2017Q4	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	3280000	USD
CY2017Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-17450000	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-14931000	USD
CY2016Q4	us-gaap	Revenues Revenues	9269000	USD
CY2017Q4	us-gaap	Revenues Revenues	12136000	USD
CY2016Q4	us-gaap	Sales Revenue Services Gross SalesRevenueServicesGross	3286000	USD
CY2017Q4	us-gaap	Sales Revenue Services Gross SalesRevenueServicesGross	4930000	USD
CY2016Q4	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	3838000	USD
CY2017Q4	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	4775000	USD
CY2016Q4	us-gaap	Share Based Compensation ShareBasedCompensation	1085000	USD
CY2017Q4	us-gaap	Share Based Compensation ShareBasedCompensation	1889000	USD
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.78
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.60
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0204
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	18000	USD
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	448000	USD
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod	19667	shares
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	299397	shares
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	4.56
CY2017Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	4.21
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	3062267	shares
CY2017Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	15600000	USD
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	13900000	USD
CY2017Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	2845866	shares
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	4.68
CY2017Q4	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	2.16
CY2017Q4	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice	3.89
CY2017Q4	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	8.60
CY2016Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P5Y3M18D
CY2017Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P5Y1M24D
CY2017	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P5Y5M1D
CY2017Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P5Y7M17D
CY2017Q3	us-gaap	Short Term Investments ShortTermInvestments	30279000	USD
CY2017Q4	us-gaap	Short Term Investments ShortTermInvestments	31999000	USD
CY2017Q4	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	63329	shares
CY2017Q3	us-gaap	Stockholders Equity StockholdersEquity	61408000	USD
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	72401000	USD
CY2017Q4	us-gaap	Tenant Improvements TenantImprovements	1000000	USD
CY2016Q4	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	32377000	shares
CY2017Q4	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	34207000	shares
CY2017Q4	us-gaap	Guarantees Indemnifications And Warranties Policies GuaranteesIndemnificationsAndWarrantiesPolicies	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Topic 460, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font><font style="font-family:inherit;font-size:10pt;"> (“ASC 460”), except for standard indemnification and warranty provisions that are contained within many of the Company’s customer license and service agreements and certain supplier agreements, and give rise only to the disclosure requirements prescribed by ASC 460. Indemnification and warranty provisions contained within the Company’s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company’s industry. The Company has not historically incurred significant obligations under customer indemnification or warranty provisions and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification or warranty-related obligations.</font></div></div>
CY2017Q4	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, deferred taxes, and related disclosure of contingent assets and liabilities. On an ongoing basis, management reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. These estimates include, but are not limited to, assessing the collectability of accounts receivable, estimation of the value of stock-based compensation awards, fair value of assets and liabilities acquired, impairment of goodwill, useful lives of intangible assets, vendor specific objective evidence (“VSOE”) of fair value related to revenue recognition, contingent consideration, and income taxes.</font></div></div>

Files In Submission

Name	View Source	Status
0000807863-18-000008-index-headers.html	Edgar Link	pending
0000807863-18-000008-index.html	Edgar Link	pending
0000807863-18-000008.txt	Edgar Link	pending
0000807863-18-000008-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
mitk-20171231.xml	Edgar Link	completed
mitk-20171231.xsd	Edgar Link	pending
mitk-20171231x10q.htm	Edgar Link	pending
mitk-20171231xexx311.htm	Edgar Link	pending
mitk-20171231xexx312.htm	Edgar Link	pending
mitk-20171231xexx321.htm	Edgar Link	pending
mitk-20171231_cal.xml	Edgar Link	unprocessable
mitk-20171231_def.xml	Edgar Link	unprocessable
mitk-20171231_lab.xml	Edgar Link	unprocessable
mitk-20171231_pre.xml	Edgar Link	unprocessable
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
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R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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2017 Q4 Form 10-Q Financial Statement

#000080786318000008 Filed on February 01, 2018

Income Statement

Balance Sheet

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Facts In Submission

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$MITK MITEK SYSTEMS INC Stock $mitk

2017 Q4 Form 10-Q Financial Statement

#000080786318000008 Filed on February 01, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MITK
MITEK SYSTEMS INC Stock $mitk