$MITK
MITEK SYSTEMS INC

2015 Q2 Form 10-Q Financial Statement

#000156459016022175 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2015 Q2
Revenue $6.440M
YoY Change 38.2%
Cost Of Revenue $591.0K
YoY Change -2.8%
Gross Profit $5.849M
YoY Change 44.35%
Gross Profit Margin 90.82%
Selling, General & Admin $3.450M
YoY Change -16.13%
% of Gross Profit 58.98%
Research & Development $1.353M
YoY Change -14.86%
% of Gross Profit 23.14%
Depreciation & Amortization $130.0K
YoY Change 8.33%
% of Gross Profit 2.22%
Operating Expenses $5.539M
YoY Change -2.86%
Operating Profit $310.0K
YoY Change -118.79%
Interest Expense $30.00K
YoY Change 50.0%
% of Operating Profit 9.68%
Other Income/Expense, Net $30.00K
YoY Change 76.47%
Pretax Income $339.2K
YoY Change -120.78%
Income Tax -$578.0K
% Of Pretax Income -170.42%
Net Earnings $918.0K
YoY Change -156.22%
Net Earnings / Revenue 14.25%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.03
COMMON SHARES
Basic Shares Outstanding 30.77M shares
Diluted Shares Outstanding 31.65M shares

Balance Sheet

Concept 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.00M
YoY Change -2.83%
Cash & Equivalents $2.731M
Short-Term Investments $21.20M
Other Short-Term Assets $832.3K
YoY Change 3.39%
Inventory
Prepaid Expenses
Receivables $3.808M
Other Receivables $0.00
Total Short-Term Assets $28.59M
YoY Change 1.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.066M
YoY Change -24.24%
Goodwill $2.883M
YoY Change
Intangibles $3.546M
YoY Change
Long-Term Investments $800.0K
YoY Change -50.0%
Other Assets $92.05K
YoY Change 118.91%
Total Long-Term Assets $8.350M
YoY Change 171.78%
TOTAL ASSETS
Total Short-Term Assets $28.59M
Total Long-Term Assets $8.350M
Total Assets $36.94M
YoY Change 18.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.341M
YoY Change 46.86%
Accrued Expenses $1.500M
YoY Change -6.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.773M
YoY Change 12.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $752.0K
YoY Change 11.07%
Total Long-Term Liabilities $752.0K
YoY Change 11.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.773M
Total Long-Term Liabilities $752.0K
Total Liabilities $8.780M
YoY Change 10.21%
SHAREHOLDERS EQUITY
Retained Earnings -$34.46M
YoY Change -4.37%
Common Stock $62.63M
YoY Change 205386.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.16M
YoY Change
Total Liabilities & Shareholders Equity $36.94M
YoY Change 18.68%

Cashflow Statement

Concept 2015 Q2
OPERATING ACTIVITIES
Net Income $918.0K
YoY Change -156.22%
Depreciation, Depletion And Amortization $130.0K
YoY Change 8.33%
Cash From Operating Activities $1.660M
YoY Change 654.55%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K
YoY Change 50.0%
Acquisitions
YoY Change
Other Investing Activities -$4.750M
YoY Change -565.69%
Cash From Investing Activities -$4.770M
YoY Change -577.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0K
YoY Change -1200.0%
NET CHANGE
Cash From Operating Activities 1.660M
Cash From Investing Activities -4.770M
Cash From Financing Activities 110.0K
Net Change In Cash -3.000M
YoY Change -347.93%
FREE CASH FLOW
Cash From Operating Activities $1.660M
Capital Expenditures -$30.00K
Free Cash Flow $1.690M
YoY Change 604.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Operating Income Loss
OperatingIncomeLoss
930000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1640000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Operating Income Loss
OperatingIncomeLoss
983000
us-gaap Costs And Expenses
CostsAndExpenses
24048000
us-gaap Costs And Expenses
CostsAndExpenses
16572000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1564000
us-gaap Share Based Compensation
ShareBasedCompensation
3108000
us-gaap Share Based Compensation
ShareBasedCompensation
2495000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
33000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-6000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
934000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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mitk Amortization Of Closing And Earnout Shares
AmortizationOfClosingAndEarnoutShares
1128000
mitk Amortization Of Closing And Earnout Shares
AmortizationOfClosingAndEarnoutShares
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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-131000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
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-314000
us-gaap Provision For Doubtful Accounts
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
444000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-431000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
377000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
198000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Payments To Acquire Investments
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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mitk Proceeds From Stock Options And Warrants Exercised
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mitk Proceeds From Stock Options And Warrants Exercised
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Interest Paid
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mitk Settlement Of Note Receivable As Consideration For Business Acquisition
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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 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 (&#8220;VSOE&#8221;) of fair value related to revenue recognition and income taxes.</p></div>
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<div> <p style="margin-bottom:0pt;margin-top:18pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Guarantees </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 style="font-style:italic;">Guarantees</font> (&#8220;ASC 460&#8221;), except for standard indemnification and warranty provisions that are contained within many of the Company&#8217;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&#8217;s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company&#8217;s industry.&nbsp;&nbsp;The Company has not previously incurred significant costs to settle claims or pay awards under these indemnification or warranty obligations. The Company accounts for these obligations in accordance with FASB ASC Topic 450, <font style="font-style:italic;">Contingencies </font>(&#8220;ASC 450&#8221;), and records a liability for these obligations when a loss is probable and reasonably estimable. The Company has not recorded any liabilities for these obligations as of June 30, 2016 or September 30, 2015.</p></div>
CY2016Q2 mitk Number Of Patents Granted
NumberOfPatentsGranted
27
CY2016Q2 mitk Number Of Pending Patent Applications
NumberOfPendingPatentApplications
16
CY2016Q2 mitk Number Of Financial Institutions That Signed Agreement To Deploy Mobile Deposit
NumberOfFinancialInstitutionsThatSignedAgreementToDeployMobileDeposit
5205
CY2016Q2 mitk Number Of Top Retail Banks That Deployed Mobile Deposit
NumberOfTopRetailBanksThatDeployedMobileDeposit
50
us-gaap Goodwill And Intangible Asset Impairment
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0
CY2015 us-gaap Goodwill And Intangible Asset Impairment
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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us-gaap Number Of Reporting Units
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
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0
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us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0
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CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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300000
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mitk Percentage Of Earnout Shares Vest And Eligible For Resale
PercentageOfEarnoutSharesVestAndEligibleForResale
0.125
mitk Percentage Of Remaining Earnout Shares Vest And Eligible For Resale
PercentageOfRemainingEarnoutSharesVestAndEligibleForResale
0.875
CY2016Q2 mitk Deferred Tax Valuation Allowance Net Of Assets Percentage
DeferredTaxValuationAllowanceNetOfAssetsPercentage
1.00
CY2016Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2015Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
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CY2016Q2 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2015Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-06-30
CY2016Q2 mitk Annual Base Rent
AnnualBaseRent
500000
CY2016Q2 us-gaap Operating Leases Of Lessee Contingent Rentals Basis Spread On Variable Rate
OperatingLeasesOfLesseeContingentRentalsBasisSpreadOnVariableRate
0.03
CY2016Q2 us-gaap Tenant Improvements
TenantImprovements
700000
CY2016Q2 mitk Unamortized Lease Incentives
UnamortizedLeaseIncentives
300000

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