MITEK SYSTEMS INC
For the period ended Sep 30, 2024. Filed Dec 16, 2024.
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FY2024 · Filed Dec 16, 2024
MITK$18.53+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
(amounts in thousands)
| For the twelve months ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net income (loss) | $3,278 | $8,027 | $3,694 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Stock-based compensation expense | 12,624 | 10,463 | 13,346 |
| Amortization of intangible assets | 15,156 | 16,992 | 13,547 |
| Amortization of costs capitalized to obtain revenue contracts(1) | 1,662 | 1,514 | 1,306 |
| Depreciation and amortization | 1,755 | 1,727 | 1,401 |
| Bad debt expense(1) | 647 | 737 | 469 |
| Amortization of investment premiums & other | (2,624) | (722) | 1,684 |
| Accretion and amortization on debt securities | 8,085 | 7,546 | 7,053 |
| Net changes in estimated fair value of acquisition-related contingent consideration | 136 | 2,056 | (1,358) |
| Deferred taxes | (10,434) | (5,496) | (8,988) |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable(1) | 489 | 3,579 | (19,473) |
| Contract assets | 4,600 | (12,471) | (3,095) |
| Other assets(1) | (1,534) | (2,638) | (889) |
| Accounts payable | (450) | 2,535 | 2,183 |
| Accrued payroll and related taxes | 240 | 18 | (2,195) |
| Income taxes payable | (4,560) | 5,577 | 422 |
| Deferred revenue | 3,221 | (5,217) | 9,950 |
| Restructuring accrual | — | (977) | 991 |
| Other liabilities | (603) | (1,664) | 1,071 |
| Net cash provided by (used in) operating activities | 31,688 | 31,586 | 21,119 |
| Investing activities: | |||
| Purchases of investments | (62,433) | (71,733) | (47,818) |
| Maturities of investments(1) | 92,617 | 66,250 | 90,822 |
| Sales of investments(1) | — | — | 82,494 |
| Acquisitions, net of cash acquired | — | (267) | (122,672) |
| Purchases of property and equipment, net | (1,438) | (1,034) | (1,126) |
| Net cash provided by (used in) investing activities | 28,746 | (6,784) | 1,700 |
| Financing activities: | |||
| Payment of revolving credit line issuance costs | (290) | — | — |
| Proceeds from the issuance of equity plan common stock | 1,889 | 1,737 | 1,725 |
| Repurchases and retirements of common stock | (24,180) | — | (15,176) |
| Payment of acquisition-related contingent consideration | (4,641) | — | (7,656) |
| Proceeds from other borrowings | 1,496 | — | — |
| Principal payments on other borrowings | (156) | (36) | (36) |
| Net cash provided by (used in) financing activities | (25,882) | 1,701 | (21,143) |
| Foreign currency effect on cash and cash equivalents | (9) | 351 | 71 |
| Net increase in cash and cash equivalents | 34,543 | 26,854 | 1,747 |
| Cash and cash equivalents at beginning of period | 58,913 | 32,059 | 30,312 |
| Cash and cash equivalents at end of period | $93,456 | $58,913 | $32,059 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $1,274 | $1,413 | $1,164 |
| Cash paid for income taxes | $11,989 | $3,836 | $750 |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Reclassification of convertible senior notes hedge and embedded conversion derivative to additional paid-in capital | $— | $— | $28,516 |
| Acquisition-related shares issued | $3,471 | $— | $1,836 |
| Unrealized holding gain (loss) on available-for-sale investments | $301 | $889 | $283 |
1)Consolidated statements of cash flows for the twelve months ended September 30, 2023 and September 30, 2022 reflect revisions and reclassifications to conform to the current year presentation.
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