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Mitek Systems (MITK - Free Report) reported first-quarter fiscal 2024 earnings of 14 cents per share compared with 31 cents a year ago.
Revenues decreased 19.2% year over year to $36.9 million from $45.7 million a year ago.
The top-line decline was mainly due to tougher year-over-year comparisons. In the first quarter of fiscal 2023, the company secured a big multi-year mobile check deposit reorder with a single customer. The led to the pulling forward of $7 million of future revenues in the first quarter of fiscal 2023. It also included $2.7 million of revenues that was recognized in the first quarter of fiscal 2024.
Following the announcement, shares of MITK are down 2.6% in premarket trading on Apr 16.
The company also issued preliminary second-quarter fiscal 2024 revenue results. The company anticipates second-quarter fiscal 2024 revenues in the band of $46 million to $47 million.
Mitek Systems, Inc. Price, Consensus and EPS Surprise
Software & Hardware revenues (43.3% of total revenues) declined 39% year over year to $16 million.
Services and other revenues (56.7%) climbed to $20.9 million from $19.3 million in the year-earlier quarter.
The uptick in the services and other revenues category was primarily attributable to healthy growth in SaaS revenue coupled with an increase in maintenance revenues related to deposits, product and software sales.
Gross margin for the fiscal first quarter was 85%, down from 89% in the year-ago quarter. This was owing to unfavorable product mix shift.
Operating Details
Operating expenses for the reported quarter were $38.3 million compared with $32.3 million a year ago. Non-GAAP operating expenses came in at $25.8 million compared with $22.2 million a year ago.
Non-GAAP operating income came in at $5.6 million compared with $18.4 million in year-ago quarter. Non-GAAP operating margin was 15%, down from 40% in the prior year quarter.
Balance Sheet and Cash Flow
As of Dec 31, 2023, MITK had cash and cash equivalents of $64.5 million compared with $58.9 million as of Sep 30, 2023.
For fiscal 2023, net cash used in operating activities was $9.463 million against cash flow of $5.26 million in fiscal 2022. Cash flow performance was affected by payment of $7.8 million in cash taxes for fiscal 2023 in the quarter under review.
Outlook
For fiscal 2024, company projects revenues in the range of $180-$185 million.
Full-year fiscal 2024 non-GAAP operating margin is expected in the range of 30% to 31%.
Pinterest (PINS - Free Report) , sporting a Zacks Rank #1 at present, delivered a trailing four-quarter average earnings surprise of 37.42%. In the last reported quarter, it delivered an earnings surprise of 3.92%.
Pinterest is increasingly establishing a unique value proposition to advertisers that could provide a competitive advantage in the long haul. Through various innovations, it continues to dramatically improve the advertising platform, which appears to be one of the best ad platforms for consumer discretionary brands looking for ways to reach customers and stretch smaller ad budgets.
NVIDIA Corporation (NVDA - Free Report) , currently sporting a Zacks Rank #1, delivered a trailing four-quarter average earnings surprise of 20.18%. In the last reported quarter, it delivered an earnings surprise of 13.41%.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company’s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Headquartered in White Plains, NY, Turtle Beach Corporation (HEAR - Free Report) develops and markets gaming headset solutions for various platforms, including video game and entertainment consoles, handheld consoles, personal computers, tablets and mobile devices under the Turtle Beach brand.
Turtle Beach is well-positioned to benefit from quality products and enjoys a solid foothold in its served markets. Its headsets are suited for learning and working remotely via video or audio conferencing. This Zacks Rank #2 (Buy) stock has a long-term earnings growth expectation of 16%. It has a VGM Score of A.
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Mitek Systems' (MITK) Q1 Earnings & Revenues Decline Y/Y
Mitek Systems (MITK - Free Report) reported first-quarter fiscal 2024 earnings of 14 cents per share compared with 31 cents a year ago.
Revenues decreased 19.2% year over year to $36.9 million from $45.7 million a year ago.
The top-line decline was mainly due to tougher year-over-year comparisons. In the first quarter of fiscal 2023, the company secured a big multi-year mobile check deposit reorder with a single customer. The led to the pulling forward of $7 million of future revenues in the first quarter of fiscal 2023. It also included $2.7 million of revenues that was recognized in the first quarter of fiscal 2024.
Following the announcement, shares of MITK are down 2.6% in premarket trading on Apr 16.
The company also issued preliminary second-quarter fiscal 2024 revenue results. The company anticipates second-quarter fiscal 2024 revenues in the band of $46 million to $47 million.
Mitek Systems, Inc. Price, Consensus and EPS Surprise
Mitek Systems, Inc. price-consensus-eps-surprise-chart | Mitek Systems, Inc. Quote
Quarterly Details
Software & Hardware revenues (43.3% of total revenues) declined 39% year over year to $16 million.
Services and other revenues (56.7%) climbed to $20.9 million from $19.3 million in the year-earlier quarter.
The uptick in the services and other revenues category was primarily attributable to healthy growth in SaaS revenue coupled with an increase in maintenance revenues related to deposits, product and software sales.
Gross margin for the fiscal first quarter was 85%, down from 89% in the year-ago quarter. This was owing to unfavorable product mix shift.
Operating Details
Operating expenses for the reported quarter were $38.3 million compared with $32.3 million a year ago. Non-GAAP operating expenses came in at $25.8 million compared with $22.2 million a year ago.
Non-GAAP operating income came in at $5.6 million compared with $18.4 million in year-ago quarter. Non-GAAP operating margin was 15%, down from 40% in the prior year quarter.
Balance Sheet and Cash Flow
As of Dec 31, 2023, MITK had cash and cash equivalents of $64.5 million compared with $58.9 million as of Sep 30, 2023.
For fiscal 2023, net cash used in operating activities was $9.463 million against cash flow of $5.26 million in fiscal 2022. Cash flow performance was affected by payment of $7.8 million in cash taxes for fiscal 2023 in the quarter under review.
Outlook
For fiscal 2024, company projects revenues in the range of $180-$185 million.
Full-year fiscal 2024 non-GAAP operating margin is expected in the range of 30% to 31%.
Zacks Rank & Stocks to Consider
MITK carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pinterest (PINS - Free Report) , sporting a Zacks Rank #1 at present, delivered a trailing four-quarter average earnings surprise of 37.42%. In the last reported quarter, it delivered an earnings surprise of 3.92%.
Pinterest is increasingly establishing a unique value proposition to advertisers that could provide a competitive advantage in the long haul. Through various innovations, it continues to dramatically improve the advertising platform, which appears to be one of the best ad platforms for consumer discretionary brands looking for ways to reach customers and stretch smaller ad budgets.
NVIDIA Corporation (NVDA - Free Report) , currently sporting a Zacks Rank #1, delivered a trailing four-quarter average earnings surprise of 20.18%. In the last reported quarter, it delivered an earnings surprise of 13.41%.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company’s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Headquartered in White Plains, NY, Turtle Beach Corporation (HEAR - Free Report) develops and markets gaming headset solutions for various platforms, including video game and entertainment consoles, handheld consoles, personal computers, tablets and mobile devices under the Turtle Beach brand.
Turtle Beach is well-positioned to benefit from quality products and enjoys a solid foothold in its served markets. Its headsets are suited for learning and working remotely via video or audio conferencing. This Zacks Rank #2 (Buy) stock has a long-term earnings growth expectation of 16%. It has a VGM Score of A.