Mitek Systems Inc 10-Q/A for FY2022 Q2

Mitek Systems Inc (MITK)

10-Q/A 2022-10-28 For: 2022-03-31

Added on April 08, 2026

About this 10-Q/A

Mitek Systems Inc filed this 10-Q/A on October 28, 2022, covering the quarter ended March 31, 2022 (FY2022 Q2).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $34.71M; up 20.6% from $28.77M a year earlier
Net income: $1.01M; down 0.6% from net income of $1.02M a year earlier
Diluted EPS: $0.02; unchanged from $0.02 a year earlier

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Delaware						87-0418827
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

600 B Street, Suite 100
San Diego, California						92101
(Address of principal executive offices)						(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	MITK	The NASDAQ Capital Market


	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets at March 31, 2022 (Unaudited) and September 30, 2021	1
	Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended March 31, 2022 and 2021	2
	Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Six Months Ended March 31, 2022 and 2021	3
	Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 2022 and 2021	5
	Notes to Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	51
	Signatures	53


	As Restated March 31, 2022 (Unaudited)		September 30, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	23,984	$	30,312
Short-term investments	37,910		149,057
Accounts receivable, net	23,858		16,602
Contract assets	4,503		4,080
Prepaid expenses	2,409		1,920
Other current assets	1,849		2,085
Total current assets	94,513		204,056
Long-term investments	31,493		48,051
Property and equipment, net	3,938		3,671
Right-of-use assets	6,098		7,056
Intangible assets, net	96,364		28,734
Goodwill	135,519		63,096
Deferred income tax assets	11,003		10,511
Convertible senior notes hedge	—		48,208
Other non-current assets	5,292		6,310
Total assets	$	384,220	$	419,693
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,688	$	2,507
Accrued payroll and related taxes	8,271		11,776
Deferred revenue, current portion	9,700		10,381
Lease liabilities, current portion	1,944		1,943
Acquisition-related contingent consideration	10,790		11,050
Other current liabilities	3,469		1,552
Total current liabilities	40,862		39,209
Convertible senior notes	124,370		120,918
Embedded conversion derivative	—		48,208
Deferred revenue, non-current portion	1,053		955
Lease liabilities, non-current portion	5,485		6,588
Deferred income tax liabilities	20,730		4,117
Other non-current liabilities	6,250		6,868
Total liabilities	198,750		226,863
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	—		—
Common stock, $0.001 par value, 120,000,000 and 60,000,000 shares authorized, 44,344,361 and 44,168,745 issued and outstanding, as of March 31, 2022 and September 30, 2021, respectively	44		44
Additional paid-in capital	207,491		199,935
Accumulated other comprehensive loss	(5,170)		(943)
Accumulated deficit	(16,895)		(6,066)
Treasury stock, at cost, no shares and 7,773 shares as of March 31, 2022 and September 30, 2021, respectively	—		(140)
Total stockholders’ equity	185,470		192,830
Total liabilities and stockholders’ equity	$	384,220	$	419,693


	Three Months Ended March 31,				Six Months Ended March 31,
	2022 (As Restated)		2021		2022 (As Restated)		2021
Revenue
Software and hardware	$	19,280	$	13,013	$	34,725	$	25,315
Services and other	15,434		15,760		32,461		29,433
Total revenue	34,714		28,773		67,186		54,748
Operating costs and expenses
Cost of revenue—software and hardware	310		670		688		1,915
Cost of revenue—services and other	3,000		3,122		5,978		6,015
Selling and marketing	9,206		8,530		17,644		15,915
Research and development	8,236		6,691		15,842		12,855
General and administrative	6,073		5,718		12,037		10,776
Acquisition-related costs and expenses	4,385		1,659		6,664		3,352

Total operating costs and expenses	31,210		26,390		58,853		50,828
Operating income	3,504		2,383		8,333		3,920
Interest expense	2,040		1,319		4,048		1,319
Other income (expense), net	(231)		372		(96)		468
Income before income taxes	1,233		1,436		4,189		3,069
Income tax benefit (provision)	(220)		(417)		(52)		117
Net income	$	1,013	$	1,019	$	4,137	$	3,186
Net income per share—basic	$	0.02	$	0.02	$	0.09	$	0.07
Net income per share—diluted	$	0.02	$	0.02	$	0.09	$	0.07
Shares used in calculating net income per share—basic	44,775		43,138		44,795		42,835
Shares used in calculating net income per share—diluted	46,097		44,554		46,206		44,367
Comprehensive income (loss)
Net income	$	1,013	$	1,019	$	4,137	$	3,186
Foreign currency translation adjustment	(1,862)		(2,648)		(3,129)		112
Unrealized loss on investments	(828)		(133)		(1,098)		(186)
Comprehensive income (loss)	$	(1,677)	$	(1,762)	$	(90)	$	3,112


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31, 2022 (As Restated)
	Common Stock			Additional Paid-In Capital		Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance, December 31, 2021	44,297	$	44	$	203,091		$	(13,226)	$	(2,480)	$	187,429
Exercise of stock options	16	—		179			—		—		179
Settlement of restricted stock units	248	—		—			—		—		—
Issuance of common stock under employee stock purchase plan	71	—		923			—		—		923

Stock-based compensation expense	—	—		3,298			—		—		3,298


Repurchases and retirement of common stock	(288)	—		—			(4,682)		—		(4,682)
Net income	—	—		—			1,013		—		1,013
Components of other comprehensive loss:
Currency translation adjustment	—	—		—			—		(1,862)		(1,862)
Change in unrealized gain (loss) on investments	—	—		—			—		(828)		(828)

Balance, March 31, 2022	44,344	$	44	$	207,491		$	(16,895)	$	(5,170)	$	185,470


	Three Months Ended March 31, 2021
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance, December 31, 2020	42,668	$	43	$	151,153	$	(11,827)	$	2,384	$	141,753
Exercise of stock options	18	—		69		—		—		69
Settlement of restricted stock units	289	—		(1)		—		—		(1)
Issuance of common stock under employee stock purchase plan	77	—		793		—		—		793

Stock-based compensation expense	—	—		2,968		—		—		2,968
Sale of convertible senior notes warrants	—	—		23,909		—		—		23,909

Net income	—	—		—		1,019		—		1,019
Components of other comprehensive loss:
Currency translation adjustment	—	—		—		—		(2,648)		(2,648)
Change in unrealized gain (loss) on investments	—	—		—		—		(133)		(133)

Balance, March 31, 2021	43,052	$	43	$	178,891	$	(10,808)	$	(397)	$	167,729


	Six Months Ended March 31, 2022 (As Restated)
	Common Stock			Additional Paid-In Capital		Treasury Stock			Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount				Shares	Amount
Balance, September 30, 2021	44,169	$	44	$	199,935	(8)	$	(140)	$	(6,066)	$	(943)	$	192,830
Exercise of stock options	25	—		206		—	—		—		—		206
Settlement of restricted stock units	973	1		(1)		—	—		—		—		—
Issuance of common stock under employee stock purchase plan	71	—		923		—	—		—		—		923

Stock-based compensation expense	—	—		6,429					—		—		6,429


Repurchases and retirements of common stock	(894)	(1)		(1)		8	140		(14,966)		—		(14,828)
Net income	—	—		—		—	—		4,137		—		4,137
Components of other comprehensive loss:
Currency translation adjustment	—	—		—		—	—		—		(3,129)		(3,129)
Change in unrealized gain (loss) on investments	—	—		—		—	—		—		(1,098)		(1,098)

Balance, March 31, 2022	44,344	$	44	$	207,491	—	$	—	$	(16,895)	$	(5,170)	$	185,470


	Six Months Ended March 31, 2021
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance, September 30, 2020	41,780	$	42	$	146,518	$	(13,994)	$	(323)	$	132,243
Exercise of stock options	260	—		1,958		—		—		1,958
Settlement of restricted stock units	935	1		(1)		—		—		—
Issuance of common stock under employee stock purchase plan	77	—		792		—		—		792

Stock-based compensation expense	—	—		5,715		—		—		5,715
Sale of convertible senior notes warrants	—	—		23,909		—		—		23,909


Net income	—	—		—		3,186		—		3,186
Components of other comprehensive income:
Currency translation adjustment	—	—		—		—		112		112
Change in unrealized gain (loss) on investments	—	—		—		—		(186)		(186)

Balance, March 31, 2021	43,052	$	43	$	178,891	$	(10,808)	$	(397)	$	167,729


	Three Months Ended March 31,		Six Months Ended March 31,
	2022	2021	2022	2021
Stock options	467	556	452	634
RSUs	914	1,371	1,241	1,238
ESPP common stock equivalents	34	28	15	15
Performance options	532	267	509	200
Performance RSUs	238	156	224	127
Convertible senior notes	7,448	4,551	7,448	2,251
Warrants	7,448	4,551	7,448	2,251
Total potentially dilutive common shares outstanding	17,081	11,480	17,337	6,716


	As of March 31, 2022
	As Previously Reported		Total Adjustments		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	23,984	$	—	$	23,984
Short-term investments	37,910		—		37,910
Accounts receivable, net	23,858		—		23,858
Contract assets	4,503		—		4,503
Prepaid expenses	2,409		—		2,409
Other current assets	1,849		—		1,849
Total current assets	94,513		—		94,513
Long-term investments	31,493		—		31,493
Property and equipment, net	3,938		—		3,938
Right-of-use assets	6,098		—		6,098
Intangible assets, net	96,364		—		96,364
Goodwill	136,889		(1,370)		135,519
Deferred income tax assets	10,572		431		11,003

Other non-current assets	5,292		—		5,292
Total assets	$	385,159	$	(939)	$	384,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	5,359	$	1,329	$	6,688
Accrued payroll and related taxes	8,271		—		8,271
Deferred revenue, current portion	9,700		—		9,700
Lease liabilities, current portion	1,944		—		1,944
Acquisition-related contingent consideration	10,790		—		10,790

Other current liabilities	3,469		—		3,469
Total current liabilities	39,533		1,329		40,862
Convertible senior notes	124,370		—		124,370

Deferred revenue, non-current portion	1,053		—		1,053
Lease liabilities, non-current portion	5,485		—		5,485
Deferred income tax liabilities	22,100		(1,370)		20,730
Other non-current liabilities	6,250		—		6,250
Total liabilities	198,791		(41)		198,750
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	—		—		—
Common stock, $0.001 par value, 120,000,000 and 60,000,000 shares authorized, 44,344,361 and 44,168,745 issued and outstanding, as of March 31, 2022 and September 30, 2021, respectively	44		—		44
Additional paid-in capital	207,491		—		207,491
Accumulated other comprehensive loss	(5,170)		—		(5,170)
Accumulated deficit	(15,997)		(898)		(16,895)
Treasury stock, at cost, no shares and 7,773 shares as of March 31, 2022 and September 30, 2021, respectively	—		—		—
Total stockholders’ equity	186,368		(898)		185,470
Total liabilities and stockholders’ equity	$	385,159	$	(939)	$	384,220


	Three Months Ended March 31, 2022
	As Previously Reported		Total Adjustments		As Restated
Revenue
Software and hardware	$	19,280	$	—	$	19,280
Services and other	15,434		—		15,434
Total revenue	34,714		—		34,714
Operating costs and expenses
Cost of revenue—software and hardware	310		—		310
Cost of revenue—services and other	3,000		—		3,000
Selling and marketing	9,206		—		9,206
Research and development	8,236		—		8,236
General and administrative	6,073		—		6,073
Acquisition-related costs and expenses	3,056		1,329		4,385

Total operating costs and expenses	29,881		1,329		31,210
Operating income	4,833		(1,329)		3,504
Interest expense	2,040		—		2,040
Other income, net	(231)		—		(231)
Income before income taxes	2,562		(1,329)		1,233
Income tax provision	(651)		431		(220)
Net income	$	1,911	$	(898)	$	1,013
Net income per share—basic	$	0.04	$	(0.02)	$	0.02
Net income per share—diluted	$	0.04	$	(0.02)	$	0.02
Shares used in calculating net income per share—basic	44,775		—		44,775
Shares used in calculating net income per share—diluted	46,097		—		46,097
Comprehensive loss
Net income	$	1,911	$	(898)	$	1,013
Foreign currency translation adjustment	(1,862)		—		(1,862)
Unrealized loss on investments	(828)		—		(828)
Comprehensive loss	$	(779)	$	(898)	$	(1,677)


	Six Months Ended March 31, 2022
	As Previously Reported		Total Adjustments		As Restated
Revenue
Software and hardware	$	34,725	$	—	$	34,725
Services and other	32,461		—		32,461
Total revenue	67,186		—		67,186
Operating costs and expenses
Cost of revenue—software and hardware	688		—		688
Cost of revenue—services and other	5,978		—		5,978
Selling and marketing	17,644		—		17,644
Research and development	15,842		—		15,842
General and administrative	12,037		—		12,037
Acquisition-related costs and expenses	5,335		1,329		6,664

Total operating costs and expenses	57,524		1,329		58,853
Operating income	9,662		(1,329)		8,333
Interest expense	4,048		—		4,048
Other income, net	(96)		—		(96)
Income before income taxes	5,518		(1,329)		4,189
Income tax provision	(483)		431		(52)
Net income	$	5,035	$	(898)	$	4,137
Net income per share—basic	$	0.11	$	(0.02)	$	0.09
Net income per share—diluted	$	0.11	$	(0.02)	$	0.09
Shares used in calculating net income per share—basic	44,795		—		44,795
Shares used in calculating net income per share—diluted	46,206		—		46,206
Comprehensive income (loss)
Net income	$	5,035	$	(898)	$	4,137
Foreign currency translation adjustment	(3,129)		—		(3,129)
Unrealized loss on investments	(1,098)		—		(1,098)
Comprehensive income (loss)	$	808	$	(898)	$	(90)


	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Major product category
Deposits software and hardware	$	16,066	$	12,134	$	29,695	$	22,888
Deposits services and other	5,239		5,063		10,660		9,924
Deposits revenue	21,305		17,197		40,355		32,812
Identity verification software and hardware	3,214		879		5,030		2,427
Identity verification services and other	10,195		10,697		21,801		19,509
Identity verification revenue	13,409		11,576		26,831		21,936
Total revenue	$	34,714	$	28,773	$	67,186	$	54,748


	ID R&D		HooYu
Accounts receivable	$	173	$	1,234
Property, plant, and equipment	114		243
Other current assets	147		630
Intangible assets	16,930		73,100
Goodwill (restated)	27,748		74,312

Current liabilities	(425)		(2,456)
Deferred revenue	—		(2,612)
Deferred income tax liabilities (restated)	(2,355)		(16,896)
Net assets acquired	$	42,332	$	127,555


	Amortization Period	Amount assigned

Completed technologies	7.0 years	$	14,020
Customer relationships	3.0 years	2,540
Trade name	5.0 years	370
Total intangible assets acquired		$	16,930


	Amortization Period	Amount assigned

Completed technologies	7.0 years	$	61,400
Customer relationships	5.0 years	5,000
Trade name	5.0 years	6,100
Covenants not to compete	3.0 years	$	600
Total intangible assets acquired		$	73,100


	March 31, 2022		September 30, 2021
Contract assets, current	$	4,503	$	4,080
Contract assets, non-current	3,591		4,409
Contract liabilities (deferred revenue), current	9,700		10,381
Contract liabilities (deferred revenue), non-current	1,053		955


March 31, 2022:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale securities:
U.S. Treasury, short-term	$	2,000	$	—	$	(20)	$	1,980
Foreign government and agency securities, short-term	2,888		—		(38)		2,850

Corporate debt securities, short-term	33,446		—		(366)		33,080
U.S. Treasury, long-term	7,481		—		(215)		7,266


Corporate debt securities, long-term	24,743		—		(516)		24,227
Total	$	70,558	$	—	$	(1,155)	$	69,403


September 30, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale securities:
U.S. Treasury, short-term	$	4,222	$	1	$	—	$	4,223
Asset-backed securities, short-term	4,812		1		(2)		4,811
Corporate debt securities, short-term	140,042		6		(25)		140,023
U.S. Treasury, long-term	6,996		1		(2)		6,995
Foreign government and agency securities, long-term	2,909		—		(1)		2,908
Corporate debt securities, long-term	38,184		3		(39)		38,148
Total	$	197,165	$	12	$	(69)	$	197,108


March 31, 2022:	Balance		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments:
U.S. Treasury	$	1,980	$	1,980	$	—	$	—

Foreign government and agency securities	2,850		—		2,850		—
Corporate debt securities	33,080		—		33,080		—
Total short-term investments at fair value	37,910		1,980		35,930		—
Long-term investments:
U.S. Treasury	7,266		7,266		—		—


Corporate debt securities	24,227		—		24,227		—
Total long-term investments at fair value	31,493		7,266		24,227		—



Total assets at fair value	$	69,403	$	9,246	$	60,157	$	—
Liabilities:
Current liabilities:
Acquisition-related contingent consideration	$	10,790	$	—	$	—	$	10,790
Non-current liabilities:
Acquisition-related contingent consideration	5,200		—		—		5,200

Total liabilities at fair value	$	15,990	$	—	$	—	$	15,990


Balance at September 30, 2021	$	16,770

Expenses recorded due to changes in fair value	(780)



Balance at March 31, 2022	$	15,990


Balance at September 30, 2021	$	63,096
Acquisition of HooYu (as restated)	74,312
Foreign currency effect on goodwill	(1,889)
Balance at March 31, 2022 (as restated)	$	135,519


March 31, 2022:	Weighted Average Amortization Period	Cost		Accumulated Amortization		Net
Completed technologies	6.9 years	$	95,761	$	16,542	$	79,219
Customer relationships	4.7 years	25,168		15,012		10,156
Trade names	5.0 years	7,088		691		6,397
Covenants not to compete	3.0 years	600		8		592
Total intangible assets		$	128,617	$	32,253	$	96,364


	Estimated Future Amortization Expense
2022—remaining	$	9,869
2023	17,778
2024	15,513
2025	14,230
2026	12,972
Thereafter	26,002
Total	$	96,364


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at September 30, 2021	816,717	$	7.42	5.8	$	9,046
Granted	—	$	—
Exercised	(25,625)	$	7.98
Canceled	—	$	—
Outstanding at March 31, 2022	791,092	$	7.41	5.4	5,747
Vested and Expected to Vest at March 31, 2022	791,092	$	7.41	5.4	5,747
Exercisable at March 31, 2022	662,498	$	6.98	5.1	5,094


	Number of Shares	Weighted-Average Fair Market Value Per Share
Outstanding at September 30, 2021	2,411,267	$	9.99
Granted	911,383	16.65
Settled	(796,390)	9.15
Canceled	(174,552)	10.57
Outstanding at March 31, 2022	2,351,708	12.53


2026 Notes:	March 31, 2022		September 30, 2021
Principal amount	$	155,250	$	155,250
Less: unamortized discount and issuance costs, net of amortization	(30,880)		(34,332)
Carrying amount	$	124,370	$	120,918
2026 Notes embedded conversion derivative	$	—	$	48,208


Embedded conversion derivative
Fair value as of September 30, 2021	$	48,208
Remeasurement to fair value on March 3, 2022	(19,692)
Impact of increase of authorized shares of common stock on convertible senior notes hedge	(28,516)
Fair value as of March 31, 2022	$	—


	Operating leases
2022—remaining	$	1,085
2023	2,069
2024	1,738
2025	650
2026	643
2027	648
Thereafter	1,038
Total lease payments	7,871
Less: amount representing interest	(442)
Present value of future lease payments	$	7,429


	Three Months Ended March 31,
					Percentage of Total Revenue				Increase (Decrease)
	2022 (As restated)		2021		2022 (As restated)		2021		$		%
Revenue
Software and hardware	$	19,280	$	13,013	56	%	45	%	$	6,267	48	%
Services and other	15,434		15,760		44	%	55	%	(326)		(2)	%
Total revenue	$	34,714	$	28,773	100	%	100	%	$	5,941	21	%
Cost of revenue	3,310		3,792		10	%	13	%	(482)		(13)	%
Selling and marketing	9,206		8,530		27	%	30	%	676		8	%
Research and development	8,236		6,691		24	%	23	%	1,545		23	%
General and administrative	6,073		5,718		17	%	20	%	355		6	%
Acquisition-related costs and expenses	4,385		1,659		13	%	6	%	2,726		164	%

Interest expense	2,040		1,319		6	%	5	%	721		55	%
Other income (expense), net	(231)		372		(1)	%	1	%	(603)		(162)	%
Income tax provision	(220)		(417)		(1)	%	(1)	%	197		47	%
Net income	$	1,013	$	1,019	3	%	4	%	$	(6)	(1)	%


	March 31, 2022 (Unaudited)
	As Furnished		As Adjusted and Restated
ASSETS
Current assets:
Cash and cash equivalents	$	23,984	$	23,984
Short-term investments	37,910		37,910
Accounts receivable, net	23,858		23,858
Contract assets	4,503		4,503
Prepaid expenses	2,409		2,409
Other current assets	1,849		1,849
Total current assets	94,513		94,513
Long-term investments	31,493		31,493
Property and equipment, net	3,938		3,938
Right-of-use assets	6,098		6,098
Intangible assets, net	96,364		96,364
Goodwill	136,889		135,519
Deferred income tax assets	16,479		11,003

Other non-current assets	5,292		5,292
Total assets	$	391,066	$	384,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	5,359	$	6,688
Accrued payroll and related taxes	8,271		8,271
Deferred revenue, current portion	9,700		9,700
Lease liabilities, current portion	1,944		1,944
Acquisition-related contingent consideration	10,790		10,790
Other current liabilities	3,469		3,469
Total current liabilities	39,533		40,862
Convertible senior notes	124,370		124,370

Deferred revenue, non-current portion	1,053		1,053
Lease liabilities, non-current portion	5,485		5,485
Deferred income tax liabilities	22,100		20,730
Other non-current liabilities	6,250		6,250
Total liabilities	198,791		198,750
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	—		—
Common stock, $0.001 par value, 120,000,000 and 60,000,000 shares authorized, 44,344,361 and 44,168,745 issued and outstanding, as of March 31, 2022 and September 30, 2021, respectively	44		44
Additional paid-in capital	213,398		207,491
Accumulated other comprehensive loss	(5,170)		(5,170)
Accumulated deficit	(15,997)		(16,895)
Treasury stock, at cost, no shares and 7,773 shares as of March 31, 2022 and September 30, 2021, respectively	—		—
Total stockholders’ equity	192,275		185,470
Total liabilities and stockholders’ equity	$	391,066	$	384,220


*						Filed herewith.
**						Non-material schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the SEC.
+						Non-material schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the SEC.
#						Management contract, compensatory plan arrangement.
(1)						Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2021.
(2)						Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 23, 2022.
(3)						Incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014, filed with the SEC on December 7, 2014.
(4)						Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 8, 2022.
(5)						Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 10, 2014.
(6)						Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 23, 2018.
(7)						Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 5, 2021.
(8)						Incorporated by reference to Exhibit 10.2 the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 9, 2022.
(9)						Incorporated by reference to Exhibit 10.3 the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 9, 2022.


October 28, 2022	MITEK SYSTEMS, INC.

	By:	/s/ Scipio Maximus Carnecchia
		Scipio Maximus Carnecchia
		Chief Executive Officer (Principal Executive Officer)

	By:	/s/ Frank Teruel
		Frank Teruel
		Chief Financial Officer (Principal Financial and Accounting Officer)