Mitek Systems, Inc. (NASDAQ:MITK) Q3 2023 Earnings Call Transcript

Mike Grondahl: Got it. Is that six months to nine months from, like now?

Max Carnecchia: Probably six, nine months from a couple of months ago.

Mike Grondahl: Okay.

Max Carnecchia: Remember, we’re talking about Q3 here.

Mike Grondahl: Fair enough. Good reminder, good reminder there.

Max Carnecchia: Yes.

Mike Grondahl: And then, lastly, you guys have talked a couple of times and you’ve pointed it out well, hey, the mid-point of the guidance $170 million of revenue. But in 1Q, you had that $7 million tied to the contract. Are we fair to sort of, say, core maybe baseline number for 2023 is like $163 million. Is that how you look at it?

Max Carnecchia: Well, we look at it based on where the revenue comes in, right? There’s no non-GAAPing of revenue. If we hadn’t — if the contract recognition of revenue was different, where we would have taken the $7 million over the next three years, then, yes, the revenue in FY2022 — I’m sorry, FY2023 would have been $170 minus $7 million, which is $163 million. And then you’d start to see that $7 million or maybe $7 million, $7.5 million show up in the next three years in Q1 on the anniversary of the contract. But that’s not — that is absolutely not how the revenue is being recognized here.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Todd Kehrli for any closing remarks.

Todd Kehrli: Thank you, operator, and thank you, everyone, for joining us today. We look forward to updating you again next quarter. Our call has concluded. Have a wonderful day.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.