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- **Identity Profitability Near**: $75M LTM Identity revenue vs. $80M breakeven, with positive contribution margin.
- **SaaS Dominance**: 41% of LTM revenue, +23% YoY, driven by multi-step identity journeys and Fraud/Identity convergence.
- **Cash Machine**: $56M free cash flow (99% conversion), $175M cash, and $100M credit facility for debt repayment.
- **Fraud Expansion**: Check Fraud Defender ACV +56% YoY, 25% U.S. checking account coverage, and 40+ new FIs added Q3.
- **2025 Outlook**: $175.5M revenue midpoint, 28%-29% EBITDA margin, and disciplined reinvestment in unified platform.

**【CEO Summary Section】**
- **Approaching Identity Profitability**: Identity product portfolio nearing a $75M LTM revenue run rate, with a fulcrum point below $80M, contributing positively on a fully burdened basis.
- **SaaS Growth Momentum**: SaaS revenue at 41% of LTM revenue, up 23% YoY, driven by deeper customer integrations and transactional growth in Identity solutions.
- **Operational Excellence**: 99% free cash flow conversion ($56M LTM), cost intensity reduced to 55% of revenue, and automation improving gross profit per transaction.
- **Strategic Pillars**: Strengthening foundation (64% to 55% G&A efficiency), scaling Identity (MiVIP adoption), expanding Fraud (Check Fraud Defender ACV +56% YoY), and disciplined execution.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Total revenue $45.7M (+2% YoY), non-GAAP net income $10.2M ($0.22 EPS), and EBITDA margin 28.6%.
- **Revenue Breakdown**: Identity +24% YoY ($19.5M), SaaS +19% YoY, deposits stable at $26.2M (LTM $103M), Check Fraud Defender SaaS +55% YoY.
- **Gross Margin**: 85% (Q3), 74% for services, driven by automation and scale efficiency.
- **Free Cash Flow**: $55.8M LTM (99% conversion), $175M cash on hand, and $100M credit facility for debt repayment flexibility.
- **2025 Outlook**: Tightened revenue guidance ($174M-$177M), raised EBITDA margin target (28%-29%), and focus on SaaS growth and cost discipline.

**【Q&A Key Highlights】**
- **SaaS Growth and 2026 Strategy**: 2026 to focus on unifying Fraud/Identity platform, with SaaS as primary growth driver; no 2026 guidance yet.
- **Deposit Revenue Stability**: LTM Mobile Deposit revenue stable at $69.1M, offsetting term license variability with maintenance growth.
- **Check Fraud Defender Pipeline**: 40+ new FIs added Q3, ACV visibility for large institutions, and 25% U.S. checking account coverage.
- **Operational Efficiency**: Vendor cost reductions, automation improving gross profit per transaction, and 200+ basis points YoY services margin expansion.
- **Capital Allocation**: $21M remaining in $50M buyback program, debt repayment in H1 2026, and reinvestment in platform unification.

Mitek Systems, Inc. (MITK) Q3 2025 Earnings Call Transcript

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