Mitek Systems, Inc. (MITK)

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Mitek Systems Inc (MITK)

F1Q13 Earnings Call

January 31, 2013, 5:00 pm ET


Julie Cunningham – VP of IR

Jim Debello – CEO, President

Russ Clark - CFO


Mayank Tandon – Needham & Company

Joel Achramowicz – Merriman Capital

(Patrick Sebrasky) – William Blair

(Leonard Deprasso – Jannie)



Good day, ladies and gentlemen, and welcome to the first quarter fiscal 2013 Mitek Systems earnings conference call. My name is (Regina) and I will be your conference operator for today.

At this time, all participants are in a listen-only mode. Later we will be conducting a question-and-answer session. (Operator Instructions)

As a reminder, today’s event is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Ms. Julie Cunningham, Vice President of Investor Relations. Please go ahead, Julie.

Julie Cunningham

Good afternoon. Thanks for joining us, everyone. Before I turn the call over to Jim Debellow and Russ Clark, I’d like to cover a few quick items.

This afternoon we issued a news release announcing our first fiscal 2013 quarterly financial results. That news release is available on our website at

As a reminder, this call is being broadcast live over the internet and to all interested parties and the audio of this call will be available on the Investor Relations page of our website and also archived there.

During this call, we will discuss some factors that are likely to influence our business going forward. Any factors discussed today that are not historical facts, particularly comments regarding our long-term prospects and market opportunities, should be considered forward-looking statements.

These forward-looking statements are subject to a number of risks and uncertainties which could cause actual results to differ materially. We encourage all of our listeners to review our SEC filings for a more complete description of these risks.

We will also discuss non-GAAP financial measures during this call. We believe these are useful measures to evaluate the company’s ongoing performance.

Reconciliations to the most directly comparable GAAP financial measures are included in the earnings release on our website. And with that, I’d like to turn the call over to Jim Debello.

Jim Debello

Thanks, Julie, and good afternoon, everyone. Russ will provide the first quarter financials in detail in a few minutes but first I’d like to discuss our big picture goals for fiscal 2013 and our accomplishments for the first quarter.

Mitek kicked off the new fiscal year with record bookings for mobile photo bill pay and strong bookings for our entire suite of mobile imaging products. We announced a strategic partnership directly with US Bank as our first major photo bill pay customer and signed another large bank as a premier direct customer for our photo bill pay.

This morning, we announced our first community bank photo bill pay customer in First Financial of Abilene, Texas, a $4.5 billion asset sized institution.

We’re enabling financial institutions to build on existing consumer behavior and deliver a superior user experience to their customers with their smartphone or tablet camera. A recent American Banker article titled Wells Fargo Ally Bank See the Camera as Key to Mobile Banking highlighted the revolutionary aspect of using the camera as a keyboard.

And I quote, “As revolutionary as mobile banking has been, it’s the camera that resides within smartphones that’s lighting the fire under adoption at banks such as Wells Fargo and Ally Bank.”

Mitek is fundamentally changing the way millions of consumers interact with their information. Today, we’re leading the way for consumers to use the camera as a keyboard to simplify their daily financial tasks by avoiding cumbersome keystrokes and fat thumb typing mistakes on small touch screen keyboards.

Instead, we’re enabling millions of consumers to take a photograph of any document from which our technology captures the information automatically and securely.

As one senior executive at a major bank said to me recently, “We’ll buy anything that reduces friction for our customers.” Mitek’s job is to reimagine some fairly routine personal financial tasks and make them simple, secure and even fun.

When was the last time you thought of banking or insurance as fun? Our technology minimizes friction and inconvenience and we convert (inaudible) with data entry task into an enjoyable experience. Some have even used the word gamification to describe that aha moment when you snap a photo to conduct a financial transaction.

We’re focusing our proprietary mobile imaging technology on solutions for three core areas: mobile payments using photo bill pay, funding of checking accounts and prepaid cards by using mobile deposit and mobile enrollment by capturing identity information from driver’s licenses and other documents using our mobile imaging platform.

Recently, in another American Banker article, top bank CEOs see mobile as a way to engage the next generation of consumers. We helped them acquire and retain customers by establishing trust through easy-to-use but secure innovations like mobile deposit, photo bill pay and our mobile enrollment solutions.

As I describe our performance this quarter and large market opportunity during the next few minutes, consider our four levers of growth. First, the number of institutions we are signing; second, the penetration of their consumer base; third, the usage growth of our solutions among those same consumers; and finally, the number of new mobile imaging products we can cross sell.

On all accounts, Mitek continues to perform at a high level with each of these metrics growing, laying the foundation for our long-term growth.

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