Filing Flows › Mitek Systems (MITK) › Q4 FY24
Mitek Systems (MITK) Q4 FY24 earnings results (fourth quarter fiscal 2024)
10-K filed Dec 16, 2024
Mitek Systems (MITK) reported revenue of $43.2M for the fourth quarter fiscal 2024 (Q4 FY24), +15% from a year earlier and -4% from the quarter before. Operating margin was 17.8%, net earnings $8.6M (19.8% of revenue).
Mitek Systems, Q4 FY24: revenue $43.2M (+15% year over year), operating margin 17.8%, net earnings $8.6M, operating cash flow $21.1M. The chart follows the revenue to costs, profit and cash.
| Q4 FY24 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $43.2M | -4% | +15% |
| Operating profit | $7.7M | +951% | — |
| Net earnings | $8.6M | 40× | — |
| Operating cash flow | $21.1M | +63% | +508% |
| Free cash flow | $20.0M | — | — |
What changed
Revenue was $43.2M in Q4 FY24, up 15% year over year and down 4% from the previous quarter. Deposits revenue was the largest line at 55% of revenue.
Operating profit was $7.7M, a 17.8% margin (up 26.6 points year over year). Total costs fell 13% while revenue rose 15%. The fastest-growing cost line was Other operating costs (+159%). Net earnings were $8.6M. The effective tax rate was -19.0%.
Operating cash flow was $21.1M (up 508% year over year), 246% of net earnings. Non-cash charges added back $420K of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $10.4M. After purchases of property and equipment, net ($1.1M), free cash flow as the company reports it was $20.0M.
Questions
What was Mitek Systems' revenue in the fourth quarter fiscal 2024?
Mitek Systems (MITK) reported revenue of $43.2M for the fourth quarter fiscal 2024 (Q4 FY24), +15% from a year earlier and -4% from the quarter before.
Was Mitek Systems profitable in the fourth quarter fiscal 2024?
Operating profit was $7.7M (17.8% of revenue) and net earnings $8.6M.
Source: Mitek Systems 10-K on SEC EDGAR.