The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jake Roberge - William Blair & Company, L.L.C. - Analyst
: Yeah. Thanks for taking the questions and really nice results on both the top and bottom line. Ed, now that you've been at Mitek for a few quarters,
can you talk about some things that have gone well thus far and maybe a few things that have been a bit more difficult for you?
And then, obviously, some turbulent times in the market, so we'd love to get your take on what you're seeing from customers. Sounds like things
have been largely stable, but it would be great to hear what you saw from some of your more usage or transactional-based businesses as you
progressed through the month of April?
Question: Jake Roberge - William Blair & Company, L.L.C. - Analyst
: Okay. That's helpful. And then just on guidance, you obviously had a strong quarter and good to see the EBITDA raise. But on the maintain top line
guide, can you talk about whether there were any kind of pull forwards that helped drive the strength in the quarter? Or whether that maintain
top line guide is really just reflecting some added prudence related to the current macro environment?
Question: Jake Roberge - William Blair & Company, L.L.C. - Analyst
: Okay. And then if I could just sneak one more in. Great to hear you now have data on, I think, 23% of checking accounts. I think the target was to
reach $20 million ACV by the end of the year. So could you just talk about how you're progressing toward those targets?
Question: Jake Roberge - William Blair & Company, L.L.C. - Analyst
: Very helpful. Thanks for taking the questions and congrats on the solid results.
Question: Derek Greenberg - Maxim Group LLC - Analyst
: Hey guys. Congrats on the quarter. My first question is just on second half seasonality. I know you outlined at the beginning of the year that you
expected this to be similar to '24, where 26% of revenue was in the third quarter and 25% was in the fourth quarter.
I heard you talk about how some of that order volume was pulled into the second quarter, and there was also higher anticipated revenue from
another customer. I was just wondering how the pacing of this has changed, if at all, going forward.
Question: Derek Greenberg - Maxim Group LLC - Analyst
: Okay. Got it. Thanks. That's helpful. And then, returning to your Software-as-a-Service revenue goal of more than half of total revenue. Is that for
calendar '26 or fiscal '26? Could you just be more specific there?
Question: Derek Greenberg - Maxim Group LLC - Analyst
: Okay. Got it. And then, I noticed you guys had put out a press release earlier just talking about a submission to an opportunity with the Department
of Homeland Security. I was wondering if you could just talk about this a little bit more.
Question: Derek Greenberg - Maxim Group LLC - Analyst
: Okay. That makes sense. And then just my final question. Thinking of organic growth and your selling and marketing initiatives, I was wondering
how much of growth we should expect to come from new business versus cross-sell and expansion with current clients?
Question: Derek Greenberg - Maxim Group LLC - Analyst
: Okay, great. Thanks for the color.
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