Mitek Systems Inc Q3 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jacob Roberge - William Blair & Company L.L.C., Research Division - Analyst : Nice to see you get back on file with the SEC filling. Appreciate the color on NRR. Not many software companies can talk about retention rates north of 120%. So that's pretty impressive. I understand the business is lumpy. So that's what's driving the step-down in Q4. But excluding the timing of deals, how should we think about a sustainable net retention rate for both the Mobile Deposit and ID verification segments over the next year or 2?

Question: Jacob Roberge - William Blair & Company L.L.C., Research Division - Analyst : Great. And then really nice to hear about the large multiyear, multimillion-dollar check fraud customer that you signed. Any of the synergies between the ID and check business that help land that customers. Two questions on the check fraud front. First, how long will it take you to implement that technology for that large of a customer? And then second, are there any data points or proof of concepts you can share for what percent of fraud losses you've been able to save customers that have already signed on to the platform?

Question: Jacob Roberge - William Blair & Company L.L.C., Research Division - Analyst : Very helpful. And then if I could just sneak one more in. In the past, you've talked about the conversion of more check and Mobile Deposits still being the largest growth driver for that segment. But as you look into next year, do you still think that's the case? Or could that shift towards Check REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 26, 2023 / 9:00PM, MITK.OQ - Q3 2023 Mitek Systems Inc Earnings Call Fraud Defender given the traction you're seeing there or potentially even just kind of the pricing levers that you have as contracts come up for renewal in 2024?