Mitek Reports Record Fiscal 2026 Second Quarter Results; Raises Full-Year Outlook

Published: 2026-05-07 16:08:08 ET MITK

Reported revenue of $54.8M, the highest quarterly revenue in Mitek history Fraud and Identity revenue grew 28% year over year; SaaS revenue grew 18% Raises full-year fiscal 2026 revenue and adjusted EBITDA margin outlook

Published on 05/07/2026 at 04:08 pm EDT

Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity verification and fraud prevention, today reported financial results for its second quarter ended March 31, 2026 and raised its revenue and adjusted EBITDA margin guidance range for the fiscal year ending September 30, 2026 (“fiscal 2026”).

“The team’s execution on our Unify and Grow ethos resulted in a record revenue and profitability quarter, led by 18% year-over-year SaaS growth as customers route more transactions through Mitek to counter AI-driven fraud,” said Ed West, Chief Executive Officer of Mitek. “Our recent growth has been driven by deepening and broadening relationships with some of the world’s leading financial institutions and adding new high-assurance customers in multiple markets. Based on this momentum, we have again raised our full-year outlook, and our focus remains on disciplined execution, continued innovation, and scaling our business model to drive durable, long-term value.”

Fiscal 2026 Second Quarter Financial Highlights

GAAP

Non-GAAP

Guidance

Guidance includes non-GAAP financial measures. Mitek is raising its revenue and adjusted EBITDA margin guidance for the fiscal year, and providing guidance for its fiscal third quarter, ending June 30, 2026, as follows:

Full Year FY26

Q3 FY26

Guidance

Total revenue

$189 - $198 million

$49 - $53 million

Y/Y growth (midpoint)

Approximately 8%

Fraud & Identity solutions revenue(1)

$103 - $108 million

Y/Y growth (midpoint)

Approximately 17%

Adjusted EBITDA margin %(2)

30% - 33%

Total Non-GAAP operating expense(2)

$25 - $26 million

(1) See revenue categorizations as presented in the “Disaggregation of Revenue by Product and Type” below.

(2) See “GAAP to Non-GAAP” Reconciliations below.

Conference Call Information

Mitek management will host a conference call and live webcast for analysts and investors today at 2 p.m. PT (5 p.m. ET) to discuss the Company’s financial results for the second quarter of fiscal 2026. To join the webcast, visit our Investor Relations website at https://investors.miteksystems.com.

Participants may also dial +1 800-717-1738 (US and Canada) or +1 646-307-1865 (International) to access the call. A dial-in replay will be available for one week by dialing +1 844-512-2921 (U.S. and Canada) or +1 412-317-6671 (International) and entering the passcode 1141184. An archived webcast replay will remain accessible for one year on Mitek’s Investor Relations website.

About Mitek Systems, Inc.

Mitek Systems protects what’s real across digital interactions in a world of evolving threats. Mitek helps businesses verify identities, prevent fraud before it happens, and deliver secure, seamless digital experiences in the face of rapidly advancing AI-generated threats. From account opening to authentication and deposit, Mitek’s technology safeguards critical digital interactions. More than 7,000 organizations rely on Mitek to protect their most important customer connections and stay ahead of emerging risks. Learn more at www.miteksystems.com. [(MITK-F)]

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

Notice Regarding Forward-Looking Statements

Statements contained in this news release relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s fiscal 2026 guidance, are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner, the Company’s ability to capitalize on a growing market, quarterly variations in revenue, the profitability of certain sectors of the Company, the performance of the Company’s growth initiatives, the outcome of any pending or threatened litigation or investigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.

Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC on December 11, 2025 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-U.S. generally accepted accounting principles (“GAAP”) financial measures for adjusted EBITDA, adjusted EBITDA margin, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income per basic share, non-GAAP net income per diluted share, non-GAAP free cash flow, and non-GAAP operating expense that excludes stock-based compensation expense, litigation and other legal costs, executive and other transition costs, non-recurring audit fees, enterprise risk, portfolio positioning and other related costs, and non-GAAP net income which additionally excludes amortization of acquisition-related intangibles, net changes in estimated fair value of acquisition-related contingent consideration, restructuring costs, amortization of debt discount and issuance costs, income tax effect of pre-tax adjustments, and cash tax difference. These financial measures are not calculated in accordance with GAAP and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors of the Company utilize these non-GAAP financial measures to gain a better understanding of the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the Company’s underlying business and provides a better understanding of how management plans and measures the Company’s underlying business.

The Company has not provided a reconciliation of its forward outlook for non-GAAP adjusted EBITDA margin with its forward-looking GAAP net income margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP adjusted EBITDA margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatility of the Company’s share price. Additionally, a significant portion of the Company’s operations are in foreign countries and the transactional currencies are primarily Euros and British pound sterling and the Company is not able to predict fluctuations in those currencies without unreasonable efforts. The Company expects these items may have a potentially significant impact on future GAAP financial results.

We define free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment. We define free cash flow margin as free cash flow as a percentage of revenue. In addition to the reasons stated above, we believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment in order to enhance the strength of our balance sheet and further invest in our business and potential strategic initiatives. A limitation of the utility of free cash flow as a measure of our liquidity is that it does not represent the total increase or decrease in our cash balance for the period. We use free cash flow in conjunction with traditional U.S. GAAP measures as part of our overall assessment of our liquidity, including the preparation of our annual operating budget and quarterly forecasts and to evaluate the effectiveness of our business strategies. There are a number of limitations related to the use of free cash flow as compared to net cash provided by operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. We may refer to certain financial metrics on a Last Twelve Months (“LTM”) basis. LTM figures represent the sum of the most recently reported four fiscal quarters and are used to provide a view of the company's financial performance over the past year.

Mitek encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Mitek’s business.

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Revenue

Software license

25,950

26,700

39,851

38,685

SaaS, maintenance, and other

28,891

25,229

59,234

50,498

Total revenue

54,841

51,929

99,085

89,183

Operating costs and expenses

Cost of revenue—software license (exclusive of depreciation & amortization)

Cost of revenue—SaaS, maintenance, and other (exclusive of depreciation & amortization)

8,525

6,515

16,899

12,392

Selling and marketing

9,601

10,540

17,749

20,235

Research and development

7,566

9,766

14,940

18,089

General and administrative

12,244

10,098

23,318

21,999

Amortization of acquired intangibles and acquisition-related costs

3,323

3,600

6,609

7,257

Restructuring costs

—

515

837

Total operating costs and expenses

41,292

40,564

80,096

80,892

Operating income (loss)

13,549

11,365

18,989

8,291

Interest expense

1,450

2,407

3,992

4,805

Other income (expense), net

637

1,110

2,137

1,673

Income (loss) before income taxes

12,736

10,068

17,134

5,159

Income tax benefit (provision)

(3,200

)

(916

)

(4,826

)

(619

)

Net income (loss)

9,536

9,152

12,308

4,540

Net income (loss) per share—basic

0.21

0.20

0.27

0.10

Net income (loss) per share—diluted

0.20

0.25

0.10

Shares used in calculating net income (loss) per share—basic

45,050

45,651

45,380

45,501

Shares used in calculating net income (loss) per share—diluted

48,535

46,610

48,470

46,599

Comprehensive income (loss)

Net income (loss)

9,536

9,152

12,308

4,540

Other comprehensive income (loss), net of tax

Foreign currency translation adjustment

(2,980

)

4,944

(3,069

)

(5,566

)

Unrealized gain (loss) on investments, net of tax benefit/(expense) of $7, $(8), $14, and $34

(25

)

(48

)

(84

)

Other comprehensive income (loss), net of tax

(3,005

)

4,998

(3,117

)

(5,650

)

Comprehensive income (loss)

6,531

14,150

9,191

(1,110

)

MITEK SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(amounts in thousands except share data)

March 31, 2026 (Unaudited)

September 30, 2025

ASSETS

Current assets:

Cash and cash equivalents

69,187

154,153

Short-term investments

8,400

38,858

Accounts receivable, net

63,308

36,811

Contract assets, current portion

8,626

12,687

Prepaid expenses

2,942

3,050

Other current assets

4,038

2,935

Total current assets

156,501

248,494

Long-term investments

—

3,464

Property and equipment, net

4,500

2,314

Right-of-use assets

2,167

2,624

Intangible assets, net

32,672

39,799

Goodwill

131,439

133,457

Deferred income tax assets

24,437

25,334

Contract assets, non-current portion

1,447

1,405

Other non-current assets

3,775

2,218

Total assets

356,938

459,109

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

3,976

3,874

Accrued payroll and related taxes

11,850

16,837

Accrued liabilities

627

343

Income tax payables

3,000

2,683

Deferred revenue, current portion

36,056

29,061

Lease liabilities, current portion

894

890

Convertible senior notes

—

152,216

Current portion of term loan

2,500

—

Other current liabilities

1,035

3,130

Total current liabilities

59,938

209,034

Deferred revenue, non-current portion

1,501

1,085

Long-term portion of term loan

47,500

—

Lease liabilities, non-current portion

1,623

2,080

Deferred income tax liabilities

290

295

Other non-current liabilities

6,619

6,357

Total liabilities

117,471

218,851

Stockholders’ equity:

Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding

—

Common stock, $0.001 par value, 120,000,000 shares authorized, 44,864,835 and 45,636,531 issued and outstanding, as of March 31, 2026 and September 30, 2025, respectively

Additional paid-in capital

273,642

265,835

Accumulated other comprehensive income (loss)

(2,531

)

586

Accumulated deficit

(31,689

)

(26,209

)

Total stockholders’ equity

239,467

240,258

Total liabilities and stockholders’ equity

356,938

459,109

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(amounts in thousands)

Six Months Ended March 31,

2026

2025

Operating activities:

Net income (loss)

12,308

4,540

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Stock-based compensation expense

7,692

8,817

Amortization of acquired intangible assets

6,609

7,257

Amortization of costs capitalized to obtain revenue contracts

1,354

878

Depreciation and amortization expense

781

739

Bad debt expense

293

411

Amortization of investment premiums & other

(262

)

(1,146

)

Accretion and amortization on convertible senior notes

3,034

4,224

Deferred taxes

822

(5,423

)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(26,939

)

(18,898

)

Contract assets

3,967

5,649

Other assets

(3,998

)

578

Accounts payable

123

(3,674

)

Accrued payroll and related taxes

(4,908

)

1,157

Income taxes payable

351

837

Deferred revenue

7,550

7,922

Other liabilities

(1,704

)

440

Net cash provided by (used in) operating activities

7,073

14,308

Investing activities:

Purchases of investments

(2,218

)

(21,973

)

Maturities of investments

30,321

23,000

Sales of investments

6,035

—

Purchases of property and equipment, net

(2,978

)

(567

)

Net cash provided by (used in) investing activities

31,160

460

Financing activities:

Proceeds from term loan

50,000

—

Repayments of senior convertible notes

(155,250

)

—

Proceeds from the issuance of equity plan common stock

2,246

261

Repurchases and retirements of common stock

(17,789

)

(3,258

)

Payment of tax withholding obligations related to net share settlements of equity awards

(2,131

)

—

Proceeds from other borrowings

304

—

Principal payments on other borrowings

—

(96

)

Net cash provided by (used in) financing activities

(122,620

)

(3,093

)

Foreign currency effect on cash and cash equivalents

(579

)

(432

)

Net increase (decrease) in cash and cash equivalents

(84,966

)

11,243

Cash and cash equivalents at beginning of period

154,153

93,456

Cash and cash equivalents at end of period

69,187

104,699

Supplemental disclosures of cash flow information:

Cash paid for interest

1,042

582

Cash paid for income taxes

4,349

4,952

Supplemental disclosures of non-cash investing and financing activities:

Unrealized holding gain (loss) on available-for-sale investments

(48

)

(84

)

MITEK SYSTEMS, INC.

DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Fraud and Identity Solutions

SaaS

19,979

16,790

40,895

34,083

Software license and support

5,089

2,843

8,997

4,565

Professional services and other

632

486

1,278

1,040

Total fraud and identity solutions revenue

25,700

20,119

51,170

39,688

Check Verification Solutions

SaaS

1,241

1,205

2,562

2,339

Software license and support

27,612

30,234

44,519

46,608

Professional services and other

288

371

834

548

Total check verification solutions revenue

29,141

31,810

47,915

49,495

Consolidated Revenue

SaaS

21,220

17,995

43,457

36,422

Software license and support

32,701

33,077

53,516

51,173

Professional services and other

920

857

2,112

1,588

Consolidated revenue

54,841

51,929

99,085

89,183

MITEK SYSTEMS, INC.

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

GAAP net income (loss)

9,536

9,152

12,308

4,540

Add:

Income tax (benefit) provision

3,200

916

4,826

619

Other (income) expense, net

(637

)

(1,110

)

(2,137

)

(1,673

)

Interest expense

1,450

2,407

3,992

4,805

GAAP operating income (loss)

13,549

11,365

18,989

8,291

Non-GAAP Adjustments

Depreciation and amortization expense

428

395

781

739

Amortization of acquired intangible assets

3,323

3,657

6,609

7,257

Litigation and other legal costs

187

420

Executive and other transition costs

—

262

521

Stock-based compensation expense

5,001

4,352

7,692

8,817

Non-recurring audit fees

—

263

719

1,130

Restructuring costs(1)

—

515

837

Adjusted EBITDA

22,306

20,275

35,595

28,012

Total revenue

54,841

51,929

99,085

89,183

Adjusted EBITDA margin

40.7

39.0

35.9

31.4

(1)

Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.5 million in the six months ended March 31, 2026 and were related to a restructuring that occurred in the first quarter of fiscal 2026. Restructuring costs were $0.8 million in the six months ended March 31, 2025 and were related to a restructuring that occurred in the first quarter of fiscal 2025.

MITEK SYSTEMS, INC.

NON-GAAP NET INCOME RECONCILIATION

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Net income (loss)

9,536

9,152

12,308

4,540

Non-GAAP adjustments:

Amortization of acquired intangible assets

3,323

3,600

6,609

7,257

Litigation and other legal costs

187

420

Executive and other transition costs

—

262

521

Stock-based compensation expense

5,001

4,352

7,692

8,817

Non-recurring audit fees

—

263

719

1,130

Restructuring costs(1)

—

515

837

Amortization of debt discount and issuance costs

785

2,162

3,034

4,309

Income tax effect of pre-tax adjustments

(1,802

)

(3,440

)

(4,850

)

(5,359

)

Cash tax difference(2)

1,629

414

4,594

907

Non-GAAP net income

18,477

16,746

30,911

23,379

Non-GAAP net income per share—basic

0.41

0.37

0.68

0.51

Non-GAAP net income per share—diluted

0.38

0.36

0.64

0.50

Shares used in calculating non-GAAP net income per share—basic

45,050

45,651

45,380

45,501

Shares used in calculating non-GAAP net income per share—diluted

48,535

46,610

48,470

46,599

(1)

(2)

The Company’s non-GAAP net income is calculated using a cash tax rate of 14% in fiscal 2026 and 18% in fiscal 2025. The estimated cash tax rate is the estimated annual tax payable on the Company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The Company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, and the utilization of research and development tax credits which currently have an overall effect of reducing taxes payable. The Company believes that the cash tax rate provides a more transparent view of the Company’s operating results. The Company’s effective tax rate used for the purposes of calculating GAAP net income for the three months ended March 31, 2026 and 2025 was 25% and 9%, respectively. The Company’s effective tax rate used for the purposes of calculating GAAP net income for the six months ended March 31, 2026 and 2025 was 28% and 12%, respectively.

MITEK SYSTEMS, INC.

NON-GAAP FREE CASH FLOW RECONCILIATION

(Unaudited)

(amounts in thousands)

Three months ended

Twelve months ended March 31, 2026

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Net cash provided by (used in) operating activities

21,571

19,461

8,018

(945

)

48,105

Less:

Purchases of property and equipment, net

(329

)

(259

)

(1,426

)

(1,552

)

(3,566

)

Free Cash Flow

21,242

19,202

6,592

(2,497

)

44,539

Three months ended

Twelve months ended March 31, 2025

June 30, 2024

September 30, 2024

December 31, 2024

March 31, 2025

Net cash provided by (used in) operating activities

12,985

21,102

565

13,743

48,395

Less:

Purchases of property and equipment, net

(431

)

(283

)

(335

)

(232

)

(1,281

)

Free Cash Flow

12,554

20,819

230

13,511

47,114

MITEK SYSTEMS, INC.

STOCK-BASED COMPENSATION EXPENSE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Cost of revenue

355

162

663

323

Selling and marketing

1,135

1,035

1,191

2,009

Research and development

466

1,338

247

2,462

General and administrative

3,045

1,817

5,591

4,023

Total stock-based compensation expense

5,001

4,352

7,692

8,817

MITEK SYSTEMS, INC.

NON-GAAP GROSS PROFIT RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Software license

Software license revenue

25,950

26,700

39,851

38,685

Cost of revenue (exclusive of depreciation and amortization expense)

(33

)

(16

)

(66

)

(83

)

Depreciation and amortization expense

(177

)

(246

)

(367

)

(512

)

Amortization of acquired completed technology assets

(501

)

(918

)

(1,002

)

(1,842

)

GAAP gross profit for software license and hardware

25,239

25,520

38,416

36,248

Depreciation and amortization expense

177

246

367

512

Amortization of acquired completed technology assets

501

918

1,002

1,842

Non-GAAP gross profit for software license

25,917

26,684

39,785

38,602

GAAP gross margin for software license

97.3

95.6

96.4

93.7

Non-GAAP gross margin for software license

99.9

99.8

SaaS, maintenance, and other

SaaS, maintenance and other revenue

28,891

25,229

59,234

50,498

Cost of revenue (exclusive of depreciation and amortization expense)

(8,525

)

(6,515

)

(16,899

)

(12,392

)

Depreciation and amortization expense

(150

)

(215

)

Amortization of acquired completed technology assets

(2,238

)

(2,090

)

(4,446

)

(4,218

)

GAAP gross profit for SaaS, maintenance, and other

17,978

16,621

37,674

33,882

Depreciation and amortization expense

150

215

Amortization of acquired completed technology assets

2,238

2,090

4,446

4,218

Stock-based compensation expense

355

162

663

323

Non-GAAP gross profit for SaaS, maintenance, and other

20,721

18,876

42,998

38,429

GAAP gross margin for SaaS, maintenance, and other

62.2

65.9

63.6

67.1

Non-GAAP gross margin for SaaS, maintenance, and other

71.7

74.8

72.6

76.1

Consolidated results

Total revenue

54,841

51,929

99,085

89,183

Cost of revenue (exclusive of depreciation and amortization expense)

(8,558

)

(6,531

)

(16,965

)

(12,475

)

Depreciation and amortization expense

(327

)

(249

)

(582

)

(518

)

Amortization of acquired completed technology assets

(2,739

)

(3,008

)

(5,448

)

(6,060

)

GAAP gross profit

43,217

42,141

76,090

70,130

Depreciation and amortization expense

327

249

582

518

Amortization of acquired completed technology assets

2,739

3,008

5,448

6,060

Stock-based compensation expense

355

162

663

323

Non-GAAP gross profit

46,638

45,560

82,783

77,031

GAAP gross profit margin

78.8

81.2

76.8

78.6

Non-GAAP gross profit margin

85.0

87.7

83.5

86.4

MITEK SYSTEMS, INC.

NON-GAAP OPERATING EXPENSE RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Selling and marketing

9,601

10,540

17,749

20,235

Non-GAAP adjustments:

Stock-based compensation expense

1,135

1,035

1,191

2,009

Executive and other transition costs

—

170

—

Non-GAAP selling and marketing

8,466

9,505

16,388

18,226

Research and development

7,566

9,766

14,940

18,089

Non-GAAP adjustments:

Stock-based compensation expense

466

1,338

247

2,462

Non-GAAP research and development

7,100

8,428

14,693

15,627

General and administrative

12,244

10,098

23,318

21,999

Non-GAAP adjustments:

Stock-based compensation expense

3,045

1,817

5,591

4,023

Litigation and other legal costs

187

420

Executive and other transition costs

—

521

Non-recurring audit fees

—

263

719

1,130

Non-GAAP general and administrative

9,194

7,804

16,888

15,905

Total Non-GAAP operating expense

24,760

25,737

47,969

49,758

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