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Don't be surprised if they dominate the tennis conversation in To help make this website better, to improve and personalize your experience and for advertising purposes, are you happy to accept cookies and other technologies? Please go ahead sir. Thank you, Operator. Good afternoon and welcome to Mitek's first quarter fiscal earnings conference call. Before I turn the call over to Max and Jeff, I'd like to cover a few quick items.
This afternoon Mitek issued a press release announcing its first quarter fiscal financial results. That release is available on the company's website at miteksystems. This call is being broadcast live over the Internet for all interested parties and the webcast will be archived on the Investor Relations page of the company's website.
I want to remind everyone that on today's call management will discuss certain factors that are likely to influence the 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 may include comments about the company's plans and expectations of future performance.
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 including our most recent K and Q for a complete description of these risks. Our statements on this call are made as of today January 30, And the company undertakes no obligation to revise or update publicly any of the forward-looking statements contained herein whether as a result of new information, future events, changes in expectations or otherwise.
Additionally throughout this call we will be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form 8-K describe the differences between our non-GAAP and GAAP reporting and present the reconciliation between the two for the periods reported in the release. We are energized by the ongoing momentum in the identity verification market as we continue to expand partnerships with our existing customers as well as grow adoption with new customers particularly in the financial services, gig economy and marketplace segments.
We also continue to experience growth from our highly profitable deposits product line as its adoption and utilization continues to increase. Before I tell you about some of the key initiatives this quarter, we said we would keep you up-to-date on the patent litigation surrounding USAA but there is a lot of detail that is somewhat complex, so please pay close attention. Let me start with the first case. USAA first sued Wells Fargo for patent infringement based on four patents that all relate to an image auto capture feature on a mobile device.
Before the trial, Wells Fargo requested that the U. Patent Office perform an additional review of all four patents. Subsequently USAA dropped two of the four patents from their lawsuit. At trial, a jury in the Eastern District of Texas found that Wells Fargo infringed at least one of the two remaining patents but did not specify which.
Wells Fargo will likely appeal the decision. That process could take 18 months or more. Following the jury verdict in November, the U. Patent Office agreed to review three of the four patents. It is important to understand that the standard the U. Patent Office uses in determining to review patents is that they must believe that there is a reasonable likelihood that at least one of the claims in that patent is invalid.
So, the Patent Office believes at least one of the claims in each of the three patents they will review is invalid.
The Patent Office must complete their review within 12 months. The Patent Office rejected Wells Fargo's request to review the fourth patent. The rejection does not however prohibit Mitek or any other party other than Wells Fargo from requesting a review of this patent with additional information. If the Patent Office invalidates the two patents issued before the end of the appeals process then Wells Fargo would not have infringed as the patents would be invalid.
Alternatively, if one or some of the claims are invalidated, the Federal Appeals Court could decide to reman the case for retrial since the jury did not specify which claim or claims of the two patents was infringed. Of course none of this matters if the Appeals Court overturns the entire judgment on appeal.
Separately Mitek filed an action against USAA on the same four patents in California seeking a declaratory judgment from the court that Mitek's products do not infringe those patents. Mitek invented all of its core technology and our products do not infringe on any USAA patents. We view the DJ action as an important step to provide certainty to our customers concerning the use of our technology and we intend to vigorously defend their use of our product.
The DJ process could take 18 months or more to complete. In that litigation, USAA dropped two of the patents and the judge in the case found that one of the remaining three patents was invalid. USAA won a jury verdict in January on the remaining two patents.
The other tracks are disappointing, especially since many of them don't even sound vaguely like trance music.
Track 1, for example, sounds like a theme song for some low-budget spy movie, and track 11 is a lame attempt at drums-and-bass. Overall I suppose it's worth the purchase for the good tracks, but be warned you'll only ever want to listen to four or five tracks on this whole CD. I can't say anything particularly good about this CD.
Robert Miles' Children is good, as always, but I sure as hell wouldn't buy this CD just for that song. This CD is lots of endless beats with a serious lack of climax. Sasha and others are among the few that have awesome tracks with different sounds and a trance journey that is like no other. Digital Empire does it again. Theres only one description for this CD This is definitly a CD that you will not get into. It was very plain and lacked originality.
It has a small variety of trance. One of my favorites. Boosie Badazz - Goat Talk. Gucci Mane - East Atlanta Santa 3. DJ Knight. Gen X New. Clubs Studios Airports 18 New. DJ Konvict. DJ Honorz. Manifested Vibes 2 New. Good Muziikk 17 New. DJ Boss Chic. The Playlist 8 New. DJ Hektik. Trap Royalty 5 New. DJ Mellz. DJ Kurupt. DJ Lazy K.Mar 16, · R.I.P. Nov 22, - M.C. Breed & DFC. Category Music; Song Ain't No Future in Yo' Frontin' Artist MC Breed and DFC.