Fair Isaac (FICO) FY2022 results: revenue $1.4 billion, up 4.6% on the year

Fair Isaac Corp. (FICO) reported revenue of $1.4 billion for fiscal 2022, the year ended 30 September 2022, up 4.6% on the year before. Net income was $374 million, down 4.7%, and diluted earnings per share $14.18. The figures are the company's own, from the 10-K it filed with the SEC on 9 November 2022.

Revenue

$1.4 billion

+4.6% on the year

FY2015FY2022

Operating margin

39.4%

38.4% a year earlier

FY2015FY2022

Net income

$374 million

-4.7% on the year

FY2015FY2022

Diluted EPS

$14.18

+5.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,377	1,317	1,295	+4.6%
Cost of revenue	302	332	361	-9.1%
Gross profit	1,075	984	933	+9.2%
Gross margin	78.1%	74.7%	72.1%
Research and development	147	171	166	-14.3%
Selling, general and administrative	384	396	421	-3.1%
Operating income	542	505	296	+7.3%
Operating margin	39.4%	38.4%	22.9%
Interest expense	69.0	40.1	42.2	+72.0%
Pre-tax income	471	473	257	-0.4%
Income tax	97.8	81.1	20.6	+20.6%
Effective tax rate	20.7%	17.1%	8.0%
Net income	374	392	236	-4.7%
Net margin	27.1%	29.8%	18.3%
Diluted EPS	$14.18	$13.40	$7.90	+5.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	509	424	365	+20.2%
Capital expenditure	6.0	7.6	22.0	-20.3%
Free cash flow	503	416	343	+20.9%
Free cash flow margin	36.6%	31.6%	26.5%
Cash from investing	-5.7	138	-24.6
Cash from financing	-547	-524	-289
Depreciation and amortisation	20.5	25.6	30.4	-20.0%
Share-based compensation	115	112	93.7	+2.6%
Buybacks	1,104	874	235	+26.3%
Diluted shares, weighted	26m	29m	30m	-10.0%
Shares outstanding at period end	25m	28m	29m	-8.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-802	-111	331
Debt	1,854	1,259	834	+47.2%
Operating lease liabilities	39.2	53.7	73.2	-27.0%
Finance lease liabilities	n/a	0.0	3.1
Other liabilities	351	366	364	-4.1%
Total liabilities and equity	1,442	1,568	1,606	-8.0%
Fixed assets	17.6	27.9	46.4	-37.0%
Goodwill	761	788	812	-3.4%
Intangible assets	2.0	4.1	9.2	-50.8%
Investments	24.5	31.9	25.5	-23.1%
Cash and equivalents	133	195	157	-31.8%
Receivables	322	312	334	+3.3%
Other assets	181	208	221	-13.0%
Total assets	1,442	1,568	1,606	-8.0%

10-K for the year ended 30 September 2022, filed 9 November 2022: the filing.