Fair Isaac (FICO) FY2023 results: revenue $1.5 billion, up 9.9% on the year

Fair Isaac Corp. (FICO) reported revenue of $1.5 billion for fiscal 2023, the year ended 30 September 2023, up 9.9% on the year before. Net income was $429 million, up 14.9%, and diluted earnings per share $16.93. The figures are the company's own, from the 10-K it filed with the SEC on 8 November 2023.

Revenue

$1.5 billion

+9.9% on the year

FY2016FY2023

Operating margin

42.5%

39.4% a year earlier

FY2016FY2023

Net income

$429 million

+14.9% on the year

FY2016FY2023

Diluted EPS

$16.93

+19.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,514	1,377	1,317	+9.9%
Cost of revenue	311	302	332	+2.9%
Gross profit	1,203	1,075	984	+11.9%
Gross margin	79.4%	78.1%	74.7%
Research and development	160	147	171	+9.0%
Selling, general and administrative	401	384	396	+4.4%
Operating income	643	542	505	+18.5%
Operating margin	42.5%	39.4%	38.4%
Interest expense	95.5	69.0	40.1	+38.5%
Pre-tax income	554	471	473	+17.5%
Income tax	124	97.8	81.1	+27.1%
Effective tax rate	22.4%	20.7%	17.1%
Net income	429	374	392	+14.9%
Net margin	28.4%	27.1%	29.8%
Diluted EPS	$16.93	$14.18	$13.40	+19.4%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	469	509	424	-8.0%
Capital expenditure	4.2	6.0	7.6	-29.7%
Free cash flow	465	503	416	-7.7%
Free cash flow margin	30.7%	36.6%	31.6%
Cash from investing	-16.0	-5.7	138
Cash from financing	-455	-547	-524
Depreciation and amortisation	14.6	20.5	25.6	-28.5%
Share-based compensation	124	115	112	+7.4%
Buybacks	406	1,104	874	-63.3%
Diluted shares, weighted	25m	26m	29m	-3.7%
Shares outstanding at period end	25m	25m	28m	-1.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-688	-802	-111
Debt	1,862	1,854	1,259	+0.4%
Operating lease liabilities	23.9	39.2	53.7	-39.0%
Finance lease liabilities	0.0	n/a	0.0
Other liabilities	378	351	366	+7.6%
Total liabilities and equity	1,575	1,442	1,568	+9.2%
Fixed assets	11.0	17.6	27.9	-37.6%
Goodwill	773	761	788	+1.6%
Intangible assets	0.9	2.0	4.1	-54.5%
Investments	33.0	24.5	31.9	+34.7%
Cash and equivalents	137	133	195	+2.7%
Receivables	388	322	312	+20.3%
Other assets	232	181	208	+28.2%
Total assets	1,575	1,442	1,568	+9.2%

10-K for the year ended 30 September 2023, filed 8 November 2023: the filing.