Fair Isaac Corp. Q1 FY2024 results: revenue $382 million, up 10.8% on the year

Fair Isaac Corp. (FICO) reported revenue of $382 million for Q1 FY2024, the quarter ended 31 December 2023, up 10.8% on the same quarter a year earlier. Net income was $121 million, up 24.0% on the year, and diluted earnings per share $4.80. The figures are the company's own, from the 10-Q it filed with the SEC on 25 January 2024.

Revenue$382 millionup 10.8%

Net income$121 millionup 24.0%

Diluted EPS$4.80

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	382	390	n/a	n/a
Cost of revenue	83.5	82.8	n/a	n/a
Gross profit	299	307	n/a	n/a
Gross margin	78.2%	78.7%	n/a
Research and development	42.6	41.6	n/a	n/a
Selling, general and administrative	104	99.3	n/a	n/a
Operating income	151	166	n/a	n/a
Operating margin	39.6%	42.5%	n/a
Interest expense	24.2	24.3	n/a	n/a
Pre-tax income	131	140	n/a	n/a
Income tax	9.5	39.0	n/a	n/a
Effective tax rate	7.3%	27.8%	n/a
Net income	121	101	n/a	n/a
Net margin	31.7%	26.0%	n/a
Diluted EPS	$4.80	$4.01	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	122	164	n/a	n/a
Capital expenditure	1.4	1.1	n/a	n/a
Free cash flow	121	163	n/a	n/a
Free cash flow margin	31.6%	41.8%	n/a
Depreciation and amortisation	2.8	3.0	n/a	n/a
Share-based compensation	31.6	34.1	n/a	n/a
Buybacks	71.7	120	n/a	n/a
Diluted shares, weighted	25m	25m	n/a	n/a
Shares outstanding at period end	25m	25m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	1,594	1,575	n/a	n/a
Cash and equivalents	160	137	n/a	n/a
Receivables	367	388	n/a	n/a
Goodwill	777	773	n/a	n/a
Total debt, as filed	1,962	1,862	n/a	n/a
Long-term debt	1,809	1,812	n/a	n/a
Operating lease liabilities	11.9	23.9	n/a	n/a
Finance lease liabilities	n/a	0.0	n/a	n/a
Shareholders' equity	-726	-688	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	390	382	434	448	454	440	499	536	516	512	692	674
Cost of revenue	82.8	83.5	86.9	88.2	89.6	87.3	87.6	87.6	91.2	87.3	91.2	87.0
Gross profit	307	299	347	360	364	353	411	449	425	425	600	587
Gross margin	79%	78%	80%	80%	80%	80%	82%	84%	82%	83%	87%	87%
R&D	41.6	42.6	40.9	44.2	44.2	45.1	45.0	47.2	51.0	49.9	53.9	53.7
SG&A	99.3	104	111	125	123	128	120	139	126	141	144	171
Operating income	166	151	195	190	197	180	246	263	237	234	402	363
Operating margin	43%	40%	45%	42%	43%	41%	49%	49%	46%	46%	58%	54%
Interest expense	24.3	24.2	26.1	26.9	28.5	29.5	31.4	32.9	39.9	42.0	44.6	59.9
Pre-tax income	140	131	173	167	171	150	213	237	202	192	356	315
Tax rate	28%	7%	25%	25%	21%	-2%	24%	23%	23%	17%	26%	25%
Net income	101	121	130	126	136	153	163	182	155	158	264	237
Net margin	26%	32%	30%	28%	30%	35%	33%	34%	30%	31%	38%	35%
Diluted EPS	$4.01	$4.80	$5.16	$5.05	$5.44	$6.14	$6.59	$7.40	$6.41	$6.61	$11.14	$10.45
Operating cash flow	164	122	71.0	213	226	194	74.9	286	224	174	223	380
Capital expenditure	1.1	1.4	4.0	1.7	1.8	0.8	2.1	1.8	4.2	0.2	0.3	0.9
Free cash flow	163	121	67.0	212	225	193	72.8	284	219	174	223	380
Buybacks	120	71.7	172	255	324	163	217	487	548	171	605	2,269
Shares outstanding	25m	25m	25m	25m	24m	24m	24m	24m	24m	24m	23m	22m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 25 January 2024, accession 0000814547-24-000005: the filing on EDGAR. All of Fair Isaac Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install