FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced results for its first fiscal quarter ended December 31, 2021.
First Quarter Fiscal 2022 GAAP Results
Net income for the quarter totaled $85.0 million, or $3.09 per share, versus $86.5 million, or $2.90 per share, in the prior year period.
Net cash provided by operating activities for the quarter was $124.9 million versus $77.9 million in the prior year period.
First Quarter Fiscal 2022 Non-GAAP Results
Non-GAAP Net Income for the quarter was $101.9 million versus $81.6 million in the prior year period. Non-GAAP EPS for the quarter was $3.70 versus $2.74 in the prior year period. Free cash flow was $124.0 million for the current quarter versus $74.9 million in the prior year period. The Non-GAAP financial measures are described in the financial table captioned “Non-GAAP Results” and are reconciled to the corresponding GAAP results in the financial tables at the end of this release.
First Quarter Fiscal 2022 GAAP Revenue
The company reported revenues of $322.4 million for the quarter as compared to $312.4 million reported in the prior year period.
“We’re off to a good start in fiscal 2022, delivering 10% Annual Recurring Revenue (ARR) growth in our Software segment,” said Will Lansing, chief executive officer. “Our Scores segment continues to perform very well, delivering strong growth in both our B2B and B2C markets.”
Revenues for the first quarter of fiscal 2022 across the company’s two operating segments were as follows:
- Software revenues, which include the company’s analytics and digital decisioning technology, were $152.9 million in the first quarter, compared to $167.8 million in the prior year period, a decrease of 9%, primarily due to the sale of the Debt Collections and Recovery product line in June 2021 and reductions in professional services, partially offset by growth in platform software revenue. Year-over-year, Software Annual Recurring Revenue was up 10%, consisting of 67% platform ARR growth and 3% non-platform ARR growth. Software Dollar-Based Net Retention Rate was 109% year-over-year, with platform solutions at 143% and non-platform solutions at 102%.
- Scores revenues, which include the company’s business-to-business (B2B) scoring solutions, and business-to-consumer (B2C) scoring solutions, were $169.5 million in the first quarter, compared to $144.7 million in the prior year period, an increase of 17%. B2B revenue increased 13%, driven largely by unit price increases. B2C revenue increased 27% from the prior year period due to higher volumes at myFICO.com, as well as through our partners.
OutlookÂ
The company is reiterating its previously provided guidance for fiscal 2022:
|
Fiscal 2022 Guidance |
|
|
Revenues |
$1.35 billion |
|
GAAP Net Income |
$318 million |
|
GAAP EPS |
$11.29 |
|
Non GAAP Net Income |
$397 million |
|
Non GAAP EPS |
$14.12 |
The Non-GAAP financial measures are described in the financial table captioned “Reconciliation of Non-GAAP Guidance.”
Company to Host Conference Call
The company will host a webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to report its first quarter fiscal 2022 results and provide various strategic and operational updates. The call can be accessed at FICO’s web site at www.fico.com/investors. A replay of the webcast will be available at our Past Events page through January 27, 2023.
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