The following is a summary of the Fair Isaac Corporation (FICO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• FICO reported Q2 revenues of $434 million, a 14% increase from the previous year.

• The net income under GAAP was $130 million for the quarter, which is up by 28%.

• FICO announced a non-GAAP Q2 net income of $154 million, a growth of 27%, and earnings of $6.14 per share, up by 29%.

• The quarter saw the repurchasing of 144,000 shares at an average price of $1,246 per share.

Business Progress:

• Scores and Software segments marked strong growth - the former achieving a revenue of $237 million, which is up by 19% from last year whereas the latter's revenue rose by 8%.

• FICO Score 10T signed up clients with over $100 billion in annualized mortgage originations since 2023 showing strong progress in client acquisition.

• To fuel further growth, FICO is investing in the development of the FICO platform which noted a 32% growth in Platform ARR.

• The company has adjusted its strategies in favour of a "Cloud-first" approach, indicating a marked shift from on-premise software.

• FICO's platform utilization continues to be strong, with usage reported in 130 of the top 300 global financial institutions.

• As for future prospects, the company intends to invest more in Research & Development as well as both direct and indirect sales.

More details: Fair Isaac IR

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