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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