Q4 2024 Fair Isaac Corp Earnings Call Transcript
Key Points
- Fair Isaac Corp (FICO) reported a 16% increase in fourth-quarter revenues, reaching $454 million.
- The company achieved a 34% increase in GAAP net income for the quarter, with earnings per share up 36% from the prior year.
- FICO delivered record free cash flow of $219 million in the fourth quarter, marking a 31% year-over-year increase.
- The scores segment saw a 27% increase in fourth-quarter revenues, driven primarily by mortgage originations.
- FICO continues to innovate with the upcoming launch of the FICO Score mortgage simulator, enhancing decision-making for mortgage professionals.
- B2C revenues declined by 1% in the fourth quarter and 2% for the full fiscal year, attributed to decreased sales on the myfico.com website.
- Software segment revenue growth was modest at 5% for the quarter, with professional services declining by 9%.
- Total ACV bookings for the year were down 10% year over year, indicating potential challenges in securing new contracts.
- Non-platform ARR remained flat, suggesting limited growth in certain areas of the software business.
- The company faces macroeconomic uncertainties, particularly in predicting mortgage volume recoveries, which could impact future performance.
Thank you for standing by, and welcome to FICO's fourth-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to hand the call over to Dave Singleton. Please go ahead.
Good afternoon, and thank you for attending FICO's fourth-quarter earnings call. I'm Dave Singleton, Vice President of Investor Relations, and I'm joined today by our CEO, Will Lansing; and our CFO, Steve Weber.
Today, we issued a press release that describes financial results compared to the prior year. On this call, management will also discuss results in comparison with the prior quarter to facilitate an understanding of the run rate of the business. Certain statements made in this presentation are forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many risks and uncertainties that could cause actual results to differ materially. Information concerning these risks and uncertainties is contained in the company's filings with the SEC,
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