Analysis of Debt
Total Debt (Carrying Amount)
Fair Isaac Corp., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2024-09-30), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30).
The data reflects the reported debt liabilities and finance lease obligations over a six-year period, from 2019 to 2024, with some years showing missing values for certain items.
- Current Finance Lease Liabilities
- These liabilities display a modest increase from 1,935 thousand USD in 2019 to 2,186 thousand USD in 2020. Data for 2021 and 2022 are unavailable. The figure rises significantly to 3,144 thousand USD by 2024, indicating a growing reliance on short-term leasing obligations in recent years.
- Current Maturities on Debt
- Current maturities exhibit a fluctuating pattern. A substantial decrease is seen from 218,000 thousand USD in 2019 to 95,000 thousand USD in 2020. This is followed by a sharp increase to 250,000 thousand USD in 2021. The figures then decline steadily through 2022 (30,000 thousand USD), 2023 (50,000 thousand USD), and 2024 (15,000 thousand USD). This suggests periodic refinancing or repayment activities affecting the short-term portion of long-term debt obligations.
- Long-Term Debt, Excluding Current Maturities
- There is a clear and consistent upward trend in long-term debt. Starting at 606,790 thousand USD in 2019, the debt grows steadily each year, reaching 2,194,021 thousand USD in 2024. This more than triples the amount over the period, indicating significant longer-term borrowing or deferred liabilities accumulation. The sharpest increases occur between 2020 and 2022.
- Non-Current Finance Lease Liabilities
- These liabilities slightly decrease from 3,489 thousand USD in 2019 to 3,076 thousand USD in 2020. Data for 2021 through 2023 are absent. By 2024, the figure rises to 7,263 thousand USD, which more than doubles the initial value, suggesting a resumed or increased use of long-term leasing agreements.
- Total Debt and Finance Lease Liabilities (Carrying Amount)
- This aggregate measure shows an overall upward trend, from 830,214 thousand USD in 2019 to 2,219,428 thousand USD in 2024. The increase is gradual from 2019 to 2020 but accelerates substantially starting in 2021, reflecting the marked growth in both long-term debt and finance lease liabilities. The data indicates a strategic increase in total borrowing and financial lease commitments over the period.
Overall, the analysis reveals a significant expansion of long-term debt, coupled with increasing finance lease liabilities, especially in the later years. Current maturities on debt demonstrate variability, likely linked to refinancing or repayment cycles. The data points to an increasing debt burden and reliance on finance leases over time.
Total Debt (Fair Value)
| Sep 30, 2024 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Revolving line of credit | 210,000) |
| Term Loan | 708,750) |
| 2010 Senior Notes | —) |
| 2018 Senior Notes | 399,500) |
| 2019 Senior Notes and 2021 Senior Notes | 864,000) |
| Finance lease liabilities | 10,407) |
| Total debt and finance lease liabilities (fair value) | 2,192,657) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.99 |
Based on: 10-K (reporting date: 2024-09-30).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt and finance lease liabilities: 5.19%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 6.40% | 210,000) | 13,432) | |
| 6.34% | 258,750) | 16,415) | |
| 6.28% | 450,000) | 28,265) | |
| 5.25% | 400,000) | 21,000) | |
| 4.00% | 350,000) | 14,000) | |
| 4.00% | 550,000) | 22,000) | |
| 5.52% | 10,407) | 574) | |
| Total | 2,229,157) | 115,686) | |
| 5.19% | |||
Based on: 10-K (reporting date: 2024-09-30).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 115,686 ÷ 2,229,157 = 5.19%