Name: Fair Isaac Corp. (NYSE:FICO) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Fair Isaac Corp., consolidated income statement

US$ in thousands

12 months ended:	Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
On-premises and SaaS software	711,340)	640,182)	564,751)	517,888)	584,576)	556,968)
Professional services	86,536)	99,547)	105,876)	144,501)	181,439)	181,938)
Scores	919,650)	773,828)	706,643)	654,147)	528,547)	421,177)
Revenues	1,717,526)	1,513,557)	1,377,270)	1,316,536)	1,294,562)	1,160,083)
Cost of revenues	(348,206)	(311,053)	(302,174)	(332,462)	(361,142)	(336,845)
Gross profit	1,369,320)	1,202,504)	1,075,096)	984,074)	933,420)	823,238)
Research and development	(171,940)	(159,950)	(146,758)	(171,231)	(166,499)	(149,478)
Selling, general and administrative	(462,834)	(400,565)	(383,863)	(396,281)	(420,930)	(414,086)
Amortization of intangible assets	(917)	(1,100)	(2,061)	(3,255)	(4,993)	(6,126)
Restructuring charges	—)	—)	—)	(7,957)	(45,029)	—)
Gain on product line asset sale	—)	1,941)	—)	100,139)	—)	—)
Operating income	733,629)	642,830)	542,414)	505,489)	295,969)	253,548)
Interest expense, net	(105,638)	(95,546)	(68,967)	(40,092)	(42,177)	(39,752)
Other income (expense), net	14,034)	6,340)	(2,138)	7,745)	3,208)	2,276)
Income before income taxes	642,025)	553,624)	471,309)	473,142)	257,000)	216,072)
Provision for income taxes	(129,214)	(124,249)	(97,768)	(81,058)	(20,589)	(23,948)
Net income	512,811)	429,375)	373,541)	392,084)	236,411)	192,124)

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).

Revenue demonstrated a consistent upward trajectory over the six-year period, increasing from 1.16 billion US dollars in 2019 to 1.72 billion US dollars in 2024. This growth was characterized by a significant shift in the composition of revenue streams, with a marked transition toward high-margin scalable products and a reduction in labor-intensive services.

Revenue Composition and Segment Trends: The Scores segment emerged as the primary growth driver, increasing from 421 million US dollars in 2019 to 920 million US dollars in 2024, more than doubling its contribution to total revenue. On-premises and SaaS software also showed steady growth, rising from 557 million US dollars to 711 million US dollars. Conversely, professional services experienced a sustained decline, falling from 182 million US dollars in 2019 to 87 million US dollars in 2024, indicating a strategic pivot away from service-based revenue.
Profitability and Margin Expansion: Gross profit grew from 823 million US dollars in 2019 to 1.37 billion US dollars in 2024. This expansion was supported by the fact that cost of revenues remained relatively stable, increasing only modestly despite significant top-line growth. Operating income exhibited a sharp increase, rising from 253 million US dollars in 2019 to 733 million US dollars in 2024, reflecting strong operating leverage as revenue growth outpaced the growth of operating expenses.
Operating Expenditure Analysis: Research and development and selling, general, and administrative expenses remained relatively controlled. R&D expenditures grew modestly from 149 million US dollars to 172 million US dollars, while SG&A remained largely flat for several years before increasing to 463 million US dollars in 2024. Amortization of intangible assets showed a consistent downward trend, decreasing from 6 million US dollars in 2019 to less than 1 million US dollars in 2024.
Financial Costs and Net Income: A notable increase in interest expense was observed, rising from 40 million US dollars in 2019 to 106 million US dollars in 2024, which suggests an increase in debt obligations or higher borrowing costs. Despite these rising financial costs and an increasing provision for income taxes, net income grew substantially from 192 million US dollars in 2019 to 513 million US dollars in 2024.

The overall financial profile indicates a company successfully transitioning its business model toward higher-margin recurring revenue streams. The expansion of operating income and net income, despite rising interest expenses, highlights a period of strong fundamental growth and improved operational efficiency.

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