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.

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 and Segment Trends: Overall revenues of the company show a consistent upward trajectory from 2019 through 2024, increasing from approximately $1.16 billion to $1.72 billion. This growth is driven primarily by the Scores segment, which has shown substantial expansion from $421 million in 2019 to $920 million in 2024. The On-premises and SaaS software segment fluctuated initially, dipping in 2021 before surging to $711 million by 2024. The Professional services segment, in contrast, has been in steady decline from $182 million in 2019 to $87 million in 2024, indicating a possible strategic shift or decreasing demand in this area.
Profitability Analysis: Gross profit has risen consistently, reaching nearly $1.37 billion in 2024, with an increase from $823 million in 2019. The gross margin improvement is notable given the declining cost of revenues in absolute terms from 2019 to 2022, though costs rose again in 2023 and 2024. Operating income has more than doubled over the six-year period, moving from $254 million in 2019 to $734 million in 2024, suggesting improved operational efficiency and/or beneficial revenue mix effects. These trends reflect robust profitability growth despite some fluctuations in direct costs.
Expense Trends: Research and development expenses increased moderately from $149 million in 2019 to $172 million in 2024 with some interim variability, indicating ongoing investment in product development or innovation. Selling, general, and administrative expenses have also grown, from $414 million to $463 million, but at a slower rate relative to revenue growth, which may reflect improved cost control or scaling efficiencies. Amortization of intangible assets has decreased significantly, suggesting reduced charges related to intangible asset write-downs or acquisitions. Restructuring charges were significant in 2020 but absent in most other periods.
Non-operating Items and Net Income: Interest expense increased substantially, nearly tripling from $40 million in 2019 to over $105 million in 2024, which may indicate higher debt levels or increased borrowing costs, and presents a pressure point on net income. Other income (expense) has shown variability but generally remains positive. Income before income taxes has grown consistently, paralleling operating income trends, while the provision for income taxes increased in absolute terms, which could reflect higher taxable earnings or changes in tax strategy. Net income more than doubled, from $192 million in 2019 to $513 million in 2024, demonstrating strong bottom-line growth despite increased interest expenses and tax provisions.

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Fair Isaac Corp. (NYSE:FICO)

Income Statement