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Fair Isaac Corporation (FICO)

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Fair Isaac Corporation (FICO)

Q1 2019 Earnings Conference Call

January 30, 2019 05:00 PM ET

Company Participants

Steve Weber – IR

Will Lansing – CEO

Conference Call Participants

Manav Patnaik – Barclays

Bill Warmington – Wells Fargo

Adam Klauber – William Blair

Presentation

Operator

I would now like to turn the conference over to Steve Weber. Please go ahead, sir.

Steve Weber

Thank you. Good afternoon and thank you for joining FICO’s First Quarter Earnings Call. I’m Steve Weber, Vice President of Investor Relations and I’m joined today by our CEO, Will Lansing and our CFO, Mike Pung. Will is dialing-in from India, where he is attending a company event, so we apologize in advance, if we have any technical issues with his connection.

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 to the prior quarter in order to facilitate understanding of the run rate of our business. FICO adopted the new accounting standard Topic 606 as of October 1, 2018. We have also adjusted our FY18 results under this standard and posted that on our website. Today, all comparisons will be made using the adjusted numbers.

Certain statements made in this presentation may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many uncertainties that could cause actual results to differ materially. Information concerning these uncertainties is contained in the company’s filings with the SEC, in particular in the Risk Factors and Forward-looking Statements portions of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

This call will also include statements regarding certain non-GAAP financial measures. Please refer to the company’s earnings release and the Regulation G schedule issued today for a reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure. The earnings release and the Regulation G schedule are available on the Investor Relations page of the company’s website at fico.com or on the SEC’s website at sec.gov. A replay of this webcast will be available through January 30, 2020.

And with that, we’ll turn the call over to Will Lansing.

Will Lansing

Thank you, everyone for joining us for our first quarter earnings call. Before I get started today, we also announced that Mike is planning to retire at the end of the year. Mike has been an integral part of the great story we have here at FICO. For the last 14 years, he has dedicated himself to creating shareholder value and he will be sorely missed. We are fortunate to have a strong finance team in place. Mike will continue to serve the company through the year, while we search for his replacement.

With that, let’s move on to the quarter. We’re off to a good start this fiscal year with continued bookings and revenue growth and we’re well positioned for 2019. In our first quarter, we reported revenues of 262 million, an increase of 13% over the same period last year. We delivered 40 million of GAAP net income and GAAP earnings of $1.32 per share, up 22% and 27% from the same period last year. We delivered 44 million of non-GAAP net income and non-GAAP EPS of $1.45 per share.

On the software side of our business, we continue to grow our revenues even as we build to our recurring revenue base. Our application segment was up 5% over last year and our decision management segment was up over 22%. We had another strong bookings quarter with more than 100 million in new deals for the fourth consecutive quarter.

I’m particularly pleased with the progress we’re making in Latin America, where we’ve signed four deals valued at more than 3 million and another three deals valued at more than 1 million. We have a strong team in Latin America and our acquisition last quarter of GoOn, the credit risk management consulting firm based in Brazil will bolster our efforts in that rapidly growing region.

Overall, our cloud-based revenues were up 14%, and our cloud-based bookings were up 134% over the same period last year. This quarter included two large Falcon cloud deals and a large Strategy Director deal. In the Scores business, we continue to drive significant growth. Revenues this quarter were up 25% from the same period last year. On the B2C side, revenues were up 9% over the previous year, with most of the growth [Technical Difficulty].

Mike Pung

Hey, Will. Are you still on the line? We dropped your voice. Let me pick up where Will has left off here and Will will join us hopefully in progress. On the B2C side, revenues were up 9% over the previous year with most of the growth coming through our partnerships. We also signed a new customer, which converted their consumer education programs from an educational score to the FICO score in January.

On the B2B side, revenues were up 36% over the previous year, due primarily to the 2018 price adjustments. Scores revenue were down sequentially, but that was primarily due to our seasonality. We anticipate we will continue to have strong Scores growth in fiscal year ‘19, as new pricing adjustments took place in January. We continue to be excited about the long-term prospects of our Scores business where we have many growth opportunities.

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SOURCE: http://www.nasdaq.com/aspx/call-transcript.aspx?StoryId=4236885&Title=fair-isaac-corporation-fico-q1-2019-results-earnings-call-transcript

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