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January 30, 2019
SAN JOSE, Calif. – January 30, 2019 -
FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced results for its first fiscal quarter ended December 31, 2018.
First Quarter Fiscal 2019 GAAP Results
Net income for the quarter totaled $40.0 million, or $1.32 per share, versus $32.9 million, or $1.04 per share, reported in the prior year period.
Net cash provided by operating activities for the quarter was $48.9 million versus $28.8 million in the prior year period.
FICO adopted the new revenue accountingstandard, Topic 606, as of October 1, 2018. Prior period information, including all comparative references, has been adjusted to reflect the adoption of the new standard. Additionally, the financial outlook provided below is based on projected revenue under Topic 606.
First Quarter Fiscal 2019 Non-GAAP Results
Non-GAAP Net Income for the quarter was $43.9 million versus $38.8 million in the prior year period. Non-GAAP EPS for the quarter was $1.45 versus $1.23 in the prior year period. Free cash flow for the quarter was $42.4 million versus $24.7 million in the prior year period. The Non-GAAP financial measures are described in the financial table captioned “Non-GAAP Results” and are reconciled to the corresponding GAAP results in the financial tables at the end of this release.
First Quarter Fiscal 2019 GAAP Revenue
The company reported revenues of $262.3 million for the quarter as compared to $232.4 million reported in the prior year period.
“We had a great start to our fiscal 2019,” said Will Lansing, chief executive officer. “We are continuing our earnings growth momentum, and are executing our cloud-first strategy.”
Revenues for the first quarter of fiscal 2019 across each of the company’s three operating segments were as follows:
The company is reiterating its previously provided guidance for fiscal 2019:
The Non-GAAP financial measures are described in the financial table captioned “Reconciliation of Non-GAAP Guidance.”
CFO Retirement and Transition
Mike Pung has announced that he intends to retire from the company December 31, 2019. Pung will remain CFO until a successor is named and will facilitate a smooth transition. FICO will conduct a comprehensive search for its next CFO with the assistance from a national search firm.
“Mike has been a tremendous business partner and contributor to the success of the company,” said Lansing. “While we will miss his steady and thoughtful leadership, we are fortunate to have a strong and experienced finance team in place while we conduct our search.”
“It’s been an honor serving our shareholders over the past 14 years,” said Pung. “I am confident in our strategy and in the leadership team as they continue to pursue the opportunities ahead. FICO has amazing employees, incredible assets, and a bright future.”
Company to Host Conference Call
The company will host a webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to report its first quarter fiscal 2019 results and provide various strategic and operational updates. The call can be accessed at FICO's web site at www.fico.com/investors. A replay of the webcast will be available at our past events page through January 30, 2020.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at https://www.fico.com
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering initiative, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to protect such data, the failure to realize the anticipated benefits of any acquisitions, material adverse developments in global economic conditions or in the markets we serve, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2018 and subsequent quarterly reports on Form 10-Q. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
Q1' 19 Earnings Release Financials
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