Second Quarter Fiscal 2022 GAAP Revenue
The company reported revenues of $357.2 million for the quarter as compared to $331.4 million reported in the prior year period.
“We continue to deliver strong results in an uncertain economic environment,” said Will Lansing, chief executive officer. “We’re delivering strong top-line growth, and our focus on efficiency has enabled us to deliver expanded margins.”
Revenues for the second quarter of fiscal 2022 across the company’s two operating segments were as follows:
- Scores revenues, which include the company’s business-to-business (B2B) scoring solutions, and business-to-consumer (B2C) scoring solutions, were $183.7 million in the second quarter, compared to $168.7 million in the prior year period, an increase of 9%. B2B revenue increased 5%, driven largely by unit price increases and increases in unsecured Originations volumes, partially offset by decreases in Mortgage Origination volumes. B2C revenue increased 18% from the prior year period due to growth at myFICO.com, as well as through our partners.
- Software revenues, which include the company’s analytics and digital decisioning technology, as well as associated professional services, were $173.5 million in the second quarter, compared to $162.6 million in the prior year period, an increase of 7%, primarily attributable to an increase in point-in-time recognition due to a large license deal, partially offset by the sale of the Debt Collections and Recovery product line in June 2021.
Second Quarter Fiscal 2022 GAAP Results
- Net income for the quarter totaled $104.4 million, or $3.95 per share, versus $68.7 million, or $2.33 per share, in the prior year period.
- Net cash provided by operating activities for the quarter was $122.6 million versus $153.5 million in the prior year period.
Second Quarter Fiscal 2022 Non-GAAP Results
- Non-GAAP Net Income for the quarter was $123.7 million versus $90.2 million in the prior year period. Non-GAAP EPS for the quarter was $4.68 versus $3.06 in the prior year period. Free cash flow was $120.2 million for the current quarter versus $152.3 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.
Source: FICO Earnings Release