Fair Isaac Corporation (FICO) has reported an 8.51 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $25.08 million, or $0.78 a share in the quarter, compared with $23.12 million, or $0.72 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $33.96 million, or $1.05 a share compared with $35.13 million or $1.09 a share, a year ago. Revenue during the quarter grew 10.50 percent to $228.38 million from $206.68 million in the previous year period. Gross margin for the quarter contracted 144 basis points over the previous year period to 68.42 percent. Total expenses were 82.47 percent of quarterly revenues, up from 81.36 percent for the same period last year. That has resulted in a contraction of 111 basis points in operating margin to 17.53 percent.
Operating income for the quarter was $40.04 million, compared with $38.52 million in the previous year period.
"We had another strong quarter across all lines of our business," said Will Lansing, chief executive officer. "We are increasingly confident in our ability to drive growth and execute against our strategy."
Fair Isaac Corp forecasts revenue to be $925 million for fiscal year 2017. For fiscal year 2017, Fair Isaac Corp projects net income to be $130 million. For the fiscal year 2017, Fair Isaac Corp expects adjusted net income to be $158 million. For fiscal year 2017, the company expects diluted earnings per share to be $4.03. For fiscal year 2017, the company projects diluted earnings per share to be $4.92 on adjusted basis.
Operating cash flow improves
Fair Isaac Corporation has generated cash of $99.40 million from operating activities during the first half, up 7.65 percent or $7.06 million, when compared with the last year period. The company has spent $9.60 million cash to meet investing activities during the first six months as against cash outgo of $7.81 million in the last year period.
The company has spent $48.68 million cash to carry out financing activities during the first six months as against cash outgo of $85.76 million in the last year period.
Cash and cash equivalents stood at $115.85 million as on Mar. 31, 2017, up 35.69 percent or $30.47 million from $85.37 million on Mar. 31, 2016.
Working capital increases sharply
Fair Isaac Corporation has recorded an increase in the working capital over the last year. It stood at $44.95 million as at Mar. 31, 2017, up 27.50 percent or $9.69 million from $35.26 million on Mar. 31, 2016. Current ratio was at 1.17 as on Mar. 31, 2017, up from 1.15 on Mar. 31, 2016.
Days sales outstanding went down to 55 days for the quarter compared with 65 days for the same period last year.
At the same time, days payable outstanding went up to 41 days for the quarter from 31 for the same period last year.
Debt moves up marginally
Fair Isaac Corporation has witnessed an increase in total debt over the last one year. It stood at $625.72 million as on Mar. 31, 2017, up 2.41 percent or $14.72 million from $611 million on Mar. 31, 2016. Total debt was 50.18 percent of total assets as on Mar. 31, 2017, compared with 50.29 percent on Mar. 31, 2016. Debt to equity ratio was at 1.47 as on Mar. 31, 2017, up from 1.44 as on Mar. 31, 2016.
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