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Printmgr File FAIR ISAAC CORPORATION 2017 ANNUAL REPORT FY2017 CEO Letter Shareholders: Fiscal 2017 was another strong year for FICO. Our revenues were a record-setting $932 million, up 6% over fiscal 2016, our net income was $128 million (up 17%), and EPS was $3.98 (up 17%). Our revenue and earnings growth are especially impressive given our movement to a cloud-first strategy which results in less up-front revenue. Once again, we saw strong growth in both our Scores and Software businesses. Scores The FICO® Score brand is stronger than it has ever been. American consumers continue to recognize the FICO Score name, and an increasing number recognize it as the score lenders use. The continued strong performance of our Scores business is the best evidence of the tremendous value the FICO Score brings to billions of lending decisions each year. A crucial part of our Scores work is addressing global issues around financial inclusion. Governments worldwide are focused on bringing more than 3 billion adults into the credit mainstream. Credit scoring is a very cost-effective way to do this, and we are applying new analytic techniques and new data sources to make this happen, not only in emerging countries but in the world’s biggest credit market, the United States. Our new FICO® Score XD analyzes alternative data to score 26 million Americans who were previously unscorable. As the independent and trusted leader of the credit scoring industry, we have a responsibility to ensure that the system works well for consumers, lenders and the economy. This year, you will see us talking about the need to expand credit responsibly. While helping people get credit, we need to protect the soundness of lending decisions. I’m proud of the leadership stance FICO is taking. Software Several years ago, we made the important decision to move our software solutions to the cloud. Our investment in this strategy is paying off as the financial services industry and others seek cloud deployments of software at a faster adoption rate than anyone predicted. Today, the majority of our software solutions are available through the FICO® Analytic Cloud, and during fiscal 2017, we added Amazon Web Services as our primary cloud infrastructure provider. This is enabling us to significantly build our recurring revenue base, which will mean more predictable, profitable growth going forward. For some software companies, the move to the cloud means a disruption of revenue and earnings models. For FICO, this impact has been less dramatic for two reasons. First, our legacy revenue model already includes significant recurring revenue. And second, our transition from license revenue to cloud has been deliberately gradual. 2018 will be an inflection point for the cloud, and thanks to our strategy we are ready for it. As we pursue our cloud-first strategy, we also continue to add more advanced analytics to our offerings. As our customers rush to embrace artificial intelligence and machine learning, FICO is ready. In fact, FICO was a pioneer in AI when we put neural networks into FICO® Falcon® Fraud Manager 25 years ago. In the last two years, we have introduced AI into our cybersecurity solutions, our anti-money laundering solutions and more. Now we are integrating our groundbreaking IP into our FICO® Analytics Workbench™, part of the FICO® Decision Management Platform we have built over the last four years. Investments As in previous years, we pursued a balanced investment strategy in fiscal 2017. With a record $205 million in free cash flow, we retired 1.5 million shares through our buyback program, bringing shares outstanding below 30 million. In addition to our investment in R&D and product development, we made a significant investment in our cybersecurity, including bringing onboard a new Chief Information Security Officer. As a company, we have never been better positioned. For years, we have believed that analytics-based decision management would take hold the way ERP systems did in the 1990s, or CRM systems after that. Today, the true value of advanced analytics is being recognized by all industries. Increasingly, businesses are realizing the importance of applying analytics to decisions every day. We have invested in analytics, invested in cloud, and invested in the people who know how to make an incredibly complicated discipline work for our customers. We are still in the early stages of a new era for FICO, an era when we reach new markets and provide our analytic expertise to customers eager to make more informed decisions. William Lansing CEO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2017 ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission File Number 1-11689 Fair Isaac Corporation (Exact name of registrant as specified in its charter) Delaware 94-1499887 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 181 Metro Drive, Suite 700 San Jose, California 95110-1346 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: 408-535-1500 Securities registered pursuant to Section 12(b) of the Act: (Title of Class) (Name of each exchange on which registered) Common Stock, $0.01 par value per share New York Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No È Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. È Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer È Accelerated Filer ‘ Non-Accelerated Filer ‘ Smaller Reporting Company ‘ Emerging Growth Company ‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È As of March 31, 2017, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $2,637,371,198 based on the last transaction price as reported on the New York Stock Exchange on such date. This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purposes. The number of shares of common stock outstanding on October 27, 2017 was 29,990,221 (excluding 58,866,562 shares held by the Company as treasury stock). Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the definitive proxy statement for the Annual Meeting of Stockholders to be held on February 28, 2018. [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS PART I Item 1. Business .................................................................... 3 Item 1A. Risk Factors ................................................................. 15 Item 1B. Unresolved Staff Comments .................................................... 28 Item 2. Properties ................................................................... 28 Item 3. Legal Proceedings ............................................................ 29 Item 4. Mine Safety Disclosures ....................................................... 29 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ......................................................... 30 Item 6. Selected Financial Data ........................................................ 32 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . 33 Item 7A. Quantitative and Qualitative Disclosures About Market Risk .......................... 55 Item 8. Financial Statements and Supplementary Data
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