Eestech Inc
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Industrials : Machinery |
Company profile

EESTech, Inc. is a development-stage company. The Company is focused on providing mine site waste management solutions through the application of processing capabilities. The Company seeks to deliver remediation and reclamation services to the mining industry. Its patent pending reclamation and remediation services use process technologies to recover resources from mine site waste and process slag to produce a smelt-ready concentrate to produce metals/alloy and specialty inert sand products for multiple downstream applications. Its processing systems include waste resource agglomeration module (WRAM), inductosmelt reduction furnace (IRF) and ThermaSand. Its platform agglomerates recovered materials sourced from course discard dumps, fines dams and processing waste to produce commercially usable products in the form of WRAM ROX. Its IRF is designed to continuously smelt non-conductive materials, ores, concentrates or melt metals and glass, ranging in size from powder to lumps.

Closing Price
$0.10
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.10
Day's Low
0.10
Volume
30,000

FICO Announces Earnings of $3.61 per Share for Third Quarter Fiscal 2022

4:15 pm ET August 3, 2022 (BusinessWire) Print

FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced results for its third fiscal quarter ended June 30, 2022.

Third Quarter Fiscal 2022 GAAP Results

Net income for the quarter totaled $93.5 million, or $3.61 per share, versus $151.2 million, or $5.18 per share, in the prior year period. The prior year results included a pre-tax gain of $92.8 million on the sale of the Debt Collections and Recovery product line, or $2.52 per share after tax.

Net cash provided by operating activities for the quarter was $117.1 million versus $100.6 million in the prior year period.

Third Quarter Fiscal 2022 Non-GAAP Results

Non-GAAP Net Income for the quarter was $115.7 million, or $4.47 per share, versus $98.8 million, or $3.38 per share, in the prior year period. Free cash flow was $115.2 million for the quarter versus $99.0 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.

Third Quarter Fiscal 2022 GAAP Revenue

The company reported revenues of $349.0 million for the quarter as compared to $338.2 million reported in the prior year period.

"We delivered excellent results again this quarter, demonstrating the resilience of our business," said Will Lansing, chief executive officer. "We remain well positioned for continued growth as we finish our fiscal year."

Revenues for the third 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 $179.4 million in the third quarter, compared to $172.2 million in the prior year period, an increase of 4%. B2B revenue increased 3%, driven largely by unit price increases and increases in unsecured credit Originations volumes, partially offset by decreases in Mortgage Origination volumes. B2C revenue increased 7% from the prior year period primarily due to growth in our partner channel. Software revenues, which include the company's analytics and digital decisioning technology, as well as associated professional services, were $169.6 million in the third quarter, compared to $166.0 million in the prior year period, an increase of 2%, primarily attributable to an increase in our platform software revenue, partially offset by the sale of the Debt Collections and Recovery product line in June 2021, and reduced Professional Services revenue. Year-over-year, Software Annual Recurring Revenue (ARR) was up 9%, consisting of 60% platform ARR growth and 1% non-platform ARR growth. Software Dollar-Based Net Retention Rate was 108% in the third quarter, with platform solutions at 135% and non-platform solutions at 101%.

Outlook

The company is reiterating its previously provided guidance for fiscal 2022:

  Fiscal 2022 Guidance
-------------------- --------------------
Revenues                $1.355 billion
-------------------- --------------------
GAAP Net Income          $350 million
-------------------- --------------------
GAAP EPS                    $13.11
-------------------- --------------------
Non GAAP Net Income      $429 million
-------------------- --------------------

The Non-GAAP financial measures are described in the financial table captioned "Reconciliation of Non-GAAP Guidance."

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 third quarter fiscal 2022 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 August 3, 2023.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, 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 http://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 impact of COVID-19 on macroeconomic conditions and FICO's business, operations and personnel, the success of the Company's business 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, the effects of, and any changes in, laws and regulations applicable to the Company's business or its customers, the failure to protect data privacy and security, the failure to realize the anticipated benefits of any acquisitions or divestitures, and material adverse developments in global economic conditions or in the markets we serve. Additional information on these risks and uncertainties and other factors that could affect FICO's future results are described from time to time in FICO's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2021 and its subsequent filings with the SEC. If any of these risks or uncertainties materializes, FICO's results could differ materially from its expectations. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. FICO disclaims any intent or obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise.

                                                                                       FAIR ISAAC CORPORATION
                                                                                CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                           (In thousands)
                                                                                             (Unaudited)
                                                                                     
                                                                                     
                                                                                     
                                                       June 30,                          September 30,                        September 30,
                                                         2022                                2021                                 2021
                                                                       -------------------------------------------------   -------------------- -------------------------------------------------
ASSETS:                                            
Current assets:                                    
   Cash and cash equivalents                                           $   155,062                      $                    $   195,354  
   Accounts receivable, net                             286,341         312,107  
   Prepaid expenses and other current assets             31,854          43,513  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total current assets                              473,257         550,974  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                     
Marketable securities and investments                    26,560          33,196  
Property and equipment, net                              20,449          27,913  
Operating lease right-of-use-assets                      39,711          47,275  
Goodwill and intangible assets, net                     775,132         792,284  
Other assets                                            121,727         116,134  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                    $ 1,456,836                      $                    $ 1,567,776  
                                                                       ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                     
LIABILITIES AND STOCKHOLDERS' DEFICIT:             
Current liabilities:                               
   Accounts payable and other accrued liabilities                      $    75,175                      $                    $   100,284  
   Accrued compensation and employee benefits            80,194         103,506  
   Deferred revenue                                      98,486         105,417  
   Current maturities on debt                           130,000         250,000  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total current liabilities                         383,855         559,207  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                     
Long-term debt                                        1,826,671       1,009,018  
Operating lease liabilities                              42,970          53,670  
Other liabilities                                        50,812          56,823  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total liabilities                               2,304,308       1,678,718  
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                     
Stockholders' deficit                                  (847,472 )                         (110,942 )
                                                                       -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                                                   FAIR ISAAC CORPORATION
                                                                                                                                                         CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                            (In thousands, except per share data)
                                                                                                                                                                         (Unaudited)
                                                                                                                                                                  
                                                                                                                                                                  
                                                                                                   Quarter Ended                                                        Nine Months Ended                                                        Nine Months Ended
                                                                                                     June 30,                                                               June 30,                                                                 June 30,
                                                                                   --------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------
                                                                    2022                               2021                                2021                               2022                                 2022                                2021                                2021
                                                                                   -----------------------------------------------   -------------------- -----------------------------------------------   -------------------- -------------------------------------------------   -------------------- ------------------------------------------------
Revenues:                                                      
   On-premises and SaaS software                                                   $ 142,537                      $                    $ 130,230                      $                    $   417,963                      $                    $  382,236  
   Professional services                                           27,074        35,752          77,975        114,151  
   Scores                                                         179,355       172,202         532,584        485,572  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
      Total revenues                                              348,966       338,184       1,028,522        981,959  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                   
Operating expenses:                                            
   Cost of revenues                                                78,691        82,240         219,688        260,101  
   Research & development                                          35,880        45,826         111,247        130,089  
   Selling, general and administrative                             93,248       107,729         287,710        298,912  
   Amortization of intangible assets                                  532           810           1,619          2,692  
   Gains on product line asset sales and business divestiture           -       (92,805 )                                -       (100,139 )
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
      Total operating expenses                                    208,351       143,800         620,264        591,655  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
Operating income                                                  140,615       194,384         408,258        390,304  
Other expense, net                                                (19,721 )                         (6,492 )                          (50,059 )                         (22,628 )
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
Income before income taxes                                        120,894       187,892         358,199        367,676  
Provision for income taxes                                         27,394        36,694          75,357         61,312  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- --------------------
Net income                                                                         $  93,500                      $                    $ 151,198                      $                    $   282,842                      $                    $  306,364  
                                                                                   ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ======== ====================
                                                                                                                                                   
                                                                                                                                                   
                                                                                                                                                   
Basic earnings per share:                                                          $    3.65                      $                    $    5.27                      $                    $     10.75                      $                    $    10.58  
                                                                                   ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ======== ====================
Diluted earnings per share:                                                        $    3.61                      $                    $    5.18                      $                    $     10.63                      $                    $    10.38  
                                                                                   ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ======== ====================
                                                                                                                                                   
Shares used in computing earnings per share:                   
   Basic                                                           25,634        28,687          26,319         28,967  
                                                                                   ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ======== ====================
                                                                                                       FAIR ISAAC CORPORATION
                                                                                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                           (In thousands)
                                                                                                             (Unaudited)
                                                                                                                     
                                                                                                                     
                                                                                                                       Nine Months Ended
                                                                                                                           June 30,
                                                                                                       -----------------------------------------------------------------------------------------------------------------------------
                                                                                         2022                                 2021                                2021
                                                                                                       --------------------------------------------------   -------------------- ------------------------------------------------
Cash flows from operating activities:                                              
Net income                                                                                             $    282,842                      $                    $  306,364  
Adjustments to reconcile net income to net cash provided by operating activities:  
   Depreciation and amortization                                                          15,819         20,066  
   Share-based compensation                                                               86,363         84,099  
   Changes in operating assets and liabilities                                           (43,489 )                          24,728  
   Gains on product line asset sales and business divestiture                                  -       (100,139 )
   Other, net                                                                             23,089         (3,056                    )
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
      Net cash provided by operating activities                                          364,624        332,062  
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                      
Cash flows from investing activities:                                              
Purchases of property and equipment                                                       (5,232                    )       (5,792                    )
Net activity from marketable securities                                                   (1,447                    )       (2,827                    )
Proceeds from product line asset sales and business divestiture                            2,257        146,428  
Other, net                                                                                     -           (210                    )
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
      Net cash provided by (used in) investing activities                                 (4,422                    )      137,599  
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                      
Cash flows from financing activities:                                              
Proceeds from revolving line of credit and term loan                                   1,010,000        429,000  
Payments on revolving line of credit and term loan                                      (855,500                    )     (208,000                    )
Proceeds from issuance of senior notes                                                   550,000              -  
Proceeds from issuance of treasury stock under employee stock plans                       11,117         14,580  
Taxes paid related to net share settlement of equity awards                              (49,027                    )      (88,770 )
Repurchases of common stock                                                           (1,048,027                    )     (541,205 )
Other, net                                                                                (8,819                    )         (177 )
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
      Net cash used in financing activities                                             (390,256                    )     (394,572                    )
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                      
Effect of exchange rate changes on cash                                                  (10,238                    )        5,129  
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                      
Increase (decrease) in cash and cash equivalents                                         (40,292                    )       80,218  
Cash and cash equivalents, beginning of period                                           195,354        157,394  
                                                                                                       -------------------- ---------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                  FAIR ISAAC CORPORATION
                                                                                                                                                                     NON-GAAP RESULTS
                                                                                                                                                           (In thousands, except per share data)
                                                                                                                                                                        (Unaudited)
                                                                                                                                                 
                                                                                                                                                 
                                                                                                   Quarter Ended                                                        Nine Months Ended                                                       Nine Months Ended
                                                                                                     June 30,                                                               June 30,                                                                June 30,
                                                                                   --------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------
                                                                    2022                               2021                                2021                               2022                                2022                               2021                                2021
                                                                                   -----------------------------------------------   -------------------- -----------------------------------------------   -------------------- -----------------------------------------------   -------------------- ------------------------------------------------
                                                                                                                                                 
GAAP net income                                                                    $  93,500                      $                    $ 151,198                      $                    $ 282,842                      $                    $  306,364  
   Amortization of intangible assets                                  532           810         1,619          2,692  
   Gains on product line asset sales and business divestiture           -       (92,805                    )           -       (100,139                    )
   Stock-based compensation expense                                28,549        30,761        86,363         84,099  
   Income tax adjustments                                          (6,842                    )      11,391       (21,012                    )         (366                    )
   Excess tax benefit                                                 (78                    )      (2,561                    )      (8,530                    )      (22,073                    )
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
      Non-GAAP net income                                                          $ 115,661                      $                    $  98,794                      $                    $ 341,282                      $                    $  270,577  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                               
                                                                                                                                                                               
GAAP diluted earnings per share                                                    $    3.61                      $                    $    5.18                      $                    $   10.63                      $                    $    10.38  
   Amortization of intangible assets                                 0.02          0.03          0.06           0.09  
   Gains on product line asset sales and business divestiture           -         (3.18                    )           -          (3.39                    )
   Stock-based compensation expense                                  1.10          1.05          3.25           2.85  
   Income tax adjustments                                           (0.26                    )        0.39         (0.79                    )        (0.01                    )
   Excess tax benefit                                               (0.00                    )       (0.09                    )       (0.32                    )        (0.75                    )
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
      Non-GAAP diluted earnings per share                                          $    4.47                      $                    $    3.38                      $                    $   12.83                      $                    $     9.17  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                
Free cash flow                                                 
   Net cash provided by operating activities                                       $ 117,140                      $                    $ 100,592                      $                    $ 364,625                      $                    $  332,062  
   Capital expenditures                                            (1,939 )                         (1,572 )                         (5,232 )                          (5,792 )
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
      Free cash flow                                                               $ 115,201                      $                    $  99,020                      $                    $ 359,393                      $                    $  326,270  
                                                                                   -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                 

About Non-GAAP Financial Measures

To supplement the consolidated GAAP financial statements, the company uses the following non-GAAP financial measures: non-GAAP net income, non-GAAP EPS, and free cash flow. Non-GAAP net income and non-GAAP EPS exclude the impact of amortization expense, share-based compensation expense, restructuring and acquisition-related, excess tax benefit, and adjustment to tax valuation allowance items. Free cash flow excludes capital expenditures and dividends paid. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of recurring business results including significant non-cash expenses. We believe management and investors benefit from referring to these non-GAAP financial measures in assessing our performance when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key measures used by management in its financial and operating decision-making.

                                             FAIR ISAAC CORPORATION
                                       RECONCILIATION OF NON-GAAP GUIDANCE
                                      (In millions, except per share data)
                                                   (Unaudited)
                          
                                        Fiscal 2022 Guidance
                          
GAAP net income                                                $     350  
   Amortization of intangible assets                2  
   Stock-based compensation expense               115  
   Income tax adjustments                         (30 )
   Excess tax benefit                              (8 )
                                                               -------------------- ------- --------------------
      Non-GAAP net income                                      $     429  
                                                               ==================== ======= ====================
                          
                          
GAAP diluted earnings per share                                $   13.11  
   Amortization of intangible assets             0.08  
   Stock-based compensation expense              4.31  
   Income tax adjustments                       (1.12                    )
   Excess tax benefit                           (0.29                    )
                                                               -------------------- ------- --------------------
      Non-GAAP diluted earnings per share                      $   16.08  
                                                               ==================== ======= ====================
                          
                          

About Non-GAAP Financial Measures

To supplement the consolidated GAAP financial statements, the company uses the following non-GAAP financial measures: non-GAAP net income, non-GAAP EPS, and free cash flow. Non-GAAP net income and non-GAAP EPS exclude the impact of amortization expense, share-based compensation expense, restructuring and acquisition-related, excess tax benefit, and adjustment to tax valuation allowance items. Free cash flow excludes capital expenditures and dividends paid. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of recurring business results including significant non-cash expenses. We believe management and investors benefit from referring to these non-GAAP financial measures in assessing our performance when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key measures used by management in its financial and operating decision-making.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005656/en/

SOURCE: FICO

Investors/Analysts:

Steve Weber
(800) 213-5542
investor@fico.com

Media:

Katie O'Connell
(510) 621-9832
press@fico.com
comtex tracking

COMTEX_411520230/1006/2022-08-03T16:15:03

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