10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 (Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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.)
5 West Mendenhall, Suite 105		59715
Bozeman,	Montana
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 406-982-7276  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	FICO	New York Stock Exchange

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  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☒	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 ☒

The number of shares of common stock outstanding on April 16, 2025 was 24,341,690 (excluding 64,515,093 shares held by us as treasury stock).

TABLE OF CONTENTS

	PART I – FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	31
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
Signatures		34

i

PART I – FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2025		September 30, 2024
	(In thousands, except par value data)
Assets
Current assets:
Cash and cash equivalents	$	146,641	$	150,667
Accounts receivable, net	492,542		426,642
Prepaid expenses and other current assets	85,727		40,104
Total current assets	724,910		617,413
Marketable securities	45,400		45,289
Property and equipment, net	50,552		38,465
Operating lease right-of-use assets	27,572		29,580
Goodwill	779,279		782,752
Deferred income taxes	99,674		86,513
Other assets	108,366		117,872
Total assets	$	1,835,753	$	1,717,884
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	24,059	$	22,473
Accrued compensation and employee benefits	76,511		106,103
Other accrued liabilities	55,892		79,812
Deferred revenue	171,780		156,897
Current maturities on debt	15,000		15,000
Total current liabilities	343,242		380,285
Long-term debt	2,513,179		2,194,021
Operating lease liabilities	20,816		21,963
Other liabilities	82,568		84,294
Total liabilities	2,959,805		2,680,563
Commitments and contingencies
Stockholders’ deficit:
Preferred stock ($0.01 par value; 1,000 shares authorized; none issued and outstanding)	—		—
Common stock ($0.01 par value; 200,000 shares authorized, 88,857 shares issued and 24,352 and 24,392 shares outstanding at March 31, 2025 and September 30, 2024, respectively)	244		244
Additional paid-in-capital	1,251,784		1,366,572
Treasury stock, at cost (64,505 and 64,465 shares at March 31, 2025 and September 30, 2024, respectively)	(6,490,817)		(6,138,736)
Retained earnings	4,216,013		3,900,870
Accumulated other comprehensive loss	(101,276)		(91,629)
Total stockholders’ deficit	(1,124,052)		(962,679)
Total liabilities and stockholders’ deficit	$	1,835,753	$	1,717,884

See accompanying notes.

1

FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands, except per share data)
Revenues:
On-premises and SaaS software	$	183,826	$	177,180	$	369,837	$	345,848
Professional services	17,870		19,744		36,152		41,023
Scores	297,039		236,885		532,714		428,997
Total revenues	498,735		433,809		938,703		815,868
Operating expenses:
Cost of revenues	87,630		86,946		174,975		170,407
Research and development	45,037		40,880		90,182		83,515
Selling, general and administrative	120,420		110,867		248,370		215,196
Amortization of intangible assets	—		275		—		550
Total operating expenses	253,087		238,968		513,527		469,668
Operating income	245,648		194,841		425,176		346,200
Interest expense, net	(31,378)		(26,093)		(60,866)		(50,255)
Other income (expense), net	(1,254)		3,986		(1,165)		7,379
Income before income taxes	213,016		172,734		363,145		303,324
Provision for income taxes	50,401		42,935		48,002		52,460
Net income	162,615		129,799		315,143		250,864
Other comprehensive income (loss):
Foreign currency translation adjustments	6,407		(4,157)		(9,647)		4,546
Comprehensive income	$	169,022	$	125,642	$	305,496	$	255,410
Earnings per share:
Basic	$	6.67	$	5.23	$	12.92	$	10.12
Diluted	$	6.59	$	5.16	$	12.73	$	9.96
Shares used in computing earnings per share:
Basic	24,389		24,819		24,383		24,791
Diluted	24,685		25,154		24,756		25,186

See accompanying notes.

2

FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)

	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at December 31, 2024	24,443	$	244	$	1,201,828	$	(6,285,951)	$	4,053,398	$	(107,683)	$	(1,138,164)
Share-based compensation	—	—		41,704		—		—		—		41,704
Issuance of treasury stock under employee stock plans	21	1		8,252		2,143		—		—		10,396
Repurchases of common stock	(112)	(1)		—		(207,009)		—		—		(207,010)
Net income	—	—		—		—		162,615		—		162,615
Foreign currency translation adjustments	—	—		—		—		—		6,407		6,407
Balance at March 31, 2025	24,352	$	244	$	1,251,784	$	(6,490,817)	$	4,216,013	$	(101,276)	$	(1,124,052)
	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at December 31, 2023	24,879	$	249	$	1,239,131	$	(5,380,827)	$	3,509,124	$	(93,442)	$	(725,765)
Share-based compensation	—	—		35,448		—		—		—		35,448
Issuance of treasury stock under employee stock plans	18	—		6,998		1,566		—		—		8,564
Repurchases of common stock	(144)	(1)		—		(179,548)		—		—		(179,549)
Net income	—	—		—		—		129,799		—		129,799
Foreign currency translation adjustments	—	—		—		—		—		(4,157)		(4,157)
Balance at March 31, 2024	24,753	$	248	$	1,281,577	$	(5,558,809)	$	3,638,923	$	(97,599)	$	(735,660)
	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at September 30, 2024	24,392	$	244	$	1,366,572	$	(6,138,736)	$	3,900,870	$	(91,629)	$	(962,679)
Share-based compensation	—	—		82,358		—		—		—		82,358
Issuance of treasury stock under employee stock plans	151	2		(197,146)		14,676		—		—		(182,468)
Repurchases of common stock	(191)	(2)		—		(366,757)		—		—		(366,759)
Net income	—	—		—		—		315,143		—		315,143
Foreign currency translation adjustments	—	—		—		—		—		(9,647)		(9,647)
Balance at March 31, 2025	24,352	$	244	$	1,251,784	$	(6,490,817)	$	4,216,013	$	(101,276)	$	(1,124,052)
	Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Deficit
(In thousands)	Shares	Par Value
Balance at September 30, 2023	24,770	$	248	$	1,350,713	$	(5,324,865)	$	3,388,059	$	(102,145)	$	(687,990)
Share-based compensation	—	—		67,022		—		—		—		67,022
Issuance of treasury stock under employee stock plans	205	2		(136,158)		17,307		—		—		(118,849)
Repurchases of common stock	(222)	(2)		—		(251,251)		—		—		(251,253)
Net income	—	—		—		—		250,864		—		250,864
Foreign currency translation adjustments	—	—		—		—		—		4,546		4,546
Balance at March 31, 2024	24,753	$	248	$	1,281,577	$	(5,558,809)	$	3,638,923	$	(97,599)	$	(735,660)

See accompanying notes.

3

FAIR ISAAC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended March 31,
	2025		2024
	(In thousands)
Cash flows from operating activities:
Net income	$	315,143	$	250,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,950		6,178
Share-based compensation	82,358		67,022
Deferred income taxes	(12,781)		(13,041)
Net (gain) loss on marketable securities	3,174		(6,727)
Non-cash operating lease costs	5,213		6,772
Provision for doubtful accounts	990		838
Net loss on sales and abandonment of property and equipment	70		408
Changes in operating assets and liabilities:
Accounts receivable	(66,718)		(72,661)
Prepaid expenses and other assets	(43,213)		(12,490)
Accounts payable	1,796		(579)
Accrued compensation and employee benefits	(28,183)		(34,170)
Other liabilities	(14,016)		(5,049)
Deferred revenue	18,132		5,790
Net cash provided by operating activities	268,915		193,155
Cash flows from investing activities:
Purchases of property and equipment	(2,960)		(5,403)
Capitalized internal-use software costs	(13,638)		(5,380)
Proceeds from sales of marketable securities	1,495		15,571
Purchases of marketable securities	(4,780)		(16,828)
Net cash used in investing activities	(19,883)		(12,040)
Cash flows from financing activities:
Proceeds from revolving line of credit and term loans	450,000		255,000
Payments on revolving line of credit and term loans	(132,500)		(74,500)
Payments on finance leases	(3,016)		(1,400)
Proceeds from issuance of treasury stock under employee stock plans	16,062		14,937
Taxes paid related to net share settlement of equity awards	(198,531)		(133,786)
Repurchases of common stock	(379,738)		(243,473)
Net cash used in financing activities	(247,723)		(183,222)
Effect of exchange rate changes on cash	(5,335)		996
Decrease in cash and cash equivalents	(4,026)		(1,111)
Cash and cash equivalents, beginning of period	150,667		136,778
Cash and cash equivalents, end of period	$	146,641	$	135,667
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds of $663 and $320 during the six-month periods ended March 31, 2025 and 2024, respectively	$	92,213	$	53,757
Cash paid for interest	$	60,939	$	50,331
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment included in accounts payable	$	14	$	439
Unsettled repurchases of common stock	$	412	$	7,780
Finance lease obligations incurred	$	—	$	9,400

See accompanying notes.

4

FAIR ISAAC CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Business

Fair Isaac Corporation

Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” or “FICO”) is a global analytics software leader. We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure in the United States (“U.S.”) of consumer credit risk — empowering them to increase financial literacy and manage their financial health.

Principles of Consolidation and Basis of Presentation

We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the applicable accounting guidance. Consequently, we have not necessarily included all information and footnotes required for audited financial statements. In our opinion, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary for a fair presentation of our financial position and results of operations. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our audited consolidated financial statements and notes thereto presented in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The interim financial information contained in this report is not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year.

The condensed consolidated financial statements include the accounts of FICO and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

We make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the disclosures made in the accompanying notes. For example, we use estimates in determining the appropriate levels of various accruals; variable considerations included in the transaction price and standalone selling price of each performance obligation for our customer contracts; labor hours in connection with fixed-fee service contracts; the amount of our tax provision; and the realizability of deferred tax assets. We also use estimates in determining the remaining economic lives and carrying values of property and equipment and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Actual results may differ from our estimates.

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual periods beginning October 1, 2024, and our interim periods beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income tax paid. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for our fiscal years beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

5

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of certain income statement expenses an entity presents on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements, including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual periods beginning October 1, 2027, and our interim periods beginning October 1, 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

We do not expect that any other recently issued accounting pronouncements will have a significant effect on our consolidated financial statements.

2. Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.

•Level 1 — uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Our Level 1 assets were comprised of money market funds and certain marketable securities and our Level 1 liabilities included senior notes as of March 31, 2025 and September 30, 2024.

•Level 2 — uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. We did not have any assets or liabilities that are valued using inputs identified under a Level 2 hierarchy as of March 31, 2025 and September 30, 2024.

•Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, and significant management judgment or estimation. We did not value any assets or liabilities using inputs identified under a Level 3 hierarchy as of March 31, 2025 and September 30, 2024.

6

The following tables represent financial assets that we measured at fair value on a recurring basis at March 31, 2025 and September 30, 2024:

March 31, 2025	Active Markets for Identical Instruments (Level 1)		Fair Value as of March 31, 2025
	(In thousands)
Assets:
Cash equivalents (1)	$	4,848	$	4,848
Marketable securities (2)	45,400		45,400
Total	$	50,248	$	50,248
September 30, 2024	Active Markets for Identical Instruments (Level 1)		Fair Value as of September 30, 2024
	(In thousands)
Assets:
Cash equivalents (1)	$	7,899	$	7,899
Marketable securities (2)	45,289		45,289
Total	$	53,188	$	53,188

(1)Included in cash and cash equivalents on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024. Not included in these tables are cash deposits of $141.8 million and $142.8 million at March 31, 2025 and September 30, 2024, respectively.

(2)Represents securities held under a supplemental retirement and savings plan for certain officers and senior management employees, which are distributed upon termination or retirement of the employees. Included in marketable securities on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024.

See Note 6 for the fair value of our senior notes.

There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the quarters and six-month periods ended March 31, 2025 and 2024.

3. Derivative Financial Instruments

We use derivative instruments to manage risks caused by fluctuations in foreign exchange rates. The primary objective of our derivative instruments is to protect the value of foreign-currency-denominated receivable and cash balances from the effects of volatility in foreign exchange rates that might occur prior to conversion to their functional currencies. We principally utilize foreign currency forward contracts, which enable us to buy and sell foreign currencies in the future at fixed exchange rates and economically offset changes in foreign exchange rates. We routinely enter into contracts to offset exposures denominated in the British pound, Euro, and Singapore dollar.

Foreign currency-denominated receivable and cash balances are remeasured at foreign exchange rates in effect on the balance sheet date with the effects of changes in foreign exchange rates reported in other income (expense), net. The forward contracts are not designated as hedges and are marked to market through other income (expense), net. Fair value changes in the forward contracts help mitigate the changes in the value of the remeasured receivable and cash balances attributable to changes in foreign exchange rates. The forward contracts are short-term in nature and typically have average maturities at inception of less than three months.

7

The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2025 and September 30, 2024:

	March 31, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	8,500	$	9,234	$	—
Buy foreign currency:
British pound (GBP)	GBP	16,026	$	20,800	$	—
Singapore dollar (SGD)	SGD	6,971	$	5,200	$	—

	September 30, 2024
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	13,000	$	14,531	$	—
Buy foreign currency:
British pound (GBP)	GBP	12,237	$	16,400	$	—
Singapore dollar (SGD)	SGD	7,404	$	5,800	$	—

The foreign currency forward contracts were entered into on March 31, 2025 and September 30, 2024; therefore, their fair value was $0 on each of these dates.

Gains (losses) on derivative financial instruments were recorded in our condensed consolidated statements of income and comprehensive income as a component of other income (expense), net, and consisted of the following: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands)
Gains (losses) on foreign currency forward contracts	$	502	$	(180)	$	(882)	$	361

4. Goodwill

The following table summarizes changes to goodwill during the six months ended March 31, 2025, both in total and as allocated to our segments. As of March 31, 2025, there was no accumulated goodwill impairment loss.

	Scores		Software		Total
	(In thousands)
Balance at September 30, 2024	$	146,648	$	636,104	$	782,752
Foreign currency translation adjustment	—		(3,473)		(3,473)
Balance at March 31, 2025	$	146,648	$	632,631	$	779,279

    

8

5. Composition of Certain Financial Statement Captions

The following table presents the composition of prepaid expenses and other current assets at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Prepaid expenses and other current assets:
Prepaid income taxes	$	44,927	$	3,154
Other	40,800		36,950
Total	$	85,727	$	40,104

The following table presents the composition of property and equipment, net at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Property and equipment, net:
Property and equipment	$	86,998	$	99,408
Internal-use software	30,305		16,510
Less: accumulated depreciation and amortization	(66,751)		(77,453)
Total	$	50,552	$	38,465

The following table presents the composition of other accrued liabilities at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Other accrued liabilities:
Interest payable	$	22,155	$	21,663
Other	33,737		58,149
Total	$	55,892	$	79,812

6. Debt

The following table represents our debt at carrying value at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Current maturities on debt:
The $300 Million Term Loan	$	15,000	$	15,000
Long-term debt:
Revolving line of credit	535,000		210,000
The $300 Million Term Loan	236,250		243,750
The $450 Million Term Loan	450,000		450,000
The 2018 Senior Notes	400,000		400,000
The 2019 Senior Notes and the 2021 Senior Notes	900,000		900,000
Less: debt issuance costs	(8,071)		(9,729)
Long-term debt	2,513,179		2,194,021
Total debt	$	2,528,179	$	2,209,021

9

Revolving Line of Credit and Term Loans

We have a $600 million unsecured revolving line of credit, a $300 million unsecured term loan (the “$300 Million Term Loan”), and a $450 million unsecured term loan (the “$450 Million Term Loan”) with a syndicate of banks that mature on August 19, 2026. Borrowings under the revolving line of credit and the term loans can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. The $300 Million Term Loan requires principal payments in consecutive quarterly installments of $3.75 million on the last business day of each quarter. We have no obligation to make scheduled principal payments on the $450 Million Term Loan prior to the maturity date, but may prepay the $450 Million Term Loan, without premium or penalty, in whole or in part. Interest rates on amounts borrowed under the revolving line of credit and the term loans are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month adjusted term Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, or (ii) an adjusted term SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). Adjusted term SOFR is defined as term SOFR for the relevant interest period plus a SOFR adjustment of 0.10% per annum. The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The revolving line of credit and the term loans contain certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and a minimum interest coverage ratio of 3.0 to 1.0. The credit agreement also contains other covenants typical of unsecured credit facilities.

As of March 31, 2025, we had $535.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.673%, $251.3 million in outstanding balance of the $300 Million Term Loan at an interest rate of 5.650%, and $450.0 million in outstanding balance of the $450 Million Term Loan at an interest rate of 5.647%. We were in compliance with all financial covenants under the credit agreement as of March 31, 2025.

Senior Notes

On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026.

On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028.

On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes,” and collectively with the 2018 Senior Notes and the 2019 Senior Notes, the “Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes.

The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of March 31, 2025.

The following table presents the face values and fair values for the Senior Notes at March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	400,000	$	398,500	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		856,125		900,000		864,000
Total	$	1,300,000	$	1,254,625	$	1,300,000	$	1,263,500

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7. Revenue from Contracts with Customers

Disaggregation of Revenue

The following tables provide information about disaggregated revenue by primary geographical market:

	Quarter Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	291,982	$	137,020	$	429,002	86	%
Europe, Middle East and Africa	1,667		41,733		43,400		9	%
Asia Pacific	3,390		22,943		26,333		5	%
Total	$	297,039	$	201,696	$	498,735	100	%

	Quarter Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	233,723	$	130,294	$	364,017	84	%
Europe, Middle East and Africa	1,278		40,979		42,257		10	%
Asia Pacific	1,884		25,651		27,535		6	%
Total	$	236,885	$	196,924	$	433,809	100	%

	Six Months Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	524,948	$	283,929	$	808,877	86	%
Europe, Middle East and Africa	3,544		76,215		79,759		9	%
Asia Pacific	4,222		45,845		50,067		5	%
Total	$	532,714	$	405,989	$	938,703	100	%
	Six Months Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	418,671	$	263,856	$	682,527	84	%
Europe, Middle East and Africa	2,586		76,039		78,625		9	%
Asia Pacific	7,740		46,976		54,716		7	%
Total	$	428,997	$	386,871	$	815,868	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by deployment method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
On-premises software	$	82,300	$	79,697	45	%	45	%	$	165,135	$	152,169	45	%	44	%
SaaS software	101,526		97,483		55	%	55	%	204,702		193,679		55	%	56	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

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The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by product features:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Platform software	$	56,464	$	47,325	31	%	27	%	$	110,286	$	92,498	30	%	27	%
Non-platform software	127,362		129,855		69	%	73	%	259,551		253,350		70	%	73	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by timing of revenue recognition:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Software recognized at a point in time (1)	$	25,609	$	20,177	14	%	11	%	$	48,417	$	33,959	13	%	10	%
Software recognized over contract term (2)	158,217		157,003		86	%	89	%	321,420		311,889		87	%	90	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

(1)Includes license portion of our on-premises subscription software and perpetual licenses, both of which are recognized when the software is made available to the customer, or at the start of the subscription.

(2)Includes maintenance portion and usage-based fees of our on-premises subscription software, maintenance revenue on perpetual licenses, as well as SaaS revenue.

The following table provides information about disaggregated revenue for our Scores segment by distribution method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Business-to-business Scores	$	242,494	$	185,508	82	%	78	%	$	424,885	$	325,950	80	%	76	%
Business-to-consumer Scores	54,545		51,377		18	%	22	%	107,829		103,047		20	%	24	%
Total	$	297,039	$	236,885	100	%	100	%	$	532,714	$	428,997	100	%	100	%

We derive a substantial portion of revenues from our contracts with the three major consumer reporting agencies, TransUnion, Equifax and Experian. Revenues collectively generated by agreements with these customers accounted for 52% and 47% of our total revenues in the quarters ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the quarters ended March 31, 2025 and 2024. Revenues collectively generated by agreements with these customers accounted for 49% and 43% of our total revenues in the six months ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the six months ended March 31, 2025 and 2024. At March 31, 2025 and September 30, 2024, three individual customers and one individual customer accounted for 10% or more of total consolidated receivables, respectively.

Contract Balances

We record a receivable when we satisfy a performance obligation prior to invoicing if only the passage of time is required before payment is due or if we have an unconditional right to consideration before we satisfy a performance obligation. We record a contract asset when we satisfy a performance obligation prior to invoicing but our right to consideration is conditional. We record deferred revenue when the payment is made or due before we satisfy a performance obligation.

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Receivables at March 31, 2025 and September 30, 2024 consisted of the following: 

	March 31, 2025		September 30, 2024
	(In thousands)
Billed	$	301,667	$	264,942
Unbilled	234,462		210,795
	536,129		475,737
Less: allowance for doubtful accounts	(7,506)		(6,454)
Net receivables	528,623		469,283
Less: long-term receivables (*)	(36,081)		(42,641)
Short-term receivables (*)	$	492,542	$	426,642

(*) Short-term receivables and long-term receivables were recorded in accounts receivable, net and other assets, respectively, within the accompanying condensed consolidated balance sheets.

Deferred revenue primarily relates to our maintenance and SaaS contracts billed annually in advance and generally recognized ratably over the term of the service period. Significant changes in the deferred revenues balances are as follows:

	Six Months Ended   March 31, 2025
	(In thousands)
Deferred revenues, beginning balance (*)	$	160,209
Revenue recognized that was included in the deferred revenues balance at the beginning of the period	(115,568)
Increases due to billings, excluding amounts recognized as revenue during the period	130,404
Deferred revenues, ending balance (*)	$	175,045

(*) Deferred revenues at March 31, 2025 included current portion of $171.8 million and long-term portion of $3.2 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets. Deferred revenues at September 30, 2024 included current portion of $156.9 million and long-term portion of $3.3 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets.

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to provide customers with financing or to receive financing from our customers. Examples include multi-year on-premises licenses that are invoiced annually with revenue recognized upfront and invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period.

Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include:

•Usage-based revenue that will be recognized in future periods from on-premises software subscriptions;

•Consumption-based variable fees from SaaS software that will be recognized in the distinct service period during which it is earned; and

•Revenue from variable considerations that will be recognized in accordance with the “right-to-invoice” practical expedient, such as fees from our professional services billed based on a time and materials basis.

Revenue allocated to remaining performance obligations was $512.5 million as of March 31, 2025, approximately 50% of which we expect to recognize over the next 14 months and the remainder thereafter. Revenue allocated to remaining performance obligations was $507.3 million as of September 30, 2024.

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8. Income Taxes

Effective Tax Rate

The effective income tax rate was 23.7% and 24.9% during the quarters ended March 31, 2025 and 2024, respectively, and 13.2% and 17.3% during the six months ended March 31, 2025 and 2024, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution.

The Organization for Economic Co-operation and Development published Pillar Two Model Rules (“Pillar Two”) for a global 15% minimum tax rate that are in the process of being adopted by a number of jurisdictions in which we operate. FICO continues to monitor these legislative developments and does not expect Pillar Two to have material impacts on its fiscal 2025 consolidated financial statements.

The total unrecognized tax benefit for uncertain tax positions was estimated to be $22.3 million and $19.9 million at March 31, 2025 and September 30, 2024, respectively. We recognize interest expense related to unrecognized tax benefits and penalties as part of the provision for income taxes in our condensed consolidated statements of income and comprehensive income. We accrued interest of $2.5 million and $1.7 million related to unrecognized tax benefits as of March 31, 2025 and September 30, 2024, respectively.

9. Earnings per Share

The following table presents reconciliations for the numerators and denominators of basic and diluted earnings per share (“EPS”) for the quarters and six-month periods ended March 31, 2025 and 2024: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands, except per share data)
Numerator for diluted and basic earnings per share:
Net income	$	162,615	$	129,799	$	315,143	$	250,864
Denominator — share:
Basic weighted-average shares	24,389		24,819		24,383		24,791
Effect of dilutive securities	296		335		373		395
Diluted weighted-average shares	24,685		25,154		24,756		25,186
Earnings per share:
Basic	$	6.67	$	5.23	$	12.92	$	10.12
Diluted	$	6.59	$	5.16	$	12.73	$	9.96

Anti-dilutive share-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.

10. Segment Information

We are organized into two reportable segments: Scores and Software. Although we sell solutions and services to a large number of end user product and industry markets, our reportable business segments reflect the primary method in which management organizes and evaluates internal financial information to make operating decisions and assess performance.

•Scores. This segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our business-to-consumer (“B2C”) scoring solutions, including our myFICO.com subscription offerings.

•Software. This segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services. This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases. These offerings are available to our customers as SaaS or as on-premises software.

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Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, evaluates segment financial performance based on segment revenues and segment operating income. Segment operating expenses consist of direct and indirect costs principally related to personnel, facilities, IT infrastructure, consulting, travel and depreciation. Indirect costs are allocated to the segments generally based on relative segment revenues, fixed rates established by management based upon estimated expense contribution levels and other assumptions that management considers reasonable. We do not allocate broad-based incentive expense, share-based compensation expense, restructuring and acquisition-related expense, amortization expense, various corporate charges and certain other income and expense measures to our segments. These income and expense items are not allocated because they are not considered in evaluating the segment’s operating performance. Our CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures; rather, depreciation and amortization amounts are allocated to the segments from their internal cost centers as described above.

The following tables summarize segment information for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	183,826	$	—	$	183,826
Professional services	—		17,870		—		17,870
Scores	297,039		—		—		297,039
Total segment revenues	297,039		201,696		—		498,735
Segment operating expense	(32,069)		(138,372)		(40,942)		(211,383)
Segment operating income	$	264,970	$	63,324	$	(40,942)	287,352
Unallocated share-based compensation expense							(41,704)
Operating income							245,648
Unallocated interest expense, net							(31,378)
Unallocated other expense, net							(1,254)
Income before income taxes							$	213,016
Depreciation and amortization	$	118	$	2,340	$	18	$	2,476

	Quarter Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	177,180	$	—	$	177,180
Professional services	—		19,744		—		19,744
Scores	236,885		—		—		236,885
Total segment revenues	236,885		196,924		—		433,809
Segment operating expense	(24,677)		(132,762)		(45,806)		(203,245)
Segment operating income	$	212,208	$	64,162	$	(45,806)	230,564
Unallocated share-based compensation expense							(35,448)
Unallocated amortization expense							(275)
Operating income							194,841
Unallocated interest expense, net							(26,093)
Unallocated other income, net							3,986
Income before income taxes							$	172,734
Depreciation and amortization	$	107	$	2,099	$	16	$	2,222

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	Six Months Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	369,837	$	—	$	369,837
Professional services	—		36,152		—		36,152
Scores	532,714		—		—		532,714
Total segment revenues	532,714		405,989		—		938,703
Segment operating expense	(63,973)		(281,923)		(85,273)		(431,169)
Segment operating income	$	468,741	$	124,066	$	(85,273)	507,534
Unallocated share-based compensation expense							(82,358)
Operating income							425,176
Unallocated interest expense, net							(60,866)
Unallocated other expense, net							(1,165)
Income before income taxes							$	363,145
Depreciation and amortization	$	243	$	4,792	$	36	$	5,071

	Six Months Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	345,848	$	—	$	345,848
Professional services	—		41,023		—		41,023
Scores	428,997		—		—		428,997
Total segment revenues	428,997		386,871		—		815,868
Segment operating expense	(48,135)		(267,587)		(86,374)		(402,096)
Segment operating income	$	380,862	$	119,284	$	(86,374)	413,772
Unallocated share-based compensation expense							(67,022)
Unallocated amortization expense							(550)
Operating income							346,200
Unallocated interest expense, net							(50,255)
Unallocated other income, net							7,379
Income before income taxes							$	303,324
Depreciation and amortization	$	188	$	3,697	$	28	$	3,913

11. Contingencies

We are in disputes with certain customers regarding amounts owed in connection with the sale of certain of our products and services. We also have had claims asserted by former employees relating to compensation and other employment matters. We are also involved in various other claims and legal actions arising in the ordinary course of business. We record litigation accruals for legal matters which are both probable and estimable. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), we have determined we do not have a material exposure, either individually or in the aggregate.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

Statements contained in this report that are not statements of historical fact should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). In addition, certain statements in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact constitute forward-looking statements within the meaning of the PSLRA. Examples of forward-looking statements include, but are not limited to: (i) projections of revenue, income or loss, expenses, earnings or loss per share, the payment or nonpayment of dividends, share repurchases, capital structure and other statements concerning future financial performance; (ii) statements of our plans and objectives by our management or Board of Directors, including those relating to products or services, research and development, and the sufficiency of capital resources; (iii) statements of assumptions underlying such statements, including those related to economic conditions; (iv) statements regarding results of business combinations or strategic divestitures; (v) statements regarding business relationships with vendors, customers or collaborators, including the proportion of revenues generated from international as opposed to domestic customers; and (vi) statements regarding products and services, their characteristics, performance, sales potential or effect in use by customers. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “should,” “potential,” “goals,” “strategy,” “outlook,” “plan,” “estimated,” “will,” variations of these terms and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in subsequent filings with the SEC. The performance of our business and our securities may be adversely affected by these factors and by other factors common to other businesses and investments, or to the general economy. Forward-looking statements are qualified by some or all of these risk factors. Therefore, you should consider these risk factors with caution and form your own critical and independent conclusions about the likely effect of these risk factors on our future performance. Such forward-looking statements speak only as of the date on which statements are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events or circumstances. Readers should carefully review the disclosures and the risk factors described in this and other documents we file from time to time with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

OVERVIEW

We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure in the United States (“U.S.”) of consumer credit risk — empowering them to increase financial literacy and manage their financial health.

Our business consists of two operating segments: Scores and Software.

Our Scores segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our business-to-consumer (“B2C”) scoring solutions, including our myFICO.com subscription offerings.

Our Software segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services. This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases. Our offerings are available to our customers as software-as-a-service (“SaaS”) or as on-premises software.

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Highlights from the quarter and six months ended March 31, 2025

•Total revenues were $498.7 million during the quarter ended March 31, 2025, a 15% increase from the quarter ended March 31, 2024, and $938.7 million during the six months ended March 31, 2025, a 15% increase from the six months ended March 31, 2024.

•Revenues for our Scores segment were $297.0 million during the quarter ended March 31, 2025, a 25% increase from the quarter ended March 31, 2024, and $532.7 million during the six months ended March 31, 2025, a 24% increase from the six months ended March 31, 2024.

•Annual Recurring Revenue for our Software segment as of March 31, 2025 was $714.6 million, a 3% increase from March 31, 2024.

•Dollar-Based Net Retention Rate for our Software segment was 102% as of March 31, 2025.

•Operating income was $245.6 million during the quarter ended March 31, 2025, a 26% increase from the quarter ended March 31, 2024, and $425.2 million during the six months ended March 31, 2025, a 23% increase from the six months ended March 31, 2024.

•Net income was $162.6 million during the quarter ended March 31, 2025, a 25% increase from the quarter ended March 31, 2024, and $315.1 million during the six months ended March 31, 2025, a 26% increase from the six months ended March 31, 2024.

•Diluted EPS was $6.59 during the quarter ended March 31, 2025, a 28% increase from the quarter ended March 31, 2024, and $12.73 during the six months ended March 31, 2025, a 28% increase from the six months ended March 31, 2024.

•Cash flows from operating activities were $268.9 million during the six months ended March 31, 2025, compared with $193.2 million during the six months ended March 31, 2024.

•Cash and cash equivalents were $146.6 million as of March 31, 2025, compared with $150.7 million as of September 30, 2024.

•Total debt balance was $2.5 billion as of March 31, 2025, compared with $2.2 billion as of September 30, 2024.

•Total share repurchases during the quarter ended March 31, 2025 were $207.0 million, compared with $179.5 million during the quarter ended March 31, 2024, and during the six months ended March 31, 2025 were $366.8 million, compared with $251.3 million during the six months ended March 31, 2024.

Key performance metrics for Software segment

Annual Contract Value Bookings (“ACV Bookings”)

Management regards ACV Bookings as an important indicator of future revenues, but it is not comparable to, nor is it a substitute for, an analysis of our revenues and other U.S. generally accepted accounting principles (“U.S. GAAP”) measures. We define ACV Bookings as the average annualized value of software contracts signed in the current reporting period that generate current and future on-premises and SaaS software revenue. We only include contracts with an initial term of at least 24 months and we exclude perpetual licenses and other software revenues that are non-recurring in nature. For renewals of existing software subscription contracts, we count only incremental annual revenue expected over the current contract as ACV Bookings.

ACV Bookings is calculated by dividing the total expected contract value by the contract term in years. The expected contract value equals the fixed amount — including guaranteed minimums, if any — stated in the contract, plus estimates of future usage-based fees. We develop estimates from discussions with our customers and examinations of historical data from similar products and customer arrangements. Differences between estimates and actual results occur due to variability in the estimated usage. This variability can be the result of the economic trends in our customers’ industries, individual performance of our customers relative to their competitors, and regulatory and other factors that affect the business environment in which our customers operate. For the periods presented, ACV Bookings related to estimates of future usage-based fees was approximately 30% of the total ACV Bookings amount on an annualized basis. Differences between the initial estimates of future usage-based fees and actual results historically have not been material and we do not currently expect that they will be materially different in the future.

We disclose estimated revenue expected to be recognized in the future related to remaining performance obligations in Note 7 to the accompanying condensed consolidated financial statements. However, we believe ACV Bookings is a useful supplemental measure of our business as it includes estimated revenues and future billings excluded from Note 7, such as usage-based fees and guaranteed minimums derived from our on-premises software licenses, among others.

18

The following table summarizes our ACV Bookings during the periods indicated:

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In millions)
Total on-premises and SaaS software	$	21.8	$	16.8	$	43.0	$	35.1

Annual Recurring Revenue (“ARR”)

Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, requires us to recognize a significant portion of revenue from our on-premises software subscriptions at the point in time when the software is first made available to the customer, or at the beginning of the subscription term, despite the fact that our contracts typically call for billing these amounts ratably over the life of the subscription. The remaining portion of our on-premises software subscription revenue including maintenance and usage-based fees are recognized over the life of the contract. This point-in-time recognition of a portion of our on-premises software subscription revenue creates significant variability in the revenue recognized period to period based on the timing of the subscription start date and the subscription term. Furthermore, this point-in-time revenue recognition can create a significant difference between the timing of our revenue recognition and the actual customer billing under the contract. We use ARR to measure the underlying performance of our subscription-based contracts and mitigate the impact of this variability. ARR is defined as the annualized revenue run-rate of on-premises and SaaS software agreements within a quarterly reporting period, and as such, is different from the timing and amount of revenue recognized. All components of our software licensing and subscription arrangements that are not expected to recur (primarily perpetual licenses) are excluded. We calculate ARR as the quarterly recurring revenue run-rate multiplied by four.

The following table summarizes our ARR for on-premises and SaaS software exiting each of the dates presented:

	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025
ARR	(In millions)
Platform	$	164.1		$	173.2		$	190.3		$	201.4		$	215.1		$	227.0		$	227.7		$	234.7
Non-platform	481.8			496.2			497.4			495.6			494.5			494.2			501.6			479.9
Total	$	645.9		$	669.4		$	687.7		$	697.0		$	709.6		$	721.2		$	729.3		$	714.6
Percentage
Platform	25		%	26		%	28		%	29		%	30		%	31		%	31		%	33		%
Non-platform	75		%	74		%	72		%	71		%	70		%	69		%	69		%	67		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%
YoY Change
Platform	53		%	53		%	43		%	32		%	31		%	31		%	20		%	17		%
Non-platform	11		%	14		%	11		%	8		%	3		%	—		%	1		%	(3)		%
Total	20		%	22		%	18		%	14		%	10		%	8		%	6		%	3		%

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Dollar-Based Net Retention Rate (“DBNRR”)

We consider DBNRR to be an important measure of our success in retaining and growing revenue from our existing customers. To calculate DBNRR for any period, we compare the ARR at the end of the prior comparable quarter (“base ARR”) to the ARR from that same cohort of customers at the end of the current quarter (“retained ARR”); we then divide the retained ARR by the base ARR to arrive at the DBNRR. Our calculation includes the positive impact among this cohort of customers of selling additional products, price increases and increases in usage-based fees, and the negative impact of customer attrition, price decreases, and decreases in usage-based fees during the period. However, the calculation does not include the positive impact from sales to any new customers acquired during the period. Our DBNRR may increase or decrease from period to period as a result of various factors, including the timing of new sales and customer renewal rates.

The following table summarizes our DBNRR for on-premises and SaaS software exiting each of the dates presented:

	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025
DBNRR
Platform	142	%	145	%	136	%	126	%	124	%	123	%	112	%	110	%
Non-platform	109	%	111	%	108	%	106	%	101	%	99	%	100	%	96	%
Total	117	%	120	%	114	%	112	%	108	%	106	%	105	%	102	%

RESULTS OF OPERATIONS

We are organized into two reportable segments: Scores and Software. Although we sell solutions and services into a large number of end user product and industry markets, our reportable business segments reflect the primary method in which management organizes and evaluates internal financial information to make operating decisions and assess performance.

Segment revenues, operating income, and related financial information, including disaggregation of revenue, are set forth in Note 7 and Note 10 to the accompanying condensed consolidated financial statements.

Revenues

The following tables set forth certain summary information on a segment basis related to our revenues for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2025		2024		2025		2024
	(In thousands)								(In thousands)
Scores	$	297,039	$	236,885	60	%	55	%	$	60,154	25	%
Software	201,696		196,924		40	%	45	%	4,772		2	%
Total	$	498,735	$	433,809	100	%	100	%	64,926		15	%
	Six Months Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2025		2024		2025		2024
	(In thousands)								(In thousands)
Scores	$	532,714	$	428,997	57	%	53	%	$	103,717	24	%
Software	405,989		386,871		43	%	47	%	19,118		5	%
Total	$	938,703	$	815,868	100	%	100	%	122,835		15	%

20

Quarter Ended March 31, 2025 Compared to Quarter Ended March 31, 2024

Scores

Scores segment revenues increased $60.2 million due to an increase of $57.0 million in our business-to-business scores revenue and an increase of $3.2 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price. The increase in business-to-consumer revenue was primarily attributable to an increase in royalties derived from scores sold indirectly to consumers through credit reporting agencies.

Software

The following table provides information about disaggregated revenue for our Software segment by revenue types:

	Quarter Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
	2025		2024
	(In thousands)				(In thousands)
On-premises and SaaS software	$	183,826	$	177,180	$	6,646	4	%
Professional services	17,870		19,744		(1,874)		(9)	%
Total	$	201,696	$	196,924	4,772		2	%

Software segment revenues increased $4.8 million due to a $6.6 million increase in our on-premises and SaaS software revenue, partially offset by a $1.9 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in license revenue recognized at a point in time.

Six Months Ended March 31, 2025 Compared to Six Months Ended March 31, 2024

Scores

Scores segment revenues increased $103.7 million due to an increase of $98.9 million in our business-to-business scores revenue and an increase of $4.8 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price and an increase in volume of mortgage originations. The increase in business-to-consumer revenue was primarily attributable to an increase in royalties derived from scores sold indirectly to consumers through credit reporting agencies.

Software

	Six Months Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
	2025		2024
	(In thousands)				(In thousands)
On-premises and SaaS software	$	369,837	$	345,848	$	23,989	7	%
Professional services	36,152		41,023		(4,871)		(12)	%
Total	$	405,989	$	386,871	19,118		5	%

Software segment revenues increased $19.1 million due to a $24.0 million increase in our on-premises and SaaS software revenue, partially offset by a $4.9 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in license revenue recognized at a point in time due to a large license renewal and an increase in revenue recognized over time largely driven by SaaS growth for our Platform products.

21

Operating Expenses and Other Income (Expense), Net

The following tables set forth certain summary information related to our condensed consolidated statements of income and comprehensive income for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to- Period Percentage Change
	2025		2024		2025		2024
	(In thousands, except employees)								(In thousands, except employees)
Revenues	$	498,735	$	433,809	100	%	100	%	$	64,926	15	%
Operating expenses:
Cost of revenues	87,630		86,946		18	%	20	%	684		1	%
Research and development	45,037		40,880		9	%	9	%	4,157		10	%
Selling, general and administrative	120,420		110,867		24	%	26	%	9,553		9	%
Amortization of intangible assets	—		275		—	%	—	%	(275)		(100)	%
Total operating expenses	253,087		238,968		51	%	55	%	14,119		6	%
Operating income	245,648		194,841		49	%	45	%	50,807		26	%
Interest expense, net	(31,378)		(26,093)		(6)	%	(6)	%	(5,285)		20	%
Other income (expense), net	(1,254)		3,986		—	%	1	%	(5,240)		(131)	%
Income before income taxes	213,016		172,734		43	%	40	%	40,282		23	%
Provision for income taxes	50,401		42,935		10	%	10	%	7,466		17	%
Net income	$	162,615	$	129,799	33	%	30	%	32,816		25	%
Number of employees at quarter end	3,718		3,550						168		5	%

	Six Months Ended March 31,				Percentage of Revenues				Period-to-Period Change		Period-to- Period Percentage Change
	2025		2024		2025		2024
	(In thousands)								(In thousands)
Revenues	$	938,703	$	815,868	100	%	100	%	$	122,835	15	%
Operating expenses:
Cost of revenues	174,975		170,407		19	%	21	%	4,568		3	%
Research and development	90,182		83,515		10	%	10	%	6,667		8	%
Selling, general and administrative	248,370		215,196		26	%	27	%	33,174		15	%
Amortization of intangible assets	—		550		—	%	—	%	(550)		(100)	%
Total operating expenses	513,527		469,668		55	%	58	%	43,859		9	%
Operating income	425,176		346,200		45	%	42	%	78,976		23	%
Interest expense, net	(60,866)		(50,255)		(6)	%	(6)	%	(10,611)		21	%
Other income (expense), net	(1,165)		7,379		—	%	1	%	(8,544)		(116)	%
Income before income taxes	363,145		303,324		39	%	37	%	59,821		20	%
Provision for income taxes	48,002		52,460		5	%	6	%	(4,458)		(8)	%
Net income	$	315,143	$	250,864	34	%	31	%	64,279		26	%

22

Cost of Revenues

Cost of revenues consists primarily of employee salaries, incentives, and benefits for personnel directly involved in delivering software products, operating SaaS infrastructure, and providing support, implementation and consulting services; overhead, facilities and data center costs; software royalty fees; credit bureau data and processing services; third-party hosting fees related to our SaaS services; travel costs; and outside services.

The quarter-over-prior year quarter increase in cost of revenues of $0.7 million was primarily attributable to a $2.2 million increase in infrastructure and facilities costs, partially offset by a $0.8 million decrease in personnel and labor costs. The increase in infrastructure and facilities costs was primarily attributable to an increase in third-party data center hosting costs. The decrease in personnel and labor costs was primarily attributable to decreased headcount. Cost of revenues as a percentage of revenues decreased to 18% during the quarter ended March 31, 2025 from 20% during the quarter ended March 31, 2024, primarily due to increased sales of our higher-margin Scores products.

The year-to-date period-over-period increase in cost of revenues of $4.6 million was primarily attributable to a $5.1 million increase in infrastructure and facilities costs. The increase in infrastructure and facilities costs was primarily attributable to an increase in third-party data center hosting costs and an increase in depreciation on data center computer hardware. Cost of revenues as a percentage of revenues decreased to 19% during the six months ended March 31, 2025 from 21% during the six months ended March 31, 2024 primarily due to increased sales of our higher-margin Scores products.

Research and Development

Research and development expenses include personnel and related overhead costs incurred in the development of new products and services, including research of mathematical and statistical models and development of new versions of Software products.

The quarter-over-prior year quarter increase in research and development expenses of $4.2 million was primarily attributable to a $2.0 million increase in outside services costs, a $1.2 million increase in infrastructure and facilities costs, and a $0.8 million increase in personnel and labor costs. The increase in outside services costs was primarily attributable to increased third-party contractor costs. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs and software royalty fees. The increase in personnel and labor costs was primarily attributable to increased headcount. Research and development expenses as a percentage of revenues remained consistent at 9% during the quarters ended March 31, 2025 and 2024.

The year-to-date period-over-period increase in research and development expenses of $6.7 million was primarily attributable to a $3.6 million increase in outside services costs and a $2.9 million increase in infrastructure and facilities costs. The increase in outside services costs was primarily attributable to increased third-party contractor costs. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs and software royalty fees. Research and development expenses as a percentage of revenues remained consistent at 10% during the six months ended March 31, 2025 and 2024.

Selling, General and Administrative

Selling, general and administrative expenses consist principally of employee salaries, incentives, commissions and benefits; travel costs; overhead costs; advertising and other promotional expenses; corporate facilities expenses; legal expenses; and business development expenses.

The quarter-over-prior year quarter increase in selling, general and administrative expenses of $9.6 million was primarily attributable to a $5.9 million increase in personnel and labor costs and a $3.6 million increase in advertising and other promotional expenses. The increase in personnel and labor costs was primarily attributable to increased share-based compensation expense, increased headcount, and market base-pay adjustments, partially offset by decreased fringe benefit costs related to our supplemental retirement and savings plan. The increase in advertising and other promotional expenses was primarily attributable to increased costs for advertising campaigns. Selling, general and administrative expenses as a percentage of revenues decreased to 24% during the quarter ended March 31, 2025 from 26% during the quarter ended March 31, 2024.

23

The year-to-date period-over-period increase in selling, general and administrative expenses of $33.2 million was primarily attributable to an $18.5 million increase in personnel and labor costs, a $10.3 million increase in advertising and other promotional costs, a $2.9 million increase in non-income tax costs, and a $1.3 million increase in travel costs. The increase in personnel and labor costs was primarily attributable to increased share-based compensation expense, increased headcount, market base-pay adjustments, incentive expense, and commission expense, partially offset by decreased fringe benefits costs related to our supplemental retirement and savings plan. The increase in advertising and other promotional expenses was primarily attributable to increased costs for advertising campaigns and corporate events. The increase in non-income tax costs was attributable to a tax law change related to transfer pricing, effective during the six months ended March 31, 2025, that impacted a non-U.S. subsidiary. The increase in travel costs was primarily attributable to promotional and corporate events. Selling, general and administrative expenses as a percentage of revenues decreased to 26% during the six months ended March 31, 2025 from 27% during the six months ended March 31, 2024.

Interest Expense, Net

Interest expense includes interest on the senior notes issued in December 2021, December 2019 and May 2018, as well as interest and credit agreement fees on the revolving line of credit and term loans. On our condensed consolidated statements of income and comprehensive income, interest expense is netted with interest income, which is derived primarily from the investment of funds in excess of our immediate operating requirements.

The quarter-over-prior year quarter increase in interest expense of $5.3 million was primarily attributable to a higher average outstanding balance on borrowings under our credit agreement during the quarter ended March 31, 2025, partially offset by a lower average interest rate on borrowings under our credit agreement during the quarter ended March 31, 2025.

The year-to-date period-over-period increase in interest expense of $10.6 million was primarily attributable to a higher average outstanding balance on borrowings under our credit agreement during the six months ended March 31, 2025, partially offset by a lower average interest rate on borrowings under our credit agreement during the six months ended March 31, 2025.

Other Income (Expense), Net

Other income (expense), net consists primarily of unrealized investment gains/losses and realized gains/losses on marketable securities classified as trading securities, exchange rate gains/losses resulting from remeasurement of foreign-currency-denominated receivable and cash balances held by our various reporting entities into their respective functional currencies at period-end market rates, net of the impact of offsetting foreign currency forward contracts, and other non-operating items.

The quarter-over-prior year quarter decrease in other income (expense), net of $5.2 million was primarily attributable to a decrease in net unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan.

The year-to-date period-over-period decrease in other income (expense), net of $8.5 million was primarily attributable to a decrease in net unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan.

Provision for Income Taxes

The effective income tax rate was 23.7% and 24.9% during the quarters ended March 31, 2025 and 2024, respectively, and 13.2% and 17.3% during the six months ended March 31, 2025 and 2024, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The effective tax rates for the quarter and six months ended March 31, 2025 were favorably impacted by the excess tax benefit relating to share-based compensation.

24

Operating Income

The following tables set forth certain summary information on a segment basis related to our operating income for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2025		2024
	(In thousands)				(In thousands)
Scores	$	264,970	$	212,208	$	52,762	25	%
Software	63,324		64,162		(838)		(1)	%
Unallocated corporate expenses	(40,942)		(45,806)		4,864		(11)	%
Total segment operating income	287,352		230,564		56,788		25	%
Unallocated share-based compensation	(41,704)		(35,448)		(6,256)		18	%
Unallocated amortization expense	—		(275)		275		(100)	%
Operating income	$	245,648	$	194,841	50,807		26	%

	Scores								Software
	Quarter Ended   March 31,				Percentage of Revenues				Quarter Ended   March 31,				Percentage of Revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(In thousands)								(In thousands)
Segment revenues	$	297,039	$	236,885	100	%	100	%	$	201,696	$	196,924	100	%	100	%
Segment operating expense	(32,069)		(24,677)		(11)	%	(10)	%	(138,372)		(132,762)		(69)	%	(67)	%
Segment operating income	$	264,970	$	212,208	89	%	90	%	$	63,324	$	64,162	31	%	33	%

The quarter-over-prior year quarter increase in operating income of $50.8 million was primarily attributable to a $64.9 million increase in segment revenues and a $4.9 million decrease in corporate expenses, partially offset by a $13.0 million increase in segment operating expenses and a $6.3 million increase in share-based compensation cost.

At the segment level, the quarter-over-prior year quarter increase in segment operating income of $56.8 million was the result of a $52.8 million increase in our Scores segment operating income and a $4.9 million decrease in corporate expenses, partially offset by a $0.8 million decrease in our Software segment operating income.

The quarter-over-prior year quarter increase in Scores segment operating income of $52.8 million was due to a $60.2 million increase in segment revenue, partially offset by a $7.4 million increase in segment operating expenses. Scores segment operating income as a percentage of segment revenue was 89%, materially consistent with the quarter ended March 31, 2024.

The quarter-over-prior year quarter decrease in Software segment operating income of $0.8 million was due to a $5.6 million increase in segment operating expenses, partially offset by a $4.8 million increase in segment revenue. Software segment operating income as a percentage of segment revenue decreased to 31% from 33%, primarily attributable to the increase in third-party data center hosting costs.

	Six Months Ended March 31,				Period-to-Period Change		Period-to-Period Percentage Change
Segment	2025		2024
	(In thousands)				(In thousands)
Scores	$	468,741	$	380,862	$	87,879	23	%
Software	124,066		119,284		4,782		4	%
Unallocated corporate expenses	(85,273)		(86,374)		1,101		(1)	%
Total segment operating income	507,534		413,772		93,762		23	%
Unallocated share-based compensation	(82,358)		(67,022)		(15,336)		23	%
Unallocated amortization expense	—		(550)		550		(100)	%
Operating income	$	425,176	$	346,200	78,976		23	%

25

	Scores								Software
	Six Months Ended   March 31,				Percentage of Revenues				Six Months Ended   March 31,				Percentage of Revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(In thousands)								(In thousands)
Segment revenues	$	532,714	$	428,997	100	%	100	%	$	405,989	$	386,871	100	%	100	%
Segment operating expense	(63,973)		(48,135)		(12)	%	(11)	%	(281,923)		(267,587)		(69)	%	(69)	%
Segment operating income	$	468,741	$	380,862	88	%	89	%	$	124,066	$	119,284	31	%	31	%

The year-to-date period-over-period increase of $79.0 million in operating income was primarily attributable to a $122.8 million increase in segment revenues and a $1.1 million decrease in corporate expenses, partially offset by a $30.1 million increase in segment operating expenses and a $15.3 million increase in share-based compensation cost.

At the segment level, the year-to-date period-over-period increase of $93.8 million in segment operating income was the result of an $87.9 million increase in our Scores segment operating income, a $4.8 million increase in our Software segment operating income, and a $1.1 million decrease in corporate expenses.

The year-to-date period-over-period $87.9 million increase in Scores segment operating income was attributable to a $103.7 million increase in segment revenue, partially offset by a $15.8 million increase in segment operating expenses. Scores segment operating income as a percentage of segment revenue was 88%, materially consistent with the six months ended March 31, 2024.

The year-to-date period-over-period $4.8 million increase in Software segment operating income was attributable to a $19.1 million increase in segment revenue, partially offset by a $14.3 million increase in segment operating expenses. Software segment operating income as a percentage of segment revenue was 31%, consistent with the six months ended March 31, 2024.

CAPITAL RESOURCES AND LIQUIDITY

Outlook

As of March 31, 2025, we had $146.6 million in cash and cash equivalents, which included $100.4 million held by our foreign subsidiaries. We believe our cash and cash equivalents balances, including those held by our foreign subsidiaries, as well as available borrowings from our $600 million revolving line of credit and anticipated cash flows from operating activities, will be sufficient to fund our working and other capital requirements for at least the next 12 months and thereafter for the foreseeable future, including the $15.0 million principal payments on the $300 Million Term Loan (as defined below) due over the next 12 months. Under our current financing arrangements, we have no other significant debt obligations maturing over the next 12 months. For jurisdictions outside the U.S. where cash may be repatriated in the future, the Company expects the net impact of any repatriations to be immaterial to the Company’s overall tax liability.

In the normal course of business, we evaluate the merits of acquiring technology or businesses, or establishing strategic relationships with or investing in these businesses. We may elect to use available cash and cash equivalents to fund such activities in the future. In the event additional needs for cash arise, or if we refinance our existing debt, we may raise additional funds from a combination of sources, including the potential issuance of debt or equity securities. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to take advantage of unanticipated opportunities or respond to competitive pressures could be limited.

26

Summary of Cash Flows 

	Six Months Ended March 31,				Period-to-Period Change
	2025		2024
	(In thousands)
Cash provided by (used in):
Operating activities	$	268,915	$	193,155	$	75,760
Investing activities	(19,883)		(12,040)		(7,843)
Financing activities	(247,723)		(183,222)		(64,501)
Effect of exchange rate changes on cash	(5,335)		996		(6,331)
Decrease in cash and cash equivalents	$	(4,026)	$	(1,111)	(2,915)

Cash Flows from Operating Activities

Our primary method for funding operations and growth has been through cash flows generated from operating activities. Net cash provided by operating activities increased to $268.9 million during the six months ended March 31, 2025 from $193.2 million during the six months ended March 31, 2024. The $75.8 million increase was attributable to a $64.3 million increase in net income and a $24.5 million increase in non-cash items, partially offset by a $13.0 million decrease due to the timing of receipts and payments in our ordinary course of business.

Cash Flows from Investing Activities

Net cash used in investing activities increased to $19.9 million for the six months ended March 31, 2025 from $12.0 million for the six months ended March 31, 2024. The $7.8 million increase was primarily attributable to an $8.3 million increase in capitalized internal-use software costs.

Cash Flows from Financing Activities

Net cash used in financing activities increased to $247.7 million for the six months ended March 31, 2025 from $183.2 million for the six months ended March 31, 2024. The $64.5 million increase was primarily attributable to a $136.3 million increase in repurchases of common stock and a $64.7 million increase in taxes paid related to net share settlement of equity awards, partially offset by a $137.0 million increase in proceeds, net of payments, from our revolving line of credit and term loans.

Repurchases of Common Stock

In July 2024, our Board of Directors approved a new stock repurchase program (the “July 2024 program”), replacing our previously authorized January 2024 stock repurchase program, which was terminated prior to its expiration. The July 2024 program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $1.0 billion in the open market or in negotiated transactions. The July 2024 program remains in effect until the total authorized amount is expended or until further action by our Board of Directors. As of March 31, 2025, we had $394.1 million remaining under the July 2024 program. We expended $207.0 million and $366.8 million during the quarter and six months ended March 31, 2025, respectively, under the July 2024 program. We expended $179.5 million and $251.3 million during the quarter and six months ended March 31, 2024, respectively, under previously authorized stock repurchase programs.

27

Revolving Line of Credit and Term Loans

We have a $600 million unsecured revolving line of credit, a $300 million unsecured term loan (the “$300 Million Term Loan”), and a $450 million unsecured term loan (the “$450 Million Term Loan”) with a syndicate of banks that mature on August 19, 2026. Borrowings under the revolving line of credit and the term loans can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. The $300 Million Term Loan requires principal payments in consecutive quarterly installments of $3.75 million on the last business day of each quarter. We have no obligation to make scheduled principal payments on the $450 Million Term Loan prior to the maturity date, but may prepay the $450 Million Term Loan, without premium or penalty, in whole or in part. Interest rates on amounts borrowed under the revolving line of credit and the term loans are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month adjusted term Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, or (ii) an adjusted term SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). Adjusted term SOFR is defined as term SOFR for the relevant interest period plus a SOFR adjustment of 0.10% per annum. The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The revolving line of credit and the term loans contain certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and a minimum interest coverage ratio of 3.0 to 1.0. The credit agreement also contains other covenants typical of unsecured credit facilities.

As of March 31, 2025, we had $535.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.673%, $251.3 million in outstanding balance of the $300 Million Term Loan at an interest rate of 5.650%, and $450.0 million in outstanding balance of the $450 Million Term Loan at an interest rate of 5.647%. We were in compliance with all financial covenants under the credit agreement as of March 31, 2025.

Senior Notes

On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026. On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028. On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes,” and collectively with the 2018 Senior Notes and the 2019 Senior Notes, the “Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes. The indentures for the Senior Notes contain certain covenants typical of unsecured obligations. As of March 31, 2025, the carrying value of the Senior Notes was $1.3 billion and we were in compliance with all financial covenants under these obligations.

CRITICAL ACCOUNTING ESTIMATES

We prepare our condensed consolidated financial statements in conformity with U.S. GAAP. These accounting principles require management to make certain judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We periodically evaluate our estimates including those relating to revenue recognition, goodwill resulting from business combinations and other long-lived assets — impairment assessment, share-based compensation, income taxes, and contingencies and litigation. We base our estimates on historical experience and various other assumptions that we believe to be reasonable based on the specific circumstances, the results of which form the basis for making judgments about the carrying value of certain assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and such differences could be material to our financial condition and results of operations. Critical accounting estimates are those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition and results of operations.

You should carefully consider the critical accounting estimates disclosed in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (“Annual Report on Form 10-K”). There have been no significant changes from the critical accounting estimates disclosed in our Annual Report on Form 10-K.

28

New Accounting Pronouncements

For information about recent accounting pronouncements not yet adopted and the impact on our consolidated financial statements, refer to Part I, Item 1, “Unaudited Financial Statements,” Note 1, “Nature of Business” in our accompanying Notes to Condensed Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk Disclosures

We are exposed to market risk related to changes in interest rates and foreign exchange rates. We do not use derivative financial instruments for speculative or trading purposes.

Interest Rate

We maintain an investment portfolio consisting of bank deposits and money market funds. The funds provide daily liquidity and may be subject to interest rate risk and fall in value if market interest rates increase. We do not expect our operating expenses to be affected to any significant degree by a sudden change in market interest rates. The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at March 31, 2025 and September 30, 2024: 

	March 31, 2025						September 30, 2024
	Cost Basis		Carrying Amount		Average Yield		Cost Basis		Carrying Amount		Average Yield
	(Dollars in thousands)
Cash and cash equivalents	$	146,641	$	146,641	2.80	%	$	150,667	$	150,667	2.88	%

On May 8, 2018, we issued $400 million of senior notes in a private placement to qualified institutional investors (the “2018 Senior Notes”). On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private placement to qualified institutional investors (the “2021 Senior Notes” and collectively with the 2018 Senior Notes and 2019 Senior Notes, the “Senior Notes”). The fair value of the Senior Notes may increase or decrease due to various factors, including fluctuations in market interest rates and fluctuations in general economic conditions. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Capital Resources and Liquidity” for additional information on the Senior Notes. The following table presents the face values and fair values for the Senior Notes at March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	400,000	$	398,500	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		856,125		900,000		864,000
Total	$	1,300,000	$	1,254,625	$	1,300,000	$	1,263,500

29

We have interest rate risk with respect to our unsecured revolving line of credit and term loans. Interest rates on amounts borrowed under the revolving line of credit and term loans are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month adjusted term SOFR plus 1%, plus, in each case, an applicable margin, or (ii) an adjusted term SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). Adjusted term SOFR is defined as term SOFR for the relevant interest period plus a SOFR adjustment of 0.10% per annum. The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. A change in interest rates on this variable rate debt impacts the interest incurred and cash flows, but does not impact the fair value of the instrument. As of March 31, 2025, we had $535.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.673%, $251.3 million in outstanding balance of the $300 Million Term Loan at an interest rate of 5.650%, and $450.0 million in outstanding balance of the $450 Million Term Loan at an interest rate of 5.647%.

Foreign Currency Forward Contracts

We maintain a program to manage our foreign exchange rate risk on existing foreign-currency-denominated receivable and cash balances by entering into forward contracts to sell or buy foreign currencies. At period end, foreign-currency-denominated receivable and cash balances held by our various reporting entities are remeasured into their respective functional currencies at current market rates. The change in value from this remeasurement is then reported as a foreign exchange gain or loss for that period in our accompanying condensed consolidated statements of income and comprehensive income and the resulting gain or loss on the forward contract mitigates the foreign exchange rate risk of the associated assets. All of our foreign currency forward contracts have maturity periods of less than three months. Such derivative financial instruments are subject to market risk.

The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2025 and September 30, 2024:

	March 31, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	8,500	$	9,234	$	—
Buy foreign currency:
British pound (GBP)	GBP	16,026	$	20,800	$	—
Singapore dollar (SGD)	SGD	6,971	$	5,200	$	—
	September 30, 2024
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	13,000	$	14,531	$	—
Buy foreign currency:
British pound (GBP)	GBP	12,237	$	16,400	$	—
Singapore dollar (SGD)	SGD	7,404	$	5,800	$	—

The foreign currency forward contracts were entered into on March 31, 2025 and September 30, 2024; therefore, their fair value was $0 on each of these dates.

30

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of FICO’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of FICO’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on that evaluation, the CEO and CFO have concluded that FICO’s disclosure controls and procedures were effective as of March 31, 2025 to ensure that information required to be disclosed by FICO in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures are designed to ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in FICO’s internal control over financial reporting was identified in connection with the evaluation required by Rules 13a-15 or 15d-15 of the Exchange Act that occurred during the period covered by this quarterly report and that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

31

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

FICO is a defendant in consolidated putative class action lawsuits brought in the Northern District of Illinois against FICO and the credit bureaus, Equifax, Experian and TransUnion, alleging antitrust claims in connection with the distribution of FICO Scores. On November 24, 2024, the court ruled on FICO’s and the credit bureaus’ motions to dismiss the plaintiffs’ amended complaints. The court dismissed with prejudice all claims in the lawsuit other than a Sherman Act Section 2 claim and accompanying state law claims against FICO, which were allowed to proceed through the discovery stage of the litigation.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for our fiscal year ended September 30, 2024 (our “Annual Report on Form 10-K”). The risks discussed in our Annual Report on Form 10-K could materially affect our business, financial condition and future results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be insignificant also may materially and adversely affect our business, financial condition or operating results in the future. There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities 

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
January 1, 2025 through January 31, 2025	47,990	$	1,905.35	47,161	$	510,890,915
February 1, 2025 through February 28, 2025	41,919	$	1,793.56	41,746	$	436,022,938
March 1, 2025 through March 31, 2025	23,067	$	1,837.35	22,799	$	394,132,089
	112,976	$	1,849.98	111,706	$	394,132,089

(1)Includes 1,270 shares delivered in satisfaction of the tax withholding obligations resulting from the vesting of restricted stock units held by employees during the quarter ended March 31, 2025.

(2)In July 2024, our Board of Directors approved a new stock repurchase program (the “July 2024 program”), replacing our previously authorized January 2024 stock repurchase program, which was terminated prior to its expiration. The July 2024 program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $1.0 billion in the open market or in negotiated transactions. The July 2024 program remains in effect until the total authorized amount is expended or until further action by our Board of Directors.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Trading Arrangements

During the quarter ended March 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

32

Item 6. Exhibits 

Exhibit Number	Description
3.1	Composite Restated Certificate of Incorporation of Fair Isaac Corporation. (Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q for the quarter ended December 31, 2009).
3.2	By-laws of Fair Isaac Corporation. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q for the quarter ended December 31, 2009).
31.1 *	Rule 13a-14(a)/15d-14(a) Certifications of CEO.
31.2 *	Rule 13a-14(a)/15d-14(a) Certifications of CFO.
32.1 **	Section 1350 Certification of CEO.
32.2 **	Section 1350 Certification of CFO.
101.INS *	Inline XBRL Instance Document.
101.SCH *	Inline XBRL Taxonomy Extension Schema Document.
101.CAL *	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF *	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB *	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE *	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 *	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

*	Filed herewith.
**	Furnished herewith.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		FAIR ISAAC CORPORATION
DATE:	April 29, 2025
		By	/s/ STEVEN P. WEBER
			Steven P. Weber
			Executive Vice President and Chief Financial Officer
			(for Registrant as duly authorized officer and
			as Principal Financial Officer)
DATE:	April 29, 2025
		By	/s/ MICHAEL S. LEONARD
			Michael S. Leonard
			Vice President and Chief Accounting Officer (Principal Accounting Officer)

34

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, William J. Lansing, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Fair Isaac Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2025

/s/ WILLIAM J. LANSING

William J. Lansing

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Steven P. Weber, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Fair Isaac Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2025

/s/ STEVEN P. WEBER

Steven P. Weber

Executive Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION UNDER SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of Fair Isaac Corporation.

Date:	April 29, 2025	/s/ WILLIAM J. LANSING
		William J. Lansing
		Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION UNDER SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of Fair Isaac Corporation.

Date:	April 29, 2025	/s/ STEVEN P. WEBER
		Steven P. Weber
		Executive Vice President and Chief Financial Officer

XML

Cover - shares	6 Months Ended
	Mar. 31, 2025	Apr. 16, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	1-11689
Entity Registrant Name	Fair Isaac Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1499887
Entity Address, Address Line One	5 West Mendenhall, Suite 105
Entity Address, Postal Zip Code	59715
Entity Address, City or Town	Bozeman,
Entity Address, State or Province	MT
City Area Code	406
Local Phone Number	982-7276
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	FICO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,341,690
Entity Central Index Key	0000814547
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 146,641	$ 150,667
Accounts receivable, net	492,542	426,642
Prepaid expenses and other current assets	85,727	40,104
Total current assets	724,910	617,413
Marketable securities	45,400	45,289
Property and equipment, net	50,552	38,465
Operating lease right-of-use assets	27,572	29,580
Goodwill	779,279	782,752
Deferred income tax	99,674	86,513
Other assets	108,366	117,872
Total assets	1,835,753	1,717,884
Current liabilities:
Accounts payable	24,059	22,473
Accrued compensation and employee benefits	76,511	106,103
Other accrued liabilities:	55,892	79,812
Deferred revenue	171,780	156,897
Current maturities on debt	15,000	15,000
Total current liabilities	343,242	380,285
Long-term debt	2,513,179	2,194,021
Operating lease liabilities	20,816	21,963
Other liabilities	82,568	84,294
Total liabilities	2,959,805	2,680,563
Commitments and contingencies
Stockholders’ deficit:
Preferred stock ($0.01 par value; 1,000 shares authorized; none issued and outstanding)	0	0
Common stock ($0.01 par value; 200,000 shares authorized, 88,857 shares issued and 24,352 and 24,392 shares outstanding at March 31, 2025 and September 30, 2024, respectively)	244	244
Additional paid-in-capital	$ 1,251,784	$ 1,366,572
Treasury stock, shares	64,505	64,465
Treasury stock, at cost (64,505 and 64,465 shares at March 31, 2025 and September 30, 2024, respectively)	$ (6,490,817)	$ (6,138,736)
Retained earnings	4,216,013	3,900,870
Accumulated other comprehensive loss	(101,276)	(91,629)
Total stockholders’ deficit	(1,124,052)	(962,679)
Total liabilities and stockholders’ deficit	$ 1,835,753	$ 1,717,884

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Sep. 30, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	88,857,000	88,857,000
Common stock, shares outstanding	24,352,000	24,392,000
Treasury stock, shares	64,505,000	64,465,000

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Total revenues	$ 498,735	$ 433,809	$ 938,703	$ 815,868
Operating expenses:
Cost of revenues	87,630	86,946	174,975	170,407
Research and development	45,037	40,880	90,182	83,515
Selling, general and administrative	120,420	110,867	248,370	215,196
Amortization of intangible assets	0	275	0	550
Total operating expenses	253,087	238,968	513,527	469,668
Operating income	245,648	194,841	425,176	346,200
Interest expense, net	(31,378)	(26,093)	(60,866)	(50,255)
Other income (expense), net	(1,254)	3,986	(1,165)	7,379
Income before income taxes	213,016	172,734	363,145	303,324
Provision for income taxes	50,401	42,935	48,002	52,460
Net income	162,615	129,799	315,143	250,864
Other comprehensive income (loss):
Foreign currency translation adjustments	6,407	(4,157)	(9,647)	4,546
Comprehensive income	$ 169,022	$ 125,642	$ 305,496	$ 255,410
Earnings per share:
Basic (in dollars per share)	$ 6.67	$ 5.23	$ 12.92	$ 10.12
Diluted (in dollars per share)	$ 6.59	$ 5.16	$ 12.73	$ 9.96
Shares used in computing earnings per share:
Basic (in shares)	24,389	24,819	24,383	24,791
Diluted (in shares)	24,685	25,154	24,756	25,186
On-premises and SaaS software
Total revenues	$ 183,826	$ 177,180	$ 369,837	$ 345,848
Professional services
Total revenues	17,870	19,744	36,152	41,023
Scores
Total revenues	$ 297,039	$ 236,885	$ 532,714	$ 428,997

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Sep. 30, 2023		24,770
Beginning Balance at Sep. 30, 2023	$ (687,990)	$ 248	$ 1,350,713	$ (5,324,865)	$ 3,388,059	$ (102,145)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	67,022		67,022
Issuance of treasury stock under employee stock plans (in shares)		205
Issuance of treasury stock under employee stock plans	(118,849)	$ 2	(136,158)	17,307
Repurchases of common stock (in shares)		(222)
Repurchases of common stock	(251,253)	$ (2)		(251,251)
Net income	250,864				250,864
Foreign currency translation adjustments	4,546					4,546
Ending Balance (in shares) at Mar. 31, 2024		24,753
Ending Balance at Mar. 31, 2024	(735,660)	$ 248	1,281,577	(5,558,809)	3,638,923	(97,599)
Beginning Balance (in shares) at Dec. 31, 2023		24,879
Beginning Balance at Dec. 31, 2023	(725,765)	$ 249	1,239,131	(5,380,827)	3,509,124	(93,442)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	35,448		35,448
Issuance of treasury stock under employee stock plans (in shares)		18
Issuance of treasury stock under employee stock plans	8,564	$ 0	6,998	1,566
Repurchases of common stock (in shares)		(144)
Repurchases of common stock	(179,549)	$ (1)		(179,548)
Net income	129,799				129,799
Foreign currency translation adjustments	(4,157)					(4,157)
Ending Balance (in shares) at Mar. 31, 2024		24,753
Ending Balance at Mar. 31, 2024	(735,660)	$ 248	1,281,577	(5,558,809)	3,638,923	(97,599)
Beginning Balance (in shares) at Sep. 30, 2024		24,392
Beginning Balance at Sep. 30, 2024	(962,679)	$ 244	1,366,572	(6,138,736)	3,900,870	(91,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	82,358		82,358
Issuance of treasury stock under employee stock plans (in shares)		151
Issuance of treasury stock under employee stock plans	(182,468)	$ 2	(197,146)	14,676
Repurchases of common stock (in shares)		(191)
Repurchases of common stock	(366,759)	$ (2)		(366,757)
Net income	315,143				315,143
Foreign currency translation adjustments	(9,647)					(9,647)
Ending Balance (in shares) at Mar. 31, 2025		24,352
Ending Balance at Mar. 31, 2025	(1,124,052)	$ 244	1,251,784	(6,490,817)	4,216,013	(101,276)
Beginning Balance (in shares) at Dec. 31, 2024		24,443
Beginning Balance at Dec. 31, 2024	(1,138,164)	$ 244	1,201,828	(6,285,951)	4,053,398	(107,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	41,704		41,704
Issuance of treasury stock under employee stock plans (in shares)		21
Issuance of treasury stock under employee stock plans	10,396	$ 1	8,252	2,143
Repurchases of common stock (in shares)		(112)
Repurchases of common stock	(207,010)	$ (1)		(207,009)
Net income	162,615				162,615
Foreign currency translation adjustments	6,407					6,407
Ending Balance (in shares) at Mar. 31, 2025		24,352
Ending Balance at Mar. 31, 2025	$ (1,124,052)	$ 244	$ 1,251,784	$ (6,490,817)	$ 4,216,013	$ (101,276)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 315,143	$ 250,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,950	6,178
Share-based compensation	82,358	67,022
Deferred income taxes	(12,781)	(13,041)
Net (gain) loss on marketable securities	3,174	(6,727)
Non-cash operating lease costs	5,213	6,772
Provision for doubtful accounts	990	838
Net loss on sales and abandonment of property and equipment	70	408
Changes in operating assets and liabilities:
Accounts receivable	(66,718)	(72,661)
Prepaid expenses and other assets	(43,213)	(12,490)
Accounts payable	1,796	(579)
Accrued compensation and employee benefits	(28,183)	(34,170)
Other liabilities	(14,016)	(5,049)
Deferred revenue	18,132	5,790
Net cash provided by operating activities	268,915	193,155
Cash flows from investing activities:
Purchases of property and equipment	(2,960)	(5,403)
Payments to Develop Software	(13,638)	(5,380)
Proceeds from sales of marketable securities	1,495	15,571
Purchases of marketable securities	(4,780)	(16,828)
Net cash used in investing activities	(19,883)	(12,040)
Cash flows from financing activities:
Proceeds from revolving line of credit and term loans	450,000	255,000
Payments on revolving line of credit and term loans	(132,500)	(74,500)
Payments on finance leases	(3,016)	(1,400)
Proceeds from issuance of treasury stock under employee stock plans	16,062	14,937
Taxes paid related to net share settlement of equity awards	(198,531)	(133,786)
Repurchases of common stock	(379,738)	(243,473)
Net cash used in financing activities	(247,723)	(183,222)
Effect of exchange rate changes on cash	(5,335)	996
Decrease in cash and cash equivalents	(4,026)	(1,111)
Cash and cash equivalents, beginning of period	150,667	136,778
Cash and cash equivalents, end of period	146,641	135,667
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds of $663 and $320 during the six-month periods ended March 31, 2025 and 2024, respectively	92,213	53,757
Cash paid for interest	60,939	50,331
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment included in accounts payable	14	439
Unsettled repurchases of common stock	412	7,780
Finance lease obligations incurred	$ 0	$ 9,400

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Cash Flows [Abstract]
Proceeds from Income Tax Refunds	$ 663	$ 320

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Nature of Business

6 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Nature of Business

Nature of Business

Fair Isaac Corporation

Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” or “FICO”) is a global analytics software leader. We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure in the United States (“U.S.”) of consumer credit risk — empowering them to increase financial literacy and manage their financial health.

Principles of Consolidation and Basis of Presentation

We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the applicable accounting guidance. Consequently, we have not necessarily included all information and footnotes required for audited financial statements. In our opinion, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary for a fair presentation of our financial position and results of operations. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our audited consolidated financial statements and notes thereto presented in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The interim financial information contained in this report is not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year.

The condensed consolidated financial statements include the accounts of FICO and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

We make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the disclosures made in the accompanying notes. For example, we use estimates in determining the appropriate levels of various accruals; variable considerations included in the transaction price and standalone selling price of each performance obligation for our customer contracts; labor hours in connection with fixed-fee service contracts; the amount of our tax provision; and the realizability of deferred tax assets. We also use estimates in determining the remaining economic lives and carrying values of property and equipment and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Actual results may differ from our estimates.

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual periods beginning October 1, 2024, and our interim periods beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income tax paid. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for our fiscal years beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of certain income statement expenses an entity presents on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements, including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual periods beginning October 1, 2027, and our interim periods beginning October 1, 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

We do not expect that any other recently issued accounting pronouncements will have a significant effect on our consolidated financial statements.

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Fair Value Measurements

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.

•Level 1 — uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Our Level 1 assets were comprised of money market funds and certain marketable securities and our Level 1 liabilities included senior notes as of March 31, 2025 and September 30, 2024.

•Level 2 — uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. We did not have any assets or liabilities that are valued using inputs identified under a Level 2 hierarchy as of March 31, 2025 and September 30, 2024.

•Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, and significant management judgment or estimation. We did not value any assets or liabilities using inputs identified under a Level 3 hierarchy as of March 31, 2025 and September 30, 2024.

The following tables represent financial assets that we measured at fair value on a recurring basis at March 31, 2025 and September 30, 2024:

March 31, 2025	Active Markets for Identical Instruments (Level 1)		Fair Value as of March 31, 2025
	(In thousands)
Assets:
Cash equivalents (1)	$	4,848	$	4,848
Marketable securities (2)	45,400		45,400
Total	$	50,248	$	50,248
September 30, 2024	Active Markets for Identical Instruments (Level 1)		Fair Value as of September 30, 2024
	(In thousands)
Assets:
Cash equivalents (1)	$	7,899	$	7,899
Marketable securities (2)	45,289		45,289
Total	$	53,188	$	53,188

(1)Included in cash and cash equivalents on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024. Not included in these tables are cash deposits of $141.8 million and $142.8 million at March 31, 2025 and September 30, 2024, respectively.

(2)Represents securities held under a supplemental retirement and savings plan for certain officers and senior management employees, which are distributed upon termination or retirement of the employees. Included in marketable securities on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024.

See Note 6 for the fair value of our senior notes.

There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the quarters and six-month periods ended March 31, 2025 and 2024.

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Derivative Financial Instruments

6 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

We use derivative instruments to manage risks caused by fluctuations in foreign exchange rates. The primary objective of our derivative instruments is to protect the value of foreign-currency-denominated receivable and cash balances from the effects of volatility in foreign exchange rates that might occur prior to conversion to their functional currencies. We principally utilize foreign currency forward contracts, which enable us to buy and sell foreign currencies in the future at fixed exchange rates and economically offset changes in foreign exchange rates. We routinely enter into contracts to offset exposures denominated in the British pound, Euro, and Singapore dollar.

Foreign currency-denominated receivable and cash balances are remeasured at foreign exchange rates in effect on the balance sheet date with the effects of changes in foreign exchange rates reported in other income (expense), net. The forward contracts are not designated as hedges and are marked to market through other income (expense), net. Fair value changes in the forward contracts help mitigate the changes in the value of the remeasured receivable and cash balances attributable to changes in foreign exchange rates. The forward contracts are short-term in nature and typically have average maturities at inception of less than three months.

The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2025 and September 30, 2024:

	March 31, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	8,500	$	9,234	$	—
Buy foreign currency:
British pound (GBP)	GBP	16,026	$	20,800	$	—
Singapore dollar (SGD)	SGD	6,971	$	5,200	$	—

	September 30, 2024
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	13,000	$	14,531	$	—
Buy foreign currency:
British pound (GBP)	GBP	12,237	$	16,400	$	—
Singapore dollar (SGD)	SGD	7,404	$	5,800	$	—

The foreign currency forward contracts were entered into on March 31, 2025 and September 30, 2024; therefore, their fair value was $0 on each of these dates.

Gains (losses) on derivative financial instruments were recorded in our condensed consolidated statements of income and comprehensive income as a component of other income (expense), net, and consisted of the following: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands)
Gains (losses) on foreign currency forward contracts	$	502	$	(180)	$	(882)	$	361

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Goodwill

6 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure

Goodwill

The following table summarizes changes to goodwill during the six months ended March 31, 2025, both in total and as allocated to our segments. As of March 31, 2025, there was no accumulated goodwill impairment loss.

	Scores		Software		Total
	(In thousands)
Balance at September 30, 2024	$	146,648	$	636,104	$	782,752
Foreign currency translation adjustment	—		(3,473)		(3,473)
Balance at March 31, 2025	$	146,648	$	632,631	$	779,279

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Composition of Certain Financial Statement Captions

6 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Composition of Certain Financial Statement Captions

The following table presents the composition of prepaid expenses and other current assets at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Prepaid expenses and other current assets:
Prepaid income taxes	$	44,927	$	3,154
Other	40,800		36,950
Total	$	85,727	$	40,104

The following table presents the composition of property and equipment, net at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Property and equipment, net:
Property and equipment	$	86,998	$	99,408
Internal-use software	30,305		16,510
Less: accumulated depreciation and amortization	(66,751)		(77,453)
Total	$	50,552	$	38,465

The following table presents the composition of other accrued liabilities at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Other accrued liabilities:
Interest payable	$	22,155	$	21,663
Other	33,737		58,149
Total	$	55,892	$	79,812

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Debt

6 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt Disclosure

Debt

The following table represents our debt at carrying value at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Current maturities on debt:
The $300 Million Term Loan	$	15,000	$	15,000
Long-term debt:
Revolving line of credit	535,000		210,000
The $300 Million Term Loan	236,250		243,750
The $450 Million Term Loan	450,000		450,000
The 2018 Senior Notes	400,000		400,000
The 2019 Senior Notes and the 2021 Senior Notes	900,000		900,000
Less: debt issuance costs	(8,071)		(9,729)
Long-term debt	2,513,179		2,194,021
Total debt	$	2,528,179	$	2,209,021

Revolving Line of Credit and Term Loans

We have a $600 million unsecured revolving line of credit, a $300 million unsecured term loan (the “$300 Million Term Loan”), and a $450 million unsecured term loan (the “$450 Million Term Loan”) with a syndicate of banks that mature on August 19, 2026. Borrowings under the revolving line of credit and the term loans can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. The $300 Million Term Loan requires principal payments in consecutive quarterly installments of $3.75 million on the last business day of each quarter. We have no obligation to make scheduled principal payments on the $450 Million Term Loan prior to the maturity date, but may prepay the $450 Million Term Loan, without premium or penalty, in whole or in part. Interest rates on amounts borrowed under the revolving line of credit and the term loans are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month adjusted term Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, or (ii) an adjusted term SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). Adjusted term SOFR is defined as term SOFR for the relevant interest period plus a SOFR adjustment of 0.10% per annum. The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The revolving line of credit and the term loans contain certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and a minimum interest coverage ratio of 3.0 to 1.0. The credit agreement also contains other covenants typical of unsecured credit facilities.

As of March 31, 2025, we had $535.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.673%, $251.3 million in outstanding balance of the $300 Million Term Loan at an interest rate of 5.650%, and $450.0 million in outstanding balance of the $450 Million Term Loan at an interest rate of 5.647%. We were in compliance with all financial covenants under the credit agreement as of March 31, 2025.

Senior Notes

On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026.

On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028.

On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes,” and collectively with the 2018 Senior Notes and the 2019 Senior Notes, the “Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes.

The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of March 31, 2025.

The following table presents the face values and fair values for the Senior Notes at March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	400,000	$	398,500	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		856,125		900,000		864,000
Total	$	1,300,000	$	1,254,625	$	1,300,000	$	1,263,500

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Revenue from Contract with Customer

6 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenue from Contracts with Customers

Disaggregation of Revenue

The following tables provide information about disaggregated revenue by primary geographical market:

	Quarter Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	291,982	$	137,020	$	429,002	86	%
Europe, Middle East and Africa	1,667		41,733		43,400		9	%
Asia Pacific	3,390		22,943		26,333		5	%
Total	$	297,039	$	201,696	$	498,735	100	%

	Quarter Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	233,723	$	130,294	$	364,017	84	%
Europe, Middle East and Africa	1,278		40,979		42,257		10	%
Asia Pacific	1,884		25,651		27,535		6	%
Total	$	236,885	$	196,924	$	433,809	100	%

	Six Months Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	524,948	$	283,929	$	808,877	86	%
Europe, Middle East and Africa	3,544		76,215		79,759		9	%
Asia Pacific	4,222		45,845		50,067		5	%
Total	$	532,714	$	405,989	$	938,703	100	%
	Six Months Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	418,671	$	263,856	$	682,527	84	%
Europe, Middle East and Africa	2,586		76,039		78,625		9	%
Asia Pacific	7,740		46,976		54,716		7	%
Total	$	428,997	$	386,871	$	815,868	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by deployment method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
On-premises software	$	82,300	$	79,697	45	%	45	%	$	165,135	$	152,169	45	%	44	%
SaaS software	101,526		97,483		55	%	55	%	204,702		193,679		55	%	56	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by product features:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Platform software	$	56,464	$	47,325	31	%	27	%	$	110,286	$	92,498	30	%	27	%
Non-platform software	127,362		129,855		69	%	73	%	259,551		253,350		70	%	73	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by timing of revenue recognition:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Software recognized at a point in time (1)	$	25,609	$	20,177	14	%	11	%	$	48,417	$	33,959	13	%	10	%
Software recognized over contract term (2)	158,217		157,003		86	%	89	%	321,420		311,889		87	%	90	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

(1)Includes license portion of our on-premises subscription software and perpetual licenses, both of which are recognized when the software is made available to the customer, or at the start of the subscription.

(2)Includes maintenance portion and usage-based fees of our on-premises subscription software, maintenance revenue on perpetual licenses, as well as SaaS revenue.

The following table provides information about disaggregated revenue for our Scores segment by distribution method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Business-to-business Scores	$	242,494	$	185,508	82	%	78	%	$	424,885	$	325,950	80	%	76	%
Business-to-consumer Scores	54,545		51,377		18	%	22	%	107,829		103,047		20	%	24	%
Total	$	297,039	$	236,885	100	%	100	%	$	532,714	$	428,997	100	%	100	%

We derive a substantial portion of revenues from our contracts with the three major consumer reporting agencies, TransUnion, Equifax and Experian. Revenues collectively generated by agreements with these customers accounted for 52% and 47% of our total revenues in the quarters ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the quarters ended March 31, 2025 and 2024. Revenues collectively generated by agreements with these customers accounted for 49% and 43% of our total revenues in the six months ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the six months ended March 31, 2025 and 2024. At March 31, 2025 and September 30, 2024, three individual customers and one individual customer accounted for 10% or more of total consolidated receivables, respectively.

Contract Balances

We record a receivable when we satisfy a performance obligation prior to invoicing if only the passage of time is required before payment is due or if we have an unconditional right to consideration before we satisfy a performance obligation. We record a contract asset when we satisfy a performance obligation prior to invoicing but our right to consideration is conditional. We record deferred revenue when the payment is made or due before we satisfy a performance obligation.

Receivables at March 31, 2025 and September 30, 2024 consisted of the following: 

	March 31, 2025		September 30, 2024
	(In thousands)
Billed	$	301,667	$	264,942
Unbilled	234,462		210,795
	536,129		475,737
Less: allowance for doubtful accounts	(7,506)		(6,454)
Net receivables	528,623		469,283
Less: long-term receivables (*)	(36,081)		(42,641)
Short-term receivables (*)	$	492,542	$	426,642

(*) Short-term receivables and long-term receivables were recorded in accounts receivable, net and other assets, respectively, within the accompanying condensed consolidated balance sheets.

Deferred revenue primarily relates to our maintenance and SaaS contracts billed annually in advance and generally recognized ratably over the term of the service period. Significant changes in the deferred revenues balances are as follows:

	Six Months Ended   March 31, 2025
	(In thousands)
Deferred revenues, beginning balance (*)	$	160,209
Revenue recognized that was included in the deferred revenues balance at the beginning of the period	(115,568)
Increases due to billings, excluding amounts recognized as revenue during the period	130,404
Deferred revenues, ending balance (*)	$	175,045

(*) Deferred revenues at March 31, 2025 included current portion of $171.8 million and long-term portion of $3.2 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets. Deferred revenues at September 30, 2024 included current portion of $156.9 million and long-term portion of $3.3 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets.

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to provide customers with financing or to receive financing from our customers. Examples include multi-year on-premises licenses that are invoiced annually with revenue recognized upfront and invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period.

Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include:

•Usage-based revenue that will be recognized in future periods from on-premises software subscriptions;

•Consumption-based variable fees from SaaS software that will be recognized in the distinct service period during which it is earned; and

•Revenue from variable considerations that will be recognized in accordance with the “right-to-invoice” practical expedient, such as fees from our professional services billed based on a time and materials basis.

Revenue allocated to remaining performance obligations was $512.5 million as of March 31, 2025, approximately 50% of which we expect to recognize over the next 14 months and the remainder thereafter. Revenue allocated to remaining performance obligations was $507.3 million as of September 30, 2024.

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Income Taxes

6 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Effective Tax Rate

The effective income tax rate was 23.7% and 24.9% during the quarters ended March 31, 2025 and 2024, respectively, and 13.2% and 17.3% during the six months ended March 31, 2025 and 2024, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution.

The Organization for Economic Co-operation and Development published Pillar Two Model Rules (“Pillar Two”) for a global 15% minimum tax rate that are in the process of being adopted by a number of jurisdictions in which we operate. FICO continues to monitor these legislative developments and does not expect Pillar Two to have material impacts on its fiscal 2025 consolidated financial statements.

The total unrecognized tax benefit for uncertain tax positions was estimated to be $22.3 million and $19.9 million at March 31, 2025 and September 30, 2024, respectively. We recognize interest expense related to unrecognized tax benefits and penalties as part of the provision for income taxes in our condensed consolidated statements of income and comprehensive income. We accrued interest of $2.5 million and $1.7 million related to unrecognized tax benefits as of March 31, 2025 and September 30, 2024, respectively.

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Earnings per Share

6 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The following table presents reconciliations for the numerators and denominators of basic and diluted earnings per share (“EPS”) for the quarters and six-month periods ended March 31, 2025 and 2024: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands, except per share data)
Numerator for diluted and basic earnings per share:
Net income	$	162,615	$	129,799	$	315,143	$	250,864
Denominator — share:
Basic weighted-average shares	24,389		24,819		24,383		24,791
Effect of dilutive securities	296		335		373		395
Diluted weighted-average shares	24,685		25,154		24,756		25,186
Earnings per share:
Basic	$	6.67	$	5.23	$	12.92	$	10.12
Diluted	$	6.59	$	5.16	$	12.73	$	9.96

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Segment Information

6 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

We are organized into two reportable segments: Scores and Software. Although we sell solutions and services to a large number of end user product and industry markets, our reportable business segments reflect the primary method in which management organizes and evaluates internal financial information to make operating decisions and assess performance.

•Scores. This segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our business-to-consumer (“B2C”) scoring solutions, including our myFICO.com subscription offerings.

•Software. This segment includes pre-configured analytic and decision management solutions designed for a specific type of business need or process — such as account origination, customer management, customer engagement, fraud detection, and marketing — as well as associated professional services. This segment also includes FICO® Platform, a modular software offering designed to support advanced analytic and decision use cases, as well as stand-alone analytic and decisioning software that can be configured by our customers to address a wide variety of business use cases. These offerings are available to our customers as SaaS or as on-premises software.

Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, evaluates segment financial performance based on segment revenues and segment operating income. Segment operating expenses consist of direct and indirect costs principally related to personnel, facilities, IT infrastructure, consulting, travel and depreciation. Indirect costs are allocated to the segments generally based on relative segment revenues, fixed rates established by management based upon estimated expense contribution levels and other assumptions that management considers reasonable. We do not allocate broad-based incentive expense, share-based compensation expense, restructuring and acquisition-related expense, amortization expense, various corporate charges and certain other income and expense measures to our segments. These income and expense items are not allocated because they are not considered in evaluating the segment’s operating performance. Our CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures; rather, depreciation and amortization amounts are allocated to the segments from their internal cost centers as described above.

The following tables summarize segment information for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	183,826	$	—	$	183,826
Professional services	—		17,870		—		17,870
Scores	297,039		—		—		297,039
Total segment revenues	297,039		201,696		—		498,735
Segment operating expense	(32,069)		(138,372)		(40,942)		(211,383)
Segment operating income	$	264,970	$	63,324	$	(40,942)	287,352
Unallocated share-based compensation expense							(41,704)
Operating income							245,648
Unallocated interest expense, net							(31,378)
Unallocated other expense, net							(1,254)
Income before income taxes							$	213,016
Depreciation and amortization	$	118	$	2,340	$	18	$	2,476

	Quarter Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	177,180	$	—	$	177,180
Professional services	—		19,744		—		19,744
Scores	236,885		—		—		236,885
Total segment revenues	236,885		196,924		—		433,809
Segment operating expense	(24,677)		(132,762)		(45,806)		(203,245)
Segment operating income	$	212,208	$	64,162	$	(45,806)	230,564
Unallocated share-based compensation expense							(35,448)
Unallocated amortization expense							(275)
Operating income							194,841
Unallocated interest expense, net							(26,093)
Unallocated other income, net							3,986
Income before income taxes							$	172,734
Depreciation and amortization	$	107	$	2,099	$	16	$	2,222

	Six Months Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	369,837	$	—	$	369,837
Professional services	—		36,152		—		36,152
Scores	532,714		—		—		532,714
Total segment revenues	532,714		405,989		—		938,703
Segment operating expense	(63,973)		(281,923)		(85,273)		(431,169)
Segment operating income	$	468,741	$	124,066	$	(85,273)	507,534
Unallocated share-based compensation expense							(82,358)
Operating income							425,176
Unallocated interest expense, net							(60,866)
Unallocated other expense, net							(1,165)
Income before income taxes							$	363,145
Depreciation and amortization	$	243	$	4,792	$	36	$	5,071

	Six Months Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	345,848	$	—	$	345,848
Professional services	—		41,023		—		41,023
Scores	428,997		—		—		428,997
Total segment revenues	428,997		386,871		—		815,868
Segment operating expense	(48,135)		(267,587)		(86,374)		(402,096)
Segment operating income	$	380,862	$	119,284	$	(86,374)	413,772
Unallocated share-based compensation expense							(67,022)
Unallocated amortization expense							(550)
Operating income							346,200
Unallocated interest expense, net							(50,255)
Unallocated other income, net							7,379
Income before income taxes							$	303,324
Depreciation and amortization	$	188	$	3,697	$	28	$	3,913

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Contingencies	6 Months Ended
	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesWe are in disputes with certain customers regarding amounts owed in connection with the sale of certain of our products and services. We also have had claims asserted by former employees relating to compensation and other employment matters. We are also involved in various other claims and legal actions arising in the ordinary course of business. We record litigation accruals for legal matters which are both probable and estimable. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), we have determined

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 162,615	$ 129,799	$ 315,143	$ 250,864

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Nature of Business (Policies)

6 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Fair Isaac Corporation

Fair Isaac Corporation

Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the “Company,” which may also be referred to in this report as “we,” “us,” “our,” or “FICO”) is a global analytics software leader. We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO’s software and the widely used FICO® Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO® Scores — the standard measure in the United States (“U.S.”) of consumer credit risk — empowering them to increase financial literacy and manage their financial health.

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the applicable accounting guidance. Consequently, we have not necessarily included all information and footnotes required for audited financial statements. In our opinion, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary for a fair presentation of our financial position and results of operations. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our audited consolidated financial statements and notes thereto presented in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The interim financial information contained in this report is not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year.

The condensed consolidated financial statements include the accounts of FICO and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

Use of Estimates

We make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the disclosures made in the accompanying notes. For example, we use estimates in determining the appropriate levels of various accruals; variable considerations included in the transaction price and standalone selling price of each performance obligation for our customer contracts; labor hours in connection with fixed-fee service contracts; the amount of our tax provision; and the realizability of deferred tax assets. We also use estimates in determining the remaining economic lives and carrying values of property and equipment and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Actual results may differ from our estimates.

New Accounting Pronouncements

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual periods beginning October 1, 2024, and our interim periods beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income tax paid. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for our fiscal years beginning October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of certain income statement expenses an entity presents on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements, including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual periods beginning October 1, 2027, and our interim periods beginning October 1, 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our disclosures within our consolidated financial statements.

We do not expect that any other recently issued accounting pronouncements will have a significant effect on our consolidated financial statements.

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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Financial Assets Measured on a Recurring Basis

The following tables represent financial assets that we measured at fair value on a recurring basis at March 31, 2025 and September 30, 2024:

March 31, 2025	Active Markets for Identical Instruments (Level 1)		Fair Value as of March 31, 2025
	(In thousands)
Assets:
Cash equivalents (1)	$	4,848	$	4,848
Marketable securities (2)	45,400		45,400
Total	$	50,248	$	50,248
September 30, 2024	Active Markets for Identical Instruments (Level 1)		Fair Value as of September 30, 2024
	(In thousands)
Assets:
Cash equivalents (1)	$	7,899	$	7,899
Marketable securities (2)	45,289		45,289
Total	$	53,188	$	53,188

(1)Included in cash and cash equivalents on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024. Not included in these tables are cash deposits of $141.8 million and $142.8 million at March 31, 2025 and September 30, 2024, respectively.

(2)Represents securities held under a supplemental retirement and savings plan for certain officers and senior management employees, which are distributed upon termination or retirement of the employees. Included in marketable securities on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024.

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Derivative Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Currency Forward Contracts

The following tables summarize our outstanding foreign currency forward contracts, by currency, at March 31, 2025 and September 30, 2024:

	March 31, 2025
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	8,500	$	9,234	$	—
Buy foreign currency:
British pound (GBP)	GBP	16,026	$	20,800	$	—
Singapore dollar (SGD)	SGD	6,971	$	5,200	$	—

	September 30, 2024
	Contract Amount				Fair Value
	Foreign Currency		USD		USD
	(In thousands)
Sell foreign currency:
Euro (EUR)	EUR	13,000	$	14,531	$	—
Buy foreign currency:
British pound (GBP)	GBP	12,237	$	16,400	$	—
Singapore dollar (SGD)	SGD	7,404	$	5,800	$	—

Gains (Losses) on Derivative Financial Instruments

Gains (losses) on derivative financial instruments were recorded in our condensed consolidated statements of income and comprehensive income as a component of other income (expense), net, and consisted of the following: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands)
Gains (losses) on foreign currency forward contracts	$	502	$	(180)	$	(882)	$	361

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Goodwill (Tables)

6 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes changes to goodwill during the six months ended March 31, 2025, both in total and as allocated to our segments. As of March 31, 2025, there was no accumulated goodwill impairment loss.

	Scores		Software		Total
	(In thousands)
Balance at September 30, 2024	$	146,648	$	636,104	$	782,752
Foreign currency translation adjustment	—		(3,473)		(3,473)
Balance at March 31, 2025	$	146,648	$	632,631	$	779,279

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Composition of Certain Financial Statement Captions (Tables)

6 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Prepaid and Other Current Assets

The following table presents the composition of prepaid expenses and other current assets at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Prepaid expenses and other current assets:
Prepaid income taxes	$	44,927	$	3,154
Other	40,800		36,950
Total	$	85,727	$	40,104

Composition of Property and Equipment

The following table presents the composition of property and equipment, net at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Property and equipment, net:
Property and equipment	$	86,998	$	99,408
Internal-use software	30,305		16,510
Less: accumulated depreciation and amortization	(66,751)		(77,453)
Total	$	50,552	$	38,465

Composition of Other Current Liabilities

The following table presents the composition of other accrued liabilities at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Other accrued liabilities:
Interest payable	$	22,155	$	21,663
Other	33,737		58,149
Total	$	55,892	$	79,812

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Debt (Tables)

6 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table represents our debt at carrying value at March 31, 2025 and September 30, 2024:

	March 31, 2025		September 30, 2024
	(In thousands)
Current maturities on debt:
The $300 Million Term Loan	$	15,000	$	15,000
Long-term debt:
Revolving line of credit	535,000		210,000
The $300 Million Term Loan	236,250		243,750
The $450 Million Term Loan	450,000		450,000
The 2018 Senior Notes	400,000		400,000
The 2019 Senior Notes and the 2021 Senior Notes	900,000		900,000
Less: debt issuance costs	(8,071)		(9,729)
Long-term debt	2,513,179		2,194,021
Total debt	$	2,528,179	$	2,209,021

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the face values and fair values for the Senior Notes at March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
The 2018 Senior Notes	$	400,000	$	398,500	$	400,000	$	399,500
The 2019 Senior Notes and the 2021 Senior Notes	900,000		856,125		900,000		864,000
Total	$	1,300,000	$	1,254,625	$	1,300,000	$	1,263,500

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Revenue from Contract with Customer (Tables)

6 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables provide information about disaggregated revenue by primary geographical market:

	Quarter Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	291,982	$	137,020	$	429,002	86	%
Europe, Middle East and Africa	1,667		41,733		43,400		9	%
Asia Pacific	3,390		22,943		26,333		5	%
Total	$	297,039	$	201,696	$	498,735	100	%

	Quarter Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	233,723	$	130,294	$	364,017	84	%
Europe, Middle East and Africa	1,278		40,979		42,257		10	%
Asia Pacific	1,884		25,651		27,535		6	%
Total	$	236,885	$	196,924	$	433,809	100	%

	Six Months Ended March 31, 2025
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	524,948	$	283,929	$	808,877	86	%
Europe, Middle East and Africa	3,544		76,215		79,759		9	%
Asia Pacific	4,222		45,845		50,067		5	%
Total	$	532,714	$	405,989	$	938,703	100	%
	Six Months Ended March 31, 2024
	Scores		Software		Total		Percentage
	(Dollars in thousands)
Americas	$	418,671	$	263,856	$	682,527	84	%
Europe, Middle East and Africa	2,586		76,039		78,625		9	%
Asia Pacific	7,740		46,976		54,716		7	%
Total	$	428,997	$	386,871	$	815,868	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by deployment method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
On-premises software	$	82,300	$	79,697	45	%	45	%	$	165,135	$	152,169	45	%	44	%
SaaS software	101,526		97,483		55	%	55	%	204,702		193,679		55	%	56	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by product features:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Platform software	$	56,464	$	47,325	31	%	27	%	$	110,286	$	92,498	30	%	27	%
Non-platform software	127,362		129,855		69	%	73	%	259,551		253,350		70	%	73	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by timing of revenue recognition:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Software recognized at a point in time (1)	$	25,609	$	20,177	14	%	11	%	$	48,417	$	33,959	13	%	10	%
Software recognized over contract term (2)	158,217		157,003		86	%	89	%	321,420		311,889		87	%	90	%
Total	$	183,826	$	177,180	100	%	100	%	$	369,837	$	345,848	100	%	100	%

(1)Includes license portion of our on-premises subscription software and perpetual licenses, both of which are recognized when the software is made available to the customer, or at the start of the subscription.

(2)Includes maintenance portion and usage-based fees of our on-premises subscription software, maintenance revenue on perpetual licenses, as well as SaaS revenue.

The following table provides information about disaggregated revenue for our Scores segment by distribution method:

	Quarter Ended March 31,				Percentage of revenues				Six Months Ended March 31,				Percentage of revenues
	2025		2024		2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
Business-to-business Scores	$	242,494	$	185,508	82	%	78	%	$	424,885	$	325,950	80	%	76	%
Business-to-consumer Scores	54,545		51,377		18	%	22	%	107,829		103,047		20	%	24	%
Total	$	297,039	$	236,885	100	%	100	%	$	532,714	$	428,997	100	%	100	%

We derive a substantial portion of revenues from our contracts with the three major consumer reporting agencies, TransUnion, Equifax and Experian. Revenues collectively generated by agreements with these customers accounted for 52% and 47% of our total revenues in the quarters ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the quarters ended March 31, 2025 and 2024. Revenues collectively generated by agreements with these customers accounted for 49% and 43% of our total revenues in the six months ended March 31, 2025 and 2024, respectively, with all three consumer reporting agencies each contributing more than 10% of our total revenues in each of the six months ended March 31, 2025 and 2024. At March 31, 2025 and September 30, 2024, three individual customers and one individual customer accounted for 10% or more of total consolidated receivables, respectively.

Schedule of Accounts Receivable

Receivables at March 31, 2025 and September 30, 2024 consisted of the following: 

	March 31, 2025		September 30, 2024
	(In thousands)
Billed	$	301,667	$	264,942
Unbilled	234,462		210,795
	536,129		475,737
Less: allowance for doubtful accounts	(7,506)		(6,454)
Net receivables	528,623		469,283
Less: long-term receivables (*)	(36,081)		(42,641)
Short-term receivables (*)	$	492,542	$	426,642

(*) Short-term receivables and long-term receivables were recorded in accounts receivable, net and other assets, respectively, within the accompanying condensed consolidated balance sheets.

Deferred Revenue, by Arrangement, Disclosure

Deferred revenue primarily relates to our maintenance and SaaS contracts billed annually in advance and generally recognized ratably over the term of the service period. Significant changes in the deferred revenues balances are as follows:

	Six Months Ended   March 31, 2025
	(In thousands)
Deferred revenues, beginning balance (*)	$	160,209
Revenue recognized that was included in the deferred revenues balance at the beginning of the period	(115,568)
Increases due to billings, excluding amounts recognized as revenue during the period	130,404
Deferred revenues, ending balance (*)	$	175,045

(*) Deferred revenues at March 31, 2025 included current portion of $171.8 million and long-term portion of $3.2 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets. Deferred revenues at September 30, 2024 included current portion of $156.9 million and long-term portion of $3.3 million that were recorded in deferred revenue and other liabilities, respectively, within the condensed consolidated balance sheets.

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Earnings per Share (Tables)

6 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share

The following table presents reconciliations for the numerators and denominators of basic and diluted earnings per share (“EPS”) for the quarters and six-month periods ended March 31, 2025 and 2024: 

	Quarter Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(In thousands, except per share data)
Numerator for diluted and basic earnings per share:
Net income	$	162,615	$	129,799	$	315,143	$	250,864
Denominator — share:
Basic weighted-average shares	24,389		24,819		24,383		24,791
Effect of dilutive securities	296		335		373		395
Diluted weighted-average shares	24,685		25,154		24,756		25,186
Earnings per share:
Basic	$	6.67	$	5.23	$	12.92	$	10.12
Diluted	$	6.59	$	5.16	$	12.73	$	9.96

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Segment Information (Tables)

6 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of Segment Information

The following tables summarize segment information for the quarters and six-month periods ended March 31, 2025 and 2024:

	Quarter Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	183,826	$	—	$	183,826
Professional services	—		17,870		—		17,870
Scores	297,039		—		—		297,039
Total segment revenues	297,039		201,696		—		498,735
Segment operating expense	(32,069)		(138,372)		(40,942)		(211,383)
Segment operating income	$	264,970	$	63,324	$	(40,942)	287,352
Unallocated share-based compensation expense							(41,704)
Operating income							245,648
Unallocated interest expense, net							(31,378)
Unallocated other expense, net							(1,254)
Income before income taxes							$	213,016
Depreciation and amortization	$	118	$	2,340	$	18	$	2,476

	Quarter Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	177,180	$	—	$	177,180
Professional services	—		19,744		—		19,744
Scores	236,885		—		—		236,885
Total segment revenues	236,885		196,924		—		433,809
Segment operating expense	(24,677)		(132,762)		(45,806)		(203,245)
Segment operating income	$	212,208	$	64,162	$	(45,806)	230,564
Unallocated share-based compensation expense							(35,448)
Unallocated amortization expense							(275)
Operating income							194,841
Unallocated interest expense, net							(26,093)
Unallocated other income, net							3,986
Income before income taxes							$	172,734
Depreciation and amortization	$	107	$	2,099	$	16	$	2,222

	Six Months Ended March 31, 2025
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	369,837	$	—	$	369,837
Professional services	—		36,152		—		36,152
Scores	532,714		—		—		532,714
Total segment revenues	532,714		405,989		—		938,703
Segment operating expense	(63,973)		(281,923)		(85,273)		(431,169)
Segment operating income	$	468,741	$	124,066	$	(85,273)	507,534
Unallocated share-based compensation expense							(82,358)
Operating income							425,176
Unallocated interest expense, net							(60,866)
Unallocated other expense, net							(1,165)
Income before income taxes							$	363,145
Depreciation and amortization	$	243	$	4,792	$	36	$	5,071

	Six Months Ended March 31, 2024
	Scores		Software		Unallocated Corporate Expenses		Total
	(In thousands)
Segment revenues:
On-premises and SaaS software	$	—	$	345,848	$	—	$	345,848
Professional services	—		41,023		—		41,023
Scores	428,997		—		—		428,997
Total segment revenues	428,997		386,871		—		815,868
Segment operating expense	(48,135)		(267,587)		(86,374)		(402,096)
Segment operating income	$	380,862	$	119,284	$	(86,374)	413,772
Unallocated share-based compensation expense							(67,022)
Unallocated amortization expense							(550)
Operating income							346,200
Unallocated interest expense, net							(50,255)
Unallocated other income, net							7,379
Income before income taxes							$	303,324
Depreciation and amortization	$	188	$	3,697	$	28	$	3,913

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Nature of Business (Details)	Mar. 31, 2025 country
Accounting Policies [Abstract]
Number of Countries in which Entity Operates	80

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Fair Value Measurements - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Mar. 31, 2025	Sep. 30, 2024
Assets:
Marketable securities		$ 45,400	$ 45,289
Cash deposits		141,800	142,800
Fair Value, Measurements, Recurring
Assets:
Cash equivalents	[1]	4,848	7,899
Marketable securities	[2]	45,400	45,289
Total		50,248	53,188
Fair Value, Measurements, Recurring | Active Markets for Identical Instruments (Level 1)
Assets:
Cash equivalents	[1]	4,848	7,899
Marketable securities	[2]	45,400	45,289
Total		$ 50,248	$ 53,188

[1] Included in cash and cash equivalents on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024. Not included in these tables are cash deposits of $141.8 million and $142.8 million at March 31, 2025 and September 30, 2024, respectively.

[2] Represents securities held under a supplemental retirement and savings plan for certain officers and senior management employees, which are distributed upon termination or retirement of the employees. Included in marketable securities on our condensed consolidated balance sheets at March 31, 2025 and September 30, 2024.

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Derivative Financial Instruments - Additional Information (Detail) - USD ($)	6 Months Ended
	Mar. 31, 2025	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Short-term forward contracts, average maturities at inception (less than)	3 months
Foreign currency forward contracts
Derivative [Line Items]
Forward foreign currency contracts fair value	$ 0	$ 0

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Derivative Financial Instruments - Summary of Outstanding Forward Foreign Currency Contracts by Currency (Detail) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2025 EUR (€)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 GBP (£)	Mar. 31, 2025 SGD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 SGD ($)
Foreign Exchange Contracts To Sell European Euro for US Dollar
Derivative [Line Items]
Fair value of forward foreign currency contracts to sell and buy foreign currency		$ 0				$ 0
Foreign Exchange Contracts To Sell European Euro for US Dollar | Foreign currency forward contracts | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Contract amount of forward foreign currency contracts	€ 8,500	9,234			€ 13,000	14,531
Foreign Exchange Contracts To Purchase British Pounds With US Dollars
Derivative [Line Items]
Fair value of forward foreign currency contracts to sell and buy foreign currency		0				0
Foreign Exchange Contracts To Purchase British Pounds With US Dollars | Foreign currency forward contracts | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Contract amount of forward foreign currency contracts		20,800	£ 16,026			16,400	£ 12,237
Foreign Exchange Contracts To Purchase Singapore Dollars With US Dollars
Derivative [Line Items]
Fair value of forward foreign currency contracts to sell and buy foreign currency		0				0
Foreign Exchange Contracts To Purchase Singapore Dollars With US Dollars | Foreign currency forward contracts | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Contract amount of forward foreign currency contracts		$ 5,200		$ 6,971		$ 5,800		$ 7,404

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Derivative Financial Instruments - Gains (Losses) on Derivative Financial Instruments Recorded in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Foreign currency forward contracts
Derivative [Line Items]
Gains (losses) on foreign currency forward contracts	$ 502	$ (180)	$ (882)	$ 361

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Goodwill (Details) $ in Millions	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impaired, Accumulated Impairment Loss	$ 0

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Goodwill - Summary of Changes to Goodwill (Detail) $ in Thousands	6 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Balance at September 30, 2024	$ 782,752
Foreign currency translation adjustment	(3,473)
Balance at March 31, 2025	779,279
Scores
Goodwill [Roll Forward]
Balance at September 30, 2024	146,648
Foreign currency translation adjustment	0
Balance at March 31, 2025	146,648
Software
Goodwill [Roll Forward]
Balance at September 30, 2024	636,104
Foreign currency translation adjustment	(3,473)
Balance at March 31, 2025	$ 632,631

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Composition of Certain Financial Statement Captions - Prepaid and Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid income taxes	$ 44,927	$ 3,154
Other Prepaid Expense, Current	40,800	36,950
Prepaid expenses and other current assets	$ 85,727	$ 40,104

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Composition of Certain Financial Statement Captions - Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (66,751)	$ (77,453)
Property and equipment, net	50,552	38,465
Property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	86,998	99,408
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment	$ 30,305	$ 16,510

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Composition of Certain Financial Statement Captions - Other Accrued Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payable	$ 22,155	$ 21,663
Other	33,737	58,149
Other accrued liabilities:	$ 55,892	$ 79,812

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Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Current maturities on debt	$ 15,000	$ 15,000
Debt issuance costs	(8,071)	(9,729)
Long-Term Debt, Excluding Current Maturities	2,513,179	2,194,021
Debt, Long-Term and Short-Term, Combined Amount	2,528,179	2,209,021
Senior Notes | May 2018 Senior Notes
Debt Instrument [Line Items]
Senior Notes, Noncurrent	400,000	400,000
Senior Notes | Dec 2019 and 2021 Senior Notes
Debt Instrument [Line Items]
Senior Notes, Noncurrent	900,000	900,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of Credit, Noncurrent	535,000	210,000
Revolving Credit Facility | Loans Payable
Debt Instrument [Line Items]
Loans Payable to Bank, Current	15,000	15,000
Revolving Credit Facility | Loans Payable | The $300 Million Term Loan
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent	236,250	243,750
Revolving Credit Facility | Loans Payable | The $450 Million Term Loan
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent	$ 450,000	$ 450,000

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Revolving Line of Credit (Detail)	Oct. 20, 2021 USD ($)	May 08, 2018 USD ($)	Mar. 31, 2025 USD ($)	Jun. 13, 2024 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility, expiration date		Aug. 19, 2026
Credit facility restrictive covenant, maximum consolidated leverage ratio		3.5
Credit facility restrictive covenant, maximum consolidated leverage ratio step up		4.0
Interest coverage ratio		3.0
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit		$ 600,000,000
Borrowings outstanding			$ 535,000,000.0
Interest rate of borrowings outstanding			5.673%
Revolving Credit Facility | Loans Payable
Line of Credit Facility [Line Items]
Line of Credit Facility, Periodic Payment	$ 3,750,000
Revolving Credit Facility | Loans Payable | The $300 Million Term Loan
Line of Credit Facility [Line Items]
Initial Term Loan to Bank	$ 300,000,000
Interest rate of borrowings outstanding			5.65%
Loans Payable to Bank			$ 251,300,000
Revolving Credit Facility | Loans Payable | The $450 Million Term Loan
Line of Credit Facility [Line Items]
Initial Term Loan to Bank				$ 450,000,000
Interest rate of borrowings outstanding			5.647%
Loans Payable to Bank			$ 450,000,000.0
Base Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		0.00%
Base Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		0.75%
SOFR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		1.00%
SOFR | Minimum
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		1.00%
SOFR | Maximum
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		1.75%
Fed Funds Effective Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate		0.50%

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Senior Notes (Details) - Senior Notes - USD ($)	Dec. 17, 2021	Dec. 06, 2019	May 08, 2018	Mar. 31, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Long-Term Debt, Fair Value				$ 1,254,625,000	$ 1,263,500,000
Carrying value of Senior Notes				1,300,000,000	1,300,000,000
May 2018 Senior Notes
Debt Instrument [Line Items]
Senior Notes issued in a private placement to a group of institutional investors			$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.25%
Debt instrument, maturity date			May 15, 2026
Long-Term Debt, Fair Value				398,500,000	399,500,000
Carrying value of Senior Notes				400,000,000	400,000,000
Senior Notes December 2019
Debt Instrument [Line Items]
Senior Notes issued in a private placement to a group of institutional investors		$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage		4.00%
Debt instrument, maturity date		Jun. 15, 2028
Senior Notes December 2021
Debt Instrument [Line Items]
Senior Notes issued in a private placement to a group of institutional investors	$ 550,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Debt instrument, maturity date	Jun. 15, 2028
Dec 2019 and 2021 Senior Notes
Debt Instrument [Line Items]
Long-Term Debt, Fair Value				856,125,000	864,000,000
Carrying value of Senior Notes				$ 900,000,000	$ 900,000,000

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Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025 USD ($) Segment customer	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2025 USD ($) Segment customer	Mar. 31, 2024 USD ($) Segment	Sep. 30, 2024 customer
Disaggregation of Revenue [Line Items]
Total revenues	$ 498,735	$ 433,809	$ 938,703	$ 815,868
Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Revenue, Number of Customers | Segment	(3)	(3)	(3)	(3)
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | TransUnion, Equifax and Experian customers
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	52.00%	47.00%	49.00%	43.00%
Accounts Receivable | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Receivables, Number of Customers | customer	3		3		1
On-premises and SaaS software
Disaggregation of Revenue [Line Items]
Total revenues	$ 183,826	$ 177,180	$ 369,837	$ 345,848
On-premises and SaaS software | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
On-premises and SaaS software | Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	14.00%	11.00%	13.00%	10.00%
On-premises and SaaS software | Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred over Time
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	86.00%	89.00%	87.00%	90.00%
On-Premises | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	45.00%	45.00%	45.00%	44.00%
SaaS Products | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	55.00%	55.00%	55.00%	56.00%
Platform software | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	31.00%	27.00%	30.00%	27.00%
Non-platform software | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	69.00%	73.00%	70.00%	73.00%
Operating Segments | On-premises and SaaS software
Disaggregation of Revenue [Line Items]
Total revenues			$ 369,837	$ 345,848
Americas
Disaggregation of Revenue [Line Items]
Total revenues	$ 429,002	$ 364,017	$ 808,877	$ 682,527
Americas | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	86.00%	84.00%	86.00%	84.00%
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	$ 43,400	$ 42,257	$ 79,759	$ 78,625
EMEA | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	9.00%	10.00%	9.00%	9.00%
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenues	$ 26,333	$ 27,535	$ 50,067	$ 54,716
Asia Pacific | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	5.00%	6.00%	5.00%	7.00%
Scores
Disaggregation of Revenue [Line Items]
Total revenues	$ 297,039	$ 236,885	$ 532,714	$ 428,997
Scores | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
Scores | Business to business Scores
Disaggregation of Revenue [Line Items]
Total revenues	$ 242,494	$ 185,508	$ 424,885	$ 325,950
Scores | Business to business Scores | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	82.00%	78.00%	80.00%	76.00%
Scores | Business to consumer Scores
Disaggregation of Revenue [Line Items]
Total revenues	$ 54,545	$ 51,377	$ 107,829	$ 103,047
Scores | Business to consumer Scores | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	18.00%	22.00%	20.00%	24.00%
Scores | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	$ 297,039	$ 236,885	$ 532,714	$ 428,997
Scores | Operating Segments | On-premises and SaaS software
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Scores | Americas
Disaggregation of Revenue [Line Items]
Total revenues	291,982	233,723	524,948	418,671
Scores | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	1,667	1,278	3,544	2,586
Scores | Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenues	3,390	1,884	4,222	7,740
Software
Disaggregation of Revenue [Line Items]
Total revenues	201,696	196,924	405,989	386,871
Software | On-premises and SaaS software
Disaggregation of Revenue [Line Items]
Total revenues	183,826	177,180	369,837	345,848
Software | On-premises and SaaS software | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenues	25,609	20,177	48,417	33,959
Software | On-premises and SaaS software | Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenues	158,217	157,003	321,420	311,889
Software | On-Premises
Disaggregation of Revenue [Line Items]
Total revenues	82,300	79,697	165,135	152,169
Software | SaaS Products
Disaggregation of Revenue [Line Items]
Total revenues	101,526	97,483	204,702	193,679
Software | Platform software
Disaggregation of Revenue [Line Items]
Total revenues	56,464	47,325	110,286	92,498
Software | Non-platform software
Disaggregation of Revenue [Line Items]
Total revenues	127,362	129,855	259,551	253,350
Software | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	201,696	196,924	405,989	386,871
Software | Operating Segments | On-premises and SaaS software
Disaggregation of Revenue [Line Items]
Total revenues	183,826	177,180	369,837	345,848
Software | Americas
Disaggregation of Revenue [Line Items]
Total revenues	137,020	130,294	283,929	263,856
Software | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	41,733	40,979	76,215	76,039
Software | Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenues	$ 22,943	$ 25,651	$ 45,845	$ 46,976

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Contract Balance - Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Billed	$ 301,667	$ 264,942
Unbilled	234,462	210,795
Receivables Gross	536,129	475,737
Less: allowance for doubtful accounts	(7,506)	(6,454)
Accounts Receivable, after Allowance for Credit Loss	528,623	469,283
Less: long-term receivables	(36,081)	(42,641)
Accounts receivable, net	$ 492,542	$ 426,642

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Contract Balance - Deferred Revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	$ 175,045	$ 160,209
Revenue recognized that was included in the deferred revenues balance at the beginning of the period	115,568
Increases due to billings, excluding amounts recognized as revenue during the period	130,404
Deferred revenue, current portion	171,800	156,900
Deferred revenue, noncurrent	$ 3,200	$ 3,300

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Contract Balances - Payment Terms (Details)	6 Months Ended
	Mar. 31, 2025
Minimum
Contract with Customer, Payment Term [Line Items]
Contract With Customer, Payment Term	30 days
Maximum
Contract with Customer, Payment Term [Line Items]
Contract With Customer, Payment Term	60 days

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Performance Obligation (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 512.5	$ 507.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage	50.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	14 months

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Income Taxes -Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	23.70%	24.90%	13.20%	17.30%
Unrecognized tax benefits, uncertain tax positions	$ 22.3		$ 22.3		$ 19.9
Unrecognized tax benefits, accrued interest	$ 2.5		$ 2.5		$ 1.7

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Earnings per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Numerator for diluted and basic earnings per share:
Net income	$ 162,615	$ 129,799	$ 315,143	$ 250,864
Denominator — share:
Basic weighted-average shares (in shares)	24,389	24,819	24,383	24,791
Effect of dilutive securities (in shares)	296	335	373	395
Diluted weighted-average shares (in shares)	24,685	25,154	24,756	25,186
Earnings per share:
Basic (in dollars per share)	$ 6.67	$ 5.23	$ 12.92	$ 10.12
Diluted (in dollars per share)	$ 6.59	$ 5.16	$ 12.73	$ 9.96

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Segment Information - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Segment revenues:
Total revenues	$ 498,735	$ 433,809	$ 938,703	$ 815,868
Segment operating expense	(253,087)	(238,968)	(513,527)	(469,668)
Operating income	245,648	194,841	425,176	346,200
Unallocated share-based compensation expense	(41,704)	(35,448)	(82,358)	(67,022)
Unallocated amortization expense	0	(275)	0	(550)
Unallocated interest expense	(31,378)	(26,093)	(60,866)	(50,255)
Unallocated other expense, net	(1,254)	3,986	(1,165)	7,379
Income before income taxes	213,016	172,734	363,145	303,324
Depreciation expense	2,476	2,222	5,071	3,913
Operating Segments
Segment revenues:
Segment operating expense	(211,383)	(203,245)	(431,169)	(402,096)
Operating income	287,352	230,564	507,534	413,772
Unallocated Corporate Expenses
Segment revenues:
Segment operating expense	(40,942)	(45,806)	(85,273)	(86,374)
Operating income	(40,942)	(45,806)	(85,273)	(86,374)
Depreciation expense	18	16	36	28
Scores
Segment revenues:
Total revenues	297,039	236,885	532,714	428,997
Scores | Operating Segments
Segment revenues:
Total revenues	297,039	236,885	532,714	428,997
Segment operating expense	(32,069)	(24,677)	(63,973)	(48,135)
Operating income	264,970	212,208	468,741	380,862
Depreciation expense	118	107	243	188
Software
Segment revenues:
Total revenues	201,696	196,924	405,989	386,871
Software | Operating Segments
Segment revenues:
Total revenues	201,696	196,924	405,989	386,871
Segment operating expense	(138,372)	(132,762)	(281,923)	(267,587)
Operating income	63,324	64,162	124,066	119,284
Depreciation expense	2,340	2,099	4,792	3,697
Professional services
Segment revenues:
Total revenues	17,870	19,744	36,152	41,023
Professional services | Operating Segments
Segment revenues:
Total revenues			36,152	41,023
Professional services | Scores | Operating Segments
Segment revenues:
Total revenues	0	0	0	0
Professional services | Software | Operating Segments
Segment revenues:
Total revenues	17,870	19,744	36,152	41,023
On-premises and SaaS software
Segment revenues:
Total revenues	183,826	177,180	369,837	345,848
On-premises and SaaS software | Operating Segments
Segment revenues:
Total revenues			369,837	345,848
On-premises and SaaS software | Scores | Operating Segments
Segment revenues:
Total revenues	0	0	0	0
On-premises and SaaS software | Software
Segment revenues:
Total revenues	183,826	177,180	369,837	345,848
On-premises and SaaS software | Software | Operating Segments
Segment revenues:
Total revenues	183,826	177,180	369,837	345,848
Scores
Segment revenues:
Total revenues	297,039	236,885	532,714	428,997
Scores | Operating Segments
Segment revenues:
Total revenues			532,714	428,997
Scores | Scores | Operating Segments
Segment revenues:
Total revenues	297,039	236,885	532,714	428,997
Scores | Software | Operating Segments
Segment revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0