Fair Isaac Corporation (FICO) delivered a solid QQ1 2025, underscoring the company’s dual-strength in Scores and Software while reiterating fiscal 2025 guidance. Total revenue of approximately $440 million rose 15% year over year, driven by a 23% increase in Scores segment and an 8% rise in Software revenue, offset in part by currency effects. The company highlighted a robust software ARR trajectory with total ARR at $729 million and platform ARR at $228 million, reflecting ongoing Land and Expand strategies and stronger adoption of FICO Score 10 T for mortgages. Net retention remained healthy, with platform NRR at 112% and overall software NRR at 105%, signaling durable upsell and cross-sell momentum even as FX headwinds subdued ARR growth by roughly 2%–3%. On the profitability front, GAAP net income was $153 million and GAAP EPS $6.14, with non-GAAP net income of $144 million and non-GAAP EPS of $5.79 for the quarter, accompanied by solid cash flow generation: free cash flow of $187 million and trailing four-quarter FCF of $673 million, up 36% year over year. Management reaffirmed the fiscal 2025 outlook, emphasizing 2025 ARR growth in the mid-teens overall and platform ARR long-term growth near the 30% level, while acknowledging FX headwinds and a modestly rising expense profile (including ongoing FICO World spending). The call also highlighted strategic initiatives around BNPL data use with Affirm, the expansion of FICO Score 10 T into non-GSE mortgage channels, and continued platform investments to drive scalability and cost discipline. Investors should monitor (1) mortgage origination volumes and GSE/FHFA timing, (2) platform ARR trajectory and conversion of non-platform customers, (3) FX volatility and its impact on ARR, and (4) progress on the BNPL data integration and mortgage simulator roadmap as catalysts for upside in the second half of 2025.