Fair Isaac Corp (FICO) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Fair Isaac Corporation Quarterly Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded today, Wednesday, August 3, 2022.

您好，歡迎參加 Fair Isaac Corporation 季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2022 年 8 月 3 日星期三錄製。

I would now like to turn the call over to Steve Weber. Please go ahead, sir.

我現在想把電話轉給史蒂夫韋伯。請繼續，先生。

Thank you. Good afternoon, everyone, and thank you for joining FICO's third quarter earnings call. I'm Steve Weber, Vice President of Investor Relations, and I'm joined today by our CEO, Will Lansing; and our CFO, Mike McLaughlin.

謝謝你。大家下午好，感謝您參加 FICO 的第三季度財報電話會議。我是投資者關係副總裁史蒂夫韋伯，今天我們的首席執行官威爾蘭辛加入了我的行列；和我們的首席財務官 Mike McLaughlin。

Today, we issued a press release that describes financial results compared to the prior year. On this call, management will also discuss results in comparison to prior quarter in order to facilitate understanding of the run rate of our business.

今天，我們發布了一份新聞稿，描述了與上一年相比的財務業績。在這次電話會議上，管理層還將討論與上一季度相比的結果，以促進了解我們業務的運行率。

Certain statements made in this presentation may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many uncertainties, including the impact of COVID-19 on macroeconomic conditions and the company's business, operations and personnel, that could cause actual results to differ materially.

根據 1995 年《私人證券訴訟改革法案》，本演示文稿中的某些陳述可能具有前瞻性。這些陳述涉及許多不確定性，包括 COVID-19 對宏觀經濟狀況以及公司業務、運營和人員的影響，這可能導致實際結果大相徑庭。

Information concerning these uncertainties is contained in the company's filings with the SEC, in particular, in the risk factors and forward-looking statements portions of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

有關這些不確定性的信息包含在公司提交給美國證券交易委員會的文件中，特別是這些文件的風險因素和前瞻性陳述部分。副本可從 SEC、FICO 網站或我們的投資者關係團隊獲得。

This call will also include statements regarding certain non-GAAP financial measures. Please refer to the company's earnings release and Regulation G schedule issued today for a reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure.

本次電話會議還將包括有關某些非公認會計原則財務措施的聲明。請參閱公司今天發布的收益發布和 G 條例時間表，以將這些非 GAAP 財務指標中的每一項與最具可比性的 GAAP 指標進行對賬。

The earnings release and Regulation G schedule are available on the Investor Relations page of the company's website at fico.com or on the SEC's website at sec.gov. A replay of this webcast will be available through August 3, 2023.

收益發布和 G 條例時間表可在公司網站 fico.com 的投資者關係頁面或美國證券交易委員會網站 sec.gov 上查閱。該網絡廣播的重播將持續到 2023 年 8 月 3 日。

And now, I'll turn the call over to Will Lansing.

現在，我將把電話轉給 Will Lansing。

Thanks, Steve, and thank you, everyone, for joining us for our third quarter earnings call. We posted some slides with our results on the Investor Relations section of our website. I'll be referencing some of those slides during our presentation today. I'll go over the results of our third fiscal quarter and discuss what we're seeing in the markets we serve.

謝謝史蒂夫，謝謝大家加入我們的第三季度財報電話會議。我們在我們網站的投資者關係部分發布了一些帶有我們結果的幻燈片。在今天的演示中，我將參考其中的一些幻燈片。我將回顧我們第三財季的業績，並討論我們在所服務的市場中看到的情況。

We again delivered very strong results in a noncertain marketplace, which demonstrates the resiliency of our business model and the value proposition we deliver. As you can see on Page 2 of the presentation, we reported revenues of $349 million, an increase of 3% over the same period last year or 7% when adjusted for last year's sale of our collections and recovery products.

我們再次在不確定的市場中取得了非常強勁的業績，這證明了我們商業模式的彈性和我們提供的價值主張。正如您在演示文稿的第 2 頁上看到的，我們報告的收入為 3.49 億美元，比去年同期增長 3%，或根據去年我們的收藏品和回收產品的銷售調整後增長 7%。

We delivered $93 million of GAAP net income and GAAP earnings of $3.61 per share, up 21% and 36%, respectively, when adjusted for last year's gain on sale. On a non-GAAP basis, net income was $116 million, up 17%, and earnings per share of $4.47 was up 32% from last year.

根據去年的銷售收益調整後，我們實現了 9300 萬美元的 GAAP 淨收入和 3.61 美元的 GAAP 每股收益，分別增長了 21% 和 36%。按非公認會計原則計算，淨利潤為 1.16 億美元，增長 17%，每股收益 4.47 美元，比去年增長 32%。

Our Scores business continues to perform well despite headwinds in the mortgage market. Scores were up 4% in the quarter versus the prior year, as you can see on Page 6 of the presentation.

儘管抵押貸款市場存在逆風，我們的 Scores 業務繼續表現良好。正如您在演示文稿的第 6 頁上看到的那樣，本季度的分數與上一年相比上升了 4%。

On the B2B side, revenues were up 3%. Mortgage continues to be the headwind as originations have declined as interest rates rise. Mortgage originations revenues were down 25% versus last year. Mortgage origination revenues now account for about 12% of our Scores revenues and 6% of our total company revenues.

在 B2B 方面，收入增長了 3%。抵押貸款繼續成為不利因素，因為隨著利率上升，貸款來源減少。抵押貸款收入與去年相比下降了 25%。現在，抵押貸款發起收入約占我們 Scores 收入的 12%，占公司總收入的 6%。

Excluding mortgage, total B2B revenues were up about 12% versus last year. Auto origination revenues were up 12%, and credit card and personal loan originations revenues were up 37%. We also had double-digit year-over-year increases in our prescreen scores.

不包括抵押貸款，B2B 總收入比去年增長了約 12%。汽車發起收入增長 12%，信用卡和個人貸款發起收入增長 37%。我們的預篩選分數也有兩位數的同比增長。

On the B2C side, revenues were up 7% from the previous year. The slowdown in growth came primarily in our direct myFICO.com channel, where we are seeing fewer new customers coming online. Our partner channel, which includes paid and freemium components, continues to drive double-digit growth.

在 B2C 方面，收入比上一年增長了 7%。增長放緩主要來自我們的直接 myFICO.com 渠道，我們看到在線的新客戶越來越少。我們的合作夥伴渠道（包括付費和免費增值組件）繼續推動兩位數的增長。

In our Software segment, we delivered $170 million of revenue, up 2% from last year and 11% after adjusting for the divestiture. As you know, over several quarters, we've talked about the demand for our platform and how we see substantial growth opportunities.

在我們的軟件部門，我們實現了 1.7 億美元的收入，比去年增長 2%，在調整資產剝離後增長 11%。如您所知，在過去的幾個季度中，我們討論了對我們平台的需求以及我們如何看待巨大的增長機會。

As shown on Page 7, total ARR was up 9%, and the Platform ARR again grew at a remarkable 60%. Our net retention rate is also very strong as our existing customers continued to expand their usage. Total NRR for the quarter, shown on Page 8, was 108%. Platform NRR was 135%.

如第 7 頁所示，總 ARR 增長了 9%，平台 ARR 再次以驚人的 60% 增長。我們的淨保留率也非常高，因為我們現有的客戶繼續擴大他們的使用量。如第 8 頁所示，本季度的總 NRR 為 108%。平台 NRR 為 135%。

We also had a very good quarter with new sales. Our ACV bookings, as shown on Page 9, was up 64% over last year. We're extremely excited about the continued growth potential for our FICO platform, and that excitement was shared by our customers at our recent FICO World Conference.

我們也有一個非常好的季度，有新的銷售。如第 9 頁所示，我們的 ACV 預訂量比去年增長了 64%。我們對 FICO 平台的持續增長潛力感到非常興奮，我們的客戶在最近的 FICO 世界大會上也分享了這種興奮。

The 3-day event hosted in May was an opportunity to finally connect face-to-face with our clients, partners, industry experts and colleagues to reinforce FICO's vision and commitment to client success. We hosted 750 FICO clients from leading banks, financial services firms, auto finance companies, insurance providers and telcos.

5 月舉辦的為期 3 天的活動是一個最終與我們的客戶、合作夥伴、行業專家和同事面對面交流的機會，以加強 FICO 的願景和對客戶成功的承諾。我們接待了來自領先銀行、金融服務公司、汽車金融公司、保險提供商和電信公司的 750 名 FICO 客戶。

The event in Orlando included 90 breakout sessions as well as hundreds of individual strategic consulting engagements, all designed to help our customers identify how FICO can enable them to accelerate and achieve their goals with the FICO platform. It was also a great opportunity here from FICO customers, with nearly 70 clients presenting during breakout sessions, sharing the success stories and lessons learned.

在奧蘭多舉行的活動包括 90 場分組會議以及數百個單獨的戰略諮詢活動，所有這些都旨在幫助我們的客戶確定 FICO 如何使他們能夠通過 FICO 平台加速並實現他們的目標。這也是 FICO 客戶的絕佳機會，有近 70 位客戶在分組會議上發言，分享成功案例和經驗教訓。

FICO World '22 was an essential moment where we had the opportunity to explain and demonstrate our platform strategy directly to our most strategic clients. Clients rated this FICO World the best FICO World of all past events, and we've already seen a surge in registrations for the next FICO World, to be held May 13 through 16 in Hollywood, Florida.

FICO World '22 是一個重要時刻，我們有機會直接向我們最具戰略意義的客戶解釋和展示我們的平台戰略。客戶將這個 FICO World 評為過去所有活動中最好的 FICO World，我們已經看到將於 5 月 13 日至 16 日在佛羅里達州好萊塢舉行的下一屆 FICO World 的註冊人數激增。

I'll have some final comments in a few minutes. But first, let me turn the call back over to Mike for financial details.

我會在幾分鐘後發表一些最後的評論。但首先，讓我把電話轉給邁克了解財務細節。

Thanks, Will, and good afternoon, everyone. We delivered another quarter of strong results and remain confident that we can deliver on the increased guidance we issued last quarter.

謝謝，威爾，大家下午好。我們又實現了一個季度的強勁業績，並且仍然相信我們能夠實現我們上個季度發布的增加的指導。

Total revenue for the third quarter was $349 million, an increase of 3% over the prior year or 7% after adjusting for the divestiture of our Collections and Recovery product line last June. In our Scores segment, revenues were $179 million, up 4% from the same period last year. B2B Scores revenue was up 3% over the prior year. As Will mentioned, we continue to see a decline in mortgage origination revenues, which were down 25% from the same quarter last year.

第三季度的總收入為 3.49 億美元，在去年 6 月對我們的 Collections and Recovery 產品線的剝離進行調整後，比上年增長 3% 或 7%。在我們的分數部門，收入為 1.79 億美元，比去年同期增長 4%。 B2B 評分收入比上一年增長 3%。正如威爾所說，我們繼續看到抵押貸款發起收入下降，比去年同期下降了 25%。

However, other parts of the portfolio continue to be strong. Credit card and personal loan originations revenues were up 37%, and originations revenues and auto originations revenues were up 12%. And we continue to see nice growth in our prescreen scores, which is a good sign for continued strength in credit card originations.

然而，投資組合的其他部分繼續強勁。信用卡和個人貸款發放收入增長 37%，發放收入和汽車發放收入增長 12%。我們繼續看到我們的預篩選分數有不錯的增長，這是信用卡發行持續強勁的一個好兆頭。

B2C Scores revenues were up 7% from the same period last year driven by strong growth from our partner channel. FICO's Software segment revenues in the third quarter were $170 million, up 2% versus the same period last year or 11% after adjusting for the divestiture of our Collections and Recovery business.

在我們合作夥伴渠道的強勁增長的推動下，B2C Scores 的收入比去年同期增長了 7%。 FICO 第三季度的軟件部門收入為 1.7 億美元，比去年同期增長 2%，在調整我們的收集和恢復業務剝離後增長 11%。

Software license revenue recognized upfront or at a point in time was $21 million -- was $20 million in the quarter compared to $13 million in the same period last year. As a reminder, these point-in-time revenues are a result of GAAP accounting rules that require us to recognize upfront a portion of the total contract value of multiyear on-premise software license subscription sales and renewals.

預先或在某個時間點確認的軟件許可收入為 2100 萬美元，本季度為 2000 萬美元，而去年同期為 1300 萬美元。提醒一下，這些時間點收入是 GAAP 會計規則的結果，該規則要求我們預先確認多年內部部署軟件許可證訂閱銷售和續訂的總合同價值的一部分。

Point-in-time revenues will vary from quarter-to-quarter driven primarily by the mix of on-premise versus SaaS subscription sales. It's important to note that our ARR metric is not impacted by these point-in-time revenue accounting rules.

時間點收入將因季度而異，主要受內部部署與 SaaS 訂閱銷售的混合驅動。需要注意的是，我們的 ARR 指標不受這些時間點收入會計規則的影響。

As expected, we continue to see lower Software professional services revenues. Those revenues were $27 million this quarter, up slightly from last quarter, but down 24% from the same period last year, much of it due to last year's divestiture. This quarter, 84% of total company revenues were derived from our Americas region. Our Asia Pacific region generated 5%. And the remaining 11% was from EMEA.

正如預期的那樣，我們繼續看到軟件專業服務收入下降。本季度這些收入為 2700 萬美元，比上一季度略有增長，但比去年同期下降 24%，其中大部分是由於去年的資產剝離。本季度，公司總收入的 84% 來自我們的美洲地區。我們的亞太地區產生了 5%。剩下的 11% 來自 EMEA。

Our Software ARR at the end of the third fiscal quarter of 2022 was $561 million, a 9% increase over the prior year quarter. Our Platform business continues to perform extremely well. Platform ARR was $108 million, representing 19% of our total third quarter ARR, with a growth rate of 60% versus the prior year.

我們在 2022 年第三財季末的軟件 ARR 為 5.61 億美元，比去年同期增長 9%。我們的平台業務繼續表現出色。平台 ARR 為 1.08 億美元，占我們第三季度總 ARR 的 19%，較上年增長 60%。

Our non-Platform ARR was $453 million in the quarter, up 1% from the prior year. As a reminder, our reported ARR and related metrics exclude all revenues from divestitures in prior periods.

本季度我們的非平台 ARR 為 4.53 億美元，比去年同期增長 1%。提醒一下，我們報告的 ARR 和相關指標不包括前期資產剝離的所有收入。

Our dollar-based net retention rate in the quarter was 108% overall. Again, we're seeing exceptional performance in our Platform business as customers continue to expand their usage. The dollar-based net retention rate for Platform was 135% in the third quarter. Our non-Platform customers software usage continues to be mature and relatively stable, with a net retention rate of 101% this quarter.

本季度我們基於美元的淨保留率為 108%。同樣，隨著客戶繼續擴大使用範圍，我們的平台業務表現出色。第三季度，Platform 的美元淨保留率為 135%。我們的非平台客戶軟件使用繼續成熟且相對穩定，本季度的淨保留率為 101%。

Software sales were again strong this quarter, with annual contract value bookings of $19 million versus $11.6 million in the prior year, an increase of 64%. Our ACV bookings include only the annual recurring value of Software sales, excluding professional services.

本季度軟件銷售再次強勁，年度合同價值預訂額為 1900 萬美元，而去年同期為 1160 萬美元，增長了 64%。我們的 ACV 預訂僅包括軟件銷售的年度經常性價值，不包括專業服務。

Turning now to our expenses for the quarter. Total operating expenses were $208 million this quarter, up slightly from our second quarter. We expect expenses to continue to increase modestly in our fourth quarter.

現在轉向我們本季度的費用。本季度總運營費用為 2.08 億美元，略高於第二季度。我們預計第四季度的費用將繼續小幅增加。

Our non-GAAP operating margin, as shown on our Reg G schedule, was 49% for the quarter. We delivered non-GAAP margin expansion of 1,000 basis points over the same period last year.

如我們的 Reg G 時間表所示，本季度我們的非公認會計原則營業利潤率為 49%。與去年同期相比，我們實現了 1,000 個基點的非公認會計原則利潤率擴張。

GAAP net income this quarter was $93 million, and our GAAP EPS was $3.61, which was down from last year when we had a $93 million pretax gain on sale of our collections and recovery product line. Our non-GAAP net income was $116 million for the quarter, up 17% from the same quarter last year.

本季度的 GAAP 淨收入為 9300 萬美元，我們的 GAAP 每股收益為 3.61 美元，低於去年我們出售收藏品和回收產品線獲得 9300 萬美元的稅前收益。本季度我們的非公認會計原則淨收入為 1.16 億美元，比去年同期增長 17%。

The effective tax rate for the quarter was 23%. We expect our FY 2022 recurring tax rate to be approximately 25% before any excess tax benefit and other discrete items. The resulting net effective tax rate is estimated to be about 24%.

本季度的有效稅率為 23%。我們預計，在扣除任何超額稅收優惠和其他離散項目之前，我們 2022 財年的經常性稅率約為 25%。由此產生的淨有效稅率估計約為 24%。

Free cash flow for the quarter was $115 million, up 16% from the same period last year. For the trailing 12-month period, free cash flow was $449 million. At the end of the quarter, we had $182 million in cash and investments. Our total debt at quarter end was $1.96 billion, with a weighted average interest rate of 3.86%.

本季度的自由現金流為 1.15 億美元，比去年同期增長 16%。在過去的 12 個月期間，自由現金流為 4.49 億美元。在本季度末，我們擁有 1.82 億美元的現金和投資。我們在季度末的總債務為 19.6 億美元，加權平均利率為 3.86%。

Turning to return of capital. We bought back 735,000 shares in the third quarter at an average price of $384 per share. At the end of June, we had about $119 million remaining on the current Board authorization and continue to view share repurchases as an attractive use of cash.

轉向資本回報。我們在第三季度以每股 384 美元的平均價格回購了 735,000 股股票。截至 6 月底，我們在當前董事會授權中剩餘約 1.19 億美元，並繼續將股票回購視為一種有吸引力的現金用途。

With that, I'll turn it back over to Will for his thoughts on the rest of FY '22.

有了這個，我會把它交給威爾，看看他對 22 財年剩餘時間的看法。

Thanks, Mike. As I said in my opening remarks, I'm pleased with our ability to continue to deliver strong results and how we can meet our customer needs while working in the best interest of our shareholders.

謝謝，邁克。正如我在開場白中所說，我很高興我們能夠繼續取得強勁的業績，以及我們如何在滿足客戶需求的同時為股東的最大利益而努力。

We continue to deliver mission-critical software and analytics to customers. As the financial services industry continues to navigate the impacts of economic volatility, the need for precision through advanced analytics has never been more important. Lenders are seeking more ways to assess risk and opportunity in real-time to inform decision-making. And we have the technology and expertise to deliver best-in-class solutions.

我們繼續向客戶提供任務關鍵型軟件和分析。隨著金融服務行業繼續應對經濟波動的影響，通過高級分析實現精確度的需求從未像現在這樣重要。貸方正在尋求更多方法來實時評估風險和機會，從而為決策提供信息。我們擁有提供一流解決方案的技術和專業知識。

Our Scores business continues to provide lenders with time-tested analytics that help manage risk throughout the consumer lending market. And the use of those scores throughout the many different lending markets means we're not highly leveraged to specific types of lending more customers.

我們的 Scores 業務繼續為貸方提供經過時間考驗的分析，幫助管理整個消費貸款市場的風險。在許多不同的貸款市場中使用這些分數意味著我們沒有高度利用特定類型的貸款更多的客戶。

On the Software side, we continue to drive remarkable Platform ARR and NRR growth, demonstrating a strong market appreciation and appetite for our latest decisioning technology.

在軟件方面，我們繼續推動平台 ARR 和 NRR 的顯著增長，顯示出對我們最新決策技術的強烈市場欣賞和需求。

Finally, as you know, it's our practice to provide only annual guidance, so it's not our policy to raise guidance in our fourth quarter. I'm pleased to say we are reiterating the full year guidance that we raised last quarter. We remain confident that we are well positioned to meet or beat the numbers we have presented and look forward to discussing our fiscal '23 expectations when we release our results next quarter.

最後，如您所知，我們的做法是僅提供年度指導，因此在第四季度提高指導不是我們的政策。我很高興地說，我們重申了上個季度提出的全年指導。我們仍然有信心，我們有能力滿足或超過我們提供的數字，並期待在下個季度發布我們的業績時討論我們的 23 財年預期。

I'll turn the call back to Steve for Q&A.

我會將電話轉回史蒂夫進行問答。

Thanks, Will. This concludes our prepared remarks, and we're now ready to take any questions you may have. Operator, please open the line.

謝謝，威爾。我們準備好的評論到此結束，我們現在準備好回答您可能提出的任何問題。接線員，請打開線路。

(Operator Instructions) The first question will come from Manav Patnaik with Barclays.

（操作員說明）第一個問題將來自巴克萊銀行的 Manav Patnaik。

Well, I just wanted to touch on the last point you made where you said you're kind of prepared to meet or beat the guidance. But I was hoping you could just walk us through some of the moving pieces. It sounds like maybe mortgage could work, myFICO-dot could work. And anything else that perhaps either got worse or better, and maybe throw in some comments on pricing in there as well?

好吧，我只是想談談你所說的最後一點，你說你已經準備好迎接或擊敗指導。但我希望你能引導我們了解一些動人的部分。聽起來也許抵押貸款可以工作，myFICO-dot 可以工作。還有其他任何可能變得更糟或更好的東西，並且可能還會對那裡的定價發表一些評論？

Well, those -- I mean, pricing is really a discussion for next year. I mean the pricing is baked in for this year. And those really are the puts and takes. I mean we've got mortgage headwind, and everything else is pretty strong.

好吧，那些 - 我的意思是，定價確實是明年的討論。我的意思是今年的定價已經確定。這些確實是投入和投入。我的意思是我們遇到了抵押貸款逆風，其他一切都非常強勁。

Our next question will come from the line of Kyle Peterson with Needham.

我們的下一個問題將來自 Kyle Peterson 和 Needham 的觀點。

I just wanted to have a question on Software. Results are really strong, especially on the ARR side this quarter for Platform. Have you guys seen any change, whether it's in longer sales cycles or clients looking at potentially down-gauging deals with some recessionary fears kind of perking up here?

我只是想問一個關於軟件的問題。結果非常強勁，尤其是在本季度平台的 ARR 方面。你們有沒有看到任何變化，無論是在更長的銷售週期中，還是在考慮潛在的下調交易的情況下，一些經濟衰退的擔憂在這裡抬頭？

No, no. We really have not. I would say that the IT spending in the financial services industry seems to be on track and hasn't moved a whole lot. Sales cycles have not gotten any longer. They're the same, which is not to say they're short, but they're what they have always been. And so I would say no change.

不，不。我們真的沒有。我想說的是，金融服務行業的 IT 支出似乎步入正軌，並沒有太大變化。銷售週期不再延長。他們是一樣的，這並不是說他們很短，但他們一直都是這樣。所以我會說沒有改變。

Understood. That's really helpful. And then, I guess, just following up on the expense run rate. You showed some really good margin leverage this quarter despite having your conference. Then you guys said expenses up modestly next quarter. What are the biggest drivers of higher expenses here? Is it just higher personnel and wage costs, just given the tight labor market? Or are there any other investments that you guys are making, that you guys want to call out right now?

明白了。這真的很有幫助。然後，我想，只是跟進費用運行率。儘管召開了會議，但您在本季度表現出了一些非常好的保證金槓桿作用。然後你們說下個季度的費用會小幅上漲。這里費用增加的最大驅動因素是什麼？只是考慮到勞動力市場緊張，是否只是更高的人員和工資成本？或者你們有沒有其他的投資，你們現在想提出來？

It's a couple of things. We're going back to a little bit more of the pre-COVID travel expense that has started -- is just starting to kick in again. And I would say that we are hiring. Attrition is more or less where it's always been, but I think it's taking us a little longer to backfill than in years past. It's a tight market out there.

這是幾件事。我們將回到 COVID 之前已經開始的更多旅行費用——剛剛開始重新開始。我會說我們正在招聘。減員或多或少一直存在，但我認為與過去幾年相比，我們需要更長的時間來回填。這是一個緊張的市場。

Our next question comes from the line of Surinder Thind with Jefferies.

我們的下一個問題來自於傑富瑞的 Surinder Thind。

A question about the ACV bookings here. It's the third consecutive quarter of a really strong number. Any color or commentary there, in addition to what you've kind of said on the call, in the sense that I think the expectation is, is that relative to where expectations were, you guys are well ahead of that.

關於 ACV 預訂的問題在這裡。這是一個非常強勁的數字連續第三個季度。那裡的任何顏色或評論，除了你在電話會議上所說的話，從某種意義上說，我認為期望是，相對於期望的地方，你們遠遠領先於此。

And there also tends to be seasonality next quarter. So how should we think about that? Has there been any pull forward? Or should we just expect the normal seasonality as well?

下個季度也往往存在季節性。那麼我們應該如何思考呢？有沒有向前推進？還是我們也應該期待正常的季節性？

So ACV bookings, as you know, is a new metric reported externally. We've been tracking it internally longer than that, of course. And we set high goals for ourselves for this year in terms of new sales, and we're on track to hit those.

因此，如您所知，ACV 預訂是外部報告的新指標。當然，我們在內部跟踪它的時間比這更長。我們為今年的新銷售額設定了很高的目標，我們有望實現這些目標。

There isn't a material amount of pull-forward or any that I can put my finger on that's happened this quarter or quarters before. ACV bookings is a pretty good metric because it doesn't have the revenue acceleration dynamics or distortions that you see with other metrics. And we do expect Q4 to be good in terms of ACV bookings as it usually is.

在本季度或之前的幾個季度中，沒有任何實質性的前推或任何我可以指出的事情。 ACV 預訂量是一個非常好的指標，因為它沒有您在其他指標中看到的收入加速動態或扭曲。我們確實預計第四季度的 ACV 預訂量會像往常一樣好。

Fair enough. And then in terms of the professional services, they had been declining for a while. I think, last quarter, you talked about them kind of bottoming. And then there was a meaningful uptick this quarter. I mean I realize it's not a large number, but it's -- that was a bigger uptick than I was anticipating. Any color there? Or what kind of drives the run rate there? Where should that kind of balance out?

很公平。然後在專業服務方面，他們已經下降了一段時間。我認為，上個季度，您談到了它們的觸底。然後本季度出現了有意義的增長。我的意思是我意識到這不是一個很大的數字，但它是 - 這比我預期的要大。那裡有顏色嗎？或者是什麼驅動了那裡的運行率？這種平衡應該在哪裡？

Yes. I think it was my prediction, as you correctly point out, last quarter that we may have reached the bottom. I think that's demonstrated early, so we have 1 quarter's data point that, that is the case. When we shifted our strategic focus away from lower-margin professional services to focus more of our go-to-market energies on annual recurring software, we saw significant decline in the bookings of new professional services once we made that decision.

是的。正如您正確指出的那樣，我認為這是我的預測，上個季度我們可能已經觸底。我認為這已經很早就證明了，所以我們有 1 個季度的數據點，就是這樣。當我們將戰略重點從利潤率較低的專業服務轉移到將更多的市場投入精力集中在年度經常性軟件上時，我們發現在做出這一決定後，新專業服務的預訂量顯著下降。

It takes a while for those bookings to work their way through revenues because we, in any given quarter, have 3 or 4 quarters of backlog of professional services that we continue to work our way through. So we -- you can't see it from the outside, but we saw our professional services new bookings go down pretty rapidly when we made the policy change.

這些預訂需要一段時間才能實現收入，因為在任何特定季度，我們都有 3 或 4 個季度的專業服務積壓，我們將繼續努力解決這些問題。所以我們——你不能從外面看到它，但是當我們做出政策改變時，我們看到我們的專業服務新預訂量迅速下降。

That decline in bookings stabilized about 4 -- 3 to 4 quarters ago, so the bookings are no longer declining. And it took a few quarters for the PS revenues to catch up and hit this, as you say, the new normal. So this kind of $25 million a quarter is probably a pretty good expectation in the near term.

預訂量的下降在大約 4 到 3 到 4 個季度前穩定下來，因此預訂量不再下降。正如你所說，PS 收入花了幾個季度才趕上並達到新常態。因此，這種每季度 2500 萬美元的收入在短期內可能是一個相當不錯的預期。

Helpful. And then a question or a color on the B2C part of the business. You talked about continued double-digit growth at your partner, potentially seeing a slowdown in growth at myFICO.com. Any color there in terms of is it simply the net new additions number? Are you seeing a bit more, perhaps, turnover at myFICO.com? Any color you can provide there?

有幫助。然後是關於業務的 B2C 部分的問題或顏色。您談到您的合作夥伴的持續兩位數增長，可能會看到 myFICO.com 的增長放緩。那裡的任何顏色僅僅是淨新增數量嗎？您是否在 myFICO.com 上看到了更多的營業額？你可以在那裡提供任何顏色嗎？

No, it's really the net new additions. I mean it has to do with the fact that we see spike in that business when people are out mortgage shopping. And so as mortgage volumes fall off, consumers subscribe to that in smaller numbers.

不，這真的是淨新增。我的意思是，當人們購買抵押貸款時，我們看到該業務激增。因此，隨著抵押貸款數量的下降，消費者訂閱的數量就會減少。

(Operator Instructions) The next question comes from the line of George Tong with Goldman Sachs.

（操作員說明）下一個問題來自 George Tong 與 Goldman Sachs 的對話。

You provided revenue performance across mortgage, autos and card and personal loans. Can you describe how price and volume trends contributed to performance in those categories?

您提供了抵押貸款、汽車和信用卡以及個人貸款的收入表現。您能否描述價格和數量趨勢如何影響這些類別的表現？

Price played a part. I think that if you look at the externally available numbers for performance in those 3 categories, that our volume realizations were similar to what you would think they would be if you looked at things like J.D. Power or the NBA or the results of the bureaus that reported in the last week or 1.5 weeks.

價格起了作用。我認為，如果您查看這 3 個類別的外部可用數據，我們的成交量實現類似於您查看 J.D. Power 或 NBA 或各局的結果時所認為的結果。在上週或 1.5 週內報告。

I would say, as we said last quarter, that the mortgage decline in terms of units has been pretty consistent with what we expected it would be for the year when we set guidance and then revised it. Last quarter, autos have been a little worse than we expected, but our revised guidance bakes in that change. And then credit card and others is -- those volumes are doing really nicely as we expected. So we're tracking the market pretty closely as best we can tell in terms of volumes.

我想說，正如我們上個季度所說，按單位計算的抵押貸款下降與我們在製定指導方針然後對其進行修訂時的預期非常一致。上個季度，汽車行業的表現比我們預期的要差一些，但我們修訂後的指引反映了這一變化。然後是信用卡和其他信用卡——這些交易量正如我們預期的那樣做得非常好。因此，我們正在盡可能地密切跟踪市場，就數量而言。

Got it. And then with respect to your Software business, the percentage of ARR that's moving on Platform continues to tick higher. Can you lay out what internal goals you have for where you would like to see the mix of ARR on-Platform versus off-Platform over the next -- over the near to medium term?

知道了。然後就您的軟件業務而言，在平台上移動的 ARR 百分比繼續上升。您能否列出您希望在近期到中期看到平台上與平台外的 ARR 組合的內部目標？

We don't have a forced mix. We aggressively go after as much new Platform business and expansion Platform business as we can get. So that is a strategic priority for us. At the same time, we have so many customers who are involved with our legacy solutions and rely on us for that and renew those deals, that we continue to invest in features and functionality there.

我們沒有強制混合。我們積極爭取盡可能多的新平台業務和擴展平台業務。所以這對我們來說是一個戰略重點。同時，我們有如此多的客戶參與我們的傳統解決方案，並依賴我們並續簽這些交易，因此我們繼續在那裡投資特性和功能。

And I think, from our perspective, as long as that's neutral to growing very modestly, we're thrilled. And even if we were shrinking a little bit, it probably wouldn't bother us very much. But we're pretty happy with the mix the way it is, with dramatic growth on the Platform side and kind of flat growth on the legacy side.

而且我認為，從我們的角度來看，只要這對適度增長是中性的，我們就會很興奮。即使我們縮小了一點，它也可能不會對我們造成太大的困擾。但我們對這種混合方式感到非常滿意，平台方面的顯著增長和傳統方面的平穩增長。

Our next question comes from the line of Jeff Meuler with Baird.

我們的下一個問題來自 Jeff Meuler 和 Baird。

On B2B Scores, what's the typical lag from when the bureau gets the inquiry, to when it's recognized by FICO as revenue? And the reason I asked is like it looks like you're seeing some acceleration in card growth relative to last quarter. Your delta versus industry credit inquiries within mortgage was a little bit wider this quarter than it was last quarter. So I'm just trying to understand to what extent that's a timing difference or if there's some other factor that's accounting for that.

在 B2B 分數上，從局收到詢問到 FICO 將其確認為收入的典型延遲是多少？我問的原因是，與上一季度相比，您看到卡的增長速度有所加快。與上一季度相比，本季度您對抵押貸款中的 delta 與行業信用查詢的調查範圍更廣一些。所以我只是想了解這在多大程度上是時間差異，或者是否有其他因素可以解釋這一點。

Yes, Jeff, there really isn't a timing difference with one caveat. The last month of the quarter, the data that we get from the bureaus, by the time we need to finalize it for closing the books, is tentative and subject to revision, I guess, I would say. And so we have to make some estimates and accruals based on judgment and lots of past experience as to what that will be. So occasionally, there will be a little bit of a true-up when we get the final data in there, but it's not material and it's not an explanation to the dynamic that you see in the data you just cited there. It's real-time for June and with, as I say, with that asterisk.

是的，傑夫，一個警告確實沒有時間上的差異。本季度的最後一個月，我們從各局獲得的數據，在我們需要最終確定以關閉賬簿時，是暫定的，可能會修改，我想，我會說。因此，我們必鬚根據判斷和大量過去的經驗來做出一些估計和應計項目。因此，有時，當我們獲得最終數據時，會有一些修正，但這並不重要，也不能解釋您在剛剛引用的數據中看到的動態。這是六月的實時數據，正如我所說，帶有星號。

Okay. And then on myFICO, just so I understand it correctly, it's still growing year-over-year, is that correct?

好的。然後在 myFICO 上，我理解正確，它仍在逐年增長，對嗎？

It's more or less flat on a quarter-to-quarter basis, which means it's still growing on a year-over-year basis. But if you look at the last couple of quarters, as Will mentioned, we're seeing a lot less net new, probably because less people are shopping for mortgages. And that leads us to be cautious about the next couple of quarters at myFICO.

它在每個季度的基礎上或多或少持平，這意味著它仍在同比增長。但如果你看看最後幾個季度，正如威爾所說，我們看到的淨新房要少得多，可能是因為購買抵押貸款的人減少了。這導致我們對 myFICO 未來幾個季度持謹慎態度。

Understood. Yes, the whole industry is seeing a much softer direct channel. I think if you're up year-over-year and flat sequentially, you're pretty significantly outperforming the industry's direct channel.

明白了。是的，整個行業都在看到一個更加柔和的直銷渠道。我認為，如果您同比增長並且連續持平，那麼您的表現將大大優於行業的直接渠道。

And then just on FICO World. Great to hear the registrations and that you're doing it again in May of next year. How is the pipeline build? I would imagine that was a pretty significant pipeline building event for you itself, a little bit like a coming-out party for Platform. And you haven't had it for a few years. So I would think that it's actually a pretty big needle-mover relative to the last couple of years. If you could just talk about pipe build coming out of FICO World.

然後就在 FICO World 上。很高興聽到註冊的消息，並且您將在明年 5 月再次註冊。管道是如何構建的？我想這對你本身來說是一個非常重要的管道建設活動，有點像 Platform 的亮相派對。而你已經好幾年沒有了。所以我認為與過去幾年相比，它實際上是一個相當大的推動者。如果您能談談來自 FICO World 的管道構建。

Yes, that's exactly right. So FICO World is several days of our showcasing our wares. But really, the heavy relationship building occurs in these consultation sessions where we sit down with clients individually and really were true, what we can do for them. And the pipeline that comes out of FICO World is phenomenal.

是的，完全正確。所以 FICO World 是我們展示我們商品的幾天。但實際上，在我們與客戶單獨坐下來的這些諮詢會議中，建立了沉重的關係，這確實是真實的，我們可以為他們做些什麼。來自 FICO World 的管道是驚人的。

And our next question comes from the line of Ashish Sabadra with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

This is John filling in for Ashish. Can you just talk about the slowing total Software ARR growth in the quarter?

這是約翰替艾希什做的。你能談談本季度軟件 ARR 總增長放緩嗎？

Well, it's slowed by a relatively small amount, and I would attribute that to normal quarter-to-quarter variability. And if you look at the 8-plus quarters that we revealed for that metric when we introduced it in November, you can see that, that kind of quarter-to-quarter variation is commonplace. So it's not a reflection of anything fundamental, I wouldn't say.

嗯，它減慢了相對較小的量，我將其歸因於正常的季度變化。如果您查看我們在 11 月推出該指標時披露的 8 個以上季度，您會發現，這種季度間的變化是司空見慣的。因此，我不會說，這不是任何基本要素的反映。

And all that does conclude the Q&A session for today. Mr. Weber, I'll turn the call back to you. Please continue with your presentation or closing remarks.

所有這些都結束了今天的問答環節。韋伯先生，我會把電話轉給你。請繼續您的演講或結束語。

Thank you, and thank you to everyone for joining. We look forward to speaking with you again soon. This concludes today's call. Thank you.

謝謝大家，也謝謝大家的加入。我們期待很快再次與您交談。今天的電話會議到此結束。謝謝你。

And all that will conclude the call for today. We thank you very much for your participation. You may now disconnect.

所有這一切都將結束今天的呼籲。我們非常感謝您的參與。您現在可以斷開連接。