Fair Isaac Corp (FICO) 2022 Q4 法說會逐字稿

Greetings and thank you for standing by. Welcome to the Fair Isaac Corporation Quarterly Earnings Call. (Operator Instructions) This conference is being recorded Wednesday, November 9, 2022.

問候並感謝您的支持。歡迎參加 Fair Isaac Corporation 季度收益電話會議。 （操作員說明）本次會議將於 2022 年 11 月 9 日星期三錄製。

And now I'd like to turn the conference over to Steve Weber, Vice President, Investor Relations. Please go ahead.

現在我想把會議交給投資者關係副總裁史蒂夫韋伯。請繼續。

Thank you. Good afternoon and thank you for joining FICO's fourth 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。下午好，感謝您參加 FICO 的第四季度財報電話會議。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 the 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. These 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. 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.

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，可能導致實際結果大相徑庭。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 the Regulation G schedule issued today for a reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure. The earnings release and the 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.

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。請參閱公司的收益發布和今天發布的規則 G 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。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 SEC 網站 sec.gov 上查閱。

A replay of this webcast will be available through November 9, 2023.

該網絡廣播的重播將持續到 2023 年 11 月 9 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 fourth quarter earnings call. In the Investor Relations section of our website, we've posted some slides that we will be referencing during our presentation today.

謝謝史蒂夫，謝謝大家加入我們的第四季度財報電話會議。在我們網站的投資者關係部分，我們發布了一些幻燈片，我們將在今天的演示中參考這些幻燈片。

I'm pleased to report that we had a very good quarter, which completed an outstanding year, with record revenues, record earnings and record cash flows. We easily exceeded our guidance in all areas even after a midyear raise.

我很高興地報告，我們有一個非常好的季度，完成了出色的一年，創紀錄的收入、創紀錄的收益和創紀錄的現金流。即使在年中加薪之後，我們在所有領域都輕鬆超過了我們的指導。

Pages 2 and 3 show some financial highlights from our fourth quarter. We reported revenues of $349 million in fourth quarter and $1.38 billion of revenue for the fiscal year. We delivered $91 million of GAAP net income in the quarter and GAAP earnings of $3.55 per share. For the full fiscal year, we delivered $374 million of GAAP net income and $14.18 of earnings per share. On a non-GAAP basis, Q4 net income was $112 million, and earnings per share were $4.40. Full year non-GAAP net income was $454 million, up 19% over last year. And non-GAAP EPS of $17.22 was up 32% over the previous year.

第 2 頁和第 3 頁顯示了我們第四季度的一些財務亮點。我們報告第四季度的收入為 3.49 億美元，本財年的收入為 13.8 億美元。我們在本季度實現了 9100 萬美元的 GAAP 淨收入和每股 3.55 美元的 GAAP 收益。在整個財年，我們實現了 3.74 億美元的 GAAP 淨收入和 14.18 美元的每股收益。按非公認會計原則計算，第四季度淨收入為 1.12 億美元，每股收益為 4.40 美元。全年非 GAAP 淨收入為 4.54 億美元，比去年增長 19%。非公認會計原則每股收益為 17.22 美元，比上一年增長 32%。

We continue to deliver strong free cash flow growth as well. Q4 free cash flow was $144 million, bringing the fiscal year total to $503 million, up 21% from the previous year. Our strong cash flow allowed us to be especially aggressive in returning capital to shareholders through our share buybacks. In fiscal 2022, we repurchased nearly 2.7 million shares at an average price of $409 per share.

我們還將繼續實現強勁的自由現金流增長。第四季度自由現金流為 1.44 億美元，使本財年總額達到 5.03 億美元，比上年增長 21%。我們強勁的現金流使我們能夠特別積極地通過股票回購向股東返還資本。在 2022 財年，我們以每股 409 美元的平均價格回購了近 270 萬股股票。

In our Software segment, we delivered $175 million of revenue, up 5% from last year. We continue to drive growth in this segment, particularly on our platform.

在我們的軟件部門，我們實現了 1.75 億美元的收入，比去年增長了 5%。我們繼續推動這一領域的增長，尤其是在我們的平台上。

As shown on Page 7, total ARR was up 9%, and the platform ARR grew 52%. We continued to deliver strong NRR as well, demonstrating our land-and-expand strategy as customers increase their total usage. Total NRR for the quarter, shown on Page 8, was 107%. Platform NRR was 128%. And we continue to see strong demand for our technology from new customers. Our ACV bookings, as shown on Page 9, were up 14% over last year.

如第 7 頁所示，總 ARR 增長了 9%，平台 ARR 增長了 52%。我們也繼續提供強勁的 NRR，展示了我們的土地和擴張戰略，因為客戶增加了他們的總使用量。本季度的總 NRR（見第 8 頁）為 107%。平台 NRR 為 128%。我們繼續看到新客戶對我們技術的強勁需求。如第 9 頁所示，我們的 ACV 預訂量比去年增長了 14%。

We continue to focus on our state-of-the-art FICO platform. It truly is next-gen decisioning technology. It allows customers to use advanced analytics to optimize interactions with our consumers.

我們將繼續專注於我們最先進的 FICO 平台。它確實是下一代決策技術。它允許客戶使用高級分析來優化與消費者的互動。

In our Scores segment, we're seeing a continuation of the trend for the last several quarters. Mortgage originations have continued to decline, and in Q4, accounted for just 11% of our Scores revenue and 5% of total company revenues. Auto originations revenues remained relatively stable, with originations flat with last quarter and up 20% versus last year, primarily due to pricing. Card and personal loan originations continue to perform well, with originations revenues up 37% over last year. Total Scores revenues were up 3% in the quarter versus the prior year and up 8% for the full year, as you can see on Page 6.

在我們的分數部分，我們看到過去幾個季度的趨勢在延續。抵押貸款來源持續下降，在第四季度，僅占我們 Scores 收入的 11% 和公司總收入的 5%。汽車原產收入保持相對穩定，原產與上一季度持平，同比增長 20%，主要是由於定價。信用卡和個人貸款發放繼續表現良好，發放收入比去年增長 37%。如您在第 6 頁上所見，本季度 Total Scores 收入比上一年增長 3%，全年增長 8%。

On the B2B side, revenues were up 6% in both the quarter and for the full year. This is a strong result considering the rapid and dramatic rise of interest rates and their impact on the mortgage market. On the B2C side, revenues were down 3% in the quarter due to a slowdown in new customer subscriptions on our myFICO platform and up 11% for the full year.

在 B2B 方面，本季度和全年的收入均增長了 6%。考慮到利率的迅速和急劇上升及其對抵押貸款市場的影響，這是一個強有力的結果。在 B2C 方面，由於 myFICO 平台上的新客戶訂閱放緩，本季度收入下降 3%，全年增長 11%。

I will discuss next year's guidance in greater detail later where we expect the Scores business to grow about 7%. We also expect the special pricing initiatives for 2023 to have an additional impact beyond our guided numbers consistent with those over the last several years, although it's difficult to estimate the timing and magnitude of the impact.

稍後我將更詳細地討論明年的指導，我們預計 Scores 業務將增長約 7%。我們還預計 2023 年的特殊定價計劃將產生超出我們與過去幾年一致的指導數字的額外影響，儘管很難估計影響的時間和幅度。

Finally, as you're aware, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac have completed their validation and approval of new credit score models. I'm pleased the process has concluded and that the FICO score has again been approved for using conforming mortgages by the enterprises. This decision means that FICO Score 10 T will be required to be used when available, as classic FICO is today, for each conforming mortgage delivered to the enterprises.

最後，如您所知，聯邦住房金融局宣布房利美和房地美已完成對新信用評分模型的驗證和批准。我很高興該過程已經結束，並且 FICO 分數再次被批准用於企業使用合格的抵押貸款。這一決定意味著，對於交付給企業的每個合格抵押貸款，將需要在可用時使用 FICO 分數 10 T，就像今天的經典 FICO 一樣。

The latest release of our flagship FICO Score, FICO Score 10 T, delivers increased predictive power while preserving the trusted improving FICO Score minimum scoring criteria. These improvements in predictive power can help mortgage lenders safely avoid unexpected credit risk and better control default rates.

我們的旗艦 FICO 評分的最新版本 FICO 評分 10 T 提供了更高的預測能力，同時保留了值得信賴的改進 FICO 評分最低評分標準。這些預測能力的提高可以幫助抵押貸款人安全地避免意外的信用風險並更好地控制違約率。

The decision from the FHFA is the culmination of a multiyear process set out by both congressional and administrative regulation. We look forward to additional guidance from the FHFA and the enterprises on the time line and implementation process.

FHFA 的決定是國會和行政法規制定的多年過程的結果。我們期待 FHFA 和企業就時間表和實施過程提供更多指導。

I'm also pleased to report that in our fourth quarter, we signed a multiyear extension with a large bureau partner in the consumer score space.

我也很高興地報告，在我們的第四季度，我們與消費者評分領域的大型局合作夥伴簽署了多年延期協議。

I'll have some final comments and provide our fiscal '23 guidance in a few minutes. But first, let me turn the call over to Mike for further financial details.

我將在幾分鐘內發表一些最終評論並提供我們的 23 財年指導。但首先，讓我將電話轉給邁克以了解更多財務細節。

Thanks, Will, and good afternoon, everyone. As Will summarized, we had another exceptional fiscal year, and we are pleased with our momentum as we head into fiscal 2023. Total revenue for the fourth quarter was $349 million, an increase of 4% over the prior year. Our full year revenue of $1.38 billion was up 5% over last year and up 8% when adjusted for the divestitures we completed in fiscal 2021.

謝謝，威爾，大家下午好。正如威爾總結的那樣，我們又度過了一個特殊的財年，我們對進入 2023 財年的勢頭感到滿意。第四季度的總收入為 3.49 億美元，比上年增長 4%。我們的全年收入為 13.8 億美元，比去年增長 5%，根據我們在 2021 財年完成的資產剝離調整後增長 8%。

In our Scores segment, revenues for the quarter were $174 million, up 3% from the same period last year. B2B revenue was up 6%, with growth in our auto scores and credit card and personal loan scores more than compensating for continued declines in mortgage score revenues. Our B2C revenue was down 3% from the same period last year due primarily to the impact of fewer new subscribers on our myFICO.com platform, a trend we highlighted on last quarter's earnings call. For the full year, Scores revenues were $707 million, up 8% from last year despite sizable headwinds in the mortgage origination space.

在我們的分數部門，本季度的收入為 1.74 億美元，比去年同期增長 3%。 B2B 收入增長了 6%，我們的汽車評分、信用卡和個人貸款評分的增長足以彌補抵押貸款評分收入的持續下降。我們的 B2C 收入比去年同期下降了 3%，這主要是由於我們的 myFICO.com 平台上的新訂戶減少的影響，我們在上一季度的財報電話會議上強調了這一趨勢。全年，Scores 的收入為 7.07 億美元，比去年增長 8%，儘管抵押貸款發起領域存在相當大的阻力。

Software segment revenues in the fourth quarter were $175 million, up 5% versus the same period last year. Full year Software revenues were $671 million, up 1% from the previous year and up 9% after adjusting for our 2021 divestitures.

第四季度軟件部門收入為 1.75 億美元，比去年同期增長 5%。全年軟件收入為 6.71 億美元，比上一年增長 1%，在調整我們 2021 年的資產剝離後增長 9%。

This quarter, 82% of total company revenues were derived from our Americas region, which includes both North America and Latin America. Our EMEA region generated 11%, and 7% was from Asia Pacific.

本季度，公司總收入的 82% 來自我們的美洲地區，其中包括北美和拉丁美洲。我們的歐洲、中東和非洲地區產生了 11%，其中 7% 來自亞太地區。

Our Software ARR at the end of the fourth quarter was $569 million, a 9% increase over the prior year quarter. Our platform ARR was $114 million, representing 20% of our total fourth quarter ARR and a growth rate of 52% versus the prior year. Our nonplatform ARR was $455 million in the fourth quarter, which was 1% higher than the prior year.

我們在第四季度末的軟件 ARR 為 5.69 億美元，比去年同期增長 9%。我們的平台 ARR 為 1.14 億美元，占我們第四季度總 ARR 的 20%，與去年相比增長了 52%。第四季度，我們的非平台 ARR 為 4.55 億美元，比去年同期增長 1%。

Our dollar based net retention rate in the quarter was 107% overall. Our nonplatform customers' software usage continues to be mature and relatively stable, with retention this quarter at 100%. Our platform customers are showing very strong net expansion from land-and-expand follow-on sales and increased usage. The dollar-based net retention rate for platform was 128% in the fourth quarter versus 143% in the prior year.

本季度我們基於美元的淨保留率為 107%。我們的非平台客戶的軟件使用繼續成熟且相對穩定，本季度的保留率為 100%。我們的平台客戶通過土地和擴大後續銷售和增加的使用量顯示出非常強勁的淨擴張。第四季度基於美元的平台淨保留率為 128%，而去年同期為 143%。

Our Software ACV bookings for the quarter were $30 million versus $26 million in the prior year. ACV bookings increased for the full year to $86 million versus $63 million in FY '21. As a reminder, ACV bookings include only the annual value of new software sales, excluding professional services.

本季度我們的軟件 ACV 預訂額為 3000 萬美元，而去年同期為 2600 萬美元。全年 ACV 預訂量增加到 8600 萬美元，而 21 財年為 6300 萬美元。提醒一下，ACV 預訂僅包括新軟件銷售的年度價值，不包括專業服務。

Turning now to our expenses for the quarter. Total operating expenses were $215 million this quarter versus $219 million in the prior year. In fiscal 2022, our expenses benefited from a number of factors, including savings from divested businesses, headcount reduction actions taken at the end of FY '21, somewhat elevated employee attrition and significant operational efficiencies achieved in our Software segment. While we will continue our focus on expense efficiency in fiscal 2023, we expect our total expenses to trend up modestly in the coming year.

現在轉向我們本季度的費用。本季度總運營費用為 2.15 億美元，而去年同期為 2.19 億美元。在 2022 財年，我們的支出受益於多種因素，包括剝離業務的節省、21 財年末採取的裁員行動、員工流失率有所提高以及我們的軟件部門實現了顯著的運營效率。雖然我們將在 2023 財年繼續關注費用效率，但我們預計來年總費用將呈小幅上升趨勢。

Our non-GAAP operating margin, as shown on our Reg G schedule, was 47% for the quarter and 48% for the full year. We delivered non-GAAP margin expansion of 800 basis points for the full fiscal year.

如我們的 Reg G 時間表所示，我們的非公認會計原則營業利潤率在本季度為 47%，全年為 48%。我們在整個財年實現了 800 個基點的非 GAAP 利潤率增長。

GAAP net income this quarter was $91 million, up 6% from the prior year quarter. Our non-GAAP net income was $112 million for the quarter and materially consistent with the same quarter last year. For the full year, GAAP net income was $374 million compared with $392 million last year. As a reminder, last year's GAAP net income included a gain of $100 million on product line asset sales and business divestitures. GAAP net income for fiscal 2022 was $454 million, up 19% from the prior year.

本季度 GAAP 淨收入為 9100 萬美元，比去年同期增長 6%。我們本季度的非公認會計原則淨收入為 1.12 億美元，與去年同期基本一致。全年，GAAP 淨收入為 3.74 億美元，而去年為 3.92 億美元。提醒一下，去年的 GAAP 淨收入包括 1 億美元的產品線資產銷售和業務剝離收益。 2022財年GAAP淨收入為4.54億美元，比上年增長19%。

The effective tax rate for the full year was 21%, including $9 million of reduced tax expense from excess tax benefits recognized upon the settlement or exercise of employee stock awards. We expect our FY 2023 recurring tax rate to be approximately 25% to 26%. That expected recurring tax rate is before any excess tax benefit and other discrete items. The resulting net effective tax rate is estimated to be about 24% in FY '23.

全年的有效稅率為 21%，包括在結算或行使員工股票獎勵時確認的超額稅收優惠減少了 900 萬美元的稅費。我們預計我們 2023 財年的經常性稅率約為 25% 至 26%。該預期的經常性稅率是在任何超額稅收優惠和其他離散項目之前。由此產生的淨有效稅率估計在 23 財年約為 24%。

Free cash flow for the quarter was $144 million. For the full year, free cash flow was $503 million, up 21% from last year's $416 million. At the end of the quarter, we had $159 million in cash and marketable investments.

本季度的自由現金流為 1.44 億美元。全年自由現金流為 5.03 億美元，比去年的 4.16 億美元增長 21%。在本季度末，我們擁有 1.59 億美元的現金和有價投資。

Our total debt at quarter end was $1.85 billion with a weighted average interest rate of 4.4%. As you recall, we issued $550 million in senior notes last December, locking in a fixed rate of 4%. Currently, about 70% of our total debt is fixed rate. Our floating rate debt is prepayable at any time, giving us the flexibility to use free cash flow to reduce outstanding floating rate debt balances if it is financially advantageous for us to do so in future periods.

我們在季度末的總債務為 18.5 億美元，加權平均利率為 4.4%。您還記得，我們去年 12 月發行了 5.5 億美元的優先票據，固定利率為 4%。目前，我們總債務的約 70% 是固定利率。我們的浮動利率債務可隨時提前償還，如果我們在未來期間這樣做在財務上有利的話，我們可以靈活地使用自由現金流來減少未償浮動利率債務餘額。

Turning to return of capital. We bought back 120,000 shares in the fourth quarter at an average price of $468 per share. In fiscal 2022, we repurchased a total of 2,678,000 shares at an average price of $409 per share for a total of $1.1 billion. The Board approved a new $500 million authorization in October, and we continue to view share repurchases as an attractive use of cash.

轉向資本回報。我們在第四季度以每股 468 美元的平均價格回購了 120,000 股。在 2022 財年，我們以每股 409 美元的平均價格回購了總計 2,678,000 股股票，總計 11 億美元。董事會在 10 月批准了一項新的 5 億美元授權，我們繼續認為股票回購是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 FY '23.

有了這個，我會把它交還給威爾，看看他對 23 財年的看法。

Thanks, Mike. As we enter our fiscal 2023, I'm excited about our prospects and the opportunities that lie ahead. We have an incredible set of assets and a business model that can produce predictable solid results even in a turbulent macro environment.

謝謝，邁克。隨著我們進入 2023 財年，我對我們的前景和未來的機遇感到興奮。我們擁有一組令人難以置信的資產和商業模式，即使在動蕩的宏觀環境中也能產生可預測的可靠結果。

Our FICO platform continues to experience phenomenal growth as we find a receptive audience or best-in-class decisioning that our analytics deliver.

我們的 FICO 平台繼續經歷驚人的增長，因為我們找到了樂於接受的受眾或我們的分析提供的一流決策。

Our Scores business continues to deliver industry standard risk management products that are especially critical in uncertain economic times. And the recent FHFA decision ensures that we will be a critical component in the mortgage process for many years to come.

我們的 Scores 業務繼續提供行業標準的風險管理產品，這些產品在不確定的經濟時期尤為重要。最近 FHFA 的決定確保我們將在未來許多年成為抵押貸款過程中的關鍵組成部分。

The successful deal signings we had in fiscal '22 as well as prudent planning and management gives us confidence we will have another successful year in fiscal '23. We are providing full year guidance, as shown on the presentation.

我們在 22 財年成功簽署的交易以及審慎的規劃和管理讓我們相信，我們將在 23 財年再創佳績。如演示文稿所示，我們正在提供全年指導。

We're guiding revenues of approximately $1.475 billion, an increase of 7% versus fiscal '22. We are guiding GAAP net income of approximately $401 million, an increase of 7.5%; GAAP earnings per share of approximately $16, an increase of 13%; non-GAAP net income of $487 million; and non-GAAP earnings per share of $19.42, increases of 7.5% and 13%, respectively.

我們的指導收入約為 14.75 億美元，比 22 財年增長 7%。我們指導的 GAAP 淨收入約為 4.01 億美元，增長 7.5%； GAAP每股收益約為16美元，增長13%；非美國通用會計準則淨收入 4.87 億美元；非公認會計準則每股收益為 19.42 美元，分別增長 7.5% 和 13%。

With that, I'll turn it back over to Steve, and we'll take questions.

有了這個，我會把它交給史蒂夫，我們會回答問題。

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

謝謝，威爾。這確實結束了我們準備好的評論，我們現在準備好回答您可能有的任何問題。接線員，請打開線路。

(Operator Instructions) We do have a question from the line of Kyle Peterson with Needham & Company.

（操作員說明）我們確實有一個來自 Needham & Company 的 Kyle Peterson 的問題。

This is Sam Salvas on for Kyle today. Nice results here. I wanted to start out on the Software side of the business. It seems like things are still going well here but wanted to get a sense -- if you guys could talk a little bit more about demand here, maybe specifically on the international side. Are you guys seeing any deals get pushed out or any deals being downsized given the current macro environment?

這是今天為凱爾做的山姆薩爾瓦斯。這裡的結果很好。我想從業務的軟件方面開始。似乎這裡的事情仍然進展順利，但想了解一下——如果你們能在這裡多談談需求，也許特別是在國際方面。鑑於當前的宏觀環境，你們是否看到任何交易被推遲或任何交易被縮減？

We are not seeing deals pushed out nor are we seeing deals downsized. It's probably worth noting that we have a fairly long sales cycle. It's approximately a year long. And so it's long enough in our view, but we have not seen softness, no. I think that the current solutions and offerings, particularly around the platform, are really strategic. And the -- and our customers see them that way, and it's a higher-level decision. And so whatever financial pressure our customers may be under, our deals with them seem not to be affected.

我們沒有看到交易被推遲，也沒有看到交易規模縮小。可能值得注意的是，我們的銷售週期相當長。大約有一年的時間。所以在我們看來它已經足夠長了，但我們還沒有看到柔軟，不。我認為當前的解決方案和產品，尤其是圍繞平台的產品，確實具有戰略意義。而且——我們的客戶也是這樣看待他們的，這是一個更高層次的決定。因此，無論我們的客戶可能面臨何種財務壓力，我們與他們的交易似乎都不會受到影響。

Got it. Okay. That's helpful. And then just a quick follow-up. I was wondering if you guys talk a little bit more about the volumes you guys have been seeing on the Scores side of the business as far as the different segments and maybe talk a little bit about how you guys are feeling about credit card and mortgage, auto as we head into 2023.

知道了。好的。這很有幫助。然後只是快速跟進。我想知道你們是否多談談你們在業務分數方面看到的不同細分市場的交易量，也許談談你們對信用卡和抵押貸款的看法，在我們進入 2023 年時，汽車。

Sam, it's Mike. As in past quarters, we don't disclose volumes precisely. But also as in past quarters, I can tell you that the volumes we saw are pretty consistent with what you have seen if you've been watching the third-party data out there from either the MBA or J.D. Power or the credit card issuers themselves. Mortgages declined for us in volume in a quantity consistent with what you can see from some of those data points. Auto was more or less flat, both on a quarter-over-quarter and year-over-year basis, again, consistent with external reporting. And on the credit card side, growth continue to be strong on a year-over-year basis. It was more or less flat on a quarter-over-quarter basis but consistent with the market.

山姆，是邁克。與過去幾個季度一樣，我們沒有準確披露交易量。但與過去幾個季度一樣，我可以告訴你，如果你一直在觀察來自 MBA 或 J.D. Power 或信用卡發卡機構本身的第三方數據，我們看到的數量與你所看到的非常一致.對我們來說，抵押貸款數量下降的數量與您從其中一些數據點中看到的一致。汽車在環比和同比基礎上或多或少持平，再次與外部報告一致。在信用卡方面，同比增長繼續強勁。季度環比基本持平，但與市場一致。

In terms of how we feel going forward, we don't make predictions about volumes in those sectors. We don't have economies -- we don't necessarily consider ourselves experts in forecasting that kind of consumer behavior. But I think you can have some confidence that our volumes will pretty much track the overall market as it has in past quarters.

就我們對未來的感覺而言，我們不會對這些行業的交易量做出預測。我們沒有經濟——我們不一定認為自己是預測這種消費者行為的專家。但我認為你可以有信心，我們的交易量幾乎會像過去幾個季度一樣跟踪整個市場。

Next question is from Ashish Sabadra with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

This is John filling in for Ashish. Maybe just a follow-up on the ACV bookings. 14% was very strong. Is there anything that's driving that strength? Or is this more of a seasonal element?

這是約翰替艾希什做的。也許只是對 ACV 預訂的跟進。 14% 非常強勁。有什麼東西可以驅動這種力量嗎？或者這更像是一個季節性因素？

Well, we have a lot of quarter-to-quarter variability in the ACV bookings, as you can see from our data. And our ACV bookings tend to be fourth quarter-weighted. This year, it was a little less fourth quarter-weighted than last year. So I would encourage you to look at the year -- at the full year comparison, not so much the quarter-over-quarter because one quarter doesn't make a trend. Our year-over-year growth in ACV bookings was, as we talked about, over 30%. And it reflects underlying strength in a variety of areas of our business, our platform business, our customer communications business as well. And the guidance that we have for next year is not heroic in terms of the amount of new ACV bookings we need to deliver relative to past year.

好吧，正如您從我們的數據中看到的那樣，我們在 ACV 預訂中存在很多季度與季度的差異。我們的 ACV 預訂量往往是第四季度加權的。今年，第四季度的加權比去年略低。所以我鼓勵你看一年——看全年比較，而不是季度環比，因為一個季度沒有形成趨勢。正如我們所說，我們的 ACV 預訂量同比增長超過 30%。它反映了我們業務、平台業務、客戶通信業務等各個領域的潛在實力。就我們需要交付的新 ACV 預訂量而言，我們對明年的指導與過去一年相比並不是英雄。

Great. And then maybe just quickly, could you give us some more color on the slowdown in marketing and as well as the shift to freemium and how it's weighed on B2C and perhaps how we could think about B2C revenue growth going forward?

偉大的。然後也許很快，您能否就營銷放緩以及向免費增值的轉變以及它如何影響 B2C 以及我們如何看待 B2C 收入增長的未來提供更多色彩？

Yes. What do you mean by slowdown in marketing?

是的。營銷放緩是什麼意思？

So this is based off our math. It looked like we might have saw a slowdown in marketing and account management, but we might be a bit off there. Is that the case?

所以這是基於我們的數學。看起來我們可能已經看到營銷和客戶管理放緩，但我們可能有點偏離。是這樣嗎？

Okay. So you're talking about the Scores side of the business and the sale of our Scores used for marketing or prescreening purposes. Is that correct?

好的。因此，您談論的是業務的分數方面以及我們用於營銷或預篩選目的的分數的銷售。那是對的嗎？

Yes. That would be great.

是的。那很好啊。

Okay. Got you. Yes. As with last quarter, we've seen a flattening of the growth in the sale of that type of score, the prescore sale. In fact, it was down a little bit this quarter on a quarter-over-quarter basis. And we do think it's somewhat of a leading indicator as to how much credit, particularly credit card and personal loan credit lenders want to extend in future periods. We've never analyzed precisely how predictive it is, consistent with what we're seeing in the macro. The demand for that kind of a score was down a little bit on a quarter-over-quarter basis for us.

好的。得到你。是的。與上個季度一樣，我們已經看到這種類型的分數銷售增長趨於平緩，即預分銷售。事實上，本季度環比下降了一點。而且我們確實認為這在某種程度上是一個領先指標，說明了有多少信貸，特別是信用卡和個人貸款信貸貸方希望在未來時期延長。我們從未準確分析過它的預測性，與我們在宏觀中看到的一致。對我們來說，對這種分數的需求環比下降了一點。

Our next question is from Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

This is Brendan on for Manav. Just wanted to ask on the guidance, 7% growth for Scores. Obviously, didn't quite do that this quarter and there's some macro -- certainly more macro concerns for next year. You talk about flattening in marketing, how that can be a leading indicator. It seems like there's some negatives, but at the same time, it's pretty good guidance. And of course, that does include pricing. So I guess what gives you the confidence for that? And what are the puts and takes driving that 7%?

這是布倫丹在為 Manav 工作。只是想問一下指導，分數增長 7%。顯然，本季度並沒有完全做到這一點，並且存在一些宏觀問題——明年肯定會有更多的宏觀問題。您談到營銷中的扁平化，這如何成為領先指標。似乎有一些負面影響，但同時，這是一個很好的指導。當然，這確實包括定價。所以我想是什麼讓你對此有信心？推動這 7% 的看跌期權是什麼？

Yes. Good question. So starting with the special pricing. The special pricing is in addition to our guidance. It's not in that 7%. It's -- exactly. It's really -- think of it as being consistent with past years and outside of our guidance because we can't really predict the timing and so on.

是的。好問題。所以從特價開始。特殊定價是我們指導的補充。不在這 7% 之內。是——正是。真的 - 認為它與過去幾年一致並且超出了我們的指導，因為我們無法真正預測時間等等。

With respect to within the guidance, the 7%, we have a fairly significant CPI increase there, which, in years past has been there as well, but it was always a much smaller number. This year, we're talking about a reasonably significant number, which is driving a fair bit of that.

關於指引範圍內的 7%，我們有相當顯著的 CPI 增長，在過去幾年中也有，但始終是一個小得多的數字。今年，我們談論的是一個相當可觀的數字，這在很大程度上推動了這一數字。

And also, I would say that mortgages is a smaller piece of our business. And so we feel pretty good about the overall mix.

而且，我想說抵押貸款是我們業務的一小部分。所以我們對整體組合感覺很好。

Okay. And then kind of looking at how that translates down to the bottom line. Pretty good EPS numbers there. Is it -- could you comment any on margins? Or I guess you guys have commented on expenses, but is it just -- you expect a strong flow-through and -- or is there something else contemplated? It seems like the EPS was a good amount above net income. And I don't know if it's -- like the growth rate, I don't know if that's just from the repurchases in the back half of this year or if you could comment.

好的。然後看看這如何轉化為底線。那裡的EPS數字相當不錯。是嗎——你能評論一下邊距嗎？或者我猜你們已經對費用發表了評論，但這只是 - 你期望強大的流動性 - 還是有其他考慮？每股收益似乎比淨收入高出很多。而且我不知道它是否像增長率一樣，我不知道這是否只是來自今年下半年的回購，或者您是否可以發表評論。

It's a bit of both. I mean -- so we're clearly holding the line on expenses, but it's also a smaller share count. They're both contributors.

兩者兼而有之。我的意思是 - 所以我們顯然在支出方面保持不變，但這也是一個較小的份額。他們都是貢獻者。

Yes. I mean -- and just to add to that, we expect to grow revenues faster than expenses. It's kind of that simple. And we have reduced share count by such a degree that the EPS growth is going to be faster than net income growth.

是的。我的意思是——更重要的是，我們預計收入的增長速度將超過支出。就是這麼簡單。而且我們已經減少了股票數量，以至於每股收益增長將快於淨收入增長。

Okay. And there's no -- is there other any repurchases assumed in '23 in that number?

好的。並且沒有 - 在 23 年是否有其他任何回購假設？

Yes. We anticipate repurchasing shares at a pace more or less consistent with our free cash flow generation for the year.

是的。我們預計回購股票的速度或多或少與我們今年的自由現金流產生一致。

Our next question is from Surinder Thind with Jefferies.

我們的下一個問題來自 Surinder Thind 和 Jefferies。

Following up on the perhaps the first question that was asked about the demand environment in Software. Can you provide any color in terms of the new conversations that you might be having with clients? Given that the sales cycle is long, obviously, there's an ability to kind of take advantage of that length of period. But what about new conversations? Are you able to kind of bring new clients to the table to start those conversations? Or how should we be thinking about that part of the pipeline as...

跟進可能是關於軟件需求環境的第一個問題。您能否就您可能與客戶進行的新對話提供任何顏色？鑑於銷售週期很長，顯然，有能力利用這段時間。但是新的對話呢？你能把新客戶帶到談判桌上來開始這些對話嗎？或者我們應該如何考慮管道的那部分......

Yes, we absolutely are. We absolutely are. So we think of our target market as the top 200 financial institutions globally. And our penetration there is around 15%. A little over 30 customers signed to the platform. And so our conversations take 2 forms. One is let's talk to the other 85% of our target market that has not yet signed up for the platform as well as expansion opportunities with the ones who already have. And both of those kinds of conversations are going on and very successfully.

是的，我們絕對是。我們絕對是。因此，我們將目標市場視為全球前 200 家金融機構。我們的滲透率約為 15%。超過 30 位客戶簽署了該平台。所以我們的對話有兩種形式。一個是讓我們與尚未註冊該平台的其他 85% 的目標市場以及已經擁有的擴展機會交談。這兩種對話都在進行並且非常成功。

Got it. That's helpful. And then on the B2C piece, any additional color you can provide there in terms of -- it sounds like the weakness is within the myFICO.com part. Any color on how the revenues are trending within your relationship partner?

知道了。這很有幫助。然後在 B2C 部分，您可以提供的任何其他顏色 - 聽起來弱點在 myFICO.com 部分。您的合作夥伴的收入趨勢如何？

So consumer B2C does have -- does move in sympathy with mortgage volumes because, as you know, consumers tend to sign up for that kind of subscription when they're contemplating mortgages, when they're wondering what their FICO Score is going to be for them when they go out and get financing. So as the mortgage volumes go down, so, too, -- with a little bit of a lag, but so, too, do our B2C myFICO volumes.

因此，消費者 B2C 確實 - 確實對抵押貸款數量表示同情，因為如您所知，當消費者考慮抵押貸款時，當他們想知道他們的 FICO 分數將是多少時，他們傾向於註冊這種訂閱當他們外出並獲得融資時。因此，隨著抵押貸款交易量的下降，我們的 B2C myFICO 交易量也會出現一些滯後。

Our volumes are -- they're good. They're down a little bit. They're good. And same with our partners. Our partners are -- they're doing okay.

我們的數量是——它們很好。他們有點低落。他們很好。我們的合作夥伴也是如此。我們的合作夥伴——他們做得很好。

Fair enough. And then in terms of just -- when we kind of break down the guidance on -- into kind of the Scores and Software for next year, it looks like you're looking for about roughly equal growth. You've talked about the CPI component. Is there also an anticipation of just volume growth here? Or how should we think about the mix at this point in terms of -- it seems like right now, card remains quite strong. And you can argue that auto is probably near trough. So maybe there's improvement there. But how are you generally -- what kind of an environment is kind of baked into those assumptions? Is it just a little bit of a continuation of what we're currently seeing? Or how should we think about the various macro factors that might influence the underlying assumptions there?

很公平。然後就 - 當我們將指導分解為明年的分數和軟件時，看起來你正在尋找大致相等的增長。您已經談到了 CPI 組件。這裡是否也有對銷量增長的預期？或者我們應該如何考慮此時的組合 - 看起來現在，卡仍然很強大。你可以說汽車可能接近低谷。所以也許那裡有改進。但是你一般情況如何——這些假設中包含了什麼樣的環境？它只是我們目前所見的一點點延續嗎？或者我們應該如何考慮可能影響潛在假設的各種宏觀因素？

I think a fair way to think about it is a bit of a continuation of what we're currently seeing. So flattish, modest -- very modest kind of growth. And the balance made up with price. And the fact that we have a price lever makes a huge difference. It's part of why we have the confidence that we have.

我認為一種公平的思考方式是我們目前所看到的內容的延續。如此平淡、溫和——非常溫和的增長。餘額由價格組成。我們擁有價格槓桿這一事實產生了巨大的影響。這也是我們有信心的部分原因。

And at this point in time, I assume the special pricing term sheets, all of that has been communicated?

在這個時間點，我假設特價條款清單，所有這些都已經傳達了嗎？

Yes, although it hasn't taken effect yet.

是的，雖然它還沒有生效。

Correct. It'll take effect probably on January 1, correct?

正確的。它可能會在 1 月 1 日生效，對嗎？

For most, but not all customers, yes.

對於大多數（但不是所有）客戶來說，是的。

Our next question is from George Tong with Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

In your guidance for next year, can you outline what you're assuming for B2C growth in the Scores business?

在您對明年的指導中，您能否概述一下您對 Scores 業務中 B2C 增長的假設？

Yes. We don't want to get into too much detail around that. But consistent with Will's prior comment about, more or less, think about it as a continuation of the trends we're seeing, we've seen B2C down a little bit sequentially over the last couple of quarters, and that's consistent with how we're thinking about the full year for '23.

是的。我們不想涉及太多細節。但與 Will 之前的評論一致，或多或少地認為它是我們所看到趨勢的延續，我們已經看到 B2C 在過去幾個季度中連續下降了一點，這與我們的方式一致'重新考慮 23 年的全年。

Great. And then with respect to margins, how much of the margin expansion that you're forecasting for next year is going to come from Scores versus Software? Are you expecting more contribution from one part of the business over the other? Or is it relatively equal benefit for both?

偉大的。然後關於利潤率，您預測明年的利潤率增長有多少將來自分數與軟件？您是否期望業務的一部分比另一部分貢獻更多？還是兩者的利益相對平等？

Sorry. Could you say it again? I think I missed the first part of it.

對不起。你能再說一遍嗎？我想我錯過了它的第一部分。

Just trying to get a sense for how much of the margin expansion next year will be driven by Software versus by Scores.

只是想了解明年的利潤率增長將由軟件驅動還是由分數驅動。

I see, margin expansion. As we talked about extensively in the past, in the Software business, our focus is on the platform and driving growth there. So we're not focused on dramatic margin improvement in the Software business. We might have a little bit, but we're mostly focused on growth of the platform. In the Scores business, due to the gross margin nature of that business relative to expense growth, most of the dollar growth you see there, a lot of it falls to the bottom line. So in terms of contribution to operating margin expansion, it's weighted towards the Scores business for sure.

我明白了，利潤率擴張。正如我們過去廣泛討論的那樣，在軟件業務中，我們的重點是平台並推動那裡的增長。因此，我們並不專注於軟件業務的利潤率大幅提升。我們可能有一點點，但我們主要關注平台的增長。在 Scores 業務中，由於該業務相對於費用增長的毛利率性質，您在那裡看到的大部分美元增長，其中很多都落入了底線。因此，就對營業利潤率擴張的貢獻而言，它肯定會偏向於 Scores 業務。

Our next question is from Jeff Meuler with Baird.

我們的下一個問題來自 Jeff Meuler 和 Baird。

The multiyear extension with the large bureau partner, is that the B2C partnership? Or what was that? Was that something other than that?

與大局合作多年的續約，是B2C合作嗎？或者那是什麼？那不是別的嗎？

No. That is the B2C partnership, which, as I think we've shared in the past, has a couple more years to run. And what we've done is extend it another few years beyond that. And so we now have a lot of certainty around what that B2C partnership looks like for many years to come.

不，那是 B2C 合作夥伴關係，正如我認為我們過去分享的那樣，還有幾年的時間。我們所做的就是將它再延長幾年。因此，我們現在對未來許多年 B2C 合作夥伴關係的情況有了很大的確定性。

Got it. And then for the CPI pricing in Scores, how is that implemented? Like is it formulaic tied to CPI? Or do you kind of dictate an amount that is influenced by CPI? I just want to understand how that takes...

知道了。然後對於分數中的 CPI 定價，它是如何實施的？就像它與CPI相關的公式？或者您是否規定了受 CPI 影響的金額？我只是想了解這需要什麼...

It's more of the latter because, as you know, the CPI numbers are constantly moving, and we could pick a number that's a point in time number that would be exactly the CPI. We could pick a rolling number. We could do a historical number. We could do a projection. And so we'd never get it exactly right. So we take our best guess and put down a number, but it's our interpretation.

更多的是後者，因為如您所知，CPI 數字是不斷變化的，我們可以選擇一個時間點數字，該數字恰好是 CPI。我們可以選擇一個滾動數字。我們可以做一個歷史數字。我們可以做一個投影。所以我們永遠不會完全正確。所以我們做出最好的猜測並記下一個數字，但這是我們的解釋。

Okay. And then for the non-U.S.-based clients in Software, how much of that is contracted in U.S. dollar? And to the extent to which it is, is there any market reaction in some of the markets where their currencies have been particularly weak relative to the dollar recently?

好的。然後對於非美國的軟件客戶，其中有多少是以美元簽約的？在多大程度上，在最近其貨幣相對於美元特別疲軟的一些市場中是否有任何市場反應？

It is mostly U.S. dollars. And it's not a new thing for our customers to prefer to operate in their own currency, and it's not a new thing for us to prefer to operate in U.S. dollars. So we kind of are where we are. And so yes, you can imagine that it's -- for them, based on the strength of the dollar, it's a little bit tougher. But we haven't changed our policies.

主要是美元。對於我們的客戶來說，更喜歡用他們自己的貨幣運營並不是什麼新鮮事，對我們來說更喜歡用美元運營也不是什麼新鮮事。所以我們就在我們所在的地方。所以，是的，你可以想像，對於他們來說，基於美元的強勢，這有點困難。但我們沒有改變我們的政策。

And that varies from geography to geography. So for example, in Brazil, we're priced in real for the most part. And the U.K., likewise pretty much priced in pounds. In the euro, it's mixed. In sort of second and third world countries, it's dollar.

這因地理位置而異。因此，例如，在巴西，我們大部分都是按實際定價的。英國也以英鎊計價。在歐元方面，情況喜憂參半。在第二和第三世界國家，它是美元。

Got it. And then just last, since we have the K and we get the client comp disclosure, just any comment on the number of large financial institutions. So I guess in the U.S. went down from 96 to 92. Are those Software or Scores clients? Or is there an impact from -- I don't remember the exact timing of the collection and recovery divestiture. And then it looks like a good news story internationally. I don't know how much this is rounding, but going from 2/3 to 3/4. Just any comment on those client metric.

知道了。最後，因為我們有 K 並且我們得到了客戶補償披露，所以對大型金融機構的數量發表任何評論。所以我猜美國從 96 下降到 92。這些軟件或分數是客戶嗎？或者是否有影響——我不記得收集和恢復資產剝離的確切時間。然後它在國際上看起來像是一個好消息。我不知道這是四捨五入多少，但是從 2/3 到 3/4。只是對這些客戶指標的任何評論。

I wouldn't read too much into that, Jeff. In the U.S., consolidation is something that we can't control that often reduces just the number of logos we have. And any change in the names -- the number of logos would primarily be a function of Software. We -- everybody uses the FICO Score essentially among the large financial institutions. So that doesn't change. But there's not a trend that I would read into that.

傑夫，我不會讀太多。在美國，整合是我們無法控制的事情，通常只會減少我們擁有的徽標數量。名稱的任何更改——徽標的數量主要是軟件的功能。我們——每個人基本上都在大型金融機構中使用 FICO 評分。所以這不會改變。但我不會讀到這種趨勢。

Internationally, there -- we do see new logos because there's a lot more greenfield internationally for us than in the U.S.

在國際上，我們確實看到了新的標誌，因為我們在國際上比在美國有更多的綠地。

I believe that's all the questions we have. I'll turn the call back over to Steve.

我相信這就是我們所有的問題。我會把電話轉回給史蒂夫。

Thank you. Thank you, everyone, for joining, and we look forward to speaking with you again soon or at the earliest, next quarter. Thank you.

謝謝你。謝謝大家的加入，我們期待很快或最早在下個季度再次與您交談。謝謝你。

That concludes the call for today. We thank you for your participation. Ask that you please disconnect your line.

今天的呼籲到此結束。我們感謝您的參與。請您斷開您的線路。