Fair Isaac Corp (FICO) 2023 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, Wednesday, August 2, 2023.

您好，歡迎參加 Fair Isaac Corporation 季度財報電話會議。 （操作員說明）謹此提醒，本次會議將於 2023 年 8 月 2 日星期三進行錄製。

I'd now like to turn the conference over to Steve Weber. Please go ahead.

我現在想把會議交給史蒂夫·韋伯。請繼續。

Good afternoon, and thank you for joining FICO's third quarter earnings call. I'm Steve Weber, FICO's CFO, and I'm joined today by our CEO, Will Lansing.

下午好，感謝您參加 FICO 第三季度財報電話會議。我是 FICO 首席財務官 Steve Weber，今天我們的首席執行官 Will Lansing 也加入了我的行列。

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，以便於了解我們業務的運行率。

Certain statements made in the presentation may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many uncertainties that could cause actual results to differ materially.

根據 1995 年《私人證券訴訟改革法案》，演示文稿中的某些陳述可能被視為前瞻性陳述。這些陳述涉及許多不確定性，可能導致實際結果存在重大差異。

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該公司向 SEC 提交的文件中，特別是此類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取。

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. 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 2, 2024.

此次電話會議還將包括有關某些非公認會計準則財務指標的聲明。請參閱今天發布的公司收益報告和 G 條例時間表，了解每項非 GAAP 財務指標與最具可比性 GAAP 指標的調節表。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 上獲取。該網絡廣播的重播將持續至 2024 年 8 月 2 日。

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

接下來，我會將電話轉給威爾·蘭辛。

Thanks, Steve, and thank you, everyone, for joining us for our third quarter earnings call. On the Investor Relations section of our website, we posted slides that offer financial highlights for our third quarter. I am pleased to report we delivered another exceptional quarter with record revenue and profitability and strength throughout our business. Today, I'll talk about this quarter's results and our increased guidance for the full fiscal year.

謝謝史蒂夫，也謝謝大家參加我們的第三季度財報電話會議。在我們網站的投資者關係部分，我們發布了提供第三季度財務亮點的幻燈片。我很高興地向大家報告，我們又一個出色的季度實現了創紀錄的收入、盈利能力以及整個業務的實力。今天，我將討論本季度的業績以及我們對整個財年增加的指導。

As you can see on Page 2 of the presentation, we reported record revenues of $399 million, an increase of 14% over the same period last year. We delivered $129 million of GAAP net income and GAAP earnings of $5.08 per share, growing 38% and 41%, respectively, over the prior year. On a non-GAAP basis, net income was $143 million, with earnings per share of $5.66, representing year-over-year growth of 24% and 27%.

正如您在演示文稿第 2 頁上看到的，我們報告的收入達到創紀錄的 3.99 億美元，比去年同期增長 14%。我們實現了 1.29 億美元的 GAAP 淨利潤和每股 5.08 美元的 GAAP 收益，分別比上年增長 38% 和 41%。按非公認會計準則計算，淨利潤為 1.43 億美元，每股收益為 5.66 美元，同比分別增長 24% 和 27%。

We continue to deliver strong results throughout the business. Scores revenue was a record $202 million, up 13% in the quarter versus the prior year. As you can see on Page 6 of the presentation, B2B revenues were up 24%, driven primarily by increased originations revenues. Mortgage originations revenues were up 135% versus last year. Auto origination revenues were up 5%. Credit card, personal loan and other origination revenues were up 2%. On B2C, revenues were flat with last quarter and down 11% versus the same period last year. That was due to difficult comps.

我們繼續在整個業務領域取得強勁成果。 Scores 本季度收入達到創紀錄的 2.02 億美元，比上年同期增長 13%。正如您在演示文稿第 6 頁上看到的，B2B 收入增長了 24%，這主要是由於原創收入的增加。抵押貸款發放收入比去年增長了 135%。汽車製造收入增長了 5%。信用卡、個人貸款和其他發起收入增長了 2%。 B2C 方面，收入與上季度持平，較去年同期下降 11%。這是由於比較困難造成的。

In our Software business, we continue to drive growth with FICO Platform, which provides the power of analytics and AI to enable smarter business decisions at scale. You can see on Page 7, we delivered overall ARR growth of 20%, a significant milestone for us, and platform ARR growth of 53%. This represents our 15th straight quarter of platform ARR growth in excess of 40%. We continue to drive strong net retention rates as our customers continue to increase volumes and find new use cases.

在我們的軟件業務中，我們繼續通過 FICO 平台推動增長，該平台提供分析和人工智能的力量，以大規模實現更明智的業務決策。您可以在第 7 頁看到，我們的總體 ARR 增長了 20%，這對我們來說是一個重要的里程碑，平台 ARR 增長了 53%。這代表我們的平台 ARR 增長連續第 15 個季度超過 40%。隨著我們的客戶不斷增加數量並尋找新的用例，我們將繼續推動強勁的淨保留率。

Overall NRR increased to 117%, as shown on Page 8. Legacy off-platform NRR was 109% as volumes grew in many of our customers. Platform NRR was 142% due to expanded use cases driven by the success of our land-and-expand strategy.

總體 NRR 增加至 117%，如第 8 頁所示。隨著我們許多客戶的交易量增長，傳統的平台外 NRR 為 109%。由於我們的土地擴張戰略的成功推動了用例的擴大，平台 NRR 為 142%。

And we continue to see strong demand for our software. As you can see on Page 9, we had another quarter of double-digit growth, with ACV bookings up 13% over the same period last year. We continue to see a strong pipeline of opportunities and are seeing strong demand for FICO Platform.

我們繼續看到對我們軟件的強勁需求。正如您在第 9 頁上看到的，我們又實現了兩位數增長，ACV 預訂量比去年同期增長了 13%。我們繼續看到大量的機會，並且看到對 FICO 平台的強勁需求。

We had first-hand confirmation of the critical nature of FICO Platform at our recent FICO World Conference. This is a 3-day event, and it attracted customers for more than 60 countries where they shared best practices, learned about the latest in AI and advanced analytic innovations and learned new approaches for digital transformation. We talked about how FICO Platform can design, build and deliver AI-powered hyper-personalized customer journeys across every touch point and with every interaction.

在最近的 FICO 世界會議上，我們對 FICO 平台的關鍵性質進行了第一手確認。這是一個為期3 天的活動，吸引了來自60 多個國家/地區的客戶，他們在會上分享了最佳實踐，了解了最新的人工智能和先進的分析創新，並了解了數字化轉型的新方法。我們討論了 FICO 平台如何在每個接觸點和每次互動中設計、構建和提供人工智能驅動的超個性化客戶旅程。

Personally, I enjoyed the opportunity to meet our customers and hear from them how we're working together to optimize their most difficult decisions. One customer said, "I knew the FICO Platform had potential to help transform our business from a decision-making perspective, but I'm now blown away by the scope of the platform and communications capabilities." Another customer told us, "FICO doesn't sell software, you sell intelligence. That's way more valuable." And yet another customer simply said, "We either do this now or we fail forever." I'm proud of our technological excellence and the team that supports our customers to transform their business.

就我個人而言，我很高興有機會與我們的客戶見面並聽取他們的意見，我們如何共同努力優化他們最困難的決策。一位客戶表示：“我知道 FICO 平台有潛力從決策角度幫助我們實現業務轉型，但現在我對該平台的範圍和通信功能感到震驚。”另一位客戶告訴我們，“FICO 不賣軟件，你賣情報。這更有價值。”還有一位客戶簡單地說：“我們要么現在就這樣做，要么永遠失敗。”我為我們卓越的技術和支持客戶實現業務轉型的團隊感到自豪。

Finally, I'd like to say a few words about our partnership with Chelsea Football Club, where we're working together to empower students, adults and communities across the U.S. with financial literacy tools and knowledge to make informed credit decisions that last a lifetime. We are hosting fundamental workshops in partnership with the U.S. Soccer Foundation to empower the younger generation with the essential credit knowledge to jump-start their credit journeys.

最後，我想談談我們與切爾西足球俱樂部的合作關係，我們正在共同努力，為美國各地的學生、成年人和社區提供金融知識工具和知識，以做出終生受益的明智信貸決策。我們與美國足球基金會合作舉辦基礎研討會，為年輕一代提供必要的信用知識，以啟動他們的信用之旅。

Financial literacy correlates with better outcomes in education, but we know that the playing field is not always equal. One in 5 U.S. teenagers lack basic financial literacy skills. Around 74% of teams aren't confident in their financial knowledge. We're working on tackling this financial education gap to get more young people in the game.

金融知識與更好的教育成果相關，但我們知道競爭環境並不總是平等的。五分之一的美國青少年缺乏基本的金融知識技能。大約 74% 的團隊對自己的財務知識沒有信心。我們正在努力解決這一金融教育差距，讓更多年輕人參與其中。

In each of the 5 cities that Chelsea is playing this summer, we're working with local partners to bring teenagers from traditionally underserved communities to these fundamentals, workshops that are held on or near game day. The students will have an opportunity to attend the Chelsea football game taking place in their city.

在切爾西今年夏天比賽的 5 個城市中，我們正在與當地合作夥伴合作，讓傳統上服務不足的社區的青少年參加在比賽當天或臨近比賽日舉辦的這些基礎知識研討會。學生們將有機會觀看在他們所在城市舉行的切爾西足球比賽。

For the wider community in these cities, FICO is also hosting Score a Better Future Credit Education events, which are free to the public and will provide local residents with knowledge and tools to gain better insight into their financial health and understanding of their FICO Scores. We know that FICO Scores have allowed much more equitable access to credit, and we're committed to helping educate consumers about processes to foster broader institution.

對於這些城市的更廣泛的社區，FICO 還舉辦“評分更好的未來信用教育”活動，該活動免費向公眾開放，將為當地居民提供知識和工具，以更好地了解他們的財務健康狀況並了解他們的FICO 分數。我們知道 FICO 評分讓人們能夠更公平地獲得信貸，並且我們致力於幫助消費者了解培育更廣泛機構的流程。

I'll have some final comments, including an increase in our guidance, in a few minutes. But first, let me turn the call back to Steve for further details.

幾分鐘後我將提出一些最終意見，包括增加我們的指導意見。但首先，讓我將電話轉回給史蒂夫以了解更多詳細信息。

Thank you. As Will said, we delivered another very strong quarter in both our Scores and Software segments. Total revenues for the third quarter were $399 million, an increase of 14% over the prior year. In our Scores segment, revenues were $202 million, up 13% from the same period last year. B2B Scores revenues were up 24% over the prior year, driven by increased originations revenues.

謝謝。正如威爾所說，我們的樂譜和軟件領域又迎來了一個非常強勁的季度。第三季度總收入為3.99億美元，比上年增長14%。在我們的分數部門，收入為 2.02 億美元，比去年同期增長 13%。在原創收入增加的推動下，B2B Scores 收入比上一年增長了 24%。

We drove revenue increases in mortgage, auto and credit card personal loan and other originations. This quarter, mortgage originations revenues were up 135% from the same quarter last year; auto originations revenues were up 5%; and credit card, personal loan and other origination revenues were up 2% over last year. B2B Scores revenues were down 11% from the same period last year, again, due to difficult comps. B2C revenues have been relatively flat throughout FY '23.

我們推動了抵押貸款、汽車和信用卡個人貸款以及其他來源的收入增長。本季度，抵押貸款發放收入較去年同期增長 135%；汽車原創收入增長 5%；信用卡、個人貸款和其他發起收入比去年增長了 2%。由於比較困難，B2B Scores 收入再次較去年同期下降 11%。整個 23 財年，B2C 收入相對持平。

Software segment revenues in the third quarter were $197 million, up 16% versus the same period last year. Software recognized over time were $147 million or 74% of total Software revenues. License revenues recognized upfront or at a point in time were $25 million this quarter and represented 13% of Software revenues. Our professional services revenues were $25 million, also representing 13% of total Software revenues.

第三季度軟件部門收入為1.97億美元，比去年同期增長16%。隨著時間的推移，軟件確認金額為 1.47 億美元，佔軟件總收入的 74%。本季度預先確認或在某個時間點確認的許可收入為 2500 萬美元，佔軟件收入的 13%。我們的專業服務收入為 2500 萬美元，也佔軟件總收入的 13%。

In the third quarter, 87% of total revenues were derived from our Americas region, our EMEA region generated 8%, and 5% were from Asia Pacific. Our software ARR in the third fiscal quarter of 2023 was $646 million, a 20% increase over the period the prior year. Our platform ARR was $164 million, up 53% from last year and represented 25% of our total third quarter ARR compared with 20% last year. Our nonplatform ARR also grew very well and was $482 million in the third quarter, up 11%. And as a reminder, all of our ARR numbers have been adjusted for the divestitures we've made.

第三季度，總收入的 87% 來自美洲地區，歐洲、中東和非洲地區佔 8%，亞太地區佔 5%。 2023 年第三財季我們的軟件 ARR 為 6.46 億美元，比上年同期增長 20%。我們的平台 ARR 為 1.64 億美元，比去年增長 53%，佔第三季度 ARR 總額的 25%，而去年為 20%。我們的非平台 ARR 也增長得非常好，第三季度達到 4.82 億美元，增長 11%。提醒一下，我們所有的 ARR 數字都已根據我們所做的剝離進行了調整。

Our dollar-based net retention rate in the quarter was 117% overall versus 109% last year. We continue to show very strong net expansion from our platform customers due to follow-on sales of new use cases and from increased usage. The DB NRR for platform was 142% in the third quarter. Our nonplatform customer software usage also increased this quarter due to increased volumes and CPI increases. The nonplatform NRR was 109%.

本季度以美元計算的總體淨留存率為 117%，而去年為 109%。由於新用例的後續銷售和使用量的增加，我們的平台客戶繼續表現出非常強勁的淨擴張。第三季度平台DB NRR為142%。由於數量增加和 CPI 上漲，本季度我們的非平台客戶軟件使用量也有所增加。非平台 NRR 為 109%。

We had another good quarter of software sales with ACV or annual contract value bookings of $21 million versus $19 million in the prior year, an increase of 13%. And as a reminder, ACV bookings include only the annual value of software sales and exclude professional services.

我們的 ACV 軟件銷售又取得了良好的季度業績，年度合同價值預訂為 2100 萬美元，而上一年為 1900 萬美元，增長了 13%。提醒一下，ACV 預訂僅包括軟件銷售的年度價值，不包括專業服務。

Total operating expenses in the third quarter were $222 million this quarter versus $208 million in the prior year and $221 million in Q2. Third quarter expenses included our FICO World event in May and a onetime reimbursement of third-party data implementation costs that were previously incurred in the previous quarter.

第三季度總運營支出為 2.22 億美元，去年同期為 2.08 億美元，第二季度為 2.21 億美元。第三季度費用包括我們 5 月份的 FICO World 活動以及上一季度之前產生的第三方數據實施成本的一次性報銷。

Our non-GAAP operating margin, as shown in our Regulation G schedule, was 53% for the year, a 400 basis point improvement over the previous year. GAAP net income this quarter was $129 million, up 38% from the prior year quarter and included a noncash reduction to income tax expense of $9.5 million associated with the valuation of our R&D tax credits. GAAP EPS of $5.08 was up 41% from the prior year. Our non-GAAP net income was $143 million for the quarter, up 24% versus the same quarter last year. And the non-GAAP EPS was $5.66, up 27% from the prior year.

正如我們的 G 規則表所示，我們的非 GAAP 營業利潤率為 53%，比上一年提高了 400 個基點。本季度 GAAP 淨利潤為 1.29 億美元，比去年同期增長 38%，其中包括與研發稅收抵免估值相關的所得稅費用非現金減少 950 萬美元。 GAAP 每股收益為 5.08 美元，比上年增長 41%。我們本季度的非 GAAP 淨利潤為 1.43 億美元，比去年同期增長 24%。非 GAAP 每股收益為 5.66 美元，比上年增長 27%。

The effective tax rate for the quarter was 18% and included the adjustment to the valuation of the R&D credit I mentioned earlier. We expect our Q4 recurring tax rate to be approximately 25% to 26%. That expected recurring tax rate is before any excess tax benefit or other discrete items. Free cash flow for the quarter was $122 million. For the trailing 12 months, free cash flow was $446 million.

本季度的有效稅率為 18%，其中包括對我之前提到的研發信貸估值的調整。我們預計第四季度的經常性稅率約為 25% 至 26%。該預期經常性稅率是在任何超額稅收優惠或其他離散項目之前的。該季度的自由現金流為 1.22 億美元。過去 12 個月的自由現金流為 4.46 億美元。

At the end of the quarter, we had $195 million in cash and marketable investments. Our total debt at the quarter end was $1.93 billion, with a weighted average interest rate of 5.1%. Currently, about 67% 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 in future periods.

截至本季度末，我們擁有 1.95 億美元的現金和適銷投資。截至季度末，我們的總債務為 19.3 億美元，加權平均利率為 5.1%。目前，我們總債務的約 67% 是固定利率。我們的浮動利率債務可隨時提前償還，使我們能夠靈活地利用自由現金流來減少未來期間未償還的浮動利率債務餘額。

Turning to return of capital. We bought back 130,000 shares in the third quarter at an average price of $753 per share. At the end of the quarter, we had $237 million remaining on the current Board authorization, and we continue to view share repurchases as an attractive use of cash.

轉向資本回報。第三季度我們以每股 753 美元的平均價格回購了 130,000 股股票。截至本季度末，我們目前的董事會授權還剩 2.37 億美元，我們仍然認為股票回購是一種有吸引力的現金用途。

And with that, I'll turn it back to Will for his thoughts on the rest of FY '23 and an increase in our full year guidance.

說到這裡，我將把它轉回威爾，詢問他對 23 財年剩餘時間的看法以及我們全年指導的增加。

Thanks, Steve. As we finish our fiscal 2023 year, I am extremely pleased with the progress we've made in advancing our strategic initiatives. And I'm bullish on both of the segments of our business. Our Scores business continues to deliver strong growth, and we're dedicated to innovation to face industry challenges in the years to come. And our Software business, through FICO Platform, is enabling customers to use the latest analytics and AI technology to optimize their consumer interactions.

謝謝，史蒂夫。 2023 財年即將結束，我對我們在推進戰略舉措方面取得的進展感到非常滿意。我看好我們的兩個業務領域。我們的分數業務繼續強勁增長，我們致力於創新以應對未來幾年的行業挑戰。我們的軟件業務通過 FICO 平台，使客戶能夠使用最新的分析和人工智能技術來優化他們的消費者互動。

Finally, today, we're again raising our full year guidance as we enter the final quarter of our fiscal year. We are raising our full year revenue guidance to $1.5 billion. We are also increasing our GAAP and non-GAAP net income guidance. GAAP net income is now expected to be $428 million. GAAP earnings per share is now expected to be $16.90. Non-GAAP net income is now expected to be $500 million. Non-GAAP EPS is expected to be $19.70.

最後，今天，隨著我們進入財年的最後一個季度，我們再次提高了全年指導。我們將全年收入指引提高至 15 億美元。我們還提高了 GAAP 和非 GAAP 淨利潤指引。目前 GAAP 淨利潤預計為 4.28 億美元。目前 GAAP 每股收益預計為 16.90 美元。目前預計非 GAAP 淨利潤為 5 億美元。非 GAAP 每股收益預計為 19.70 美元。

And I'll now turn the call back to Steve, and we'll take some Q&A.

現在我將把電話轉回給史蒂夫，我們將進行一些問答。

Thanks, Will. This does conclude our prepared remarks, and we are ready now to take your questions. Operator, please open the lines.

謝謝，威爾。我們準備好的發言到此結束，我們現在準備好回答你們的問題。接線員，請開通線路。

(Operator Instructions) Your first question comes from the line of Manav Patnaik with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

I was hoping, I guess, for my first question, if you would just help us walk through how you thought about the guidance changes. It looked like -- I mean, obviously, you raised it, but it didn't seem like it was the full extent of the beat. So just curious what you're assuming for the last quarter and the variability quarter-to-quarter, I suppose.

我想，對於我的第一個問題，我希望您能幫助我們了解一下您對指南變更的看法。它看起來就像——我的意思是，顯然，你提高了它，但它似乎並不是節拍的全部範圍。我想，只是好奇您對上一季度的假設以及季度與季度之間的變化。

Yes. You know how we -- Manav, of how we're pretty conservative with the way we guide. And we don't want to be in a situation where we feel like we have to close deals in the last week of the quarter to hit a number. So if we can get a better deal pushing into next year, we're obviously willing to do that.

是的。你知道我們——馬納夫，我們的指導方式是多麼保守。我們不希望陷入這樣的情況：我們覺得必須在本季度的最後一周完成交易才能達到目標。因此，如果我們能在明年達成更好的協議，我們顯然願意這樣做。

So we're pretty conservative, and we don't go out and limit any of this. We typically don't guide quarter-to-quarter. As you know, we typically guide full year, and we will update in the middle of the year. So it's a big deal for us to raise guidance with 1 quarter to go, but we thought we pretty much had to. So you can take it how you want. But I mean, we are pretty conservative with where we guide.

所以我們相當保守，我們不會出去限制這一切。我們通常不會按季度提供指導。如您所知，我們通常會提供全年指導，並會在年中進行更新。因此，對我們來說，在最後一個季度提高指導意見是一件大事，但我們認為我們幾乎必須這樣做。所以你可以隨心所欲地接受它。但我的意思是，我們對指導方向相當保守。

Okay. Fair enough. And then obviously the... .

好的。很公平。然後顯然......

And I will say just one more thing, Manav.

我還要說一件事，馬納夫。

Sure.

當然。

Manav, I will say that we did have some -- a fair amount of onetime license revenue this quarter that we probably may or may not have in the fourth quarter. So we don't want to count on that.

馬納夫，我想說的是，本季度我們確實有相當數量的一次性許可收入，但我們在第四季度可能有也可能沒有。所以我們不想指望這一點。

Yes. Fair enough. Okay. And then just on the Scores business, I mean the mortgage origination numbers speak for your pricing efforts there. But can you just tell us where we are on card, auto and the other stuff, like in terms of the pricing strategy there?

是的。很公平。好的。然後就分數業務而言，我的意思是抵押貸款發放數字代表了您在那裡的定價工作。但您能否告訴我們我們在信用卡、汽車和其他方面的進展情況，比如定價策略方面的情況？

So I mean, they all had some pricing increases this year, probably more in line with CPI. In terms of volumes, mortgage is still down. We're seeing the same decreases that the bureaus are reporting. Auto was relatively flat year-over-year. And card's actually down a little bit. The originations this quarter are actually down a little bit. So we don't go into a lot more detail now, but you can kind of back into what -- we see the same things that the bureaus see in terms of volumes.

所以我的意思是，他們今年都有一些價格上漲，可能更符合消費者物價指數。就數量而言，抵押貸款仍然下降。我們看到與各局報告的情況相同的下降。汽車行業同比相對持平。而且卡實際上有點下降。本季度的創始數量實際上有所下降。因此，我們現在不討論更多細節，但你可以回顧一下——我們看到的情況與各局在數量方面看到的情況相同。

And your next question comes from the line of Faiza Alwy with Deutsche Bank.

你的下一個問題來自德意志銀行的 Faiza Alwy。

So I wanted to follow up first on the Software side of the business. You mentioned onetime licensing revenue. And maybe I missed that, but talk to us more about like what drove that? And I know you said you're not counting on that for 4Q. But what were some of the drivers around that?

所以我想首先跟進軟件方面的業務。您提到了一次性許可收入。也許我錯過了這一點，但請與我們更多地談談是什麼推動了這一點？我知道你說過你不指望第四季度的表現。但周圍的一些驅動因素是什麼？

We had some renewals. We had 1 fairly large renewal. If you look at our point-in-time revenue, it was $25 million this quarter. That's a little bit more than we have been trending. So it's not that sizable, but that's a number that can have some variability from quarter-to-quarter. So I think it was $20 million a quarter before that.

我們有一些續約。我們進行了 1 次相當大的更新。如果你看看我們的時間點收入，本季度的收入為 2500 萬美元。這比我們的趨勢要多一點。所以這個數字並不是那麼大，但這個數字可能會隨著季度的變化而變化。所以我認為在此之前的一個季度是 2000 萬美元。

So those things happen when they happen, and we don't want to be put in a position where we have to have them happen in specific quarters. So we're cautious with where we guide. And that's not much of our business anymore. It used to be 20-plus percent of our business, now it's 10%. So actually, it's less than 10%. So it's a small part of the business, but it's still a meaningful number when you're looking at 1 quarter.

因此，這些事情發生時就會發生，我們不想陷入必須讓它們在特定季度發生的境地。因此，我們對指導方向持謹慎態度。這不再是我們的事了。以前它占我們業務的 20% 以上，現在是 10%。所以實際上，這個比例還不到10%。因此，這只是業務的一小部分，但當你查看第一個季度時，它仍然是一個有意義的數字。

Okay. Okay. And so my next question is generally around the Scores business. So with only 1 quarter left, we're looking ahead to next year, and I know you're sort of getting to the time where you start talking about pricing for next year. So curious how you're thinking about that. There's obviously a lot of changes that are supposed to happen in the mortgage space, in particular. So talk to us about any initial thoughts you might have around pricing.

好的。好的。所以我的下一個問題通常是圍繞分數業務。因此，只剩下一個季度了，我們展望明年，我知道您已經到了開始討論明年定價的時候了。很好奇你是怎麼想的。顯然，特別是在抵押貸款領域，應該會發生很多變化。因此，請與我們討論您對定價的任何初步想法。

It really is a little bit early for us to talk about pricing. We're still thinking that through. But I think you can anticipate that there will be continued increases in price, where we think that the market warrants it, where the value we're providing demands it. And in terms of significant changes to the structure of the market and the structure of our pricing, we don't anticipate that.

我們現在談論定價確實有點早。我們還在考慮這個問題。但我認為你可以預見到，只要我們認為市場合理、我們提供的價值需要，價格就會持續上漲。就市場結構和定價結構發生重大變化而言，我們預計不會發生這種情況。

Yes. I mean, I think a lot of those time lines have kind of been pushed already. So we make the decisions based on the information we have at hand, but it's -- other than that, it's difficult to know what's going to happen when.

是的。我的意思是，我認為很多時間線已經被推遲了。因此，我們根據手頭的信息做出決定，但除此之外，很難知道何時會發生什麼。

I think the thing to keep in mind is this is a big and very important market. And it's important that any kind of changes happen slowly, incrementally and with the ability to anticipate kind of how the market will behave. And so you can expect us to be good players as far as all that goes.

我認為要記住的是，這是一個巨大且非常重要的市場。重要的是，任何類型的變化都要緩慢、漸進地發生，並且能夠預測市場將如何表現。因此，就一切而言，你可以期待我們成為優秀的球員。

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

您的下一個問題來自 Surinder Thind 與 Jefferies 的對話。

The first question is just around FICO World '23. The conversations that you have with clients there, how quickly do those conversations translate into signed contracts and then eventually revenues? And related to that, how big a source of new customers is that for you?

第一個問題是關於FICO World '23的。您與那裡的客戶進行的對話，這些對話轉化為簽署的合同並最終轉化為收入的速度有多快？與此相關的是，這對您來說有多大的新客戶來源？

So great question. Thanks, Surinder. It's a tremendous source of business for us with existing customers and with new customers. And the speed with which it translates into business is it's actually quite a large continuum. We have deals that get signed at FICO World. I mean, we obviously try to close business on the spot, where appropriate. But then there's other things that just go into the pipeline and then we work the pipeline over the subsequent year.

很好的問題。謝謝，蘇林德。對於我們現有客戶和新客戶來說，這都是巨大的業務來源。它轉化為業務的速度實際上是一個相當大的連續體。我們有在 FICO World 簽署的交易。我的意思是，我們顯然會在適當的情況下嘗試當場結束業務。但還有其他事情正在醞釀中，然後我們會在接下來的一年裡進行這些工作。

Our pipeline has been getting shorter. Our pipeline used to be over 400 days. We're down well below that today and continuing to trend downward, which is a good sign. The thing with FICO World is it's really an opportunity for our customers to talk to other customers who have shared problems, shared experience and to really get kind of a real-world feedback from customers who've implemented our software, on how it's worked and what it's done for them and what kind of returns they can expect and the time lines for implementation and so on.

我們的管道越來越短。我們的管道過去超過 400 天。今天我們的價格遠低於該水平，並且繼續呈下降趨勢，這是一個好兆頭。 FICO World 的特點是，它確實為我們的客戶提供了一個機會，讓他們可以與其他有共同問題和經驗的客戶進行交流，並從實施了我們軟件的客戶那裡真正獲得真實的反饋，了解該軟件的工作原理和使用方法。它為他們做了什麼，他們可以期望什麼樣的回報以及實施的時間表等等。

And because of the platform, in particular, is so successful, it's working so well, there's a lot of good stories to be told. And it's obviously way more credible when our customers are telling the story and acting as reference customers than we're out just selling our wares. And so FICO World is a very important event for us to be able to put customers in touch with one another. And frankly, they do the selling. We're there to facilitate.

特別是因為這個平台非常成功，運作良好，有很多好故事可以講。當我們的客戶講述故事並充當參考客戶時，這顯然比我們僅僅銷售我們的產品更可信。因此，FICO World 對我們來說是一項非常重要的活動，能夠讓客戶相互聯繫。坦率地說，他們負責銷售。我們隨時為您提供便利。

That's helpful. And then a question about the FHFA time line for just switching over to the new mortgage scores. Any color there in terms of the conversations that you're having with customers or clients at this point in time just to understand whether the time lines are realistic? Are things already being engaged at this point? How should we think about the transition period?

這很有幫助。然後是關於 FHFA 切換到新抵押貸款評分的時間表的問題。您此時與客戶或客戶進行的對話是否有任何色彩，只是為了了解時間線是否現實？現在事情已經開始了嗎？我們應該如何看待過渡期？

I think that it's likely that the time lines will be extended. There's additional review going on. And there's obviously a lot of detail that needs to be worked out that wasn't completely worked out at the time of the announcement. And so I think all signs point to a more thoughtful and more drawn out time line.

我認為時間線很可能會延長。正在進行額外的審查。顯然有很多細節需要解決，但在宣佈時尚未完全解決。因此，我認為所有跡像都表明了一個更加深思熟慮和更加漫長的時間表。

Your next question comes from the line of Kyle Peterson with Needham.

你的下一個問題來自凱爾·彼得森和李約瑟的對話。

Just wanted to touch a little bit on the guidance raise and kind of where you guys have been kind of seeing upside, at least, kind of year-to-date here, particularly on the Scores side of the business, I guess. Where have things maybe been trending a little better than expected. I mean it seems like mortgage has been notably strong since a lot of that is price. But I guess is there anywhere in the guide, at least, so far, where you guys have been kind of tracking above and is kind of part of what allowed you guys to raise today?

只是想談談指導性的提高，以及你們至少今年迄今為止看到的好處，特別是在業務的分數方面，我猜。事情的發展趨勢可能比預期的要好一些。我的意思是，抵押貸款似乎特別強勁，因為其中很大一部分是價格。但我想至少到目前為止，指南中是否有任何地方你們一直在跟踪上面的內容，並且是你們今天籌集資金的一部分？

I think just what allows us to raise is just more time has gone by, and there's less risk, right? I mean we've already banked 3 quarters' worth of numbers. So entering the year, even at the midway point of the year, there's a lot of questions, and we've gone through the Silicon Valley bank crisis. We've gone through multiple rate increases.

我認為讓我們籌集資金的原因只是時間流逝了更多，而且風險更小了，對嗎？我的意思是我們已經存儲了三個季度的數據。所以進入今年，即使是在年中，也有很多問題，我們已經經歷了矽谷銀行危機。我們經歷了多次加息。

There's been -- if you go back to the start of the year, there's a lot of uncertainty. And we have 3 quarters less of uncertainty now at this point. So we still got another quarter to go, and we'll see. But obviously, we've generated really good numbers to date. That just gives us more confidence in raising the guide.

如果你回到今年年初，就會發現有很多不確定性。目前，我們的不確定性減少了三個季度。所以我們還有一個季度的時間，我們拭目以待。但顯然，迄今為止我們已經產生了非常好的數字。這讓我們對提高指南更有信心。

Great. That's helpful. And then just a follow-up, really, on the platform ARR, another quarter of kind of 50-plus percent year-on-year growth. I'm really impressed to see. Are you guys seeing -- is your customer net kind of widening? It seems like you guys got a lot of traction with some international banks early, but it seems like that might be expanding a little bit or in other kind of related verticals.

偉大的。這很有幫助。然後是 ARR 平台上的後續行動，又一個季度實現了 50% 以上的同比增長。我真的很感動。你們有沒有看到——你們的客戶網絡在擴大嗎？看來你們很早就受到了一些國際銀行的關注，但似乎可能會在其他相關垂直領域有所擴展。

But I guess, how should we think about the pipeline and your ability to maintain some of these really robust growth rates, specifically as the law of large numbers kind of kicks in and makes the comps a little harder?

但我想，我們應該如何考慮管道以及您維持其中一些真正強勁的增長率的能力，特別是當大數定律開始發揮作用並使比較變得更加困難時？

The growth in the platform is coming from both existing customers and new customers. And we continue to add enterprise customers as we -- as they learn more about what we have to offer and as they talk to their competitors and see what's on offer. And then once it's installed, once implemented, most of our customers find additional uses and wind up increasing volume and increasing use cases over time.

該平台的增長來自現有客戶和新客戶。隨著企業客戶更多地了解我們所提供的產品以及與競爭對手交談並了解我們提供的產品，我們將繼續增加企業客戶。一旦安裝、實施，我們的大多數客戶都會發現其他用途，並隨著時間的推移最終增加數量和用例。

So we're still early days, and we're still adding lots of new customers. Over time, in the fullness of time, I would expect that there'll be more emphasis on the expand piece than the land piece. But for now, it's kind of equal parts, we're seeing both sides of it.

所以我們還處於早期階段，而且我們仍在增加大量新客戶。隨著時間的推移，在時間成熟的情況下，我預計人們會更加重視擴展部分而不是土地部分。但就目前而言，這是平等的部分，我們看到了它的兩面。

And so, I mean, it's a good story. We have always said that trees don't grow to the sky, and we don't anticipate 50%-plus growth rates forever. But I will say that I'm very pleased that here we are in our 15th quarter, a very high growth for the platform and with no seeming signs of abatement. It's -- the uptake is tremendous. And certainly, our potential market, the potential use cases, very, very large. And so I don't think that we have to -- we're not worried about law of large numbers yet.

所以，我的意思是，這是一個好故事。我們常說樹不長到天上，我們也不期望永遠保持50%以上的增長率。但我要說的是，我很高興我們已經進入第 15 個季度，該平台增長非常高，而且沒有任何減弱的跡象。其吸收率是巨大的。當然，我們的潛在市場、潛在用例非常非常大。所以我認為我們不必——我們還不擔心大數定律。

Your next question comes from the line of George Tong with Goldman Sachs.

你的下一個問題來自高盛的喬治·唐（George Tong）。

You now have several months under your belt from when you raised prices in Scores at the beginning of the year. Can you provide an update on customer receptivity to overall pricing actions this year? And what credit volume assumptions for fiscal 4Q are reflected in your full year guide?

自年初提高 Scores 價格以來，您現在已經有幾個月的時間了。您能否提供有關今年客戶對整體定價行動的接受程度的最新信息？你們的全年指南中反映了第四財季的哪些信貸量假設？

Customer reaction, let me take that one first. I think that our customers find lots of value in the Scores and what they do and recognize that they're a tremendous value. At the same time, no customer likes prices going up. And so as you can imagine, when we raised prices, we hear about it, and discussions go on.

客戶的反應，讓我先說一下。我認為我們的客戶在分數及其所做的事情中發現了很多價值，並認識到它們具有巨大的價值。與此同時，沒有客戶喜歡價格上漲。正如你可以想像的那樣，當我們提高價格時，我們會聽到它，並且討論會繼續進行。

And I think that the numbers speak for themselves. Our customers are very happy with the offering, with the product and with what it does for them. That's kind of how it goes. That's how it's gone for many years, and I don't expect that to change.

我認為數字不言而喻。我們的客戶對我們的服務、產品以及它為他們帶來的好處非常滿意。事情就是這樣。這就是多年來的情況，我不認為這種情況會改變。

We don't -- we won't share our assumptions for next quarter. I think -- and honestly, George, I think I've talked about this before. The way we do this is we roll up all of our numbers and do a forecast and then haircut that with what we're willing to guide. So it's as a percentage of the total number we come up with.

我們不會——我們不會分享我們對下季度的假設。我想——老實說，喬治，我想我以前已經談過這個問題了。我們這樣做的方法是匯總所有數據並進行預測，然後根據我們願意指導的內容進行調整。所以它是我們得出的總數的百分比。

So -- and there's a lot of things that go into that. So it's like running a mining (inaudible) simulation, right? So we don't have 1 set of expectations for the next quarter. But again, we're conservative with the way we guide to make sure that we'll exceed.

所以——這涉及到很多事情。所以這就像運行採礦（聽不清）模擬，對吧？因此，我們對下季度沒有一套預期。但同樣，我們對指導方式持保守態度，以確保我們能夠超越。

Got it. That's helpful. And then on the software side, ARR growth was very strong at 20% this quarter. Can you talk a little bit more about what's fueling that growth acceleration, particularly in this relatively tough macro environment? How much of the growth reflects large bank adoption of your platform solutions, increase in use cases, increase in usage or other factors?

知道了。這很有幫助。然後在軟件方面，本季度 ARR 增長非常強勁，達到 20%。您能否多談談推動增長加速的因素，特別是在當前相對嚴峻的宏觀環境下？增長有多少是因為大型銀行採用您的平台解決方案、用例的增加、使用量的增加或其他因素？

We had some big deals with existing customers, and then we also added new customers. It's really both.

我們與現有客戶達成了一些大交易，然後我們也增加了新客戶。確實是兩者兼而有之。

And on the nonplatform side, we had good volume. Obviously, those numbers look good, too, right, so the ARR on the nonplatform side. We had some good volumes on the CCS side and some strong numbers in the Falcon Fraud side as well. So it's pretty much strength throughout the portfolio. And on the platform side, it's just the continued expansion. We had some customers -- big customers go live this quarter, and that's just -- it's new revenue, essentially.

在非平台方面，我們有很好的銷量。顯然，這些數字看起來也不錯，所以非平台方面的 ARR 也不錯。我們在 CCS 方面有一些不錯的銷量，在 Falcon Fraud 方面也有一些強勁的數據。因此，它在整個投資組合中佔據著很大的優勢。而在平台方面，也只是不斷的擴張。我們有一些客戶——大客戶在本季度上線，這本質上是新的收入。

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

你的下一個問題來自 Jeff Meuler 和 Baird 的對話。

Let me just pick up there. Is there some thought that the nonplatform business has some decent growth potential like you saw this quarter? And then if you could just maybe address if the license step-up in the large renewal was in platform or nonplatform.

讓我去那裡接一下。是否有人認為非平台業務具有像您本季度看到的那樣不錯的增長潛力？然後，您是否可以解決大型續訂中的許可證升級是在平台上還是在非平台上的問題。

Yes. I mean, that's hard to say. I mean, we -- I think we had some pent-up volumes coming out of the pandemic, where there's some more activity here. I don't think the off-platform long term is probably going to be a significant growth driver for us. But it's nice to see those numbers perform fairly well.

是的。我的意思是，這很難說。我的意思是，我認為我們有一些因大流行而被壓抑的數量，這裡有更多的活動。我認為長期來看，平台外可能不會成為我們的重要增長動力。但很高興看到這些數字表現相當不錯。

And the license deal?

那麼許可協議呢？

The license -- so the license deal was -- that was a legacy business deal. That was not on the platform. That was a renewal of a legacy deal.

許可證——所以許可證交易是——這是一項遺留的商業交易。那不是在平台上。這是一項遺留協議的續約。

It's probably worth noting that our legacy software is installed and it winds up having a very, very long life. And we just -- we'd see things renewed kind of every 3 years, and it could be renewed 3x, 4x, 5x. And so I would expect that for our current book of business and on the legacy side, we expect continued renewals, and we expect to be supporting and seeing customer interest in those -- in that software for a very long time to come, usually a decade.

可能值得注意的是，我們安裝了遺留軟件，並且它的使用壽命非常非常長。我們只是 - 我們會看到每 3 年更新一次，並且可以更新 3 次、4 次、5 次。因此，我預計，對於我們當前的業務和遺留方面，我們預計會持續更新，並且我們預計會在未來很長一段時間內支持並看到客戶對該軟件的興趣，通常是十年。

And we haven't abandoned the software, just to be really clear, I mean, legacy has kind of a pejorative flavor to it, which it should not. I mean our legacy software is industry-leading. And it does what it does better than any other software in the market. And our customers know it, and they love it.

我們並沒有放棄該軟件，只是要真正明確的是，我的意思是，遺留對它有某種貶義的味道，但它不應該。我的意思是我們的遺留軟件是行業領先的。而且它比市場上任何其他軟件都做得更好。我們的客戶知道這一點，並且他們喜歡它。

And we continue to spend money on innovation there. We continue to spend money, R&D, to make sure that the functionality is as good as it can possibly be. And so as Steve said, we don't look to it as a source of growth, but it's not shrinking either. I mean it's a very solid business.

我們繼續在那裡進行創新投入資金。我們繼續花錢進行研發，以確保功能盡可能好。正如史蒂夫所說，我們並不將其視為增長源，但它也沒有萎縮。我的意思是這是一項非常穩固的業務。

And just one more thing to add to that. So the license deal was a renewal of a term deal. So that's not included in the ARR. So the ARR was driven by volumes, essentially, on CCS and other -- Falcon Fraud, maintenance and volume. So the license deals that -- our term license deals are outside of that.

還有一件事要補充。因此，許可協議是定期協議的續簽。所以這不包含在 ARR 中。因此，ARR 是由數量驅動的，本質上是 CCS 和其他——獵鷹欺詐、維護和數量。因此，許可交易——我們的術語許可交易不在此範圍內。

Got it. And then I get that it's early to talk '24 pricing, but maybe if you can just talk about the '23 experience. Like you said, the numbers speak for themselves, and they speak loudly. '23, historically high pricing. So just what did you learn from the experience? And is there the potential that the '23 pricing level could be the new normal going forward after you have some time under your belt on seeing how it resonated?

知道了。然後我發現現在談論 24 年的定價還為時過早，但也許你可以只談論 23 年的體驗。正如你所說，數字不言而喻，而且聲音響亮。 '23，歷史高價。那麼您從這次經歷中學到了什麼？在您花了一些時間了解它如何引起共鳴之後，23 年的定價水平是否有可能成為未來的新常態？

Well, I think we'll have -- it's a little bit early to say, and we'll have to see how things unfold. But I think that you can expect continued growth in Scores in both from -- contribution from price and contribution from higher volumes that we anticipate next year.

好吧，我想我們會——現在說還為時過早，我們必須看看事情如何發展。但我認為，您可以預期，價格的貢獻和我們預計明年銷量增加的貢獻都會使分數持續增長。

Okay. And then just last, could you just address AR, and if there was any sort of like new system you implemented, any change in payment terms or if it's just natural variability and when you'd expect kind of the step-up in collections?

好的。最後，您能否解決 AR 問題？您是否實施了任何類似的新系統，付款條件是否有任何變化，或者是否只是自然變化，以及您何時期望收款有所增加？

Yes. It really is not. What it really comes down to, for the most part, is Scores. And we accrue the new revenue, and it takes a while for the payments to come in, right? So you're going to get a little bit of a lag. When it jumps up that quickly, you have -- your AR goes up.

是的。事實並非如此。在很大程度上，真正歸結為分數。我們積累了新的收入，需要一段時間才能收到付款，對嗎？所以你會有點滯後。當它跳得那麼快時，你的 AR 就會上升。

So I think we were asked about that even last quarter about the free cash flow. And we're starting to see more of the free cash flow, flow through now because the AR from last quarter is flowing through today. So it does take a while for that to -- because there's such a significant uptick that it takes a while for it to flush through.

所以我認為我們甚至在上個季度就被問到了自由現金流的問題。我們開始看到更多的自由現金流現在正在流動，因為上個季度的 AR 正在今天流動。所以這確實需要一段時間——因為上升幅度如此之大，以至於需要一段時間才能沖走。

And gentlemen, your last question will come from the line of Rajiv Bhatia with Morningstar.

先生們，你們的最後一個問題將來自晨星公司的拉吉夫·巴蒂亞 (Rajiv Bhatia)。

Just on the myFICO business, which you've talked about being a $100 million annual business. I guess, first of all, how much of that business is kind of consumer monthly subscriptions versus consumer onetime reports? And then secondly, how do you think about pricing and pricing elasticities for the myFICO business?

就 myFICO 業務而言，您談到該業務的年銷售額為 1 億美元。我想，首先，該業務中有多少是消費者每月訂閱與消費者一次性報告？其次，您如何看待 myFICO 業務的定價和定價彈性？

I mean the bulk of it is subscriber. It's like monthly subscription. And it's like any other product -- subscription products, a little bit consumer. It depends on what you're selling them and what's involved when included in the package. So we have a really good team that works on that, and they do different packaging at different price points and do a lot of consumer testing.

我的意思是其中大部分是訂戶。就像按月訂閱一樣。它就像任何其他產品一樣——訂閱產品，有點消費者。這取決於您銷售的產品以及包裝中包含的內容。因此，我們有一支非常優秀的團隊致力於這方面的工作，他們以不同的價格點製作不同的包裝，並進行大量的消費者測試。

So it's never static, it's never 1 product at 1 price that's automatically raised at a certain rate. It really is -- it's about understanding the consumers and what the consumers are looking for and bundling different services and products then with that and then testing different price points.

所以它永遠不會是靜態的，它永遠不會以 1 的價格自動以一定的價格提高 1 種產品。確實如此——它是關於了解消費者以及消費者正在尋找什麼，然後將不同的服務和產品捆綁在一起，然後測試不同的價格點。

And historically, how much pricing have you taken in that business?

從歷史上看，您對該業務的定價是多少？

Yes, we came and looked at that way really because what we do is we end up bundling it -- different products in with it at different price points. So it's not -- it's rarely about a static product that's sold at increased prices. It's usually -- you add more functionality to it or add different tiers with more functionality or more products or services and then you charge more for that.

是的，我們確實是這麼想的，因為我們所做的就是最終將其捆綁在一起——不同的產品以不同的價格點捆綁在一起。所以它不是——它很少涉及以更高價格出售的靜態產品。通常，您向其添加更多功能，或者添加具有更多功能或更多產品或服務的不同層，然後為此收取更多費用。

I think what's interesting about the business is that almost any consumer who wants to get a free FICO score today can get one. I mean, from their bank -- I mean, it's relatively easy to get your FICO score. And in spite of that, we have a lot of consumers are interested in managing it and monitoring it on a regular basis. And they come and they pay money monthly to subscribe and keep an eye on it.

我認為這項業務的有趣之處在於，今天幾乎所有想要獲得免費 FICO 分數的消費者都可以獲得一個。我的意思是，從他們的銀行——我的意思是，獲得 FICO 分數相對容易。儘管如此，我們還是有很多消費者有興趣定期管理和監控它。他們來了，每月付費訂閱並關注它。

And obviously, these are the people who are most focused on their financial health, and it's a good service for them. And this has been the case now for years. We've been providing free scores for many, many years now with Open Access, and it hasn't hurt the myFICO business. myFICO business is very strong.

顯然，這些人最關注自己的財務健康狀況，這對他們來說是一項很好的服務。多年來這種情況一直存在。多年來，我們一直通過開放獲取方式提供免費分數，這並沒有損害 myFICO 業務。 myFICO 業務非常強勁。

And there are no further questions. I'll turn it back to yourselves for closing remarks. Thank you very much.

沒有其他問題了。我將把它轉回給你們自己做結束語。非常感謝。

Great. Thank you very much, everyone, for joining today. This does conclude our call, and we look forward to speaking with you again soon. Thanks.

偉大的。非常感謝大家今天的加入。我們的通話到此結束，我們期待很快再次與您交談。謝謝。

And that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。