Fair Isaac Corp (FICO) 2024 Q1 法說會逐字稿

Greetings and welcome to the Fair Isaac Corporation quarterly earnings call. (Operator Instructions) And as a reminder, this conference is being recorded, Thursday, January 25, 2024. It is now my pleasure to turn the conference over to David Singleton. Please go ahead.

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 2024 年 1 月 25 日星期四進行錄製。現在我很高興將會議交給 David Singleton。請繼續。

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

下午好，感謝您參加 FICO 第一季財報電話會議。我是投資者關係副總裁戴夫辛格頓 (Dave Singleton)，今天我們的執行長威爾蘭辛 (Will Lansing) 也加入了我的行列。和我們的財務長史蒂夫·韋伯。

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

今天，我們發布了一份新聞稿，描述了與前一年相比的財務表現。在這次電話會議上，管理層還將討論與上一季相比的結果，以幫助了解業務的運作率。

Certain statements made in this presentation are forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many risks and uncertainties that could cause actual results to differ materially. Information concerning these risks and uncertainties is contained in the company's filings with the SEC, particularly in the Risk Factors and Forward-Looking Statements portion 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》，本簡報中的某些陳述具有前瞻性。這些陳述涉及許多風險和不確定性，可能導致實際結果有重大差異。有關這些風險和不確定性的資訊包含在該公司向 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取得。

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. 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. And a replay of this webcast will be available through January 25, 2025.

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 條例附表，以了解每項非 GAAP 財務指標與最具可比性 GAAP 指標的調整表。收益報告和 G 條例附表可在公司網站 fico.com 的投資者關係頁面或 SEC 網站 sec.gov 上取得。該網路廣播的重播將持續至 2025 年 1 月 25 日。

Now I will turn the call over to our CEO, Will Lansing.

現在我將把電話轉給我們的執行長威爾·蘭辛 (Will Lansing)。

Thanks, Dave, and thank you, everyone, for joining us for our first quarter earnings call. In the Investor Relations section of our website, we posted some financial highlight slides that we'll be referencing during our talk today.

謝謝戴夫，謝謝大家參加我們的第一季財報電話會議。在我們網站的投資者關係部分，我們發布了一些財務亮點幻燈片，我們將在今天的演講中引用這些幻燈片。

I am so pleased to report that we had a great start to our fiscal year with double-digit growth in revenue, net income and EPS versus last year. It was a solid quarter, and we're well positioned for our fiscal 2024.

我很高興地向大家報告，我們的財年有了一個良好的開端，與去年相比，收入、淨利潤和每股收益都實現了兩位數的增長。這是一個穩健的季度，我們為 2024 財年做好了充分準備。

As shown on Page 2 of the first quarter financial highlights, we reported first quarter revenues of $382 million, up 11% over last year. We delivered $121 million of GAAP net income in the quarter, up 24%; and GAAP earnings of $4.80 per share, up 25% from the prior year. On a non-GAAP basis, quarter 1 net income was $121 million with earnings of $4.81 per share, up 12% and 13%, respectively.

如第一季財務摘要第 2 頁所示，我們報告第一季營收為 3.82 億美元，比去年成長 11%。本季我們實現 GAAP 淨利 1.21 億美元，成長 24%； GAAP 每股收益為 4.80 美元，比上年增長 25%。以非公認會計準則計算，第一季淨利潤為 1.21 億美元，每股收益為 4.81 美元，分別成長 12% 和 13%。

We delivered free cash flow of $121 million in our first quarter, up 32% versus prior year. We continue to return capital to our shareholders through buybacks. In quarter 1, we repurchased 78,000 shares at an average price of $915 per share. This month, we exhausted the remainder of the 2022 repurchase authorization, and we announced a new $500 million authorization this week.

我們第一季的自由現金流為 1.21 億美元，比去年同期成長 32%。我們繼續透過回購向股東返還資本。第一季度，我們以每股 915 美元的平均價格回購了 78,000 股股票。本月，我們用完了 2022 年回購授權的剩餘金額，並於本周宣布了新的 5 億美元授權。

In our Scores segment, as you can see from Page 6, our first quarter revenues were $192 million, up 8% versus the prior year. On the B2B side, the current quarter revenues were up 12% versus the prior year. This is a strong result considering the impact of higher interest rates on loan origination volumes and also the Latin America license renewal that we had in Q1 of 2023.

在我們的分數部分，正如您從第 6 頁看到的，我們第一季的收入為 1.92 億美元，比上年增長 8%。在 B2B 方面，本季營收比上年成長 12%。考慮到利率上升對貸款發放量的影響以及我們在 2023 年第一季更新拉丁美洲許可證的影響，這是一個強勁的結果。

On the B2C side, the current quarter revenues were down 3% versus the prior year. First quarter mortgage originations revenues were up 188% versus the prior year. Auto originations were down 3%. Credit card, personal loan and other originations revenues were down 5% versus the prior year.

B2C 方面，本季營收較前一年下降 3%。第一季抵押貸款發放收入比去年同期成長 188%。汽車原產地下降 3%。信用卡、個人貸款和其他來源收入較前一年下降 5%。

We continue to see traction with our latest score, FICO Score 10 T. As you'll recall, last quarter, we announced that Movement Mortgage was an early adopter of FICO 10 T. This quarter, we announced that CrossCountry Mortgage, which is the nation's #3 retail mortgage lender, will use FICO 10 T to analyze its nonconforming loans. They are the first lender originating loans to be issued in a mortgage-backed security based exclusively on FICO Score 10 T. These clients, in addition to others, have signed up to demonstrate to investors and to rating agencies and to other stakeholders a real-world example of the improved predictive performance offered by FICO Score 10 T.

我們繼續看到最新評分FICO Score 10 T 的吸引力。您還記得，上個季度，我們宣布Movement Mortgage 是FICO 10 T 的早期採用者。本季度，我們宣布CrossCountry Mortgage，它是FICO 10 T 的早期採用者。本季度，我們宣布CrossCountry Mortgage，它是FICO 10 T 的早期採用者。本季度，我們宣布CrossCountry Mortgage，它是FICO 10 T 的早期採用者。本季度，我們宣布CrossCountry Mortgage，它是FICO 10 T 的早期採用者。採用者。全國第三大零售抵押貸款機構將使用 FICO 10 T 分析其不合格貸款。他們是第一家以完全基於 FICO Score 10 T 的抵押貸款支持證券發放貸款的貸方。這些客戶以及其他客戶已簽約向投資者、評級機構和其他利益相關者展示真正的FICO Score 10 T 提供的改進預測性能的世界範例。

In our Software segment, we delivered $190 million in quarter 1 revenue, up 14% from last year. We continue to drive strong growth in ARR and NRR through our land-and-expand strategy with expand driven by increased customer usage. As you can see on Page 7, total ARR was up 18% with platform ARR growth -- growing 43% and nonplatform ARR growing 11%. Total NRR for the quarter shown on Page 8 was 114% with platform NRR at 136% and nonplatform NRR at 108%.

在我們的軟體部門，我們第一季的營收為 1.9 億美元，比去年成長 14%。我們透過土地擴張策略，透過客戶使用量增加推動擴張，持續推動 ARR 和 NRR 的強勁成長。正如您在第 7 頁上看到的，總 ARR 成長了 18%，平台 ARR 成長了 43%，非平台 ARR 成長了 11%。第 8 頁顯示的季度總 NRR 為 114%，其中平台 NRR 為 136%，非平台 NRR 為 108%。

We do continue to see strong demand from our new customers. Our total ACV bookings for the quarter were $18 million, a good result after a particularly strong fourth quarter. We continue to have a robust pipeline of opportunities, particularly with FICO Platform offerings. We've expanded our FICO Platform reach both by geography and by customer type. In December, we launched FICO Platform with an event in India, and we've already had several early adopters looking to expand to multiple use cases. In the U.K., StepChange Debt Charity, a market leader, will use the FICO Platform to provide individual outcomes to consumers seeking to become debt-free.

我們確實繼續看到新客戶的強勁需求。本季我們的 ACV 預訂總額為 1,800 萬美元，在第四季度表現尤為強勁之後，這是一個不錯的結果。我們繼續擁有大量機會，特別是 FICO 平台產品。我們根據地理位置和客戶類型擴大了 FICO 平台的覆蓋範圍。去年 12 月，我們在印度舉辦了一場活動，推出了 FICO 平台，並且已經有一些早期採用者希望擴展到多個用例。在英國，市場領導者 StepChange Debt Charity 將使用 FICO 平台為尋求無債務的消費者提供個人結果。

Our biggest opportunity near term continues to be in North America, where banks are focused on digital transformation and understand the value of the FICO Platform, where data-driven analytics allow hyper-personalized decisioning and consumer interactions on a real-time basis. We continue to innovate and bring new capabilities to the FICO Platform and work with new customers to demonstrate value and with existing customers to expand use cases. Our innovation will be highlighted at this year's FICO World event, which will take place in San Diego in April.

我們近期最大的機會仍然是在北美，那裡的銀行專注於數位轉型並了解 FICO 平台的價值，其中數據驅動的分析允許即時進行超個人化決策和消費者互動。我們不斷創新，為 FICO 平台帶來新功能，並與新客戶合作展示價值，並與現有客戶合作擴展用例。我們的創新將在今年 4 月於聖地牙哥舉行的 FICO World 活動中得到凸顯。

I'll have more on that later. But for now, let me turn the call over to Steve for further financial details.

稍後我會詳細介紹這一點。但現在，讓我把電話轉給史蒂夫，了解更多的財務細節。

Thanks, Will, and good afternoon, everyone. As Will mentioned, we had another very good quarter with total revenue of $382 million, an increase of 11% over the prior year or 12% when adjusted for last year's divestiture. Scores segment revenues for the quarter were $192 million, up 8% from Q1 of 2023. B2B revenues were up 12% driven by mortgage originations revenues. Our growth would have been higher if not for the Latin American license revenue, which we'll talk about, in Q1 of 2023 that did not recur this year.

謝謝威爾，大家下午好。正如威爾所提到的，我們又度過了一個非常好的季度，總收入達到 3.82 億美元，比上年增長 11%，根據去年的資產剝離調整後增長 12%。 Scores 部門本季營收為 1.92 億美元，較 2023 年第一季成長 8%。在抵押貸款發放營收的推動下，B2B 營收成長了 12%。如果沒有 2023 年第一季的拉丁美洲授權收入（我們將在今年討論），我們的成長將會更高。

Our B2C revenues were down 3% versus the prior year due to declines in our myFICO business, partially offset by our licensed B2C business. Scores (sic) [Software] segment revenues in the first quarter were $190 million, up 14% versus Q1 of 2023 or 17% when adjusted for the divestiture. This quarter, 83% of total company revenues were derived from our Americas region, which is a combination of our North America and Latin America regions. Our EMEA region generated 10% of revenues, and the Asia Pacific region delivered 7%.

由於 myFICO 業務下降，我們的 B2C 收入比上年下降了 3%，但部分被我們的授權 B2C 業務所抵消。 Scores (原文如此) [軟體]部門第一季營收為 1.9 億美元，比 2023 年第一季成長 14%，根據剝離調整後成長 17%。本季度，該公司總收入的 83% 來自美洲地區，該地區是北美和拉丁美洲地區的組合。我們的 EMEA 地區貢獻了 10% 的收入，亞太地區貢獻了 7%。

Our total Software ARR was $688 million, an 18% increase over the prior year. Platform ARR was $190 million, representing 28% of our total Q1 '24 ARR, up from 23% of total Q1 '23 ARR. Platform ARR grew 43% versus the prior year, while nonplatform ARR grew 11% to $497 million this quarter.

我們的軟體 ARR 總額為 6.88 億美元，比上一年增長 18%。平台 ARR 為 1.9 億美元，佔 24 年第一季總 ARR 的 28%，高於 23 年第一季總 ARR 的 23%。本季度，平台 ARR 較上年成長 43%，而非平台 ARR 成長 11%，達到 4.97 億美元。

Our Platform land-and-expand strategy continues to be very successful. Our dollar-based net retention rate in the quarter was 114% versus 110% last year. Platform NRR was 136% versus 130% in the prior year, while our nonplatform NRR was 108% versus 103% in the prior year. Nonplatform ARR growth was driven by customers' increased usage and CPI price increases.

我們的平台落地和擴張策略仍然非常成功。本季以美元計算的淨保留率為 114%，而去年為 110%。平台 NRR 為 136%，去年為 130%，而非平台 NRR 為 108%，去年為 103%。非平台 ARR 成長是由客戶使用量增加和 CPI 價格上漲所推動的。

Our Software ACV bookings for the quarter were $18.3 million versus $21.5 million in the prior year. We view this as a successful sales quarter coming off a record quarter in our fourth quarter of '23. Remember that ACV bookings include only the annual value of software sales and exclude professional services.

本季我們的軟體 ACV 預訂額為 1,830 萬美元，去年同期為 2,150 萬美元。我們認為這是一個成功的銷售季度，繼 23 年第四季創紀錄的季度之後。請記住，ACV 預訂僅包括軟體銷售的年度價值，不包括專業服務。

Turning now to our expenses for the quarter. Total operating expenses were $231 million this quarter versus $205 million in the prior year. Our current quarter expenses are a 3% increase from the prior quarter, which was $224 million. As we indicated last quarter, we maintain our focus on investment to accelerate development and distribution of the FICO Platform. And as a reminder, our incremental investment is relatively modest and is already built into our guidance.

現在談談我們本季的支出。本季總營運支出為 2.31 億美元，而上一年為 2.05 億美元。我們目前季度的支出比上一季增加了 3%，即 2.24 億美元。正如我們上季度所表示的，我們仍將重點放在投資上，以加速 FICO 平台的開發和分銷。提醒一下，我們的增量投資相對適度，並且已經納入我們的指導中。

Our non-GAAP operating margin, as shown in our Reg G Schedule, was 48% for the quarter.

如我們的 Reg G 附表所示，本季我們的非 GAAP 營業利潤率為 48%。

GAAP net income this quarter was $121 million, up 24% from the prior year's quarter. Adjusting for excess tax benefit and the prior year Siron divestiture, our one -- year-over-year GAAP net income grew 14%. Our non-GAAP net income was $121 million for the quarter, up 12% from the prior year's quarter.

本季 GAAP 淨利為 1.21 億美元，較上年同期成長 24%。調整超額稅收優惠和前一年 Siron 剝離後，我們的 GAAP 淨利潤年增 14%。我們本季的非 GAAP 淨利潤為 1.21 億美元，比去年同期成長 12%。

The effective tax rate for the quarter was 7% and included $24 million of reduced tax expense from excess tax benefits recognized upon the settlement or exercise of employee stock awards. In the prior year, the excess tax benefit was $10 million. We believe that our fiscal year 2024 net effective tax rate will be around 22%, while our recurring tax rate is expected to be around 26%. Again, the recurring tax rate is before any excess tax benefit and other discrete items.

本季的有效稅率為 7%，其中包括因結算或行使員工股票獎勵而確認的超額稅收優惠所減少的 2,400 萬美元稅收支出。上一年，超額稅收優惠為 1000 萬美元。我們認為，2024 財年的淨有效稅率將在 22% 左右，而經常性稅率預計將在 26% 左右。同樣，經常性稅率是在任何超額稅收優惠和其他離散項目之前的。

Free cash flow for the quarter was $121 million, a 32% increase on the previous year. The trailing 12-month free cash flow was $494 million compared to $465 million in the prior year. At the end of the quarter, we had $197 million in cash and marketable investments. Our total debt at quarter end was $1.96 billion with a weighted average interest rate of 5.2%. Currently, 66% of our total debt is fixed rate. Our floating debt is prepayable at any time and gives us the flexibility to use free cash flow to reduce outstanding floating debt balances in future periods.

該季度自由現金流為 1.21 億美元，比上年增長 32%。過去 12 個月的自由現金流為 4.94 億美元，而前一年為 4.65 億美元。截至本季末，我們擁有 1.97 億美元的現金和適銷投資。截至季末，我們的總負債為 19.6 億美元，加權平均利率為 5.2%。目前，我們總債務的 66% 是固定利率。我們的浮動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的未償浮動債務餘額。

Turning to return of capital. We bought back 78,000 shares in the first quarter at an average price of $915 per share. At the end of the quarter, we had $49 million remaining on the Board authorization, and as Will mentioned, we subsequently bought additional shares in January, exhausting the authorization. And this week, we announced a new $500 million repurchase authorization. And we continue to view share repurchases as an attractive use of cash.

轉向資本回報。第一季我們以每股 915 美元的平均價格回購了 78,000 股股票。截至本季末，我們的董事會授權還剩 4,900 萬美元，正如威爾所提到的，我們隨後在一月份購買了額外的股票，用盡了授權。本週，我們宣布了新的 5 億美元回購授權。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 final thoughts.

說到這裡，我會把它轉回給威爾，聽聽他最後的想法。

Thanks, Steve. I am excited about our traction as we continue to drive more innovation than ever. In the Scores business, our financial inclusion efforts continue as we launched a FICO Score aimed at helping Ukrainian refugees displaced through the war have access to credit.

謝謝，史蒂夫。我對我們的吸引力感到興奮，因為我們將繼續推動比以往更多的創新。在分數業務方面，我們繼續致力於普惠金融，推出了 FICO 分數，旨在幫助因戰爭而流離失所的烏克蘭難民獲得信貸。

Additionally, we added our third historically Black college and university, Delaware State University, as part of our FICO Educational Analytics Challenge. This is a program created to help promote diversity in data science, engineering and technology.

此外，我們還增加了第三所歷史悠久的黑人學院和大學——特拉華州立大學，作為 FICO 教育分析挑戰賽的一部分。該計劃旨在幫助促進數據科學、工程和技術的多樣性。

In the Software business, we added 20 new enhancements to the FICO Platform and expanded our patent footprint to over 220 patents by adding 10 patents related to digital decisioning, fraud detection, machine learning and responsible AI. And this innovation will be on display at FICO World 2024, where we will showcase how FICO truly supercharges our clients' digital transformations. At this 4-day event, which takes place in April, we'll bring the industry professionals from around the world to connect, share best practices and learn how FICO enables organizations to power customer connections at scale. We will highlight successful clients and demonstrate the power of the FICO Platform, enabling companies to operationalize analytics, become more composable and make better decisions at scale.

在軟體業務中，我們為FICO 平台添加了20 項新的增強功能，並透過添加10 項與數位決策、詐欺檢測、機器學習和負責任的人工智慧相關的專利，將我們的專利覆蓋範圍擴大到220 多項專利。這項創新將在 2024 年 FICO World 上展示，屆時我們將展示 FICO 如何真正推動客戶的數位轉型。在四月份舉行的為期 4 天的活動中，我們將邀請來自世界各地的行業專業人士進行交流、分享最佳實踐並了解 FICO 如何幫助組織大規模加強客戶聯繫。我們將重點介紹成功的客戶並展示 FICO 平台的強大功能，使公司能夠實施分析、變得更加可組合併大規模地做出更好的決策。

With that, I'll turn the call back to Dave, and we'll open up the Q&A session.

之後，我會將電話轉回戴夫，然後我們將開始問答環節。

Thanks, Will. This concludes our prepared remarks, and we're now ready to take questions. Operator, please open the lines.

謝謝，威爾。我們準備好的發言到此結束，現在我們準備好回答問題。接線員，請開通線路。

(Operator Instructions) And our first question is from the line of Faiza Alwy from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Faiza Alwy。

So I first wanted to ask about Software. You touched on this a little bit, but give us a bit more color on the software pipeline. As you said, you do have FICO World coming up. So what are some of the new things that we should watch for? And as part of that, if you can address some seasonality in the business because we had a bit of a step-down in ARR, so talk a bit about what your expectations are for ARR as we move through the year. Is the step-down more seasonal? Or should we expect sort of more of a structural slowdown?

所以我首先想問軟體。您稍微談到了這一點，但給我們提供了有關軟體管道的更多資訊。正如您所說，FICO World 即將推出。那麼，有哪些新事物值得我們關注呢？作為其中的一部分，如果您可以解決業務中的一些季節性問題，因為我們的 ARR 有所下降，那麼請談談您對今年的 ARR 的期望。降血壓是否更具季節性？或者我們應該期待更多的結構性放緩？

Yes. I think it's not so much -- well, just to take this in reverse order, not really a seasonal thing so much as it is deals move around, and they move from quarter-to-quarter. And I would say, this quarter, some deals were pushed to next quarter. We don't see that as a very big deal, I mean, not something that we're focused on.

是的。我認為這並不是什麼——好吧，只是以相反的順序來看，這並不是真正的季節性因素，而是交易在不斷變化，而且是按季度變化的。我想說，本季度，一些交易被推遲到下個季度。我的意思是，我們認為這不是一件大事，不是我們關注的事情。

The pipeline is the strongest it has ever been, and it's also the most mature it's ever been. So I would say, in terms of the stages of the pipeline, we're seeing more maturity within the pipeline than we have in years past. So we're actually feeling really good about the pipeline.

該管道是有史以來最強大的，也是有史以來最成熟的。所以我想說，就管道的各個階段而言，我們看到管道內比過去幾年更加成熟。所以我們實際上對管道感覺非常好。

In terms of what to expect at FICO World, I think that you'll have what we traditionally do, which is take you through the latest and greatest in innovation from FICO. We're also going to see a lot of customers who are delighted to stand up in front of their peers and explain all the value that they're getting out of the FICO Platform. So I think you'll see just a lot of reference customers.

就 FICO World 的期望而言，我認為您將獲得我們傳統上所做的一切，即帶您體驗 FICO 最新、最偉大的創新。我們還將看到許多客戶很高興站在同行面前解釋他們從 FICO 平台獲得的所有價值。所以我想你會看到很多參考客戶。

And part of FICO World, it's not just a sales event for us. It's really an event for our customers to help sell to one another because they wind up being our best references. And so it's a place where best practices get passed around, and there's a lot of adoption of FICO technology there.

作為 FICO World 的一部分，這對我們來說不僅僅是一次銷售活動。對於我們的客戶來說，這確實是一項幫助彼此銷售的活動，因為他們最終成為我們最好的推薦人。因此，這裡是傳播最佳實踐的地方，並且大量採用了 FICO 技術。

And then just switching on the Score side. I wonder if anything has changed as it relates to your volume expectations for 2024. There has been -- since we -- since you last reported earnings and gave the guide, it seems like the overall environment might be trending a little bit better. There's at least some more optimism. So I'm curious if anything was different as it relates to your expectations in the quarter itself and how you're thinking about volumes going forward.

然後只需切換到“分數”側即可。我想知道是否有任何變化，因為它與您對 2024 年的銷售預期有關。自從我們上次報告收益並提供指南以來，似乎整體環境可能會好一點。至少還有一些更樂觀的情緒。因此，我很好奇是否有什麼不同，因為這與您對本季本身的預期以及您對未來銷售的看法有關。

So we're very comfortable with our guidance, and we continue to see volumes roughly where we expected, frankly. I'm not sure I agree with the view that there's more optimism. I mean rates have ticked up in mortgages recently, and so if anything, I guess, I feel like the rate -- the fall in rates might be slower than a lot of industry pundits had been forecasting.

因此，我們對我們的指導感到非常滿意，坦白說，我們繼續看到交易量大致符合我們的預期。我不確定我是否同意更樂觀的觀點。我的意思是，最近抵押貸款利率有所上升，因此，我想，如果有的話，我覺得利率下降的速度可能比許多行業專家預測的要慢。

That said, as you know, FICO is always very conservative in our view about these things. And so I wouldn't say that we're caught in any way by a little uptick in rates or by slowness in rates coming down. There's no question that we will benefit tremendously as volumes increase when rates come down. And we anticipate that within the year and within next year. But I would say, right now, no change in our outlook.

也就是說，如你所知，FICO 對這些事情的看法始終非常保守。因此，我不會說我們因利率小幅上升或利率下降緩慢而陷入困境。毫無疑問，隨著利率下降，交易量增加，我們將受益匪淺。我們預計這一點將在今年和明年內實現。但我想說，目前我們的前景沒有改變。

And our next question is from the line of Surinder Thind with Jefferies.

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

So Will, just another follow-up question on the Software business. Can you talk a little bit about, I guess, the pipeline when it comes to kind of new clients? When I do the math, it looks like the pace at which new clients are bringing on ARR has been slowing for a number of quarters now. Just any color on your ability to bring -- onboard new clients at this point?

威爾，這只是關於軟體業務的另一個後續問題。我想你能談談新客戶的管道嗎？我計算了一下，發現新客戶引入 ARR 的速度似乎已經連續幾季放緩。此時您是否有能力吸引新客戶？

We have not had any challenges bringing on new clients. I mean as our penetration goes up, we will have captured more and more of our target enterprise customer base, and more and more of the growth will be from the expand part of the business, which is more use cases and more volume with existing customers.

我們在吸引新客戶方面沒有遇到任何挑戰。我的意思是，隨著我們滲透率的提高，我們將捕獲越來越多的目標企業客戶群，並且越來越多的增長將來自業務的擴展部分，即更多的用例和現有客戶的更多數量。

It does take some time to onboard, so it doesn't always show up instantly. But I would -- I think what you're going to see over time is a mix shift from land to expand, although we're not having trouble landing. We continue to land new customers.

加入確實需要一些時間，因此並非總是立即顯示。但我想——我認為隨著時間的推移，你會看到從陸地到擴張的混合轉變，儘管我們在著陸方面沒有遇到困難。我們繼續吸引新客戶。

Yes. I would just say, Surinder, when we start with someone that's really new, the lead time is longer on them than an existing customer. So that's why you'll see some of that. But we still signed a lot of new deals with a lot of new customers or at least different use cases with customers that are using some of our legacy products.

是的。我只想說，Surinder，當我們從真正的新客戶開始時，他們的交貨時間比現有客戶更長。這就是為什麼你會看到其中的一些內容。但我們仍然與許多新客戶簽署了許多新協議，或至少與使用我們一些舊產品的客戶簽署了不同的用例。

Got it. And then in terms of just the color around the margins in the Software business at this point, when I kind of go through the numbers, sounds like you've built in all of the -- what you kind of need for this year in terms of your guide. So does that mean that incremental revenue, should they show up, generally will drop to the bottom line? Or how should we think about things like that?

知道了。然後，就軟體業務邊緣的顏色而言，當我仔細查看這些數字時，聽起來你已經內建了所有的內容——今年你需要什麼你的導遊。那麼，這是否意味著增量收入（如果出現的話）通常會降至底線？或者說我們該如何思考這樣的事情？

Yes. That's a great question. I think, in general, that's a fair statement. We're pretty comfortable with where the margins are, and our expenses are running in line with what we expect and what we forecast and what we planned for. And so what you said is largely right. Incremental revenue should fall through to the bottom line.

是的。這是一個很好的問題。我認為，總的來說，這是一個公平的說法。我們對利潤率非常滿意，我們的支出也符合我們的預期、預測和計畫。所以你說的基本上是對的。增量收入應該落入底線。

That said, as incremental revenue comes in, we do reevaluate whether we want to devote some portion of that to additional resource for more rapid development. So will 100% of it fall to the bottom line? I don't know. We'll see.

也就是說，隨著收入的增加，我們確實會重新評估是否要將其中的一部分用於額外的資源以實現更快速的發展。那麼會不會100%跌到底線呢？我不知道。我們拭目以待。

And our next question is from the line of Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的馬納夫·帕特奈克 (Manav Patnaik)。

Steve, maybe just to follow up on that, if you could help with the Software kind of cadence around the operating expense. Looks like it ticked up sequentially, maybe a little bit higher than we thought. But since everything is running in line, can you just walk us through how we should think about the expense spend there?

史蒂夫，也許只是為了跟進這一點，如果你能幫助解決營運費用的軟體節奏。看起來它是連續上升的，也許比我們想像的要高一點。但既然一切都在按部就班地進行，你能告訴我們我們應該如何考慮那裡的開支嗎？

Yes. So I mean we talked about that a little bit last quarter that we're making some investments. There's a lot of growth here, and we think there's a lot more room for growth. And we're doing some investment on the R&D side to add more functionality. And we're doing some investment on cybersecurity as well. So there is some investment coming in there. There's a lot of different moving parts this quarter because you've got -- we had the end of the year bonuses that happened too, so that rolls in here as well.

是的。所以我的意思是，我們上個季度討論過我們正在進行一些投資。這裡有很多成長，我們認為還有更多的成長空間。我們正在研發方面進行一些投資以添加更多功能。我們也在網路安全方面進行一些投資。所以有一些投資進來了。本季有很多不同的活動部分，因為我們也有年終獎金，所以這裡也在這裡。

So you'll probably continue to see the expenses trend up through the year as we bring more people on. We have about 100 more people today than we had a year ago, right? So we're investing, like we said, in those specific areas. So -- but you'll see the expenses throughout the year trend up but not really all that dramatically.

因此，隨著我們招收更多員工，您可能會在這一年中繼續看到費用呈上升趨勢。今天我們的員工比一年前多了大約 100 人，對吧？因此，正如我們所說，我們正在這些特定領域進行投資。所以——但你會看到全年的費用呈現上升趨勢，但並不是那麼劇烈。

Okay. Fair enough. And then, Will, just in terms of the lending commentary, I mean, I think we all have our views on mortgage, so let's put that aside for a second. But can you just walk us through what's going on in auto and card with both those down 3% and 5%? Just anything to call out there and what the outlook for '24 is really for those 2 categories?

好的。很公平。然後，威爾，就貸款評論而言，我的意思是，我認為我們對抵押貸款都有自己的看法，所以讓我們暫時把它放在一邊。但您能否向我們介紹汽車和信用卡領域的情況，兩者均下降了 3% 和 5%？有什麼需要指出的嗎？這兩個類別的 24 年前景究竟如何？

I don't have a lot of additional to add there. I mean it's down a little bit and again, not a gigantic surprise to us. I think we're very kind of comfortable with that. It's within our kind of range of forecast, so not -- we wouldn't consider it a big surprise. And in terms of guessing about the future, honestly, Manav, your guess is as good as ours. We're -- as you know, we're a trailing indicator.

我沒有太多要補充的。我的意思是，它一次又一次地下降，這對我們來說並不是一個巨大的驚喜。我認為我們對此感到非常滿意。它在我們的預測範圍之內，所以我們不會認為這是一個很大的驚喜。在對未來的猜測方面，老實說，馬納夫，你的猜測和我們的一樣好。如您所知，我們是一個追蹤指標。

And our next question is from the line of Kyle Peterson with Needham.

我們的下一個問題來自凱爾·彼得森和李約瑟的對話。

Wanted to continue on the expenses and kind of what you guys saw this quarter. I guess, in terms of mix of revenue, it looks like there's a lower amount of professional services, which you usually would think of as kind of a bit of a drag on expenses. So I just want to see how should -- we should think about the relationship between services revenue in some of these buckets versus the expense growth. Like is there any lag? Or how should we think about some of the puts and takes there?

希望繼續支出以及你們本季看到的情況。我想，就收入組合而言，專業服務的數量似乎較少，您通常會認為這有點拖累支出。所以我只是想看看我們應該如何考慮其中一些類別的服務收入與費用成長之間的關係。比如有沒有延遲？或者我們應該如何考慮其中的一些看跌期權和賣出期權？

No. I mean so the professional services piece is a little bit unique because most of the PS work is done by internal resources. So in some cases, if they're not working on billable deals, they're working on R&D. In some cases, we've moved people into that function as well. So those costs don't necessarily go away.

不，我的意思是專業服務部分有點獨特，因為大部分 PS 工作都是由內部資源完成的。因此，在某些情況下，如果他們不致力於計費交易，他們就會致力於研發。在某些情況下，我們也會將人員轉移到該職能。因此，這些成本不一定會消失。

The professional services piece for us really is most of it's implementation work that we do on the Software side. So we don't really look at that necessarily as a profit center. But in terms of as an indicator of potential expenses, I think the PS tends to run in that $20 million to $25 million range. It was a little bit lower this quarter, but it's never going to be a lot higher because we're really -- we're kind of downplaying that aspect. And we don't have as many resources in PS as we've had in past years. So I don't think you're ever going to see that really tick up or really have much of a material impact on the overall margin of the business.

對我們來說，專業服務實際上是我們在軟體方面所做的大部分實施工作。因此，我們並不一定將其視為利潤中心。但就潛在支出指標而言，我認為 PS 往往在 2,000 萬至 2,500 萬美元範圍內。本季有點低，但永遠不會高很多，因為我們確實淡化了這一方面。而且我們在 PS 方面的資源也不像過去幾年那麼多。因此，我認為您不會看到這種情況真正上升或對業務的整體利潤率產生太大的實質影響。

Maybe just to follow up on the guidance methodology, particularly on the Scores side. Things looks like -- it sounds like your overall revenue top line is pretty much unchanged, and the volume assumptions seem the same. So I guess could you just confirm on the pricing assumptions and kind of what -- maybe what actions you guys have taken on that front? And if everything that went into effect on the first of the year is in the guidance or if there's still kind of a wait-and-see approach with volumes?

也許只是為了跟進指導方法，特別是在分數方面。事情看起來——聽起來你的整體收入幾乎沒有變化，而且銷售假設似乎是一樣的。所以我想你們能否確認一下定價假設以及你們在這方面採取了哪些行動？如果今年年初生效的所有內容都在指導中，或者是否仍然對數量採取觀望態度？

Well, I mean, there's still a lot of -- obviously a lot of volatility around the volume. So I think next quarter, yes, all the pricing went into effect in first part of January. We'll have a lot more color that we can provide next quarter because we'll see the impacts of all that. We'll see how -- we'll be that much farther into the year, and we'll know a lot more about what volumes look like. And frankly, we'll know a lot more about what the rate environment looks like probably in 3 months. So we'll be able to provide more color for the rest of the year at that point.

嗯，我的意思是，成交量仍然存在很大的波動。所以我認為下個季度，是的，所有定價都會在一月上旬生效。下個季度我們將提供更多的顏色，因為我們將看到所有這些的影響。我們將看看如何——我們將在今年更遠的時候，我們將更多地了解銷量的情況。坦白說，我們可能會在 3 個月內更了解利率環境。因此，屆時我們將能夠為今年剩餘時間提供更多色彩。

And our next question is from the line of George Tong with Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

You've announced removing tiered pricing increases for mortgage scores this year. Can you talk a little bit about your pricing strategy for autos and credit cards and how pricing trends in these categories will likely compare with last year?

您已宣布取消今年抵押貸款評分的分級定價上漲。您能否談談您對汽車和信用卡的定價策略以及這些類別的定價趨勢與去年相比可能如何？

So we have adjusted price -- you identified, you highlighted probably the biggest change in pricing this year, which was collapsing the tiers in mortgage. And that was really in response to a lot of feedback from the industry about a level playing field, and so we accommodated that.

所以我們調整了價格——你指出，你強調了今年可能最大的定價變化，即抵押貸款等級的崩潰。這實際上是為了回應業界關於公平競爭環境的大量回饋，因此我們適應了這一點。

In terms of the others, we -- as you know, we adjust prices in every segment every year, and it's relatively surgical. We go pocket by pocket and think through what we can do. Virtually, all of our scores have some level of CPI inflation pricing adjustment. And then others get some additional beyond that where we consider it appropriate. I would say that we did not take very significant actions in auto and card, not worth calling out separately and beyond kind of cost-of-living adjustment this year.

就其他方面而言，如您所知，我們每年都會調整每個細分市場的價格，而且相對而言是外科手術。我們逐一考慮並思考我們能做什麼。事實上，我們所有的分數都有一定程度的 CPI 通膨定價調整。然後其他人會在我們認為合適的範圍之外獲得一些額外的東西。我想說的是，我們在汽車和卡片方面沒有採取非常重大的行動，不值得單獨呼籲，除了今年的生活成本調整之外。

Got it. That's helpful. And can you provide a little bit of detail around some of the real-time trends that you're seeing with mortgage inquiries and some of the real-time trends that you're seeing with card volumes and auto volumes?

知道了。這很有幫助。您能否提供一些有關抵押貸款查詢實時趨勢以及卡交易量和汽車交易量實時趨勢的一些詳細信息？

With mortgage, I'd say the surprise is that we're seeing a little bit of refi activity. It doesn't take very much for people to come back in the market and try to refinance their mortgages. And so even a point of decline is enough to generate some volume that we didn't really anticipate.

就抵押貸款而言，令人驚訝的是我們看到了一些再融資活動。人們不需要花太多時間就能回到市場並嘗試為抵押貸款再融資。因此，即使是一個下降點也足以產生一些我們沒有真正預料到的交易量。

Steve, maybe you want to comment on the other.

史蒂夫，也許你想評論一下對方。

Yes. I mean in terms of real time, frankly, most of the reporting we get is in arrears to some degree, so the numbers you can get from industry analysts are going to be much more real time than what we can provide. There's a lot of industry data that's provided on a weekly basis. That's going to be much more real time than what we'll be able to give you.

是的。我的意思是就即時性而言，坦白說，我們得到的大部分報告都在某種程度上存在拖欠，因此您從行業分析師那裡獲得的數據將比我們提供的數據更加即時。每週提供大量行業數據。這將比我們能夠為您提供的更加即時。

And any -- what about some of the arrears numbers that you're seeing with cards and autos?

卡片和汽車上看到的一些欠款數字又如何呢？

Well, I think like card was running a lot hotter last year, right? I mean coming out of -- when the refi slowed down, although there was a big pickup in card, and we're still seeing that kind of slow down in about a year ago now. So it's pretty steady. I think there's been a lot of pullback on the subprime markets. But overall, it's not all that materially different. The volumes are not. They'll fluctuate a little bit depending on even what some of the bigger players might do in any one given quarter. But again, that's not -- that's probably not as across the board as mortgage, which is more driven by consumer demand that's tied to interest rates.

嗯，我認為去年的卡運行得更熱，對嗎？我的意思是，當再融資放緩時，儘管卡片數量大幅增加，但我們仍然看到大約一年前的這種放緩。所以還是比較穩定的。我認為次貸市場出現了很大的回檔。但整體而言，兩者並沒有本質上的差異。卷不是。它們會略有波動，這取決於一些較大的參與者在任何特定季度可能會做的事情。但同樣，這可能不像抵押貸款那樣全面，抵押貸款更多是由與利率掛鉤的消費者需求所驅動的。

Great. And commentary on autos?

偉大的。還有汽車評論？

Autos, I mean, autos is relatively stable and has been through that. I mean it's a few percent here or there, but you don't see a lot of volatility in the auto market, at least on the lending side.

汽車，我的意思是，汽車相對穩定並且已經經歷了這個過程。我的意思是，這裡或那裡只有幾個百分點，但你不會看到汽車市場有太大的波動，至少在貸款方面是如此。

(Operator Instructions) And our next question is from the line of Seth Weber with Wells Fargo Securities.

（操作員說明）我們的下一個問題來自富國銀行證券公司的 Seth Weber。

I wanted to ask, just to go back to the comment, about some deals getting pushed to the second quarter. Is there anything idiosyncratic that you'd call out there? Or is there any focus on any certain product -- customer categories or regions or anything that you'd attribute that to? Or are you just seeing an elongation of the sales cycle? Because I think, in prior quarters, you guys had talked about a shortening of the sales cycle. So I'm just trying to understand if there's any kind of bigger change that's going on here.

我想問一下，只是為了回到評論，一些交易被推遲到第二季。您會認為那裡有什麼特別之處嗎？或是否有任何特定的產品—客戶類別或地區或任何您認為歸因的產品？還是您只是看到銷售週期延長？因為我認為，在前幾個季度，你們談到了縮短銷售週期。所以我只是想了解這裡是否正在發生更大的變化。

No, not really. I mean the sales cycle is roughly where it's been lately, which is shorter than where it was a year or 2 years ago. I would say that I really -- I mean just -- there's nothing special there. The -- we -- it's probably worth reiterating that FICO, unlike a lot of other software companies, doesn't do a lot of wheeling and dealing at the end of the quarter to pull in business, and it is cultural with us.

不，不是真的。我的意思是銷售週期大致與最近的情況相同，比一年或兩年前短。我想說，我真的——我的意思只是——那裡沒有什麼特別的。我們可能值得重申的是，與許多其他軟體公司不同，FICO 不會在季度末進行大量的推銷和交易來吸引業務，這對我們來說是一種文化。

Our salespeople and all of our employees really live, act, believe in our #1 corporate value, which is act like an owner. We are really truly aligned with shareholders. We think about it as a family business. And that includes the salespeople at end of quarter. And that's not to say that we don't make a push at the end of the quarter to close business. Obviously, we do like everyone.

我們的銷售人員和所有員工都真正生活、行動並相信我們的第一大企業價值觀，即像所有者一樣行事。我們確實與股東保持一致。我們將其視為家族企業。這包括季度末的銷售人員。這並不是說我們不會在季度末推動關閉業務。顯然，我們確實喜歡每個人。

But what's not on the table is a bunch of extra discounting and Hail Mary-type stuff just to pull something in a week earlier. I mean we just don't care. And you'll never find FICO making radical concessions at quarter end to prop up a quarterly number. It's just not who we are.

但沒有擺在桌面上的是一堆額外的折扣和萬福瑪麗式的東西，只是為了提前一周拉一些東西。我的意思是我們只是不在乎。而且你永遠不會發現費埃哲在季度末做出重大讓步來支撐季度數字。這不是我們。

And so it's just worth keeping that in mind. So when we say deals move from quarter-to-quarter, it has more to do with the client and their budget time line and their approval process than it has to do with anything else.

因此值得牢記這一點。因此，當我們說交易按季度變化時，它與客戶及其預算時間表和審批流程有關，而不是與其他任何事情有關。

Yes. And I would just say, practically, we had some deals that we didn't sign that last week of December just because it was hard to get people, right? I mean you run into this issue every December that you might have people that are out on vacation or traveling. You just can't get the ink on the paper. So some of these deals have actually closed in January.

是的。我只想說，實際上，我們在 12 月的最後一周沒有簽署一些協議，只是因為很難找到人，對吧？我的意思是，每年 12 月您都會遇到這個問題，可能有人外出度假或旅行。你就是無法把墨水弄到紙上。因此，其中一些交易實際上已在一月完成。

So I don't -- again, from Will's point -- it's a great point. We're not scrambling trying to do everything humanly possible to get the deal signed in the last week of December as opposed to the first week of January.

所以我不認為——再說一遍，從威爾的觀點來看——這是一個很好的觀點。我們不會竭盡全力在 12 月最後一周而不是 1 月第一周簽署協議。

Got it. Okay. That's helpful. And then just -- can you -- just expanding on that a little bit, can you just update us on any traction that you're seeing -- whatever traction you're seeing kind of outside the financial services area for the Platform business and whether you're seeing bigger uptake there from nontraditional customers?

知道了。好的。這很有幫助。然後，您能不能稍微擴展一下這一點，您能否向我們通報您所看到的任何牽引力，無論您在平台業務的金融服務領域之外看到什麼牽引力，以及您是否看到非傳統客戶的使用量更大？

Yes. I would say that our Platform business is still very much focused on financial services. The business we do outside financial services today, we do close -- closely align stuff like insurance. We do that. But in terms of really nonfinancial services verticals, I would say the lion's share of that is in the optimization area, where we have the world's leading optimization engine. And so it's used by airlines and retailers and all kinds of -- sports scheduling and all kinds of places that are not as typical when you think of FICO.

是的。我想說，我們的平台業務仍然非常專注於金融服務。我們今天在金融服務之外開展的業務，我們確實緊密結合保險等業務。我們這樣做。但就真正的非金融服務垂直領域而言，我想說其中最大的份額是在優化領域，我們擁有世界領先的優化引擎。因此，航空公司、零售商以及各種體育賽事安排和各種與 FICO 不同的地方都使用它。

That said, our strategy around nonfinancial services is very much to go there through partners. We have a really robust and growing and ever stronger indirect sales force where our partners focus on both geography and geographies where we're not so present and on -- partners and geographies where we're not present and then on verticals where we're not as represented.

也就是說，我們圍繞著非金融服務的策略很大程度上是透過合作夥伴實現的。我們擁有一支非常強大、不斷成長、越來越強大的間接銷售隊伍，我們的合作夥伴專注於我們不存在的地區和地區，以及我們不存在的合作夥伴和地區，然後專注於我們存在的垂直領域不像所代表的。

And I think you'll see, as our strategy evolves -- and you've heard us talk about building an open ecosystem for -- with the decisioning platform available to any B2C company interested in using it. That's happening this year. I mean we will have open APIs this year. We will have software development kits for ISVs and retailers and VARs and those who want to take our decisioning solutions to other verticals. So you'll see that starting to happen this year. But that's really our strategy, is to do that through partners. There's not much of that, that we do directly.

我想你會看到，隨著我們策略的發展——你已經聽過我們談論建立一個開放的生態系統——為任何有興趣使用它的 B2C 公司提供決策平台。今年就發生了這種情況。我的意思是，今年我們將開放 API。我們將為 ISV、零售商、VAR 以及希望將我們的決策解決方案應用於其他垂直行業的人提供軟體開發套件。所以你會看到今年開始發生這種情況。但這確實是我們的策略，是透過合作夥伴來做到這一點。我們直接做的事情不多。

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 資本市場的 Ashish Sabadra。

Just a quick question on the mortgage volume. Did you provide what the mortgage volume growth was in the first quarter of '24?

只是一個關於抵押貸款金額的簡單問題。您是否提供了 24 年第一季抵押貸款數量的增長情況？

No, we just talked about the revenues. We don't pull out the different components in terms of the volumes. But I mean you can get the volumes from other third-party sources pretty easily.

不，我們只是談論收入。我們不會根據數量來提取不同的組件。但我的意思是你可以很容易地從其他第三方來源獲得這些卷。

No, that's helpful. And then maybe on the headwind from the Lat Am license revenue, can you just remind us how much was that revenue in the prior year, 1Q '23? Or how should we think about the growth in the business excluding that onetime headwind? And then as we go through the rest of the year, just curious if there's any other license renewal headwind to be cognizant of.

不，這很有幫助。然後，也許是由於拉丁美洲許可證收入的逆風，您能否提醒我們，上一年（即 23 年第一季）的收入是多少？或者，我們應該如何考慮業務的成長，排除一次性的逆風？然後，當我們度過今年剩下的時間時，我們只是想知道是否還有其他需要認識到的許可證續訂阻力。

There's potentially license -- I mean the renewals are hard to project, frankly, because we don't know when they're going to renew or sometimes they'll renew early. Sometimes they will renew later if they'll -- taking on additional pieces. So the renewal piece is [still gummy].

有潛在的許可——坦白說，我的意思是續約很難預測，因為我們不知道他們什麼時候會續約，或者有時會提前續約。有時，如果他們願意的話，他們會稍後更新——承擔更多的工作。所以更新的部分[仍然很黏]。

If you look at the next couple of quarters, we had some pretty big point-in-time revenue last year in Q2 and Q3. So we may not have that again this year. Sometimes we have renewals that end up moving to the platform, and they end up becoming ratable revenues. So they don't have upfront license revenue.

如果你看看接下來的幾個季度，我們去年第二季和第三季的時間點收入相當大。所以今年我們可能不會再有這樣的情況了。有時我們的續訂最終會轉移到平台上，最終會變成可評估收入。所以他們沒有預付許可收入。

So we're actively trying to move people, obviously, to the platform, which we forego the upfront license revenue in favor of recurring revenue. So as those happen, you're going to see changes there. That's typical to companies that are moving to ratable revenue, but it's been less dramatic for us as we've done over time. But there's always the potential that you're going to see that, and you'll have to think about that as different quarters come up.

因此，顯然，我們正在積極嘗試將人們轉移到該平台，我們放棄了前期授權收入，轉而支持經常性收入。因此，當這些發生時，你會看到那裡的變化。這對於那些正在轉向可評定收入的公司來說是典型的，但對我們來說，隨著時間的推移，這種情況並沒有那麼引人注目。但你總有可能會看到這種情況，隨著不同方面的出現，你必須考慮這一點。

And 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 的對話。

I didn't understand the answer on the last question. The Lat Am renewal in the year ago, that was in Scores, not Software, correct?

我不明白最後一個問題的答案。一年前的拉丁美洲更新是在分數中，而不是在軟體中，對嗎？

Yes, that was in Scores. I'm sorry. That was in Scores. And the ones in Scores happened occasionally. We'll have license deals. Typically, they're foreign deals in areas where a large bank wants to build their own Score model, and we'll sign deals with them. So that -- within Scores, we occasionally have those, and it's difficult to -- again, even with those, it's difficult to know what the timing is going to be.

是的，那是在分數中。對不起。那是在分數中。而《樂譜》中的那些事偶爾也會發生。我們將達成許可協議。通常，它們是大型銀行想要建立自己的評分模型的領域的外國交易，我們將與他們簽署交易。因此，在分數中，我們偶爾會有這些，而且很難再次，即使有這些，也很難知道時間會是什麼。

Okay. And then just trying to -- I guess, probably the last question as well, like the 21% growth in B2B Scores last quarter, 12% growth this quarter. How much of that slowdown is just due to the Lat Am comp in the year ago? Or anything else that you can say on like non-origination revenue trends? Because it doesn't look like a lot of (inaudible).

好的。然後我想，可能也是最後一個問題，例如上季 B2B 分數成長 21%，本季成長 12%。這種放緩有多少是因為一年前的拉丁美洲比較造成的？或者您還能對非起源收入趨勢等有何看法？因為它看起來並不多（聽不清楚）。

Yes, it's primarily -- it's completely due to Lat Am and lower mortgage volumes in Q1 versus Q4, right? I mean that's -- we're volume takers, obviously, right? I mean if the volumes are down, which they're going to be -- they're going to be anyway seasonally in that quarter. The December quarter has fewer mortgages typically than the September quarter does. So it's the combination of those 2 things. Outside of originations, it was up slightly. The non-origination business was up slightly but not all that significant.

是的，這主要是——這完全是由於拉丁美洲和第一季抵押貸款數量低於第四季度，對嗎？我的意思是——顯然我們是容量接受者，對吧？我的意思是，如果銷量下降（確實如此），那麼該季度的銷量將出現季節性下降。十二月季度的抵押貸款通常比九月季度少。所以這是這兩件事的結合。在起源之外，它略有上升。非原產地業務略有成長，但幅度不大。

Okay. And then can you just help me with like any rough order of magnitude of sizing? If I look at mortgage -- your mortgage origination revenue, roughly how much of it comes from closed loans versus things like rate shopping or applications that don't result in a closed loan or anything else that would like fall in that bucket?

好的。然後你能幫我確定一下粗略的尺寸大小嗎？如果我看一下抵押貸款——您的抵押貸款發放收入，大約有多少來自封閉式貸款，而不是利率購物或不會導致封閉式貸款的申請或其他任何可能屬於該類別的東西？

Yes. Frankly, we don't know because we don't -- I mean, actually, I think if you asked the bureaus, they'll tell you the same thing. The bundles get pulled for -- with scores and data, and they don't necessarily know -- nobody necessarily knows. If ever, the actual lender knows if it was closed or not. So we don't really know whether they turned into a closed loan or not. That's not reported to us.

是的。坦白說，我們不知道，因為我們不知道——我的意思是，實際上，我想如果你問各局，他們會告訴你同樣的事情。這些捆綁包被拉出來——帶有分數和數據，但他們不一定知道——沒有人一定知道。如果有的話，實際的貸方知道它是否被關閉。所以我們真的不知道它們是否變成了封閉貸款。這沒有向我們報告。

And our next question is from the line of Rajiv Bhatia with Morningstar.

我們的下一個問題來自晨星公司的拉吉夫·巴蒂亞 (Rajiv Bhatia)。

Sorry if I missed it, but can you provide what percentage of your Scores revenue was mortgage in the quarter? Like I know you'd provided that in the previous quarters.

抱歉，如果我錯過了，您能否提供本季度抵押貸款佔您的 Scores 收入的百分比？我知道您在前幾個季度已經提供了這一點。

Yes. We didn't provide that. I don't have the number in front of me, what the percentage was. So I -- we don't -- we didn't -- occasionally, we will do that. We didn't provide that this quarter. So you could probably back into it if you took the numbers we gave you from last year and then the percentage increases.

是的。我們沒有提供那個。我面前沒有數字，百分比是多少。所以我——我們不——我們沒有——偶爾，我們會這樣做。我們本季沒有提供這一點。因此，如果你使用我們去年給你的數字，然後百分比增加，你可能會回到這個問題。

Okay. We can follow up. I guess -- and then I know we talked about like the Latin America kind of Scores license. But if I look at like the Asia Score revenue in your 10-K -- or 10-Q, I think $5.9 million and definitely more than $4.1 million for the -- for all of fiscal 2023. So I guess is that like (inaudible).

好的。我們可以跟進。我想 - 然後我知道我們談論了拉丁美洲的分數許可證。但如果我看看你們 10-K 或 10-Q 中的亞洲得分收入，我認為 2023 財年全年收入為 590 萬美元，絕對超過 410 萬美元。所以我想是這樣的（聽不清楚） ） 。

Yes, we had our license deal in Asia in Scores. So we had a much larger one in Latin America last year. And then we -- if you look at it in any given quarter, probably half the time, we have a license deal somewhere. But obviously, the total license deals this year were much smaller this year than they were last year. And that was because of the Latin American deal.

是的，我們在亞洲有 Scores 的授權協議。所以去年我們在拉丁美洲舉辦了一場規模更大的活動。然後我們 - 如果你在任何特定季度查看它，可能有一半的時間，我們在某個地方達成了許可協議。但顯然，今年的許可交易總額比去年小得多。那是因為拉丁美洲協議。

And at this time, there are no more questions in the queue. I will now conclude the call. So thank you, everyone, for joining today's call. This does conclude the conference call, and we thank you for your participation and ask that you please disconnect your lines.

而此時，隊列中已經沒有更多的問題了。我現在結束通話。謝謝大家參加今天的電話會議。電話會議到此結束，我們感謝您的參與，並請您斷開線路。