Fair Isaac Corp (FICO) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to FICO's fourth-quarter 2024 earnings conference call.

感謝您的耐心等待，歡迎參加 FICO 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the call over to Dave Singleton.

我現在想將電話轉交給戴夫辛格頓。

Please go ahead.

請繼續。

Good afternoon, and thank you for attending FICO's fourth-quarter earnings call.

下午好，感謝您參加 FICO 第四季財報電話會議。

I'm Dave Singleton, Vice President of Investor Relations, and I'm joined today by our CEO, Will Lansing; and our CFO, Steve Weber.

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.

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。

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.

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.

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。

Those statements involve many risks and uncertainties that could cause actual results to differ materially.

這些陳述涉及許多風險和不確定性，可能導致實際結果出現重大差異。

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.

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。

Copies are available from the SEC, from the FICO website or from our Investor Relations team.

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.

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。

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 appropriate comparable GAAP measure.

請參閱今天發布的公司收益報告和 G 條例時間表，以了解每項非 GAAP 財務指標與最合適的可比較 GAAP 指標的調整表。

This includes an FY25 guidance reconciliation of GAAP to non-GAAP earnings, which are adjusted for items such as stock-based compensation and excess tax benefit.

這包括 2025 財年 GAAP 與非 GAAP 收益的指導調節，並針對股票薪酬和超額稅收優惠等項目進行了調整。

This reconciliation is part of the earnings release included an Exhibit 99.1 to our 8-K, which we filed with the SEC under Item 2.02 titled Results of Operations and Financials.

此調節表是收益發布的一部分，包括我們的 8-K 的附件 99.1，我們在標題為「營運結果和財務」的第 2.02 項下向 SEC 提交了該報表。

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 November 6, 2025.

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，並且該網絡廣播的重播將持續到 2025 年 11 月 6 日。

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

我現在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 fourth-quarter earnings call.

謝謝戴夫，謝謝大家參加我們第四季財報的電話會議。

In the Investor Relations section of our website, we've posted some financial highlights slides.

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。

We'll be referencing those during our presentation.

我們將在演示期間引用這些內容。

Today, I'll talk about this quarter's results and our guidance for fiscal '25.

今天，我將討論本季的業績以及我們對 25 財年的指導。

We had another fantastic year.

我們又度過了美好的一年。

We exceeded fiscal '24 guidance on all metrics and delivered strong growth in free cash flow.

我們在所有指標上都超越了 24 財年的指導，並實現了自由現金流的強勁成長。

As shown on page 2 of the fourth-quarter financial highlights, we reported fourth quarter revenues of $454 million, up 16% over last year.

正如第四季財務摘要第 2 頁所示，我們報告第四季營收為 4.54 億美元，比去年成長 16%。

For the full fiscal year, we delivered $1.718 billion in revenue, up 13% versus the prior year.

整個財年，我們實現了 17.18 億美元的收入，比上年增長 13%。

We reported $136 million in GAAP net income in the quarter, up 34% and GAAP earnings of $5.44 per share, up 36% from the prior year.

我們報告本季 GAAP 淨利潤為 1.36 億美元，年增 34%；GAAP 每股收益為 5.44 美元，較上年增長 36%。

For the full fiscal year, we delivered $513 million in GAAP net income, equating to $20.45 of earnings per share, up 19% and 21%, respectively.

在整個財年，我們實現了 5.13 億美元的 GAAP 淨利潤，相當於每股收益 20.45 美元，分別成長了 19% 和 21%。

We reported $163 million in non-GAAP net income in the quarter, up 29% and non-GAAP earnings of $6.54 per share, up 30% from the prior year.

我們報告本季非 GAAP 淨利潤為 1.63 億美元，年增 29%，非 GAAP 每股收益為 6.54 美元，較上年增長 30%。

For the full fiscal year, we delivered $595 million in non-GAAP net income, which equates to $23.74 of earnings per share, up 19% and 20%, respectively.

在整個財年，我們實現了 5.95 億美元的非 GAAP 淨利潤，相當於每股收益 23.74 美元，分別成長了 19% 和 20%。

As shown on page 10, we delivered record free cash flow of $219 million in our fourth quarter and $607 million over the last four quarters, an increase of 31% year over year.

如第 10 頁所示，我們第四季實現了創紀錄的自由現金流 2.19 億美元，過去四個季度實現了 6.07 億美元，年增 31%。

We continue to return capital to our shareholders through buybacks.

我們繼續透過回購向股東返還資本。

In the fourth quarter, we repurchased 188,000 shares at an average price of $1,721 per share.

第四季度，我們以每股 1,721 美元的平均價格回購了 188,000 股股票。

For the fiscal year, we've repurchased 606,000 shares at an average price of $1,366 per share.

在本財年，我們以每股 1,366 美元的平均價格回購了 606,000 股股票。

In our scores segment, on page 6 of the presentation, our fourth-quarter revenues were $249 million, up 27% versus the prior year.

在簡報第 6 頁的樂譜部分，我們第四季的營收為 2.49 億美元，比上年成長 27%。

For the full year, our revenues were $920 million, up 19% versus last year.

全年營收為 9.2 億美元，比去年成長 19%。

On the B2B side, fourth quarter revenues were up 38% versus the prior year and up 27% for the full year, primarily driven by mortgage originations.

在 B2B 方面，第四季營收較上年成長 38%，全年成長 27%，這主要是由抵押貸款發放推動的。

On the B2C side, fourth-quarter revenues were down 1% versus the prior year and down 2% for the full fiscal year, driven by decreased sales on the myfico.com website.

在 B2C 方面，由於 myfico.com 網站銷售額下降，第四季營收較前一年下降 1%，整個財年營收下降 2%。

Fourth-quarter mortgage originations revenues were up 95% versus the prior year.

第四季抵押貸款發放收入較上年增加 95%。

Mortgage origination revenue accounted for 47% of B2B revenue and 37% of total scores revenue.

抵押貸款發放收入佔 B2B 收入的 47%，佔總收入的 37%。

Auto originations revenues were down 2%, while credit card, personal loan and other origination revenues were down 5% versus the prior year.

汽車發起收入年減 2%，信用卡、個人貸款和其他發起收入較去年同期下降 5%。

Today, we've announced that for calendar 2025, FICO's wholesale royalty will be $4.95 per score for mortgage originations.

今天，我們宣布，從 2025 年開始，FICO 抵押貸款發放的批發特許權使用費將為每分 4.95 美元。

At this new per score royalty, the amount collected by FICO will remain a small percentage, on average, about 15% of the Tri-Merge bundle cost, which typically runs $80 to well over $100.

按照這個新的每分特許權使用費，FICO 收取的金額將保持很小的比例，平均約為 Tri-Merge 捆綁成本的 15%，該成本通常為 80 美元到遠超過 100 美元。

With total average closing costs of $6,000, FICO's share is only about

平均成交總成本為 6,000 美元，FICO 的份額僅約為

[0.2%].

[0.2%]。

As such, it will continue to be the lowest of all individual mortgage closing costs.

因此，它將繼續成為所有個人抵押貸款結清成本中最低的。

The FICO Score plays a central role in facilitating about $2 trillion in mortgage originations every year as a critical tool for borrowers, lenders, insurers, investors and other important stakeholders.

FICO 評分作為借款人、貸款人、保險公司、投資者和其他重要利害關係人的重要工具，在每年促成約 2 兆美元抵押貸款發放方面發揮核心作用。

The royalty collected by FICO is entirely fair and reasonable, and the FICO score continues to deliver incredible value as the most trusted and cost-effective tool used to evaluate consumer credit risk and residential mortgage finance.

FICO收取的特許權使用費完全公平合理，並且FICO評分作為用於評估消費者信用風險和住宅抵押貸款融資的最值得信賴和最具成本效益的工具，繼續提供令人難以置信的價值。

More information on our new royalty pricing can be found on our website at www.fico.com/blogs, and I would encourage you all to get some more detail on the blog.

有關我們新的特許權使用費定價的更多信息，請訪問我們的網站 www.fico.com/blogs，我鼓勵大家在博客上了解更多詳細信息。

We continue to drive strong adoption from FICO Score 10 T for the non-GSE mortgages.

我們繼續推動非 GSE 抵押貸款大力採用 FICO Score 10 T。

This quarter, we signed new lenders, including United Wholesale Mortgages, the largest global mortgage lender.

本季度，我們簽署了新的貸款機構，包括全球最大的抵押貸款機構 United Wholesale Mortgages。

We now have clients with over $244 billion in annualized mortgage originations and about $1.33 trillion in eligible mortgage portfolio servicing that have signed up for FICO Score 10 T. Firms are already using 10 T to make credit decisions, for securitization and for delivery to investors.

現在，我們的客戶已簽署FICO Score 10 T，年化抵押貸款發放量超過2,440 億美元，合格抵押貸款投資組合服務約1.33 兆美元。以及交付給投資者。

FICO 10 T for conforming mortgages sold in the GSEs will be rolled out based on the timeline of the FAA's implementation of enterprise credit score requirements.

針對 GSE 銷售的合格抵押貸款的 FICO 10 T 將根據 FAA 實施企業信用評分要求的時間表推出。

Now we continue to innovate in our scores business.

現在我們繼續在樂譜業務上進行創新。

Last week, we announced the upcoming launch of FICO Score mortgage simulator, which enables mortgage professionals to run credit event scenarios by applying simulated changes in an applicant's credit report data to simulate potential changes to the applicant FICO score.

上週，我們宣布即將推出 FICO 分數抵押貸款模擬器，該模擬器使抵押貸款專業人士能夠透過應用申請人信用報告數據的模擬變化來運行信用事件場景，以模擬申請人 FICO 分數的潛在變化。

This benefits both mortgage lenders and consumers by potentially providing more loan options and more favorable interest rates.

這可能會提供更多的貸款選擇和更優惠的利率，從而使抵押貸款機構和消費者受益。

In our software segment, we delivered $205 million in fourth-quarter revenue, up 5% from last year, driven mainly by growth in SaaS software, partially offset by a decline in professional services.

在我們的軟體部門，我們第四季的營收為 2.05 億美元，比去年成長 5%，這主要是由 SaaS 軟體的成長推動的，但部分被專業服務的下降所抵消。

We delivered $798 million in fiscal year revenue, up 8% from last year.

我們的財年營收達到 7.98 億美元，比去年成長 8%。

We continued to drive growth in ARR and NRR through our land and expand strategy with expand driven by increased customer usage.

我們繼續透過我們的土地和擴張策略推動 ARR 和 NRR 的成長，並透過客戶使用量增加推動擴張。

As shown on page 7, the total ARR was up 8%, with platform ARR growing 31% and non-platform ARR flat year over year.

如第 7 頁所示，總 ARR 成長 8%，其中平台 ARR 成長 31%，非平台 ARR 較去年同期持平。

Total NRR for the quarter, shown on page 8, was 106% with platform NRR at 123% and non-platform at 99%.

第 8 頁所示，本季的總 NRR 為 106%，其中平台 NRR 為 123%，非平台 NRR 為 99%。

ACV bookings for the quarter were $22 million.

本季 ACV 預訂額為 2,200 萬美元。

Our total ACV bookings for the year were $85 million, down 10% year over year.

我們今年的 ACV 預訂總額為 8,500 萬美元，年減 10%。

While we face some macroeconomic headwinds in the first half of the year, the second half bookings were consistent year over year.

儘管我們在上半年面臨一些宏觀經濟阻力，但下半年的預訂量比去年同期保持穩定。

I am excited about the future of our software business.

我對我們軟體業務的未來感到興奮。

This quarter, IDC recognized FICO as a leader in the worldwide Decision Intelligence platform market.

本季度，IDC 將 FICO 評為全球決策智慧平台市場的領導者。

This is a testament to our commitment to innovation that enables real-time transparent decision-making at scale.

這證明了我們對創新的承諾，能夠實現大規模的即時透明決策。

We help organizations design, engineer and orchestrate decisions by automating steps in the decision-making process.

我們透過自動化決策過程中的步驟來幫助組織設計、設計和協調決策。

FICO was recognized for its capabilities and strategy meeting both today's customers' needs and the needs of our customers in the future.

FICO 因其滿足當今客戶需求和未來客戶需求的能力和策略而獲得認可。

We announced two FICO platform partnerships this quarter.

本季我們宣布了兩個 FICO 平台合作夥伴關係。

We have partnered with Tata Consulting Services, generally known as TCS, a global services integrator and with Ison Experience is the largest business process outsourcing solutions company in Africa.

我們與全球服務整合商 Tata Consulting Services（通常稱為 TCS）合作，並與非洲最大的業務流程外包解決方案公司 Ison Experience 合作。

Both partnerships will leverage FICO platform to create industry-specific solutions for real-time decision making.

兩個合作夥伴將利用 FICO 平台創建針對即時決策的行業特定解決方案。

These partnerships will help us continue to drive strong growth for our platform business.

這些合作夥伴關係將幫助我們繼續推動平台業務的強勁成長。

Before I address fiscal '25 guidance, I'll pass it over to Steve to provide some other financial details.

在討論 25 財年指導之前，我會將其轉交給 Steve，以提供一些其他財務詳細資訊。

Thanks, Will, and good afternoon, everyone.

謝謝威爾，大家下午好。

As Will mentioned, we had another very good quarter with total revenue of $454 million, an increase of 16% over the prior year.

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 4.54 億美元，比上年增長 16%。

Our full-year revenue of $1.718 billion was up 13% over last year.

我們的全年營收為 17.18 億美元，比去年成長 13%。

Scores segment revenues for the quarter were $249 million, up 27% from the prior year.

Scores 部門本季營收為 2.49 億美元，比上年成長 27%。

B2B revenues in that score space were up 38%, driven primarily by mortgage originations revenues.

該分數領域的 B2B 收入成長了 38%，這主要是由抵押貸款發放收入推動的。

Our B2C revenues were down 1% versus the prior year due to volume declines in our myFICO.com business.

由於 myFICO.com 業務量下降，我們的 B2C 營收比前一年下降了 1%。

For the full year, B2B revenues were $712 million, up 27% and B2C revenues were $208 million, down 2%.

全年 B2B 營收為 7.12 億美元，成長 27%，B2C 營收為 2.08 億美元，下降 2%。

Total scores revenues were $920 million, up 19% despite headwinds in the mortgage originations market.

儘管抵押貸款發放市場面臨阻力，總收入仍成長 19%，達到 9.2 億美元。

Software segment revenues for the quarter were $205 million, up 5% from the prior year.

該季度軟體部門營收為 2.05 億美元，比上年增長 5%。

On-premises and SaaS software revenue grew 8% year over year, while professional services declined 9%.

本地和 SaaS 軟體收入較去年同期成長 8%，而專業服務則下降 9%。

Full-year software revenues were $798 million, up 8% from the prior previous year.

全年軟體收入為 7.98 億美元，比上年增長 8%。

This quarter, 85% of total company revenues were derived from our Americas region, which is a combination of our North America and Latin America regions.

本季度，該公司總收入的 85% 來自美洲地區，該地區是北美和拉丁美洲地區的組合。

Our EMEA region generated 10% of revenues and the Asia Pacific region delivered 5%.

我們的 EMEA 地區貢獻了 10% 的收入，亞太地區貢獻了 5%。

Our total software ARR was $721 million, an 8% increase over the prior year.

我們的軟體 ARR 總額為 7.21 億美元，比前一年增長 8%。

Platform ARR was $227 million, representing 31% of our total Q4 '24 ARR, up from 26% of total Q4 '23 ARR.

平台 ARR 為 2.27 億美元，佔 24 年第 4 季總 ARR 的 31%，高於 23 年第 4 季總 ARR 的 26%。

Platform ARR grew 31% versus the prior year, while non-platform was flat at $494 million this quarter.

本季平台 ARR 較上年成長 31%，而非平台持平，為 4.94 億美元。

This aligns with our strategy to focus on FICO platform growth while continuing to retain our non-platform customers.

這符合我們的策略，即專注於 FICO 平台成長，同時繼續留住我們的非平台客戶。

Over time, we do expect migration of these customers to platform products.

隨著時間的推移，我們確實預期這些客戶將遷移到平台產品。

Our platform land and expand strategy continues to be successful.

我們的平台落地和擴張策略持續取得成功。

Our dollar-based net retention rate in the quarter was 106%.

本季以美元計算的淨保留率為 106%。

Platform NRR was 123%, while our non-platform NRR was 99%.

平台 NRR 為 123%，而非平台 NRR 為 99%。

Platform NRR was driven by a combination of new use cases and increased usage of existing use cases.

平台 NRR 是由新用例和現有用例使用量增加共同驅動的。

Our software ACV bookings for the quarter were $22 million. ACV

本季我們的軟體 ACV 預訂金額為 2,200 萬美元。 ACV

bookings for the full year were $85 million.

全年預訂額為 8500 萬美元。

Turning now to expenses for the quarter, as shown on page 5 of the financial highlights presentation.

現在轉向本季的支出，如財務摘要演示第 5 頁所示。

Our total operating expenses were $257 million this quarter versus $224 million in the prior year, an increase of 15% year over year and flat versus the prior quarter.

本季我們的總營運費用為 2.57 億美元，而去年同期為 2.24 億美元，年成長 15%，與上一季持平。

For the full year, our expenses were $984 million versus $871 million in the prior year, an increase of 13%.

全年支出為 9.84 億美元，較上年的 8.71 億美元成長 13%。

Our FY25 guidance assumes lower year-over-year expense growth than in the prior year.

我們的 2025 財年指引假設年比費用成長低於前一年。

We maintain our focus on efficiencies and are committed to prioritizing resources to our most strategic initiatives.

我們始終關注效率，並致力於將資源優先用於最具戰略意義的措施。

We continue to focus investment to accelerate development and distribution of FICO platform, while also investing in scores resources and marketing.

我們繼續專注於投資以加速FICO平台的開發和分銷，同時也投資於分數資源和行銷。

Our non-GAAP operating margin, as shown in our Reg G schedule, was 52% for the quarter compared with 51% in the same quarter last year.

正如我們的 Reg G 時間表所示，本季我們的非 GAAP 營業利潤率為 52%，而去年同期為 51%。

We delivered non-GAAP margin expansion of 90 basis points for the full fiscal year.

我們整個財年的非 GAAP 利潤率成長了 90 個基點。

GAAP net income this quarter was $136 million, up 34% from the prior year's quarter.

本季 GAAP 淨利為 1.36 億美元，較上年同期成長 34%。

Our non-GAAP net income was $163 million for the quarter, up 29% from the prior year's quarter.

我們本季的非 GAAP 淨利潤為 1.63 億美元，比去年同期成長 29%。

For the full year, GAAP net income was $513 million, up 19% versus last year, and non-GAAP net income was $595 million, up 19% versus last year.

全年 GAAP 淨利潤為 5.13 億美元，比去年增長 19%，非 GAAP 淨利潤為 5.95 億美元，比去年增長 19%。

GAAP earnings per share this quarter were $5.44, up 36% from the prior year.

本季 GAAP 每股收益為 5.44 美元，比上年增長 36%。

Our non-GAAP earnings per share were $6.54, up 30% from the prior year.

我們的非 GAAP 每股收益為 6.54 美元，比上年增長 30%。

For the full year, GAAP earnings per share were $20.45, up 21% from last year, and our non-GAAP earnings per share were $23.74, up 20% from last year.

全年，GAAP 每股收益為 20.45 美元，比去年增長 21%，非 GAAP 每股收益為 23.74 美元，比去年增長 20%。

The effective tax rate for the quarter was 20.8%.

該季度的有效稅率為20.8%。

The effective tax rate for the full year was 20.1%, which included $30 million of reduced tax expense from excess tax benefits recognized upon the settlement or exercise of employee stock awards.

全年有效稅率為20.1%，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而減少的3,000萬美元稅收費用。

We believe that our fiscal year 2025 net effective tax rate is expected to be around 22%, while our recurring tax rate is expected to be around 26%.

我們認為，2025 財年的淨有效稅率預計為 22% 左右，經常性稅率預計為 26% 左右。

The recurring tax rate is before any excess tax benefit and other discrete items.

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稅率。

Free cash flow for the quarter was $219 million, a 35% increase from the previous year.

該季度自由現金流為 2.19 億美元，較上年增長 35%。

The full year free cash flow was $607 million and was up 31% versus last year.

全年自由現金流為 6.07 億美元，比去年增長 31%。

At the end of the quarter, we had $196 million in cash and marketable investments.

截至本季末，我們擁有 1.96 億美元的現金和適銷投資。

Our total debt at quarter end was $2.21 billion, with a weighted average interest rate of 5.2%.

截至季末，我們的總負債為 22.1 億美元，加權平均利率為 5.2%。

Currently, 59% of our total debt is fixed rate.

目前，我們總債務的 59% 是固定利率。

Our floating rate debt is pre-payable at any time and gives us the flexibility to use free cash flow to reduce outstanding floating rate debt balances in future periods.

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.

轉向資本回報。

We bought back 188,000 shares in the fourth quarter at an average price of $1,721 per share.

我們在第四季以每股 1,721 美元的平均價格回購了 188,000 股股票。

We continue to view share repurchases as an attractive use of cash.

我們仍然認為股票回購是一種有吸引力的現金用途。

In fiscal 2024, we repurchased 606,000 shares at an average price of $1,366 per share for a total of $828 million.

2024 財年，我們以每股 1,366 美元的平均價格回購了 606,000 股股票，總金額為 8.28 億美元。

And with that, I'll turn it back to Will to review our fiscal 2025 guidance.

接下來，我將把它轉回給 Will 來審查我們的 2025 財年指導。

Thanks, Steve.

謝謝，史蒂夫。

We continue to execute on our strategy, the proof is in our financial results and customer adoption of both our software and scores products.

我們繼續執行我們的策略，我們的財務表現以及客戶對我們的軟體和分數產品的採用就是證明。

Fiscal '24 was a great year.

24 財年是偉大的一年。

We had our most successful FICO World as we brought together customers and prospective customers from around the globe.

我們擁有最成功的 FICO World，因為我們將來自世界各地的客戶和潛在客戶聚集在一起。

We continue to win the trust of our customers with over 100 customers speaking on stage as to how our software helps achieve their goals.

我們持續贏得客戶的信任，超過 100 名客戶在台上講述我們的軟體如何幫助他們實現目標。

We continue to be an industry leader as evidenced by analyst community reports, including IDC, Forrester, Gartner, and Chartis.

IDC、Forrester、Gartner 和 Chartis 等分析師社群報告證明，我們仍然是產業領導者。

We continue to innovate.

我們不斷創新。

At FICO World, we introduced APIs to drive partner channel adoption of FICO Platform.

在 FICO World，我們引入了 API 來推動合作夥伴管道採用 FICO 平台。

We previewed the upcoming launch of our new FICO Marketplace.

我們預覽了即將推出的新 FICO Marketplace。

In year, we delivered new FICO Platform capabilities, created new IP using responsible AI methods and announced the upcoming launch of FICO Score mortgage simulator.

今年，我們提供了新的 FICO 平台功能，使用負責任的人工智慧方法創建了新的 IP，並宣布即將推出 FICO Score 抵押模擬器。

We continued our commitment to financial literacy for both students and adults.

我們繼續致力於提高學生和成人的金融知識。

We completed the field of dreams, the field of financial empowerment summer tour with Chelsea Football Club and U.S. Soccer Foundation.

我們與切爾西足球俱樂部和美國足球基金會一起完成了夢想的領域、金融賦能領域的夏季之旅。

We hosted Score better future workshops across the U.S., which is just one of FICO's programs that help millions of people gain access to credit.

我們在美國各地舉辦了 Score better future 研討會，這只是 FICO 幫助數百萬人獲得信貸的計劃之一。

We're well positioned for strong fiscal '25.

我們已為強勁的 25 財年做好了充分準備。

As we announce our guidance, I'll remind everyone that consistent with prior years, we expect some of the pricing initiatives in 2015 have an additional impact beyond our guidance numbers.

當我們宣布我們的指導意見時，我將提醒大家，與往年一樣，我們預計 2015 年的一些定價舉措會產生超出我們指導數字的額外影響。

And because of uncertainty in volumes, it's difficult to estimate the timing and magnitude of that impact.

由於數量的不確定性，很難估計這種影響的時間和程度。

While macro trends are difficult to predict, our recurring revenues and diversified product portfolio give us considerable visibility into fiscal 2025.

雖然宏觀趨勢難以預測，但我們的經常性收入和多元化的產品組合使我們對 2025 財年有相當大的了解。

With that in mind, we are guiding double-digit growth for both revenue and earnings metrics as shown on page 13 of the presentation.

考慮到這一點，我們指導收入和獲利指標實現兩位數成長，如簡報第 13 頁所示。

We are guiding revenues of about $1.98 billion, a 15% year-over-year increase.

我們預計營收約 19.8 億美元，年增 15%。

GAAP net income of about $624 million, an increase of 22%, GAAP EPS of about $25.05, an increase of 23%, non-GAAP net income of approximately $712 million, an increase of 20% and non-GAAP EPS of approximately $28.58, an increase of 20%.

GAAP 淨利約 6.24 億美元，成長 22%，GAAP 每股盈餘約 25.05 美元，成長 23%，非 GAAP 淨利約 7.12 億美元，成長 20%，非 GAAP 每股盈餘約 28.58 美元，增加了20% 。

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

之後，我會將電話轉回戴夫以開始問答環節。

Thanks, Will.

謝謝，威爾。

This concludes our prepared remarks, and we're now ready to take questions.

我們準備好的發言到此結束，現在我們準備好回答問題。

Operator, please open the lines.

接線員，請開通線路。

(Operator Instructions) Manav Patnaik, Barclays.

（操作員指令）Manav Patnaik，巴克萊銀行。

Well, thank you for the disclosure and pointing us to the blog as well.

好吧，感謝您的披露並為我們指出了該博客。

I think the whole [0.2%] that you've talked about, that's been pretty consistent.

我認為您所談論的整個 [0.2%] 非常一致。

I guess just thinking ahead, do you still see more room for that gap to close?

我想，只要思考一下，您是否仍然認為縮小這一差距還有更大的空間？

I mean, I guess it's 1% the mark?

我的意思是，我猜是 1% 吧？

Well, we continue to believe that our score delivers tremendous value relative to what we charge.

好吧，我們仍然相信，相對於我們的收費，我們的分數提供了巨大的價值。

And so yes, I would say that there is still opportunity.

所以，是的，我想說仍然有機會。

Okay.

好的。

Good enough.

夠好了。

And then, well, where there's obviously a lot of work and focus on your end is on the software side.

然後，顯然有很多工作要做，並且重點關注的是軟體方面。

And I was just wondering if you could just level set us with, I don't know how you want to think about it, whether what inning you're in and what some of the key initiatives you have planned for this year is on that software side, whether it's maybe more spending to keep investing in the platform?

我只是想知道你是否可以告訴我們，我不知道你想如何考慮這個問題，無論你處於哪一局，以及你今年計劃的一些關鍵舉措是什麼軟體方面，是否可能需要更多支出來繼續投資該平台？

Or just anything there would be helpful.

或只是任何有幫助的東西。

I would say that we're still very much in early innings.

我想說我們仍處於早期階段。

You can see that with our penetration of what we call enterprise platform customers, EPCs, where we've penetrated a little under half of the top 30 financial institutions globally.

您可以看到，隨著我們對企業平台客戶（EPC）的滲透，我們已經滲透到全球前 30 名金融機構中的一半以下。

So there's still a lot of opportunity for landing the platform with major players with major lending institutions.

因此，與主要貸款機構的主要參與者登陸該平台仍有許多機會。

And that, of course, is before we go down market, that's before we expand through to other verticals.

當然，這是在我們進入下游市場之前，也就是在我們擴展到其他垂直領域之前。

So I'd say it's very, very early innings.

所以我想說這是非常非常早的幾局。

That said, we're so far beyond minimum viable products that we're not in inning one.

也就是說，我們遠遠超出了最低可行產品的範圍，因此我們還沒有進入第一局。

We are far enough along that we have the preeminent platform in the world for decisioning and it is increasingly recognized by players who need it.

我們已經走得很遠了，我們擁有世界上卓越的決策平台，並且越來越受到需要它的玩家的認可。

So that continues to be something really strong for us.

所以這對我們來說仍然是非常重要的事情。

I think in terms of investment and when do margins expand, we will continue to invest in the platform.

我認為就投資而言，當利潤擴大時，我們將繼續投資該平台。

There's certainly a lot more features and functionality that our customers are clamoring for.

當然，我們的客戶也迫切需要更多的特性和功能。

And as we've discussed in the past, we are investing in indirect sales and distribution.

正如我們過去所討論的，我們正在投資間接銷售和分銷。

We are investing in an ecosystem that with our open APIs should enable all kinds of players that we don't ordinarily do business with to take advantage of our decisioning IP.

我們正在投資一個生態系統，透過我們的開放 API，我們通常不與之開展業務的各種參與者都可以利用我們的決策智慧財產權。

So there is this pretty big opportunity still ahead of us, and it does demand some level of investment.

因此，我們仍然面臨著巨大的機遇，而且確實需要一定程度的投資。

All that said, we are in the process of reengineering our platforms for scalability and for margins.

儘管如此，我們正在重新設計我們的平台，以實現可擴展性和利潤。

And there's no doubt that even if we maintain high R&D spend, which we do today and which will likely continue for some time, our margins ought to improve over time just because we're getting more scale and because we've designed with a view to improving margins through more scale.

毫無疑問，即使我們保持高研發支出（我們今天這樣做，並且可能會持續一段時間），我們的利潤率應該隨著時間的推移而提高，因為我們的規模正在擴大，並且因為我們的設計是基於這樣的觀點透過擴大規模來提高利潤。

So I hope that's helpful.

所以我希望這有幫助。

Early days, continued investments, but we're going to get more profitable anyway.

在早期，持續投資，但無論如何我們都會獲得更多利潤。

Surinder Thind, Jefferries.

蘇林德·辛德，傑弗里斯。

Well, just on the software piece, can you maybe just disaggregate the overall guidance, what your expectations are for the software component and how we should think about maybe platform versus non-pump at this point?

好吧，就軟體而言，您能否分解整體指導，您對軟體組件的期望是什麼，以及我們此時應該如何考慮平台與非泵浦？

Yes, thanks for the question, Sure.

是的，謝謝你的提問，當然。

We don't guide at that level.

我們不提供那個級別的指導。

We don't guide at the segment level.

我們不會在細分層面提供指導。

We just got the total corporate level.

我們剛剛得到了公司的整體水平。

So we don't talk about specific what we expect in scores versus software and even below that on the software side, we don't split out platform versus non-platform.

因此，我們不會談論我們對分數與軟體的具體期望，甚至在軟體方面低於分數，我們也不會區分平台與非平台。

Frankly, it's a little difficult sometimes to even know the difference between platform and non-platform, (inaudible) early stage with some of these deals that could end up on the platform or could end up in the legacy product as well.

坦白說，有時甚至很難知道平台和非平台之間的區別，（聽不清楚）早期階段，其中一些交易可能最終出現在平台上，也可能最終出現在遺留產品中。

So we don't really split that out.

所以我們並沒有真正將其分開。

Understood.

明白了。

And then in terms of just when I think about the, what I would call the partnerships that you're putting into place, in the process of them trying to build out industry solutions.

然後，當我想到時，我會稱之為你們正在建立的合作夥伴關係，在他們試圖建立產業解決方案的過程中。

Any color there you can provide on what specific solutions they may be looking at or what industries they might be looking at, at this point?

目前，您可以提供有關他們可能正在考慮哪些具體解決方案或他們可能正在考慮哪些行業的任何顏色嗎？

And then how does that work in terms of the IP sharing that such a relationship might have?

那麼，就這種關係可能存在的 IP 共享而言，它是如何運作的呢？

Sure.

當然。

It's a good question.

這是一個好問題。

I mean, as all of you know, partnerships work best when there's enough economics in it for both sides and where the relationship is complementary and that partners are not competing for the same thing.

我的意思是，正如大家所知，當雙方都有足夠的經濟利益並且關係是互補的並且合作夥伴不會為同一件事而競爭時，夥伴關係才能發揮最佳作用。

And so in our partnership with TCS, for example, which is a very strong partnership.

例如，我們與 TCS 的合作夥伴關係非常牢固。

We have a number of things going on here.

我們這裡發生了很多事情。

We have tremendous decisioning IP.

我們擁有龐大的決策智慧財產權。

They have tremendous reach and distribution and professional services and participation in a whole lot of verticals that FICO does not participate in.

他們擁有巨大的影響力、分佈和專業服務，並參與了許多 FICO 未參與的垂直行業。

So we're doing two kinds of things with them.

所以我們正在和他們一起做兩件事。

One is they're developing a level of expertise and confidence for implementing our solutions so that it can help our direct customers with implementation because they favor professional services in a way that we do not.

一是他們正在培養一定程度的專業知識和信心來實施我們的解決方案，以便能夠幫助我們的直接客戶實施，因為他們以我們不喜歡的方式青睞專業服務。

And so there's a benefit there.

所以這是有好處的。

But they're also very interested in providing solutions to their customers, vertical by vertical and leveraging IP.

但他們也非常有興趣為客戶提供解決方案，逐一垂直領域並利用智慧財產權。

And I think they recognize that our decisioning IP is pretty special.

我認為他們認識到我們的決策智慧財產權非常特別。

And so they're building solutions around our IP for particular verticals where they have a presence and some expertise.

因此，他們正在圍繞我們的知識產權為他們擁有業務和一些專業知識的特定垂直行業建立解決方案。

So for example, in the logistics area, TCS is building a proprietary solution based on our decisioning IP.

例如，在物流領域，TCS 正在基於我們的決策 IP 建立專有解決方案。

But our intent is to do that and replicate that in other verticals as well.

但我們的目的是做到這一點，並在其他垂直領域複製這一點。

George Tong, Goldman Sachs.

喬治唐，高盛。

You're planning to raise mortgage prices by approximately 50% in 2025.

您計劃在 2025 年將抵押貸款價格提高約 50%。

Can you discuss how you're thinking about prices for non-mortgage scores in 2025?

您能談談您對 2025 年非抵押貸款評分價格的看法嗎？

Yes.

是的。

So first of all, I guess I would point out that at [495], that's not a 50% increase.

首先，我想我會指出，在 [495] 中，這並不是 50% 的成長。

It's less than a 50% increase.

增幅還不到 50%。

But in terms of the other scores prices, as you know, we review the entire portfolio every year and we think about where it's appropriate and fair to raise prices, and we don't do the same thing in every pocket of scores demand. it varies.

但就其他樂譜價格而言，如您所知，我們每年都會審查整個投資組合，並考慮在哪裡適當且公平地提高價格，並且我們不會對每個樂譜需求都做同樣的事情。它有所不同。

It varies by year, it varies by segment.

它因年份而異，因細分市場而異。

And we did apply some increases to non-mortgage.

我們確實對非抵押貸款進行了一些增加。

Of course, mortgage isn't the entire business by any means.

當然，無論如何，抵押貸款並不是整個業務。

Okay.

好的。

Got it.

知道了。

And then broadly, can you talk about how you expect the Trump presidency to impact FICO's operations?

然後，您能大致談談您預計川普擔任總統將如何影響 FICO 的運作嗎？

Yes.

是的。

That's an obvious kind of a question.

這是一個顯而易見的問題。

And as you can imagine, we think a lot about it.

正如你所想像的，我們對此思考了很多。

That said, I would just say that we work with both Republican and Democratic administrations, and we've had good success with both and the reason is that we're such a core component of the markets in which we operate, we're so integral to the system that it's really unlikely that Republican or Democratic administrations will do things that the push FICO out of its position in the system.

也就是說，我只想說，我們與共和黨和民主黨政府都合作，並且我們都取得了良好的成功，原因是我們是我們經營所在市場的核心組成部分，我們是如此共和黨或民主黨政府實際上不太可能做出將FICO 擠出其在系統中的地位的事情。

We anticipate that in Trump administration, we'll continue to operate as we have is the cornerstone of the credit lending market in the US.

我們預計，在川普政府內，我們將繼續以我們作為美國信貸市場基石的方式運作。

And so we look forward to that.

所以我們對此充滿期待。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes.

是的。

So will you alluded to some macro uncertainty?

那麼您會提到一些宏觀不確定性嗎？

And I'm curious if you could elaborate on that?

我很好奇你能否詳細說明一下？

Like are you expecting mortgage volumes to recover in 2025.

您是否預計抵押貸款數量會在 2025 年恢復？

We are seeing rates a little bit higher.

我們看到利率有點高。

And I'm curious if you can comment on like number of pools that you were seeing per application because there are some indications that those have been declining more recently.

我很好奇您是否可以評論您在每個應用程式中看到的類似數量的池，因為有一些跡象表明這些池最近一直在下降。

Well, so with respect to macroeconomic uncertainty, I think that nobody knows what the future holds, not us and not you -- and so we leave it to you to come up with your own estimates on where you think mortgage volumes will be over the coming year.

嗯，所以就宏觀經濟的不確定性而言，我認為沒有人知道未來會怎樣，我們和你們都不知道——所以我們讓你們自己對抵押貸款數量將超過的情況做出估計。

We do anticipate mortgage volumes will increase in the future.

我們確實預計未來抵押貸款數量將會增加。

But the schedule for that is a little hard to say.

但具體的時間表有點難說。

And so we've incorporated in our guidance as is typical for us an appropriate level of conservatism.

因此，我們在指導中納入了我們典型的適當程度的保守主義。

And we'll just have to see how things pan out.

我們只需要看看事情會如何發展。

In terms of number of pools, we don't have a public pronouncement on that.

就礦池數量而言，我們沒有公開聲明。

Okay.

好的。

Understood.

明白了。

And then I noticed you've been talking about the value that the FICO score provides to secondary market participants, and I'm curious if you have been thinking about that as a potential revenue opportunity going forward?

然後我注意到您一直在談論 FICO 評分為二級市場參與者提供的價值，我很好奇您是否一直將其視為未來的潛在收入機會？

Do you think there's something there?

你認為那裡有東西嗎？

That is a very interesting question.

這是一個非常有趣的問題。

There's no doubt that many people who use the FICO Score don't pay for it.

毫無疑問，許多使用 FICO 評分的人並沒有為此付費。

Many people use and rely on the FICO Score.

許多人使用並依賴 FICO 評分。

Our business model today has historically been built around -- we charge for the first use and then the downstream and subsequent uses when they are permitted by us by contract, tend to be free.

我們今天的商業模式歷來都是圍繞——我們對首次使用收費，然後在我們合約允許的情況下下游和後續使用往往是免費的。

Of course, we're in business.

當然，我們是在做生意。

And so we think about every kind of variation on a theme, and we thought about trying to put the pricing where the usage is to make sure that you could lower prices in one place and raise them somewhere else, maybe that's more fair.

因此，我們考慮了主題的各種變化，並考慮了嘗試將定價放在使用的地方，以確保您可以在一個地方降低價格並在其他地方提高價格，也許這更公平。

But we also recognize that the system is what it is, and every change has to be scrutinized from the standpoint of what kind of unforeseen consequences and what kind of difficulties might we encounter if we change the system.

但我們也意​​識到，制度就是這樣，每一次改變都必須從改變制度會帶來什麼樣的不可預見的後果、會遇到什麼樣的困難的角度來審視。

So it's easy for our strategic thinkers inside FICO to come up with dozens and dozens of variations on how we might price our IP.

因此，FICO 內部的策略思想家很容易就如何為我們的智慧財產權定價提出數十種變體。

And trust me, we do.

相信我，我們會的。

We think about those things, but we're also really mindful of the kind of responsibility that we have to the economy to the community, to our customers, to the participants in the ecosystem and we are loath to make changes that could rattle markets.

我們考慮這些事情，但我們也真正意識到我們對經濟、社區、客戶、生態系統參與者的責任，我們不願意做出可能擾亂市場的改變。

We don't want to do that.

我們不想那樣做。

So we're very, very cautious and careful about everything we do.

因此，我們對所做的一切都非常非常謹慎。

And you've seen that, but that's not to say we don't study it.

你已經看到了這一點，但這並不是說我們不研究它。

And if appropriate, we might consider something like that in the future.

如果合適的話，我們將來可能會考慮類似的事情。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Going back to your guidance, could you please maybe add more color on how do you assume how many weight cuts you expect in 2025?

回到你的指導，你能否補充一下你如何假設你預計 2025 年會減重多少？

And how will that impact the loan volume.

這將如何影響貸款量。

That's one of those areas where everybody has a different opinion and we don't publish our opinion.

這是每個人都有不同意見的領域之一，我們不會發表我們的意見。

I think you know what our pricing is.

我想你知道我們的定價是多少。

And so I think you should apply that to your own best estimates as a guide to making your decisions about what the future holds for us.

因此，我認為您應該將其應用到您自己的最佳估計中，作為您對我們的未來做出決定的指南。

I don't know that my speculating on how many rate cut (inaudible) is going to be helpful to anyone.

我不知道我對降息多少（聽不清楚）的猜測會對任何人有幫助。

I'm not sure that my opinion is worth more than anyone else's.

我不確定我的意見比其他人的意見更有價值。

Got it.

知道了。

And then on the platform side, some of the analytic firms were under pressure because of the end market challenges and budget cuts and vendor consolidation and things like that.

然後在平台方面，由於終端市場挑戰、預算削減和供應商整合等原因，一些分析公司面臨壓力。

Could you please give us an update on what you're hearing from your clients given that we are going to the year-end budgeting period.

鑑於我們即將進入年底預算期，您能否向我們介紹您從客戶那裡聽到的最新情況。

Yes, absolutely.

是的，絕對是。

What you point out is something that we used to experience a lot in our applications business 5 and 10 years ago, where we were very much under budget pressure.

您指出的是我們 5 年前、10 年前在應用程式業務中經常經歷的事情，當時我們面臨著非常大的預算壓力。

And so when our customers were under a lot of budget pressure, the sales cycle stretched out and decisions were postponed and deals were postponed.

因此，當我們的客戶面臨很大的預算壓力時，銷售週期就會延長，決策就會被推遲，交易也會被推遲。

We see much less of that now.

現在我們看到的這種情況要少得多。

What we see is that the platform is truly a strategic investment by our customers.

我們看到的是，該平台確實是我們客戶的策略投資。

It tends to be decided at the C-suite level and so I won't say that we're immune to budgetary pressures.

這往往是由最高管理層決定的，所以我不會說我們不受預算壓力的影響。

But I think that there is this imperative for our customers to make a transition to digital relationships with their consumer customers and they want the kind of power that our platform brings.

但我認為，我們的客戶迫切需要與消費者客戶建立數位關係，他們希望獲得我們平台帶來的力量。

And their choice is really to try to build it themselves some kind of homegrown solution or to buy it from FICO because there's really not any meaningful competition in terms of features and functionality with our platform.

他們的選擇實際上是嘗試自己建立某種本土解決方案，或從 FICO 購買，因為在功能和功能方面與我們的平台確實沒有任何有意義的競爭。

And as between building it in-house and buying the FICO solution, we've invested close to $1 billion in our software business to get to this point.

在內部建置和購買 FICO 解決方案之間，我們已經在軟體業務上投資了近 10 億美元才能達到這一目標。

And there are a few customers with the wherewithal to make those kinds of investments.

有一些客戶有足夠的資金進行此類投資。

And so any kind of a homegrown solution is just not going to be competitive with what they -- FICO at a fraction of the cost.

因此，任何一種本土解決方案都無法與 FICO 的成本相比具有競爭力。

And so what we see is tremendous adoption of our platform because they do the analysis, and it's a very cost-effective solution, and they get more functionality than they were planning on.

因此，我們看到我們的平台得到了廣泛的採用，因為他們進行了分析，這是一個非常經濟高效的解決方案，而且他們獲得了比計劃更多的功能。

They get it much faster than they could if they did it themselves.

他們比自己做要快得多。

And so that's really kind of how that decision is going down.

這就是這個決定的實際情況。

So budgetary pressure, who knows, with less budgetary pressure, maybe we'd be doing even better than we are, we can't really say.

所以預算壓力，誰知道呢，如果預算壓力較小，也許我們會做得比現在更好，我們真的不能說。

But we are not experiencing a lot of slowdown because of budget pressures.

但由於預算壓力，我們並沒有經歷太大的放緩。

Kyle Peterson, Needham and Company.

凱爾彼得森，李約瑟公司。

I wanted to start off on the scores revenue this quarter came in really strong.

我想從本季的營收非常強勁開始。

Just wanted to see where there any one-timers.

只是想看看哪裡有一次性的。

I know in the past, sometimes, you guys have had some licensing deals or royalty true-up.

我知道過去有時你們有過一些授權協議或版稅調整。

So I just want to see like, is that a clean number?

所以我只想看看，這是一個乾淨的數字嗎？

Or was there anything onetime in the 4Q number?

還是4Q數字中曾經有過什麼？

Yes, there was a little bit of onetime and there's off, [I mean], as you know, most quarters, there's some.

是的，有一點曾經的，然後就結束了，[我的意思是]，如你所知，大多數季度，都有一些。

There was probably a little bit more than -- certainly than last quarter than this quarter.

可能比上個季度比本季多一點。

So there's a few million dollars of additional revenue there.

所以那裡有幾百萬美元的額外收入。

I mean it's nothing all that material in the overall number, but there definitely was a little bit of onetime revenue that we don't necessarily have in our run rate.

我的意思是，總體數字並不重要，但肯定有一點一次性收入，我們的運行率不一定有。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess just a follow-up on the mortgage score price rollout.

然後我想這只是抵押貸款評分價格推出的後續行動。

I appreciate the transparency there.

我很欣賞那裡的透明度。

Should we think of this as being fully phased in on January 1?

我們是否應該認為這將在 1 月 1 日全面實施？

Or is there kind of a scheduled phasing or any lag time that we should be mindful of?

或者是否有我們應該注意的預定階段或任何延遲時間？

Yes, there's always a lag.

是的，總是有滯後。

It's not scheduled, but there's -- we used to always talk about discord being feathered in, right, the price because some customers are on deals that don't lap on January 1, still might lap later.

雖然沒有安排，但我們過去總是談論價格方面的不和諧，對吧，因為有些客戶的交易不會在 1 月 1 日生效，但仍可能在以後生效。

So it's consistent with every other year we've had essentially.

所以這與我們過去的每一年基本上是一致的。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious if you could talk about what sort of analysis you did to arrive at the $4.95 mortgage score price?

我很好奇您能否談談您是透過何種分析得出 4.95 美元的抵押貸款評分價格的？

Like why did you decide that was the right number to go with?

例如你為什麼認為這個數字是正確的？

And then I'm also curious, recognize you're not going to go through the details of the pricing for auto and card, but if you could also talk about what sort of analysis you've run to determine what would be the appropriate price for those verticals as well.

然後我也很好奇，認識到您不會詳細了解汽車和卡的定價細節，但您是否也可以談談您進行了哪些分析來確定合適的價格對於那些垂直領域也是如此。

There are a lot of factors that go into it.

其中有很多因素。

There's not a formula.

沒有公式。

It's not formulaic, but we look at everything.

這不是公式化的，但我們會考慮一切。

We do look at volumes.

我們確實關注數量。

We look at the market.

我們看看市場。

We think a lot about whether the price is fair, whether we're asking our customers to pay a price that exceeds the value that we provide.

我們經常考慮價格是否公平，是否要求客戶支付超出我們提供的價值的價格。

And we think a lot about those things.

我們對這些事情思考了很多。

And you can probably imagine my view on this, which is that we think it's tremendous value.

你可能可以想像我對此的看法，那就是我們認為它具有巨大的價值。

And so we're fine with where we are.

所以我們對目前的情況很滿意。

Every year is different.

每年都是不同的。

The percentage increases each year are different.

每年的增幅都不同。

The dollar amount increases are different each year.

每年的美元增幅都不同。

There's not a formula for it.

沒有一個公式。

And we sit down in the couple of months before the September 1 rate card gets published to our partners and we think about it.

在 9 月 1 日的價目表發布給我們的合作夥伴之前的幾個月裡，我們會坐下來思考這個問題。

We also have discussions with them.

我們也與他們進行了討論。

So there's just a lot of factors that go into it.

所以這裡面有很多因素。

That's helpful.

這很有幫助。

And then if I could ask a follow-up.

然後我是否可以詢問後續情況。

On the non-platform business declined slightly, which is a little off trend.

非平台業務略有下降，有點偏離趨勢。

I know it's not the focus to grow that, but I was curious if there was anything in particular we should be aware for the quarter there?

我知道這不是成長的重點，但我很好奇本季是否有什麼特別我們應該注意的事情？

No.

不。

There's nothing there.

那裡什麼也沒有。

It's based on volumes.

它基於數量。

I mean some volumes get a little bit more, a little bit less.

我的意思是有些卷會多一點，少一點。

It's just volumes and amounted usage we had this quarter.

這只是我們本季的數量和使用量。

That makes sense.

這是有道理的。

It's worth pointing out.

值得指出的是。

I mean, how do we think about that business -- we have this very strong legacy business where we have large market share in a half dozen very important applications for our customers.

我的意思是，我們如何看待這項業務——我們擁有非常強大的傳統業務，我們在六種對客戶來說非常重要的應用程式中擁有巨大的市場份額。

They typically renew on like a three-year renewal cycle, that's not -- it varies, but it happens often.

他們通常會以三年的續訂週期進行續訂，這不是——它會有所不同，但這種情況經常發生。

And we're not in a big hurry to push them to the platform.

我們並不急於將它們推向平台。

We have our hands full with new business on the platform.

我們正忙於平台上的新業務。

And so as long as we have customers who are happy to renew the legacy products, we're happy with that.

因此，只要我們有願意更新舊產品的客戶，我們就很高興。

And we continue to invest in those legacy products to make sure that the features and functionality are appropriate for today and for tomorrow and for the future.

我們繼續投資這些傳統產品，以確保其特性和功能適合今天、明天和未來。

So I think our legacy business is going to be healthy for a very long time to come.

因此，我認為我們的傳統業務將在未來很長一段時間內保持健康。

We're not really pushing to grow it quickly.

我們並沒有真正推動它快速成長。

And we're not in a harvest mode either.

我們也不處於收穫模式。

We make modest investment to keep it current.

我們進行適度的投資以保持其最新狀態。

And the fluctuation, whether it's a little over 100% or a little below 100% in terms of where we stand.

還有波動，就我們的立場而言，無論是略高於 100% 還是略低於 100%。

That tends to be volume driven.

這往往是數量驅動的。

It tends to be usage by our customers that pushes us there.

往往是我們的客戶的使用推動我們到達那裡。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

This is David Paige on for Ashish.

我是阿什什的大衛·佩奇。

Congrats on the good results.

恭喜取得好成績。

Two questions.

兩個問題。

I was wondering if you could talk about the, if any, competitive dynamics in auto and in card.

我想知道您是否可以談談汽車和卡片領域的競爭動態（如果有的話）。

And then as a follow-up, just a higher level of thinking of what your capital allocation priorities are going to be in 2025.

然後作為後續行動，從更高層次思考 2025 年的資本配置優先事項。

Okay.

好的。

So with respect to auto and card, those two businesses look today like they did a year ago and like they did two years ago, very little change competitively.

因此，就汽車和銀行卡而言，這兩項業務今天看起來就像一年前和兩年前一樣，競爭力幾乎沒有變化。

Our customers continue to use our products and just not a lot of change there, not a lot of competitive threat, not a lot of new innovation coming from competitors.

我們的客戶繼續使用我們的產品，只是沒有太多變化，沒有太多競爭威脅，沒有太多來自競爭對手的新創新。

So really kind of no change there.

所以確實沒有什麼改變。

With respect to capital allocation, our strategy there remains unchanged.

在資本配置方面，我們的策略並沒有改變。

As you know, we strive to return capital to our shareholders.

如您所知，我們努力向股東返還資本。

We have a very efficient business model.

我們擁有非常有效率的商業模式。

We try to run a pretty efficient balance sheet.

我們嘗試運行一個非常有效的資產負債表。

We try to manage our leverage to between 2x and 3x and have some level of efficiency there.

我們嘗試將槓桿率控制在 2 倍到 3 倍之間，並實現一定程度的效率。

And it is remarkable to say with a PE north of 100 that we still think our stock is a screaming value, but we really do believe that.

值得注意的是，在市盈率超過 100 的情況下，我們仍然認為我們的股票具有驚人的價值，但我們確實相信這一點。

And I've been doing these calls now for 13 years.

我打這些電話已經 13 年了。

And every single call, it seems like our stock is at an all-time high, and people wonder why are you still buying back your stock?

每一次電話會議，我們的股票似乎都處於歷史最高點，人們想知道為什麼你還在回購你的股票？

And to date, it's been a pretty good call.

到目前為止，這是一個非常好的決定。

We expect that to continue.

我們預計這種情況會持續下去。

We have every intention of returning free cash flow and then some to our shareholders through stock buyback.

我們完全打算返還自由現金流，然後透過股票回購向股東返還一些現金流。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇，《雷德本大西洋月刊》。

I was wondering, well, perhaps you could -- it's quite an important day to be issuing your earnings in the US.

我想知道，好吧，也許你可以——今天是在美國發布你的收入的非常重要的一天。

And I was wondering if you could give some thoughts around really around the FHFA's proposal and implementation of this proposal in the fourth quarter.

我想知道您是否可以圍繞 FHFA 的提案以及第四季度該提案的實施提出一些想法。

Do you think anything really changes in terms of the probabilities of that being either delayed or canceled or any thoughts around that would be very useful.

您認為在延遲或取消的可能性方面確實有什麼變化嗎？

We wonder the same thing, and I think no one knows I don't think it's a secret that the industry has been slow to move on the expected implementation because there are some things that still have to be sorted out.

我們想知道同樣的事情，我認為沒有人知道，我認為該行業在預期實施方面進展緩慢並不是一個秘密，因為還有一些事情需要解決。

The FHFA has a plan.

FHFA 有一個計劃。

We're working with them, cooperating with them every way we can to see it happen.

我們正在與他們合作，盡我們所能與他們合作，以實現這一目標。

But there's no telling what a new administration might do.

但尚不清楚新政府會做什麼。

It's just really hard to say.

這真的很難說。

Maybe things take a little bit longer than they otherwise might have.

也許事情比原本可能需要的時間還要長。

That's probably the most likely scenario.

這可能是最有可能的情況。

But there could be a change in direction, one just doesn't know.

但方向可能會發生變化，只是人們不知道。

Okay.

好的。

That's useful.

這很有用。

And just as a follow-up then, just on the software business, could you provide a little bit more color just around sort of where you are in terms of exploring the investments behind expanding your distribution beyond just your large financial customers and just where you are with that, please?

作為後續行動，就軟體業務而言，您能否在探索擴大分銷範圍背後的投資方面提供更多的信息，以了解您所處的位置，而不僅僅是您的大型金融客戶以及您所在的地方請問是這樣嗎？

Yes.

是的。

There's a few ways we're going at that.

我們有幾種方法可以做到這一點。

I mean, at the upper end of the ecosystem, we're working with partners.

我的意思是，在生態系統的高端，我們正在與合作夥伴合作。

So I mentioned TCS was one, but we're in conversations with a number and have deals with a number of other partners.

我提到 TCS 是其中之一，但我們正在與一些合作夥伴進行對話，並與許多其他合作夥伴達成了交易。

So the big systems integrators, they are very natural partners for us to get into other verticals.

因此，大型系統整合商是我們進入其他垂直領域的天然合作夥伴。

And they have customers, they have distribution, they have skills, they have domain expertise and they can take that, apply it to our IP and provide solutions in these other verticals.

他們有客戶、有分銷、有技能、有領域專業知識，他們可以利用這些知識，將其應用到我們的智慧財產權中，並在其他垂直領域提供解決方案。

And so that's clearly a very efficient way for us to get into kind of more diversified markets.

因此，這顯然是我們進入更加多元化市場的一種非常有效的方式。

The other thing that we're focused on, which I think is going to take longer is, I wouldn't call it quite a self-service model, but more a self-service model where we have open APIs and ISVs and resellers and VARs have the opportunity to come and leverage our platform and our IP with very little intervention from us.

我們關注的另一件事（我認為這將需要更長的時間）是，我不會將其稱為自助服務模型，而是更多的自助服務模型，其中我們擁有開放的API、ISV 和經銷商， VAR 有機會來利用我們的平台和智慧財產權，而無需我們的介入。

And in the long run, we'd really like to see that flourish.

從長遠來看，我們真的希望看到這種蓬勃發展。

We have a marketplace that we've built to facilitate this.

我們建立了一個市場來促進這一點。

But I think that's going to take time to build.

但我認為這需要時間來建立。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Just first one on the ACV bookings trends.

這只是 ACV 預訂趨勢的第一個。

I know historically, we usually see a sequential step-up from 3Q to 4Q.

我知道，從歷史上看，我們通常會看到從第三季到第四季的連續上升。

And I thought the number was still pretty good.

而且我覺得這個數字還是不錯的。

But just wondering, was there any maybe pull forward of bookings into the third quarter that is maybe distorting that seasonal trend a little bit?

但只是想知道，是否有可能將預訂量提前到第三季度，這可能會稍微扭曲季節性趨勢？

Yes.

是的。

I mean there's really no reason for a seasonal trend.

我的意思是，確實沒有理由出現季節性趨勢。

Typically, a lot of times it does happen that our fourth quarter is higher.

通常情況下，很多時候我們的第四季確實會出現更高的情況。

But if you look at this year, our third and fourth quarter was exactly the same number, give or take, as the third and fourth quarter combined last year.

但如果你看看今年，我們的第三和第四季的數字與去年第三和第四季的總和完全相同。

So probably was some pull forward on some deals from our fourth quarter this year into the third quarter.

因此，我們今年第四季的一些交易可能會提前到第三季。

And there have been some deals last year that pushed from the third and fourth quarter.

去年有一些交易是從第三季和第四季開始的。

So it's hard to really look at any one specific quarter that way.

因此，很難真正以這種方式看待任何特定的季度。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just as a follow-up, just on your guidance, wondering if you can maybe help us understand how you're thinking about investments and expense growth in fiscal year '25.

然後作為後續行動，就您的指導而言，想知道您是否可以幫助我們了解您如何看待 25 財年的投資和費用成長。

Yes.

是的。

When you see it built into -- if you -- we gave you all the numbers basically, you kind of see what our expense elevate looks like.

當你看到它內建在——如果你——我們基本上給了你所有的數字時，你會看到我們的費用增加是什麼樣的。

But as we said, the expense growth that's built into the guidance is a lower growth rate than what we saw in '24.

但正如我們所說，指導中包含的費用成長速度低於我們 24 年所看到的成長率。

We have some kind of onetime things happening in '24, both non-repeating some benefits we got last year and then some onetime as we paid for this year as well.

我們在 24 年發生了一些一次性的事情，既不重複我們去年獲得的一些好處，也有一些一次性的事情，因為我們今年也付出了代價。

So there's some growth built into the expenses, but it's less than what we had this year.

因此，支出有所增長，但比今年少。

And then it's less than what our top-line revenue growth.

然後它低於我們的頂線收入成長。

So we'll get margin expansion out of that.

因此，我們將從中獲得利潤擴張。

And then if we're able to beat guidance throughout the year, usually that comes in line in a pretty decent margin.

然後，如果我們能夠全年超越指導，通常會獲得相當可觀的利潤。

So there's a little bit of expense growth that comes with additional revenue, but that would come at a much higher margin profile as well.

因此，額外收入會帶來一點費用成長，但這也會帶來更高的利潤率。

Andrew Stein, FT Partners.

安德魯‧斯坦，《金融時報》合夥人。

I just have one question tonight.

今晚我只有一個問題。

Could you at least provide some color on the volume trends within scores when the 30-year mortgage was closer to 6% in the back half of September relative to the rest of the quarter?

您能否至少提供一些關於 9 月下半月 30 年期抵押貸款相對於本季其餘時間接近 6% 時的成交量趨勢的資訊？

Yes.

是的。

I mean the best source for data for that is actually just look at what the NBA publishes.

我的意思是，最好的數據來源實際上就是看看 NBA 發布的內容。

That's what we look at.

這就是我們所看到的。

That's actually more real time than the numbers that we see.

這實際上比我們看到的數字更即時。

So we can't really track it on a week-by-week basis like they do.

所以我們不能像他們那樣真正每週跟踪它。

So I would push you to that, first of all.

所以我首先會推動你做到這一點。

But we did see -- we saw some upticks when the rate came down and then we saw it slow down a little bit.

但我們確實看到——當利率下降時，我們看到一些上升，然後我們看到它稍微放緩。

And it's hard to really draw much of a trend from any of that.

很難真正從中得出任何趨勢。

So obviously, we're very conservative with the way we guide going forward.

顯然，我們對未來的指導方式非常保守。

Kevin McVay, UBS.

凱文麥克維，瑞銀集團。

Could you give us a sense of with the 2025 pricing, how much of that is factored into the guidance already just directionally?

您能否讓我們了解 2025 年的定價，其中有多少已經定向地納入指導中？

And is there anything from '24 that's factored into the '25 guidance?

'24 中的任何內容是否已納入 '25 指南中？

I guess, any sense of just how that phases, maybe anything that didn't occur in '24 in the '25 and '25 more broadly?

我想，對於這個階段是如何發生的，也許是 24 年、25 年和 25 年更廣泛的情況下沒有發生的事情有什麼感覺嗎？

Yes.

是的。

I think that the two things going on there.

我認為那裡發生了兩件事。

One is the new pricing each year goes into effect on Jan 1, but our fiscal runs from October 1 to September 30.

一是每年的新定價於 1 月 1 日生效，但我們的財政週期從 10 月 1 日到 9 月 30 日。

So obviously, there's a one-quarter discrepancy in the pricing -- and when the pricing gets, so that's one factor that influences it.

很明顯，定價有四分之一的差異——當定價達到時，這就是影響它的因素之一。

And then the other, as Steve mentioned earlier, is a lot of our channel partner customers have multiyear deals.

其次，正如史蒂夫之前提到的，我們的許多通路合作夥伴客戶都有多年協議。

And when they do, we honor the prices from prior years.

當他們這樣做時，我們尊重前幾年的價格。

And so that's another thing that can affect that relationship.

這是另一件可能影響這種關係的事情。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude the Q&A portion of our call and our conference for today.

女士們先生們，我們今天的電話會議和會議的問答部分到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。