Fair Isaac Corp (FICO) 2025 Q1 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the first-quarter 2025 FICO earnings conference call.

歡迎參加 2025 年第一季 FICO 收益電話會議。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to our first speaker today, David Singleton.

現在，我想將會議交給今天的第一位發言者戴維·辛格爾頓 (David Singleton)。

Please go ahead.

請繼續。

Good afternoon.

午安.

Thank you for attending FICO's first-quarter earnings call.

感謝您參加FICO第一季財報電話會議。

I'm David Singleton, Vice President of Investor Relations.

我是投資者關係副總裁 David Singleton。

And I'm joined today by our CEO, Will Lansing, and our, CFO, Steve Weber.

今天與我一同出席的還有我們的執行長威爾·蘭辛 (Will Lansing) 和財務長史蒂夫·韋伯 (Steve Weber)。

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.

在本次電話會議上，管理層還將討論與上一季相比的業績，以便於了解業務的運作率。

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》，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.

這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。

Information concerning these risks and uncertainties is contained in the company's filings with the SEC, particularly in the risk factors and forward-looking portion of such filings.

有關這些風險和不確定性的資訊包含在公司提交給美國證券交易委員會的文件中，特別是此類文件的風險因素和前瞻性部分。

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

您可以從美國證券交易委員會 (SEC)、FICO 網站或我們的投資者關係團隊取得副本。

This call will also include statements regarding certain non-GAAP financial measures.

本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 Reg.

請參閱公司的收益報告和 Reg。

G schedule issued, today, for reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure.

今天發布了 G 附表，用於將這些非 GAAP 財務指標與最具可比性的 GAAP 指標進行調整。

The earnings release and Reg.

收益發布和 Reg。

G schedule are available on the Investor Relations page of the company website at fico.com or on the SEC's website at SEC.gov.

G 時間表可在公司網站 fico.com 的投資者關係頁面或美國證券交易委員會網站 SEC.gov 上查閱。

A replay of this webcast will be available through February 4, 2026.

該網路廣播的重播將持續到 2026 年 2 月 4 日。

I will now 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.

謝謝，戴夫，也謝謝大家參加我們第一季的財報電話會議。

In the Investor Relations section of our website, we've posted some financial highlight slides that we will be referring to during this earnings announcement.

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，我們將在本次收益公告中參考這些幻燈片。

We had another strong quarter and are reiterating our fiscal '25 guidance.

我們又度過了一個強勁的季度，並重申我們的 25 財年指引。

As shown on page 2 of the first-quarter financial highlights, we reported quarter-one revenues of $440 million, up 15% over last year.

正如第一季財務摘要第 2 頁所示，我們報告第一季的營收為 4.4 億美元，比去年同期成長 15%。

We reported $153 million in GAAP net income in the quarter, up 26%.

我們報告本季的 GAAP 淨收入為 1.53 億美元，成長 26%。

And GAAP earnings of $6.14 per share, up 28% from the prior year.

以美國通用會計準則計算，每股收益為 6.14 美元，較上年增長 28%。

We reported $144 million in non-GAAP net income in the quarter, up 19%.

我們報告本季的非 GAAP 淨收入為 1.44 億美元，成長 19%。

And non-GAAP earnings of $5.79 per share, up 20% from the prior year.

非公認會計準則每股收益為 5.79 美元，較上年增長 20%。

As shown on page 10, we delivered free cash flow of $187 million in our first quarter and $673 million over the last four quarters, an increase of 36% over the prior period.

如第 10 頁所示，我們在第一季實現了 1.87 億美元的自由現金流，在過去四個季度實現了 6.73 億美元的自由現金流，比上一時期增長了 36%。

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。

We repurchase 79,000 shares in quarter one and an additional 47,000 shares in January.

我們在第一季回購了 79,000 股，並在一月份額外回購了 47,000 股。

In our in our Scores segment, on page 6 of the presentation, our first-quarter revenues were $236 million, of 23% versus the prior year.

在我們的分數部分，在簡報的第 6 頁，我們的第一季營收為 2.36 億美元，比上年成長 23%。

On the B2B side, quarter-one revenues were up 30% versus the prior year, primarily driven by mortgage originations revenues, from both pricing and volume increases.

在 B2B 方面，第一季的收入比上年增長了 30%，這主要得益於抵押貸款發放收入（價格和數量均有所增加）。

On the B2C side, quarter-one revenues were up 3% versus the prior year, primarily driven by revenue from indirect channel partners.

在B2C方面，第一季營收比上年成長3％，主要得益於間接通路合作夥伴的營收。

First-quarter mortgage originations revenues were up 110% versus the prior year.

第一季的抵押貸款發放收入比去年增加了 110%。

Mortgage origination revenue accounted for 44% of B2B revenue and 34% of total Scores revenue.

抵押貸款發放收入佔 B2B 收入的 44% 和 Scores 總收入的 34%。

Auto origination revenues were up 5% while credit card, personal loan, and other originations revenues were down 3% versus the prior year.

汽車發放收入增加了 5%，而信用卡、個人貸款和其他發放收入則比前一年下降了 3%。

This week, we issued a press release on the study we conducted with our partner, Affirm.

本週，我們發布了一份關於與合作夥伴 Affirm 共同進行的研究的新聞稿。

That study concluded that the inclusion of buy now, pay later loan data can drive up FICO's score increase for some consumers, while improving model risk performance for lenders when applying FICO's innovative treatment of that data.

研究的結論是，納入「先買後付」貸款數據可以提高部分消費者的FICO評分，同時在應用FICO對該數據的創新處理方式時，可以提高貸方的模型風險績效。

The study also helped inform responsible furnishing of buy now, pay later loans to the credit bureaus.

這項研究也幫助信貸機構負責任地提供先買後付貸款。

We're currently working with stakeholders to identify the best way to introduce our proprietary treatment of this data to the credit scoring marketplace.

我們目前正在與利害關係人合作，尋找將我們對這些數據的專有處理引入信用評分市場的最佳方式。

We'll be sharing more details soon.

我們很快就會分享更多詳細資訊。

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

我們將繼續大力推動非政府支持企業抵押貸款採用 FICO Score 10 T。

This quarter, loans utilizing FICO Score 10 T began trading on MCT Marketplace, the largest mortgage asset exchange for the US secondary market.

本季度，採用 FICO Score 10 T 的貸款開始在美國二級市場最大的抵押貸款資產交易所 MCT 市場上交易。

In addition, Cardinal Financial formed and traded the first government-issued mortgage-backed security, featuring loans powered by FICO Score 10 T.

此外，Cardinal Financial 組成並交易了第一個政府發行的抵押貸款支持證券，其貸款由 FICO Score 10 T 提供支援。

I'm proud of these strong achievements and look forward to continued progress in the quarters ahead.

我為這些出色的成就感到自豪，並期待未來幾季繼續取得進步。

We have clients with over $261 billion in annualized mortgage originations and approximately $1.43 trillion in eligible mortgage portfolio servicing that have signed FICO SCORE 10 T, with some firms already adopting FICO 10 T to make credit decisions for securitization and for delivery to investors.

我們已簽署 FICO SCORE 10 T 的客戶每年抵押貸款發放量超過 2610 億美元，合格抵押貸款組合服務金額約 1.43 兆美元，其中一些公司已採用 FICO 10 T 做出證券化和向投資者交付信貸的決策。

FICO 10 T for conforming mortgages sold to the GFCs will be rolled out based on the timeline of the FHFA's implementation of Enterprise's credit score requirements.

針對出售給 GFC 的符合要求的抵押貸款，FICO 10 T 將根據 FHFA 實施企業信用評分要求的時間表推出。

In January, the FHFA announced it no longer has a specific timeline for the implementation.

今年 1 月，聯邦住房金融局宣布不再製定具體的實施時間表。

In our Software segment, we delivered $204 million in quarter-one revenue, up 8% from last year.

在我們的軟體部門，我們第一季的營收為 2.04 億美元，比去年成長 8%。

Revenue increase was driven mainly by growth in SaaS Software and license revenue, partially offset by the foreign exchange rate impact.

收入成長主要得益於 SaaS 軟體和授權收入的成長，部分抵銷了外匯匯率的影響。

We continue 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「登陸和擴展」策略推動 ARR 和 NRR 的成長，而擴展則透過增加客戶使用量來推動。

As shown on page 7, the total ARR was up 6%, with platform ARR growing 20% and non-platform ARR, of 1%.

如第 7 頁所示，總 ARR 成長了 6%，其中平台 ARR 成長了 20%，非平台 ARR 成長了 1%。

Total NRR for the quarter, shown on page 8, was 105%, with platform NRR at 112% and non-platform at 100%.

如第 8 頁所示，本季的總 NRR 為 105%，其中平台 NRR 為 112%，非平台 NRR 為 100%。

Foreign exchange had a negative impact of 2% on total ARR and 3% on platform

外匯對總 ARR 產生了 2% 的負面影響，對平台產生了 3% 的負面影響

[ARR].

[答辯]。

ACV bookings for the quarter were $21.2 million, compared to $18.3 million in the prior year.

本季的 ACV 預訂額為 2,120 萬美元，去年同期為 1,830 萬美元。

We continued to drive our software business forward.

我們繼續推動軟體業務的發展。

Our investments are helping for progress development of new FICO platform capabilities, partner channel adoption, FICO Marketplace realization, and building scalability to improve our cost structure.

我們的投資有助於推進新 FICO 平台功能的開發、合作夥伴管道的採用、FICO 市場的實現以及可擴展性的構建，從而改善我們的成本結構。

We continue to be recognized for our innovation.

我們的創新不斷獲得認可。

This quarter, FICO was awarded Best Anti-Fraud Solution at the Credit and Collections Technology Awards.

本季度，FICO 在信用與收款技術獎中榮獲「最佳反詐騙解決方案」稱號。

The award was given to the FICO Customer Communications Service Scam Signal solution, which uniquely uses telephony signals to detect potential scams.

該獎項授予了FICO客戶通訊服務詐騙訊號解決方案，該解決方案獨特地使用電話訊號來檢測潛在的詐騙行為。

Our innovative work using blockchain technology for responsible AI model governance yielded the Tech of the Future – Blockchain and Tokenisation award at the Banking Tech Awards.

我們利用區塊鏈技術進行負責任的人工智慧模型治理的創新工作在銀行科技獎中獲得了「未來技術——區塊鏈和代幣化」獎。

And won the Software Category - Transformative Product award at the BIG Innovation Awards.

並榮獲BIG創新獎的軟體類-變革性產品獎。

Our Software business will be on display, this year, at FICO World event, which will take place in Hollywood, Florida in May.

我們的軟體業務將於今年 5 月在佛羅裡達州好萊塢舉行的 FICO World 活動上展出。

At this four-day event, we'll bring together industry professionals from around the world to connect, share best practices, and learn how FICO enables organizations to power customer connections at scale.

在為期四天的活動中，我們將匯集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地支援客戶連接。

We'll highlight successful clients and demonstrate the power of FICO Platform, enabling companies to operationalize analytics, become more composable, and make better decisions at scale.

我們將重點介紹成功的客戶並展示 FICO 平台的強大功能，使公司能夠實現分析操作化、變得更具可組合性並大規模做出更好的決策。

I'll now pass it over to Steve to provide for the financial details.

我現在將把財務細節交給史蒂夫。

Thanks, Will and good afternoon, everyone.

謝謝，威爾，大家下午好。

As Will mentioned, we had another good quarter, with total revenue of $440 million, an increase of 15% over the prior year.

正如威爾所提到的，我們又度過了一個良好的季度，總收入達到 4.4 億美元，比上年增長了 15%。

Score segment revenues, for the quarter, were $236 million, up 23% from the prior year.

本季度，得分部門收入為 2.36 億美元，比上年增長 23%。

B2B revenues were up 30%, governed primarily by mortgage originations revenues, as Will said, from both pricing and volume increases.

B2B 收入成長了 30%，主要受抵押貸款發放收入的影響，正如威爾所說，這得益於定價和數量的增加。

Our B2C revenues were up 3% versus the prior year, due to increased revenue from our indirect channel partners.

由於間接通路合作夥伴的收入增加，我們的 B2C 收入比上年增長了 3%。

Software segment revenues, for the quarter, were $204 million, up 8% from the prior year, [injured] by foreign exchange rate impact.

本季度，軟體部門營收為 2.04 億美元，比上年增長 8%，但受到外匯匯率的影響。

On-Premises and SaaS Software revenue grew 10% year over year while Professional Services declined 14%.

本地和 SaaS 軟體收入較去年同期成長 10%，而專業服務收入下降 14%。

This quarter, 87% 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，公司總收入的 87% 來自美洲地區，即北美地區和拉丁美洲地區的組合。

Our EMEA region generated 8% of revenues.

我們的 EMEA 地區創造了 8% 的收入。

And the Asia-Pacific region delivered 5%.

亞太地區成長了 5%。

Our total software ARR was $729 million, a 6% increase over the year.

我們的軟體 ARR 總值為 7.29 億美元，年增 6%。

Platform ARR was $228 million, representing 31% of our total Q125 ARR and up from 28% of total Q124 ARR.

平台 ARR 為 2.28 億美元，占我們 2025 年第一季 ARR 總金額的 31%，高於 2024 年第一季 ARR 總金額的 28%。

Platform ARR grew 20% versus the prior year while non-platform grew 1% to $501 million this quarter.

本季平台 ARR 較上年成長 20%，而非平台 ARR 成長 1%，達到 5.01 億美元。

As a reminder, foreign exchange had a negative impact of 2% on total ARR and 3% on platform ARR.

需要提醒的是，外匯對總 ARR 產生了 2% 的負面影響，對平台 ARR 產生了 3% 的負面影響。

We continue to on FICO Platform growth while retaining our non-platform customers.

我們將繼續推進FICO平台的成長，同時保留我們的非平台客戶。

Over time, we do expect migration of those non-platform customers to platform products.

隨著時間的推移，我們確實希望那些非平台客戶能夠遷移到平台產品。

Our platform 'lands and expands' strategy continues to be successful.

我們的平台‘落地並拓展’策略持續取得成功。

Our dollar-based net retention rate, in the quarter, was 105%.

本季度，我們基於美元的淨留存率為 105%。

Platform NRR was 112% while our non-platform NRR was 100%.

平台 NRR 為 112%，而非平台 NRR 為 100%。

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的使用增加相結合所驅動的。

Our Software ACV bookings, for the quarter, were $21.2 million compared to $18.3 million in the prior year.

本季度，我們的軟體 ACV 預訂額為 2,120 萬美元，去年同期為 1,830 萬美元。

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

現在來看看本季的費用，如財務重點簡報第 5 頁所示。

Total operating expenses were $260 million this quarter versus $257 million in the prior quarter, an increase of 1.5%.

本季總營運費用為 2.6 億美元，而上一季為 2.57 億美元，成長 1.5%。

We anticipate our expenses increasing modestly throughout the year, which will, again, include costs for FICA World in our third quarter.

我們預計全年我們的支出將小幅增加，其中將再次包括第三季的 FICA World 成本。

Our non-GAAP operating margin, as shown in our Reg.

我們的非 GAAP 營業利潤率，如我們的 Reg 中所示。

G schedule, was 50% in the quarter compared with 48% in the same quarter last year.

G 計畫的航班起飛率為 50%，而去年同期為 48%。

We delivered non-GAAP margin expansion of 209 basis points year over year.

我們的非公認會計準則利潤率較上年同期擴大了 209 個基點。

GAAP net income, this quarter, was $153 million, up 26% from the prior year.

本季 GAAP 淨收入為 1.53 億美元，較上年增長 26%。

Our non-GAAP net income was $144 million for the quarter, up 19% from the prior year's quarter.

本季我們的非公認會計準則淨收入為 1.44 億美元，比去年同期成長 19%。

GAAP earnings per share, this quarter, was $6.14, up 28% from the prior year.

本季 GAAP 每股收益為 6.14 美元，較上年增長 28%。

And our non-GAAP earnings per share were $5.79, up 20% from the prior year.

我們的非公認會計準則每股收益為 5.79 美元，比上年增長 20%。

Effective tax rate, for the quarter, was negative 1.6%.

本季有效稅率為-1.6%。

The operating tax rate was 24.3%.

營業稅率為24.3%。

The effective tax rates, for the quarter, includes $40 million of reduced tax expense from excess tax benefits, recognized upon the settlement or exercise of employee stock awards.

本季的有效稅率包括因超額稅收優惠而減少的 4,000 萬美元稅費，這些稅費是在員工股票獎勵結算或行使時確認的。

As a reminder, excess tax benefit does not impact our non-GAAP net income.

提醒一下，超額稅收優惠不會影響我們的非公認會計準則淨收入。

For the full year, we expect our net effective tax rate will be around 22%.

我們預計全年淨有效稅率將在22%左右。

And our recurring tax rate will be around 26%.

我們的經常性稅率將在26%左右。

Free cash flow of the quarter was $187 million, a 55% increase from the same quarter of last year.

本季自由現金流為1.87億美元，較去年同期成長55%。

Free cash flow was $673 million over the last four quarters, which was an increase of 36% over the prior period.

過去四個季度的自由現金流為 6.73 億美元，較上期成長了 36%。

At the end of the quarter, we had $230 million in cash and marketable investments.

截至本季末，我們擁有 2.3 億美元現金和可銷售投資。

Our total debt, at quarter end, was $2.42 billion, with the weighted average interest rate of 5%.

截至季末，我們的總負債為 24.2 億美元，加權平均利率為 5%。

Currently, 53% of our total debt is fixed rate.

目前，我們的總債務中有 53% 是固定利率。

Our floating rate debt is prepayable at any time, giving us the flexibility to use free cash flow to reduce outstanding floating rate debt balances in future periods.

我們的浮動利率債務可隨時償還，這使我們能夠靈活地利用自由現金流減少未來期間未償還的浮動利率債務餘額。

Turning to return of capital, we bought back 79,000 shares in the first quarter, at an average price of $2,015 per share.

談到資本回報，我們在第一季回購了 79,000 股，平均價格為每股 2,015 美元。

We purchased an additional 47,000 shares, in January, at an average price of $1,905 per share.

一月份，我們以平均每股 1,905 美元的價格額外購買了 47,000 股。

And we do continue to review share repurchases as an attractive use of cash.

我們確實繼續將股票回購視為一種有吸引力的現金用途。

With that, I'll turn it back to Will for his closing comments.

說完這些，我會把話題轉回給威爾，請他作最後評論。

Thanks, Steve.

謝謝，史蒂夫。

The macroeconomic environment remains fluid but our strategy and execution remained consistent.

宏觀經濟環境仍然不斷變化，但我們的策略和執行保持一致。

We're well positioned for this fiscal year and remain confident in the guidance we provided last quarter.

我們為本財年做好了充分準備，並對上個季度提供的指引充滿信心。

Our Software and Scores businesses continue to be best in class.

我們的軟體和分數業務繼續保持最佳水平。

Our software customers are delighted by our ability to help them optimize interactions with their end customers through data-driven composable solutions that are executed in real-time.

我們的軟體客戶很高興我們能夠透過即時執行的數據驅動可組合解決方案幫助他們優化與最終客戶的互動。

Fiscal '25 marks the second year of the FICO Educational Analytics Challenge Program, which was created to encourage students of data science, engineering, and technology.

25財年是FICO教育分析挑戰計畫實施的第二年，該計畫旨在鼓勵數據科學、工程和技術專業的學生。

To date, we've partnered with seven colleges and universities.

到目前為止，我們已經與七所學院和大學建立了合作夥伴關係。

This year, students in this program are getting hands-on experience learning to develop analytics AI models to detect fraud.

今年，該計畫的學生將獲得實務經驗，學習開發分析 AI 模型來偵測詐欺行為。

In our Scores business, we expanded our global Financial Inclusion Initiative through our Lenders Leading Inclusion Program.

在我們的評分業務中，我們透過貸款人主導包容計畫擴展了我們的全球金融包容性計畫。

FICO provides cutting-edge alternative data scores and financial inclusion strategies to lenders so they can responsibly expand access to credit for underserved communities.

FICO 為貸款人提供尖端的替代數據評分和金融包容性策略，以便他們能夠負責任地擴大服務不足社區的信貸管道。

On the innovation side, we're in talks with resellers and close to launching our 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's FICO score.

在創新方面，我們正在與經銷商進行洽談，並即將推出我們的FICO評分抵押貸款模擬器，它使抵押貸款專業人員能夠透過應用申請人信用報告數據中的模擬變化來運行信用事件場景，以模擬申請人的FICO評分的潛在變化。

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

說完這些，我將把電話轉回給戴夫，然後我們開始問答環節。

Thanks, Will.

謝謝，威爾。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

We are now ready to take questions.

我們現在準備好回答問題了。

Operator, please open

接線生，請打開

(technical difficulty).

（技術難度）。

(Operator Instructions)

（操作員指令）

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you.

謝謝。

Will, I just had a big-picture question when you talked about the FHFA pushing out the directors and bi-merge in the scoring.

威爾，當你談到聯邦住房金融局 (FHFA) 排擠董事並在評分中進行雙重合併時，我有一個宏觀問題。

They've got a new director in there, there's talk of the GSEs privatizing.

他們已經有了一位新董事，並且正在討論政府支持企業 (GSE) 的私有化。

How do you look at these changes?

您如何看待這些變化？

Do you think GSE privatization has any impact to the status of the FICO Score?

您認為 GSE 私有化對 FICO 評分現況有影響嗎？

Any broad color around that would be helpful.

任何圍繞該顏色的廣泛顏色都會有所幫助。

Sure.

當然。

The decision by the FHFA to push out, to an indeterminate date, the implementation of bi-merge and the two-score system is not really surprising.

聯邦住房金融局決定將雙合併和雙評分系統的實施推遲至不確定的日期，這並不令人驚訝。

I think everyone in the industry believes that the industry is not ready to make this move.

我認為業內每個人都認為該行業尚未準備好採取這一舉措。

And so there's there's really not a lot of surprise there.

因此，這確實沒有什麼令人驚訝的。

With respect to the GSEs, I think it's important to recognize that before the GSEs ever entered conservatorship, they had selected the FICO Score.

對於 GSE，我認為重要的是要認識到，在 GSE 進入託管之前，他們已經選擇了 FICO 分數。

And we're using the FICO Score in evaluating the paper that they, then, secured ties and passed to investors.

我們使用 FICO 評分來評估他們隨後獲得的支持並將其傳遞給投資者。

And then, obviously, that's continued through the present time.

顯然，這種情況一直持續到現在。

In a world which, who knows whether the GSEs will come out of conservatorship or not -- but in a world in which, potentially, they would, we don't really see a lot of change.

在這個世界上，誰知道政府支持企業是否會擺脫託管——但在這個世界上，它們有可能擺脫託管，我們實際上並沒有看到太多變化。

If you go back to the fundamentals, the FICO Score is really the best way for investors understand the risk in the paper that they're buying.

如果回顧基本面，FICO 評分確實是投資人了解所購買債券風險的最佳方式。

And we don't see that changing, whether the government is, more or less, involved with the GSEs.

無論政府是否更多或更少參與政府支持企業，我們都沒有看到這種情況改變。

And I would further point out that in every other market where the government is not involved, we have a very strong market share because of the efficacy of the score.

我還要指出的是，在政府未參與的其他所有市場中，由於評分的有效性，我們都擁有非常強大的市場份額。

Long way of saying not a lot of change.

長話短說，變化不大。

Okay, fair enough.

好吧，夠公平。

And then, Will, if I can just ask you on the Software business, I think you're expecting ARR to be in the 30% and, now, we're talking 20%.

然後，威爾，如果我可以問您關於軟體業務的問題，我認為您預計 ARR 會達到 30%，而現在，我們談論的是 20%。

Was there something in the quarter, timing-wise, bookings?

從時間角度來看，本季的預訂情況如何？

Or can you just talk about if 20%, now, is the new growth rate we should be thinking about?

或者您能否談談 20% 是否是我們現在應該考慮的新成長率？

I'm glad you pointed it out.

我很高興你指出了這一點。

I wouldn't read too much into any particular quarter.

我不會對任何特定方面進行過多的解讀。

This quarter, we got dinged a little bit with foreign exchange.

本季度，我們在外匯方面受到了一點影響。

But, really, the biggest driver is the fact that it flows through from bookings and we had some weaker bookings in quarters in the past.

但實際上，最大的驅動因素是預訂量，而我們過去幾季的預訂量較弱。

We haven't revised our view about the long-term growth trajectory for the Platform business, which is in the 30%s, 30% or so.

我們還沒有修改對平台業務長期成長軌跡的看法，預期成長速度約30%。

And so I wouldn't read too much into this quarter's number.

因此我不會過度解讀本季的數字。

And, Manav, we actually do expect the ARR accelerates in the back half, even in the coming quarters.

而且，Manav，我們確實預計 ARR 在下半年，甚至在未來幾季都會加速成長。

So we knew this was going to be a lighter quarter because, again, like Will said, the [lesser] bookings we had the first couple quarters last year.

因此，我們知道這將是一個較淡的季度，因為就像威爾所說的那樣，去年前幾季我們的預訂量較少​​。

And then, we got hit by the FX, particularly in Brazil, that had a pretty significant impact this quarter.

然後，我們受到了外匯的衝擊，特別是在巴西，這對本季產生了相當大的影響。

Okay, thanks for that, guys.

好的，謝謝大家。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey.

嘿。

Good afternoon and thanks for taking my questions.

下午好，感謝您回答我的問題。

I'm [curious] to talk about how fiscal 1Q you came in versus your expectations?

我很好奇想談談您第一季的財務表現與預期相比如何？

And the genesis of the question is I'm curious -- I know you're holding the guidance but I'm curious if it's any of (inaudible) conservative now than it was prior to the results of this quarter coming in?

而這個問題的起因是我很好奇——我知道您持有指導意見，但我很好奇它現在是否比本季度結果公佈之前更保守？

Well, I would say that we're not really surprised.

嗯，我想說我們並不感到驚訝。

As you know, we provide conservative guidance.

如您所知，我們提供保守的指導。

And I think that our internal view on interest rates was more conservative than the general market view.

我認為，我們對利率的內部觀點比整體市場觀點更為保守。

And we built our guidance around that.

我們正是以此為基礎制定了指導方針。

So for us, no change to our guidance.

因此對我們來說，我們的指導沒有改變。

And, really, no surprise in terms of what we're seeing right now.

事實上，就我們目前看到的情況而言，這並不奇怪。

And I would just add to that -- this, pretty much, came in according to our plan.

我還要補充一點——這基本上是按照我們的計劃進行的。

There's a lot of seasonality to the Scores business so if you look at it on a year-over-year basis versus the fourth quarter versus our first quarter, it makes a lot of sense.

Scores 業務具有很強的季節性，因此如果按同比來比較，將第四季度與第一季進行比較，就會發現這很有意義。

What's farther out, in terms of the Q3 and Q4, is harder to know what's going to happen with the current rate environment.

就第三季和第四季而言，更難知道在當前利率環境下會發生什麼。

But we didn't expect a lot of things to happen this quickly.

但我們沒有想到很多事情會發生得這麼快。

So this pretty much came in in line with what we expected.

所以這基本上符合我們的預期。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

I know we're pretty early to the start of the calendar year but I was curious if you could talk to -- any sense to the elasticity you're seeing, as you put in the new or started to put in the new prices for mortgage scores and, also, auto scores?

我知道現在距離日曆年的開始還很早，但我很好奇您是否可以談談——當您將新的或開始將新的抵押貸款分數和汽車分數價格納入其中時，您所看到的彈性有什麼意義嗎？

Thanks.

謝謝。

Well, it is very early.

嗯，還很早。

But you know that we have socialized the pricing for 2025.

但您知道，我們已經將2025年的定價社會化了。

And everything's gone just as expected.

一切都正如預期的那樣。

No real issues.

沒有真正的問題。

We don't see, really, any elasticity

我們確實沒有看到任何彈性

[issues].

[問題]。

That's great to hear.

我很高興聽到這個消息。

Thank you.

謝謝。

Faizah Ali, Deutsche Bank.

德意志銀行的 Faizah Ali。

Hi.

你好。

Thank you.

謝謝。

I wanted to follow up on the software question and your confidence in accelerating platform ARR back to 30%.

我想跟進軟體問題以及您對將平台 ARR 加速回 30% 的信心。

Give us a bit more color on what's driving that confidence.

請進一步說明一下這種信心的推動因素。

Do you expect increased usage?

您預計使用量會增加嗎？

Is there a new business that you're expecting?

您期待什麼新業務嗎？

Just a bit more color on where you're getting more traction.

只要多一點色彩，就能獲得更多的關注。

Your question suggests the answer.

您的問題暗示了答案。

The usage, we obviously don't control.

我們顯然無法控制其用途。

That part of the equation moves around and it depends on what the customers do.

等式的這一部分會不斷變化，這取決於客戶的行為。

And so this particular quarter, we had lower usage.

因此本季我們的使用率較低。

In terms of predictability and do we have confidence in the rate accelerating back into to the 30% range, we do have that confidence and that's because of a direct flow-through from bookings.

就可預測性而言，我們是否有信心將成長率加速至 30％ 左右，我們確實有信心，這是因為預訂直接流入。

So we know what the bookings look like that will be driving the ARR growth in the future.

因此，我們知道未來推動 ARR 成長的預訂情況是什麼樣的。

And so we have a high level of confidence.

因此我們非常有信心。

There's a [timing-piece] between when something's booked and when it goes live.

從預訂到上線之間存在一個時間間隔。

So we have advanced.

所以我們已經進步了。

We can see when things will go live and at what point, then, they'll turn to ARR.

我們可以看到什麼時候會上線，以及什麼時候會轉向 ARR。

So for the last few quarters, we had some pretty strong bookings.

因此，在過去幾季中，我們的預訂量相當強勁。

And we have a good idea of when those will go live and when the ARR will roll on.

我們很清楚這些何時會上線以及 ARR 何時會推出。

So from that [piece], as Will said, the usage is harder to understand or the forecast.

因此從那篇文章來看，正如威爾所說，其用法更難理解或預測。

But the deals that we signed, we have a pretty good idea of when they're going to go live and what kind of ARR they will deliver.

但對於我們簽署的協議，我們很清楚它們何時上線以及它們將提供什麼樣的 ARR。

Understood.

明白了。

Thank you.

謝謝。

And the, just as a follow-up on the Scores business, I think you mentioned a higher volume in mortgage.

另外，作為對 Scores 業務的後續關注，我認為您提到了抵押貸款量有所增加。

I'm curious if you can give us a bit more color on what you're expecting, in terms of volume across the vertical, for this year?

我很好奇，您能否向我們詳細介紹一下您對今年整個垂直領域的銷售預期？

What's embedded in the guide?

指南包含哪些內容？

Just given the fact that we have seen rates go back up between November

鑑於我們已經看到 11 月之間的利率回升

--

--

I could ask you the same question about the future.

我可以問你同樣的關於未來的問題。

We all have our crystal balls.

我們都有自己的水晶球。

Really, we don't know what direction interest rates will go.

實際上，我們不知道利率將會如何變動。

We don't know when they'll come down.

我們不知道他們什麼時候會下來。

We don't know when the binds will come up as a result of them coming down.

我們不知道什麼時候它們掉下來之後束縛才會解除。

I can tell you that our guidance was built around a view that rates would not come down much in 2025.

我可以告訴你，我們的指導是基於這樣的觀點：2025 年利率不會大幅下降。

And so far, things are playing out roughly the way we expected.

到目前為止，事情的發展大致符合我們的預期。

If rates come down in the back half of the year, that'll be a tremendous benefit for us.

如果今年下半年利率下降，對我們來說將是一個巨大的優勢。

And if they don't, we're prepared for that and our guidance reflect that.

如果沒有，我們已經做好了準備，我們的指導也會反映這一點。

Understood.

明白了。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德·廷德（Surinder Thind），傑富瑞（Jefferies）。

Thank you.

謝謝。

Following up on the platform ARR question, it looks like it was mostly related to just as slow down in the NRR in particular clients.

跟進平台 ARR 問題，看起來它主要與特定客戶端的 NRR 速度減慢有關。

So is the messaging here it was predominantly just usage and that things just slow down?

那麼這裡傳達的訊息是否主要是使用情況，而事情進展得越來越慢了？

How should we think about that?

我們該如何思考這個問題？

What percentage of revenues (inaudible) characterized?

收入中（聽不清楚）所佔比例是多少？

How much

多少

--

--

A lot of it is usage.

很多都是用法。

You're absolutely right, a lot of its usage.

您說得對，它的用途很廣泛。

But some of it is lower bookings that are now flowing through.

但其中一部分是目前正在流出的較低預訂量。

The [thing with] (inaudible) is usage.

[與]（聽不清楚）有關的事是用法。

And we didn't have churn, we didn't have customers leaving.

而且我們的客戶沒有流失，也沒有客戶離開。

We had some customers that -- for for for some of our products, the usage can vary quite a bit, quarter to quarter.

我們有一些客戶—對於我們的某些產品，其使用情況每季可能會有很大差異。

In some cases, they might have turned some things down at the end of their calendar year to save some money, which happens from time to time.

在某些情況下，他們可能會在年底拒絕一些事情以節省一些錢，這種情況時有發生。

So that's just seasonality around different pieces of some of what what their usage is.

所以這只是圍繞著不同部分的季節性，以及它們的用途。

So that's really what drove that.

這正是推動這件事的真正原因。

And we expect a lot of that returns to form and then, we also expect a lot of the new business that we've already sold will come live.

我們預計許多收益將得以實現，我們也預計許多我們已經出售的新業務也將活躍起來。

Got it.

知道了。

So what it sounds like is is if usage returns to normal, then there's a double bounce back effect here, right?

所以聽起來如果使用率恢復正常，那麼就會出現雙重反彈效應，對嗎？

Exactly.

確切地。

Exactly.

確切地。

Okay.

好的。

Fair enough.

很公平。

And then, in terms of just the FICO 10 T and the non-GSE usage adoption, can you talk a little bit more about that and, then, maybe contrast that with the delay at the FHFA, in terms of the timeline being suspended for implementation?

然後，就 FICO 10 T 和非 GSE 使用採用而言，您能否再多談一下，然後，也許可以將其與 FHFA 的延遲進行對比，就實施時間表暫停而言？

Does a bifurcation in the market between Classic FICO and 10 T have any implications that we should be aware of from securitization and other considerations here, as we think about this longer term?

當我們進行長期思考時，傳統 FICO 和 10 T 之間的市場分歧是否會產生我們應該從證券化和其他考慮因素中意識到的影響？

Because, obviously, it sounds like, on one path, there's a certain number of entities that are going down the path of 10 T. But then with conforming, we may not be going down that path.

因為，顯然，這聽起來像是在一條路徑上，有一定數量的實體沿著 10 T 的路徑前進。

It's a very interesting question.

這是一個非常有趣的問題。

I think what you have to start with is that the FICO Classic Score, that's been in use for 25 years in the mortgage market, is a highly predictive score.

我認為你首先要了解的是，FICO 經典評分已經在抵押貸款市場使用了 25 年，是一個具有高度預測性的評分。

It works really, really well.

它確實非常有效。

And it has, historically, provided the investor community with pretty good sense of what they're buying and the risk associated with it.

從歷史上看，它為投資者群體提供了相當好的關於他們所購買的產品及其相關風險的認識。

FICO 10 T is a little (inaudible) bit better.

FICO 10 T 稍微（聽不清楚）好一點。

Some would say quite a bit better, some would say a little bit better.

有些人會說好很多，有些人會說好一點點。

I'm not sure it makes that much difference whether it's a little better or a lot better.

我不確定是好一點還是好很多會有很大的差別。

It's better enough that we have customers who prefer it.

只要我們有喜歡它的顧客，這就夠好了。

I'm not sure that the answer you get from 10 T are very different from the Classic FICO Score so I don't imagine tremendous [adjuda] in the investor community about which score is being used to secure [Kaiso's] portfolios.

我不確定 10 T 得到的答案與傳統 FICO 分數是否有很大的不同，因此我無法想像投資者社區會對使用哪種分數來保護 [Kaiso] 的投資組合做出巨大的調整。

I imagine they will both be used with no real issues.

我想它們都會被正常使用而不會有任何問題。

Okay.

好的。

Thank you, that's helpful.

謝謝，這很有幫助。

Owen Lau, Oppenheimer.

歐文劉、奧本海默。

Thank you for picking my question.

感謝您選擇我的問題。

So going back to the ACV bookings, it was strong in the first quarter.

回顧 ACV 預訂情況，第一季表現強勁。

Could you please talk about the pipeline and outlook of bookings over the next quarter or so?

您能否談談下一季左右的預訂情況和前景？

Do you expect this to, also, accelerate to drive high ARR, going forward?

您是否預計這也會加速推動未來的高 ARR 成長？

Thanks.

謝謝。

Honestly, we have a strong pipeline.

老實說，我們擁有強大的管道。

But, again, we will have volatility in that (technical difficulty) number.

但是，這個（技術難度）數字仍然會有所波動。

There are some quarters that would be really good and some quarters that won't be as good because we don't have thousands of bookings.

有些季度的表現會非常好，但有些季度的表現可能不太好，因為我們沒有數千個預訂。

We have a fairly small number.

我們的數量相當少。

And some of them are pretty large and they can move from quarter to quarter.

其中一些規模相當大，它們可以從一個季度移動到另一個季度。

So there's still a lot of interest in these products.

因此人們對這些產品仍然很感興趣。

We still have a strong pipeline.

我們仍然擁有強大的產品線。

But it's hard to put hard numbers out there about what we expect in the next couple quarters.

但我們很難準確預測未來幾季的業績。

We think we'll have a good year for bookings.

我們認為今年的預訂量將會很好。

But every year, every quarter, there's some volatility in that.

但每年、每季，都會存在一些波動。

But, again, we put up two quarters that we're really happy with -- the last two quarters -- and that's going to have an impact, as we move through the year, in terms of ARR.

但是，我們再次重申，我們對過去兩個季度的業績感到非常滿意——這將對全年的 ARR 產生影響。

Got it.

知道了。

And then, on the expense side, could you please add more color on that?

然後，關於費用方面，您能否詳細說明一下？

I think you mentioned expense will go up from here.

我認為您提到費用將從現在開始上漲。

And in the third quarter, there will be FICO World.

第三季也將推出FICO World。

Any more color you can add in terms, let's say, how much increase from the first quarter, [runway] from here?

您還能補充什麼細節嗎，比如說，與第一季相比，現在的成長幅度是多少？

Thanks.

謝謝。

It's not all that significant.

這並不是那麼重要。

And if you've put together a model with the guidance we gave you, there's no change to that.

如果您根據我們提供的指導建立了模型，那麼這一點就不會改變。

But there's some things that are non-recurring.

但有些事情是不會再發生的。

FICO World's adds probably $5 million to $6 million in our third quarter that we won't see yet in our second quarter.

FICO World 在第三季可能增加 500 萬至 600 萬美元，但我們在第二季還看不到這個數字。

So there are things like that that come along from time to time but we won't have any material step-function type expenses increases throughout the year.

因此，類似的事情時有發生，但全年我們不會出現任何實質的階梯式費用增加。

Thanks so much.

非常感謝。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Thanks for taking the questions.

感謝您回答這些問題。

I want to start off on capital allocation.

我想從資本配置開始。

It does seem like you, guys, did amp up the buyback in January when the stocks are -- the pullbacks.

看起來你們確實在 1 月股票回檔時加大了回購力道。

Should we think about you, guys, having the appetite to continue to do that if the stock continues to be [of-highs] despite the results you, guys, have put up?

如果儘管你們取得了成果，股價仍持續處於高位，我們是否應該考慮你們是否有興趣繼續這樣做？

Look, you know our view.

瞧，你知道我們的觀點。

You know our view on this.

您知道我們對此的看法。

We think FICO stocks great value at $1,800 or $1,900 or $2,000, $2,100, as we did in the last quarter.

我們認為 FICO 股票的價值在 1,800 美元、1,900 美元、2,000 美元或 2,100 美元時非常高，就像我們在上個季度所做的那樣。

And in the fullness of time, we're sure we'll be vindicated.

我們相信，隨著時間的推移，我們將得到證明。

We're not really market timers.

我們其實並不是市場時機把握者。

We try to be in the market all the time, with regular purchases to use up our cash flow and maintain our leverage at a comfortable level.

我們嘗試一直留在市場中，透過定期購買來消耗我們的現金流並將我們的槓桿率維持在一個舒適的水平。

That said, when the stocks dips, we do sometimes size up our purchases.

儘管如此，當股市下跌時，我們有時確實會增加購買量。

And we have a lot open on the authorization so that we have the ability to do that, should we choose to ramp up.

我們在授權方面還有很大的開放空間，因此如果我們選擇加強力，我們就有能力做到這一點。

So a long way of saying we believe in the stock.

簡而言之，我們相信該股票。

We think it's a pretty good value, where it is.

我們認為它的價值相當高。

And, yes, we have appetite for more.

是的，我們還渴望更多。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And maybe just a follow up, on the guide.

或許只是對指南的後續跟進。

I think looking at from when you, guys, last reported to no, obviously you, guys, are reiterating the guide, it does look like the mortgage environment seems a little worse.

我認為從你們上次報告到現在，顯然你們正在重申指南，看起來抵押貸款環境確實似乎有些糟糕。

Could you walk us through -- did you, guys, just have maybe a more conservative assumption than the market had in November when you, guys, guided?

您能否向我們介紹一下—你們的假設是否比你們 11 月指導的市場假設更為保守？

Or are there any other offsets or moving pieces we should be mindful of that helped offset incremental mortgage softness?

或者，是否存在任何其他我們應該注意的抵消措施或變動因素，有助於抵消增量抵押貸款軟化的影響？

I think it's really a combination of two things.

我認為這實際上是兩件事的結合。

One is I think we did have a more conservative view, less optimistic view of the future of rates, several months ago when we put together the guidance, than the market.

一是，我認為幾個月前當我們制定指引時，我們對利率的未來持比市場更保守的看法，不太樂觀。

Certainly, at the time we put our guidance out there, people anticipated a lot more rate cuts in '25 than we're likely to get.

當然，當我們發布指導意見時，人們預計25年的降息幅度會比我們可能實現的要大得多。

That is part of it.

這是其中的一部分。

And then, I would say on top of that, you have a management team that always wants to hit its numbers.

然後，我想說，最重要的是，你有一個始終希望達到目標的管理團隊。

And so we're conservative and we'll do our best estimate and then, we'll haircut it to make sure we come in.

因此，我們比較保守，會盡最大努力進行估算，然後進行減記，以確保我們能夠獲利。

So it's both those things.

所以這是兩件事。

We had a more conservative view and then, we added conservatism on top of that.

我們原本的觀點比較保守，然後，我們在其基礎上又增加了保守主義。

Kyle, this is pretty consistent, right?

凱爾，這很一致，對吧？

If we did the same thing last year, if you look back, we guided numbers and people expected in '24, multiple rate cuts that never happened.

如果我們去年做了同樣的事情，如果你回顧一下，我們指導的數字和人們對24年的預期是，多次降息從未發生過。

So we plan for a situation where -- we're not going to count on something that hasn't happened yet.

因此，我們為這樣一種情況做好了計劃——我們不會依賴還沒有發生的事情。

So we did the same thing here.

所以我們在這裡做了同樣的事情。

Frankly, we're probably -- so far, our first-quarter mortgage probably did better than what we had in our guidance because we were so conservative.

坦白說，到目前為止，我們的第一季抵押貸款表現可能比我們的預期要好，因為我們非常保守。

So if you plan that way and you guide that way, it gives you a little bit of upside even when things are not as rosy as what the world thinks they might turn out to be.

因此，如果你這樣計劃，這樣指導，那麼即使事情並不像世界想像的那樣樂觀，你也會獲得一點好處。

Okay, it's really helpful color.

好的，這顏色確實很有用。

Thank you.

謝謝。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Good afternoon.

午安.

With your card and personal loan revenues, they were down 3% year over year in the quarter.

本季度，您的信用卡和個人貸款收入較去年同期下降了 3%。

Can you talk about, then, the trends that drove this decline?

那麼您能談談導致這種下降的趨勢嗎？

It's what you see in the industry, right?

這就是你在業界看到的，對嗎？

There's a little bit of a pullback in consumer lending.

消費貸款略有回落。

We also have the -- underneath our numbers, you might see some mix shifts so some of the users that are paying a little higher unit cost might be harder hits in some of the bigger operators that are paying a lower unit cost.

我們也有——在我們的數字之下，您可能會看到一些混合變化，因此一些支付較高單位成本的用戶可能會在一些支付較低單位成本的較大運營商中受到更嚴重的打擊。

But 3% is in line with what you're seeing in the industry.

但 3% 與產業現狀一致。

I think that, typically, is a lighter quarter, anyway.

無論如何，我認為通常這是一個較為輕鬆的季度。

And I think there's there's been a conservativeness among the banks, in terms of lending -- we've seen that in multiple verticals.

我認為銀行在貸款方面一直比較保守——我們在多個垂直行業都看到了這種情況。

Got it.

知道了。

That's helpful color.

這是很有幫助的顏色。

And then, going back to the Software business.

然後，回到軟體業務。

You mentioned seeing lower platform usage in the quarter, can you talk more about some of the key catalysts that can drive higher usage levels?

您提到本季平台使用率下降，能否詳細談談一些可推動使用率上升的關鍵催化劑？

It depends customer by customer.

這取決於每個客戶的情況。

What we saw in some cases, in this quarter, was that the [CCS] that's on platform, it was just less usage.

我們在本季的一些情況下發現，平台上的 [CCS] 使用率較低。

And that could be a number of different things.

這可能涉及很多不同的事情。

Some cases, like I said, sometimes they might reduce usage over the holidays if they don't think there's as much receptiveness to some of those messages or in some cases, they might be pulling back a little bit to save a little bit of money on some things.

就像我說的，有些情況下，如果他們認為某些資訊的接受度不高，他們可能會在假期期間減少使用量，或者在某些情況下，他們可能會稍微削減一點，以在某些方面節省一點錢。

It depends on the customer.

這取決於客戶。

But, typically, there is some seasonality to that business.

但通常來說，該項業務具有一些季節性。

And George, remember the [CCS] (inaudible) has a collection of use case and a fraud use case.

喬治，記住 [CCS]（聽不清楚）有一個用例集合和一個詐欺用例。

That varies differently as you grow out the year and different customers have -- some of them have collections, some of them fraud, some them of have both.

隨著時間的推移和不同客戶的發展，情況會有所不同——有些客戶有收款行為，有些客戶有詐欺行為，有些客戶兩者兼具。

So those all play factors in how the usage might go back up.

所以這些都是影響使用率如何回升的因素。

Got it.

知道了。

Helpful.

很有幫助。

Thank you.

謝謝。

Jeff Mueler, Robert W. Baird.

傑夫·穆勒、羅伯特·W·貝爾德。

Thank you.

謝謝。

Good afternoon.

午安.

Can you just help us understand the typical timeline for mapping ACV bookings into ARR?

您能幫助我們了解將 ACV 預訂對應到 ARR 的典型時間表嗎？

I get that there's this usage component but are the Q1, Q2 of '24 ACV bookings flowing into ARR now?

我知道有這個使用組件，但是 24 年第一季和第二季的 ACV 預訂現在是否流入了 ARR？

Or just, like, what's the typical timing?

或者只是，典型的時間是怎麼樣的？

It varies.

它是因人而異的。

But, typically, it's at least six months and it's probably more like 9 to 12 month before they're implemented and up-and-running.

但通常至少需要六個月，甚至可能需要九到十二個月才能實施並投入運作。

So the fact that we had, in the last year -- early last year -- lighter bookings, that means that you're going to have less new stuff coming on the line, right now.

事實上，去年（去年初）我們的訂單較少，這意味著現在上線的新產品會較少。

And then, that's the result of the bookings that we had last year.

這就是我們去年預訂的結果。

So the bookings that we've done in the last couple of quarters, that bodes well for the latter half of this year, in terms of more ARR growth.

因此，我們在過去幾季的預訂情況對於今年下半年的 ARR 成長來說是一個好兆頭。

Okay

好的

--

--

The six- to nine-month lag between the two.

兩者之間存在六到九個月的滯後。

Got it.

知道了。

And the ARR FX headwind, I think you said it was 3 points to platform.

至於 ARR FX 逆風，我認為您說的是平台的 3 點。

Was that year over year or sequential?

這是同比還是連續的？

I know you've been asked this a million different ways but can you help -- well, if we can get that -- us with any quantification of how much of the platform revenue is driven by usage?

我知道你已經被以無數種不同的方式問過這個問題了，但是你能否幫助我們——好吧，如果我們可以的話——量化一下平台收入中有多少是由使用量推動的？

Or what it did, sequentially that, the ARR sequential trend for platform is just a pretty striking change?

或者它做了什麼，按順序來說，平台的 ARR 順序趨勢發生了相當顯著的變化？

(inaudible) currency basis.

（聽不清楚）貨幣基礎。

So if we had not had changes to the FX, we would have had an extra 3% of ARR this quarter versus last year.

因此，如果我們對外匯沒有做出任何改變，本季我們的 ARR 將比去年同期增加 3%。

Okay Thank you.

好的，謝謝。

Ashish Sabadra, RBC

Ashish Sabadra，RBC

Thanks for taking my question.

感謝您回答我的問題。

I have two clarifying questions.

我有兩個需要澄清的問題。

First one on the B2B, when we look at the mortgage auto and card origination revenue, those improved year on year compared to fourth quarter but the overall B2B revenue moderated.

首先是B2B，當我們看一下抵押汽車和信用卡發放收入時，與第四季度相比，這些收入同比有所改善，但整體B2B收入有所放緩。

So I was just wondering if you can comment on what caused that softness?

所以我只是想知道您是否可以評論一下導致這種柔軟的原因是什麼？

Is it pre-screening or some other revenue stream there, within B2B scores?

在 B2B 評分中，它是預篩選還是其他收入來源？

Are you talking about Q3 to -- or Q4 to Q1?

您說的是 Q3 到 Q1 的關係嗎？

You're talking about sequentially?

您說的是順序嗎？

Yeah.

是的。

Or if you look at on your growth.

或者如果你看看你的成長。

Sorry.

對不起。

Can you maybe restate the question?

您能重述一下這個問題嗎？

I'm not sure what question

我不確定什麼問題

--

--

Year on year was all up.

年復一年，一切都在上漲。

Yeah.

是的。

So if I look at mortgage origination, those improved from 95% growth to 110%.

因此，如果我看抵押貸款發放情況，成長率從 95% 提高到了 110%。

Auto improved, card improved.

自動改進，卡片改進。

But if I look at B2B revenue growth, it was up, pretty robust, on year on year but the growth moderated from 38% year on year in fourth quarter to 30% in the first quarter.

但如果我看 B2B 營收成長，它年增率相當強勁，但成長率從第四季的 38% 放緩至第一季的 30%。

The 30%?

30%？

Again, what's the question?

再說一遍，問題是什麼？

I'm not sure what numbers you're talking about.

我不確定你說的數字是什麼。

There's a significant piece of the business that's not originations, right?

有很大一部分業務不是發起業務，對嗎？

Those pieces don't grow anywhere near as fast as some of the origination pieces do.

這些碎片的成長速度遠不及一些起源碎片。

That's helpful.

這很有幫助。

The total B2B was up 30% year over year.

B2B總額較去年同期成長30%。

A lot of the pieces grew very rapidly.

許多碎片生長得非常迅速。

But a lot of things like the pre-screen business, the account management business, and some of the international pieces are not growing that rapidly.

但很多業務，例如預先篩選業務、帳戶管理業務以及一些國際業務，並沒有那麼迅速地成長。

So those pieces can fluctuate.

因此這些部分可能會波動。

If we have a one-time license event with a foreign customer, that might drive a few extra percent of growth in that one quarter.

如果我們與外國客戶達成一次性許可活動，這可能會在當季度帶來額外幾個百分點的成長。

But we didn't have anything particularly like that this year, for this quarter.

但今年本季我們並沒有出現類似情況。

Okay, that's helpful.

好的，這很有幫助。

Just from a modeling perspective, we were trying to better understand if there are any other puts-and-takes to be cognizant of as we look for the rest of the year.

僅從建模的角度來看，我們試圖更好地了解在展望今年剩餘時間時是否還有其他需要注意的因素。

There's always some little, not always, but a lot of (inaudible) we have.

我們總是有一些（聽不清楚），雖然不是總是，但有很多。

One-time license deals that could be a few million dollars and some of those could add a couple percent here or there.

一次性許可交易的價值可能高達數百萬美元，其中一些可能會增加幾個百分點。

But those are hard to predict -- when they're going to happen.

但這些很難預測——它們什麼時候會發生。

So, really, the most predictable or most modelable numbers to look at are probably around originations.

因此，實際上，最可預測或最可建模的數字可能與起源有關。

And those have a bigger impact.

這些影響更大。

That's very helpful color.

這是非常有用的顏色。

And maybe just a quick one on B2C.

也許只是關於 B2C 的快速介紹。

It's good to see that inflection and growth there.

很高興看到那裡的轉變和成長。

I was wondering if you could talk about some of the trends that you're seeing on MyFICO and how should we think about the growth, going forward?

我想知道您是否可以談談您在 MyFICO 上看到的一些趨勢，以及我們應該如何看待未來的成長？

Thanks.

謝謝。

Obviously, we had some really, really strong growth, right during the all the refi boom that was happening.

顯然，在整個再融資熱潮期間，我們實現了非常強勁的成長。

And then, we had a lot of difficult comps and, now, we're seeing that we've cleared those.

那時，我們遇到了很多困難，現在，我們看到我們已經克服了這些困難。

We've done some investing.

我們做了一些投資。

We talked about this on the call last quarter.

我們在上個季度的電話會議上討論了這個問題。

We're doing some investing on the B2C side.

我們正在 B2C 方面做一些投資。

We're doing some different marketing programs.

我們正在實施一些不同的行銷計劃。

And we think there's a lot of room for growth there.

我們認為那裡有很大的成長空間。

It takes some time to do that.

做這件事需要一些時間。

But we're excited about our our myFICO business, certainly.

但我們確實對我們的 myFICO 業務感到非常興奮。

And we're investing in that and we hope to see more growth throughout this year.

我們正在對此進行投資，希望今年能看到更多的成長。

That's very helpful color.

這是非常有用的顏色。

Thanks.

謝謝。

Alexander Hess, J.P. Morgan.

亞歷山大·赫斯，J.P. 摩根。

This is Alex, with JPMorgan.

我是摩根大通的亞歷克斯。

So your guide implies about 15% year-on-year revenue growth, which is about -- where, at a consolidated level, you win in 1Q.

因此，您的指導意味著收入同比增長約 15％，從綜合水平來看，您在第一季取得了勝利。

Stable from that perspective.

從這個角度來看是穩定的。

But you, guys, flag that its's conservative and that you, guys, are confident in the guide.

但是你們，夥計們，表明它是保守的，並且你們，對這個指南很有信心。

So maybe just thinking outside of mortgage price, are there any new revenue streams that you would call out?

那麼也許只是考慮一下抵押貸款價格之外，您是否會提到任何新的收入來源？

I know it's another question on the guide but everybody's trying to square where this confidence comes from.

我知道這是指南中的另一個問題，但每個人都在試圖弄清楚這種信心來自哪裡。

I think, outside of pricing, there's a lot of -- even in terms of some of the volume assumptions we have.

我認為，除了定價之外，還有很多——甚至就我們的一些數量假設而言。

There were some really rough quarters last year, in terms of volumes that should, if not, do much better.

從銷售來看，去年有幾季確實很艱難，即使沒有，也應該會表現得更好。

We think they'll probably be more of a return to normal.

我們認為他們可能會恢復正常。

So there's a lot of areas we have -- without going into detail -- where we're pretty confident that we were not going to have any trouble clearing our guidance for the rest of the year.

因此，在很多方面，我們 — — 不必細說 — — 我們都非常有信心，在實現今年剩餘時間的業績指引方面不會遇到任何困難。

Got it.

知道了。

Understood.

明白了。

And then, just on the FX side.

然後，僅就外匯方面而言。

Can you dimension what the impact was to revenues, specifically on the software and consolidated side?

您能否衡量一下這對收入的影響，特別是在軟體和合併方面？

It was all on the software side, essentially. it was in a few particular currencies but I think it was around

從本質上來說，這一切都與軟體方面有關。它以幾種特定的貨幣形式出現，但我認為大約是

(inaudible)

（聽不清楚）

I'll look for it.

我會尋找的。

We have to get back to that.

我們必須回到那一點。

I don't have the exact number.

我沒有確切的數字。

Understood.

明白了。

Thank you, all.

謝謝大家。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇 (Simon Clinch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您回答我的問題。

I wanted to cycle back to the GSEs.

我想騎車回 GSE。

There's been some discussion about the potential for the GSEs when they -- should they go private to start employing some cash flow modeling, internally, for their own credit scoring capabilities.

有人討論過政府支持企業在私有化後會有哪些潛力，以及是否應該在內部採用一些現金流模型來提升自己的信用評分能力。

And I was wondering: one, how would that work, first of all?

我很想知道：首先，這是如何實現的？

And would FICO still play a part in that scenario, if it were to happen?

如果真的發生這種情況，FICO 還會發揮作用嗎？

I don't know how that would work.

我不知道這會如何起作用。

It's hard for me to imagine these entities going away from the FICO Score.

我很難想像這些實體會脫離FICO分數。

We have a mortgage system in the United States, which is the envy of the world.

我們在美國有令世界羨慕的抵押貸款制度。

And the risks are well understood by the investors.

而投資人也非常了解其中的風險。

The securitization market works a dream.

證券化市場運作著一個夢想。

And and so it's just very hard for me to imagine them moving away from the FICO Score, which is so effective for supporting the analytics in that market.

因此，我很難想像他們會放棄 FICO 評分，而該評分對於支持該市場的分析非常有效。

And frankly, they wouldn't be mutually exclusive, right?

坦白說，它們不會互相排斥，對嗎？

They would be complementary.

它們是互補的。

Okay.

好的。

It's always been the case that [Fannie and Freddie] have their own models.

一直以來，（房利美和房地美）都有自己的模型。

It's not just the score, right?

這不只是分數的問題吧？

Understood.

明白了。

Okay.

好的。

That's useful.

這很有用。

Thank you.

謝謝。

And just a quick question, just on

還有一個問題，

(inaudible).

（聽不清楚）。

Could you give us an indication of the magnitude of volume growth that you did see in the quarter?

您能否告訴我們本季的銷售成長幅度？

No.

不。

We don't detail out all that.

我們不會詳述這一切。

But you can look at reporting that comes from mortgage bankers and other groups to see what what those numbers look like.

但您可以看看抵押貸款銀行家和其他團體的報告，看看這些數字是什麼樣的。

Okay.

好的。

Thanks very much.

非常感謝。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

I just wanted to go back to the Software business.

我只是想回到軟體產業。

It sounds like you're pretty positive on the forward pipeline but if you can dimensionalize how the broader demand environment looks, now, that we've turned the calendar to 2025?

聽起來你對未來的發展非常樂觀，但現在我們已經把日曆翻到了 2025 年，那麼你能否具體描述出更廣泛的需求環境是怎樣的呢？

Budgets are reset.

預算已重新設定。

Just characterize, maybe, the demand environment and how budgets are looking, relative last year.

也許只是描述一下需求環境以及相對於去年的預算狀況。

Thanks.

謝謝。

We don't see a tremendous amount of change in appetite for our products from a demand side.

從需求方面來看，我們並沒有看到對我們產品的需求有巨大的變化。

Years ago, our point solution applications were under more budget pressure where the kinds of things that sometimes got deferred.

幾年前，我們的點解決方案應用面臨更大的預算壓力，因此某些事情有時會被推遲。

I think that the strategic nature of the platform transcends that.

我認為該平台的戰略性質超越了這一點。

And so, not that we're not affected by the fiscal environment of our customers but it is a high-level decision.

因此，這並不是說我們不受客戶財政環境的影響，但這是一個高層的決定。

It is strategic for our customers.

這對我們的客戶來說具有戰略意義。

And so we have not experienced a lot of slowdown there.

因此我們並沒有經歷太多的經濟放緩。

That's helpful.

這很有幫助。

And then just a quick clarification.

然後只是快速澄清一下。

Just on the on the scores margins.

僅在分數邊緣。

It's all a step down there, quarter over quarter, year over year, with notable uptick year over year in expenses.

與上一季、前一年相比，收入都在下降，而支出卻逐年顯著上升。

Just wondering if you can give a little bit of context around that.

我只是想知道您是否可以提供一些相關背景資訊。

Was there anything to do with mix?

和混合有關係嗎？

Anything around that would be helpful.

任何與此相關的事情都會有幫助。

No, there's a little bit more spend on the B2C side.

不，B2C 方面的支出稍微多一點。

So the B2C side has a different cost structure and we're inducing -- we're doing a little bit of investment there and doing some things to -- in terms of marketing.

因此，B2C 方面具有不同的成本結構，我們正在引導——我們在那裡進行一些投資，並在行銷方面做一些事情。

Great.

偉大的。

Thanks, guys.

謝謝大家。

Matthew O'Neill, FT Partners.

馬修‧歐尼爾（Matthew O’Neill），FT Partners。

Hi.

你好。

Good afternoon.

午安.

Thanks so much for taking my question.

非常感謝您回答我的問題。

A lot of good questions ask and answer.

提出並回答了許多好問題。

In particular, on the guide and outlook for the remainder of the year.

特別是關於今年剩餘時間的指引和展望。

So I think maybe we could spend a moment or two digging in further on the press release out today.

因此我想我們可以花一點時間來進一步深入了解今天的新聞稿。

On the study done with Affirm and maybe give us a little bit more of a view on the longer-term integration of buy now, pay later into the FICO modeling and how that may develop and and and so forth.

根據與 Affirm 合作進行的研究，也許可以讓我們對先買後付的長期整合到 FICO 模型中以及其將如何發展等等有更多的了解。

Thank you.

謝謝。

Buy now, pay later, as you know, is popular and growing.

如您所知，先買後付如今已十分流行並且發展迅速。

The bureaus don't have consistent treatment and in terms of how they use it.

各局對於如何處理以及如何使用這些資訊並不一致。

Is their (inaudible) and understanding the consumer (inaudible) behavior on buy now, pay later?

他們是否（聽不清楚）並了解消費者（聽不清楚）的先買後付行為？

Absolutely.

絕對地。

And so we've been working with Affirm, with their data and ours, to see how we can extract a little more prediction out of incorporating the buy now, pay later data, along with other elements of the credit file and into the FICO Score.

因此，我們一直在與 Affirm 合作，利用他們的數據和我們的數據，研究如何透過結合「先買後付」數據以及信用檔案的其他元素並將其納入 FICO 分數，從而提取更多的預測結果。

In the future, we will be doing that.

將來我們也會這麼做。

We're pretty excited about it.

我們對此感到非常興奮。

Any time you can bring alternative data data that hasn't, historically, resided in the credit file to the decision, you're going to get a better decision.

只要你能將信用檔案中歷史上不存在的替代數據帶入決策之中，你就能做出更好的決策。

And so for us, this is an opportunity for our customers.

對我們來說，這對我們的客戶來說是一個機會。

It's a great thing.

這是一件很棒的事。

It's early days still.

現在還為時過早。

I don't think that we have maturity around how the data will be handled across the bureaus.

我認為我們在如何處理各個機構的數據方面還不夠成熟。

And so we're working on that.

所以我們正在努力解決這個問題。

Got it.

知道了。

Thank you so much.

太感謝了。

As a quick follow up, have any other players in the space volunteered for the invitation in the press release?

作為一個快速的後續問題，是否有其他該領域的參與者自願接受新聞稿中的邀請？

We've been working with Affirm for quite a while.

我們與 Affirm 合作已有一段時間了。

Got it.

知道了。

Thanks, again.

再次感謝。

Thank you.

謝謝。

I'm not showing any further questions in the queue.

我不會在隊列中顯示任何其他問題。

I'd like to turn the call over to David for the closing remarks.

我想將電話轉給戴維，請他做最後發言。

Thank you.

謝謝。

I'll just comment on -- Alex asked a question about FX's impact on revenues.

我只想評論一下——亞歷克斯問了一個關於外匯對收入的影響的問題。

So the number was $3 million for total revenue.

所以總收入是 300 萬美元。

It's about 1% of total revenue or about 1.5% of Software revenue.

約佔總收入的 1% 或軟體收入的 1.5%。

But, overall, thanks everyone for attending the earnings call today.

但總的來說，感謝大家參加今天的財報電話會議。

Please stay tuned to fico.com and LinkedIn to keep up to date on the latest news, as we kick into our FICO World Event.

隨著我們開始 FICO 世界活動，請繼續關注 fico.com 和 LinkedIn 以了解最新消息。

Thank you very much.

非常感謝。

Goodbye.

再見。

Thank you for your participation during today's conference.

感謝您參加今天的會議。

This does conclude the program.

該計劃確實結束了。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

祝大家有個愉快的一天。