Fair Isaac Corp (FICO) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second-quarter 2025 FICO earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第二季 FICO 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today. Dave Singleton, please go ahead.

現在我想將會議交給今天的發言人。戴夫·辛格爾頓，請繼續。

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

下午好，感謝您參加 FICO 第二季財報電話會議。我是投資者關係副總裁 Dave Singleton，今天和我一起出席的還有我們的執行長 Will Lansing；以及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. On this call, management will also discuss results in comparison with the prior quarter to facilitate an understanding of the run rate of the business.

今天，我們發布了一份新聞稿，描述了與前一年相比的財務表現。在本次電話會議上，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. Those statements involve many risks and uncertainties that could cause actual results to differ materially. . Information concerning these risks and uncertainties is contained in the company's filings with the SEC, particularly in the risks, forward and forward-looking statements portions of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

根據 1995 年《私人證券訴訟改革法案》，本簡報中的某些陳述具有前瞻性。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。。有關這些風險和不確定性的資訊包含在公司向美國證券交易委員會提交的文件中，特別是此類文件中的風險、前瞻性和前瞻性陳述部分。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. Please refer to the company's earnings release and Regulation G schedule issued today for a reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure.

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。請參閱公司今天發布的收益報告和 G 條例附表，以了解這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對照情況。

The earnings release and Regulation G schedule are available on the Investor Relations page on the company's website at fico.com or on the SEC's website at sec.gov. A replay of this webcast will also be available through April 29, 2026.

收益報告和 G 條例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。該網路廣播的重播也將持續到 2026 年 4 月 29 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. Thank you, everyone, for joining us for our second quarter earnings call. In the Investor Relations section of our website, we've posted some financial highlights slides. We'll be referring to them during this earnings announcement. We had another strong quarter, and we are reiterating our fiscal '25 guidance.

謝謝，戴夫。感謝大家參加我們的第二季財報電話會議。在我們網站的投資者關係部分，我們發布了一些財務亮點幻燈片。我們將在本次收益公告中提及它們。我們又度過了一個強勁的季度，我們重申我們的 25 財年指引。

As shown on page 2 of the second quarter financial highlights, we reported quarter 2 revenues of $499 million, up 15% over last year. We reported $163 million in GAAP net income in the quarter up 25%.

如第二季財務摘要第 2 頁所示，我們報告第二季營收為 4.99 億美元，比去年成長 15%。我們報告本季的 GAAP 淨收入為 1.63 億美元，成長 25%。

We reported GAAP earnings of $6.59 per share, up 28% from the prior year. We reported $193 million in non-GAAP net income in the quarter, up 25% and non-GAAP earnings of $7.81 per share, up 27% from the prior year. As you can see on page 10, we delivered free cash flow of $65 million in our second quarter.

我們報告的 GAAP 收益為每股 6.59 美元，比上年增長 28%。我們報告本季非公認會計準則淨收入為 1.93 億美元，年增 25%，非公認會計準則每股收益為 7.81 美元，年增 27%。正如您在第 10 頁看到的，我們在第二季度實現了 6500 萬美元的自由現金流。

Over the last four quarters, we delivered $677 million of free cash flow, which would be an increase of 45% over the trailing 12-month period ending March 31, 2024. We continue to return capital to our shareholders through buybacks by repurchasing 112,000 shares in quarter two. In our Scores segment, you can see on page 6 of the presentation, our second quarter revenues were $297 million, up 25% versus the prior year.

在過去四個季度中，我們實現了 6.77 億美元的自由現金流，比截至 2024 年 3 月 31 日的過去 12 個月增長 45%。我們繼續透過回購的方式向股東返還資本，第二季我們回購了 112,000 股。在我們的分數部分，您可以在簡報的第 6 頁看到，我們的第二季收入為 2.97 億美元，比前一年增長 25%。

On the B2B side, quarter two revenues were up 31% versus the prior year, primarily driven by mortgage originations revenues. On the B2C side, quarter two revenues were up 6% versus the prior year, primarily driven by revenue from indirect channel partners. Second quarter mortgage origination revenues were up 48% versus the prior year.

在 B2B 方面，第二季營收較上年同期成長 31%，主要受抵押貸款發放收入的推動。在 B2C 方面，第二季營收比上年成長 6%，主要得益於間接通路合作夥伴的收入。第二季抵押貸款發放收入較上年同期成長 48%。

Mortgage origination revenue accounted for 54% of B2B revenue and 44% of total Scores revenue. Auto origination revenues were up 16%, while credit card, personal loan and other originations revenues were flat versus the prior year.

抵押貸款發放收入佔 B2B 收入的 54% 和 Scores 總收入的 44%。汽車貸款發放收入成長了 16%，而信用卡、個人貸款和其他貸款發放收入與去年持平。

FICO continues to build financial inclusion globally. In the quarter, we announced a Kenya specific FICO score. Through our partnership with TransUnion, the FICO Score is part of a credit risk solution, which empowers lenders to serve previously underserved consumers in small, micro and medium-sized enterprises. We also continue to raise awareness of financial literacy. One way we do it is by encouraging consumers to manage their financial health by checking their free FICO score at myfico.com/free.

FICO 繼續在全球範圍內建立金融包容性。本季度，我們公佈了肯亞特定的 FICO 評分。透過與 TransUnion 的合作，FICO 評分成為信用風險解決方案的一部分，使貸方能夠為以前服務不足的小型、微型和中型企業消費者提供服務。我們也將繼續提高公眾的金融知識意識。我們這樣做的一個方法是鼓勵消費者透過在 myfico.com/free 上查看他們的免費 FICO 分數來管理他們的財務健康。

Over the last year, FICO has seen nearly 70% increase in users accessing their free FICO scores by FICO. I hope you'll tell all of your friends to get their free FICO score at myfico. Most importantly, we continue to focus on innovation. FICO Score mortgage simulator is now available for lender used through Exactus, the largest credit reseller in the mortgage industry.

在過去的一年中，透過 FICO 獲取免費 FICO 分數的用戶數量增加了近 70%。我希望你能告訴你的所有朋友在 myfico 上獲得免費的 FICO 分數。最重要的是，我們持續注重創新。FICO Score 抵押貸款模擬器現在可供貸款人透過抵押貸款行業最大的信貸經銷商 Exactus 使用。

Mortgage professionals can leverage valuable insight from the simulator to help drive smarter decisions that can present more loan options and favorable interest rates for customers. We continue to drive strong adoption of FICO Score 10 T for non-GSE loans and we're seeing strong results from our early adopter program. Lenders who use the classic FICO Score today can receive FICO Score 10 T for free through this program so they can evaluate the advantages before fully moving to utilizing FICO's newest and most predictive score.

抵押貸款專業人士可以利用模擬器中的寶貴見解來幫助做出更明智的決策，從而為客戶提供更多的貸款選擇和優惠利率。我們持續推動非政府支援企業貸款大力採用 FICO Score 10 T，而我們的早期採用者計畫已取得顯著成果。目前使用經典 FICO 評分的貸方可以透過該計劃免費獲得 FICO 評分 10 T，以便他們在全面使用 FICO 最新、最具預測性的評分之前評估其優勢。

Lenders in the program have been able to validate the power FICO Score 10 T in real-world mortgage underwriting, loan production, execution and servicing. Refer to the February 24 post in our FICO newsroom to see a list of recent additions to our growing list of FICO 10 T adopters.

該計劃中的貸款人已經能夠驗證 FICO Score 10 T 在現實世界的抵押貸款承銷、貸款生產、執行和服務中的威力。請參閱我們 FICO 新聞室 2 月 24 日的帖子，查看我們不斷增長的 FICO 10 T 採用者名單中最新添加的名單。

As of today, we have clients with over $284 billion in annualized mortgage originations and about $1.43 trillion in eligible mortgage portfolio servicing that have signed up for FICO Score 10T.

截至今天，我們已擁有註冊 FICO Score 10T 的客戶，其年度抵押貸款發放超過 2,840 億美元，合格抵押貸款組合服務約 1.43 兆美元。

In our Software segment, we delivered $202 million in quarter two revenue, up 2% from the prior year. The revenue increase was driven mainly by growth in license revenue recognized at a point in time, partially offset by a decline in professional services. We continue to drive growth in ARR and NRR through our land and expand strategy with expand driven by increased customer usage.

在我們的軟體部門，我們第二季的營收為 2.02 億美元，比上年成長 2%。收入成長主要得益於某一時點確認的授權收入的成長，但專業服務收入的下降部分抵消了這一成長。我們繼續透過土地和擴張策略推動 ARR 和 NRR 的成長，擴張由客戶使用量的增加所驅動。

As shown on page 7, the total ARR was up 3% with platform ARR growing 17% and non-platform ARR declining 3%. Total NRR for the quarter shown on page 8, was 102% with platform NRR at 110% and non-platform at 96%. ACV bookings for the quarter were $21.8 million compared to $16.8 million in the prior year. In our software business, we continue to expand our partner channels. FICO recently partnered with Fujitsu, a top digital servicing company in Japan.

如第 7 頁所示，總 ARR 成長 3%，其中平台 ARR 成長 17%，非平台 ARR 下降 3%。第 8 頁顯示的本季總 NRR 為 102%，其中平台 NRR 為 110%，非平台 NRR 為 96%。本季的 ACV 預訂額為 2,180 萬美元，去年同期為 1,680 萬美元。在我們的軟體業務中，我們繼續擴展合作夥伴管道。FICO 最近與日本頂級數位服務公司富士通建立了合作夥伴關係。

Together, we will accelerate digital transformation support for Japanese financial institutions, delivering a future of smarter, more connected banking and payments. This quarter, we announced a partnership with dacadoo to bring AI-powered precision to the life insurance industry. Dacadoo is a Swiss-based technology company that develops solutions for digital health engagement and health risk quantification.

我們將共同加速對日本金融機構的數位轉型支持，實現更智慧、更互聯的銀行和支付的未來。本季度，我們宣布與 dacadoo 合作，為人壽保險業帶來人工智慧精準服務。Dacadoo 是一家總部位於瑞士的科技公司，致力於開發數位健康參與和健康風險量化解決方案。

By integrating FICO platform with dacadoo's Health Risk Quantification Risk Engine, we create a solution that enables insurers to target their life insurance products specific profiles. This allows dacadoo to design highly personalized insurance products for their customers using advanced decision science.

透過將 FICO 平台與 dacadoo 的健康風險量化風險引擎結合，我們創建了一個解決方案，使保險公司能夠針對其人壽保險產品的特定情況。這使得 dacadoo 能夠利用先進的決策科學為其客戶設計高度個人化的保險產品。

Later in the call, I'll talk about our upcoming FICO World Conference, but first, let me pass it to Steve to provide further financial details.

在稍後的電話會議中，我將談論我們即將舉行的 FICO 世界會議，但首先，讓我將其傳遞給史蒂夫提供進一步的財務細節。

Thanks, and good afternoon, everyone. As Will mentioned, we had another good quarter with total revenue of $499 million, an increase of 15% over the prior year. Scores segment revenues for the quarter were $297 million, up 25% from the prior year. B2B revenues were up 31%, driven primarily by mortgage originations revenues. Our B2C revenues were up 6% versus the prior year due to increased revenue from our indirect channel partners.

謝謝，大家下午好。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 4.99 億美元，比前一年增長了 15%。本季 Scores 部門營收為 2.97 億美元，較上年成長 25%。B2B 營收成長 31%，主要受抵押貸款發放收入的推動。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 6%。

Software segment revenues for the quarter were $202 million, up 2% from the prior year. On-premises and SaaS software revenue grew 4% year over year, while professional services declined 9%. We do expect Q3 professional services revenue to increase from the Q2 level.

本季軟體部門營收為 2.02 億美元，較上年成長 2%。內部部署和 SaaS 軟體收入較去年同期成長 4%，而專業服務收入下降 9%。我們確實預計第三季專業服務收入將比第二季增加。

This quarter, 86% of total company revenues were derived from our Americas region, which is a combination of our North American and Latin America regions. Our EMEA region generated 9% of revenues and the Asia Pacific region delivered 5%. Our total software ARR was $715 million, a 3% increase over the prior year. Platform ARR was $235 million, representing 33% of our total Q2 '25 ARR, up from 29% of total Q2 '24 ARR.

本季度，公司總收入的 86% 來自美洲地區，即北美和拉丁美洲地區的組合。我們的 EMEA 地區創造了 9% 的收入，亞太地區創造了 5% 的收入。我們的軟體 ARR 總額為 7.15 億美元，比前一年增長 3%。平台 ARR 為 2.35 億美元，占我們 2025 年第二季 ARR 總值的 33%，高於 2024 年第二季 ARR 總值的 29%。

Platform ARR grew 17% versus the prior year, while nonplatform declined 3% to $480 million this quarter. We did see some CCS usage headwinds, both platform and non-platform as some customers chose to either delay or downsize some of their customer outreach programs due to macro volatility.

平台 ARR 較上年同期成長 17%，而非平台 ARR 本季下降 3% 至 4.8 億美元。我們確實看到了一些 CCS 使用阻力，包括平台和非平台，因為一些客戶由於宏觀波動而選擇推遲或縮減一些客戶拓展計劃。

Our platform land-and-expand strategy continues to be successful. Our dollar-based net retention rate in the quarter was 102%, platform NRR was 110% and while our non-platform NRR was 96%. Platform NRR was driven by a combination of new use cases and increased usage of existing use cases. Our software ACV bookings for the quarter were $21.8 million compared to $16.8 million in the prior year.

我們的平台登陸和擴張策略繼續取得成功。本季我們的美元淨留存率為 102%，平台 NRR 為 110%，而非平台 NRR 為 96%。平台 NRR 是由新用例和現有用例的使用增加共同推動的。本季我們的軟體 ACV 預訂額為 2,180 萬美元，去年同期為 1,680 萬美元。

We have a healthy pipeline for the back half of this fiscal year. Turning now to expenses for the quarter, as shown on page 5 of the financial highlight presentation. Total operating expenses were $253 million this quarter versus $260 million in the prior quarter, a decrease of 3%. We expect expenses to be moderately higher in the back half of the year due mainly to our FICO World event and other marketing activities.

我們本財年下半年的銷售管道十分健康。現在來看看本季的費用，如財務重點簡報的第 5 頁所示。本季總營運費用為 2.53 億美元，而上一季為 2.6 億美元，下降了 3%。我們預計下半年的支出將適度增加，這主要歸因於我們的 FICO World 活動和其他行銷活動。

Our non-GAAP operating margin, as shown in our Reg G schedule, was 58% for the quarter compared with 53% in the same quarter last year. And this means we delivered non-GAAP operating margin expansion of 450 basis points year over year. GAAP net income this quarter was $163 million, up 25% from the prior year's quarter.

根據我們的 Reg G 時間表，本季我們的非 GAAP 營業利潤率為 58%，而去年同期為 53%。這意味著我們的非公認會計準則營業利潤率年增了 450 個基點。本季 GAAP 淨收入為 1.63 億美元，較去年同期成長 25%。

Our non-GAAP net income was $193 million for the quarter, up 25% from the prior year's quarter. GAAP earnings per share this quarter were $6.59, up 28% from the prior year, and our non-GAAP earnings per share were $7.81, up 27% from the prior year.

本季我們的非公認會計準則淨收入為 1.93 億美元，比去年同期成長 25%。本季 GAAP 每股收益為 6.59 美元，比上年增長 28%，非 GAAP 每股收益為 7.81 美元，比上年增長 27%。

The effective tax rate for the quarter was 23.7%, and the operating tax rate was 24.9%. For the full year, we believe our net effective tax rate will be around 22% and our recurring tax rate will be around 26%. Free cash flow for the quarter was $65 million, a 6% increase from the prior year. Free cash flow was $677 million over the last four quarters, an increase of 45% over the trailing 12-month period ended March 31, 2024.

本季有效稅率為23.7%，營業稅率為24.9%。就全年而言，我們認為我們的淨有效稅率將在 22% 左右，經常性稅率將在 26% 左右。本季自由現金流為 6,500 萬美元，較上年增長 6%。過去四個季度的自由現金流為 6.77 億美元，比截至 2024 年 3 月 31 日的 12 個月增加了 45%。

Our accounts receivable balance was up this quarter due to the timing of some large payments that were not received until early April. We anticipate our free cash flow will accelerate in the second half of this fiscal year. At the end of the quarter, we had $192 million in cash and marketable investments. Our total debt at quarter end was [$2.53 billion] with a weighted average interest rate of 5%.

由於部分大額付款直到 4 月初才收到，導致本季我們的應收帳款餘額上升。我們預計本財年下半年我們的自由現金流將加速成長。截至本季末，我們擁有 1.92 億美元現金和可銷售投資。我們季末的總負債為 [25.3 億美元]，加權平均利率為 5%。

Currently, 51% of our total debt is fixed rate. Our floating rate debt is prepayable at any time giving us the flexibility to use free cash flow to reduce outstanding floating rate debt balances in future periods. Turning to return of capital. We bought back 112,000 shares in the second quarter at an average price of $1,849 per share. We continue to view share repurchases as an attractive use of cash.

目前，我們的總債務中有 51% 是固定利率。我們的浮動利率債務可隨時提前償還，這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。轉向資本回報。我們在第二季以每股 1,849 美元的平均價格回購了 112,000 股。我們仍然認為股票回購是一種有吸引力的現金用途。

And with that, I'll turn it back to Will for closing comments.

最後，我將把話題交還給威爾，請他發表最後評論。

Thanks, Steve. The macroeconomic environment remains fluid, but our strategy and execution remained consistent. We are well positioned for this fiscal year and remain confident in the fiscal year guidance that we've provided. Our continued innovations drive significant value to our customers. This quarter, we announced several examples.

謝謝，史蒂夫。宏觀經濟環境依然不穩定，但我們的策略和執行始終保持一致。我們為本財年做好了準備，並且對我們提供的財年指導充滿信心。我們持續的創新為客戶帶來巨大的價值。本季度，我們公佈了幾個例子。

IA Financial Group leverages FICO platform for expanding insurance underwriting. Nationwide's adoption has led to increased speed and credit decisioning and rollout of new strategies. Lloyds Bank has increased credit card approvals and new-to-bank consumer loan approvals.

IA Financial Group 利用 FICO 平台擴大保險承保業務。Nationwide 的採用提高了信貸決策的速度和推出了新的策略。勞埃德銀行增加了信用卡審批量和新銀行消費貸款審批量。

Next week, we're hosting FICO World in Hollywood, Florida, where many of our customers will highlight their own success stories from adopting FICO offerings. Four-Day event brings together customers and prospective customers and around the globe to discuss the benefits of making real-time decisions at scale through the power of FICO platform.

下週，我們將在佛羅裡達州好萊塢舉辦 FICO World 活動，屆時我們的許多客戶將分享他們採用 FICO 產品的成功故事。為期四天的活動匯集了來自全球的客戶和潛在客戶，共同探討透過 FICO 平台的強大功能進行大規模即時決策的好處。

Customers will explain the benefits of optimizing interactions with consumers using FICO platform. Those customers are realizing improved profits, increased customer acquisition and retention, reduced costs, growth in new product offerings and improved employee efficiency. The event will showcase FICO platform demonstrations and have exciting announcements related to bringing innovation to the market.

客戶將解釋使用 FICO 平台優化與消費者互動的好處。這些客戶實現了利潤的提高、客戶獲取和保留的增加、成本的降低、新產品供應的成長以及員工效率的提高。此次活動將展示 FICO 平台演示並發布有關將創新推向市場的令人興奮的公告。

Some of the content from FICO World will be available in the coming weeks on our YouTube channel. I'd encourage all of you to view the demonstrations and presentations to better understand our customers' excitement around this innovative technology.

FICO World 的部分內容將在未來幾週內在我們的 YouTube 頻道上發布。我鼓勵大家觀看演示和介紹，以便更了解我們的客戶對這項創新技術的興奮之情。

With that, I'll turn it back to Dave to open up questions.

好了，現在我把問題轉回給戴夫回答。

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

謝謝，威爾。我們的準備好的發言到此結束，現在我們準備回答問題。接線員，請接通線路。

(Operator Instructions) Manav Patnaik, Barclays.

（操作員指示）巴克萊銀行的 Manav Patnaik。

Thank you. Will, typically, this is your kind of beat and raise type quarter. So I just wanted some perspective on how you thought results came in versus your expectations? And it sounds like everyone else is just holding the guide given the potential uncertainty. Is that what you're thinking along those lines as well?

謝謝。威爾，通常，這是你的那種擊敗和提高類型的季度。所以我只是想了解一下您認為結果與您的預期相比如何？聽起來，考慮到潛在的不確定性，其他人只是在拿著指南。您也是這麼想的嗎？

Yes, I think that's exactly it. I think we're in an environment with a little more uncertainty than expected. And as usual, we remain conservative though. There's ample time to raise guidance when we're more confident about it, and we're comfortable with where we are.

是的，我認為確實如此。我認為我們所處的環境比預期的更不確定。但和往常一樣，我們仍然保持保守。當我們對此更有信心並且對現狀感到滿意時，就有充足的時間來提高指導。

And then somewhat of a follow-up, I guess, on the software side, I mean, you guys were pretty confident in the reacceleration of software. So I was just hoping you could give us some context on platform. And then even non-platform was down this quarter. So just curious what's happening there.

然後我想，在軟體方面，你們對軟體的重新加速非常有信心。所以我只是希望您能為我們提供一些有關平台的背景資訊。本季甚至非平台業務也出現下滑。所以只是好奇那裡發生了什麼事。

Yes. I think I'd put that in the same category of macroeconomic factor. What we see on the non platform side is a little lower, I should say, not lower usage, but lower growth in usage of CCS. And I think that reflects our customers' conservatism around the macro environment. And I remain confident that our growth rate on the platform side will be strong, will continue to be strong.

是的。我想我會把它歸類在宏觀經濟因素的同一類別中。我們在非平台方面看到的情況略低，應該說，不是使用率較低，而是 CCS 使用率成長較低。我認為這反映了我們的客戶對宏觀環境的保守態度。我仍然相信，我們平台方面的成長率將會很強勁，並且會持續保持強勁。

We'll strengthen from where it is today. As you know, we don't work quarter-to-quarter deal slip. We're okay with that. We -- our customers and our salespeople know that we don't go to extraordinary lengths to try to close deals by quarter end. And so I think there's all those factors at play.

我們將在現有基礎上進一步加強。如您所知，我們不進行季度交易單。我們對此沒有意見。我們—我們的客戶和銷售人員知道，我們不會竭盡全力在季度末完成交易。所以我認為所有這些因素都在起作用。

But I think the business is still quite healthy, and we feel good about it.

但我認為業務仍然相當健康，我們對此感覺良好。

Thank you.

謝謝。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good afternoon. I wanted to see if you can talk a little bit about whether you've seen any changes in credit origination volumes through April, given all the macro uncertainty out there? And if current trends persist, if you can point to where in your guidance range, you would expect to land?

你好，謝謝。午安.我想看看您是否可以談談，考慮到所有宏觀不確定性，您是否看到 4 月份信貸發放量有任何變化？如果目前的趨勢持續下去，您能否指出您預計會達到的指導範圍的哪個位置？

We haven't seen a lot of change there. But remember, we're a lagging indicator.

我們還沒有看到那裡發生太大的變化。但請記住，我們是一個落後指標。

And in terms of the guidance, I mean, we're comfortable with where we are in the guidance. I mean one of the reasons we probably didn't change our guidance this quarter is that there's a lot of uncertainty, right, this can go a lot of different directions. We're confident in our guidance number, but it's difficult to know with as much volatility as there is even what we would change it to, if we were to change it. So we're sticking with what we have.

就指導而言，我的意思是，我們對指導中的現狀感到滿意。我的意思是，我們本季可能沒有改變指引的原因之一是存在著許多不確定性，這可能會朝著許多不同的方向發展。我們對我們的指導數字充滿信心，但由於波動性很大，很難知道如果我們要改變它，我們會把它改成什麼樣子。因此，我們堅持現有的政策。

Okay. Got it. That's helpful. And then following up on the platform software business, ARR growth decelerated, you mentioned that was due to macro factors. Can you talk about how much visibility you have into reacceleration in platform growth?

好的。知道了。這很有幫助。然後談到平台軟體業務，ARR 成長放緩，您提到這是由於宏觀因素造成的。您能否談談您對平台成長再加速的了解程度如何？

And will it take macro conditions improving to drive the growth to be accelerate? Or do you have internal idiosyncratic drivers that can get that growth higher?

是否需要宏觀環境改善來推動經濟成長加速？或者您擁有可以使這種成長更快的內部特殊驅動力？

We have some level of visibility because we obviously booked the deals ahead of when the revenue is recognized. So I would say, we do have some visibility, and that's part of my optimism about the business. But I think it is tempered by the macro environment. And so sometimes that means deals take longer to close. We haven't experienced this yet, but you never know, deals might not happen because of the macro environment.

我們具有一定程度的可見性，因為我們顯然在收入確認之前就已經預訂了交易。所以我想說，我們確實有一定的知名度，這也是我對業務感到樂觀的部分原因。但我認為它受到宏觀環境的影響。所以有時這意味著交易需要更長的時間才能完成。我們還沒有經歷過這種情況，但你永遠不知道，由於宏觀環境的原因，交易可能不會發生。

So we have the conservatism that goes with that. But in terms of visibility, our visibility says our business is healthy and should reaccelerate.

因此我們有與之相伴的保守主義。但就可見性而言，我們的可見性表明我們的業務是健康的，並且應該重新加速。

Got it. Thank you.

知道了。謝謝。

Jeff Mueller, Baird.

傑夫·穆勒，貝爾德。

Yeah, thank you. [Steven Pollack] on for Jeff. Just on that point, are you seeing any changes in the customer approach towards the platform sales cycles, things like, you know, are you seeing longer cycles, longer decision times, any changes in sort of the contract terms, anything around that?

是的，謝謝。 [史蒂文·波拉克] 代替傑夫。就這一點而言，您是否看到客戶對平台銷售週期的態度有任何變化，例如，您是否看到更長的週期、更長的決策時間、合約條款有任何變化，或與此相關的任何變化？

Not so far. So I would say that -- we've talked about this in the past. The platform is increasingly a strategic purchase by our customers. And it's part of a bigger strategic plan to be more consumer-focused and to optimize all kinds of interaction with the consumer.

還不算太遠。所以我想說——我們過去曾討論過這個問題。該平台越來越成為我們客戶的策略性採購。這是更大戰略計劃的一部分，該計劃旨在更加以消費者為中心並優化與消費者的各種互動。

So I wouldn't say we're immune from macro conditions, but I do think that we're such a critical part of the strategy for our customers that it's not really going to the back burner or it's not getting canceled just because conditions are not perfect. That said, that's today and who knows how that affects us in the future. But today, we're not seeing it. The deal cycles have not really slowed. No.

因此，我不會說我們不受宏觀條件的影響，但我確實認為，我們是客戶策略中如此重要的一部分，因此它不會僅僅因為條件不完美而被擱置或取消。話雖如此，但這只是今天的事情，誰知道這會對我們未來產生什麼影響。但今天，我們卻沒有看到它。交易週期實際上並未放緩。不。

Okay. And then on sort of insurance partners -- or customers that you've announced. If you could just talk with the go to market for some of the nonfinancial services customers, is that direct? Is that through partners, kind of maybe what's driving maybe some of the traction in some of the nonfinancial services segments.

好的。然後是關於保險合作夥伴——或者您宣布的客戶。如果您可以直接與一些非金融服務客戶的行銷人員交談，這是嗎？透過合作夥伴，也許可以推動一些非金融服務領域的發展。

It's both. It's both. But as you know, we have been putting increasing emphasis on our indirect channel. And so there is more activity there, and we are getting more deals outside of our direct sales force.

兩者都有。兩者都有。但正如您所知，我們越來越重視間接管道。因此那裡的活動更加活躍，我們在直銷隊伍之外獲得了更多的交易。

All right. Thank you.

好的。謝謝。

Simon Clinch, Redburn Atlantic.

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

Hi. Thanks for taking my question. I was wondering if we could just go back to your comments that nothing's really changed in terms of client behavior or volumes through April. But I was wondering if you could perhaps break it down. If -- was that an overall comment around sort of the aggregate level of volumes? Or is there any sort of detail at the sort of vertical level, which you can share with us?

你好。感謝您回答我的問題。我想知道我們是否可以回到您的評論，即截至四月份，客戶行為或交易量並沒有什麼變化。但我想知道您是否可以將其分解。如果——這是關於總量的總體評論嗎？或者您能與我們分享一些垂直層面上的細節嗎？

You're talking about the scores business?

你在談論分數的事嗎？

Sorry, in Scores.

抱歉，在分數上。

So I mean, honestly, we don't have real-time data, frankly. I mean you'd be better off getting information from the bureaus on that. They can track it on a day-to-day basis. We -- as Will said, we get our reporting in arrears. So we have some anecdotal information, but we don't have [indiscernible] real data today with us.

所以我的意思是，坦白說，我們沒有即時數據。我的意思是你最好從有關部門獲取相關資訊。他們可以每天跟踪它。正如威爾所說，我們的報告已經拖欠了。因此，我們有一些軼事信息，但我們今天沒有[音頻不清晰]真實數據。

Okay, understood. Thanks. And then just a secondary going back to the software business. And I mean the booking strength was notable this quarter.

好的，明白了。謝謝。然後再次回到軟體業務。我的意思是本季的預訂力道非常顯著。

That's sort of maintained as why everything was going on. I just wonder if you could give us some a little context around pipeline build and that's sort of touching on the demand side as opposed to just the deal slipping.

這就是一切事情發生的原因。我只是想知道您是否可以向我們介紹一些有關管道建設的背景，這有點觸及需求方面，而不僅僅是交易下滑。

The demand side is strong. The pipeline is strong. The current bookings, as you can see, are strong. So it's all in a good direction.

需求面強勁。管道很堅固。如您所見，目前的預訂量非常強勁。所以一切都朝著好的方向發展。

Yes. I mean, again, where we saw the headwinds were on CCS, and it's just about how a lot of our existing customers are reaching out to their consumers. And if there are accounts growth slows down, and you're going to see a slowdown in CCS volume. So a lot of this is -- it has nothing to do with the products necessarily. It's just about how they interact with their consumers.

是的。我的意思是，我們再次看到 CCS 面臨的阻力，而這只是關乎我們許多現有客戶如何接觸他們的消費者。如果帳戶成長放緩，你會看到 CCS 交易量放緩。所以很多都跟產品無關。這只是關於他們如何與消費者互動。

Understood. Thank you.

明白了。謝謝。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good afternoon. Thanks for taking my question. I'm curious if you could give us any sense for what sort of price increase you took in auto. Just so we can get a sense for maybe in the quarter, how much was volume versus price driven since there's an acceleration there?Thanks.

嘿，下午好。感謝您回答我的問題。我很好奇，您能否告訴我們汽車價格上漲了多少。這樣我們就可以了解一下，在本季度，由於出現了加速，銷售量與價格的驅動力有多大？謝謝。

We don't comment on price increases until we make them.

除非我們確實漲價，否則我們不會對漲價發表評論。

You're talking about the ones that are already made, the ones that we have this quarter?

您說的是已經生產出來的產品，也就是我們本季生產的產品嗎？

So there's definitely an impact from the pricing that we've done so far.

因此，我們目前的定價肯定會產生影響。

Oh, I see.

我懂了。

Of course, yes. I mean as the price increase feathers in, as it becomes recognized over the course of the year, price becomes a bigger component, change in price becomes a bigger component of our revenue increase. And so yes, that is happening as we speak.

當然可以。我的意思是，隨著價格上漲，隨著它在一年內得到認可，價格成為一個更大的組成部分，價格變化成為我們收入成長的一個更大的組成部分。是的，就在我們說話的時候，這件事正在發生。

But we don't specifically call out the percentage of price increase versus volume increase.

但我們不會具體指出價格上漲與銷量上漲的百分比。

Got it. Okay. That's fair. And then as a follow-up, it looks like the growth in person outlet expense has maybe moderated a little bit. I wasn't sure if that was just timing where you're finding some efficiencies there? Thanks.

知道了。好的。這很公平。然後作為後續行動，看起來個人門市費用的成長可能已經放緩。我不確定這是否只是您在那裡發現一些效率的時間？謝謝。

Yes, that doesn't even have anything to do with head count. In essence, there was -- some of it's around fringe, some of it's around -- some of are truing up our supplemental retirement plan. So it has nothing to do with headcount per se. It has more to do with some of the fringe costs around that. So we got a benefit this quarter that we probably won't have next quarter of a few million dollars.

是的，這與人數無關。本質上，有些是在邊緣，有些是在——有些是在完善我們的補充退休計劃。因此，這本身與員工人數無關。這與周圍的一些附加成本有關。因此，我們本季獲得的收益可能是下個季度所沒有的幾百萬美元。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you. I wanted to ask about the Scores business. It looks like there was a pretty substantial increase in the nonorigination of B2B Scores revenue. And I'm curious if there was something specific that you can point to there?

是的，你好，謝謝你。我想詢問有關 Scores 業務的情況。看起來 B2B Scores 收入的非來源有相當大的成長。我很好奇您是否可以指出一些具體的事情？

There's just a lot of -- I mean nothing really anything in particular. There's a lot of things that were kind of -- some of it's in some license sales and some in the international markets. Some of it is a little bit more of a prescreen. There's just a lot of things -- nothing specific to call up, but there's just a lot of things that kind of added to the nonoriginations this quarter.

有很多——我的意思是沒有什麼特別的東西。有很多事情——有些是許可證銷售，有些是國際市場。其中一些更像是預先篩選。有很多事情——沒有什麼具體的事情需要提及，但有很多事情導致本季的非原創性增加。

Okay. Understood. And then Will, I wanted you about...

好的。明白了。然後威爾，我想讓你知道…

We do have some of those -- We do have a lot of -- quarter-to-quarter, we do have some fluctuation in that number. So there will always be some quarters there are a little bit higher than others.

我們確實有一些這樣的情況 - 我們確實有很多 - 每個季度，我們的數字確實有一些波動。因此總是會有一些季度比其他季度高一點。

Okay. Okay. Will, I wanted to ask you about just the regulatory environment, there's obviously been a lot of shifts postelection, and you've had some of these new regulators settled into their new roles. So curious how you're thinking about the evolving situation, if you've had any conversations? And anything you can share in terms of your perspective there?

好的。好的。威爾，我想問您有關監管環境的問題，選舉後顯然發生了很多變化，一些新的監管者已經適應了他們的新角色。所以我很好奇，如果您有任何交談，您如何看待不斷變化的情況？您能從您的觀點分享什麼嗎？

Well, we're always in conversations with the appropriate regulators and agencies and nothing has really changed. We continue to be in touch with them and talk about our industry and how we ought to go forward with it. I would say that the regulatory environment is a good one for FICO. We're pleased with where we are. It's all basically good news for us.

嗯，我們一直在與適當的監管機構和機構進行對話，但實際上什麼都沒有改變。我們繼續與他們保持聯繫，討論我們的行業以及我們應該如何向前發展。我想說，監管環境對 FICO 來說是好的。我們對目前的狀況很滿意。這對我們來說基本上都是好消息。

It's all basically good news for us. Alright, thank you.

這對我們來說基本上都是好消息。好的，謝謝。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. Will, maybe could you possibly comment on just kind of the DBNRR number? Obviously, it's slowed down a little bit. But is there a way to disaggregate the client behavior there in the sense that is it clients have stopped or slowed down kind of the implementation of use cases in the current environment? Or is it more a case of they're just running existing use cases maybe less frequently?

謝謝。威爾，也許您能對 DBNRR 數字發表評論嗎？顯然，速度慢了一點。但是，有沒有辦法分解客戶端行為，即客戶端是否已經停止或減慢了當前環境中用例的實施？或者他們只是不太頻繁地運行現有用例？

Yes. I would say usage itself. We're not losing customers. And they're not postponing what they do, but things that are usage-based we're seeing less usage. And I really think that's ebbing or flow thing, it has to do with the environment.

是的。我想說的是用法本身。我們不會失去客戶。他們並沒有推遲所做的事情，但我們看到基於使用的事情的使用減少了。我確實認為這是衰退或流動的事情，它與環境有關。

Got it. That's helpful. And Surinder, in most cases, it's not like they're really declining. In a lot of cases, it's just not growing as fast as they were in the past.

知道了。這很有幫助。而 Surinder，在大多數情況下，他們並沒有真正衰落。在很多情況下，它的成長速度不如過去那麼快。

Yes. I stand corrected there. It's just the growth rate has slowed down, and it was this idea of whether clients are just slower to maybe adopt new use cases as you move from one division to the next to next as well, right, versus....

是的。我承認我錯了。只是成長率已經放緩，而且這個想法是，當你從一個部門轉移到另一個部門時，客戶是否可能只是更慢地採用新的用例，對吧，相對於......

I don't know it's so much that. I think it's more of the usage itself. I really think it's an environmental factor.

我不知道有那麼多。我認為更多的是其本身的用途。我確實認為這是一個環境因素。

Got it. And then maybe a question for you, Steve. Just on the expenses, the SG&A numbers, how do we think about the run rate excluding the expenses that are associated with the FICO World Conference.

知道了。那也許我想問你一個問題，史蒂夫。僅就費用、銷售、一般及行政費用 (SG&A) 數字而言，我們如何看待不包括與 FICO 世界大會相關的費用的運行率。

Yes. So we will have higher expenses in the back half of the year. We do -- obviously, at FICO world, we have -- so marketing expense is primarily on the Score side that we've got in the back half of the year that will add some more expense to it. We're adding headcount as well, but it's not all that dramatic. As we've said, obviously, for several quarters, we are having a headcount where we can bring in good people, but it doesn't -- it's not all that material.

是的。因此，下半年我們的支出將會更高。顯然，在 FICO 世界，我們確實這樣做了，因此行銷費用主要用在了 Score 方面，今年下半年我們將在該方面增加一些費用。我們也在增加員工人數，但規模不大。正如我們所說的，顯然，幾個季度以來，我們都在進行員工人數統計，以便引進優秀人才，但事實並非如此——並不是所有人才都是實質的。

So from that point of view, you're not going to see a lot of increase in expenses.

因此從這個角度來看，你不會看到費用大幅增加。

Got it. So excluding FICO World, not a material increase in expenses in the back half?

知道了。那麼，如果不包括 FICO World，下半年的支出不會大幅增加嗎？

I'm sorry, say that again.

對不起，請再說一次。

So excluding FICO World, not a material increase in expenses because that's a big onetime line item, right?

因此，排除 FICO World 後，費用不會大幅增加，因為這是一個一次性的大額項目，對嗎？

Yes. I mean there's other expenses that we'll have some marketing expenses, too. So I mean if you look at what's implied in the guide, there is additional expenses that will be in the back half of the year. But obviously, FICO World is a big part of that.

是的。我的意思是我們還會有一些其他費用，例如行銷費用。所以我的意思是，如果你看看指南中暗示的內容，你會發現下半年還會有額外的開銷。但顯然，FICO World 在其中發揮了重要作用。

Okay, thank you.

好的，謝謝。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Thank you for taking my question. I just wanted to ask a question on software as well. How do we think about the timing of converting some of that ACV. We've seen pretty strong ACV in the first half of '25, the timing of that converting over to ARR.

感謝您回答我的問題。我也想問一個關於軟體的問題。我們如何考慮轉換部分 ACV 的時機。我們看到 25 年上半年的 ACV 相當強勁，這是其轉換為 ARR 的時機。

You know, it's probably, you know, nine months, six to nine months before the conversion takes place. It depends on the individual customer. Some customers, if they're a little more sophisticated or easier to implement, it could be a little bit quicker than that. But usually it's in that six- to nine-month range.

你知道，轉換可能需要九個月、六到九個月的時間。這取決於具體客戶。對於某些客戶來說，如果他們更成熟或更容易實施，那麼速度可能會更快一些。但通常時間是在六到九個月之間。

And then, Ashish, it does take three months to kind of ramp that up. So you can, I kind of think of it more like nine to 12 when it's fully ramped, but Steve's right, six to nine when it kind of kicks off.

然後，Ashish，確實需要三個月的時間才能完成這個目標。所以你可以，我認為當它完全升溫時，它更像是 9 點到 12 點，但史蒂夫是對的，當它開始起步時，它應該是 6 點到 9 點。

That's very helpful color. And maybe just a quick clarification on the auto origination revenues. There was a comment there during the Q&A about pricing getting feathered in. So if our understanding is right, there was only a partial benefit of pricing in the quarter, and we should continue to see that incremental benefit as we go forward? Is that a right assumption?

這是非常有用的顏色。也許只是對汽車起源收入進行快速澄清。在問答環節中，有一則評論是關於定價被低估的。因此，如果我們的理解正確的話，本季的定價僅帶來了部分好處，隨著未來的發展，我們應該繼續看到這種增量好處嗎？這是一個正確的假設嗎？

Yes. I mean, well, auto is the same as everything else. So we repriced it effective January 1. Sometimes it doesn't all roll in right away on January 1. So sometimes, it takes a little bit of time for the full benefit of that to hit.

是的。我的意思是，汽車和其他東西是一樣的。因此我們從 1 月 1 日起重新定價。有時一切並不會立即在 1 月 1 日到來。因此，有時需要一點時間才能充分發揮其優勢。

But the auto pricing is the same way as mortgage and auto -- mortgage and credit card as well.

但汽車定價與抵押貸款、汽車抵押貸款和信用卡的定價相同。

That's pretty helpful. Thank you.

這很有幫助。謝謝。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great. Good afternoon. Thanks for taking the questions. I wanted to start on the buyback and capital allocation. Historically, you guys have been fairly steady and formulaic as to how much you guys have returned to shareholders.

偉大的。午安.感謝您回答這些問題。我想開始回購和資本配置。從歷史上看，你們在向股東提供多少回報方面一直相當穩定和公式化。

Obviously, we seem to be in a more volatile equity market environment, how are you guys kind of thinking about balancing, returning cash to shareholders versus potentially being like opportunistic and maybe stepping up a little bit more if we do get some short-term blips. Any color there on how you guys are thinking about that would be really helpful.

顯然，我們似乎處於一個更加動盪的股票市場環境中，你們是如何考慮平衡的，是向股東返還現金，還是潛在的機會主義，如果我們確實遇到一些短期波動，可能會加大力度。如果能透露一下你們對此有何看法，那將會非常有幫助。

Our philosophy there has not really changed. We've said in the past and it continues to be true that we're not market timers. We have a big view of the future value of our company, the value today and the future value. And so we're really committed to the stock buyback. And we don't spend a ton of time thinking about is this a great time to back up the truck versus should we stay out of the market because it feels pricey.

我們的理念其實並沒有改變。我們過去曾說過，而且現在仍然如此，我們不是市場計時員。我們對公司的未來價值有一個宏觀的看法，今天的價值和未來的價值。因此，我們確實致力於股票回購。我們不會花很多時間去思考現在是否是支持卡車的好時機，還是應該因為價格昂貴而退出市場。

We pretty much by consistently and we're pretty happy with that. That said, there have been times in our history, as you know, where we felt like the market was punishing us with a bad understanding of our prospects. And so we -- although we've historically tried to match our free cash flow to our stock purchases, there have been times when we have exceeded that by quite a bit. And for a one- to two-year period, we did just a few years ago. And that's not on the question.

我們基本上一直如此，我們對此感到非常滿意。話雖如此，但正如你所知，在我們的歷史上曾有過這樣的時刻，我們感覺市場對我們的前景理解不清，從而懲罰了我們。因此，儘管我們歷來試圖將自由現金流與股票購買量相匹配，但有時我們的自由現金流也會遠遠超過這個水平。而在一到兩年的時間裡，我們幾年前就這樣做過。但這並不是問題所在。

I think you'll see us continuing to buy regularly into the future. And as opportunities present themselves, we do sometimes heavy out.

我想你會看到我們未來會繼續定期購買。當機會出現時，我們有時確實會全力以赴。

Okay. That's really helpful. And then maybe a follow-up on software. I know several other guys have asked about this, but any color on kind of what you guys are seeing maybe a little more under the hood. Is some of the sales cycle changes and such.

好的。這真的很有幫助。然後也許會跟進軟體。我知道其他幾個人也問過這個問題，但是對於你們所看到的東西，可能還需要更多的了解。是一些銷售週期變動之類的。

Have there been any changes in like whether it's like by geographies or bank size or anything like that over the last, like, call it, few months or something? Or is a lot of the decision-making pretty consistent with what you guys have historically seen and kind of shared on recent calls before this?

在過去的幾個月裡，無論是按地域還是按銀行規模或類似情況，有沒有什麼變化？或是許多決策與你們過去所見以及在此之前的最近電話會議中所分享的內容非常一致？

No, I don't think we've seen -- any discernible trends that way. And actually, if you look at, the bookings have been pretty good. So where we've seen some slowdown is in some of the usage. But we haven't really seen any changes in behavior with -- depending on region or geography or size of bank.

不，我認為我們沒有看到任何明顯的趨勢。事實上，如果你看一下，你會發現預訂情況相當不錯。因此，我們看到某些使用情況有所放緩。但我們並沒有真正看到任何行為上的改變——取決於地區、地理位置或銀行規模。

That's really helpful. Thanks, guys. Nice quarter.

這真的很有幫助。謝謝大家。不錯的季度。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Yeah, hey guys. Just wanted to touch base on the platform. I know you are continually rolling out new solutions on that side. Could you remind us what you're rolling out solution-wise this year on the platform? And then just maybe provide some context on how -- when you've added solutions in the past just impacted growth.

是的，嘿，大家好。只是想了解一下這個平台。我知道你們正在不斷推出新的解決方案。您能否提醒我們今年您將在該平台上推出哪些解決方案？然後也許提供一些背景信息，說明您過去添加的解決方案如何影響增長。

Yes, we -- well, so I would say that the largest number of solutions and use cases are related to the credit risk life cycle and things that we've historically done with our legacy applications. So originations, line management, that sort of thing. I would say that our fraud solutions on the platform are still in process.

是的，我們——好吧，所以我想說，最多的解決方案和用例與信用風險生命週期以及我們過去對遺留應用程式所做的事情有關。因此，起源、線路管理等等。我想說的是，我們平台上的詐欺解決方案仍在進行中。

So some of the fraud solutions are available on the platform, some new ones are available on the platform that you couldn't get before. And some of the old ones are not available yet. So I would say that's more of a work in progress in terms of where we are. I would expect that virtually all of our fraud solutions will be available on the platform next year.

因此，平台上提供了一些反詐騙解決方案，也提供了一些以前無法獲得的新解決方案。而一些舊的版本目前還不可用。因此我想說，就我們目前的情況而言，這更像是一項正在進行的工作。我預計，我們幾乎所有的反詐騙解決方案明年都將在該平台上推出。

And Josh, there will be announcements about innovation on FICO platform at Fico World.

Josh，Fico World 將會發布有關 FICO 平台創新的公告。

Okay. I appreciate that, Dave. Is there -- do you guys I think --?

好的。我很感激，戴夫。有沒有——你們我覺得--？

I would encourage anyone who's interested to -- if you're not an attending FICO world, check out the FICO World YouTube videos because we'll go into a lot of detail on what's being released.

我鼓勵任何有興趣的人——如果您不是 FICO World 的參與者，請查看 FICO World YouTube 視頻，因為我們將詳細介紹即將發布的內容。

You guys typically end up getting like with people who are coming to FICO world, do you see like a sales growth bump from that, does that convert to a lot of sales?

你們通常會與進入 FICO 世界的人一樣，你們是否看到銷售額由此增長，這是否會轉化為大量銷售額？

Yeah, absolutely. I would say that it's our #1 sales pipeline building effort. What happens is we put a ton of energy into making available all of our top technical personnel so that customers, prospective customers can really get a deep understanding of what we can do for them. We couple that with meeting other customers who have implemented our solutions.

是的，絕對是如此。我想說這是我們最重要的銷售通路建立工作。我們投入了大量的精力來提供我們所有的頂尖技術人員，以便客戶和潛在客戶能夠真正深入了解我們能為他們做些什麼。我們還將與已經實施我們解決方案的其他客戶會面。

And there's a lot of transfer of knowledge and frankly, we don't do a lot of selling. It's really being done by our customers explaining to other customers and potential customers, what they're doing and where they're having success and where they're not. So it used to be just a show and tell -- and now I would say that most of the customers who come, get a very personalized, customized several days, focused specifically on the needs of their bank, that needs their financial institution and how we best can serve them.

而且有很多知識的轉移，坦白說，我們並沒有做很多銷售。這實際上是由我們的客戶向其他客戶和潛在客戶解釋他們在做什麼、他們在哪些方面取得了成功、哪些方面沒有成功。所以它以前只是一種展示和講述——而現在我想說的是，大多數來的客戶都會得到幾天非常個性化、定制的服務，特別關注他們銀行的需求、他們金融機構的需求以及我們如何才能最好地為他們服務。

And typically, with references and introductions to other customers who've already done what they'd like to do. So it winds up being a huge channel pipeline building activity.

通常，他們會向已經做過他們想做的事情的其他客戶進行推薦和介紹。因此，它最終成為一項巨大的渠道管道建設活動。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Hey, good afternoon, guys. Thank you for taking my question. Just one for me. The color on some of the channel partners that you're working with in the software business is helpful. Just wondering how you feel overall about the partner network in the software business and how that's running right now. Thanks.

嘿，大家下午好。感謝您回答我的問題。對我來說只有一個。您在軟體業務中與之合作的一些通路合作夥伴的顏色很有幫助。只是想知道您對軟體業務中的合作夥伴網路的整體看法以及目前的運作情況。謝謝。

We continue to believe it's a big opportunity for us. We don't have as much indirect sales as we would like, and we continue to invest in the indirect channel with a view to increasing it. We've talked about this in the past. We have a really dynamic direct sales force. That said, it's quite small.

我們仍然相信這對我們來說是一個巨大的機會。我們的間接銷售並未達到我們的預期，我們將繼續投資間接通路以增加銷售額。我們過去曾討論過這個問題。我們擁有一支真正充滿活力的直銷隊伍。話雖如此，它還是相當小的。

If you compare our with our distribution strength in direct sales, it's fairly obvious that those are mismatched. And although we're taking a lot of initiative around that, we're adding salespeople. We're growing our direct sales. We recognize that the real opportunity is to expand the indirect sales. And so we have.

如果將我們的實力與直銷分銷實力進行比較，就會發現它們顯然是不匹配的。儘管我們在這方面採取了很多主動措施，但我們正在增加銷售人員。我們正在擴大直銷業務。我們認識到真正的機會是擴大間接銷售。我們確實這麼做了。

We've been investing in it. We have a lot of people working on it right now and for different kinds of things.

我們一直在對此進行投資。我們現在有很多人在從事不同種類的工作。

We have geographic reach that's occurring. We have diversification into nonfinancial services verticals. We have work going with SIs. And interestingly, the work with the SIs is not just the transfer of our professional services work to them. but they're actually taking our IP and building proprietary solutions for themselves that they use with their customers.

我們的地理覆蓋範圍正在不斷擴大。我們的業務已多元化，涉足非金融服務垂直領域。我們正在與 SI 合作。有趣的是，與 SI 的合作不僅僅是將我們的專業服務工作轉移給他們。但他們實際上是在利用我們的智慧財產權，為自己建立專有解決方案，並將其用於客戶。

And so I think it's really nice. It's a partnership where we get the professional services extra capacity, if you want to call it that, coupled with them as a channel, a true channel for moving our IP to market.

所以我認為這真的很棒。這是一種合作關係，我們可以獲得專業服務的額外能力（如果你願意這麼稱呼的話），再加上它們作為管道，這是將我們的智慧財產權推向市場的真正管道。

Great. Thanks for the caller.

偉大的。謝謝您的來電。

Kevin Mcveigh, UBS.

瑞銀的凱文·麥克維。

Great. Would you expect some of the lower kind of usage in CCS to kind of capture that in the back half of this year? Or is that something that you think potentially gets pushed out to '26?

偉大的。您是否預計 CCS 中的一些較低使用量會在今年下半年達到這一水平？或者您認為這可能會被推遲到 26 年？

Oh. Wow. Your guess is as good as ours. It's just so hard to say. Our business is built around doing some amount of kind of base level revenue for getting something underway and then built on usage. And we can't really control the usage except to the extent that we teach our customers how to get more value by expanding the usage.

哦。哇。你的猜測和我們的一樣好。這真的很難說。我們的業務是圍繞著在某項業務開展時賺取一定數量的基礎收入，然後根據使用情況進行擴展。我們無法真正控制使用情況，除非我們教導客戶如何透過擴大使用範圍來獲得更多價值。

But kind of the economic activity level of the usage is something we can't really control. And I don't really have visibility there. I don't know which way it goes.

但某種程度上，所使用的經濟活動量是我們無法真正控制的。而我在那裡確實看不到。我不知道事情會如何發展。

It's helpful. And then with the partner channel on the implementation work, is that explaining some of the recent trends in the professional services? Because it seems like the bookings have really scaled. Or is it just the size of the bookings? Just trying to reconcile the professional services trends against, obviously, what's been pretty good bookings overall.

這很有幫助。然後透過合作夥伴管道進行實施工作，這是否解釋了專業服務中的一些最新趨勢？因為看起來預訂量確實擴大了。還是只是預訂量的大小？只是試圖將專業服務趨勢與整體上相當不錯的預訂情況相協調。

Yes. I would say this quarter, some of it was actually timing. We had some milestones that had to be met in order to reclaim the revenue, and it ticked over from March into April. So there's a little bit of a timing there. You will probably see the -- I think we even referenced this in the prepared remarks, that we expect the -- actually, the revenue to come up a little bit in the back half and even in our third quarter. Thank you very much.

是的。我想說，本季度，部分原因實際上是時機問題。為了收回收入，我們必須達到一些里程碑，而這些里程碑從三月延續到四月。因此，這裡有一點時間問題。您可能會看到——我想我們甚至在準備好的評論中提到了這一點，我們預計——實際上，收入將在下半年甚至第三季度略有上升。非常感謝。

Matthew O'Neill, FT Partners.

馬修·奧尼爾（Matthew O'Neill），FT Partners。

Hi, John, and thanks for taking my question. Many good questions asked and answered here. So I thought I would open -- ask a more open-ended one, just around sort of strategic priorities, but recognize that FICO World is next week. So whatever you may be willing to preview as far as kind of the focus for the remainder of the year and beyond what would be really interesting. Thank you.

你好，約翰，謝謝你回答我的問題。這裡提出並回答了許多好的問題。所以我想我會開放 - 問一個更開放的問題，只是圍繞戰略重點，但要認識到 FICO World 將在下週舉行。因此，無論您願意預覽今年剩餘時間及以後的焦點是什麼，那都是真正有趣的事情。謝謝。

Well, I think what you'll see at FICO World is a whole bunch of new capabilities. You'll see a little bit more on the way we're using AI. On the Score side, you'll see some of the innovation that we have coming. We're just gearing up on FICO 11, so you'll get a little taste of that. So those are the kinds of things that we expect to be announcing next week.

嗯，我認為您將在 FICO World 上看到一大堆新功能。您會看到更多關於我們使用人工智慧的方式。在分數方面，你會看到我們即將推出的一些創新。我們正準備推出 FICO 11，因此您可以稍微體驗一下。這些就是我們預計下週將要宣布的事情。

Got it. Appreciate it.

知道了。非常感謝。

And I'm not showing any further questions at this time. And as such, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

我現在不想再問任何問題。今天的演講就到此結束了。現在您可以斷開連接，享受美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。