Fair Isaac Corp (FICO) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to FICO's third quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded. I will now in the conference of what your speaker host, David Singleton. Please go ahead.

您好，感謝您的支持。歡迎參加 FICO 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議可能會被錄音。我現在將參加你們的演講主持人 David Singleton 的會議。請繼續。

Good afternoon, and thank you for attending FICO's third 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 第三季財報電話會議。我是投資者關係副總裁戴夫辛格頓 (Dave Singleton)，今天與我一起出席的還有我們的執行長威爾蘭辛 (Will Lansing) 和首席財務長史蒂夫韋伯 (Steve Weber)。

Today, we issued a press release that discuss 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，討論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.

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。

Information concerning these risks and uncertainties is contained in the company's filings with the SEC, particularly in the risk factors and forward-looking statements portions of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

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因素和前瞻性陳述部分。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 at the company's website, fico.com, or on the SEC's website at sec.gov. A replay of this webcast will be available through July 30, 2026. I will now turn the call over to our CEO, Will Lansing.

收益報告及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。本次網路直播的重播將持續到2026年7月30日。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 third quarter earnings call. In the Investor Relations section of our website, we've posted some financial highlights slides that we'll be referring to during this earnings announcement.

謝謝，戴夫，也謝謝大家參加我們第三季的財報電話會議。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，我們將在本收益公告中參考這些幻燈片。

We had another strong quarter and are increasing our fiscal year '25 guidance. As shown on page 2 of the third quarter financial highlights, we reported Q3 revenues of $536 million, up 20% over last year. We reported $182 million in GAAP net income in the quarter, up 44%, and GAAP earnings of $7.40 per share, up 47% from the prior year. We reported $211 million in non-GAAP net income in the quarter, up 35%, and non-GAAP earnings of $8.50 per share, up 37% from the prior year.

我們又度過了一個強勁的季度，並提高了 25 財年的業績預期。如第三季財務摘要第 2 頁所示，我們報告第三季營收為 5.36 億美元，比去年成長 20%。我們報告本季的 GAAP 淨收入為 1.82 億美元，成長 44%，GAAP 每股收益為 7.40 美元，比上年增長 47%。我們報告本季非公認會計準則淨收入為 2.11 億美元，年成長 35%，非公認會計準則每股收益為 8.50 美元，較去年同期成長 37%。

As shown on page 10, we delivered record-breaking free cash flow of $276 million in our third quarter. We continue to return capital to our shareholders through buybacks by repurchasing 284,000 shares in Q3. We repurchased over $0.5 billion of shares this quarter, the largest single quarter buyback in FICO history.

如第 10 頁所示，我們在第三季實現了創紀錄的 2.76 億美元自由現金流。我們繼續透過回購的方式向股東返還資本，第三季我們回購了 284,000 股。本季我們回購了超過 5 億美元的股票，這是 FICO 史上最大的單季回購。

In our scores segment, as shown on page 6 of the presentation, our third quarter revenues were $324 million, up 34% versus the prior year. While B2B scores was the key driver of growth, we also saw encouraging growth in B2C scores.

在我們的分數部分，如簡報第 6 頁所示，我們第三季的營收為 3.24 億美元，比上年成長 34%。雖然 B2B 分數是成長的主要驅動力，但我們也看到 B2C 分數出現了令人鼓舞的成長。

FICO Score 10 T is the most predictive broad-based credit scoring model in the US industry today. Through our early adopter program, participating clients are already measurable benefits. Even since the recent FHFA announcement, we signed our latest lender deal just last week, and we've now secured adoption from institutions representing over $313 billion in annualized mortgage originations, and approximately $1.52 trillion in eligible mortgages under servicing, all of which underscore the strong momentum and confidence in FICO Score 10 T.

FICO Score 10 T 是當今美國業界最具預測性的廣泛性信用評分模型。透過我們的早期採用者計劃，參與的客戶已經獲得了可衡量的利益。自從聯邦住房金融局 (FHFA) 最近宣布這一消息以來，我們上週剛剛簽署了最新的貸款協議，目前我們已經獲得了代表年度抵押貸款發放量超過 3130 億美元、合格抵押貸款服務額約為 1.52 萬億美元的機構的採用，所有這些都凸顯了 FICO Score 10 T 的強勁勢頭和信心。

Lenders in the program have been able to validate the power of FICO Score 10 T in real-world mortgage underwriting, in loan production, in execution and in servicing. This quarter, we announced the launch of FICO Score 10 BNPL and FICO Score 10 T BNPL. These are the first credit scores from a leading credit scoring provider to incorporate buy now, pay later data.

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。本季度，我們宣布推出 FICO Score 10 BNPL 和 FICO Score 10 T BNPL。這是領先的信用評分提供者首次將「先買後付」數據納入其中的信用評分。

These scores will provide lenders with greater visibility into consumers' repayment behavior, enabling a more comprehensive view of their credit readiness, which ultimately improves the lending experience. And we'll expand financial inclusion by helping more consumers to gain access to credit.

這些分數將使貸款人能夠更好地了解消費者的還款行為，從而更全面地了解他們的信用準備情況，最終改善貸款體驗。我們將幫助更多消費者獲得信貸，擴大金融包容性。

These scores will initially each be offered side-by-side with existing versions of the FICO Score at no additional fee from FICO. This approach allows lenders to evaluate the new BNPL enhanced credit scores while continuing to use FICO's industry-leading models that they use today, ensuring a seamless transition and added value.

這些分數最初將與 FICO 分數的現有版本同時提供，且 FICO 不收取額外費用。這種方法允許貸方評估新的 BNPL 增強信用評分，同時繼續使用他們目前使用的 FICO 行業領先模型，確保無縫過渡和附加價值。

Lastly, our FICO Score mortgage simulator penetration is gaining speed in the US industry. We now have multiple resellers and mortgage technology platform providers, hundreds of active lenders and thousands of orders placed.

最後，我們的 FICO Score 房貸模擬器在美國產業的普及率正在加快。我們現在擁有多個經銷商和抵押貸款技術平台提供者、數百名活躍貸款人和數千份訂單。

In our software segment, we delivered $212 million in Q3 revenue, up 3% from the prior year. The revenue increase was driven mainly by growth in platform SaaS. 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，我們第三季的營收為 2.12 億美元，比上年成長 3%。營收成長主要得益於平台 SaaS 的成長。我們繼續透過土地和擴張策略推動 ARR 和 NRR 的成長，而擴張則由客戶使用量的增加所驅動。

Pages 7 and 8 of our investor deck highlight the total ARR increased by 4%, with total NRR at 103%, both driven largely by the FICO platform. ACV bookings for the quarter were $26.7 million compared to $27.5 million in the prior year. With the help of product innovations announced at FICO World, our pipeline is stronger today than this time last year.

我們的投資者報告的第 7 頁和第 8 頁強調了總 ARR 增加了 4%，總 NRR 達到了 103%，這主要得益於 FICO 平台。本季的 ACV 預訂額為 2,670 萬美元，去年同期為 2,750 萬美元。在 FICO World 上宣布的產品創新的幫助下，我們今天的產品線比去年同期更強大。

Before passing on to Steve, I'll highlight our strong innovation in the software business. The FICO platform revolutionizes how organizations make decisions and apply intelligence across their customer life cycle. Innovation is at the core of our ability to power an intelligent enterprise.

在將話題轉交給史蒂夫之前，我想先強調我們在軟體業務方面的強大創新能力。FICO 平台徹底改變了組織在客戶生命週期中做出決策和應用智慧的方式。創新是我們推動智慧企業發展的核心。

This quarter, we hosted FICO World, bringing together customers and partners from around the world. Participants collaborated on how FICO platform makes real-time decisions at scale and optimize interactions with consumers.

本季度，我們舉辦了 FICO World 活動，匯集了來自世界各地的客戶和合作夥伴。參與者合作研究了 FICO 平台如何大規模地做出即時決策並優化與消費者的互動。

On mainstage windvailed innovation, spotlighting advancements that will shape the future of decisioning and enterprise AI. We will bring next-generation FICO platform, enterprise fraud solutions part by FICO platform and FICO marketplace to general availability in the second half of calendar 2025.

在主舞台上，風向創新聚焦於將塑造決策和企業人工智慧未來的進步。我們將在 2025 年下半年推出下一代 FICO 平台、由 FICO 平台和 FICO 市場組成的企業詐欺解決方案。

These innovations will bring new use cases to the market. They will enable smarter explainable outcomes, they'll improve performance. They'll improve the speed of deployment and yield better customer ROI.

這些創新將為市場帶來新的用例。它們將實現更聰明、更可解釋的結果，並提高效能。他們將提高部署速度並帶來更好的客戶投資報酬率。

On the AI frontier, we leveraged our AI principles, trustworthy, ethical, explainable and responsible and provided a sneak peak of the upcoming FICO focused foundation model, the FICO focused language model and FICO focused sequence model, built for financial services, delivering greater accuracy, explainability and control in high state domains. This will be released for general availability this calendar year.

在人工智慧前沿，我們利用我們的人工智慧原則，即值得信賴、道德、可解釋和負責任，並提供了即將推出的以 FICO 為中心的基礎模型、以 FICO 為中心的語言模型和以 FICO 為中心的序列模型的預覽，這些模型專為金融服務而構建，可在高狀態領域提供更高的準確性、可解釋性和控制力。該功能將於今年正式發布。

Our industry analysts are delighted with our innovation. Forrester recently recognized FICO platform as the leader in AI decisioning platforms. This for the fourth time. AI decisioning platforms transform how organizations operationalize both human intelligence and AI at scale, enabling faster, more accurate decisions across complex business processes.

我們的產業分析師對我們的創新感到非常高興。Forrester 最近將 FICO 平台評為 AI 決策平台的領導者。這已經是第四次了。人工智慧決策平台改變了組織大規模運用人類智慧和人工智慧的方式，使得組織能夠在複雜的業務流程中做出更快、更準確的決策。

AI decisioning is an important enabler for agentic AI, which is natively available in the next generation of FICO platform. Our partners continue to value our innovation. In the quarter, we signed a new strategic collaboration agreement with Amazon Web Services.

AI決策是代理AI的重要推動因素，在下一代FICO平台中原生可用。我們的合作夥伴持續重視我們的創新。本季度，我們與亞馬遜網路服務簽署了新的策略合作協議。

Under the new agreement, FIFO and AWS will amplify their work to bring more organizations worldwide the power of AI-driven automated decision workflows with FICO platform. In addition, FICO will broaden its proportion and AWS partner programs to accelerate client adoption of FICO platform.

根據新協議，FIFO 和 AWS 將擴大合作，透過 FICO 平台為全球更多組織帶來人工智慧驅動的自動化決策工作流程的強大功能。此外，FICO將擴大其比例和AWS合作夥伴計劃，以加速客戶對FICO平台的採用。

Let me now pass it over to Steve to provide further financial details.

現在讓我將其交給史蒂夫提供進一步的財務細節。

Thanks, Will, and good afternoon, everyone. As Will mentioned, we had another good quarter, with total revenue of $536 million, an increase of 20% over the prior year. Scores segment revenues for the quarter were $324 million, up 34% from the prior year.

謝謝，威爾，大家下午好。正如威爾所提到的，我們又度過了一個良好的季度，總收入達到 5.36 億美元，比前一年增長了 20%。本季 Scores 部門營收為 3.24 億美元，較上年成長 34%。

B2B revenues were up 40%, primarily due to higher unit prices, an increase in volume of mortgage originations and a multiyear US license renewal on our insurance score product. Our B2C revenues were up 6% versus the prior year, partly due to increased revenue from our indirect channel partners.

B2B 收入成長了 40%，主要原因是單位價格上漲、抵押貸款發放量增加以及我們的保險評分產品在美國獲得多年許可證續約。我們的 B2C 收入比上年增長了 6%，部分原因是來自間接通路合作夥伴的收入增加。

Third quarter mortgage revenue or originations revenues were up 53% versus the prior year. Mortgage origination revenue accounts for 53% of B2B revenue and 44% of total scores revenue. Auto originations revenues were up 23%, while credit card, personal loan and other originations revenues were up 3% versus the prior year.

第三季的抵押貸款收入或發放收入比上年增長了 53%。抵押貸款發放收入佔B2B收入的53%和總收入的44%。汽車貸款發放收入年增 23%，信用卡、個人貸款和其他貸款發放收入年增 3%。

Software segment revenues for the quarter were $212 million, up 3% from the prior year. On-premises and SaaS revenue grew 2% year-over-year, while professional services grew 7%. This quarter, 87% of total company revenues derived from our Americas region, which is the combination of our North America and Latin American regions.

本季軟體部門營收為 2.12 億美元，較上年成長 3%。內部部署和 SaaS 收入年增 2%，專業服務收入成長 7%。本季度，公司總收入的 87% 來自美洲地區，即北美和拉丁美洲地區的總和。

Our EMEA region generated 8% of revenues and the Asia Pacific region delivered 5%. The updated guidance we're releasing today assumes fourth quarter revenues of $505 million. This is down sequentially due to lower point-in-time revenues within insurance scores licenses and software licenses. We also expect scores originations volumes to be slightly lower due to seasonality as well as the sequential decline in PS revenues.

我們的 EMEA 地區創造了 8% 的收入，亞太地區創造了 5% 的收入。我們今天發布的最新指引預計第四季營收為 5.05 億美元。由於保險評分許可證和軟體許可證的即時收入較低，因此環比下降。我們也預計，由於季節性因素以及 PS 收入的持續下降，分數發動量將略有下降。

Our total software ARR was $739 million, a 4% increase over the prior year. Platform ARR was $254 million, representing 34% of our total Q3 '25 ARR, up from 30% of total Q3 '24 ARR. Platform ARR grew 18% versus the prior year, while non-platform declined 2% to $485 million this quarter.

我們的軟體 ARR 總額為 7.39 億美元，比上一年增長 4%。平台 ARR 為 2.54 億美元，占我們 25 年第三季 ARR 總值的 34%，高於 24 年第三季 ARR 總值的 30%。本季度，平台 ARR 較上年增長 18%，而非平台 ARR 下降 2% 至 4.85 億美元。

Our CCS business, which spans platform and non-platform, saw a slight uptick sequentially, but overall headwinds we highlighted last quarter continue to be putting pressure on year-over-year ARR growth. Our platform land-and-expand strategy continues to be successful.

我們的 CCS 業務涵蓋平台和非平台，環比略有上升，但我們上個季度強調的整體不利因素繼續對 ARR 同比增長造成壓力。我們的平台登陸和擴張策略繼續取得成功。

Our dollar-based net retention rate in the quarter was 103%, platform NRR was 115%, while our non-platform was 97%. 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 $26.7 million compared to $27.5 million in the prior year.

本季我們的美元淨留存率為 103%，平台 NRR 為 115%，而非平台 NRR 為 97%。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 2,670 萬美元，去年同期為 2,750 萬美元。

Turning now to expenses for the quarter, as shown on page 5 of the financial highlight presentation, our total operating expenses were $274 million this quarter versus $253 million in the prior quarter, an increase of 8%.

現在來看看本季的費用，如財務重點報告第 5 頁所示，本季我們的總營運費用為 2.74 億美元，而上一季為 2.53 億美元，成長了 8%。

Quarterly expense growth was driven primarily by our FICO World event. Two other expense drivers were incremental headcount as well as the marking to market of our supplemental retirement and savings plan which is offset in other income and expense and thus has no net impact to our net income.

季度費用成長主要由我們的 FICO World 活動所推動。另外兩個費用驅動因素是員工人數增加以及補充退休和儲蓄計劃的市價，這在其他收入和支出中被抵消，因此對我們的淨收入沒有淨影響。

In our fourth quarter, we expect increased interest expense. We also expect to have increased marketing expenses as well as some one-time items that could exceed $10 million. These expenses are all embedded in our updated guidance.

我們預計第四季的利息支出將會增加。我們也預計行銷費用以及一些一次性項目的支出可能會增加，超過 1000 萬美元。這些費用均已包含在我們更新後的指南中。

Our non-GAAP operating margin, as shown in our Reg G schedule, was 57% for the quarter compared with 52% in the same quarter last year. This means we were able to deliver non-GAAP margin expansion of 470 basis points year-over-year.

根據我們的 Reg G 時間表，本季我們的非 GAAP 營業利潤率為 57%，而去年同期為 52%。這意味著我們能夠實現非公認會計準則利潤率較去年同期擴大 470 個基點。

GAAP net income was $182 million, up 44% from the prior year's quarter. Our non-GAAP net income was $211 million for the quarter, up 35% from the prior year's quarter. GAAP earnings per share this quarter were $7.40, up 47% from the prior year. Our non-GAAP earnings per share were $8.57, up 37% from the prior year.

根據美國通用會計準則，淨利潤為 1.82 億美元，較上年同期成長 44%。本季我們的非公認會計準則淨收入為 2.11 億美元，比去年同期成長 35%。本季 GAAP 每股收益為 7.40 美元，比上年增長 47%。我們的非公認會計準則每股收益為 8.57 美元，比上年增長 37%。

The effective tax rate for the quarter was 23.3%. The operating tax rate was 24.6%. We expect our full year net effective tax rate to be around 20%, and our recurring tax rate to be around 25%. This quarter, we delivered very strong free cash flow, up to $276 million, a 34% increase from the prior year.

本季有效稅率為23.3%。營業稅率為24.6%。我們預計全年淨有效稅率約為 20%，經常性稅率約為 25%。本季度，我們的自由現金流非常強勁，高達 2.76 億美元，比上年增長 34%。

Over the last four quarters, we've delivered $748 million of the free cash flow, which represents an increase of 36% over the trailing 12 month period ending June 30, 2024. At the end of the quarter, we had $240 million in cash and marketable investments.

在過去四個季度中，我們實現了 7.48 億美元的自由現金流，比截至 2024 年 6 月 30 日的過去 12 個月增長了 36%。截至本季末，我們擁有 2.4 億美元現金和可銷售投資。

In May, we issued an 8-K detailing our debt refinancing. Our total debt at quarter end was $2.78 billion, with a weighted average interest rate 5.25%. As of June 30, 2025, all our debt was held in senior notes, with no term loans and no balance on our revolving line of credit. So at that time, 100% of our total debt was fixed rate.

五月份，我們發布了一份 8-K 文件，詳細說明了我們的債務再融資情況。本季末我們的總負債為 27.8 億美元，加權平均利率為 5.25%。截至 2025 年 6 月 30 日，我們的所有債務均以優先票據形式持有，沒有定期貸款，也沒有循環信貸額度餘額。所以當時，我們的總債務 100% 都是固定利率。

Turning to return of capital. We bought back 284,000 shares in the third quarter at an average price of $1,802 per share, and we continue to view share repurchases as an attractive use of cash.

轉向資本回報。我們在第三季以每股 1,802 美元的平均價格回購了 284,000 股，我們仍然認為股票回購是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，請他作最後的總結。

Thank you, Steve. Elevated interest rates and ongoing affordability challenges continue to weigh on the mortgage market, keeping loan originations below historical norms. While the macro environment remains fluid, our strategy, our innovation, our execution remain disciplined and consistent.

謝謝你，史蒂夫。利率上升和持續的負擔能力挑戰繼續對抵押貸款市場造成壓力，導致貸款發放量低於歷史正常水平。儘管宏觀環境依然不斷變化，但我們的策略、創新和執行仍然嚴謹且一致。

I'm pleased to report that today, we're raising our full year guidance as we enter the fourth quarter of our fiscal year. Revenue guidance will remain at $1.98 billion. GAAP net income guidance is $630 million, with GAAP earnings per share of $25.60. Non-GAAP net income guidance is $718 million, with non-GAAP earnings per share of $29.15.

我很高興地報告，今天，隨著我們進入財政年度第四季度，我們上調了全年業績預期。營收預期仍維持在 19.8 億美元。淨利預期為6.3億美元，以美國通用會計準則計算每股收益為25.60美元。非美國通用會計準則計算淨利預期為7.18億美元，以非美國通用會計準則計算每股收益為29.15美元。

Before we take questions, I'd like to discuss the interim FHFA decision and how we are engaging with the industry. First, I'd like to emphasize that the FICO score is the industry standard measure of consumer credits in the US.

在我們回答問題之前，我想討論一下 FHFA 的臨時決定以及我們如何與該行業合作。首先，我想強調的是，FICO 分數是美國消費者信用的行業標準衡量標準。

The FICO score is the backbone of safety and soundness in the mortgage industry. Over the last 30 years, the FICO Score has fundamentally transformed the mortgage industry, enhanced ability and liquidity in secondary markets, standardizing credit evaluation for investors, expanding fair and objective access to credit, empowering cost-effective and sustainable homeownership for Americans.

FICO 分數是抵押貸款行業安全性和穩健性的支柱。在過去的30年裡，FICO評分從根本上改變了抵押貸款行業，增強了二級市場的能力和流動性，規範了投資者的信用評估，擴大了公平客觀的信貸管道，使美國人能夠以經濟高效和可持續的方式擁有住房。

FICO scores are used across the US and internationally for more than just mortgages. In the US, 99% of all FICO scores are freely chosen by market participants outside the mortgage market. In the non-conforming mortgage market, FICO is also widely used.

FICO 分數在美國和國際上的應用範圍不僅限於抵押貸款。在美國，99% 的 FICO 分數都是由抵押貸款市場以外的市場參與者自由選擇的。在非標準抵押貸款市場中，FICO 也被廣泛使用。

Classic FICO was specified over 20 years ago for use by the GSEs, they were publicly to companies, and before the FHFA even existed. As the mortgage store standard, thousands of industry participants use models, incorporating classic FICO.

經典 FICO 信用評分在 20 多年前就被指定供政府支持企業 (GSE) 使用，並且對企業公開，甚至早於聯邦住房金融局 (FHFA) 的出現。作為抵押貸款商店的標準，成千上萬的行業參與者使用模型，其中包括經典的 FICO。

FICO scores are critically relied on throughout the mortgage credit ecosystem. In mortgage insurance, in underwriting and pricing models, in investor credit risk and prepayment models, in models used by the GSEs and those used by mortgage insurers, by investors and prudential regulators for capital requirements and by credit rating agencies for mortgage-backed securities ratings.

在整個抵押貸款信貸生態系統中，FICO 分數至關重要。在抵押貸款保險、承保和定價模型、投資者信用風險和預付款模型、政府支持企業和抵押貸款保險公司使用的模型、投資者和審慎監管機構的資本要求模型以及信用評級機構的抵押貸款支持證券評級模型中。

Therefore, classic FICO is critical to driving investor pricing of mortgage-backed securities and ultimately, the cost consumers pay. Our innovations are best-in-class, including our latest innovation, FICO 10 T, FICO 10 T BNPL and the FICO Score mortgage simulator.

因此，經典的 FICO 對於推動投資者對抵押貸款支持證券的定價以及最終消費者支付的成本至關重要。我們的創新是一流的，包括我們的最新創新、FICO 10 T、FICO 10 T BNPL 和 FICO Score 抵押貸款模擬器。

As you all know, FICO 10 T was approved by the FHFA and remains the most predictive general-purpose credit scoring model in the US. While previous FICO Score versions included rental, telco and utility data, FICO 10 T also now includes trended data.

眾所周知，FICO 10 T 已獲得聯邦住房金融局 (FHFA) 的批准，並且仍然是美國最具預測性的通用信用評分模型。雖然先前的 FICO 評分版本包括租賃、電信和公用事業數據，但 FICO 10 T 現在還包括趨勢數據。

During the process required by the Credit Score Competition Act, the GSEs originally concluded based on predictiveness and accuracy, that FICO 10 T significantly outperforms Vantage Score 4.0. We joined a long-standing industry demand that FHFA released that analysis and the recommendation of each of the GSEs publicly as part of this process and the spirit of transparency and responsible policymaking.

在《信用評分競爭法》規定的流程中，政府支持企業 (GSE) 最初基於預測性和準確性得出結論，FICO 10T 的表現顯著優於 Vantage Score 4.0。我們回應了業界長期以來的呼籲，要求聯邦住房金融局 (FHFA) 公開發布該分析以及各 GSE 的建議，以此作為該流程的一部分，並秉持透明和負責任的政策制定精神。

We recently posted a white paper that reached the same conclusion, which can be found on our website. As for lender choice, the FHFA has long rejected the practice because it undermines the safety and soundness of the enterprises and their counterparties, damaging liquidity in the $12 trillion mortgage industry.

我們最近發布了一份得出相同結論的白皮書，可以在我們的網站上找到。至於貸款人的選擇，聯邦住房金融局長期以來一直拒絕這種做法，因為它破壞了企業及其交易對手的安全性和穩健性，損害了 12 兆美元抵押貸款行業的流動性。

Lender Choice encourages mortgage participants to shop for the most lax score, which drives unavoidable gaming and adverse selection for all risk holders. It creates a race to the bottom by incentivizing score providers to weaken their credit decision criteria to score more consumers and one more business with their score, which will lead to increased costs for consumers.

Lender Choice 鼓勵抵押貸款參與者購買最寬鬆的評分，這會導致所有風險持有者不可避免地陷入博弈和反向選擇。它透過激勵評分提供者降低其信用決策標準來為更多消費者和企業提供評分，從而引發逐底競爭，這將導致消費者成本增加。

Lender Choice will result in higher capital requirements from regulators that the holders of mortgage risk will have to bear and American taxpayers will bear significant additional risk. Any initiative to promote competition and ultimately lower cost should include the best score, which is FICO Score 10 T.

「貸款人選擇」將導致監管機構提高資本要求，而抵押貸款風險持有者將不得不承擔此風險，而美國納稅人也將承擔更大的額外風險。任何促進競爭並最終降低成本的措施都應包括最佳分數，即 FICO Score 10 T。

FICO Score 10 T superior predictiveness will drive significant loss avoidance savings for market participants and billions of dollars of savings for consumers. Lastly, so long as their tri-merge mandate, coupled with the Credit Bureau's common ownership of Vantage Score, Lender Choice will harm competition rather than foster it because it further entrenches the credit market power.

FICO Score 10 T 卓越的預測能力將有助於市場參與者大幅避免損失，並為消費者節省數十億美元。最後，只要三方合併授權，再加上信用局對 Vantage Score 的共同所有權，Lender Choice 就會損害競爭而不是促進競爭，因為它進一步鞏固了信貸市場的力量。

In speaking to numerous market participants since the FHFA announcement, it's clear there are many significant outstanding questions by the industry. FICO will continue to remain engaged with market participants, the GSEs, the FHFA, FA and other stakeholders.

自從聯邦住房金融局 (FHFA) 宣布這一消息以來，在與眾多市場參與者交談時，很明顯，該行業仍存在許多重大懸而未決的問題。FICO 將繼續與市場參與者、政府支援企業 (GSE)、聯邦住房金融局 (FHFA)、金融管理局 (FA) 和其他利益相關者保持聯繫。

With that, let me turn this call to Dave, and we'll open up the Q&A session.

說完這些，讓我把電話轉給戴夫，然後我們將開始問答環節。

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

謝謝，威爾。我們的準備好的演講到此結束。我們現在準備好回答問題。接線員，請接通線路。

(Operator Instructions) Manav Patnaik with Barclays.

（操作員指示）巴克萊銀行的 Manav Patnaik。

Thank you. Will, I just want to touch on FICO 10 T again. I think you said you had (inaudible) customers already using it, adding to about $313 billion, I think, is what you said. I was just wondering how many customers are using it? What is the pipeline for that?

謝謝。威爾，我只是想再談談 FICO 10 T。我想您說過，已經有（聽不清楚）客戶在使用它，加上大約 3130 億美元，我想，這就是您所說的。我只是想知道有多少客戶正在使用它？其管道是怎樣的？

And is it -- do they have to -- I guess what I'm getting at is do they have to upgrade their systems in order to use FICO 10 T? Is another side-by-side workflow at the moment? Just hoping for some color on the speed of adoption if FICO 10 T were to be pushed in the market again?

他們是否必須這樣做？我想我要說的是，他們是否必須升級他們的系統才能使用 FICO 10 T？目前是否有另一個並行的工作流程？如果 FICO 10 T 再次推向市場，只是希望其採用速度能加快？

All good questions, Manav. I have to get back to you with the exact number of customers. But I would tell you that the pipeline is strong. There's customers testing it now. There's customers who are using it now. There's a certain amount of retooling required, but it is modest.

這些都是很好的問題，Manav。我必須回覆您確切的顧客數量。但我要告訴你，這條管道非常強大。現在有顧客正在測試它。現在有客戶正在使用它。雖然需要進行一定程度的改造，但程度不大。

Okay. And then maybe just as a follow-up, for the insurance core product that had -- the renewal this quarter, can you just remind us what that is and if there's a bunch of these that could occur over time? Or is this a one-off? Just anything --

好的。然後也許只是作為後續問題，對於本季續簽的保險核心產品，您能否提醒我們那是什麼，以及是否隨著時間的推移會發生一系列這樣的事情？或者這只是一次性的？任何東西--

I think -- yeah, Manav, this is Steve. I'd say that's a one-off. We have some insurers that use FICO scores in their underwriting processes, and this was just a license deal over a multiyear that we claim in the quarter that we side, is kind of a one-off.

我認為——是的，馬納夫，這是史蒂夫。我想說這是一次性的。我們有一些保險公司在核保過程中使用 FICO 分數，這只是一項多年的許可協議，我們在本季度聲稱，這只是一次性的。

Okay. Thank you guys.

好的。謝謝你們。

Jason Haas with Wells Fargo.

富國銀行的 Jason Haas。

Hey, good afternoon, and thanks for taking my questions. I'm curious following FHFA announcement, if you've seen any lenders starting over to Vantage Score. Curious if you can describe maybe some of the technological challenges that they may face along the way if that something you've heard of. Thank you.

嘿，下午好，感謝您回答我的問題。我很好奇，在 FHFA 宣布之後，您是否看到任何貸方開始使用 Vantage Score。如果您聽說過的話，我很好奇您是否可以描述他們在過程中可能面臨的一些技術挑戰。謝謝。

We are not aware of anyone moving to Vantage Score since the announcement. There are significant challenges kind of at every step of the way. With the FICO score, which has been in place now for 20 years, virtually every participant in the industry has built models and infrastructure around score.

自從該公告發布以來，我們尚未發現有人轉向 Vantage Score。每一步都面臨重大挑戰。FICO 評分已實施 20 年，幾乎每個行業參與者都圍繞著評分建立了模型和基礎設施。

It's the only score that has actually been in use and therefore, for which we have data going through a full economic cycle, including 2008, the downturn. And so any time you make any kind of a move away from that, you have to think what are the implications for remodeling.

這是唯一實際使用過的評分標準，因此，我們擁有經歷整個經濟週期（包括 2008 年經濟衰退）的數據。因此，無論何時你採取任何行動，你都必須考慮重塑會帶來什麼影響。

And I'm talking about everything from consumers to mortgage originators to lenders, to the government sponsored entities, to Fannie and Freddie. And on downstream to the securitization market, the mortgage-backed securities, players and the mortgage insurers, CTI and ultimately, the prudential regulators.

我談論的是所有人，從消費者到抵押貸款發起人、貸款人、政府支持的實體，甚至房利美和房地美。而下游的證券化市場則包括抵押貸款擔保證券、參與者和抵押貸款保險公司、CTI，以及審慎監管機構。

All of these participants are nearly all of them have models that are built and have the risk assessment understood around FICO -- the FICO score. And so it's not a simple thing to just swap three digits out, and swap new three digits in. It really isn't that simple.

幾乎所有這些參與者都建立了模型，並了解圍繞 FICO（FICO 分數）的風險評估。因此，僅僅交換三個數字並換入新的三個數字並不是一件簡單的事情。事實確實沒那麼簡單。

So I would say there is significant obstacles. And I think that's why the industry is -- has a lot of concerns and is thinking through under what circumstances how it could work.

所以我認為存在重大障礙。我認為這就是為什麼這個行業有很多擔憂並且正在思考在什麼情況下它才能發揮作用。

Thank you. That's very helpful explanation. In light of that, is there any change in terms of how you're thinking about where you can take mortgage score prices over time given it's been years where the pricing of what you charge for the mortgage score is beneath the value that is providing to the ecosystem. So is there any change in the thought about how you can normalize that going forward?

謝謝。這是非常有用的解釋。有鑑於此，考慮到多年來抵押貸款評分的定價一直低於其為生態系統提供的價值，您對抵押貸款評分價格的看法是否有所改變？那麼，關於如何使這一進程正常化，您的想法有什麼變化嗎？

I think probably everyone on this call is curious of what's FICO's pricing strategy going forward in light of some of the pronouncements from the FHFA. Here's what I would say to you. But first of all, no decisions have been made. We make our decisions about pricing towards the end of our fiscal year and they go effective Jan 1 of the subsequent year. So it's early days, (inaudible)

我想，電話會議中的每個人都很好奇，鑑於聯邦住房金融局 (FHFA) 的一些聲明，FICO 未來的定價策略是什麼。以下是我想對你說的話。但首先，尚未做出任何決定。我們在財政年度結束時做出定價決定，並於隔年 1 月 1 日生效。所以現在還太早，（聽不清楚）

What I would say is that we continue to believe that there's a pretty big value gap between what we charge and the value that we provide. And so we're always looking at how we're going to close that gap, and we don't want to do it in a reckless way. We don't want to do it in a rapid way.

我想說的是，我們仍然相信我們所收取的費用和我們所提供的價值之間存在相當大的價值差距。因此，我們一直在研究如何縮小差距，我們不想以魯莽的方式去做。我們不想以快速的方式完成這件事。

We want to do it in a very understandable, predictable way so that the people affected can budget for it and see where it's going. And so we continue to be committed to that philosophy on price change. I would just say, I am not sure how much different the world is today after these pronouncements because we have been competing with Vantage Score virtually everywhere for the last 15 years and we remain the industry standard for all kinds of good reasons.

我們希望以一種非常容易理解和可預測的方式來做這件事，以便受影響的人們可以製定預算並了解其走向。因此，我們將繼續致力於這項價格變動理念。我只想說，我不確定這些聲明發布後當今世界會有多大的不同，因為過去 15 年裡我們幾乎在所有地方都在與 Vantage Score 競爭，而且由於各種原因，我們仍然是行業標準。

So obviously, mortgage is important business for us, and a lot of people focus on mortgage pricing. But we welcome competition. And at some level, we go about running our business is unchanged.

顯然，抵押貸款對我們來說是一項重要的業務，許多人關注抵押貸款定價。但我們歡迎競爭。從某種程度上來說，我們經營業務的方式是不變的。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Simon Clinch with Rothschild & Company Redburn.

西蒙·克林奇 (Simon Clinch) 與羅斯柴爾德公司雷德伯恩 (Rothschild & Company Redburn) 合作。

Hi, well, thanks for taking my question. I was wondering maybe if you could expand a little bit more on Jason's last question actually, but more in terms of your approach to engaging with regulators right now? And how you're thinking about what is the best pathway of that engagement for the benefit of FICO shareholders and the industry? And has any of that -- has that approach changed at all?

你好，謝謝你回答我的問題。我想知道您是否可以進一步闡述傑森的最後一個問題，但更多的是關於您現在與監管機構打交道的方式？您認為，為了 FICO 股東和產業的利益，這種合作的最佳途徑是什麼？這種方法有改變嗎？

Well, so we have always been relatively close to the people at FHFA and at the GSEs at Fannie and Freddie because they rely on our data, they build models around the FICO score. They are interested in the innovations coming along.

嗯，我們一直與聯邦住房金融局 (FHFA) 和房利美 (Fannie and Freddie) 政府支持企業 (GSE) 的人員保持著比較密切的聯繫，因為他們依賴我們的數據，並根據 FICO 分數建立模型。他們對即將出現的創新很感興趣。

And frankly, we've just been through a multiyear process in which they were deeply involved in evaluating the benefits of FICO Score 10 T. And so those relationships are in place and the communication is there. And I would imagine that would continue.

坦白說，我們剛剛經歷了一個多年的過程，他們深入參與了評估 FICO Score 10 T 的好處。因此，這些關係已經到位，溝通也已經到位。我想這種情況將會持續下去。

With respect to other industry participants, I believe that there's a lot of industry input still to come on the latest commendations because we went through this multi process ,with a lot of industry input, with all kinds of evaluation and analysis.

對於其他行業參與者，我相信最新的表彰仍需要大量的行業投入，因為我們經歷了這個多重過程，包括大量的行業投入、各種評估和分析。

And this is a fairly rapid reversal of the conclusions that process brought us to. And so I think quite a few members of the industry have been -- participants in the industry have been taken a little bit by surprise. But I'm confident that given the importance of safety and soundness in the industry, and the importance of the mortgage market in the United States that rash things will not occur, but that careful, thoughtful, measured analysis and evaluation will occur.

這相當迅速地推翻了我們先前所得出的結論。因此，我認為業內相當多的成員——業內參與者都感到有點意外。但我有信心，鑑於行業安全和穩健的重要性，以及美國抵押貸款市場的重要性，不會發生魯莽的事情，而是會進行仔細、深思熟慮、有分寸的分析和評估。

And so some of the problems that we've been pointing out around gaming and adverse selection and risk to safety and soundness. I don't imagine that those issues will be ignored. I imagine that they have to be wrestled with and evaluated. And so we participated in that. But frankly, it's not just a FICO thing. It's really the whole industry.

因此，我們一直在指出一些有關博弈和逆向選擇以及安全和穩健風險的問題。我不認為這些問題會被忽略。我想他們必須努力應對並進行評估。所以我們參與了此事。但坦白說，這不僅僅是 FICO 的事情。這確實是整個產業的問題。

Yeah, I appreciate that. That's very useful. Thank you. Just as a follow-on question then. I mean, just theoretically, if -- how should we think about the value gap potential in your other categories outside of mortgages and the ability for those areas, those segments to take on the heavy lifting, so if pricing and mortgages were to slow down compared to what we've been used to.

是的，我很感激。這非常有用。謝謝。這只是後續問題。我的意思是，從理論上講，如果——我們應該如何看待抵押貸款之外的其他類別的價值差距潛力，以及這些領域、這些部分承擔重任的能力，那麼如果定價和抵押貸款的速度與我們習慣的相比有所放緩。

Every year, we look at everything. We do billions and billions and billions of scores per year. And each year, as we think through our growth strategy, we think about different parts of the market. And that continues this year as it has in every year over the last decade. So again, no real change in terms of do we look broadly across the portfolio just to see where the growth opportunities are. So I think that's largely the same.

每年，我們都會檢視一切。我們每年都會進行數十億次評分。每年，當我們思考成長策略時，我們都會考慮市場的不同部分。今年的情況與過去十年的每一年一樣。因此，就我們是否廣泛審視整個投資組合以尋找成長機會而言，並沒有真正的改變。所以我認為這大致是一樣的。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Faiza Alwy with Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you. I wanted to ask about the software business. Maybe how is the feedback then on the next-generation launch of the platform. And how do you expect sort of bookings to trend from here and just what the general demand environment is like?

是的，你好，謝謝你。我想問一下軟體業務的狀況。那麼下一代平台的發布回饋如何呢？您預計目前的預訂趨勢如何？整體需求環境如何？

We continue to grow nicely. We continue to have our customers very interested in the platform. We're bringing them on. I think that we are -- we're not completely immune to the care that goes into IT spend right now. But we feel pretty good.

我們繼續順利成長。我們的客戶繼續對該平台非常感興趣。我們正在帶領他們前進。我認為我們——我們目前還沒有完全免受 IT 支出的影響。但我們感覺很好。

We're not growing at the rate we were over the last 40 quarters. We're more like the rate we had in the last several quarters. I continue to hope that, that will tick upward. I mean, I would love to see us growing in the 20s in the platform. And our bookings feel pretty good. And so from a visibility standpoint, we think that's potentially achievable. So we'll have to see.

我們的成長速度不如過去 40 個季度那麼快。我們的成長率更接近過去幾季的水平。我繼續希望，情況會有所改善。我的意思是，我很高興看到我們在這個平台上實現 20 年代的成長。我們的預訂情況感覺非常好。因此，從可見性的角度來看，我們認為這是有可能實現的。所以我們得拭目以待。

Okay. Got it. And then just wanted to ask about the auto B2B origination revenue, which saw a nice acceleration from last quarter. And I'm curious if there was -- so if you saw higher volumes, maybe it was customer mix. I know you took some pricing. So maybe talk about some of the feedback that you've gotten on the pricing to that acceleration and what led to that acceleration and growth.

好的。知道了。然後我只想問一下汽車 B2B 發起收入，從上個季度開始有了很好的成長。我很好奇——如果你看到更高的交易量，也許是客戶組合。我知道你採取了一些定價措施。所以也許可以談談您對這種加速定價的一些回饋，以及導致這種加速和成長的原因。

Yeah, I mean there's -- most of it related to pricing. Obviously, we had some pricing there. There was a little bit of growth on the volume side as well, but most related to pricing. I don't think it was a significant shift in mix. I mean we have seen in the past, sometimes the mix shift between the different tiering levels can have an impact. But there wasn't a lot of that. It's primarily just a combination of price and volume.

是的，我的意思是——大部分都與定價有關。顯然，我們對此有一些定價。銷售方面也有所成長，但主要與定價有關。我不認為這是一個重大的轉變。我的意思是，我們過去已經看到，有時不同層級之間的混合轉變會產生影響。但這樣的事並不多。它主要只是價格和數量的組合。

All right. Thank you.

好的。謝謝。

George Tong with Goldman Sachs.

高盛的 George Tong。

Hi, thanks. Good afternoon. Given the FHFA's decision to move to a Lender Choice for mortgages, how much of a priority is it to drive industry migration to FICO 10 T, which could be facilitated by the release of historical benchmarking data? Or would you rather see the industry stay with classic FICO to minimize disruption?

你好，謝謝。午安.鑑於聯邦住房金融局 (FHFA) 決定轉向抵押貸款的“貸款人選擇”，推動行業向 FICO 10T 遷移的優先級有多高？發布歷史基準數據可以促進這項進程嗎？或者您更希望看到業界繼續使用傳統的 FICO 來最大程度地減少干擾？

I think that's going to be the decision made by the industry. FICO 10 T is available, it's been approved by the FHFA. There are lenders using it today. And we imagine that will continue. It really is far and away the most predictive score.

我認為這將是行業做出的決定。FICO 10 T 現已推出，並已獲得 FHFA 的批准。如今，已有貸款人使用它。我們相信這種情況將會持續下去。這確實是迄今為止最具預測性的分數。

And so if you're in the risk business, if you actually retain any kind of risk, you care about these things. And so I think that leads us to a pretty bright and rosy future for 10 T. That said, there's a lot of reasons why in parts of the industry, we're in 10 T -- we are in FICO cloud, what we call FICO Classic.

因此，如果您從事風險業務，如果您實際上保留任何類型的風險，您就會關心這些事情。所以我認為這將為 10 T 帶來非常光明和樂觀的未來。話雖如此，在行業的某些部分，我們採用 10 T — — 我們採用 FICO 雲，即所謂的 FICO Classic，這其中有很多原因。

And that's likely to continue for quite a long time. I mean that is a highly tuned optimized score developed over 20 years with 20 years of models built around it, with all the historical data that you could possibly need.

而且這種情況可能會持續相當長的一段時間。我的意思是，這是一個經過 20 多年開發的高度優化的分數，圍繞它構建了 20 年的模型，包含了您可能需要的所有歷史數據。

And so I don't imagine the switch away from FICO Classic will be rapid. But to the extent that you have people who bear the risk, who care of the risk, 10 T is a pretty good alternative.

因此，我認為放棄 FICO Classic 的轉變不會很快。但只要有人願意承擔風險、願意關心風險，10 T 就是一個非常好的選擇。

Got it. That's helpful. And then switching to the software side. If you look at FICO platform ARR growth that accelerated a bit to 18% in the quarter, can you elaborate on some of the trends that you're seeing there with respect to client adoption -- new client adoption and client consumption trends that can drive further growth acceleration?

知道了。這很有幫助。然後切換到軟體方面。如果您看到 FICO 平台 ARR 成長率在本季度略微加速至 18%，您能否詳細說明您在客戶採用方面看到的一些趨勢——新客戶採用和客戶消費趨勢可以推動進一步的成長加速？

We have always believed what would happen with the platform adoption is we would initially penetrate a large number of the top 300 global institutions. And then the growth would shift -- as a percent of the total, the growth would shift more to expand. So we are very much a land-and-expand strategy.

我們始終相信，隨著該平台的採用，我們將首先滲透到全球前 300 家機構中的大量機構。然後成長就會改變——作為總量的百分比，成長將進一步擴大。因此，我們主要採取的是「登陸並擴張」策略。

And over the last several years, as you know, we've now penetrated roughly half of the top 300 financial institutions globally. And so it's not surprising to us. It's exactly per our plan that the shift is now coming more in the direction of a bit more expand business and not quite as much land business.

如您所知，在過去幾年中，我們已經滲透到全球前 300 家金融機構中的大約一半。所以這對我們來說並不奇怪。按照我們的計劃，現在的轉變更多是朝著擴大業務的方向發展，而不是更多地關注土地業務。

That's not to say that we don't win new customers we are. But the customers who've been using it for a while, they very much expand their usage. And so we're seeing more revenue there.

這並不是說我們沒有贏得新客戶。但對於已經使用過一段時間的客戶來說，他們的用途會大大擴展。因此我們看到那裡的收入增加了。

Very helpful. Thank you.

非常有幫助。謝謝。

Surinder Thind with Jefferies.

Surinder Thind 與 Jefferies 合作。

Thank you. Just building upon some of the FICO 10 T questions. Will, can you talk about for the clients that have been willing to adopt the score. I assume it's mostly in the non-conforming market. Can you talk about the -- I guess, the decision in the sense that is all of the data out there that you need to make a decision given that obviously, you're asking for public release of some of the benchmarking data, like why upgrade to 10 T now versus maybe waiting a little bit?

謝謝。只是基於一些 FICO 10 T 問題。威爾，您能談談那些願意採用該評分的客戶嗎？我認為它主要存在於不合規市場。您能否談談——我想，從某種意義上說，您需要根據所有現有的數據來做出決定，因為顯然您要求公開發布一些基準數據，例如，為什麼現在要升級到 10 T，而不是再等一會兒？

Well, we would like to see the FHFA and the GSEs release the data in the evaluation process that led to 10 T being identified as the most predictive score in the market. We've obviously done that analysis independently, and we've put it into a white paper, which you can find on our website. There are some pretty significant advantages to 10 T. It's more predictive. It has higher KS.

好吧，我們希望看到聯邦住房金融局和政府支持企業發布評估過程中的數據，從而將 10 T 確定為市場上最具預測性的分數。我們顯然已經獨立完成了該分析，並將其寫入白皮書，您可以在我們的網站上找到。10 T 有一些非常顯著的優勢。它更具預測性。它具有更高的 KS。

What does that translate into? It translates into lower credit defaults than you would with classic FICO and lower credit defaults that you would get with Vantage Score. So there's a real benefit that comes with it. And yes, it's a new score, and so it takes time to adopt. And there's all the transition issues that go with that.

這是什麼意思？這意味著，與使用傳統 FICO 相比，您的信用違約率更低，與使用 Vantage Score 相比，您的信用違約率也更低。因此它確實有好處。是的，這是一個新的分數，因此需要時間來適應。隨之而來的是各種過渡問題。

That's helpful. And then just following up in terms of the next generation of the cycle platform in GA in the second half here, can you talk about the update process. So if you're an existing FICO platform customer, what is the update process? And what is the benefit of moving to the new platform at this point?

這很有幫助。然後，關於下半年 GA 中的下一代循環平台的後續情況，您能談談更新過程嗎？那麼，如果您是現有的 FICO 平台客戶，更新流程是怎麼樣的呢？那麼此時遷移到新平台有什麼好處呢？

I think that the transition for existing platform customers to the new FICO platform will be very straightforward. Seamless is probably an overstatement, but straightforward because we plan for it. And it's -- that will work nicely.

我認為現有平台客戶向新 FICO 平台的過渡將非常簡單。「無縫」可能有點誇張，但很簡單，因為我們為此做好了計劃。而且——效果會很好。

I think that the benefits of the platform are more realized around the returns to scale that we get. If we have a lower cost structure in serving our customers, that will translate into lower pricing for them. And I think those are some of the benefits. There's definitely a cost benefit.

我認為平台的效益更能體現在我們獲得的規模回報上。如果我們為客戶提供服務的成本結構較低，那麼這將意味著為客戶提供更低的價格。我認為這些就是其中的一些好處。肯定存在成本效益。

And then the new platform has a lot of new features and ease of use. And so I think you'll see some of that. I think our customers' existing platform customers and new ones will be delighted with the new platform.

而且新平台有很多新功能，而且易於使用。所以我想你會看到其中的一些。我認為我們客戶的現有平台客戶和新客戶都會對新平台感到滿意。

Thank you.

謝謝。

Ashish Sabadra with RBC Capital Markets.

加拿大皇家銀行資本市場的 Ashish Sabadra。

Thanks for taking my question. I just wanted to drill down on opportunities for using FICO scores at having more use cases for FICO scores or using it in more places within the processes where it may currently not be used, like, for example, securitization market where they may not have access to real-time FICO score. So is that an opportunity? How should we think about that opportunity presenting itself. Thanks.

感謝您回答我的問題。我只是想深入研究使用 FICO 評分的機會，以便為 FICO 評分提供更多用例，或者在目前可能未使用 FICO 評分的流程中的更多地方使用它，例如證券化市場，他們可能無法獲得即時 FICO 評分。那麼這是一個機會嗎？我們該如何看待這個出現的機會？謝謝。

Well, thank you for that question. We're always looking for ways to provide more value and benefit to our customers and to potential new customers. And an obvious place for us to do it is to give the securitization market, the downstream investors the ability to refresh the score.

嗯，謝謝你的提問。我們一直在尋找為我們的客戶和潛在的新客戶提供更多價值和利益的方法。我們要做的一個明顯的事情就是讓證券化市場和下游投資者有能力刷新評分。

And so today, the pricing and models are typically built around the score that was used when the mortgage loan was originated. But over time, that becomes a stale score, over time, that's -- it's frozen, it's not dynamic. And so we are very much looking at how we would be able to deliver to the securitization market capability to refresh those scores.

因此，如今的定價和模型通常都是根據抵押貸款發放時使用的分數來建立的。但隨著時間的推移，這個分數變成了陳舊的分數，隨著時間的推移，這個分數就僵化了，不再有活力。因此，我們正在研究如何為證券化市場提供刷新這些分數的能力。

That's very helpful color. And then going back to the mortgage score question. The long conforming market doesn't really -- are not bounded by the GSE requirements. However, most of them continue to use FICO or FICO 10 T. And so I was just wondering what are the moats around the business, and then an event that if there is a lender's choice for the GSE, could that affect the demand of GSE market. Thanks.

這是非常有用的顏色。然後回到房貸評分問題。長期符合標準的市場實際上並不受 GSE 要求的約束。然而，他們中的大多數人繼續使用 FICO 或 FICO 10 T。所以我只是想知道業務周圍的護城河是什麼，然後如果貸方選擇 GSE，這是否會影響 GSE 市場的需求。謝謝。

Well, it's funny to help people talk about moats around the FICO business. I mean what is the moat really. The moat is that we have the most predictive scope. That's the moat. I mean, if you're in the business of measuring risk, and you benefit when you reduce the risk and you suffer when the risk comes home to roost, you want the most predictive score. You want to avoid as much credit default as possible.

好吧，幫助人們談論 FICO 業務周圍的護城河很有趣。我的意思是護城河到底是什麼。我們的護城河是，我們擁有最強的預測範圍。這就是護城河。我的意思是，如果你從事的是衡量風險的工作，當你降低風險時你會受益，而當風險來臨時你會遭受損失，那麼你想要的是最具預測性的分數。您希望盡可能避免信用違約。

That's what you achieved with FICO 10 T. And with respect to FICO classic, I would say, it's also very, very good. And it's not very good for a 20 year old score, it's very, very good in absolute terms.

這就是您使用 FICO 10 T 所取得的成就。至於 FICO classic，我想說，它也非常非常好。對於 20 年前的成績來說，這並不是很好，但從絕對值來看，已經非常非常好了。

Not as good as FICO 10 T, but still very, very good, and has the advantage of having been the backbone of the system for all this time. And so it's extremely well understood, all the models, everything is optimized around it. And that's truly the moat. It's not some government conferred monopoly. That's not what makes us successful.

不如 FICO 10 T，但仍然非常非常好，並且具有一直以來作為系統支柱的優勢。因此，它非常容易被理解，所有的模型、一切都是圍繞著它進行最佳化的。這才是真正的護城河。這不是政府授予的壟斷權。這並不是我們成功的原因。

That's great. Thanks, Will.

那太棒了。謝謝，威爾。

Kyle Peterson with Needham.

凱爾彼得森 (Kyle Peterson) 與尼德姆 (Needham) 在一起。

Great. Good afternoon guys. Appreciate you taking the question. I want to start off with your thoughts on capital allocation. It does seem like you guys have kind of stepped up the pace of the buyback, it seems like things are dislocated here.

偉大的。大家下午好。感謝您回答這個問題。我想先談談您對資本配置的看法。看起來你們確實加快了回購的步伐，看起來事情有點混亂。

Given where the stock is and what your cash flow is like now, do you guys in state you being able to kind of continue to buy back at an accelerated pace? Or how are you guys looking at capital allocation, specifically buyback versus debt pay down at these levels?

考慮到股票的現況和現在的現金流，你們是否能夠繼續以加速的速度回購？或者你們如何看待資本配置，特別是在這些水準上的回購與債務償還？

Well, thanks for that. We've always believed that we should run FICO with kind of an optimal capital structure and not have on hand more cash than we need and we've historically returned it through share buyback, and I would expect that will continue.

嗯，謝謝你。我們始終認為，我們應該以最佳的資本結構來運營 FICO，並且手頭不應該持有超過我們所需的現金，而且我們歷來都是通過股票回購來返還現金的，我預計這種情況會繼續下去。

We've obviously done a lot in the last quarter, but we've done a lot in the last 13 years, and that will continue. We say that we're not market timers. We target spending our free cash flow on stock buyback each year.

顯然，我們在上個季度做了很多，但我們在過去 13 年裡也做了很多，而且這種情況還會繼續。我們說我們不是市場計時員。我們的目標是每年將自由現金流用於股票回購。

But over a period of time, that results in the leverage dropping to levels that are unacceptably low. And so periodically, we dial up the amount we buy back to maintain kind of a healthy level of leverage somewhere between 2 and 3 times.

但一段時間後，這會導致槓桿率降至不可接受的低水準。因此，我們會定期增加回購數量，以維持 2 到 3 倍之間的健康槓桿水準。

We also are mindful of corrections in the stock price. So when you see things like what have -- what's occurred over the last couple of months, that represents a big opportunity. And so do we lean into that? Of course, we do.

我們也關注股價的調整。因此，當你看到過去幾個月發生的事情時，你會發現這代表著一個巨大的機會。那麼我們是否傾向於這樣做呢？當然有。

And you can see it in the buyback pace that we had over the last quarter. We have a lot of dry powder, a lot of capacity. And although we're not going to spend it all in one week, we're buyers at this level.

您可以從我們上個季度的回購速度中看到這一點。我們擁有大量的乾粉和大量的產能。儘管我們不會在一周內花光所有錢，但我們是這個級別的買家。

Yeah, and Kyle, I would just add, if you look at what our leverage is today, it's still pretty modest by historical standards. It's even down a little bit from last quarter. So there's a lot of opportunity for us.

是的，凱爾，我只想補充一點，如果你看看我們今天的槓桿率，以歷史標準來看它仍然相當低。與上一季相比甚至略有下降。因此，我們面臨許多機會。

Okay. Okay. Yeah, that is really helpful. And then I guess just a little bit on how you guys are kind of thinking about the environment right now. Are you guys still kind of thinking -- has anything changed, I guess, like I would say, whether it's in terms of (technical difficulty)

好的。好的。是的，這確實很有幫助。然後我想稍微談談你們現在對環境的看法。你們還在想──有什麼變化嗎？我想，就像我想說的，無論是在（技術難度）

Kyle, we lost you.

凱爾，我們失去了你。

Yeah, I think we lost Kyle. We lost the second half of that question.

是的，我想我們失去了凱爾。我們輸掉了這個問題的後半部。

Operator, we can just go to the next question, and we'll see if Kyle jumps back in the line.

接線員，我們可以直接進入下一個問題，看看 Kyle 是否會重新加入隊伍。

Owen Lau with Oppenheimer.

歐文劉 (Owen Lau) 與奧本海默 (Oppenheimer) 在一起。

Good afternoon and thank you for taking my question. So follow-up on that moat question, Will, could you please talk about other markets such as credit card, auto and personal loan when there's no requirement from anyone? Do you see any Vantage Scores gaining any market shares?

下午好，感謝您回答我的問題。那麼關於那個護城河問題，威爾，當沒有人有要求時，您能否談談其他市場，例如信用卡、汽車和個人貸款？您是否看到 Vantage Scores 獲得了市場份額？

No, no. It's a good question, and we do not see any traction of Vantage Scores gaining market share. As I mentioned earlier, we've been competing with Vantage Scores for a very long time, well over a decade. And we don't -- we have not experienced any kind of significant share loss advantage.

不，不。這是個好問題，我們並沒有看到 Vantage Scores 有任何獲得市場份額的跡象。正如我之前提到的，我們與 Vantage Scores 競爭已經很長時間了，超過十年。我們沒有經歷過任何重大的份額損失優勢。

And I would say that's because of the two things that we talked about before. One is that we have the best score and then second is that there's a benefit to working with the industry standard, which is FICO.

我想說這是因為我們之前談到的兩件事。一是我們擁有最好的分數，二是與行業標準 FICO 合作有好處。

Got it. That's helpful. Just lenders were to move to Vantage Score, usually how long does it take for lenders to switch over? Can I do it within one or two years? Or it will take longer than that? Thanks.

知道了。這很有幫助。只是貸款人要轉向 Vantage Score，通常需要多長時間才能完成轉換？一兩年內能做到嗎？或者說需要更長的時間？謝謝。

That's a question no one can answer because it hasn't happened.

沒有人能夠回答這個問題，因為它還沒有發生。

All right, good. Thanks a lot.

好的，很好。多謝。

Jeff Meuler with Baird.

傑夫穆勒 (Jeff Meuler) 和貝爾德 (Baird) 在一起。

Yeah, thank you. Will, what do you told us kind of the next steps for 10 T usage for conforming? Or what are you getting asked to do from your end to make that happen?

是的，謝謝。威爾，您能告訴我們 10 T 使用符合性的下一步是什麼嗎？或者您需要做什麼才能實現這一目標？

Well, I think it's up to the FHFA to decide to implement and I think from an industry standpoint, you don't want to -- I don't think you want to stagger implementations of multiple scores because it requires much more complicated retooling on the part of the industry.

嗯，我認為這取決於聯邦住房金融局 (FHFA) 的決定實施，而且我認為從行業角度來看，你不想——我不認為你想錯開多個評分的實施，因為這需要行業進行更複雜的重組。

So I would imagine that we're going to get to a point where 10 T is not but implemented sooner rather than later. So we'll see. We're in a conversation with the FHFA about how to make that happen.

因此我可以想像，我們很快就會達到 10 T 尚未實施的程度。我們拭目以待。我們正在與聯邦住房金融局討論如何實現這一目標。

Okay. Thank you.

好的。謝謝。

Ryan Griffin with BMO Capital Markets.

BMO 資本市場的 Ryan Griffin。

Hey, thanks a lot. You made a comment on ACV bookings pipeline being stronger than last year. I was just wondering what's driving that and how we should expect that to flow through to bookings. Thank you.

嘿，非常感謝。您評論說 ACV 的預訂管道比去年更強勁。我只是想知道是什麼推動了這一趨勢，以及我們應該如何期待這一趨勢轉化為預訂。謝謝。

I think a lot of it's coming out of FICO World, we saw a lot -- we've developed a lot of new functionalities as we'll talk about, and there's a lot of excitement at FICO World. So it's -- with that coming online, it's strengthen our pipeline, we see a lot of people that see the advantage of the current platform and with the new version coming online, they're excited about that.

我認為很多內容都來自 FICO World，我們看到了很多——我們開發了許多新功能，正如我們將要討論的，FICO World 充滿了令人興奮的內容。因此，隨著該平台的上線，它加強了我們的管道，我們看到許多人看到了當前平台的優勢，隨著新版本的上線，他們對此感到興奮。

So we think there's just a lot of industry understanding it more and having more proof cases, with FICO World, we had a lot of companies get up and talk about how they've been successfully using the platform. So you end up at a point in time where you could start seeing some momentum, and that's what we're seeing now.

因此，我們認為許多行業對此有了更多的了解，並且擁有更多的證明案例，透過 FICO World，我們讓許多公司站起來談論他們如何成功使用該平台。所以你最終會在某個時間點開始看到一些勢頭，這就是我們現在所看到的。

Great, thank you. And then just on the Amazon partnership. Wondering what the mechanics are for that and how you expect that to impact the distribution model and bookings going forward. Thank you.

太好了，謝謝。然後是關於亞馬遜的合作關係。想知道其中的機制是什麼，以及您預計這將如何影響未來的分銷模式和預訂。謝謝。

A little early to say. I mean, we're optimistic. Every one of these things helps us, but we'll just have to see what plays out.

現在說還早了一點。我的意思是，我們很樂觀。所有這些事情都對我們有幫助，但我們只需要看看結果如何。

Alexander Hess with JPMorgan.

摩根大通的亞歷山大‧赫斯 (Alexander Hess)。

Hey guys, just want to piggyback off, I think it was Jeff and George's question from earlier. We’re about a year moved from Vantage Score providing the loan level data set to the banks? And my understanding was that was a prerequisite for them getting their score approved.

嘿夥計們，我只是想順便問一下，我認為這是 Jeff 和 George 之前提出的問題。我們大約有一年的時間從 Vantage Score 向銀行提供貸款等級資料集？我的理解是，這是他們獲得分數批准的先決條件。

Are you guys for some reason hesitant to provide that data to the banks? Or is the FHFA -- is there some sort of negotiating with the FHFA on what that looks like. I'm just not quite clear as to why FICO 10 T doesn't have a data set like that in the market.

你們是否因為某些原因而猶豫是否要向銀行提供這些數據？或聯邦住房金融局 — — 是否正在與聯邦住房金融局就具體事宜進行某種形式的談判。我只是不太清楚為什麼 FICO 10 T 在市場上沒有這樣的資料集。

We are working with them to get the data out.

我們正在與他們合作以獲取數據。

Got it. That's super helpful. And then just maybe as a maintenance question. I think you guys have said in the past that the mortgage scores are less than 1% of scores, presumably GSE and non-GSE channels. Can you sort of give us a sense of how many scores are being generated on an annualized basis now? And where you've seen particularly strong adoption in volumes and over the last, say, two, three years?

知道了。這非常有幫助。然後也許只是一個維護問題。我認為你們過去曾說過，抵押貸款分數不到分數的 1%，大概是 GSE 和非 GSE 管道。您能否告訴我們現在每年會產生多少分數？在過去的兩三年裡，您在哪裡看到了特別強勁的採用量？

Are you talking about mortgage or across the board?

您說的是房貸還是全額貸款？

No, I'm talking across the board, excuse me.

不，對不起，我說的是全面的話。

Across the board. Mortgage volumes across the board are down from the peak, not down as much as in mortgage elsewhere, but down some, which gives us a lot of optimism about volume growth going forward, particularly in a declining rate environment if that ever happens. So I think there's upside there. I'm not sure exactly what you're getting at.

全面。整體抵押貸款量均較高峰有所下降，雖然降幅不及其他地區的抵押貸款量，但也有所下降，這讓我們對未來抵押貸款量的增長充滿信心，尤其是在利率下降的環境下（如果這種情況真的發生）。所以我認為這裡還有好處。我不太清楚你到底想表達什麼。

His question is about adoption of scores just in general, like credit card or personal loans, places and what have we seen over the last few years in terms of --

他的問題是關於普遍採用評分，例如信用卡或個人貸款，地點以及我們在過去幾年中看到的--

Our scores are being used more widely than ever. We introduced new scores. We have all kinds of new scores based on alternative data. We talked about the BNPL score. We have scores that are built around telco and utility payment data of the Equifax NCTUE plus database.

我們的分數被比以往更加廣泛地使用。我們引入了新的分數。我們有各種基於替代數據的新分數。我們討論了 BNPL 分數。我們的評分是根據 Equifax NCTUE plus 資料庫的電信和公用事業支付數據建立的。

So we're finding adoption of additional scores. And scores are being used more frequently than they were in the past in things like account management. So it's not just like the scores volume goes up and down with GDP. I think that it's fair to say that we're finding new uses and expanding market for scores.

因此，我們正在尋求採用額外的分數。在帳戶管理等方面，分數的使用比過去更頻繁。因此，得分量並不僅僅隨著 GDP 的漲跌而上升或下降。我認為可以公平地說，我們正在尋找分數的新用途並擴大其市場。

Great, that's super helpful. Thank you so much.

太棒了，這非常有幫助。太感謝了。

Scott Wurtzel with Wolfe Research.

沃爾夫研究公司的斯科特沃澤爾 (Scott Wurtzel) 說。

Hey, good afternoon guys, and thank you for taking my question. I just had one on the pricing side in light of this -- all the Vantage and FHFA stuff. I mean, is there a world where you would potentially consider having different pricing on conforming versus non-conforming mortgage given your share in the non-conforming market relative to Vantage right now and the potential uncertainty on what happens in the conforming market? Thanks.

嘿，大家下午好，感謝你們回答我的問題。有鑑於此，我剛剛在定價方面做了一些了解——所有 Vantage 和 FHFA 的東西。我的意思是，考慮到您目前在非標準市場中相對於 Vantage 的份額以及標準市場中可能發生的不確定性，您是否會考慮對標準抵押貸款和非標準抵押貸款進行不同的定價？謝謝。

Yeah, I think that everything is always under review. I mean there are many, many other pricing models besides the ones that we've used historically. And so we look at everything. And there probably are models that we don't use that would be better for everybody. It would be better for the industry.

是的，我認為一切都需要審查。我的意思是，除了我們過去使用的定價模型之外，還有許多其他定價模型。因此我們觀察一切。可能存在一些我們不採用的、但對每個人來說都更好的模型。這對於行業來說會更好。

But again, because it's such a big and important industry, you don't make any kind of changes rationally. You study them and you figure out whether it's going to work. And the last thing we want is unforeseen consequences.

但同樣，因為它是如此龐大和重要的行業，你無法理性地做出任何改變。你研究它們並弄清楚它是否有效。我們最不希望看到的就是無法預料的後果。

And so although we've evaluated many, many other pricing models, and obviously, that includes pricing differently in different markets, but it also goes structure of how we price and how the IP is used and how the IP is monetized. It's -- we look at it all the time, but I think whatever we discover, we discovered some pretty interesting things, we think about implementing with quite a big measure of caution.

因此，儘管我們已經評估了許多其他定價模型，並且顯然包括在不同市場採用不同的定價，但它也涉及我們的定價結構、IP 的使用方式以及如何將 IP 貨幣化。是的——我們一直在關注它，但我認為，無論我們發現什麼，我們發現了一些非常有趣的事情，我們都會非常謹慎地考慮實施。

Great, thanks guys.

太好了，謝謝大家。

Matthew O'Neill with FT Partners.

FT Partners 的 Matthew O'Neill。

Yeah, hi, thanks so much. I'll try to avoid subsequent pricing question here. So I was wondering, I don't think I missed it, but would you be willing to give us the numbers around the one-time license renewal just for modeling purposes going forward?

是的，嗨，非常感謝。我會盡量避免在此提出後續的定價問題。所以我想知道，我不認為我錯過了，但是您是否願意為我們提供一次性許可證續訂的數字，僅用於未來的建模目的？

No. I mean we don't separate that out. But I mean you can look at our overall numbers in terms of how much point in time revenue we had in the Q. That's included in that number. so you can kind of look at it that way. I mean it's a significant number for this quarter.

不。我的意思是我們不會將其分開。但我的意思是，你可以根據我們在 Q 中獲得了多少時間點收入來查看我們的總體數字。這包含在這個數字中。所以你可以這樣看待它。我的意思是，對於本季來說，這是一個重要的數字。

Got it. Thanks. And I guess just as a follow-up more broadly on guidance. What's implied for fourth quarter versus where consensus is today? There's a little bit of a delta there. Obviously, I know you're not guiding to consensus.

知道了。謝謝。我想這只是對指導進行更廣泛的跟進。與今天的共識相比，第四季的前景如何？那裡有一點三角洲。顯然，我知道你並沒有引導達成共識。

Just curious how you think about the opportunities to outperform in the last fiscal quarter. And what could go right or what degree of macro conservatism is built into the remainder of the FY guide here. Thank you.

只是好奇您如何看待上個財政季度表現優異的機會。而什麼事情可能順利進行或什麼程度的宏觀保守主義則已融入本財年指南的剩餘部分。謝謝。

We only got two months to go. So there's not a whole lot of uncertainty. We guided what we guided. We're pretty confident in that. And if I were to say something else, then I wouldn't really be guidance anymore. So that's the number we put out there. And again, when we guide for the full year, there's a lot of things that can happen. But when you're only guiding with a couple of months left, there's not nearly as much uncertainty.

我們只剩下兩個月的時間了。因此不存在太多的不確定性。我們引導我們所引導的。我們對此非常有信心。如果我說什麼別的，那麼我就不再是真正的指導了。這就是我們公佈的數字。再說一次，當我們預測全年情況時，有很多事情可能會發生。但當你只剩下幾個月的時間擔任導遊時，不確定性就不會那麼多。

Totally fair. Thanks a lot.

完全公平。多謝。

Craig Huber with Huber Research Partners.

Craig Huber 與 Huber Research Partners 合作。

Great, thank you. Couple of questions if I could ask. In our scores segment here, I just wanted to understand a little bit better about the expense growth here year-over-year about 39%, up about 23%, 24% sequentially. Is there any extra maybe internal investment spending going on there that you can talk about publicly? Just curious why it's up so much. I thought this was largely a pretty fixed cost model here, but --

太好了，謝謝。如果可以的話我想問幾個問題。在我們這裡的分數部分，我只是想更好地了解這裡的費用增長情況，同比大約增長 39%，環比增長大約 23%、24%。是否有任何額外的內部投資支出可以公開談論？我只是好奇為什麼它會漲這麼多。我認為這基本上是一個相當固定的成本模型，但是--

Okay. So you just ask that again, which you had about revenue or the expense?

好的。所以您再問一遍，您說的是收入還是支出？

The expenses within your scores segment are up, as you know, roughly 39% year-over-year or 23%, 24% sequential.

如您所知，您的分數部分內的費用同比增長了約 39%，環比增長了 23% 至 24%。

The biggest piece of expense in our scores business is in our B2C business, where we actually have a cost of goods -- a higher cost of goods sold, we have to pay for credit file and data. And so as that grows, you're going to see a little bit of movement down the expense side.

我們的信用評分業務中最大的支出是在 B2C 業務中，我們實際上有商品成本——更高的銷售成本，我們必須支付信用文件和數據的費用。隨著這一數字的成長，你會看到費用方面略有下降。

Apart from that, I can tell you that we are -- we've hired more people, and we're doing a lot more innovation there than ever before. And so that also drives a bit of expense, but not enough to move the needle dramatically.

除此之外，我可以告訴你，我們僱用了更多的員工，我們在那裡進行的創新比以往任何時候都多。這也會產生一些費用，但不足以帶來顯著的改變。

Yeah. And I think one of the things you'll see there is that it's a relatively low cost model. So when you have some additional incremental cost, that can skew the numbers, again, because the margins are so high. But it is a fairly fixed cost model, except for the B2C (inaudible) which Will mentioned.

是的。我認為您會發現的一點是，這是一種相對低成本的模型。因此，當你有一些額外的增量成本時，這可能會再次扭曲數字，因為利潤率太高了。但這是一個相當固定成本的模式，除了威爾提到的 B2C（聽不清楚）。

But do you guys think, in general, this new expense level in scores here all else being equal in the environment and so forth that you might repeat that again in the subsequent quarters? Or will it dip back down later?

但是，你們是否認為，總體而言，在環境等其他條件相同的情況下，這一新的支出水平可能會在隨後的幾個季度再次重複這種情況？或者稍後會再回落嗎？

Yeah, we're probably at a higher level. Again, it's not all that significant in the scheme of things. But I mean, it's got to say a little bit. We're bringing some more money into marketing, particularly on the B2C side. So we see some opportunities there that we're pursuing and that's what driving the biggest portion of it.

是的，我們可能處於更高的水平。再說一遍，從整體來看，這並不是那麼重要。但我的意思是，它必須說一點。我們正在向行銷投入更多資金，特別是在 B2C 方面。因此，我們看到了一些我們正在追求的機會，而這正是推動其中最大一部分的因素。

Again, because we think -- we did some testing on it. I think we talked about this in previous quarters. We did some testing on this last year, and we saw there's a pretty big payback on this. So we're willing to invest a little more heavily in this because it drives some pretty good growth on the B2C side.

再說一次，因為我們認為——我們對此做了一些測試。我想我們在前幾個季度討論過這個問題。我們去年對此進行了一些測試，我們發現這樣做的回報相當大。因此，我們願意在這方面投入更多，因為它推動了 B2C 方面的相當不錯的成長。

And then my unrelated question, please. Can you share with us what you think your market share is for FICO scores in auto, credit card, say, and personal loans and also non-conforming mortgages. What do you think is your market share?

然後請回答我一個不相關的問題。您能否與我們分享一下，您認為貴公司在汽車、信用卡、個人貸款以及非標準抵押貸款的 FICO 分數市佔率是多少？您認為您的市佔率是多少？

Yeah. I mean there's been external third-party analysis on us. And it's in the mid-90s probably. If you look at securitizations that take place, it's very high. It's in the high 90% range. So it's hard to come up with exact numbers on this because it's not really reported anywhere. But from third-party that have done actual work on this, it's a pretty high number.

是的。我的意思是，已經有外部第三方對我們進行了分析。大概是 90 年代中期。如果你看一下已經發生的證券化，你會發現它非常高。其比例高達 90% 左右。因此很難得出確切的數字，因為實際上沒有任何報導。但從對此進行過實際工作的第三方來看，這個數字相當高。

Great. Thank you both.

偉大的。謝謝你們兩位。

Kevin McVeigh with UBS.

瑞銀的凱文·麥克維。

Great, thanks so much. I wanted to just see if you could help us reconcile, had a pretty good beat in the quarter and reaffirmed the guidance for the full year. Any puts and takes on kind of what the reform was as opposed to the beat in the quarter -- with the increase, I'm sorry.

太好了，非常感謝。我只是想看看您是否可以幫助我們達成和解，在本季度取得了相當不錯的成績，並重申了全年的指導。對於本季改革與成長之間的任何對比，我深感抱歉。

The amount of the raise on the guidance relative to the beat looks like, you define more than you raised it conservatism or anything to kind of call out just based on where the quarter on versus how much the full year guidance was increased.

相對於超出預期的指導上調幅度看起來，你定義的不僅僅是提高保守性，或者任何僅基於季度情況與全年指導上調幅度而得出的東西。

Yeah. Well, I mean, we did have -- we talked about in the script, we've got some one-time expenses that we're going to have in the fourth quarter. And there's some of that, that probably wasn't in -- earlier in the year, there's some things -- as we get to the end of the year, we can take some charges and we've done it in the past. And I think we'll probably be doing some of that this year as well. So that's probably the delta.

是的。嗯，我的意思是，我們確實有——我們在腳本中討論過，我們在第四季度會有一些一次性支出。其中有些事情可能在今年早些時候還沒有發生過，但到了年底，我們可以收取一些費用，過去我們也這樣做過。我認為我們今年可能也會做一些這樣的事情。這可能就是增量。

That's super helpful. And then just with all the questions, I know the regulation is so hard to frame, but are there any goalposts in terms of timing or just events that you could kind of point us to? Or there may just be some clarification whether it's out of the FHFA order border organization just as we're thinking about expectations over the course of the year? I mean just given it feels like there's (technical difficulty)

這非常有幫助。然後針對所有這些問題，我知道製定規則非常困難，但是在時間或事件方面是否有任何目標可以讓我們參考？或者可能只是需要澄清一下，這是否超出了 FHFA 命令邊境組織的範圍，就像我們在考慮全年的期望一樣？我的意思是，考慮到感覺（技術難度）

No, I think if we take where we are today as the status quo, which is what it is, I think you're looking at years to figure out how market share settles out because it's not easy to switch and because we have a better score. So TBD under what circumstances and whether at all, there's share shift. But we'll see. But it won't happen fast. It will take time.

不，我認為如果我們將今天的狀況作為現狀，那麼我認為你需要花數年時間才能弄清楚市場份額如何穩定下來，因為轉換並不容易，而且我們的得分更高。因此，尚不清楚在什麼情況下以及是否會出現份額轉移。但我們會看到。但這不會很快發生。這需要時間。

Thank you.

謝謝。

Thank you. And I'm showing no further questions at this time. I will now turn the call back to David for any final comments.

謝謝。我現在沒有其他問題了。現在我將把電話轉回給大衛，請他發表最後的評論。

Yeah, thanks very much. I just want to circle back on I've asked the question at the beginning around the number of FICO 10 T lenders and attraction to markets. I think it's important to remind the audience, lenders use FICO 10 T for a lot of use cases, underwriting, loan production, execution, servicing.

是的，非常感謝。我只是想回到一開始我提出的問題，有關 FICO 10 T 貸款人的數量及其對市場的吸引力。我認為有必要提醒觀眾，貸款人在許多用例中使用 FICO 10 T，包括承保、貸款產生、執行、服務。

We have over 30 mortgage lenders today using FICO 10 T. Some of those lenders use it for securitization, they're securitizing with FICO 10 T already. And the MCT is a platform where the MBS market flows through and they also have adopted FICO 10 T. So we have a lot of places where FICO 10 T exists in the ecosystem and the traction is very strong. So thanks, everyone, for the call. Appreciate it.

目前，我們有超過 30 家抵押貸款機構使用 FICO 10 T。其中一些貸款機構將其用於證券化，他們已經在使用 FICO 10 T 進行證券化。MCT 是 MBS 市場流通的平台，他們也採用了 FICO 10 T。因此，我們的生態系中有很多地方都存在 FICO 10 T，而且吸引力非常強。謝謝大家的來電。非常感謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect. Goodbye.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。再見。