Fair Isaac Corp (FICO) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth-quarter 2025 FICO earnings conference Call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加2025年第四季FICO收益電話會議。（操作說明）

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

現在我把會議交給今天的演講嘉賓戴夫·辛格爾頓，請開始吧。

Good afternoon, and thank you for attending FICO's fourth-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，感謝各位參加FICO第四季財報電話會議。我是投資者關係副總裁戴夫·辛格爾頓，今天與我一起的是我們的執行長威爾·蘭辛和財務長史蒂夫·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，介紹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，以幫助大家了解業務的運作速度。

Certain statements made in this presentation are forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many risks and uncertainties that could cause actual results to differ materially. Information concerning these risks and uncertainties is contained in the company's filings with the SEC, particularly in the Risk Factors and forward-looking statements portions of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

本簡報中的某些陳述屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及諸多風險和不確定性，可能導致實際結果與預期有重大差異。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，特別是這些文件中的「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. This includes an FY26 guidance reconciliation of GAAP to non-GAAP earnings, which are adjusted for items such as stock-based compensation and excess tax benefit. This reconciliation as part of the earnings release included an Exhibit 99.1 to our 8-K, which we filed with the SEC under Item 2.02 called results of operations and financials.

本次電話會議也將包含有關某些非GAAP財務指標的聲明。請參閱公司今天發布的獲利報告和 G 條例附表，以了解每項非 GAAP 財務指標與最可比較 GAAP 指標的調整。其中包括 2026 財年 GAAP 與非 GAAP 收益的調整指引，其中已根據股票選擇權費用和超額稅收優惠等項目進行了調整。作為收益發布的一部分，此對帳包括我們向美國證券交易委員會提交的 8-K 表格中的附件 99.1，該表格屬於第 2.02 項，稱為經營業績和財務報表。

The earnings release and Regulation G schedule are available on the Investor Relations page of the company's website at fico.com or on the SEC's website at sec.gov. A replay of this webcast will be available through November 5, 2026.

獲利報告和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。本次網路直播的回放將保留至2026年11月5日。

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

現在我將把電話交給我們的執行長威爾·蘭辛。

Thanks, Dave, and thank you, everyone, for joining us for our fourth-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，也謝謝各位參加我們的第四季財報電話會議。在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提及這些幻燈片。

Today, I'll talk about this quarter's results and our guidance for fiscal '26. We had another fantastic year. We exceeded fiscal '25 guidance on all metrics and delivered record annual free cash flow. As shown on page 2 of the fourth quarter financial highlights, we reported Q4 revenues of $516 million, up 14% over last year. For the full fiscal year, we delivered $1.991 billion, up 16% versus the prior year.

今天，我將談談本季的業績以及我們對 2026 財年的展望。我們又度過了精彩的一年。我們在2025財年各項指標上均超出預期，並實現了創紀錄的年度自由現金流。如第四季財務亮點報告第 2 頁所示，我們報告第四季營收為 5.16 億美元，比去年成長 14%。本財年，我們實現了 19.91 億美元的收入，比前一年增長了 16%。

In our Software segment, we delivered $204 million in Q4 revenues. While performance at the segment level was flat year over year, results included 17% platform revenue growth driven by FICO platform and 7% decline in non-platform revenue due to the end-of-life legacy products and timing of recurring revenue within the quarter.

在軟體業務方面，我們在第四季度實現了 2.04 億美元的收入。雖然業務部門的業績與去年同期持平，但業績包括 FICO 平台帶來的 17% 的平台收入增長，以及由於傳統產品生命週期結束和季度內經常性收入的時間安排，非平台收入下降了 7%。

For the fiscal year, we delivered $822 million in revenue, up 3% from last year. We have strong momentum in our software business, driven by customer adoption of FICO platform. At FICO World, we announced upcoming general availability of next-generation FICO platform, enterprise fraud solution natively on FICO platform, and the groundbreaking FICO marketplace.

本財年，我們實現了 8.22 億美元的收入，比上年增長了 3%。在客戶對 FICO 平台的廣泛採用推動下，我們的軟體業務發展勢頭強勁。在 FICO World 大會上，我們宣布即將全面推出下一代 FICO 平台、基於 FICO 平台的原生企業詐欺解決方案以及突破性的 FICO 市場。

Our R&D investments are directly tied to driving real value for our customers. These innovations bring connected end-to-end customer experience, including new use cases to the market. They enable smarter explainable outcomes, improve performance and improve speed of deployment, and yield better customer ROI.

我們的研發投入與為客戶創造實際價值直接相關。這些創新為市場帶來了互聯的端到端客戶體驗，包括新的應用場景。它們能夠實現更聰明、更可解釋的結果，提高效能和部署速度，並帶來更好的客戶投資報酬率。

This quarter, we announced the general availability of FICO-focused foundation model for financial services, what we call FICO FFM. FICO FFM consists of FICO-focused language model, which is FICO FLM; and FICO focused sequence model, which is FICO FSM. It's a domain data and problem-specific Gen AI model for financial services that delivers accurate and auditable outcomes.

本季度，我們宣布為金融服務推出以 FICO 為中心的基礎模型，我們稱之為 FICO FFM。FICO FFM 由 FICO 重點語言模型（即 FICO FLM）和 FICO 重點序列模型（即 FICO FSM）組成。這是一個針對金融服務領域的數據和問題的特定領域人工智慧模型，可提供準確且可審計的結果。

FICO FFM enables enterprises to use small language models built for their specific business problems, significantly helping to mitigate hallucinations and provide transparency, auditability, and adaptability. FICO FFM achieves improved accuracy and cost efficiencies compared to conventional Gen AI models. For example, FICO FFM results in more than 35% left in world-class transaction analytic models in areas such as fraud detection, while requiring up to 1,000 times fewer resources compared to conventional Gen AI models.

FICO FFM 使企業能夠使用為其特定業務問題建立的小型語言模型，從而顯著幫助減少幻覺，並提供透明度、可審計性和適應性。與傳統的 Gen AI 模型相比，FICO FFM 實現了更高的準確性和成本效益。例如，FICO FFM 在詐欺偵測等領域的世界級交易分析模型中保留了 35% 以上的資源，同時與傳統的 Gen AI 模型相比，所需的資源減少了 1000 倍。

In fiscal '26, we plan to advance our direct and indirect distribution strategy and invest to capture market opportunities emerging from these innovations. Steve will discuss that further later on. As a reminder, analytic innovation and intellectual property at FICO are protected by our patent portfolio of over 230 issued patents and nearly 80 pending applications. Many of these issued and pending patents are AI-specific and reinforce FICO's position at the forefront of responsible AI development.

在 2026 財年，我們計劃推進直接和間接分銷策略，並進行投資以抓住這些創新帶來的市場機會。史蒂夫稍後會進一步討論這個問題。再次提醒，FICO 的分析創新和智慧財產權受到我們已頒發的 230 多項專利和近 80 項正在申請的專利組合的保護。這些已頒發和正在申請的專利中有很多都與人工智慧相關，鞏固了 FICO 在負責任的人工智慧開發領域的前沿地位。

Turning to Scores. In our Scores segment, our fourth quarter revenues were $312 million, up 25% versus the prior year. While B2B scores were the key driver of growth, we also saw continued encouraging growth in B2C scores. For the full year, our revenues were $1.169 billion, up 27% versus last year, and that was materially driven by B2B scores.

轉向比分。在我們的評分業務板塊，第四季營收為 3.12 億美元，比上年同期成長 25%。雖然 B2B 評分是成長的主要驅動力，但我們也看到 B2C 評分持續令人鼓舞的成長。全年來看，我們的收入為 11.69 億美元，比上年增長 27%，這主要得益於 B2B 評分的增長。

The FICO Score used by 90% of top US lenders continues to be the standard measure of consumer credit risk in the US. Long-term model stability is a critical consideration for lenders in determining which credit scoring model to use for originations. FICO Scores are used by lenders across consumer credit sectors because they're time tested, trusted, reliable, and they are the independent standard around the world. In fact, FICO remains the only independent analytics provider and the only score with known predictable performance through a complete economic cycle, including the stressful period of the great recession.

美國90%的頂級貸款機構使用的FICO評分仍然是美國消費者信用風險的標準衡量標準。對於貸款機構而言，長期模型穩定性是決定使用哪種信用評分模型進行貸款發放的關鍵考慮因素。FICO 評分被消費信貸領域的貸款機構廣泛使用，因為它經過時間考驗、值得信賴、可靠，並且是全球範圍內的獨立標準。事實上，FICO 仍然是唯一獨立的分析供應商，也是唯一一家在整個經濟週期（包括經濟大衰退的壓力時期）中表現可預測的評分機構。

FICO Scores continue to be widely used and critically relied on throughout the consumer credit ecosystem. That includes cards, personal loans, auto lending and mortgages. The FICO Score was established as an industry standard and was freely chosen by mortgage market participants long before the GSE selected classic FICO as the credit score for guaranteeing conforming mortgages.

FICO評分在整個消費者信貸生態系統中繼續被廣泛使用和高度依賴。這包括信用卡、個人貸款、汽車貸款和抵押貸款。FICO 評分被確立為行業標準，早在 GSE 選擇經典 FICO 作為保證合格抵押貸款的信用評分之前，抵押貸款市場參與者就已自由選擇 FICO 評分。

With no government guarantee outside of conforming mortgages, market participants seek out the most predictive score, which is often one of our recent innovations, like FICO 8, FICO Auto 10 and FICO 10T. In fact, bureaus have provided free Vantage scores for years outside of mortgage, yet FICO has continued to successfully compete and win business in those areas.

除了符合規定的抵押貸款之外，沒有政府擔保，市場參與者會尋求最具預測性的評分，這通常是我們最近的創新之一，例如 FICO 8、FICO Auto 10 和 FICO 10T。事實上，信用機構多年來一直在抵押貸款以外的領域提供免費的 Vantage 評分，但 FICO 仍然在這些領域成功地競爭並贏得業務。

Our scores remain the standard for use in mortgage underwriting and pricing in investor credit risk and prepayment models, in capital requirements, and by credit rating agencies for mortgage-backed securities ratings. Classic FICO is critical to driving investor pricing of mortgage-back to another securities and ultimately, the cost consumers pay in the mortgage industry.

我們的評分仍然是抵押貸款承銷和定價、投資者信用風險和提前還款模型、資本要求以及信用評級機構對抵押貸款支持證券進行評級的標準。經典 FICO 信用評分對於推動投資者對抵押貸款證券進行定價至關重要，並最終影響消費者在抵押貸款行業支付的成本。

We recently announced our FICO Mortgage Direct License Program, with a view to driving competition, transparency, and cost savings in mortgage, while aligning with calls from policymakers and industry leaders to modernize credit infrastructure and promote affordability, liquidity and access in the $12 trillion US mortgage market.

我們最近宣布了 FICO 抵押貸款直接許可計劃，旨在推動抵押貸款領域的競爭、透明度和成本節約，同時響應政策制定者和行業領導者的呼籲，實現信貸基礎設施現代化，並促進 12 兆美元美國抵押貸款市場的可負擔性、流動性和可及性。

In the short time since our announcement, we've seen overwhelming interest in the FICO Mortgage Direct License Program. As we announced today, we entered into a multi-year direct license and distribution agreement with Xactus, the largest credit verification and tri-merge provider of FICO Scores.

自從我們宣布以來，短短時間內，我們就看到了大家對 FICO 抵押貸款直接許可計劃的濃厚興趣。正如我們今天宣布的那樣，我們與最大的信用驗證和 FICO 評分三合併提供者 Xactus 簽署了一項多年直接許可和分銷協議。

In addition, we're actively engaged with resellers representing about 90% of mortgage volume, including the largest tri-merge resellers as well as technology platform providers, who serve the smaller tri-merge resellers to enable our mortgage direct program as quickly and efficiently as possible. We've already provided our FICO Score scoring software for the mortgage direct license program software to the top 4 resellers along with several key platform providers.

此外，我們積極與約佔抵押貸款量 90% 的轉售商合作，其中包括最大的三方合併轉售商以及為較小的三方合併轉售商提供服務的技術平台提供商，以盡可能快速有效地實現我們的抵押貸款直接計劃。我們已經向排名前 4 的經銷商以及幾個主要平台提供者提供了用於抵押貸款直接許可計劃軟體的 FICO 評分軟體。

With our FICO Mortgage Direct License Program, tri-merge resellers have the option to calculate and distribute FICO Scores directly to their customers, eliminating reliance on the three nationwide credit bureaus. The calculation of the FICO Score and the packaging to create a tri-merge bundle does not add incremental complexity or risk for tri-merge resellers.

透過我們的 FICO 抵押貸款直接許可計劃，三合併轉售商可以選擇直接計算 FICO 分數並將其分發給客戶，從而消除對三大全國性信用機構的依賴。FICO 評分的計算以及創建三合一捆綁包的打包不會為三合一經銷商增加額外的複雜性或風險。

The tri-merge resellers have the infrastructure and processes to package data today as this is their core business. The FICO Score algorithm that will now be used by the resellers under our direct program is the same model as what is currently installed at the bureaus today. The underlying data used by resellers and bureaus in the FICO Score models is the very same data.

三方合併經銷商擁有打包資料的基礎設施和流程，因為這是他們的核心業務。我們直銷計畫下的經銷商現在將使用的 FICO 評分演算法與目前信用機構安裝的演算法是同一模型。經銷商和徵信社在 FICO 評分模型中使用的基礎資料是完全相同的資料。

The data format for the FICO direct license program is the very same data format processed by tri-merge resellers today that lenders use today and that's required in the conforming mortgage market by Freddie and Fannie today. In fact, it's the same format we use in our partnership with the tri-merge resellers for the FICO Score mortgage simulator, which is in the market today.

FICO 直接許可計劃的資料格式與如今貸款機構使用的三合併轉售商處理的資料格式完全相同，這也是房利美和房地美如今在合格抵押貸款市場中要求的資料格式。事實上，這與我們目前在市場上與三方合併經銷商合作推出的 FICO 評分抵押貸款模擬器所使用的格式相同。

Our FICO mortgage direct license program provides optionality to the market. We offer two alternative pricing models, ahistorical per-score pricing model and a new performance pricing model. The performance pricing model was built on successful mortgage funding and answers the call of industry participants to provide optionality in our pricing models. We anticipate resellers evaluating lenders throughput rates to determine, which FICO Score pricing models provides lenders with the most savings.

我們的FICO抵押貸款直接許可計劃為市場提供了更多選擇。我們提供兩種替代定價模式，一種是依歷史分數定價模式，另一種是新的績效定價模式。績效定價模型建立在成功的抵押貸款融資基礎上，響應了行業參與者在定價模型中提供選擇權的呼籲。我們預計經銷商將評估貸款機構的貸款處理率，以確定哪種 FICO 評分定價模式可以為貸款機構節省最大成本。

From a pricing perspective, the FICO Score for mortgage originations was $4.95 per score in 2025. The bureaus market is priced up on average to $10 per score. In 2026, under the FICO Direct License Program, lenders have a choice of either the performance model at $4.95 per score plus a funding fee at closing or the per score model at $10 per score.

從定價角度來看，2025 年抵押貸款發放的 FICO 評分每次評分的價格為 4.95 美元。信用評分機構的市場價格平均為每次評分 10 美元。2026 年，根據 FICO 直接許可計劃，貸款機構可以選擇按績效收費，每次評分收費 4.95 美元，外加成交時的融資費；或按評分收費，每次評分收費 10 美元。

The performance model yielded a 50% reduction in average per score fees to what resellers paid for FICO Scores in 2025. And the per-score model is on average the same price as the resellers paid for FICO Scores in 2025. Lenders obviously have a lot to consider when evaluating which credit scores to adopt, and that decision considers factors well beyond the upfront cost of the credit scores.

此績效模型使經銷商在 2025 年支付的 FICO 分數平均費用降低了 50%。而按分數計費模式的平均價格與 2025 年經銷商為 FICO 分數支付的價格相同。貸款機構在評估採用哪種信用評分時顯然有很多因素需要考慮，而這個決定所考慮的因素遠遠不止信用評分的前期成本。

Classic FICO is still the only score used for conforming mortgages guaranteed by the GSE. It is the only score that has performance data through the Great Recession in 2008, 2009. It's the only score that's leveraged throughout our secondary mortgage markets regardless of GSE guarantees predictiveness of the score matters.

經典 FICO 評分仍然是 GSE 擔保的合格抵押貸款唯一使用的評分。它是唯一一個擁有 2008 年和 2009 年經濟大衰退期間表現數據的評分系統。這是唯一一個無論政府支持企業 (GSE) 是否擔保，都會在我們的二級抵押貸款市場中廣泛使用的評分，評分的預測性至關重要。

Recent independent studies by Milliman, Urban Institute, AEI Housing Center, and others have found Classic FICO, a score developed 20 years ago to perform similarly or on a par with or at times to outperform they recently developed managed Score 4.

Milliman、Urban Institute、AEI Housing Center 等機構最近的獨立研究發現，20 年前開發的 Classic FICO 評分系統，其表現與他們最近開發的管理評分 4 類似或持平，有時甚至更勝一籌。

Our latest score, FICO 10T, is the most predictive and inclusive credit scoring model on the market. We continue to see growing momentum and adoption of FICO Score 10T. There's a large industry efficiency benefit in testing FICO 10T and VantageScore for simultaneously, and we expect FICO Score 10T to be made available for implementation at the GSEs. FICO 10T builds upon FICO's decades as a trusted pillar of the mortgage ecosystem using advanced modeling techniques and comprehensive consumer financial data, including rental payments, the set data that we at FICO have used in our credit score model since 2015.

我們最新的評分系統 FICO 10T 是市場上最具預測性和包容性的信用評分模型。我們持續看到 FICO Score 10T 的發展動能和普及度不斷提高。同時測試 FICO 10T 和 VantageScore 可以大幅提高產業效率，我們預期 FICO Score 10T 將在 GSE 中投入使用。FICO 10T 建立在 FICO 數十年來作為抵押貸款生態系統中值得信賴的支柱的基礎上，利用先進的建模技術和全面的消費者財務數據（包括租金支付），這些數據是我們 FICO 自 2015 年以來一直在信用評分模型中使用的數據集。

In addition to rental data, utility data, and telco data, by leveraging trended credit data, FICO Score 10T analyzes borrower behavior over time, which allows lenders using the score to gain deeper insights into prospective borrowers, helping them to make more precise lending decisions. Our latest score is a meaningful step forward in credit risk assessment.

除了租金數據、公用事業數據和電信數據外，FICO Score 10T 還利用趨勢信用數據分析借款人隨時間推移的行為，使使用該評分的貸款機構能夠更深入地了解潛在藉款人，幫助他們做出更精確的貸款決策。我們最新的評分是信用風險評估向前邁出的重要一步。

FICO 10T offers significant improvements in predictive accuracy combined with a focus on fairness and model stability offering tremendous benefits for lenders, investors, and borrowers alike. Earlier this year, our team at FICO published a comprehensive white paper demonstrating our FICO Score 10T offer significant improvement in predictive accuracy over our other models, including both VantageScore and Classic FICO. The link to that white paper and other studies mentioned in today's earnings call can be found in our Investor Relations presentation.

FICO 10T 在預測準確性方面有了顯著提高，同時注重公平性和模型穩定性，為貸款人、投資者和借款人帶來了巨大的好處。今年早些時候，我們 FICO 團隊發布了一份全面的白皮書，證明我們的 FICO Score 10T 在預測準確性方面比我們的其他模型（包括 VantageScore 和 Classic FICO）有顯著提高。該白皮書以及今天財報電話會議中提到的其他研究的鏈接，可以在我們的投資者關係演示文稿中找到。

Specifically, FICO Score 10T identified 18% more defaulters in the critical score decile commonly used for mortgage originations, while VantageScore identified only marginally more than classic FICO. FICO Score 10T also enables a 5% increase in mortgage originations without taking on additional credit risk. Vantage 4 claims is far more consumers but do so using models that are statistically unsound for predicting risk, for example, scoring using one month of payment history. We by contrast, don't lower our standards.

具體來說，FICO Score 10T 在抵押貸款發放常用的關鍵評分十分位中識別出的違約者比 VantageScore 多 18%，而 VantageScore 識別出的違約者數量僅比經典 FICO 多一點點。FICO Score 10T 還可以在不承擔額外信用風險的情況下，使抵押貸款發放量增加 5%。Vantage 4 聲稱擁有更多消費者，但他們使用的模型在統計上並不合理，例如，僅使用一個月的付款歷史進行評分，無法準確預測風險。相反，我們不會降低標準。

In 2024, the GSE average credit profile included an average FICO Score of 758. Vantage 4 claims they can score more consumers. But with less than 10% of GSE guaranteed loans below FICO Score 680, this does not result in a material increase in loan qualifications that are guaranteed by the GSEs. In fact, it can actually hinder those who have thin credit profiles from processes that are already in place that are designed to improve no file or thin-file applicants. Make no mistake, we have access to the same data as our competition. What matters is how the data is used to innovate scoring models to yield the best risk prediction.

2024 年，GSE 的平均信用狀況包括平均 FICO 評分 758。Vantage 4 聲稱他們能贏得更多消費者。但由於只有不到 10% 的 GSE 擔保貸款的 FICO 評分低於 680，因此這不會導致 GSE 擔保的貸款資格大幅增加。事實上，它實際上可能會阻礙那些信用記錄薄弱的人參與現有的、旨在改善無信用記錄或信用記錄薄弱的申請人的流程中。毋庸置疑，我們和競爭對手擁有相同的數據。重要的是如何利用這些數據來創新評分模型，從而得出最佳的風險預測結果。

FICO's decades of experience enable us to innovate better, as shown in the outstanding performance of FICO 10T versus Vantage 4, which can only keep pace, in some cases, can't even do that with the score that we created two decades ago. FICO Score 10T's better performance will drive benefit for not only mortgage insurers and investors but other market participants as well. It will deliver improved mortgage pricing and lower monthly cost for borrowers; it's going to benefit millions of Americans.

FICO 數十年的經驗使我們能夠更好地進行創新，這從 FICO 10T 相對於 Vantage 4 的出色表現中可見一斑，Vantage 4 只能勉強跟上，在某些情況下甚至無法與我們二十年前創建的評分系統相提並論。FICO Score 10T 的出色表現不僅將使抵押貸款保險公司和投資者受益，還將使其他市場參與者受益。這將改善抵押貸款定價，降低借款人的每月還款額；這將使數百萬美國人受益。

To further emphasize this point, the benefits of FICO Score 10T are not hypothetical. In the non-conforming mortgage industry, FICO Score 10T has already been adopted by nearly 40 lenders accounting for more than $316 billion in annual originations and more than $1.5 trillion in eligible servicing volume. Most making multi-year commitments to use the FICO Score for mortgage decisions in both the conforming and non-conforming markets.

為了進一步強調這一點，FICO Score 10T 的好處並非假設性的。在非標準抵押貸款產業，FICO Score 10T 已被近 40 家貸款機構採用，這些機構的年貸款發放超過 3,160 億美元，符合條件的貸款服務超過 1.5 兆美元。大多數機構都做出了多年承諾，在合格市場和非合格市場中，都將使用 FICO 評分作為抵押貸款決策依據。

We're proud of our innovations and ability to adapt to needs of our customers. We're excited about the reception and adoption of our latest offers. I'm going to pass it now over to Steve for further financial details.

我們為我們的創新能力和適應客戶需求的能力感到自豪。我們對最新產品的反應和接受度感到非常興奮。我現在要把這件事交給史蒂夫，讓他進一步詢問財務細節。

Thanks, Will, and good afternoon, everyone. We had another good quarter with total quarterly revenues of $516 million, an increase of 14% over the prior year. As we discussed last quarter, sequential revenue is down due primarily to lower point in time revenues from scores and software licenses as well as seasonality and lower professional services revenues.

謝謝你，威爾，大家下午好。我們又迎來了一個不錯的季度，季度總收入為 5.16 億美元，比上年增長了 14%。正如我們上個季度所討論的，環比收入下降主要是由於樂譜和軟體授權的收入在特定時間點有所下降，以及季節性因素和專業服務收入下降所致。

Software segment revenues for the quarter were $204 million, flat versus the prior year. From page 5 of our presentation within that segment, you could see on-premise and SaaS software revenues were flat year-over-year, while professional services declined 5%. We delivered $822 million in fiscal year revenue, which was up 3% from the year -- from the prior year.

本季軟體業務收入為 2.04 億美元，與去年同期持平。從我們簡報的第 5 頁可以看出，該部分內容顯示，本地部署和 SaaS 軟體收入與上年持平，而專業服務收入下降了 5%。本財年我們的營收為 8.22 億美元，比前一年成長了 3%。

This quarter, 87% of total company revenues were derived from our Americas region, which is the combination of our North America and Latin America regions. Our EMEA region generated 8% of revenues, and the Asia Pacific region delivered 5%.

本季度，該公司總收入的 87% 來自美洲地區，該地區包括北美和拉丁美洲地區。我們的 EMEA 地區貢獻了 8% 的收入，亞太地區貢獻了 5% 的收入。

Score segment revenues for the quarter were $312 million, up 25% from the prior year. As shown on page 6 of the presentation, B2B revenues were up 29%, primarily attributable to a higher mortgage origination scores unit price.

本季得分業務收入為 3.12 億美元，比上年同期成長 25%。如簡報第 6 頁所示，B2B 收入成長了 29%，主要歸功於抵押貸款發放評分單位價格的提高。

Sequentially, B2B revenue slightly improved when excluding our prior-quarter multi-year US license renewal on our insurance score product last quarter. Our B2C revenues were up 8% versus the prior year, driven both by our MyFico.com business and our indirect channel partners.

從環比來看，如果排除上一季保險評分產品在美國的多年期許可證續約費用，B2B 收入略有成長。我們的 B2C 收入比上年增長了 8%，這主要得益於 MyFico.com 業務和間接通路合作夥伴的推動。

Total Scores revenues were $1.169 billion, up 27% despite lower than historical mortgage originations volumes driven by persistently high interest rates. Fourth-quarter mortgage originations revenues were up 52% versus the prior year. Mortgage origination revenues accounted for 55% of B2B revenue and 45% of total scores revenue. Auto originations revenues were up 24%, while credit card, personal loan, and other originations revenues were up 7% versus the prior year.

儘管受持續高利率影響，抵押貸款發放量低於歷史水平，但 Total Scores 的收入仍達到 11.69 億美元，成長了 27%。第四季抵押貸款發放收入比上年同期成長 52%。抵押貸款發放收入佔 B2B 收入的 55%，佔總評分收入的 45%。汽車貸款發放收入增加了 24%，而信用卡、個人貸款和其他貸款發放收入與前一年相比增加了 7%。

Turning to guidance for '26. Our FY26 revenue guidance assumes software SaaS growth driven mainly by FICO platform and offset by less point-in-time revenue due to fewer non-platform license renewal opportunities and a similar level of annual professional services revenue. For our Scores business, our guidance doesn't anticipate any significant improvement in the macroenvironment.

轉向2026年的指導意見。我們對 2026 財年的營收預期是，軟體 SaaS 成長主要由 FICO 平台驅動，但非平台授權續約機會減少導致的單次收入下降以及年度專業服務收入水準相近，將抵消這一成長。對於我們的評分業務，我們預計宏觀環境不會有任何顯著改善。

We also don't expect any loss of market share or any significant volume changes in auto card and personal loan originations. As a reminder, our last quarter contained one material nonrecurring multi-year US license renewal on our insurance score product that we won't see in FY26.

我們也預期汽車信用卡和個人貸款發放的市佔率不會下降，業務量也不會發生重大變化。提醒一下，我們上個季度有一筆重要的、非經常性的多年期美國保險評分產品許可證續期款項，這筆款項在 2026 財年不會再產生。

As shown on page 7 of our investor presentation, our total software ARR was $747 million, a 4% increase over the prior year. Platform ARR was $263 million, representing 35% of our total Q4 '25 ARR. Platform ARR grew 16% versus the prior year, while non-platform declined 2% to $484 million this quarter.

如我們在投資者簡報第 7 頁所示，我們的軟體 ARR 總額為 7.47 億美元，比前一年增長了 4%。平台 ARR 為 2.63 億美元，占我們 2025 年第四季總 ARR 的 35%。平台 ARR 較上年同期成長 16%，而非平台 ARR 本季下降 2% 至 4.84 億美元。

Our platform ARR experienced lower performance due to usage reductions from select CCS customers. Non-platform ARR was consistent with the last few quarters. We expect total software ARR to increase in fiscal 2026, reflecting the benefit of recent FICO platform bookings going live.

由於部分 CCS 客戶的使用量減少，我們的平台 ARR 效能有所下降。非平台收入與過去幾季保持穩定。我們預計 2026 財年軟體總 ARR 將增加，這反映了近期 FICO 平台預訂上線帶來的好處。

Our platform lend-and-expand strategy continues to be successful. On page 8, our dollar-based net retention rate in the quarter was 102%. Platform NRR was 112%, while our non-platform NRR was 97%. Platform NRR was driven by a combination of new use cases and increased usage of existing use cases.

我們的平台借貸擴張策略持續成功。第 8 頁顯示，本季以美元計價的淨留存率為 102%。平台淨收入率為 112%，而非平台淨收入率為 97%。平台淨收入成長是由新的用例和現有用例使用量的增加共同推動的。

Our software ACV bookings for the quarter were $32.7 million compared to $22.1 million in the prior year, representing our best quarterly ACV performance in the six years since we began disclosing this metric. On a full-year basis, ACV bookings reached $102 million, our strongest annual performance over that timeframe.

本季我們的軟體 ACV 預訂額為 3,270 萬美元，而去年同期為 2,210 萬美元，這是我們自開始披露該指標以來六年來最好的季度 ACV 業績。全年累計合約價值 (ACV) 預訂金額達到 1.02 億美元，這是我們同期業績最好的一年。

Expenses for the quarter as shown on page 5 of the financial highlights presentation. Total expense -- operating expenses were $279 million this quarter versus $274 million in the prior quarter, a 2% increase. In our prior quarter's prepared remarks, we outlined key factors we expect to contribute to a sequential increase in total expenses. Those factors largely materialized as expected and included $10.9 million for restructuring, increased interest expense, and increased marketing expenses.

本季支出狀況請見財務摘要簡報第 5 頁。本季總支出－營運支出為 2.79 億美元，而上一季為 2.74 億美元，成長 2%。在上一季的準備報告中，我們概述了預計會導致總支出較上季成長的關鍵因素。這些因素基本上如預期般實現，其中包括 1,090 萬美元的重組費用、增加的利息支出和增加的行銷費用。

Partially offsetting these factors, stock-based compensation declined in Q4 due to forfeitures. The restructuring I noted was the result of reallocating resources to align with our strategy. For the full year, our expenses were $1.066 billion versus $984 million in the prior year, an increase of 8%. Our FY26 guidance assumes a similar year-over-year operating expense growth compared to the prior year.

部分抵銷這些因素的是，由於股票選擇權被沒收，第四季度股票選擇權激勵支出有所下降。我提到的重組是為了重新分配資源以配合我們的策略而進行的。全年支出為 10.66 億美元，而上一年為 9.84 億美元，成長了 8%。我們對 2026 財年的業績預期是，營運費用年增率與前一年持平。

We maintain our focus on efficiencies and are committed to prioritizing resources to our most strategic initiatives. Investments focused on headcount for distribution and continued development of our FICO platform as well as increased headcount for our scores business and marketing across both sides of the business.

我們將繼續專注於提高效率，並致力於將資源優先投入最具戰略意義的措施。投資重點在於增加分銷人員和持續開發 FICO 平台的人員，以及增加評分業務和行銷人員，涵蓋業務的各個方面。

Our non-GAAP operating margin, as shown in our Reg G schedule, was 54% for the quarter compared with 52% in the same quarter last year. We delivered year-over-year non-GAAP operating margin expansion of 210 basis points. Our full-year non-GAAP operating margin was 55%, an improvement of 340 basis points year over year. We reported $155 million in GAAP net income in the quarter, up 14%; and GAAP earnings of $6.42 per share, up 18% from the prior year.

根據我們的Reg G附表顯示，本季非GAAP營業利潤率為54%，而去年同期為52%。我們實現了同比非GAAP營業利潤率成長210個基點。我們全年的非GAAP營業利潤率為55%，比上年提高了340個基點。本季GAAP淨利為1.55億美元，成長14%；GAAP每股收益為6.42美元，較上年成長18%。

Excluding restructuring, GAAP net income would have been $166 million with an earnings of $6.76. As reported, for the full fiscal year, we delivered $652 million in GAAP net income, equating to $26.54 of earnings per share, up 27% and 30%, respectively. For the quarter, we reported $187 million in non-GAAP net income, up 15% and non-GAAP earnings per share of $7.74 per share, up 18% from the prior year. And note, restructuring has added back to the non-GAAP net income, as shown on the Reg G schedule.

若不計重組，以美國通用會計準則計算的淨利為1.66億美元，每股收益為6.76美元。根據報告，本財年我們實現了6.52億美元的美國通用會計準則淨利潤，相當於每股收益26.54美元，分別成長了27%和30%。本季度，我們公佈的非GAAP淨收入為1.87億美元，成長15%；非GAAP每股收益為7.74美元，比上年增長18%。另外要注意的是，重組已將非GAAP淨收入增加，如Reg G附表所示。

For the full fiscal year, we delivered $734 million in non-GAAP net income equating to $29.88 of earnings per share, up 23% and 26%, respectively. The effective tax rate for the quarter was 23.4%, and the operating tax rate was 25%. Our full-year net effective tax rate was 18.8%, while the operating rate was 25%. As a reminder, the key difference between operating tax rate and net effective tax rate was the $44 million excess tax benefit. Our FY26 guidance assumes a net effective tax rate of 24% with an operating tax rate of 25%.

在整個財年，我們實現了 7.34 億美元的非 GAAP 淨收入，相當於每股收益 29.88 美元，分別成長了 23% 和 26%。本季實際稅率為 23.4%，營業稅率為 25%。我們全年的淨有效稅率為 18.8%，而營運稅率為 25%。需要提醒的是，營業稅率和淨有效稅率之間的主要區別在於 4,400 萬美元的超額稅收優惠。我們 2026 財年的業績預期假設淨有效稅率為 24%，營業稅率為 25%。

As shown on page 10, we delivered free cash flow of $211 million in our fourth quarter. Over the last four quarters, we delivered $739 million in free cash flow, which represents an increase of 22% year over year. At the end of the quarter, we had $189 million in cash and marketable investments. Our total debt at quarter end was $3.06 billion with a weighted average interest rate of 5.27%.

如第 10 頁所示，我們在第四季度實現了 2.11 億美元的自由現金流。過去四個季度，我們實現了 7.39 億美元的自由現金流，年增 22%。截至季末，我們擁有 1.89 億美元的現金和有價投資。截至季末，我們的總負債為 30.6 億美元，加權平均利率為 5.27%。

As of September 30, 2025, 91% of our debt was held in senior notes with no term loans. We had $275 million balance on our revolving line of credit, which is repayable at any time.

截至 2025 年 9 月 30 日，我們 91% 的債務以優先票據的形式持有，沒有定期貸款。我們的循環信貸額度餘額為 2.75 億美元，可隨時償還。

We continue to return capital to our shareholders through buybacks. This quarter, we repurchased 358,000 shares at an average price of $1,499 per share. For the fiscal year, we repurchased 833,000 shares at an average price of $1,693 per share. Share repurchases totaled $536 million in the fourth quarter and $1.41 billion for fiscal 2025, the highest quarterly and annual repurchase levels in the company's history.

我們將繼續透過股票回購向股東返還資本。本季度，我們以每股 1,499 美元的平均價格回購了 358,000 股股票。本財年，我們以每股 1,693 美元的平均價格回購了 833,000 股股票。第四季股票回購總額為 5.36 億美元，2025 財年股票回購總額為 14.1 億美元，皆為該公司史上最高的季度和年度回購水準。

Going forward, our philosophy has not changed, and we continue to view share repurchases as an attractive use of cash. With that, I'll turn it back to Will for his closing comments.

展望未來，我們的理念沒有改變，我們仍然認為股票回購是現金的一個有吸引力的用途。接下來，我將把麥克風交還給威爾，請他作總結發言。

Thanks, Steve. We continue to execute well in our strategy and we're well positioned for a strong fiscal '25. As we announce our guidance, I'll remind everyone that consistent with prior years, we expect some of the pricing initiatives in '26 to have an additional impact beyond our guided numbers. And because of uncertainty in volumes, it's difficult to estimate the timing and magnitude of that impact.

謝謝你，史蒂夫。我們的策略執行情況良好，我們已做好充分準備，迎接強勁的 2025 財年。在我們公佈業績指引之際，我要提醒大家，與往年一樣，我們預計 2026 年的一些定價舉措將產生超出我們預期數字的額外影響。由於銷售量存在不確定性，因此很難估計這種影響發生的時間和程度。

I'm pleased to report that today, we're guiding even stronger growth than we achieved in fiscal '25. As you can see on page 13, we are guiding the following: revenue of $2.35 billion, an increase of 18% over fiscal '25; GAAP net income of $795 million, an increase of 22%; GAAP EPS of $33.47, an increase of 26%; non-GAAP net income of $907 million, an increase of 24%; and non-GAAP earnings per share of $38.17, an increase of 28%.

我很高興地宣布，今天我們正朝著比 2025 財年更強勁的成長目標邁進。如您在第 13 頁所見，我們預計：營收為 23.5 億美元，比 2025 財年增長 18%；GAAP 淨利潤為 7.95 億美元，增長 22%；GAAP 每股收益為 33.47 美元，增長 26%；非 GAAP 淨利潤為 9.07 淨28%。

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

接下來，我會把電話轉回給戴夫，我們開始問答環節。

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

謝謝你，威爾。我們的演講稿到此結束，現在我們準備接受提問。接線員，請開通線路。

(Operator Instructions) Manav Patnaik, Barclays.

（操作說明）Manav Patnaik，巴克萊銀行。

I guess my one question is just a broader question around your recent discussions with the FHFA. Obviously, there's a lot going on and [direct to] be treated favorably about your recent actions. But then also, like, what's next? A lot of the talk on FICO 10T, do you think that gets approved soon? Just anything there you could provide that would be helpful.

我想問的問題比較廣泛，是關於您最近與聯邦住房金融局 (FHFA) 的討論。顯然，有很多事情正在發生，[直接]是為了讓你最近的行為得到積極對待。但是，接下來又會是什麼呢？最近很多人都在討論 FICO 10T，你覺得它很快就會獲得批准嗎？如果您能提供任何有幫助的信息，那就太好了。

Sure. Well, we've obviously been engaged in constructive conversation with the FHFA. The director has had a big push for increasing competition, and our direct distribution program is a big step in that direction. It basically creates competition in the distribution of credit scores. So that was positively received.

當然。顯然，我們一直在與聯邦住房金融局進行建設性對話。總監一直大力推動增加競爭，而我們的直接分銷計劃正是朝著這個方向邁出的一大步。它從根本上來說，是在信用評分的分配中製造競爭。所以這個提議得到了正面的回應。

With respect to 10T, it is with the GSEs, and we're working with them to get it out. And I can't give you an exact date, but we're confident that eventually it will be released.

關於 10T 的問題，目前由 GSE（全球支援企業）負責，我們正在與他們合作，爭取盡快解決。我無法給出確切的日期，但我們相信它最終一定會發布。

Simon Clinch, Rothschild & Company Redburn.

Simon Clinch，羅斯柴爾德公司雷德伯恩分公司。

Just to clarify, that's Rothschild & Co Redburn. I was wondering, maybe, Steve, if you could talk about some of the assumptions around the actual direct licensing model that you built into the guidance for the year. And how we should think about the cadence of that through the year? Because I know quite a lot is really sensitive to the mix of whether it's the historic model or the performance model.

澄清一下，那是羅斯柴爾德公司（Rothschild & Co Redburn）。史蒂夫，我想問您能否談談您在年度指導方針中納入的實際直接許可模式的一些假設。那我們該如何考慮全年的節奏呢？因為我知道很多事情對是歷史模型還是性能模型的組合非常敏感。

Yeah, that's a really good question. And honestly, I think you follow us for several years. I mean, you realize that we're pretty conservative with the way we guide generally, but we're probably more conservative this year because there's a lot of uncertainties in the macroenvironment and the timing around some of this.

嗯，這確實是個好問題。說實話，我覺得你已經關注我們好幾年了。我的意思是，您也知道，我們通常的指導方式都比較保守，但今年我們可能會更加保守，因為宏觀環境和一些事件發生的時間都存在著許多不確定性。

So with the performance model, for instance, there could be a time lag just because of the way it works if it's performance-based. After the mortgage process starts in December and it's built into January, we won't necessarily get paid on the performance piece of that yet. And even at the end of the year, if the process starts in the August, September timeframe and may not closed until out so that performance might spill into '27. So there's a lot of complexity to all that.

例如，如果採用基於績效的模型，則可能會出現時間延遲，這是由於其工作方式所致。抵押貸款流程從 12 月開始，一直持續到 1 月，但我們不一定會在那時就收到這部分業績的報酬。即使到了年底，如果流程從 8 月、9 月開始，並且可能要到年底才會結束，那麼業績可能會延續到 2027 年。所以，這一切其實非常複雜。

So frankly, we're being very conservative with the way we look at this. And we just don't know for sure yet who's going to take which model. So there's probably more conservatism built in than what we would generally have. And then within a couple of quarters, we'll be able to give you a lot more information on that and how that really shapes up, and then we can all do a better job of understanding the timeline of this.

坦白說，我們對此持非常保守的態度。我們現在還不能確定誰會選擇哪一種車款。所以，其中可能蘊含著比我們通常所擁有的更多的保守主義。然後，在接下來的幾個季度裡，我們將能夠向大家提供更多相關信息，以及事情的最終進展情況，這樣我們大家就能更好地了解這件事的時間表。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I know we've just recently gotten the price information for fiscal 2026, but we're already starting to think about what pricing could look like in fiscal 2027 and beyond. So I was curious if you could talk about how you're thinking about price increases over the long run and if there's any change to the pricing runway now that you're going through this direct model. Thank you.

我知道我們最近才拿到 2026 財年的價格信息，但我們已經開始考慮 2027 財年及以後的價格走勢了。所以我很好奇，您能否談談您是如何看待長期價格上漲的，以及現在您採用這種直接銷售模式後，定價策略是否有任何變化。謝謝。

Well, yeah, I guess that everybody would love to know what the pricing is going to look like in '27, '28, and beyond. And as is our customer, we're not going to share any of that with you because we don't know ourselves.

嗯，是啊，我想大家都很想知道 2027 年、2028 年以及以後的價格會是什麼樣子。就像我們的客戶一樣，我們也不會和你們分享任何這些訊息，因為我們自己也不了解。

We read the market and we read the environment, and here's what you can take as kind of our baseline. We believe that there continues to be a very large value gap between what we charge and the value that the score provides to those who use it. And so we've been on a mission over a number of years, and they'll continue into the future to close that value gap. As we've said in the past, our goal is to do it in a predictable methodical way and not create any kind of big dislocations, but to make it very manageable for all industry participants.

我們分析市場和環境，以下是您可以將其視為我們的基準。我們認為，我們收取的費用與評分給使用者帶來的價值之間仍然存在很大的價值差距。因此，多年來我們一直致力於彌合這種價值差距，未來也將繼續致力於此。正如我們過去所說，我們的目標是以可預測的、有條不紊的方式進行，不造成任何重大的混亂，而是讓所有行業參與者都能輕鬆應對。

But do we believe that the value gap continues to exist? It does. Are we going to address that in coming years? We will. And exactly the nature and form of that and the amount of that is all TBD because we don't know ourselves.

但我們是否認為價值差距依然存在？確實如此。我們是否會在未來幾年內解決這個問題？我們將。至於其性質、形式和數量究竟如何，目前尚待確定，因為我們自己也不清楚。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask about what type of feedback you've gotten from lenders on the two pricing models that you have? And if there's any hesitation around going by the resellers and essentially going direct? Because I believe the performance model is only available if they go direct. And if there are any complexities or additional costs that lenders might have to incur if they're going direct and not to the bureaus.

我想了解一下，對於你們的兩種定價模式，貸款方都給了哪些回饋？如果人們對透過經銷商購買而選擇直接購買有任何猶豫呢？因為我認為只有直接合作才能獲得這種效能模式。如果貸款機構直接向信用機構而非信用機構貸款，可能會產生任何複雜情況或額外費用。

So far, we're getting really positive reduction to the direct model. Now our goal is to make our IP, our FICO Scores available through both the bureaus as we've done historically and through the direct channel through the tri-merge resellers. A lot of enthusiasm for the direct approach. There are not a lot of operational complexities. We'll work through the details. And so it's going to be available.

到目前為止，我們對直接模型的改進效果非常顯著。現在我們的目標是讓我們的智慧財產權和 FICO 信用評分既可以透過信用機構取得（就像我們過去所做的那樣），也可以透過三方合併經銷商的直接管道取得。大家對直接方法充滿熱情。操作上並不複雜。我們會仔細研究細節。所以它將會上市。

In terms of the reaction from lenders, the whole idea was to provide a choice, to provide optionality to let those who consume the scores optimize for their own businesses the way that they consume the scores. And so we've done that with the two models. You can imagine that we spent a lot of time thinking about how to construct them so that we wouldn't be -- we FICO wouldn't be terribly hurt through adverse selection because you can expect for those who consume these scores are going to choose the model that's best for them.

就貸款機構的反應而言，其核心理念是提供選擇，提供選擇權，讓那些使用評分的人能夠根據自身業務情況，以他們使用評分的方式來優化評分。因此，我們已經用這兩個模型完成了這項工作。您可以想像，我們花了很多時間思考如何建造它們，這樣我們就不會——我們 FICO 就不會因為逆向選擇而受到太大的傷害，因為您可以預期，使用這些分數的人會選擇最適合他們的模型。

And so that all went into the calculus. And we're very comfortable that, however, the mix shakes out between the per-score model and the performance model will be fine and customers will be happier.

所以，這些都被納入了微積分的計算中。我們非常有信心，無論採用哪種評分模式，最終的混合模式都會很好，客戶也會更滿意。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Will, given that we've seen 10T adoption in the non-conforming market, can you maybe walk us through those conversations the specifics of the evaluation and maybe how long it took those lenders to make that decision. I think that would be helpful in just kind of color to try and understand the timing around some of these upgrades and the complexity?

Will，鑑於我們已經看到 10T 在非標準市場得到應用，你能否詳細介紹一下這些對話，評估的具體細節，以及這些貸款機構花了多長時間才做出決定？我認為用顏色來表示有助於理解這些升級的時間安排和複雜性？

Well, so in the non-conforming market, more than anywhere else, they truly care about default risk and prepayment risk and the predictiveness of the score really matters. And I think that's what motivates and drives those who already have chosen FICO 10T to do that.

因此，在非正規市場，他們比其他任何地方都更關心違約風險和提前還款風險，評分的預測性也至關重要。我認為這正是那些已經選擇 FICO 10T 的人的動力和驅動力所在。

We make the score available. We give them both classic and FICO 10T. We give them the data with which to do the analysis. And so far, there's a lot of happiness over the introduction of our latest and greatest score.

我們會公佈比數。我們同時提供經典版和 FICO 10T 版。我們向他們提供用於分析的數據。到目前為止，大家對我們最新、最棒的配樂都非常滿意。

So I mean, that's the dynamic. But in that market, like in all scoring markets, things move slowly. It takes a while to test and to adopt. And so there's still a lot of room for penetration in the non-conforming market, but we're very happy with our progress to date.

所以，這就是現狀。但在這個市場，就像所有評分市場一樣，事情進展緩慢。測試和採用都需要一段時間。因此，非正規市場仍有很大的發展空間，但我們對迄今為止的進展感到非常滿意。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Let me invert the answer you just gave to that question. So in the conforming market, where it's more about residual credit risk and there's less default risk to the security holder, just help us understand kind of the value prop or compare and contrast the value prop of staying on FICO in the conforming versus non-conforming market. Thank you.

讓我反過來回答你剛才提出的問題。因此，在符合標準的市場中，剩餘信用風險更大，證券持有人的違約風險較小，請幫助我們理解在符合標準市場和非符合標準市場中，繼續使用 FICO 的價值主張或比較和對比價值主張。謝謝。

Well, I think there are some people who believe that because the GSEs have a guarantee that suddenly credit risk doesn't matter and that we default to a much lower importance criteria like the price per score. And I would just challenge that. I would tell you it's not true.

我認為有些人認為，由於政府支持企業 (GSE) 有擔保，信用風險突然變得無關緊要，我們會轉而採用重要性低得多的標準，例如按評分計算的價格。我對此提出質疑。我會告訴你這不是真的。

The reality is that mortgage originators, who passed the loans to Fannie and Freddie still care about credit risk. They still care about prepayment risk. They still care about default risk.

現實情況是，將貸款轉交給房利美和房地美的抵押貸款發起機構仍然關心信用風險。他們仍然關注提前還款風險。他們仍然關注違約風險。

And as many of you know, when things go wrong with the mortgage, the GSEs are able to put these loans back to the originator. They basically take a look at the documentation, and there's often problems of the documentation and the loans get put back. So the originators, even if they don't hold the loan and hold the risk associated with the loan, they still care about the credit risk.

正如你們許多人所知，當抵押貸款出現問題時，政府支援企業 (GSE) 可以將這些貸款退還給貸款發起人。他們基本上會查看文件，但經常發現文件有問題，貸款就會被退回。因此，即使貸款發起機構不持有貸款，也不承擔與貸款相關的風險，他們仍然關心信用風險。

And so, I think that in both the conforming market and the non-conforming market, you're going to see appetite for the most predictive score and the best understanding of prepayment and default risks.

因此，我認為在合格市場和非合格市場中，人們都會渴望獲得最具預測性的評分以及對提前還款和違約風險的最佳理解。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I'll just ask a question on the software front. ARR moderated there, but you obviously had a very strong ACV bookings quarter, but as well as the year. How should we think about this ACV starting to convert into ARR as we head into '26?

我問一個關於軟體方面的問題。ARR 有所回落，但顯然你們的 ACV 預訂季度非常強勁，而且全年表現也很出色。隨著我們邁入 2026 年，我們應該如何看待 ACV 開始轉化為 ARR 的問題？

Yeah. We'll actually see as soon as Q1 acceleration of ARR. So that's something that we see coming in because as these deals go live, it helps us right away with ARR.

是的。我們最早會在第一季看到年度經常性收入（ARR）的加速成長。所以我們看到這種情況正在發生，因為隨著這些交易的生效，它會立即幫助我們提高年度經常性收入 (ARR)。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Now that mortgage resellers will be undertaking more responsibilities calculating the score, under the direct licensing program. What are your thoughts on whether they may raise their fees to met with the credit bureaus charge? What are some of the conversations with these resellers suggested?

根據直接許可計劃，抵押貸款轉售商將承擔更多計算信用評分的責任。您認為他們是否會提高收費以應對信用機構的收費？與這些經銷商的對話可以討論哪些內容？

Well, that's up to the resellers what they're going to charge. And I think that's all TBD. I don't think that their pricing is completely understood from the bureaus on the data side. And so I think they're still putting together their pricing.

嗯，這要由經銷商決定售價。我覺得這些都還有待確定。我認為數據方面的機構並沒有完全理解他們的定價策略。所以我覺得他們還在製定價格方案。

We obviously don't really influence that. They're running a business and they do what they do. So I mean, that's entirely in their hands.

我們顯然無法真正影響這一點。他們經營著一家企業，他們做著他們該做的事情。所以，這完全取決於他們自己。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I'm just wondering if you can talk about in the FY26 guide what you're contemplating in terms of pricing on other areas and scores such as auto and how you're thinking about the monetization opportunity there. Thanks.

我只是想問一下，您能否在 2026 財年指南中談談您在其他領域和評分（例如汽車評分）的定價方面的考慮，以及您如何看待這些領域的盈利機會。謝謝。

Yeah. It's a little more modest than mortgage. I mean what we do -- we've talked about this in the past. What we do is we look across all the different segments in which the scores are used. And we will typically put in place kind of a cost of living, inflation-oriented adjustment on price across the board. And then we go after selective areas, where we think that there's the big value gap and there's an opportunity for a little bit more price. And so we've done that this year in areas outside of mortgage, as we always do.

是的。比抵押貸款要溫和一些。我的意思是，我們所做的事——我們過去也討論過這個問題。我們所做的就是查看所有使用這些分數的不同領域。我們通常會對所有商品和服務的價格進行與生活成本和通貨膨脹相關的調整。然後我們會選擇一些特定的領域，在這些領域我們認為存在很大的價值差距，並且有機會獲得更高的價格。所以，今年我們在抵押貸款以外的領域也採取了同樣的做法，就像我們一直以來所做的那樣。

I wouldn't point to any particular segment for dramatic change. I don't think you'll see that. So it's more like years past where it's a little bit more than inflation and cost of living, but there are selective spots where we do a bit more than that.

我不會指出哪個特定領域發生了劇烈的變化。我覺得你不會看到這種情況。所以現在的情況更像是過去幾年，漲幅略高於通膨和生活成本，但在某些特定領域，我們會做得更多。

Alexander Hess, JPMorgan. Looks like they had a bit of phone issues or line disconnected. I'll move on to the next person in the queue. One moment.

Alexander Hess，摩根大通。看起來他們的電話出了點問題，或是線路斷了。我會繼續接待隊伍裡的下一個人。稍等片刻。

John Mazzoni, Seaport Research Partners.

John Mazzoni，Seaport Research Partners。

Maybe just a follow-up on the strength in the ACV bookings. Could you just maybe give us some color in terms of what drove that kind of outsized quarterly performance? And is there any kind of budget flush or any other items we're seeing? I just want to make sure there wasn't a pull forward or any other things like that. Thanks.

或許可以跟進一下ACV預訂量的成長。您能否詳細說明是什麼因素促成如此強勁的季度業績？還有，有沒有預算削減或其他什麼項目？我只是想確認一下，有沒有發生搶車或其他類似的事情。謝謝。

Yeah, there was nothing. I mean, I think you've seen in the last several quarters kind of an acceleration in that number. We're just seeing momentum there, right? We've got a new sales leader that came in there. So there's some excitement around that, plus we just have there's momentum gaining with the products that we produce in the platform.

是啊，什麼都沒有。我的意思是，我認為在過去的幾個季度裡，你已經看到這個數字出現了加速成長的趨勢。我們現在看到的只是發展勢頭，對吧？我們新來了一位銷售主管。所以大家對此感到興奮，而且我們平台上生產的產品也正在獲得發展動能。

So it just takes time for that to gain traction, and we're seeing the results of that. And we hope to see that continue going into the next year as well.

所以這需要時間才能達到成效，而我們現在看到了成效。我們希望這種勢頭能夠延續到明年。

Ryan Griffin, BMO Capital Markets.

Ryan Griffin，BMO資本市場。

Just hoping to focus a little bit on the mortgage volume side of the equation. Just curious what is built into your guidance and what swing factors, whether it's trigger loans or rates could impact you. Thank you.

只是想稍微關註一下抵押貸款規模這方面的情況。我只是好奇你們的指導方案包含了哪些內容，以及哪些波動因素（例如觸發貸款或利率）可能會對你們產生影響。謝謝。

Yeah. I think this is where the conservatism comes, right? We don't really have a full understanding. Trigger leads, we have a pretty big assumption in there for reduction because of trigger leads. So we're being really conservative. I mean, we're looking at this and thinking until we know more, it's a lot easier to raise your guidance than it is to lower it.

是的。我想這就是保守主義的體現，對吧？我們對此還沒有完全了解。觸發線索，我們對觸發線索的減少有一個相當大的假設。所以我們採取的是非常保守的做法。我的意思是，在我們了解更多資訊之前，提高指導方針比降低指導方針容易得多。

So I think we're always conservative, but this year, probably more than other years, we're extra conservative.

所以我覺得我們一直都很保守，但今年可能比往年更保守。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

So for the multi-year agreement with your resell, I think, sector, could you please add more color on the pricing arrangement for this agreement longer term? Is the pricing lock in in this agreement or there's flexibility go to raise pricing because of the value you provided? Thanks.

所以，關於您與轉售商（我認為是轉售行業）簽訂的多年協議，您能否詳細說明一下該協議的長期定價安排？這份協議中的價格是固定的嗎？還是說，由於你們提供的價值，你們可以靈活地提高價格？謝謝。

Well, that's a good question. Our pricing is for 2026. And we have a multi-agreement to work together, but the pricing that's been published is for 2026. And as you know, we adjust our prices every year, and that will continue.

嗯，這確實是個好問題。我們的價格適用於 2026 年。我們有多項合作協議，但公佈的價格是針對 2026 年的。如您所知，我們每年都會調整價格，而且這種情況還會持續下去。

Alexander Hess, JPMorgan.

Alexander Hess，摩根大通。

Hey, sorry about that. Suddenly pressed hang up instead of unmute. So on the guidance, you indicated to me this quarter is wrong, that your guidance that you don't expect any loss of market share or any significant volume changes in auto, card, and personal loan originations. That was sort of from the prepared remarks.

嘿，真抱歉。突然按了掛斷鍵而不是取消靜音鍵。所以，關於您先前向我指出的季度業績指引，您認為本季不會出現市場佔有率損失或汽車貸款、信用卡和個人貸款發放量出現重大變化，這是錯誤的。那基本上就是事先準備好的發言稿。

Mortgage wasn't touched on that. I know you just said you're being conservative with the assumptions, but like what could surprise to the upside in mortgage? Is it better volume, better market share retention?

那次會議上沒有談到抵押貸款問題。我知道你剛才說過你的假設很保守，但是房貸方面有什麼意外的上漲空間嗎？是銷量提升，還是市佔率維持率提高？

Well, I mean I think it's -- the market share we're not very worried about to be frank. The volumes will vary mostly with interest rates. And your guess on that is as good as ours. And as we have for many years, we're very conservative on forecasting increases in volume based on expectations about where our rates go.

坦白說，我認為——我們並不太擔心市場佔有率。交易量主要受利率影響。你和我們一樣，猜不出個所以然。多年來，我們一直秉持著非常保守的態度，根據對價格走勢的預期來預測銷售成長。

And we've been rewarded for that conservatism in years past because rates have had for the last several years not come down to the extent that people expected. And we've done more of the same this year. So although there's a good chance rates will come down, big volume increases associated with rate declines are not built into our guidance.

過去幾年，我們採取的保守策略得到了回報，因為近年來利率並沒有像人們預期的那樣下降。今年我們也做了更多類似的事。因此，儘管利率很有可能下降，但我們的預期並未包含利率下降所帶來的交易量大幅成長。

Yeah. And just -- I mean, just to further expand on that, if you followed us, you realize that all we look at guidance is we build a model that we believe is what's likely to happen. And then we will take that and herecut that expectation. So we want to be able to exceed, right? We don't want to be sweating out to the fourth quarter hoping that things are going to work well.

是的。而且——我的意思是，為了進一步闡述這一點，如果你關注我們，你就會意識到，我們參考的所有指導意見都是基於我們構建的模型，我們認為該模型預測的事情可能會發生。然後我們將接受這一點，並降低這種預期。所以我們希望能夠超越預期，對嗎？我們不想在第四節比賽前提心吊膽，祈禱事情能順利進行。

So that haircut gives us the ability to -- without things getting dramatically better to still be able to raise our guidance or beat our guidance. So we've done that again this year. And like I said before, it's probably a little bit more of a haircut that went into that because there's so much uncertainty. So that's just kind of a background again on how we actually prepare our guidance.

所以，這種理髮讓我們能夠在情況沒有顯著改善的情況下，仍然能夠提高我們的指導方針或超越我們的指導方針。所以今年我們又這麼做了。就像我之前說的，這可能跟剪頭髮有關，因為現在有很多不確定因素。以上就是我們如何制定指導方針的一些背景介紹。

Kevin McVeigh. UBS.

凱文·麥克維。瑞銀集團。

If you could give us a sense, are the resellers on pace for the 1:1 adoption? And are you helping them with the implementation? And any thoughts as to what they've experienced? It sounds like they were pretty far along anyway, but just any thoughts around that?

您能否大致說明一下，經銷商是否按計劃實現了 1:1 的採用？你們是否在協助他們實施？大家對他們的經驗有什麼看法？聽起來他們當時進展得相當順利，不過大家對此有什麼想法嗎？

We're on pace. I mean, I can't give you an exact date, but things are tracking very nicely. And as I said, there's not a lot of operational hurdles to be overcome.

我們進展順利。我的意思是，我無法給出確切的日期，但一切進展都很順利。正如我所說，並沒有太多營運上的障礙需要克服。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Just is your position right now that you think the credit bureaus are not going to have the option for the performance model that you guys are offering that the resellers will, you're just not sure what percentage yet of the resellers will offer both models and not sure what percentage of the lenders will go with the performance model? Thank you.

您目前的立場是，您認為信用機構不會像經銷商那樣提供您提供的績效模型選項，只是您還不確定有多少經銷商會同時提供這兩種模型，也不確定有多少貸款機構會選擇績效模型？謝謝。

Yeah. I can't give you a definitive answer to that. We're in that discussion. And we frankly don't know what the split is going to be between the score, the per score and the performance model. We just don't know.

是的。我無法給你一個確切的答案。我們正在參與討論。坦白說，我們也不知道分數、單次得分和績效模型之間的比例會是多少。我們真的不知道。

We've obviously done a lot of modeling and sensitivity around it. And it's easy to come up with a hypothesis about how it will split based on the average number of scores pulled per closed loan for different kinds of lenders and different kinds of mortgage originators. And so that's kind of what's gone into our calculus on what winds up in which model. So I mean, those are the things that inform the decision, but it's not finalized.

我們顯然圍繞這一點做了大量的建模和敏感性分析。根據不同類型貸款機構和不同類型抵押貸款發起機構每筆已完成貸款的平均評分次數，很容易就能提出關於其分佈情況的假設。所以，這就是我們計算最終哪些內容會納入哪個模型時所考慮的因素。所以我的意思是，這些因素會影響最終決定，但決定尚未最終確定。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Hi. This is [Guru] on for Rayna. Thanks a lot for taking our question. I was wondering if you could maybe just help us understand the usage of FICO Scores in the downstream market. How material is it to total mortgage core volume? And what are the overall dynamics like there? This will be helpful in determining how we should be thinking about the potential uptake in the new [Fair Isaac Corporation's] performance pricing model and the value of that 33%, right, which was previously the issue fee? Thanks.

你好。這是[Guru]為Rayna主持的節目。非常感謝您回答我們的問題。我想請您幫忙了解FICO評分在下游市場的使用情況。它對抵押貸款核心總量的影響有多大？那裡的整體情況如何？這將有助於我們確定應該如何看待新的 [Fair Isaac Corporation 的] 績效定價模式的潛在接受度，以及之前作為發行費的 33% 的價值，對吧？謝謝。

Yes. So obviously, there's a lot of score volume that happens downstream that we had historically not monetized. It ranges -- where does the score get used without focusing on who pays for it. The score gets used by the mortgage originators. It gets used by lenders. It gets used by the GSEs in terms of their screening of whether they're prepared to accept the loan or not.

是的。顯然，下游會產生大量的分數，而我們過去並沒有將這些分數貨幣化。它的用途很廣泛——如果不考慮誰為此付費，分數會在哪些方面發揮作用。抵押貸款機構會使用該評分。貸款機構會使用它。政府支持企業會利用它來篩選是否願意接受貸款。

It gets used by the rating agencies, S&P and Moody's, when they rate the bonds, the mortgage-backed securities that go out to the marketplace. It gets used by the [more than vast] securities investors when they price those bonds. It gets used by the mortgage insurers, and it also gets used by some of the prudential regulators in their capital adequacy models. So it's used in many, many, many places downstream. And historically, we haven't charged for that. And your point is well taken, which is a per-close loan pricing was designed to capture some of that IP value.

評級機構，如標準普爾和穆迪，在對債券和抵押貸款支持證券進行評級時會用到它，這些債券和證券會投放市場。證券投資人在給債券定價時會用到它。抵押貸款保險公司會使用它，一些審慎監管機構也會在其資本充足率模型中使用它。因此，它在下游很多很多地方都有應用。而且從歷史上看，我們從未為此收取過費用。你的觀點很有道理，即以成交額定價貸款旨在獲取部分智慧財產權價值。

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

謝謝。我目前不再提出其他問題。至此，今天的報告就結束了。感謝您的參與。現在您可以斷開連接了，祝您度過美好的一天。