Fair Isaac Corp (FICO) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first-quarter 2026 FICO earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand it over to your first speaker today, Dave Singleton. Please go ahead.

您好，感謝您的耐心等待。歡迎參加2026年第一季FICO業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我把發言權交給今天的第一位發言人，戴夫辛格頓。請繼續。

Good afternoon and thank you for attending FICO's first-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第一季財報電話會議。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 to 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. 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 January 28, 2027.

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。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2027年1月28日。

We have refreshed our quarterly investor presentation with additional content, which is available in the Investor Relations section of our website. We will refer to this presentation during today's earnings announcement.

我們已更新了季度投資者演示文稿，新增了更多內容，可在我們網站的投資者關係部分查看。我們將在今天的財報發布會上提及這份簡報。

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 first-quarter earnings call. We had another strong quarter and are reiterating our fiscal 2026 guidance. We reported Q1 revenues of $512 million, up 16% over last year, as you can see on page 5 of our investor presentation. For the quarter, we reported $158 million in GAAP net income in the quarter, up 4%; and GAAP earnings of $6.61 per share, up 8% from the prior year. We reported $176 million in non-GAAP net income, up 22%; and non-GAAP earnings of $7.33 per share, up 27% from the prior year.

謝謝戴夫，也謝謝各位參加我們第一季的財報電話會議。我們又迎來了一個強勁的季度，並重申我們對 2026 財年的業績預期。正如您在投資者簡報第 5 頁所見，我們公佈的第一季營收為 5.12 億美元，比去年同期成長 16%。本季度，我們公佈的 GAAP 淨收入為 1.58 億美元，成長 4%；GAAP 每股收益為 6.61 美元，比上年增長 8%。我們公佈的非GAAP淨收入為1.76億美元，成長22%；非GAAP每股收益為7.33美元，比上年增長27%。

We delivered free cash flow of $165 million in our first-quarter. Over the last four quarters, we delivered $718 million in free cash flow, an increase of 7% year-over-year. We continue to return capital to our shareholders through buybacks by repurchasing 95,000 shares in Q1 at an average price of $1,707 per share. At the segment level, on page 6, you can see our first-quarter Scores segment revenues were $305 million, that's up 29% versus the prior year. While B2B scores were the key driver of growth, we also saw continued growth in B2C scores.

我們第一季實現了 1.65 億美元的自由現金流。過去四個季度，我們實現了 7.18 億美元的自由現金流，年增 7%。我們繼續透過股票回購向股東返還資本，第一季以每股 1,707 美元的平均價格回購了 95,000 股股票。從細分市場層面來看，在第 6 頁，您可以看到我們第一季的評分細分市場收入為 3.05 億美元，比去年同期成長了 29%。雖然 B2B 評分是成長的主要驅動力，但我們也看到 B2C 評分持續成長。

In our Software segment, we delivered $207 million in Q1 revenues. That's up 2% over last year. Results included 37% platform revenue growth and a 13% decline in non-platform revenue. Steve will provide additional revenue details later in the call.

在軟體業務方面，我們第一季實現了 2.07 億美元的收入。比去年增長了2%。結果顯示，平台收入成長了 37%，非平台收入下降了 13%。史蒂夫稍後將在電話會議中提供更多收入的詳細資訊。

We had another strong execution quarter in our Scores business, which we highlight on page 8. The FICO mortgage direct licensing program allows resellers the ability to streamline score access, enhanced price transparency and provide cost savings to lenders to reduce breakage fees. This quarter, we announced the addition of four new strategic reseller participants to the FICO mortgage direct licensing program, Xactus, Cotality, Ascend Companies and CIC credit. Additionally, we signed a DLP agreement to add another participant, MeridianLink, a key platform provider to the mortgage industry. We'll be releasing a press release on that soon.

我們的評分業務又迎來了一個強勁的季度執行，我們在第 8 頁對此進行了重點介紹。FICO抵押貸款直接許可計劃使轉售商能夠簡化評分訪問、提高價格透明度，並為貸款機構節省成本，從而減少違約金。本季度，我們宣布 FICO 抵押貸款直接許可計劃新增四家策略經銷商參與者，分別是 Xactus、Cotality、Ascend Companies 和 CIC credit。此外，我們還簽署了 DLP 協議，新增了另一家參與者 MeridianLink，它是抵押貸款行業的重要平台提供者。我們將很快發布相關新聞稿。

With strong demand from lenders, FICO is actively working alongside participants to support testing. One large reseller is close to completing production and integration testing. Another large reseller has completed that testing and is now testing system integration downstream. While we expect to go live soon with the full partners, we also continue to work on finalizing agreements with additional reseller participants.

由於貸款機構的強烈需求，FICO 正在積極與參與者合作，為測試提供支援。一家大型經銷商即將完成生產和整合測試。另一家大型經銷商已完成該測試，目前正在測試下游系統整合。雖然我們預計很快就能與所有合作夥伴正式上線，但我們也仍在努力與其他經銷商參與者敲定協議。

The direct license program currently supports classic FICO. While the conforming market is anticipating the general availability of FICO Score 10 T, we expect FICO Score 10 T to be available for direct licensing in both conforming and nonconforming in the first half of calendar '26. A high-level overview of the direct license program and FICO Score 10 T can be found on page 9 and 10 of our presentation.

目前，直接授權計劃支援經典 FICO 評分。雖然符合標準的市場正在期待 FICO Score 10 T 的全面普及，但我們預計 FICO Score 10 T 將在 2026 年上半年為符合標準和非符合標準的市場提供直接授權。有關直接許可計劃和 FICO Score 10 T 的高級概述，請參閱我們簡報的第 9 頁和第 10 頁。

FICO Score 10 T is a meaningful step forward in credit risk assessment. FICO Score 10 T offers significant improvements in predictive accuracy combined with a focus on fairness and model stability, offering tremendous benefits for lenders, investors and borrowers compared to other alternatives on the market.

FICO Score 10 T 是信用風險評估的重要進展。FICO Score 10 T 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，與市場上的其他替代方案相比，為貸款人、投資者和借款人帶來了巨大的好處。

In the last year, we have nearly doubled the number of lenders in our FICO Score 10 T adopter program. These lenders account for more than $377 billion in annual originations and more than $1.6 trillion in eligible servicing volume, most making multiyear commitments use the FICO Score for mortgage decisions on both the conforming and nonconforming markets.

在過去一年裡，我們FICO Score 10 T採用者計畫中的貸款機構數量幾乎翻了一番。這些貸款機構每年發放的貸款超過 3770 億美元，符合條件的貸款服務量超過 1.6 兆美元，其中大多數機構都做出多年承諾，並在符合標準和不符合標準的抵押貸款市場中使用 FICO 評分來做出抵押貸款決策。

This quarter, we also announced a strategic partnership with to deliver the next generation of Ultra FICO score. This score combines the proven reliability of the FICO score with real-time cash flow data from to provide lenders with a single enhanced credit score that delivers superior consumer risk assessment without operational complexity.

本季度，我們也宣布與一家公司建立策略合作夥伴關係，以提供下一代 Ultra FICO 評分。該評分結合了 FICO 評分的可靠性以及來自即時現金流的數據，為貸款機構提供了一個單一的增強信用評分，該評分可在不增加操作複雜性的情況下提供卓越的消費者風險評估。

The enhanced Ultra FICO score solution is credit bureau agnostic and will leverage cash flow data, historical and current information about the money flowing into and out of a consumer's transaction accounts, that's checking, savings, money market access through cloud's open finance network of consumer permission data.

增強型 Ultra FICO 評分解決方案與信用局無關，它將利用現金流數據，以及有關消費者交易帳戶（包括支票帳戶、儲蓄帳戶和貨幣市場帳戶）資金流入和流出的歷史和當前信息，並通過雲端開放金融網絡獲取消費者許可數據。

Plat powers nearly 1 million secure financial connections each day and has helped more than half of Americans with a bank account securely move more of their financial life online. We see growing demand for the score, which we'll launch for distribution with Plat in the first half of calendar 2026.

Plat 每天為近 100 萬個安全金融連接提供支持，並已幫助超過一半擁有銀行帳戶的美國人安全地將更多金融生活轉移到線上。我們看到市場對樂譜的需求不斷增長，我們將在 2026 年上半年透過 Plat 發行樂譜。

Within the quarter, we continued to expand adoption of FICO Score mortgage simulator by partnering with sharper lending solutions, credit Interlink and Ascend Partners, including Xactus and MeridianLink announced in fiscal 2025, five resellers have adopted the simulator, and we're expecting another large reseller to sign shortly. The FICO Score mortgage simulator is the only simulation tool available to mortgage professionals that use the FICO Score algorithm.

本季度，我們繼續擴大 FICO 評分抵押貸款模擬器的採用範圍，與 Sharper Loans Solutions、Credit Interlink 和 Ascend Partners 等公司合作，包括 Xactus 和 MeridianLink（已宣佈在 2025 財年推出），已有五家經銷商採用了該模擬器，我們預計很快將有另一家大型經銷商簽約。FICO評分抵押貸款模擬器是目前唯一可供使用FICO評分演算法的抵押貸款專業人士使用的模擬工具。

It enables mortgage professionals to run credit event scenarios by applying mock changes in an applicant's credit report data to simulate potential changes to the applicants FICO score. The FICO Score simulator supports simulations on all three credit bureaus and models potential changes to several FICO Score versions used in mortgage lending. Mortgage professionals can leverage valuable insight from the simulator to help drive smarter decisions that can present more loan options and favorable interest rates for customers.

它使抵押貸款專業人士能夠透過在申請人的信用報告數據中應用模擬變更來運行信用事件場景，從而模擬申請人 FICO 評分的潛在變化。FICO 評分模擬器支援對所有三個信用機構進行模擬，並模擬抵押貸款中使用的幾種 FICO 評分版本的潛在變化。抵押貸款專業人士可以利用模擬器提供的寶貴見解，幫助客戶做出更明智的決策，從而為客戶提供更多貸款選擇和更優惠的利率。

In our software business, we're thrilled to be recognized by Gartner as a leader in the January 2026 Gartner Magic Quadrant for Decision Intelligence platforms. We are positioned the highest for our ability to execute. We believe this recognition is a landmark moment for FICO. Further, we feel it reflects our commitments to empowering customers and delivering lasting impact worldwide. As a market leader in Decision Intelligence, FICO enables businesses to make real-time decisions at scale.

在我們的軟體業務中，我們非常高興被 Gartner 評為 2026 年 1 月 Gartner 決策智慧平台魔力像限的領導者。我們的執行能力處於最高水準。我們認為，這項認可對FICO而言是一個里程碑式的時刻。此外，我們認為這體現了我們致力於賦能客戶並在全球範圍內產生持久影響的承諾。作為決策智慧領域的市場領導者，FICO 讓企業能夠大規模地做出即時決策。

The core of our strategy is to empower customers with always on real-time customer insights that deliver connected decisions and continuous learning throughout the entire customer life cycle.

我們的策略核心是為客戶提供始終在線的即時客戶洞察，從而在整個客戶生命週期中實現互聯決策和持續學習。

Our innovations will be on display at FICO World 2026, which is going to happen May 19 through '22 in Orlando, Florida. FICO World brings together customers and partners from around the world, allowing participants to collaborate on how FICO platform makes real-time decisions at scale to optimize interactions with consumers.

我們的創新成果將在 2026 年 FICO 世界大會上展出，該大會將於 5 月 19 日至 22 日在佛羅裡達州奧蘭多舉行。FICO World 將來自世界各地的客戶和合作夥伴聚集在一起，讓參與者能夠合作探討 FICO 平台如何大規模地做出即時決策，以優化與消費者的互動。

At FICO, we're obsessed with power and consumer connections and delivering always-on personalized experiences to drive outsized business outcomes. At FICO World '26, you can network the world's leading experts to learn how you can power your organization, apply best practices and advanced platform decisioning and drive financial inclusion.

在 FICO，我們專注於權力、消費者關係以及提供始終在線的個人化體驗，以推動超乎尋常的業務成果。在 FICO World '26 大會上，您可以與世界領先的專家交流，了解如何為您的組織賦能，應用最佳實踐和先進的平台決策，並推動普惠金融。

We're going to now hand it over to Steve to provide further financial details.

現在我們將把這個任務交給史蒂夫，讓他提供更多財務細節。

Thanks, and good afternoon, everyone. As Will mentioned, our Scores segment revenues for the quarter were $305 million, up 29% from the prior year. As shown on page 13 of our presentation, B2B revenues were up 36%, primarily attributable to higher mortgage origination scores unit price and an increase of volume in mortgage originations. Our B2C revenues were up 5% versus the prior year, driven mainly by our indirect channel partners.

謝謝大家，下午好。正如威爾所提到的，我們本季的評分業務收入為 3.05 億美元，比去年同期成長了 29%。如我們在簡報第 13 頁所示，B2B 收入成長了 36%，主要歸功於抵押貸款發放評分單價的提高和抵押貸款發放量的增加。我們的 B2C 收入比上年增長了 5%，主要得益於我們的間接通路合作夥伴。

First-quarter mortgage originations revenues were up 60% versus the prior year. Mortgage originations revenues accounted for 51% of B2B revenue and 42% of total Scores revenue. Auto originations revenues were up 21%, while credit card, personal loan and other originations revenues were up 10% versus the prior year. For your reference, page 14 of our presentation provides 5-quarter trending on all of our score’s metrics.

第一季抵押貸款發放收入比去年同期成長了 60%。抵押貸款發放收入佔 B2B 收入的 51%，佔 Scores 總收入的 42%。汽車貸款發放收入增加了 21%，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 10%。供您參考，我們簡報的第 14 頁提供了我們所有評分指標的 5 個季度趨勢。

Turning to our Software segment. Our software ACV bookings for the quarter were a record of $38 million, as shown on page 15 of the presentation. This quarter included an above-average sized international multi-use case platform deal. On a trailing 12-month basis, ACV bookings reached $119 million this quarter, an increase of 36% from the same period last year. Our strong bookings in recent quarters gives us increased confidence that our ARR growth will continue to accelerate in FY26.

接下來我們來看看軟體部分。如簡報第 15 頁所示，本季我們的軟體 ACV 預訂額創下 3,800 萬美元的紀錄。本季度達成了一項規模高於平均水平的國際多用途案例平台交易。以過去 12 個月計算，本季 ACV 預訂額達到 1.19 億美元，比去年同期成長 36%。近幾季強勁的預訂量使我們更有信心，2026 財年的 ARR 成長將繼續加速。

Our total software ARR, as shown on page 16, was $766 million, a 5% increase over the prior year. Platform ARR was $303 million, representing 40% of our total Q1 '26 ARR. Platform ARR grew 33% versus the prior year, while non-platform declined 8% to $463 million this quarter. Platform ARR was driven by both new customer wins as well as expanded use cases and volumes from existing customers. We also migrated our non-platform liquid credit solution to the platform.

如第 16 頁所示，我們的軟體 ARR 總收入為 7.66 億美元，比前一年增長了 5%。平台 ARR 為 3.03 億美元，占我們 2026 年第一季 ARR 總額的 40%。平台 ARR 較上年同期成長 33%，而非平台 ARR 本季下降 8% 至 4.63 億美元。平台 ARR 的成長既得益於新客戶的贏得，也得益於現有客戶使用案例和使用量的擴展。我們也把非平台化的流動信貸解決方案遷移到了平台上。

Excluding that liquid credit migration, our platform ARR growth was in the high 20% range. The non-platform year-over-year ARR decline was driven primarily by migrations, the end of life of a legacy authentication suite solution and some usage declines. In our CCS business, ARR growth was relatively flat.

除去流動性信貸遷移，我們平台的 ARR 成長率在 20% 以上。非平台業務年度經常性收入下降的主要原因是遷移、傳統身分驗證套件解決方案的生命週期結束以及部分業務使用量下降。在我們的CCS業務中，ARR成長相對穩定。

Our dollar-based net retention rate in the quarter was 103%, Platform NRR was 122%, while our non-platform NRR was 91%. Platform NRR was driven by a combination of new use cases and increased usage of existing use cases. We now have over 150 customers on FICO platform with more than half leveraging FICO platform for multiple use cases.

本季以美元計價的淨留存率為 103%，平台淨留存率為 122%，而非平台淨留存率為 91%。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。目前我們在 FICO 平台上擁有超過 150 位客戶，其中超過一半的客戶利用 FICO 平台實現多種用例。

first-quarter software segment revenues detailed on page 17 were $207 million, up 2% from the prior year. Within the segment, our SaaS revenues grew 12%, driven by FICO platform. Our on-premises revenues declined 12%, primarily driven by lower point-in-time revenues. Year-over-year, our platform revenues grew 37%, and our non-platform revenues declined 13%. As a reminder, our FY26 revenue guidance reflects an expectation of lower point-in-time revenues throughout FY26 due to fewer non-platform license renewal opportunities compared to the prior year.

第 17 頁詳細列出了第一季軟體部門的收入，為 2.07 億美元，比上年增長 2%。在該業務板塊中，我們的 SaaS 收入成長了 12%，這主要得益於 FICO 平台。我們的本地收入下降了 12%，主要原因是單次收入下降。與去年同期相比，我們的平台收入成長了 37%，而非平台收入下降了 13%。再次提醒，由於與前一年相比，非平台授權續約機會減少，我們 2026 財年的營收預期反映了 2026 財年各時間點收入的下降預期。

From a regional lens, 88% of total company revenues this quarter were derived from our Americas region, which is a combination of our North America and Latin America regions. Our EMEA region generated 8% of revenues and the Asia Pacific region delivered 4%. Operating expenses for the quarter, as shown on page 18, were $278 million this quarter versus $279 million in the prior quarter, which included $10.9 million in restructuring charges.

從區域角度來看，本季公司總收入的 88% 來自美洲地區，該地區由北美和拉丁美洲地區合併而成。我們的 EMEA 地區貢獻了 8% 的收入，亞太地區貢獻了 4%。如第 18 頁所示，本季的營運費用為 2.78 億美元，而上一季為 2.79 億美元，其中包括 1,090 萬美元的重組費用。

Excluding restructuring, expenses grew 4% quarter-over-quarter, driven primarily by personnel expenses. We expect operating expense dollars to continue to trend upward modestly throughout the fiscal year. Our non-GAAP operating margin, as shown on page 19, was 54% for the quarter compared with 50% in the same quarter last year, which means we delivered year-over-year non-GAAP operating margin expansion of 432 basis points.

不計重組費用，支出較上季成長 4%，主要受人事支出推動。我們預計本財年營運支出將持續小幅成長。如第 19 頁所示，本季非 GAAP 營業利潤率為 54%，而去年同期為 50%，這意味著我們實現了同比非 GAAP 營業利潤率增長 432 個基點。

The effective tax rate for the quarter was 17.5%, the operating tax rate was 25.7%. The primary difference between operating tax rate and net effective tax rate for the quarter is $15.7 million in excess tax benefit recognized upon the settlement or exercise of employee stock awards. We continue to expect a full year net effective tax rate of 24% and an operating tax rate of 25%.

本季實際稅率為 17.5%，營業稅率為 25.7%。本季度營業稅率與淨有效稅率之間的主要差異是，在結算或行使員工股票獎勵時確認的 1570 萬美元超額稅收優惠。我們仍預計全年淨有效稅率為 24%，營業稅率為 25%。

At the end of the quarter, we had $218 million in cash and marketable investments. Our total debt at quarter end was $3.2 billion, with a weighted average interest rate of 5.22%. As of December 31, 2025, 87% of our debt was held in senior notes with no term loans. We had $415 million balance on our revolving line of credit, which is repayable at any time.

截至季末，我們擁有 2.18 億美元的現金和有價投資。截至季末，我們的總負債為 32 億美元，加權平均利率為 5.22%。截至 2025 年 12 月 31 日，我們 87% 的債務為優先票據，沒有定期貸款。我們的循環信貸額度餘額為 4.15 億美元，可隨時償還。

As Will highlighted, we continue to return capital to our shareholders through buybacks as shown on page 20. In Q1, we repurchased 95,000 shares for a total cost of $163 million and we continue to view share repurchases as an attractive use of cash.

正如威爾所強調的，我們將繼續透過股票回購向股東返還資本，如第 20 頁所示。第一季度，我們以 1.63 億美元的總成本回購了 95,000 股股票，我們仍然認為股票回購是現金的一種有吸引力的用途。

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

接下來，我將把麥克風交還給威爾，請他作總結發言。

Thanks, Steve. We had a great start to the year and are well positioned to exceed our fiscal year guidance. As in prior years, we will revisit our guidance on our Q2 earnings call. In our software business, we're seeing growth in bookings and ARR reflecting the value of our innovation in the market. Since FICO World 2025, we achieved general availability of FICO Marketplace and FICO focused foundation model.

謝謝你，史蒂夫。今年開局良好，我們完全有能力超越本財年的業績預期。與往年一樣，我們將在第二季財報電話會議上重新審視我們的業績預期。在我們的軟體業務中，預訂量和年度經常性收入都在成長，這反映了我們在市場上的創新價值。自 FICO World 2025 以來，我們實現了 FICO Marketplace 和 FICO 核心基礎模型的全面普及。

Our next-generation FICO platform and enterprise fraud solution on FICO platform will soon be generally available. I'm excited to see our innovation realized in the market and delighting our customers. In our Scores business, our innovations are driving increased engagement for market participants. There's continued participant adoption of our FICO mortgage direct licensing program.

我們的下一代 FICO 平台和基於 FICO 平台的企業反詐騙解決方案即將全面推出。我很高興看到我們的創新成果在市場上得以實現，並為我們的客戶帶來愉悅的體驗。在我們的評分業務中，我們的創新正在推動市場參與者的參與度提高。我們的FICO抵押貸款直接許可計劃持續受到參與者的歡迎。

Outside of conforming mortgages, there's continued adoption for FICO Score 10 T. We see adoption of FICO Score mortgage simulator throughout the mortgage industry. The FICO score continues to be the trusted industry standard by 90% of top US lenders as the standard measure of consumer credit risk in the US

除了符合標準的抵押貸款外，FICO Score 10 T 的應用仍在繼續。我們看到整個抵押貸款行業都在採用 FICO Score 抵押貸款模擬器。FICO評分仍然是美國90%頂級貸款機構信賴的行業標準，被用作衡量美國消費者信用風險的標準。

With that, let me turn this over to Dave to open up the Q&A session.

接下來，我會把問答環節交給戴夫。

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)

（操作說明）

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

I just wanted to touch on the 10 T. Again, that slide you had was really helpful. But right before earnings, you had this press release with Loan Pass and the data sharing and the back testing the stuff that can be done. I was just hoping you could help us appreciate the significance of that. And any sense of timing around when 10 T officially gets approved and used, et cetera?

我只想簡單談談「10T」這個概念。再次強調，你那張投影片真的很有幫助。但在財報發布前不久，你們發布了關於 Loan Pass 的新聞稿，內容涉及資料共享和回測，以及可以進行哪些操作。我只是希望你能幫助我們理解這件事的意義。10T技術何時正式核准投入使用等，大概時間安排如何？

Yes. Thanks, Manav. I think we're continuing to see a lot of adoption on the nonconforming side and on the conforming side with the agencies they're still doing a lot of testing. We don't really have a timeline. They haven't published any kind of a timeline yet. So at this point, we really don't know when it will be generally available.

是的。謝謝，馬納夫。我認為我們繼續看到非規範領域和規範領域都在廣泛採用新技術，而規範領域的各個機構仍在進行大量的測試。我們目前還沒有具體的時間表。他們尚未公佈任何時間表。所以目前我們還真的不知道它何時才能全面上市。

Okay. Got it. And then maybe just on the performance model adoption. I was just wondering if you could give us any early signs of basic discussions, how you think that's going? Is that going to be available to the credit bureau channel as well?

好的。知道了。然後或許可以考慮績效模型的採用。我只是想問您能否透露一下目前基本討論的進展情況，您覺得進展如何？信用局管道也能使用這項服務嗎？

The performance model right now is planned for the direct license program and it's going well. We have a lot of interest, and we're busy working towards bringing the direct channel live.

目前的性能模型是為直接授權計劃制定的，而且進展順利。我們收到了很多關注，並且正在努力使直播頻道上線。

Okay. Fair enough. Maybe sorry, if I can squeeze one more in, Steve. Just -- it was a good quarter. You maintained the guide. I know that's practiced, but maybe you could just help us appreciate why there was no raise to the guide this time?

好的。很公平。抱歉，史蒂夫，如果我還能再擠出一個名額的話。總的來說——這個季度表現不錯。你維護了這份指南。我知道這是慣例，但或許您能幫我們理解為什麼這次導遊沒有加薪嗎？

Yes. Thanks, Manav. It's a good question. We're pretty confident we're going to be able to beat our guidance. And I know we talked about it was pretty conservative last quarter. At this point, we're only three months in. There's just a lot of questions out in the macro environment. I mean, with the Fed today. It's just -- frankly, we probably know what numbers we would move to. So I think by next quarter, we'll have a much better idea of what the world looks like and what overall volumes are going to look like. So I think that was our thinking behind that.

是的。謝謝，馬納夫。這是個好問題。我們很有信心能夠超越預期目標。我知道我們上個季度討論過，我們的業績相當保守。目前，我們才過了三個月。宏觀環境下存在著許多問題。我是說，就目前聯準會的政策而言。坦白說，我們大概知道我們會調整到哪些數字。所以我認為到下個季度，我們會對世界狀況和整體銷售有更清晰的了解。所以我想這就是我們當時的考慮。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious if you had any sense of what the time line looks like for the release of the LLPA grid, do you had any insight as to what those might look like?

我很好奇您是否了解 LLPA 網格的發佈時間表，您對它可能的樣子有什麼想法嗎？

Well, the short answer to that is no. I don't think anyone knows what the time line for the LLPA grid looks like. And as we've discussed in the past, there's tremendous challenges with figuring out how to make those work because of the gaming and adverse selection issues. And so no one knows what the timeline really looks like. Certainly, we don't. But I think that we have some significant problems that have to be overcome before they can be released.

簡而言之，答案是否定的。我認為沒有人知道LLPA網格的時間表是什麼樣的。正如我們過去討論過的，由於博弈和逆向選擇問題，如何讓這些方法奏效面臨著巨大的挑戰。因此，沒有人知道時間線究竟是什麼樣的。當然，我們沒有。但我認為，在它們發布之前，我們必須克服一些重大問題。

Got it. That's very helpful. And then as a follow-up, we've heard, I guess, two concerns around from lenders regarding FICO directing the performance model. One is that for FICO direct, there's a concern the resellers I guess, could improperly calculate the scores, and aren't taking, I guess, legal responsibility for it. So I think there's been some hesitancy from lenders.

知道了。那很有幫助。然後，作為後續，我們聽到貸款機構對 FICO 指導績效模型提出了兩個擔憂。一是對於 FICO Direct 來說，人們擔心轉售商可能會錯誤地計算分數，而且似乎也不承擔法律責任。所以我認為貸款方有些猶豫。

So I was curious if you could address that. And then on the performance model, I believe some lenders are concerned about how the regulators might view passing on that performance fee to the end consumer. So curious if you could comment on those two hang-ups that may be out there.

所以我很想知道您是否能解答這個問題。至於績效模式，我認為有些貸款機構擔心監管機構會如何看待將績效費用轉嫁給最終消費者的做法。我很想知道您能否就可能存在的這兩個問題發表一下看法。

Yes. I think that there -- that's misplaced, misguided concern. The score is calculated by the resellers in the direct license program will be the same scores that are calculated by the bureaus today. It's the same algorithm and the same technology to do it. Same data is being used.

是的。我認為那是——一種錯置的、誤導的擔憂。直接授權計畫中的經銷商計算出的分數將與目前各機構計算出的分數相同。實現這一目標所用的演算法和技術都是一樣的。使用的是相同的數據。

And so I think that the -- any kind of concern about miscalculation or differences and scores is misplaced. That said, I can tell you that we are in the midst of making sure that all the testing gives everyone every confidence that, that's not an issue. And then in terms of the regulators, they also are looking at it to get comfortable with that and that's proceeding our pace.

所以我認為，任何關於計算錯誤、差異和分數的擔憂都是沒有根據的。也就是說，我可以告訴你們，我們正在全力確保所有測驗都能讓每個人都確信，這不是問題。監管機構也關注此事，以期對此感到放心，而這正按我們的節奏推進。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，RBC。

It's good to see that momentum in the direct license program that five resellers signed. You talked about them being in advanced stages of implementation. I was just wondering if you had some timelines around when they would go live. And then at least when we've done checks with brokers, they are not aware of the performance models yet. So when do we start to see that gets communicated to the mortgage producers than the industry in general, much more -- much better complicated.

很高興看到五家經銷商簽署了直接授權協議，該項目發展勢頭良好。你曾提到它們已經進入實施的後期階段。我只是想問你們有沒有關於上線時間的預估。而且至少在我們與經紀人核實後發現，他們還不了解這些績效模型。那麼，我們什麼時候才能看到這種訊息更多地傳達給抵押貸款機構，而不是整個行業，這要複雜得多——要好得多。

On timeline, I wish I could help you. I wish that we knew what the timeline was, but this is the mortgage market, and we don't do anything without having everything extremely buttoned up. And so we are working through all the integration testing and all the downstream impacts. And you can be assured that when it does go live, it will go live without a hiccup. But we're well on our way. I can't give you a timeline.

時間安排方面，我希望能幫助你。我希望我們能知道時間表，但這是抵押貸款市場，我們做任何事都必須把所有事情都安排得井井有條。因此，我們正在進行所有整合測試以及所有下游影響的評估。您可以放心，一旦上線，一定會順利進行，不會有任何問題。但我們已經走在正確的道路上。我無法給出具體時間表。

Well, so the performance model -- first of all, the performance model is optional, okay? No one is being forced to take the performance model. So anyone who doesn't like it, doesn't have to use it. They can just pay per score per unit as they always have. So we introduced the performance model as an option to provide more flexibility for some originators, for some lenders who prefer that approach.

好的，性能模型－首先，性能模型是可選的，好嗎？沒有人被迫接受績效模式。所以不喜歡的人，可以不用它。他們可以像以前一樣，按分數每單位付費。因此，我們引入了績效模型，為一些貸款發起人或貸款機構提供更大的靈活性，因為他們更喜歡這種方式。

And so people who don't like it, it's a little hard to understand what the problem is. They don't have to use it. They can just go with a per unit price.

所以，不喜歡它的人，很難理解問題出在哪裡。他們不必使用它。他們可以直接採用單價。

That's helpful color. And maybe if I can just clarify that your revenue model is agnostic irrespective of whether the customers adopt performance or per school model, is that right?

這是個很有幫助的顏色。我可以澄清一下，你們的收入模式與客戶採用的是按績效付費模式還是按學校付費模式無關嗎？

It's relatively agnostic, yes. Nothing's ever truly agnostic, but it's set up to basically be relatively agnostic.

是的，它相對來說是中立的。世上沒有真正意義上的不可知論，但它的設計目標基本上是做到相對不可知論。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

I'm going to switch over to the software business. Some interesting improvements there to think about. Can you maybe talk about the target of the 500 named accounts globally. You broke that into 350 in financial services and 150 outside. So how does this kind of compare to your prior strategy under the Gen 1 platform?

我打算轉行到軟體業。這裡有一些值得思考的有趣改進之處。您能否談談這500個全球指定帳戶的目標？你把其中 350 人細分為金融服務業，150 人細分為其他產業。那麼，這與你們在第一代平台下的先前策略相比如何？

And how aggressively do you think you can get reach those customers? And how much of this is a push to specifically go outside and expand beyond the financial institutions at this point? Are we kind of entering this Phase I approach with the Gen 2 platform?

你認為你能以多大的力道接觸到這些客戶？而目前這其中有多少是推動企業走出金融機構、拓展業務的舉措？我們是不是正在使用第二代平台進入第一階段？

I think we're in the beginning of that Phase 2. Look, we are very heavy in financial services, have been historically, will continue to be, let's be realistic about this. That said, the platform is very much designed to be horizontal and is highly appealing to other verticals. And so we're getting a lot of traction in telco and in other verticals. Further, we're really committed to our partner program and going -- taking our IP to market through systems integrators and other providers.

我認為我們正處於第二階段的初期。你看，我們在金融服務領域的投入非常大，過去如此，未來也會如此，讓我們現實一點。也就是說，該平台的設計非常注重橫向發展，對其他垂直產業也極具吸引力。因此，我們在電信和其他垂直領域都獲得了極大的發展動力。此外，我們非常重視我們的合作夥伴計劃，並將我們的智慧財產權透過系統整合商和其他供應商推向市場。

And I think that's going to be the way we wind up expanding to other verticals. Our marketplace is designed to be able to do that. Our next-gen platform is designed to be able to do that. And so we're still very interested in broadening our reach, but our direct selling efforts are still primarily focused on financial services.

我認為這將是我們最終拓展到其他垂直領域的方式。我們的市場平台正是為了實現這一點而設計的。我們的下一代平台旨在實現這一點。因此，我們仍然非常有興趣擴大業務範圍，但我們的直銷工作仍然主要集中在金融服務領域。

Got it. And just quickly, how many named accounts do you have right now in Financial Services?

知道了。另外，請問您目前在金融服務領域有多少個指定帳戶？

No, we don't disclose it.

不，我們不會透露。

Okay. Sorry. But I mean it's an arbitrary number. We can name anyway and what not would you like it to be.

好的。對不起。但我的意思是，這只是一個任意的數字。我們可以隨意命名，你想叫什麼都行。

It was just an attempt to kind of better understand the new customers you haven't approached that. It was just ballpark, but that.

這只是為了更了解你尚未接觸過的新客戶而做的一次嘗試。只是大概估算一下，但就是這樣。

Understood. Look, I think there's -- I think the general answer to that is there's several hundred to go.

明白了。你看，我認為——我認為對此的普遍答案是，還有幾百個要做。

Got it. Okay. That's helpful. And then as a follow-up here, if we back out kind of the international multiyear deal here, still solid growth in the ARR but there's also a divergence. You guys did list of reasons why between platform ARR growth and non-platform.

知道了。好的。那很有幫助。然後，作為後續分析，如果我們排除國際多年期協議的影響，ARR 仍然保持穩健成長，但也出現了分歧。你們列出了平台型和非平台型企業 ARR 成長差異的原因。

But is the idea that we're beginning to also see customers that ultimately want to move from non-platform to platform. And so we should begin to see a sustained discrepancy in the ARR numbers?

但我們開始看到一些客戶最終希望從非平台遷移到平台，這是否也是一種趨勢？因此，我們應該開始看到年度經常性收入（ARR）數據有持續差異嗎？

Yes. I mean, gradually, over time, we're looking to migrate everyone, right? It's a lot more efficient to be on the platform, and we've set it for a long time. So there will be a lot of efficiencies to be gained from that. We haven't done a lot of that in the past, but we're getting to the point now where we can, so you're going to see more and more of that.

是的。我的意思是，隨著時間的推移，我們最終的目標是讓所有人都遷移過去，對吧？使用這個平台效率更高，而且我們已經設定好這個平台很久了。因此，這樣做可以大大提高效率。我們過去很少這樣做，但現在我們已經到了可以這樣做的地步，所以你會看到越來越多的這樣的例子。

But you're also seeing just a lot more sales. I mean even the big deal we had this quarter had very little ARR impact this quarter but will have a much bigger impact next quarter. So if you look at the rolling trend of ACV bookings, it's grown dramatically. And we think there's still a lot more of that to come this year, and that's going to drive more ARR growth. So we've got a lot of land activity happening, and we've got a lot more expand.

但你也會發現銷量大幅成長。我的意思是，即使是我們本季達成的這筆大交易，對本季的年度經常性收入 (ARR) 影響也很小，但下個季度的影響會大得多。因此，如果你觀察 ACV 預訂的滾動趨勢，你會發現它已經大幅成長。我們認為今年還會有更多這樣的成長，這將推動 ARR 的進一步成長。所以我們現在有很多土地開發活動，而且還有很多專案正在擴張。

So the -- if you look at the platform, the net retention rate goes up, they find new use cases, they expand into other areas. So there's just a lot of different areas we can grow in that business.

所以——如果你觀察這個平台，淨留存率上升，他們發現了新的用例，他們擴展到了其他領域。所以，在這個產業裡，我們有很多不同的發展領域可以拓展。

There's a classic software business problem. We, as a provider, would love to have everybody on a single code base. It would be really nice and easy to run it that way. And yet, we have more legacy code that's still highly profitable. We have customers who are really committed to using it and want to continue to use it.

這是一個典型的軟體產業難題。作為服務提供者，我們非常希望所有人都能使用同一套程式碼庫。那樣運作起來會非常方便快速。然而，我們還有更多遺留程式碼仍然能帶來豐厚的利潤。我們有一些客戶非常熱衷於使用它，並且希望繼續使用它。

And so we wind up in this position where we have to make proactive decisions about what legacy solutions we're going to continue to support and which ones we're going to force migration on. And the biggest factor in thinking that through is, can we provide full features and functionality of the legacy solution on the new platform before we force a change through an end-of-life initiative.

因此，我們最終不得不主動決定哪些傳統解決方案將繼續得到支持，哪些解決方案需要強制遷移。而思考這個問題時最重要的因素是，在透過生命週期結束計畫強制進行更改之前，我們能否在新平台上提供傳統解決方案的全部特性和功能。

And so far, we've been pretty successful with that. I mean our classic business; our historical legacy business runs just fine and is profitable. And as the new platform, the NextGen platform has the features and functionality that, frankly, is superior to what you find in the legacy solutions. We're going to see voluntary migration. We'll see some force migration, and then we'll see some end of life.

到目前為止，我們在這方面做得相當成功。我指的是我們的傳統業務；我們歷史悠久的傳統業務運作良好且盈利。作為新平台，NextGen 平台的功能和特性，坦白說，優於傳統解決方案。我們將會看到自願移民現象。我們會看到一些部隊遷移，然後我們會看到一些部隊退役。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

So everyone is obviously waiting the LLPAs, the market and investors. I just -- any education process or caveats you volunteer to kind of like help investors interpret how to compare the LLPAs under Vantage to FICO? I'm thinking things like for the same consumer, what's the delta between FICO and Vantage on average or anything like that? And then just -- I know it's a finger in the air assumption to say that the grids may be at parity. But just remind us if the grids do appear to be at parity, what do you view as the key barriers to potential switching?

所以很明顯，每個人都在等待LLPA（有限責任合夥協議）、市場和投資者的反應。我只是想問——您是否願意提供一些教育流程或註意事項，幫助投資者理解如何將 Vantage 下的 LLPA 與 FICO 進行比較？我在想，對於同一個消費者來說，FICO 和 Vantage 之間的平均差距是多少？或諸如此類的問題？然後——我知道說電網可能達到平衡只是一種猜測。但請您提醒我們，如果電網真的達到了平價，您認為潛在轉換的主要障礙是什麼？

I think it's unlikely that rise at parity. But let's hold that one. And just talk a little bit about your first -- the first part of your question, which is differences in the score. Our research suggests that the FICO Score and the Vantage score are more than 20 points different -- 30% of the time in both directions. It's not consistently in one direction, which means that it's very, very hard to just substitute one score for another, a Vantage score for a FICO score.

我認為不太可能出現平價上漲。但我們先保留這個選項。請稍微談談你的第一個問題——也就是你問題的第一部分，也就是分數差異。我們的研究表明，FICO 評分和 Vantage 評分相差超過 20 分——30% 的情況下，正負值都可能出現這種情況。它並非總是朝著一個方向發展，這意味著很難簡單地用一個分數來取代另一個分數，例如用 Vantage 分數取代 FICO 分數。

You really have to have a completely independent, separate system to run a score that just has different on to score ratio for every three-digit number. And so I think -- and I think that's one of the big challenges with developing the LLP acreage. How are you going to reconcile all that.

要計算每個三位數都有不同得分比率的分數，你真的需要一個完全獨立、單獨的系統。所以我認為——而且我認為這是開發 LLP 土地的一大挑戰。你打算如何調和這一切？

And then you kind of go beyond that to assuming you had separate LLPA grids and you somehow figured out how to do that, you still have all the gaming problems that go with that and the adverse selection problems that go with that. Those have to be resolved. And then you finally, you have whatever objections the securitization market might have to whatever penalties they might impose on Vantage scored paper versus FICO Score paper. So I think there's significant problems to be overcome.

然後，你進一步假設你有單獨的 LLPA 網格，並且你以某種方式弄清楚瞭如何做到這一點，你仍然會面臨所有相關的博弈問題和逆向選擇問題。這些問題必須解決。最後，你還需要考慮證券化市場可能對 Vantage 評分債券與 FICO 評分債券之間的任何懲罰措施提出的異議。所以我認為，我們還有很多重大問題需要克服。

Got it. And then just to reconcile something. I thought that you said in your prepared remarks that NT was going to be available for both the conforming and nonconforming market in the first half of calendar '26. And then in answering one of the earlier questions, I think Steve said you're not sure when 10 T is going to be available?

知道了。然後只是為了調和一些事情。我記得您在準備好的演講稿中說過，NT 將在 2026 年上半年推出合格市場和非合格市場。在回答之前的一個問題時，我想史蒂夫說過，你還不確定 10T 何時上市？

So one to guess and one, it is true that we're not sure. So the FICO 10 T data with the GSEs is with FHFA. And we can't give you a timeline, but we're confident it will eventually be released.

所以，一個是猜測，一個是，我們確實不確定。因此，GSE 的 FICO 10 T 數據由 FHFA 提供。我們無法給出具體時間表，但我們相信它最終一定會發布。

Those are two different comments just to clarify, the non-confirming and confirming is around having FICO 10 T available on the direct licensing program. And the comment Steve talked about was having FICO 10 T available for the data for the market. Does that make sense, what I said?

澄清一下，這是兩個不同的評論，不確認和確認是關於 FICO 10 T 是否在直接許可計劃中可用。Steve提到的評論是，要讓FICO 10 T的數據可供市場使用。我說的這些話你們明白嗎？

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes. So -- sorry to beat the dead horse here. But I guess, just to clarify, do we need like an LLPA grid for 10 T? Or do you think the conforming market could accept the 10 T without that grid being out?

是的。所以——很抱歉又老生常談了。不過我想澄清一下，我們需要一個用於 10 T 的 LLPA 網格嗎？或者你認為，即使不採用這種電網，現有市場也能接受 10T 的輸電方案嗎？

That's a great question, whether there be adjustment to the grid. 10 T is obviously much, much closer to FICO Classic than Vantage is. But my guess is when 10 T is made available that there'll be adjustment to the grid for that.

這是一個很好的問題，即電網是否需要調整。10 T 顯然比 Vantage 更接近 FICO Classic。但我猜測，當10T電力供應到位時，電網將會進行相對應的調整。

Okay. And just a quick follow. Do you think the timing -- I understand all of the issues that you've talked about, but are you expecting that the 10 T and Vantage grids would come out at the same time? And like the acceptability is good on the implementation is going to be around the same time? Or do you think it could happen in stages?

好的。簡單跟進一下。你認為時機合適嗎？ ——我理解你提到的所有問題，但你預計 10 T 和 Vantage 網格會同時發布嗎？如果可接受性良好，那麼實施時間也會大致相同？還是你認為它會分階段發生？

Certainly, the industry would like them to come out at the same time. There's a lot of efficiency in that and -- you probably saw the letter sent to the director at the FHFA this past week from 35 economists and think tanks and industry groups who all believe that it's critical that if and when any changes made away from FICO Classic that would be done simultaneously to both FICO 10 T and Vantage. So the industry has a preference for that, what the FHFA will ultimately do, no one knows. So we'll have to see.

當然，業界希望它們能同時發布。這樣做效率很高——你可能已經看到了上週 35 位經濟學家、智庫和行業團體聯名致信 FHFA 主任的信，他們都認為，如果對 FICO Classic 進行任何更改，那麼至關重要的是，FICO 10 T 和 Vantage 必須同時進行更改。所以業界對此有所偏好，至於聯邦住房金融局最終會怎麼做，誰也不知道。所以我們拭目以待。

To the earlier point about FICO 10 T and LLPA grid for FICO 10 T, I would point out that FICO 10 T is architecturally very similar to FICO Classic. It's built on the same kinds of attributes weighted in a similar way. That's very different from Vantage. Vantage has a different architecture and waits the factors differently. And so in terms of compatibility and closeness, FICO 10 T is much, much closer to FICO Classic.

關於前面提到的 FICO 10 T 和 FICO 10 T 的 LLPA 網格，我想指出的是，FICO 10 T 在架構上與 FICO Classic 非常相似。它基於相同類型的屬性，並以類似的方式賦予權重。這與 Vantage 非常不同。Vantage 的架構不同，等待因素的處理方式也不同。因此，就相容性和接近程度而言，FICO 10 T 與 FICO Classic 要接近得多。

And don't confuse that with predictability where FICO 10 T is significantly more predictive than FICO Classic.

但不要將此與可預測性混淆，FICO 10 T 的預測能力明顯強於 FICO Classic。

Understood. That's very helpful. And then I wanted to ask about your mortgage revenue growth. We saw a nice acceleration this quarter relative to what we've been seeing. And I'm just curious, is that -- are you just benefiting from maybe higher refi activity? I know you don't disclose volumes, but just directionally, it was volume was it volume growth that was higher or?

明白了。那很有幫助。然後我想問一下你們的房貸收入成長情況。與之前幾個季度相比，本季我們看到了不錯的加速成長。我只是好奇，這——你是否只是受益於更高的再融資活動？我知道你們不公佈成交量，但就方向而言，成交量是成長更快還是成長更慢？

It's all of the above. It's price -- it's all of the above. So there's some price there, there's some value there. There's some refi volume there. So all of those are factors.

以上皆是。價格——就是以上所有因素。所以這裡面既有價格，也有價值。那裡有一些再融資業務。所以這些都是影響因素。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great. I wanted to start out on the platform business. Obviously, a nice quarter there. I know some of that was the migration. I guess in some of that was the large deal. But I just wanted to see, are we at a point where 30%-plus ARR growth on the platform side should be sustainable again? Or I guess like how should we think about that in light of the really nice bounce back this quarter?

偉大的。我想從平台業務著手。顯然，那裡是個不錯的街區。我知道其中一部分原因是人口遷移。我想，這其中有些事情才是關鍵。但我只是想看看，平台端的 ARR 成長率是否能夠再次持續達到 30% 以上？或者說，考慮到本季強勁的反彈勢頭，我們該如何看待這個問題？

Well, so Kyle, we don't make promises, but we had 40% growth in platform for 16 quarters, then we were down a couple of quarters in the just under 20% range. Now here we are at 30%. It does move around. The total ARR is definitely going to go up. And so -- but -- so that's a short answer to your question is. The ARR will go up. I think current levels are sustainable. That's not a crazy thing to think. We've got a lot of appetite for our new platform.

好吧，Kyle，我們不做承諾，但我們的平台曾經連續 16 個季度保持 40% 的成長，然後有幾季下降到略低於 20% 的水平。現在我們達到了30%。它會四處移動。總ARR一定會上升。所以——但是——這就是你問題的簡短回答。年度經常性收入將會上升。我認為目前的水平是可持續的。這想法並不瘋狂。我們對我們的新平台充滿期待。

And the total ARR is going to be driven by the platform because more and more, we're intruding acceleration in platform growth. And frankly, the platform ARR is a bigger portion of the overall number now. So as that grows faster, it helps the overall number as well. So we see continued sustained significant growth in ARR for the rest of the year, which is kind of what we've been talking about for a few quarters, and now you're starting to see it.

而總 ARR 將由平台驅動，因為我們越來越多地介入平台成長的加速過程。坦白說，平台 ARR 現在在整體數字中所佔的比例更大了。因此，隨著這一數字成長速度加快，也有助於整體數字的成長。因此，我們預計今年剩餘時間的 ARR 將繼續保持顯著增長，這正是我們幾個季度以來一直在談論的，現在你們開始看到了。

Okay. That is helpful and good to hear. And then switching over to the card business. The origination revenue in the credit cards seem be climbing in the right direction here in the last few quarters, which is good to see. Just -- I know it's still early, but have you guys seen any disruption or changes in activity? I know there's been some chatter around a potential 10% cap on card APR. So I guess -- anything you guys are seeing there? Or is it still too early to tell in terms of when you guys are delivered the usage reports?

好的。那很有幫助，很高興聽到這個消息。然後轉行做信用卡業務。近幾季以來，信用卡業務的發放收入似乎正朝著正確的方向成長，這令人欣喜。我知道現在還為時過早，但是你們有沒有發現任何中斷或活動變化？我知道最近有一些關於信用卡年利率上限可能設定為 10% 的討論。所以我想問──你們在那邊看到了什麼？或者說，現在判斷你們何時能收到使用情況報告還為時過早？

We haven't seen anything. We haven't seen any changes in activity. There's been a lot of pre-qual activity in the card space and decent origination's. We haven't seen any changes.

我們什麼也沒看到。我們沒有看到任何活動變化。信用卡領域的預審活動很多，而且貸款發放情況也不錯。我們沒有看到任何變化。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

This is Sami on for George. In your discussions with the FHFA and GSEs, do you get the sense that a move from trimmers to Bimerge is gaining traction? We saw the MBA came out over a single score proposition and also the regulators' focus has recently shifted to the bureaus. So I just wanted to get your views on it.

這是薩米替喬治解說。在您與聯邦住房金融局 (FHFA) 和政府支持企業 (GSE) 的討論中，您是否感覺到從修剪器轉向雙效合一 (Bimerge) 的做法正在獲得支持？我們看到MBA的推出是基於單一評分方案，而且監管機構的關注點最近也轉移到了信用評級機構。所以我想聽聽你們的看法。

Yes. There's certainly a lot of talk about it these days. The bureau position, I don't generally give the bureau position, but I think it's fair to say that the bureaus believe that Prime Merge makes a lot more sense because the bureau files are not identical to one another. And if you chose two out of three files, some consumers on the margin are going to be under served. And I think that's a fair point.

是的。最近關於這件事的討論確實很多。我通常不透露局裡的立場，但我覺得可以公平地說，各局認為 Prime Merge 更有意義，因為各局的文件並不完全相同。如果你選擇了三個文件中的兩個，那麼一些邊緣消費者的需求就會得不到滿足。我認為這很有道理。

That's just a fair point. Set against that, Tri-Merge does give the bureau's a monopoly, and that's not a great thing. So that would be an offset. I think the real challenge is the real challenge with moving to IMerge. It's the same problem that we have with lender choice.

這確實是個合理的觀點。相比之下，三方合併確實賦予了該機構壟斷地位，這不是一件好事。所以這就是一個偏移量。我認為真正的挑戰在於遷移到 IMerge。這和我們選擇貸款機構時遇到的問題是一樣的。

When you get to choose between two credit scores or when you get to choose your favorite two out of three credit bureaus, you're going to have gaming, you're going to have adverse selection. You're going to have all of these -- all these problems occur and there's a cost to be paid for that. That cost ultimately gets paid by Fannie and Freddie and potentially the US taxpayer.

當你需要在兩個信用評分之間做出選擇，或者需要在三個信用機構中選擇你最喜歡的兩個時，就會出現投機取巧、逆向選擇的情況。你會遇到所有這些問題——所有這些問題都會發生，而且要為此付出代價。最終，這筆費用將由房利美和房地美，甚至可能由美國納稅人承擔。

And so that is the biggest problem that has to be overcome. And frankly, I don't know what kind of a solution there is to that. It's structural.

所以，這就是必須克服的最大問題。坦白說，我不知道有什麼解決辦法。這是結構性的。

Okay. And on software, can you talk about where you are in the investment cycle? How far along are you in the platform build out? And when should we expect the investments to normalize?

好的。在軟體方面，您能否談談您目前處於投資週期的哪個階段？平台建設進展到什麼程度了？我們應該何時才能預期投資恢復正常？

We continue to invest in our software business. We're really bullish on it. It's growing really nicely. We do anticipate margin expansion because our new platform is built for scaling profitably. And so the improvements to profitability of our software business will come more from additional volume and additional customers on the new platform versus reduced R&D spending, which, of course, is a lever and someday it will go down.

我們將繼續加大對軟體業務的投入。我們對此非常看好。它長得真好。我們預期利潤率會提高，因為我們的新平台是為獲利性規模化而建構的。因此，我們軟體業務獲利能力的提升將更多來自新平台上的銷售成長和客戶增加，而不是研發支出減少。當然，研發支出是一個槓桿，總有一天會下降。

Alexander Hess, JPMorgan.

Alexander Hess，摩根大通。

Just maybe to start with the Scores business and volumes there. I saw a call out on the new slide deck, which is by the way, excellent, that you guys saw positive volumes in all three of your underwriting lines. Can you maybe speak to sort of volume trends in the industry overall? Are they improving? And then when you sort of turn the lens inward, how much of the improvement that you've seen in the degree that there is any is really industry-wide versus FICO innovation land?

或許可以先從Scores的業務和交易量著手。我在新的投影片簡報中看到，你們的三條核保業務線都實現了正成長，這真是太棒了。能否談談整個產業的成交趨勢？他們的情況有改善嗎？然後，當你把目光轉向內部時，你所看到的進步（如果有的話）有多少是真正來自整個產業，還是來自 FICO 創新領域？

Yes, that's a good question. I mean I think it's hard to call a trend at this point. There's just a lot of uncertainty in the marketplace, again, which is one of the reasons why we've chosen not to update our guidance today. I don't think anybody really knows what's going to happen in mortgage. Just I think if rates continue to trend down, we'll probably see more volumes there.

是的，這是個好問題。我的意思是，我覺得現在很難說有什麼趨勢。市場仍存在許多不確定因素，這也是我們今天選擇不更新業績指引的原因之一。我認為沒有人真正知道抵押貸款市場將會發生什麼變化。我認為，如果利率繼續下降，我們可能會看到那裡的交易量增加。

In Card, we already talked about this some potential noise in that market. We'll see how real that is. But we've seen decent volumes, decent volumes throughout. I mean, not like crazy growth not decline either. So at least some margin or some volume increases across the board.

在 Card 部分，我們已經討論過該市場可能存在的一些潛在波動。我們拭目以待。但我們看到銷量一直不錯，一直都不錯。我的意思是，既不是瘋狂增長也不是衰退。所以至少各方面的利潤率或銷售量都有成長。

So that's encouraging, and we'll see if that continues. In terms of how much of that is driven by our innovation, maybe a little bit. In some cases, there are some different things that we're providing that provide some additional volumes. But most of this is the macro environment and what's happening in the auto lending industry or the mortgage or the card industry.

這令人鼓舞，我們拭目以待，看看這種情況能否持續下去。至於其中有多少是由我們的創新所驅動的，也許有一小部分吧。在某些情況下，我們提供的一些不同的東西可以提供一些額外的數量。但這其中大部分是宏觀環境，以及汽車貸款行業、抵押貸款行業或信用卡行業正在發生的事情。

Tuning to software you did see a nice pickup in ACV bookings. Obviously, platform NRR growth is strong. Can you maybe provide a comment on what platform features, functions, use cases are really driving that recent momentum.

軟體調整後，ACV預訂量確實出現了不錯的成長。顯然，平台淨收入成長強勁。您能否就推動近期平台發展動能的平台特性、功能和用例發表一些看法？

Yes. And I'm not sure that it's any particular use cases to be frank. So just a little bit of history here. For many, many years, for 10 for decades, FICO is an application software company focused on solutions to half a dozen critical bank problems having to do with the life cycle, right, risk-oriented solutions. When we move to the platform, we opened up a pretty vast set of solutions -- potential solutions for banks that adopt the platform.

是的。坦白說，我不太確定它有什麼具體的應用場景。這裡簡單介紹一下歷史。多年來，FICO 一直是一家專注於解決與生命週期相關的六個關鍵銀行問題的應用軟體公司，提供風險導向的解決方案。當我們遷移到該平台時，我們開啟了一系列非常廣泛的解決方案——對於採用該平台的銀行而言，這些解決方案具有潛在價值。

It's no longer just decisioning around origination's and customer management and fraud. So just a much, much wider set. That said, customers are coming to the platform for the basics. They come for origination's. They come for customer management.

現在不僅僅是圍繞貸款發放、客戶管理和反詐欺等方面的決策了。所以，範圍要廣得多。也就是說，使用者來到這個平台是為了獲得基本功能。他們前來尋找起源。他們來這裡是為了客戶管理。

We're seeing those use cases as primary use cases. But what's interesting is, particularly on the expand side, if you think about land and expand, they put in the platform and then they come up with all kinds of innovations on things they should be decisioning around that they have never done before. So there's a lot of that. But I think it's fair to say that they come to the platform for the same kinds of risk management solutions they bought in the past.

我們將這些用例視為主要用例。但有趣的是，尤其是在擴張方面，如果你想想土地和擴張，他們建立了一個平台，然後他們就應該圍繞哪些事情做出決策提出了各種創新，而這些創新是他們以前從未做過的。所以這類事情很多。但我認為可以公平地說，他們來到這個平台是為了尋求與過去購買的相同的風險管理解決方案。

Maybe I can squeeze a third in. Just on the predictive power of FICO 10 T, obviously, you guys have a white paper out that showed a pretty compelling predictive lift in those key cohorts. Can you -- but that was on sort of the basis of defaults, delinquencies. Can you maybe pivot that conversation to prepayments? And do you have a view on will 10 T being more predictive on prepayments than rival scores?

或許我還能擠出第三個。就 FICO 10 T 的預測能力而言，顯然，你們發布了一份白皮書，其中顯示，在關鍵群體中，預測能力得到了相當顯著的提升。你能做到嗎——但這主要是基於違約和拖欠款項的情況。您能否將話題轉移到預付款方面？您認為 10T 評分系統在預測提前還款方面是否比其他評分系統更具優勢？

I think so. And I think it's important to note that credit default rates and prepayments are related. They're sides of the same coin in some ways. So for example, I've heard people say, well, credit -- improving credit default rates doesn't really matter in the conforming market because Fannie and Freddie stand behind it. And so who cares about the credit default rates.

我也這麼認為。我認為值得注意的是，信用違約率和提前還款率是相關的。從某種意義上說，它們是同一枚硬幣的兩面。例如，我曾聽人說，在正規市場中，信用－改善信用違約率並不重要，因為房利美和房地美會為其保駕護航。所以誰還在乎信用違約率呢？

Well, when you have a credit default, it is functionally the same as a prepayment risk for those who hold the paper. So I think 10 T is going to help on both those sides.

嗯，當出現信用違約時，對於持有該票據的人來說，其功能與提前還款風險相同。所以我認為 10T 對這兩方面都會有所幫助。

Ryan Griffin, BMO Capital Markets.

Ryan Griffin，BMO資本市場。

Just had a software question. I think you said 75 of your largest customers are using multiple use cases now. I was just wondering how that has trended over the past year or so and what's driving the land and expand momentum?

我有個軟體方面的問題。我想你說過，你們最大的75家客戶現在都在使用多種用例。我只是想知道在過去一年左右的時間裡，這方面的趨勢如何，以及是什麼因素推動了土地開發和擴張的勢頭？

I'm not sure I follow the question.

我不太明白這個問題。

It's the land expand. So essentially, yes, I mean, what's driving it is that a lot of people bought in just to see how it would work, right? They need be shown that it would work. And once they get it installed. The next use case is a lot easier than the first use case.

這是土地擴張。所以本質上來說，是的，我的意思是，推動它發展的原因是很多人購買它只是為了看看它會如何運作，對吧？需要向他們證明這樣做是可行的。一旦他們安裝好了。下一個用例比第一個用例容易得多。

So they find more ways to use it, and they're pleased with the way it's working. So it's the expand pieces I shouldn't say easy, but it's a lot easier than the land because once it's and it's working, they look for more ways to use it.

所以他們找到了更多使用它的方法，並且對它的工作方式感到滿意。所以擴展部分不應該說容易，但比土地容易得多，因為一旦它運行起來，他們就會尋找更多使用它的方法。

The expand is running at roughly the same rate as land. They're kind of neck and neck on growth rate. The expand piece really has two kind -- there's two styles, right? One is expansion of the use cases that they started with and the second is bringing on new use cases. And our revenue goes up in both situations.

擴張速度與土地開發速度大致相同。它們的增長率不相上下。擴展部件實際上有兩種類型——有兩種樣式，對吧？一是擴展他們最初提出的用例，二是引入新的用例。這兩種情況下我們的收入都會增加。

Great. And then just one more question on the volume side. I think we've all read some headlines about lenders struggling with their cost base this year. I was just wondering if you're seeing any of this from your perspective and any changes in the lender behaviour that you can call out relating to your business?

偉大的。最後還有一個關於銷售的問題。我想我們都讀過一些關於貸款機構今年面臨成本壓力的新聞報導。我只是想了解一下，從你的​​角度來看，你是否也觀察到了這些情況，以及貸款機構的行為是否有任何變化，可以指出這些變化與你的業務相關？

We really haven't. I mean, you know how critical FICO scores are in the system, and we really have not seen any changes.

我們真的沒有。我的意思是，你知道FICO評分在信用評分系統中有多重要，但我們真的沒有看到任何變化。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I just wanted to ask one question on the software business. I mean the trends on the book have been pretty positive, but you also had mentioned that the NextGen platform, and I think the enterprise fraud solution are, I guess, not yet generally available, but are they helping to drive some of the bookings growth right now, pending the general availability at all?

我只想問一個關於軟體產業的問題。我的意思是，這本書的趨勢一直相當積極，但你也提到過 NextGen 平台，以及我認為的企業詐欺解決方案，目前還沒有全面推出，但它們是否正在幫助推動預訂量的增長，這取決於它們是否最終能夠全面推出？

Not yet. All the growth you're seeing is predates the enterprise solution.

還沒有。你現在看到的所有成長都發生在企業解決方案推出之前。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

I do want to go back to President Trump's 10% credit card interest rate cap policy question. If it is implemented, how would it potentially impact FICO? Do you think consumers will go to other form of loans, which will still need to use FICO score for underwriting? And also, could you please kind of like help us size the credit card exposure.

我想回到川普總統提出的信用卡利率上限為 10% 的政策議題上來。如果實施，會對FICO信用評分產生哪些潛在影響？你認為消費者會轉向其他形式的貸款嗎？這些貸款仍然需要使用 FICO 信用評分進行批准。另外，您可否幫我們估算一下信用卡風險敞口？

In terms of will consumers look for alternate credit, if the card providers provide pure cards to deeply subprime, your guess is good as mine but I would assume so. And I'm not sure I.

至於消費者是否會尋找其他信貸方式，如果發卡機構向嚴重次級借款人提供純粹的信用卡，你的猜測和我一樣好，但我認為他們會的。我不確定我。

The second question was the size of our credit card origination's revenue, but we don't provide that.

第二個問題是我們的信用卡發放收入規模，但我們不提供這方面的數據。

We don't break that out. Now who knows whether this actually ever happens. But -- if it does, I think it puts that much more pressure on lenders to understand those subprime credits really, really well. And my guess is that they would be doing extra work involving FICO scores and credit data to understand what happens on the margin.

我們不會把那件事單獨列出來。誰也不知道這是否真的會發生。但是——如果是這樣，我認為這將給貸款機構帶來更大的壓力，促使他們真正、真正地了解次級貸款。我猜測他們會利用 FICO 評分和信用數據進行額外的研究，以了解邊緣情況。

And if it went to some other type of personal lending or something else that would not apply it, then obviously, use FICO scores in that area.

如果貸款用途是其他類型的個人貸款或其他不適用 FICO 評分的用途，那麼顯然應該在該領域使用 FICO 評分。

Does it involve a shift to BNPL? I mean, obviously, we'd be beneficiaries in all those scenarios.

這是否意味著轉向先買後付模式？我的意思是，很顯然，在所有這些情況下，我們都會是受益者。

Got it. That's helpful. And then going back to software, I noticed that, I mean, you mentioned that there was an above average size multi-use case platform deal in the first-quarter. Is it really a one-off deal that we shouldn't expect this to recur? Or FICO platform begins to gain recognition and traction and more similar deals could come more frequently in the future?

知道了。那很有幫助。然後回到軟體方面，我注意到，我的意思是，你提到第一季有一筆規模高於平均的多用途平台交易。這真的是一次性事件，我們不應該預期它還會再次發生嗎？或者，FICO平台開始獲得認可和發展，未來可能會出現更多類似的交易？

It is the latter. There's no question that the deal size is going up the frequency of it and the amount.

是後者。毫無疑問，交易規模、交易頻率和交易金額都在增加。

Yes. And I would just add to that. We think the FY26 ECD bookings are going to be significantly higher than the FY25. So we've got a lot of deals. We've already signed. We've got a lot of deals in the pipeline. There's a lot of momentum here and we're seeing it even more and bigger deals.

是的。我還要補充一點。我們認為 2026 財年 ECD 預訂量將遠高於 2025 財年。所以我們達成了很多交易。我們已經簽約了。我們有很多交易正在籌備中。這裡發展勢頭強勁，而且我們看到越來越多的交易規模也越來越大。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Great. My first question, you made a comment earlier on that you're well positioned to well exceed guidance for fiscal 2026. Can you just talk about that a little bit further? What in your mind were you overly conservative on specifically, if you're willing to talk about that? And maybe also touch on how things are going in the reseller market? Mortgage market ready for this new to pricing plans that we saw in particular, is that meaningfully ahead or behind or on schedule with what you originally were thinking when you first rolled this out?

偉大的。我的第一個問題是，您之前曾說過，你們完全有能力遠遠超出 2026 財年的預期。能再詳細談談這個問題嗎？如果你願意談談的話，你覺得你具體在哪些方面過於保守？或許還可以談談經銷商市場的現況？抵押貸款市場是否已準備好接受我們看到的這種新的定價方案？與您最初推出方案時的預期相比，目前的情況是顯著提前、落後還是按計劃進行？

So to take those in reverse order, the direct license program with the resellers is on track, roughly as expected. And frankly, whether it comes a little sooner or a little later, does not have a big revenue impact on us. It's really pretty close. As we said earlier, we're not completely agnostic, but it's pretty close. It's not enough to drive a change in guidance, for example.

因此，反過來說，與經銷商的直接授權計劃進展順利，大致符合預期。坦白說，早一點或晚一點到來，對我們的收入影響不大。非常接近。正如我們之前所說，我們並非完全不可知論者，但已經非常接近了。例如，僅僅推動指導方針的改變是不夠的。

And then as to what might have us change our guidance, it presumably would be volume. I mean the price is extremely well understood. And it's we publish it and it's -- that price is here for the year. And so it's really much more around volume and what happens with interest rates and that no one knows. And so we'll -- that's why we want another quarter to see how it plays out.

至於什麼因素可能會改變我們的指導方針，那大概就是交易量了。我的意思是，價格問題大家都很清楚。我們公佈的價格是──這個價格今年都有效。所以，關鍵更多在於交易量和利率走勢，而這些誰也不知道。所以，這就是為什麼我們希望再觀察一個季度，看看情況如何發展。

Yes. I think there's just -- like I said, there's a lot of uncertainty in the marketplace. And I think three months from now, we're going to have a much better idea. If we were to take a guess now, we were probably -- you'd probably still think we were being too conservative. So at this point, in three months, we're going to know a lot more.

是的。我覺得就像我說的，市場上有很多不確定因素。我認為三個月後，我們會對情況有更清晰的了解。如果現在讓我們來猜測一下，我們可能會——你可能仍然會認為我們過於保守。所以，三個月後，我們就會知道更多資訊了。

We'll have one more quarter under our belts, and we'll have a much better idea of what it does. We really don't want to get into the situation where we're continually updating our guidance every quarter. We have annual guidance. We try to stick to that until it's pretty clear we can move to some more meaningful estimation of what it looks like, and that's what we're doing here.

再過一個季度，我們就能更清楚地了解它的作用了。我們真的不想陷入每季都要不斷更新業績指引的境地。我們有年度業績指引。我們會堅持這樣做，直到我們能夠比較清楚地對其進行更有意義的評估，而這正是我們在這裡所做的。

And then my last question, if I could. Can you just talk about pricing for calendar '26 for auto and then credit card and personal loans? I mean is auto going to be up north of 10% again this year, for example?

最後，如果可以的話，我想問最後一個問題。能否談談2026年汽車保險、信用卡和個人貸款的定價？我的意思是，例如，今年汽車價格漲幅是否會再次超過 10%？

Well, we don't disclose the specifics of it. There's -- it's a lot more complicated in auto and card because there's different price points depending on different tiers or different types of markets. So it's a lot more complicated than that, and we don't get into the detail of that basically for competitive reasons.

我們不會透露具體細節。汽車和信用卡的情況要複雜得多，因為根據不同的等級或不同的市場類型，價格點也會有所不同。所以實際情況要複雜得多，而且出於競爭原因，我們基本上不會深入探討其中的細節。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

I think you mentioned in the slide deck that there was some incremental headcount investment in FICO and increased marketing. Maybe help us understand, was that related to the reseller adoption? Or what drove those investments?

我認為你在幻燈片中提到過，FICO 增加了人員投入並加大了行銷力度。或許可以幫助我們理解，這是否與經銷商採用率有關？或者說，是什麼因素推動了這些投資？

We are investing in go-to-market across the board, both in -- on the software side and on the score side. And after, I would say, many years of conservatism in growing headcount and direct sales and partner sales. We've been fairly aggressive this year in expanding that headcount. So I would say that's -- it's on both sides, software as well as scores.

我們正在全面投資市場推廣，包括軟體方面和評分方面。多年來，我們在增加員工人數、直接銷售和合作夥伴銷售方面一直採取保守策略。今年我們在擴大員工規模方面採取了相當積極的措施。所以我覺得——問題出在軟體和分數兩方面。

Great. And then just in terms of goalposts for the resellers actually going live, do you have any sense -- would you expect the big five to go live simultaneously or one sequential. Any sense of just timing on that?

偉大的。那麼，就經銷商實際上線的目標而言，您認為——您預計五大經銷商會同時上線還是按順序上線？對時間安排有什麼把握嗎？

My guess is that it will not be a big bang with all of them going live at the same time. It will probably be staggered, but close in time. I mean all of the resellers we've signed with are well underway. And I think for their own benefit, they'll want to be able to offer the drug license program as quickly as possible. So I would expect convergence on timeline there, but I couldn't say that it's all going to happen simultaneously.

我猜想不會出現所有產品同時上線的大規模事件。可能會分階段進行，但時間上會很接近。我的意思是，我們簽約的所有經銷商都進展順利。我認為，為了他們自身的利益，他們會希望盡快推出藥品許可證計畫。所以我預期時間線上會有趨同，但我不能說所有事情都會同時發生。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Congrats on the five resellers. I just had some more color on that. How much of the total resellers market would you say the five like establish some size on these wins?

恭喜新增五家經銷商。我剛剛又給它加了一些顏色。您認為這五家公司憑藉著這些勝利，在整個經銷商市場中佔了多大的份額？

How much of the market do those resellers represent?

這些經銷商佔了多大的市場佔有率？

Yes.

是的。

Somewhere in the 70%, 80% range.

大概在70%到80%之間。

Got it. Okay. And just as a follow-up. On your last earnings call, you discussed some operational hurdles and having resellers move to the direct model. Can you just talk about how you're addressing some of those hurdles?

知道了。好的。作為後續補充。在上次財報電話會議上，您討論了一些營運方面的障礙，以及如何讓經銷商轉向直銷模式。您能談談您是如何克服這些障礙的嗎？

We really don't have any operational hurdles. It's moving very smoothly. We're working our way through the details. And we're highly confident that the program will be live in the relatively near future.

我們確實沒有任何營運方面的障礙。它運行得非常平穩。我們正在逐步處理細節問題。我們非常有信心，該節目將在不久的將來上線。

Thank you. I'm not showing any further questions in the queue. I'd like to turn the call back over to Dave for any closing remarks.

謝謝。隊列中不再顯示任何其他問題。我想把電話轉回給戴夫，讓他做最後的總結發言。

No, that's everything. We're good. Great quarter. Thank you.

不，就這些了。我們很好。很棒的季度。謝謝。

Thanks all.

謝謝大家。

Thank you for participating in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。