Fair Isaac Corporation (FICO) 2026 Q3 法說會逐字稿

Good day and welcome to the Q3 2026 FICO earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 FICO 2026 會計年度第三季（Q3）財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

It is now my pleasure to introduce Dave Singleton. Please go ahead.

現在我很榮幸介紹 Dave Singleton。請開始。

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

各位下午好，感謝各位參加 FICO 的第三季財報電話會議。我是投資人關係副總裁 Dave Singleton，今天與我一同出席的有我們的執行長 Will Lansing，以及財務長 Steve Weber。今天我們發布了一則新聞稿，說明與去年同期相比的財務結果。在本次電話會議中，管理團隊也將就與前一季相比的結果進行討論，以協助大家理解業務的運行速度（run rate）。

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依據 1995 年《私人證券訴訟改革法》屬於前瞻性陳述。這些陳述涉及多項風險與不確定性，可能導致實際結果出現重大差異。有關這些風險與不確定性的資訊載於公司向美國證券交易委員會（SEC）提交的文件中，特別是其中的風險因素與前瞻性陳述部分。相關文件副本可自 SEC、FICO 官網或我們的投資人關係團隊取得。

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 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.

本次電話會議亦將包含若干非 GAAP 財務衡量指標的陳述。請參閱公司今日發布的財報新聞稿與 Regulation G 附表，以取得這些非 GAAP 財務衡量指標與最可比 GAAP 指標之間的調節表。財報新聞稿與 Regulation G 附表可於公司網站 fico.com 的投資人關係頁面或 SEC 網站 sec.gov 取得。

A replay of this webcast will be available through July 29, 2027. Our quarterly investor presentation is available in the Investor Relations section of our website. We will refer to this presentation during today's earnings announcement.

本次網路直播的重播將提供至 2027 年 7 月 29 日。我們的季度投資人簡報可於官網的投資人關係專區取得。我們將在今天的財報發布過程中引用該簡報。

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

接下來我將把電話會議交給我們的執行長 Will Lansing。

Thanks, Dave and thank you, everyone, for joining us for our third-quarter earnings call. With another strong quarter, we are increasing our fiscal 2026 guidance. We reported Q3 revenues of $674 million, up 26% over last year, as shown on page 5 of our investor presentation. For the quarter, we reported $237 million in GAAP net income, up 30% and GAAP earnings of $10.45 per share, up 41% from the prior year.

謝謝你，Dave，也感謝各位參加我們的第三季財報電話會議。在又一個強勁季度之後，我們上調 2026 會計年度的財測指引。如投資人簡報第 5 頁所示，我們第三季營收為 6.74 億美元，較去年成長 26%。本季 GAAP 淨利為 2.37 億美元，年增 30%；GAAP 每股盈餘為 10.45 美元，較去年成長 41%。

We reported $277 million in non-GAAP net income, up 31% and non-GAAP earnings of $12.18 per share, up 42% from the prior year. We delivered free cash flow of $370 million in our third-quarter. Over the last four quarters, we delivered $961 million in free cash flow, an increase of 28% over the prior four-quarter period. In Q3, we returned significant capital to shareholders through share repurchases with repurchase spending exceeding three times the historical record quarter.

我們的非 GAAP 淨利為 2.77 億美元，年增 31%；非 GAAP 每股盈餘為 12.18 美元，較去年成長 42%。第三季我們創造的自由現金流為 3.70 億美元。過去四個季度合計，我們創造了 9.61 億美元的自由現金流，較前一個四季度期間增加 28%。第三季我們透過庫藏股回購向股東返還大量資本，回購支出超過歷史最高季度紀錄的三倍。

Including our accelerated share repurchase plan, we bought back $1.96 billion or 1.705 million shares at an average price of $1,149 per share. At the segment level shown on page 6, Scores segment revenues in our third-quarter were $459 million, up 41% versus the prior year. While B2B Scores were the key driver of growth, we also experienced continued growth in B2C Scores.

包含我們的加速股份回購計畫在內，我們以每股平均 1,149 美元的價格回購了 19.6 億美元、或 170.5 萬股。在投資人簡報第 6 頁所示的事業群層級，第三季 Scores 事業群營收為 4.59 億美元，較去年同期成長 41%。雖然 B2B Scores 是成長的主要驅動力，我們在 B2C Scores 也持續成長。

In our Software segment, we delivered $215 million in Q3 revenues, up 2% year-over-year. Results included 66% platform revenue growth and a 25% decline in non-platform revenue. Steve will provide additional revenue segment level details later. Beyond the financial results, we continue to make meaningful progress against the strategic priorities that position FICO for long-term growth.

在 Software 事業群方面，我們第三季營收為 2.15 億美元，年增 2%。其中包含平台（platform）營收成長 66%，以及非平台營收下滑 25%。Steve 稍後將提供更多營收在事業群層級的細節。除了財務結果之外，我們也持續在各項策略優先事項上取得實質進展，這些優先事項將使 FICO 具備長期成長的有利定位。

With more than 70 years of innovation, FICO has been the trusted backbone of high stakes decision-making, turning data into intelligence and intelligence into better business outcomes. That leadership continued this quarter with the GSE release of the FICO Score 10T data sets and UltraFICO general availability. Fannie Mae and Freddie Mac recently released expanded historical level data sets for FICO Score 10T, enabling mortgage ecosystem participants to independently evaluate credit score performance using real-world GSE mortgage data.

憑藉超過 70 年的創新，FICO 一直是高風險決策值得信賴的核心支柱，將資料轉化為洞察，再將洞察轉化為更佳的商業成果。本季這項領導地位仍在延續，體現在 GSE 發布 FICO Score 10T 資料集，以及 UltraFICO 的全面可用（general availability）。房利美（Fannie Mae）與房地美（Freddie Mac）近期針對 FICO Score 10T 發布了擴充的歷史層級資料集，使房貸生態系參與者能使用真實世界的 GSE 房貸資料，獨立評估信用評分的表現。

Independent analysis by Milliman, a leading global actuarial and risk management firm (technical difficulty) these findings, concluding that FICO Score 10T outperforms Vantage 4 on all three key statistical measures of predictiveness and across every origination year studied, both individually and in aggregate. Milliman found that FICO Score 10T delivers more than a 10% predictive advantage for first-time homebuyers and more than an 8% predictive advantage over Vantage 4 for the most recent origination years, an especially important cohort because it exhibits some of the highest default rates in the data set.

由全球領先的精算與風險管理公司 Milliman 所做的獨立分析（技術問題）這些發現，結論指出：在所研究的每一個放款起始年度（origination year），無論單獨或合併觀察，FICO Score 10T 在三項關鍵統計預測性衡量指標上皆優於 Vantage 4。Milliman 發現，對首次購屋者而言，FICO Score 10T 提供超過 10% 的預測優勢；而在最近的放款起始年度中，FICO Score 10T 相較 Vantage 4 亦提供超過 8% 的預測優勢。這一族群尤其重要，因為在資料集中其違約率屬於最高之列。

FICO's predictive advantage is not driven by access to different data. FICO Score 10T and Vantage 4 are built on the same underlying data sets. The comparison of the models can be found in our investor presentation on page 10. The difference lies in FICO's decades of experience developing predictive credit risk models and how FICO transforms that data into a more accurate assessment of default risk.

FICO 的預測優勢並非源自取得不同的資料。FICO Score 10T 與 Vantage 4 建構於相同的底層資料集之上。模型比較可於我們投資人簡報第 10 頁查閱。差異在於 FICO 數十年開發信用風險預測模型的經驗，以及 FICO 如何將這些資料轉化為對違約風險更精準的評估。

That predictive advantage has meaningful implications across the mortgage ecosystems. For lenders and originators, a more predictive score enables better risk assessment, more confident lending decisions, improved portfolio performance and the ability to responsibly expand access for borrowers. For investors and capital markets participants, stronger default prediction supports more accurate risk measurement, pricing confidence and ultimately a more resilient housing finance system.

這項預測優勢對整個房貸生態系具有重要意涵。對放款機構與承作機構而言，更具預測性的評分可帶來更佳的風險評估、更有把握的放款決策、更優的投資組合表現，並能在負責任的前提下擴大借款人取得信貸的機會。對投資人與資本市場參與者而言，更強的違約預測能力可支持更精準的風險衡量、提升定價信心，並最終促成更具韌性的住房金融體系。

For consumers, it enables more precise risk-based pricing, broader access to credit and better borrowing outcomes. The FICO Score 10T Adopter Program provides lenders with historical data and makes FICO Score 10T available at no additional cost alongside classic FICO, enabling production testing and validation within existing workflows. Ecosystem participants actively opt in and FICO works directly with them to evaluate and prepare for production deployment.

對消費者而言，這使得以風險為基礎的定價更精準、信貸可得性更廣，並帶來更好的借貸結果。FICO Score 10T 採用者計畫（Adopter Program）向放款機構提供歷史資料，並在不增加額外成本的情況下，讓 FICO Score 10T 與經典版 FICO 一併提供，以便在既有工作流程中進行上線前測試與驗證。生態系參與者可主動選擇加入（opt in），FICO 也會與其直接合作，以評估並為正式上線部署做準備。

The program has grown to 70 lenders, spanning both conforming and nonconforming mortgage markets. The program now represents about 55% of the volume generated by the top 50 mortgage originators, $587 billion in eligible annual originations based on 2025 HMDA data and more than $1.87 trillion in eligible annual servicing. Complementing the adopter program, FICO has expanded the technology infrastructure supporting FICO Score 10T adoption.

該計畫已成長至 70 家放款機構，涵蓋符合規範（conforming）與非符合規範（nonconforming）的房貸市場。目前該計畫約代表前 50 大房貸承作機構所產生量能的 55%；依據 2025 年 HMDA 資料，符合資格的年度承作額為 5,870 億美元，符合資格的年度貸後服務（servicing）規模超過 1.87 兆美元。除採用者計畫外，FICO 亦擴充了支援 FICO Score 10T 採用的技術基礎設施。

To further streamline implementation and deployment, FICO Score 10T is now integrated into Optimal Blue's market-leading mortgage platform and LoanPASS's automated product pricing and eligibility platform. These integrations enable lenders to leverage the industry's most predictive credit score throughout the mortgage life cycle, including loan eligibility, pricing, hedging, trading and portfolio evaluation. This allows lenders to adopt FICO Score 10T using the platforms and workflows they already rely on today.

為進一步簡化導入與部署，FICO Score 10T 現已整合至 Optimal Blue 市場領先的房貸平台，以及 LoanPASS 的自動化產品定價與資格判定平台。這些整合使放款機構能在房貸生命週期的各個環節運用業界最具預測性的信用評分，包括貸款資格、定價、避險、交易與投資組合評估。這讓放款機構能使用其目前已仰賴的平台與工作流程來採用 FICO Score 10T。

Now turning to UltraFICO. We recently announced the general availability of the next-generation UltraFICO Score developed in partnership with Plaid. The new score combines the FICO Score with consumer permissioned cash flow data from Plaid's network of more than 12,000 financial institutions, giving lenders a more complete view of credit risk on the same score scale they already use today.

現在轉到 UltraFICO。我們近期宣布，與 Plaid 合作開發的次世代 UltraFICO Score 已全面上市。新分數將 FICO Score 與經消費者授權、來自 Plaid 覆蓋逾 12,000 家金融機構網路的現金流資料相結合，讓放款機構能在其目前已使用的同一分數量尺上，更完整地掌握信用風險。

Our initial target market for this score is subprime and near-prime consumers across card, personal loan and auto lending. Our analysis shows that 79% of nonprime applicants with a history of positive account balances saw higher scores under UltraFICO, reflecting the score's ability to recognize positive financial behavior that isn't captured by traditional credit file data for this population.

此分數的初期目標市場為信用次級與接近優質（near-prime）的消費者，涵蓋信用卡、個人貸款與汽車貸款。我們的分析顯示，對於具有正向帳戶餘額紀錄的非優質申請人，79% 在 UltraFICO 下的分數更高，反映該分數能辨識此族群在傳統信用檔案資料中未被捕捉的正向財務行為。

We also found a 7% relative increase in approvals with no incremental risk and a 15% relative performance lift for prime applicants with limited credit histories, showing that predictiveness improves beyond what traditional credit scoring alone can capture. Since general availability began just this past May, we're still in the early days of adoption. A pipeline of lender interest exists today.

我們也發現，在不增加額外風險的情況下，核准率相對提升 7%，且對於信用歷史有限的優質申請人，表現相對提升 15%，顯示其預測力可超越僅依賴傳統信用評分所能捕捉的範圍。由於全面上市僅自今年 5 月才開始，我們仍處於採用的早期階段。目前已存在放款機構的興趣管線。

As we continue to build that pipeline, we expect to onboard clients for testing. Another strategic priority is the FICO Mortgage Direct Licensing Program, which is still under review by the GSEs. This remains the key milestone for the program to go live and for lenders to realize cost savings through performance model pricing.

在我們持續建立該管線的同時，我們預期將導入客戶進行測試。另一項策略優先事項是 FICO Mortgage Direct Licensing Program，目前仍在 GSEs 審查中。這仍是該計畫上線的關鍵里程碑，亦是放款機構透過效能模型定價實現成本節省的前提。

Lender interest in the program remains strong and we continue to expand reseller participation. We signed direct license agreements with partners and resellers representing about 60% of mortgage volume and we're in active negotiations with the remaining material resellers that would bring us closer to 90% of mortgage volume once finalized.

放款機構對該計畫的興趣依然強勁，我們也持續擴大轉售商參與。我們已與合作夥伴及轉售商簽署直接授權協議，涵蓋約 60% 的房貸量；並正與其餘具重要性的轉售商積極協商，一旦完成，將使我們更接近涵蓋 90% 的房貸量。

This past quarter, we hosted FICO World 2026, where customers and partners echoed a consistent theme. AI adoption is accelerating at an unprecedented pace, reshaping how businesses operate and how consumers interact with financial institutions. Three structural forces are driving this shift, the need to operationalize AI at enterprise scale, rising regulatory demands for governance and explainability and evolving customer expectations for personalized real-time decisions as AI agents emerge.

在上一季，我們舉辦了 FICO World 2026，客戶與合作夥伴呼應了一個一致的主題。AI 的採用正以前所未有的速度加速，重塑企業的營運方式，以及消費者與金融機構互動的方式。三股結構性力量正推動此轉變：在企業規模上將 AI 營運化的需求、對治理與可解釋性日益提高的監管要求，以及隨著 AI 代理（AI agents）出現，客戶對個人化即時決策的期待不斷演進。

For our customers, the real challenge is not investing in AI or experimenting with AI. It's turning their AI investment into business outcomes and measuring business value while keeping every decision governed, explainable and auditable. Customers are answering the challenge by integrating FICO Platform, the world's leading AI decisioning platform for the financial services industry into their enterprise architecture and building their business solutions on FICO Platform.

對我們的客戶而言，真正的挑戰不是投資 AI 或嘗試 AI。而是將 AI 投資轉化為商業成果並衡量商業價值，同時確保每一項決策都具備治理、可解釋且可稽核。客戶正透過將 FICO Platform（全球領先、面向金融服務業的 AI 決策平台）整合進其企業架構，並在 FICO Platform 上建置其商業解決方案，以回應此挑戰。

The FICO Platform is differentiated by a number of things. First, FICO leverages 70 years of domain expertise in financial services. Second, FICO Platform benefits from proprietary data sets such as our fraud consortium data spanning thousands of financial institutions. Third, FICO Platform clients that leverage multiple use cases benefit from a compounding feedback loop that can create a more complete picture of the customer, utilizing the always-on and always available AI-powered customer profile engine.

FICO Platform 在多個面向具備差異化。第一，FICO 憑藉在金融服務領域 70 年的專業知識。第二，FICO Platform 受益於專有資料集，例如我們涵蓋數千家金融機構的詐欺聯盟（consortium）資料。第三，採用多個使用案例的 FICO Platform 客戶可受益於複利式回饋循環，透過「永遠開啟、永遠可用」的 AI 驅動客戶輪廓引擎，建立更完整的客戶全貌。

Fourth, our FICO Platform architecture enables responsible AI through decisions that are auditable, transparent and explainable, allowing clients to more easily adhere to governance and regulatory requirements. Fifth, FICO Platform decisioning capabilities are deeply embedded into enterprise workflows, delivering complex decisions in real time at scale in milliseconds and with a high degree of reliability.

第四，我們的 FICO Platform 架構透過可稽核、透明且可解釋的決策，實現負責任的 AI，使客戶更容易遵循治理與監管要求。第五，FICO Platform 的決策能力深度嵌入企業工作流程，能以毫秒級在規模化情境下即時交付複雜決策，且具高度可靠性。

Our investments are focused on development and distribution of market-leading and differentiated intellectual property. These include the development of FICO Platform and technologies such as focused sequence models and focused language models. This requires limited CapEx as we leverage cloud providers for scalability.

我們的投資聚焦於開發與推廣市場領先且具差異化的智慧財產。其中包括 FICO Platform 的開發，以及如聚焦序列模型（focused sequence models）與聚焦語言模型（focused language models）等技術。由於我們利用雲端供應商以取得可擴展性，因此所需資本支出（CapEx）有限。

We continue to deliver healthy year-over-year growth in bookings, ARR, DBNRR and enterprise platform clients, demonstrating real-world value for our customers and tangible results from our investments. Our near-term focus has been on driving top line growth, while our long-term focus is on driving margin expansion.

我們在訂單（bookings）、ARR、DBNRR 以及企業平台客戶數方面，持續交出健康的年對年成長，展現為客戶帶來的實際價值，以及我們投資所產生的具體成果。我們的短期重點在推動營收成長，而長期重點在推動利潤率擴張。

We've advanced two initiatives that will support these objectives. First, in July, we expanded our collaboration with Accenture by pairing the FICO Platform with Accenture's experience in risk, AI and industry operations. This partnership will help enterprises turn investments into real business results, faster decisions, stronger risk controls and outcomes that hold up under regulatory scrutiny.

我們已推進兩項將支持這些目標的倡議。第一，在 7 月，我們擴大了與 Accenture 的合作，將 FICO Platform 與 Accenture 在風險、AI 與產業營運方面的經驗相結合。此合作夥伴關係將協助企業把投資更快轉化為真正的商業成果、更快速的決策、更強的風險控管，以及能經得起監管審視的結果。

Our immediate focus is go-to-market and enablement with a phased-in geographic rollout. Second, later this calendar year, we anticipate the general availability of our next-generation FICO Platform, which includes our enterprise fraud solution. With incremental IP and expanded distribution, we anticipate greater penetration of FICO Platform within our current 500 named target accounts and an expansion of our operating market beyond those accounts.

我們當前的重點是上市策略（go-to-market）與賦能（enablement），並採分階段的地理區域推廣。第二，在本曆年稍晚，我們預期次世代 FICO Platform 將全面上市，其中包含我們的企業詐欺解決方案。隨著新增的智慧財產與更廣的通路推廣，我們預期 FICO Platform 在目前 500 個具名目標客戶中的滲透率將提高，並將我們的營運市場擴展至這些客戶之外。

I'll now pass this to Steve to provide further financial details.

接下來我把時間交給 Steve，提供更多財務細節。

Thanks, Will and good afternoon, everyone. As Will mentioned, our Scores segment revenues for the quarter were $459 million, up 41% from the prior year. As shown on page 17 of our presentation, B2B revenues were up 49%, primarily attributable to a higher mortgage origination score unit price. In the prior year quarter, FICO recognized approximately $16 million on a multiyear US license renewal on our insurance score product.

謝謝，Will，各位下午好。如 Will 所提到，我們本季 Scores 部門營收為 4.59 億美元，較去年同期成長 41%。如簡報第 17 頁所示，B2B 營收成長 49%，主要歸因於房貸核貸評分（mortgage origination score）單位價格提高。在去年同期，FICO 就我們的保險評分產品，於一項多年期美國授權續約中認列約 1,600 萬美元。

Normalizing for that, (technical difficulty) Scores revenues were up 49% and B2B revenues grew 59%, respectively. Our B2C revenues were up 5% versus the prior year. In our mortgage origination scores business, third-quarter volumes grew low single digit versus the prior year. Our mortgage originations revenues were up 97% from the prior year.

將該因素標準化後，（技術問題）Scores 營收分別成長 49%，B2B 營收成長 59%。我們的 B2C 營收較去年同期成長 5%。在房貸核貸評分業務方面，第三季量較去年同期呈低個位數成長。我們的房貸核貸營收較去年同期成長 97%。

Mortgage origination revenues accounted for 71% of B2B revenues and 62% of total Scores revenues. Auto originations revenues were up 15%, while credit card, personal loan and other originations revenues were up 9% from the prior year. For your reference, page 18 of our presentation provides quarterly trending for Scores segment metrics.

房貸核貸營收占 B2B 營收的 71%，占 Scores 總營收的 62%。汽車核貸營收成長 15%，而信用卡、個人貸款及其他核貸營收較去年同期成長 9%。供各位參考，我們簡報第 18 頁提供了 Scores 部門指標的季度趨勢。

Turning to our Software segment. Our software ACV bookings for the quarter were $29 million, as shown on page 19 of the presentation. On a trailing 12-month basis, ACV bookings reached $128 million this quarter, an increase of 39% from the same period last year. We continue to see strong growth in our sales pipeline. Our total software ARR, as shown on page 20, was $816 million, a 10% increase over the prior year.

接著看我們的 Software 部門。本季軟體 ACV 訂單為 2,900 萬美元，如簡報第 19 頁所示。以過去 12 個月（TTM）計，本季 ACV 訂單達 1.28 億美元，較去年同期成長 39%。我們持續看到銷售管線強勁成長。我們的軟體 ARR 總額如第 20 頁所示為 8.16 億美元，較去年成長 10%。

Platform ARR grew 62% versus the prior year to $413 million and represented 51% of our total Q3 '26 ARR, while non-platform declined 17% to $403 million for the quarter. For the first time, platform ARR dollars exceed non-platform ARR dollars, marking an important milestone that reflects the successful execution of our long-term strategy and the returns we are realizing from our strategic investments.

平台 ARR 較去年成長 62% 至 4.13 億美元，占我們 2026 年第三季 ARR 總額的 51%；而非平台業務本季下降 17% 至 4.03 億美元。平台 ARR 金額首次超過非平台 ARR 金額，這是一項重要里程碑，反映我們長期策略的成功執行，以及我們從策略性投資中正在實現的回報。

Excluding migrations, platform ARR growth was in the mid-30% range, reflecting strong execution in new customer wins as well as expanded use cases and volumes from existing customers. In our non-platform business, ARR declined year-over-year, driven mostly by migrations and to a lesser extent, end-of-life products. Our dollar-based net retention rate in the quarter was 109%.

若排除遷移（migrations），平台 ARR 成長約在 30% 中段區間，反映我們在新客戶贏單，以及既有客戶擴大使用案例與用量方面的強勁執行力。在非平台業務方面，ARR 年對年下滑，主要由遷移所致，另有較小部分來自產品生命週期終止（end-of-life）產品。本季我們以金額計的淨留存率（dollar-based net retention rate）為 109%。

Platform NRR was 148%, while our non-platform NRR was 82%. Platform NRR was driven by a combination of new use cases, increased usage of existing use cases and migrations. third-quarter Software segment revenues detailed on page 21 were $215 million, up 2% versus the prior year. Within the segment, our SaaS revenues grew 21%, driven by continued strength in FICO Platform.

平台 NRR 為 148%，而我們的非平台 NRR 為 82%。平台 NRR 由新使用情境、既有使用情境使用量增加以及遷移等多項因素共同推動。第 3 季軟體事業部營收（詳見第 21 頁）為 2.15 億美元，較去年同期成長 2%。在該事業部內，我們的 SaaS 營收成長 21%，主要受惠於 FICO Platform 持續強勁。

Our on-premises revenues declined 16%, driven by lower point-in-time revenue as we had fewer non-platform license renewal opportunities compared to the prior year quarter. Our professional services revenues declined 24% as the prior year quarter includes revenue from the completion of a large deal milestone.

我們的地端（on-premises）營收下滑 16%，主因是一次性（point-in-time）營收較低，因為相較去年同期，本季非平台授權續約機會較少。我們的專業服務營收下滑 24%，因去年同期包含完成一筆大型交易里程碑所帶來的營收。

Normalizing for point-in-time revenue and professional services revenue, the Software segment revenues grew 10% versus the prior year. Platform revenues exceeded non-platform revenues for the first time in FICO history. Year-over-year platform revenues grew 66%, driven by success in our land and expand strategy. Excluding migrations, platform revenues grew in the high 30% range. Non-platform revenues declined 25%, driven by migrations and lower point-in-time revenue.

若將一次性營收與專業服務營收標準化後，軟體事業部營收較去年同期成長 10%。平台營收在 FICO 歷史上首次超越非平台營收。平台營收年增 66%，主要受惠於我們「先落地、再擴張」（land and expand）策略的成功。若排除遷移因素，平台營收成長約落在 30% 後段。非平台營收下滑 25%，主因為遷移以及一次性營收較低。

As a reminder, platform and non-platform revenues exclude professional services revenues. From a regional perspective, 91% of total company revenues this quarter were derived from our Americas region, which is the combination of our North America and Latin America regions. Our EMEA region generated 6% of revenues and the Asia Pacific region delivered 3%.

提醒一下，平台與非平台營收均不包含專業服務營收。從區域角度來看，本季公司總營收的 91% 來自美洲地區，該地區為北美與拉丁美洲的合併。我們的 EMEA 地區貢獻 6% 的營收，亞太地區貢獻 3%。

Operating expenses for the quarter, as shown on page 22, were $312 million this quarter compared to $289 million in the prior year, an increase of 8% year-over-year, driven by marketing for FICO World and some personnel expenses. Our updated guidance includes fourth-quarter operating expenses that are modestly higher than in our third-quarter due to incremental front-end loaded marketing expenses to support the launch of our new partnership with Accenture, as well as some anticipated onetime restructuring charges.

本季營業費用（如第 22 頁所示）為 3.12 億美元，去年同期為 2.89 億美元，年增 8%，主要由 FICO World 的行銷支出以及部分人員費用所帶動。我們更新後的指引包含第 4 季營業費用將較第 3 季小幅增加，原因是為支持與 Accenture 新合作夥伴關係的推出而新增的前置（front-end loaded）行銷費用，以及部分預期的一次性重組費用。

Our non-GAAP operating margin, as shown on page 23, was 62% for the quarter compared with 57% in the same quarter last year. We delivered year-over-year non-GAAP operating margin expansion of 479 basis points. The effective tax rate for the quarter was 24.6%. We expect a full year operating tax rate of 25% to 26% and an effective tax rate of around 24%. At the end of the quarter, we had $305 million in cash and marketable investments.

本季非 GAAP 營業利益率（如第 23 頁所示）為 62%，去年同期為 57%。我們的非 GAAP 營業利益率年增擴張 479 個基點。本季有效稅率為 24.6%。我們預期全年營業稅率為 25% 至 26%，有效稅率約為 24%。季末我們持有 3.05 億美元的現金及有價投資。

Our total debt at quarter end was $5.58 billion with a weighted average interest rate of 5.64%. This includes the June issuance of a $1.5 billion term loan to fund the accelerated share repurchase. As a result, we expect fourth-quarter interest expense to be higher than in the third-quarter. As of June 30, 2026, 60% of our debt was held in senior notes, while 40% of our debt was held in term loans or a balance on our revolving line of credit, both of which are repayable at any time.

季末我們的總負債為 55.8 億美元，加權平均利率為 5.64%。其中包含 6 月發行的 15 億美元定期貸款，用以資助加速股份回購。因此，我們預期第 4 季利息費用將高於第 3 季。截至 2026 年 6 月 30 日，我們 60% 的債務為優先票據（senior notes），40% 的債務為定期貸款或循環信用額度的餘額，兩者皆可隨時償還。

As Will highlighted, we had a record quarter for returning capital to our shareholders through buybacks. As shown on page 25, in Q3, we repurchased 1.705 million shares for a total cost of $1.96 billion. In the near term, we will be using cash to pay down debt. Beyond that, we continue to view share repurchases as an attractive use of cash.

如 Will 所強調，我們透過回購向股東返還資本創下單季新高。如第 25 頁所示，第 3 季我們回購 170.5 萬股，總成本為 19.6 億美元。短期內，我們將使用現金償還債務。除此之外，我們仍認為股份回購是現金的具吸引力用途。

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

接下來我把時間交還給 Will，請他做結語。

Thanks, Steve. Elevated interest rates and ongoing affordability challenges continue to weigh on the mortgage market, keeping loan originations below historical norms. While the macro environment remains fluid, our strategy, innovation and execution remain disciplined and consistent. I'm quite pleased to report that today, we're raising our full year guidance as we enter the fourth-quarter.

謝謝，Steve。利率維持在高檔以及持續的可負擔性挑戰，仍在壓抑房貸市場，使得貸款承作量低於歷史常態。儘管總體環境仍具變動性，我們的策略、創新與執行仍保持嚴謹且一致。我很高興向各位報告，隨著我們進入第 4 季，我們今天上調了全年指引。

As shown on page 26 of our presentation, revenue guidance is now $2.53 billion, an increase of 20% versus prior year. GAAP net income guidance is now $850 million, with GAAP earnings per share of $36.86, an increase of 30% and 39%, respectively. Non-GAAP net income guidance is now $979 million, with non-GAAP earnings per share of $42.43. Those are increases of 33% and 42%, respectively.

如簡報第 26 頁所示，營收指引目前為 25.3 億美元，較去年增加 20%。GAAP 淨利指引目前為 8.5 億美元，GAAP 每股盈餘為 36.86 美元，分別年增 30% 與 39%。非 GAAP 淨利指引目前為 9.79 億美元，非 GAAP 每股盈餘為 42.43 美元；分別年增 33% 與 42%。

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

接下來我把電話交回給 Dave，我們將開始問答。

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

謝謝，Will。以上為我們事先準備的發言，現在我們準備開始回答問題。接線員，請開放線路。

(Operator Instructions) Manav Patnaik, Barclays.

(接線員指示) Manav Patnaik，Barclays。

I just had a question on the DLP program that you said is under review by the GSEs. I believe one of them had already signed off. So just trying to appreciate why or what the next steps for the other one are? And then with respect to that, you talked about the signed agreements with 60% -- resellers representing 60% of the US mortgage volumes. Is that -- are they also interested specifically in the performance fee model? Just looking for that incremental color.

我想問一下你們提到正在由 GSE 審查的 DLP 計畫。我記得其中一家似乎已經核准了。所以想了解一下，為什麼另一家還需要審查，或接下來的步驟是什麼？另外，關於你們提到已簽署的協議涵蓋 60%——也就是代表美國房貸量 60% 的轉售商。他們是否也特別對績效費（performance fee）模式有興趣？想請你們多補充一些細節。

Yes. So with respect to the DLP, not a lot of new news. We're literally waiting on certification from one of the GSEs so that we can go live. The operational stuff is all set up, ready to go. And as we've pointed out, we have agreements already covering 60% of the reseller volume. We are also very close to signing 2 additional resellers. So that's -- we're literally waiting for their okay.

是的。就 DLP 而言，沒有太多新消息。我們就是在等待其中一家 GSE 的認證，這樣我們就能正式上線。營運面的事項都已建置完成，隨時可以啟動。而且如我們先前指出，我們已經有協議涵蓋 60% 的轉售商量。我們也非常接近再簽下另外 2 家轉售商。所以我們真的就是在等他們點頭同意。

The -- in terms of interest from the resellers in the performance model, yes, there is significant interest in the performance model. And we and they are anxious to get it out into the marketplace. We think it will be very beneficial.

至於轉售商對績效模式的興趣，是的，對績效模式有相當大的興趣。我們和他們都很希望能把它推向市場。我們認為這會非常有利。

Okay. And then just on the release of the 10T data, just curious, I don't know if you guys have had any feedback worth sharing from your -- from the industry or your clients in terms of that versus the other alternatives out there.

好的。另外關於 10T 資料的釋出，我想了解一下，不知道你們是否收到任何值得分享的回饋——來自產業或你們客戶——關於它相較於其他替代方案的表現。

Well, they now have an opportunity to test the 10T data as provided by the GSEs. And although we'd like to see 10T approved sooner rather than later, there is kind of a time, an elapsed time between releasing the data and doing the analysis and then approving 10T. There's a lot of interest. And as you know from my earlier remarks today, third parties like Milliman and others have done the analysis and 10T is more predictive than Vantage, pure and simple. And so there's a lot of market demand for it.

嗯，他們現在有機會測試由 GSE 提供的 10T 資料。雖然我們希望 10T 能越快獲准越好，但從資料釋出、進行分析到核准 10T 之間，確實需要一段時間。市場興趣很高。而且如同我今天稍早的發言所提，像 Milliman 等第三方已做過分析，10T 的預測能力比 Vantage 更強，這點非常明確。因此市場對它的需求很大。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

As you know, there's now some data out there that shows VantageScore gaining some share in the MBS market. I'm curious from the lenders that are in that pilot program, are you seeing them drop FICO pulls at any point in the mortgage process? Or are they simply pulling the same number of FICO scores and just also adding in VantageScore? And then maybe when it's time to submit that loan to the GSE, they're submitting with a VantageScore?

如你所知，現在有一些數據顯示 VantageScore 在 MBS 市場的市占率正在提升。我想從參與該試點計畫的放款機構角度了解，你們是否看到他們在房貸流程的某個階段不再拉取 FICO 分數？還是他們只是拉取相同數量的 FICO 分數，同時再加上 VantageScore？然後也許在要把該筆貸款提交給 GSE 的時候，他們是用 VantageScore 來提交？

Jason, that's a very good question. So just a bit of -- to take a step back, you know that we're not crazy about lenders choice as a policy. We think it's bad policy because it encourages gaming. And that's the primary reason that one might consider buying a VantageScore is to try to deliver to a consumer a better rate when some of the time the VantageScore produces -- is higher than the FICO Score. So we knew that gaming was going to happen and that's what we're seeing is that it is happening.

Jason，這是個非常好的問題。所以先稍微—退一步說，你知道我們對「放款機構可自行選擇」作為政策並不熱衷。我們認為這是個不好的政策，因為它會鼓勵鑽漏洞（gaming）。而考慮購買 VantageScore 的主要原因之一，就是想在某些情況下，當 VantageScore 產生的分數—高於 FICO 分數時，試圖讓消費者拿到更好的利率。所以我們早就知道會發生鑽漏洞的行為，而我們現在看到的就是：它確實正在發生。

And to your specific question, are we seeing volume loss? No, we are not, which suggests that they're pulling both scores. And you have to pull both scores if you're going to try to do the gaming. You need both scores to figure out which one is going to deliver a bigger benefit to the consumer. So there's not a lot of surprise in what we're seeing.

至於你具體的問題：我們是否看到量的流失？沒有，我們沒有看到，這表示他們兩種分數都在拉取。而如果你要玩這種鑽漏洞的操作，你就必須兩種分數都拉。你需要兩個分數，才能判斷哪一個能給消費者帶來更大的好處。所以我們看到的情況並沒有太多意外。

You got a two-score system, which has its own kind of structural problems. You have the gaming that you would expect. You have the most sophisticated biggest players experimenting with it. But I guess the thing to remember is you need to pull both a FICO Score and a VantageScore if you're going to do the gaming. A VantageScore by itself doesn't really get you there.

你現在有一個雙分數系統，它本身就有一些結構性的問題。你會看到如你所預期的鑽漏洞行為。你會看到最成熟、最大的玩家在做實驗。但我想要記住的一點是：如果你要做鑽漏洞，你需要同時拉取 FICO 分數和 VantageScore。單靠 VantageScore 本身其實無法達到那個目的。

We -- and I guess just to round it out, we're not seeing volume loss. So I don't think it's instead of, the VantageScore is additive to the market, makes the market bigger.

我們—我想補充完整一點，我們沒有看到量的流失。所以我不認為這是「取代」的關係；VantageScore 是對市場的加成，讓市場變得更大。

Got it. That's very helpful. That all makes sense. Can you also just comment on the mortgage origination revenue growth decelerated on a year-over-year basis. It was also down quarter-over-quarter. I'm sure part of it was just mortgage volumes being a bit softer in 3Q. I assume that was the case. But any other comments on what's driving that? And I don't know if you could give us any sort of framework for how to think about 4Q, just to level set expectations here.

了解。這非常有幫助。這些都說得通。你也能否評論一下：房貸承作（origination）收入成長在年對年基礎上放緩了。而且季對季也下滑。我確定其中一部分只是因為第三季房貸量稍微疲軟。我假設是這樣。但還有其他驅動因素嗎？另外，不知道你能否給我們一個思考第四季的框架，讓大家先把預期校準一下。

Yes, that's a great question. So if you look on a year-over-year basis, we were up, we said low single-digit volumes, which I think is pretty much in line. If you take all the bureaus together and average them, that's probably what you get or take them as a total universe. So I think what we're -- we're seeing similar volumes to what the bureaus are seeing. There definitely was a slowdown as the bureaus talked about as well.

是的，這是個很好的問題。所以如果你看年對年，我們是成長的；我們說量是低個位數成長，我認為這基本上相當一致。如果把所有徵信機構（bureaus）放在一起取平均，大概就是這個結果，或把它們視為整體市場也是如此。所以我認為我們—我們看到的量與徵信機構看到的量相近。隨著徵信機構也提到，確實出現了放緩。

As rates tick up, the volumes do slow down. So that's what happened there on a year-over-year basis and that's also what caused the quarter-over-quarter. So again, it's really just about the slowdown in the mortgage market as rates crept up.

當利率小幅上升時，量就會放緩。所以年對年就是這樣發生的，這也造成了季對季的變化。所以再說一次，主要就是因為利率逐步上行，房貸市場放緩。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Yes. A follow-up on that last question. Maybe this is just asking -- rehashing old news. But the 127% growth that you had last quarter, it was always hard to get there based upon market volume and based upon a $10 versus $4.95 price. So was there anything else that was inflating that number? Or is there anything like timing -- I know it's an annual calendar year rate card but anything on when timing of the pricing actually took effect last year versus this year or anything like that?

是的。針對剛才那個問題追問一下。也許這只是—在重提舊聞。但你們上季的 127% 成長，基於市場量以及 10 美元對 4.95 美元的價格，很難達到那個數字。所以是否有其他因素把那個數字墊高了？或者是否有任何像是時點因素—我知道是按年度曆年（calendar year）的價目表（rate card），但例如去年相較今年，實際生效的時間點差異之類的？

Yes. I think there's some of the timing piece. And I think there's some of how maybe our quarter cutoff versus what the bureau quarter cutoffs are. And when you have markets that are moving very rapidly when rates are moving, you can have -- every week can have different kind of volumes. I think you might see some of that.

是的。我認為有一部分是時點因素。也有一部分可能是我們的季度截止點與徵信機構的季度截止點不同。當市場變動非常快、利率在變動時，你可能會看到—每一週的量都可能不同。我想你可能會看到一些這樣的影響。

We don't have access to what the bureaus -- the data, the underlying data that they report. So I can't tell you. All I can tell you is the scores that were pulled by us on a year-over-year basis and what we charge for them. So that's really it. I think if you -- the shorter you parse apart the segments, if you get down to week by week, it's probably even less or month by month, there's less correlation and especially when the markets are moving like they are.

我們無法取得徵信機構—他們所報告的數據、底層數據。所以我無法告訴你。我能告訴你的只有：我們年對年被拉取的分數數量，以及我們對此收取的費用。所以就只有這些。我認為如果你—你把區間切得越短，如果你細到逐週，可能相關性更低；或逐月也是，相關性會更低，尤其是在市場像現在這樣波動的時候。

But over time, it all works out but there are some quarters here and there where you see anomalies like last quarter.

但拉長時間來看，一切都會回歸正常；只是有些季度你會看到像上季那樣的異常。

Simon Clinch, Rothschild and Redburn.

Simon Clinch，Rothschild and Redburn。

Was wondering, Will, if you could talk -- you mentioned that, of course, you're not seeing any volume loss. I'm just wondering, given you are pretty much all of the market, how easy is it for you to actually monitor any sort of evidence of volume loss in that regard?

Will，我想問的是—你提到你們當然沒有看到任何量的流失。我只是想知道，鑑於你們幾乎涵蓋了整個市場，你們實際上要如何容易地監測到任何關於量流失的證據？

It's not that easy. It's not -- I mean, honestly, it's not that easy. But relative to our forecast and expectations, we're not seeing it.

這並不容易。這不—我是說，老實說，並不那麼容易。但相對於我們的預測與預期，我們沒有看到。

And I think you can see that in our numbers for the full quarter that we just did. I mean the volumes we saw are pretty much in line with what the volumes that the bureaus reported on a year-over-year basis. So we're pretty confident in that. But we triangulate on a lot of different factors. We see mortgage, public mortgage data. So we try to triangulate as much as we can. I mean I think we don't have exact numbers but we're pretty confident that what we're seeing is representative of what's happening.

而且我想你可以從我們剛公布的整季數字看出來。我的意思是，我們看到的量基本上與徵信機構所報告的年對年量相當一致。所以我們對此相當有信心。但我們會用很多不同因素來交叉驗證。我們會看房貸、公開的房貸數據。所以我們盡可能做多方交叉驗證。我的意思是，我們沒有精確數字，但我們相當有信心，我們看到的情況具有代表性，反映了正在發生的事。

Okay. Great. And just following up on the other segments, the auto, card and personal loans. Could you just give us a bit of color as to how things are progressing there in terms of your sort of pricing initiatives, testing, elasticity of the market, et cetera?

好的。很好。另外追問其他分項：汽車貸款、信用卡與個人貸款。你能否再多提供一些背景說明，談談你們在那邊的進展情況，例如你們的定價措施、測試、市場的價格彈性等等？

Yes. Well, it's obviously early in the year for us to be suggesting where the pricing will go for next year. But as you know, we are constantly exploring where and how to get revenue growth. And each year, we get a little bit better at getting more precise, more surgical, identifying the pockets where it creates the least amount of pain, has the least amount of market reaction.

是的。嗯，顯然現在還在年初，我們就去推測明年定價會走向何處，還言之過早。但如你所知，我們一直在探索在哪裡、以及如何實現營收成長。而且每一年，我們在更精準、更「外科手術式」地找出那些能帶來最小痛感、引發最少市場反應的區塊方面，都會做得更好一些。

And so we're obviously working our way through those things this year as we always do. No final decisions have been made about other -- about any of the sectors, frankly, about mortgage or auto or card or personal. I mean we're -- it's early days. So yes, lots of analysis going on. Our pricing team, our strategy team are working on all these things but really nothing to share with you right now.

所以我們今年也一如往常，正在逐步推進並評估這些事項。坦白說，對於其他——對於任何一個領域——不管是房貸、車貸、信用卡或個人貸款，我們都還沒有做出最終決定。我的意思是——現在還很早。所以是的，正在進行大量分析。我們的定價團隊、策略團隊都在處理這些事情，但目前真的沒有什麼可以跟你分享的。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Just switching gears over to platform. Can you maybe talk about just the next-generation product, the next-generation platform? And just the client conversations you're having in terms of the uptake. Obviously, it seems like there's some clients that are moving from non-platform to platform as well. And just any color on the dynamics. Is that something that we should just expect to accelerate as more features, functionality and go forward? Or how should we think about that?

我想換個話題談平台。你能否談談下一代產品、下一代平台？以及你們與客戶的對話中，關於採用（uptake）的情況。顯然，看起來也有一些客戶正從非平台轉向平台。也請分享一下這些動態的細節。這是否是我們應該預期會隨著更多功能與特性推出而加速的事情？或者我們應該如何看待？

Yes, that's exactly what you should expect is for it to continue to accelerate. We've got tremendous interest and tremendous uptake. And you can see in our numbers, tremendous platform growth. We do continue to release into the market new features and functionality that just increase the use cases. And with that, the utility of the platform because it's all -- as I said earlier, it's reinforcing the more use cases you have on the platform, the more value you get out of it, the lower cost it is to bring on additional functionality.

是的，你的預期完全正確——它會持續加速。我們看到非常強烈的興趣與非常高的採用率。而且你也可以從我們的數據看到，平台成長非常可觀。我們確實持續向市場推出新功能與新特性，進一步增加使用情境（use cases）。隨之而來的是平台的效用提升，因為——如我先前所說——這是一種相互強化：平台上的使用情境越多，你從中獲得的價值就越大，而導入額外功能的成本也越低。

And so our whole land and expand strategy is built around that. It's like get started and then work with our customers to get the full benefit out of it. We absolutely see more growth.

因此，我們整個「先落地、再擴張」（land and expand）策略就是圍繞這一點建立的。也就是先開始使用，然後與客戶合作，讓他們充分獲得平台的全部效益。我們絕對看到更多成長。

I guess just following on from that is, would you -- now that platform is larger than non-platform and you're also seeing some volatility from the licensing component. Would you start considering like end-of-life certain products at this point? Or how do we think about that? Understanding the strategy here. So --

我想順著這點追問：現在平台業務已經大於非平台業務，而且你們也看到授權（licensing）組成部分帶來一些波動。在這個時間點，你們會開始考慮讓某些產品走到生命週期終點（end-of-life）嗎？或者我們應該如何理解？想更了解這裡的策略。所以--

Yes, absolutely. So we've talked in the past about our end of life and our migration strategy. And at that -- in quarters past, what we've said is that we're not forcing migration. We're not cannibalizing legacy to achieve growth in the new platform. And that remains true. However, there's a tremendous benefit to FICO in simplifying our product set, our catalog.

是的，絕對會。所以我們過去談過產品終止（end of life）與遷移策略。而在過去幾個季度，我們說過我們不會強迫遷移。我們不會為了在新平台上達成成長而去侵蝕（cannibalize）既有的舊產品。這點仍然成立。不過，對 FICO 而言，簡化我們的產品組合、產品目錄，會帶來非常大的好處。

And we have some products that are long in the tooth that really should be end of life. And so we're finally getting around to doing it. We have the capacity to move our customers on those older products to newer, better products that are going to wind up, well, to the platform and to the functionality they get with the platform and they'll be able to get more functionality at a lower cost. So long answer to your question but yes, we are -- we have an active end-of-life strategy that we're working through.

而我們確實有一些產品已經使用多年、相當老舊，理應走到生命週期終點。所以我們終於開始著手處理。我們有能力把使用這些較舊產品的客戶，遷移到更新、更好的產品上——最終會導向平台，以及他們在平台上能獲得的功能；而且他們將能以更低成本取得更多功能。所以對你的問題，答案有點長，但結論是：是的，我們正在推進一個積極的產品終止（end-of-life）策略。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

Just wanted to follow up on that earlier question around the VantageScore market share in conforming loans. If we look at some of the bigger players there, particularly UWM and Rocket, the market share for VantageScore seems to be closer to 20%. I understand it's both pulls initially but like are they still using both pulls when they close the loan?

我想跟進先前關於 VantageScore 在符合規範（conforming）貸款中市占率的問題。如果我們看一些較大的參與者，特別是 UWM 和 Rocket，VantageScore 的市占率似乎更接近 20%。我理解一開始會同時拉取兩個分數（both pulls），但他們在放款結案（close the loan）時仍然會同時使用兩個拉取結果嗎？

And also like the pace of adoption, like how does that compare to what your expectations were? And how do we -- like any thoughts around what FICO can do to regain its -- the market share?

另外，採用速度方面，這與你們原先的預期相比如何？以及我們——你們對於 FICO 能做些什麼來奪回市占率，有什麼想法嗎？

Yes. So I think, first of all, we have a week of numbers that have a 2 handle on them, okay? So that -- so it will take some time for us to really digest and see what the steady state is. That said, we don't anticipate a lot more than the 20s or we don't anticipate more than the 20s for Vantage share because, as I said earlier, it's really tied to the gaming.

是的。所以我想，首先，我們目前只有一週的數據顯示是「2 開頭」的數字，好嗎？因此——我們需要一些時間來真正消化，並看清楚穩態（steady state）會是什麼。話雖如此，我們不預期 Vantage 的市占率會高於 20% 多——我們不預期會超過 20% 多，因為如我先前所說，這其實與「套利／鑽漏洞」（gaming）高度相關。

And when you do the math on what percent of the time a consumer is advantaged by using a higher VantageScore than a FICO Score, that number, which in our mind, represents a theoretical maximum is in the 20s. So I think we'll just have to wait and see how things play out. I think it is a reality that Vantage is selling scores and is -- or sending them along with FICO Scores, I should say.

當你去計算在多大比例的情況下，消費者使用較高的 VantageScore 相較於 FICO 分數會更有利時，那個數字——在我們看來代表一個理論上的上限——大約就在 20% 多。所以我想我們只能再觀察，看看事情如何發展。我認為一個現實是：Vantage 正在銷售分數，而且——或者我應該說——它是把分數與 FICO 分數一起送出。

And gaming is a reality and we're going to have gaming. I mean the rules of the road, the environment that we're operating in is a gaming environment. The FHFA has put it in place. The GSEs have accepted it. And so that's the world we have. And so I think we can -- we should all do our own math but I can tell you our math says that the number is in the 20s.

而「鑽漏洞」（gaming）是現實，我們也會面對這種行為。我的意思是，我們所處的遊戲規則、我們運作的環境，就是一個允許「鑽漏洞」的環境。FHFA 已經把這套機制建立起來。GSE 也已經接受了。所以這就是我們所處的世界。因此我想我們——大家都可以自己算一算，但我可以告訴你，我們的計算結果顯示那個數字就在 20% 多。

That's very helpful color. And from a pricing strategy perspective, is there things that FICO can implement to help influence that going forward? Or does that change your pricing strategy for '27 or going forward?

這些補充非常有幫助。從定價策略的角度來看，FICO 是否有一些可以實施的措施，來在未來影響這個情況？或者這會改變你們對 2027 年或往後的定價策略嗎？

Well, of course, there are many, many things that FICO can do and we're not in a position to share them on this call. But we -- of course, we have a lot of work going on in the strategy for everything we do, for how we monetize our IP, for how we set our prices, for what features and functionality we put in the products. All of that is on the table. And so we have lots of degrees of freedom in how to respond.

嗯，當然，FICO 可以做的事情非常非常多，但我們不便在這通電話上分享。不過我們——當然——針對我們所做的一切都有大量策略工作在進行：包括我們如何將智慧財產（IP）變現、如何制定價格、在產品中放入哪些功能與特性。這些全部都在討論範圍內。因此，我們在回應方式上有很多操作空間。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，Deutsche Bank。

First, I just wanted to ask about the revenue guidance raise because it seems like it was pretty significant relative to what it should be this quarter. And so I'm wondering if there's anything out of the ordinary, maybe you're expecting some licensing revenues in the fourth-quarter or maybe you had previously assumed the direct program would come through and that might cause a lag in revenue. So just a bit more color on what led to the revenue guidance raise.

首先，我想問一下你們上調營收指引的原因，因為相對於本季應有的幅度，看起來上調得相當顯著。所以我在想是否有任何不同尋常的因素，例如你們預期第四季會有一些授權收入，或者你們先前原本假設直連（direct）方案會落地，但那可能會造成營收確認的遞延。所以想請你們再多補充一些，是什麼促成了這次營收指引上調。

Yes. I think it's more of the latter. I mean we had planned that if the DLP was to go live with the performance piece that we would push some revenues out, more revenues out. So as the year goes along, that hasn't happened yet. So there's that piece. And I think, frankly, actually, the mortgage market has been better than what we had originally guided to and our volumes are better than what we had originally guided to. We -- there were a lot of concerns about rates.

是的。我認為比較偏向後者。我的意思是，我們原本規劃如果 DLP 要連同績效那一塊一起上線，我們就會把部分營收往後遞延，把更多營收往後遞延。所以隨著年度推進，那件事到目前為止還沒有發生。所以有那一塊因素。而且坦白說，房貸市場其實比我們原先給的指引要好，我們的量也比原先指引要好。我們——當時對利率有很多擔憂。

The rates haven't -- they haven't gone down but they haven't gotten worse. So the mortgage markets held up fairly decently. And for a period of time, it actually popped a little bit but now it's back to kind of low single-digit growth. But that's really where it's coming from.

利率並沒有——它們沒有下降，但也沒有變得更糟。所以房貸市場維持得相當不錯。而且有一段時間其實還小幅上揚，但現在又回到大概是低個位數成長。但主要就是從那裡來的。

Okay. Understood. And then just to follow up on the Vantage pilot. I guess with 10T sort of in the picture now, how are you thinking things will evolve? Are you -- is there -- are you anticipating a separate pilot for 10T? Would lenders pull kind of all 3 scores for gaming purposes? Just curious on how you expect things to evolve from here.

好的。了解。那再追問一下 Vantage 的試點。我想現在 10T 也在畫面裡了，你們怎麼看接下來會如何演變？你們——是否——你們預期會為 10T 另外做一個獨立的試點嗎？放款機構會不會為了「挑分數」的目的把三個分數都拉出來？只是好奇你們預期接下來會怎麼發展。

Yes, that's a great point, Faiza. It really is because if we have a three score market, then there's an incentive to pull all three scores and see which one produces the best outcome for the consumer. How it will actually shake out? It's hard to say but it's hard to imagine retiring classic and not anytime soon. And so most likely, 10T will come into the mix and you'll have classic and Vantage and 10T. And you're absolutely right. I mean that's kind of a shopping -- a score shopping environment.

是的，這點說得很好，Faiza。確實如此，因為如果市場變成三分數並存，那就會有誘因把三個分數都拉出來，看看哪一個能為消費者帶來最好的結果。實際最後會怎麼發展？很難說，但很難想像會讓 classic 退場，而且短期內不太可能。所以最可能的是 10T 會加入，你會同時有 classic、Vantage 和 10T。而你完全說對了。我的意思是，那就有點像「分數比價」的環境。

Sorry, just to follow up on that. Would you charge extra -- would 10T be an additional price? Or would it -- would you offer it for free alongside FICO classic?

抱歉，再追問一下。你們會另外收費——10T 會是額外的價格嗎？還是——你們會在 FICO classic 旁邊免費提供？

As you know, today, we have a tremendous amount of volume in our 10T pilot program, right, 55%, I said earlier. So 10T is increasingly being used. 10T is the most predictive score. If you care about credit risk, 10T is the answer. If you care about gaming, 10T might be the answer some of the time, classic might be the answer some of the time and Vantage might be the answer some of the time.

如你所知，目前我們在 10T 試點計畫裡有非常龐大的使用量，對吧，我剛才說過是 55%。所以 10T 的使用正在增加。10T 是預測力最強的分數。如果你在意信用風險，10T 就是答案。如果你在意「挑分數」的操作，10T 有時可能是答案，classic 有時可能是答案，而 Vantage 有時也可能是答案。

And that's a gaming world. In terms of how we price it and how we bundle it, today, as you know, we bundle 10T with classic. And if you pay for classic, you get 10T free. And I would imagine we would continue to do something like that because we want to encourage adoption. That said, we have not made final pricing decisions.

那就是一個可被操弄的世界。至於我們如何定價、如何打包，今天如你所知，我們把 10T 與 classic 綁在一起。你付 classic 的費用，就免費得到 10T。我想我們很可能會繼續採取類似做法，因為我們希望鼓勵採用。不過，我們尚未做出最終定價決策。

Everything is on the table. One could easily imagine a revenue jump at FICO if we were to charge separately for the two. But that's not the current plan. The current plan is more of a continuing with the bundle as we have it today.

一切都還在討論中。如果我們把兩者分開收費，很容易想像 FICO 的營收會跳升。但那不是目前的計畫。目前的計畫比較像是延續我們今天的綁售方式。

Alexander Hess, JPMorgan.

Alexander Hess，摩根大通。

I want to maybe ask about -- we'll start with the 10T question, of course. There have been a bunch of analyses out there -- I'm sorry, of classic FICO versus Vantage and whether or not there is a meaningful coupon differential at -- obviously, when you look at one VantageScore at a certain given number, say, at an 800, of course, there's a differential versus a FICO at 800 for a mortgage loan, given the presumably shadow LLPA grid that exists for them.

我想也許問一下——當然先從 10T 的問題開始。外面有不少分析——抱歉，是在比較 classic FICO 與 Vantage，並討論是否存在有意義的票息差異——顯然，當你看某個 VantageScore 在某個特定數值，例如 800，當然相對於房貸的 FICO 800 會有差異，考量到他們可能存在的影子 LLPA（貸款層級價格調整）格網。

But then when you correct for those sorts of factors, it seems that a lot of the spread goes away, at least by some of our team's analysis. How do you think about the mortgage level and then the pool level spreads for firms that are using the competitor's score?

但當你把這類因素校正之後，至少依我們團隊的一些分析來看，很多利差似乎就消失了。你們怎麼看使用競品分數的機構，在單筆房貸層級以及在資產池層級的利差？

Yes, that's a great question. And frankly, I'd refer you back to your own MBS traders to really get the insights there. But as a matter of theory, there's a lot less history with Vantage. Vantage has never been through a down cycle. And so there's more uncertainty around it. And so investors, if they're rational, should analyze paper that's not as well understood.

是的，這是個很好的問題。坦白說，我會建議你回去問你們自己的 MBS 交易員，才能真正得到那方面的洞見。但從理論上來說，Vantage 的歷史資料少得多。Vantage 從未經歷過景氣下行週期。因此圍繞它的不確定性更高。所以投資人如果是理性的，就應該對不那麼被理解的證券做分析。

So that's the theory behind the 30 basis points estimate that we've kind of talked about in the past. How it will really shake out? It's hard to say. I mean it really kind of depends on the rationality of the market. Now today, Vantage is such a small part of the market, it's not clear that any of it is really providing real signal. As you know, what has been securitized with Vantage is largely mixed into much bigger FICO pools.

這就是我們過去談到的約 30 個基點估計背後的理論。最後實際會怎麼發展？很難說。我的意思是，這真的取決於市場的理性程度。而且今天 Vantage 在市場中占比非常小，不清楚其中任何部分是否真的提供了實質訊號。如你所知，以 Vantage 進行證券化的部分，大多被混在更大的 FICO 資產池裡。

So I would just encourage you to talk to your traders and see what they say. But they are rational. And so in the -- as they dig into this, I think we ought to see the differential appear.

所以我會鼓勵你去跟你們的交易員聊聊，看看他們怎麼說。但他們是理性的。因此當他們深入研究這件事時，我認為我們應該會看到那個差異浮現。

And then maybe thinking about the monetization across the Scores business holistically, Will, obviously, there's a price point for the FICO and mortgage applications. But there are entire pools of the market where I think you guys would say you're pretty undermonetized and even underpenetrated. Rental comes to my mind but maybe something else comes to your mind, overseas perhaps.

另外，從整體 Scores 業務的變現來看，Will，顯然 FICO 在房貸申請上有一個定價點。但市場上有整個區塊，我想你們會說目前變現程度很低，甚至滲透率也偏低。我想到的是租賃（Rental），但也許你想到的是其他領域，例如海外。

How are you thinking about maybe -- at some point, the mortgage market does reach an equilibrium on FICO pricing. I don't know when it is. But how are you thinking about the next leg or future legs of monetization for Scores holistically and what might that look like?

你們怎麼看——也許在某個時間點，房貸市場在 FICO 定價上會達到均衡。我不知道會是什麼時候。但你們怎麼看 Scores 整體變現的下一段、或未來幾段成長動能，可能會長什麼樣子？

Yes. I very much appreciate that question because too often, people think about our Scores IP as being single threaded through mortgage. And yes, obviously, we have a lot of mortgage concentration but we do have a lot of opportunity in other verticals and we have a lot of opportunity with new scores that rely on different data sets that can score new populations and provide new avenues for us to make money.

是的。我非常感謝這個問題，因為太常有人把我們的 Scores 智財（IP）視為只透過房貸這一條線。而是的，顯然我們在房貸上集中度很高，但我們在其他垂直領域也有很多機會；而且我們也有很多機會透過依賴不同資料集的新分數，去評分新的族群，並為我們提供新的獲利途徑。

We're working on all those things. I mean, I mentioned UltraFICO and our partnership with Plaid. UltraFICO is a next-generation score. It's a consumer permissioned score that captures everything that you get today in a FICO Score, the credit file data and everything, all the caloric value that you get out of the credit file but it augments it with cash flow data. And when you do that, you get much better insights.

我們正在推進所有這些事情。我的意思是，我提過 UltraFICO 以及我們與 Plaid 的合作。UltraFICO 是下一代分數。它是一個由消費者授權的分數，能捕捉你今天在 FICO Score 中得到的一切——信用檔案資料以及所有內容、你從信用檔案中取得的所有「含金量」——但它再加上現金流資料來強化。而當你這麼做時，你會得到更好的洞見。

And so that's very much a next-generation score. It's not widely adopted. We're just getting going now and you know that the adoption curve for new scores, it can take 4 years for a new score to really get established. And so we are very much driving ahead with UltraFICO 2. There's an UltraFICO 3 that's being readied that has some additional functionality.

因此，那確實是一個非常新一代的評分。它尚未被廣泛採用。我們現在才剛開始推動，你也知道新評分的採用曲線，往往需要 4 年才能真正站穩腳跟。所以我們正大力推進 UltraFICO 2。也正在準備推出 UltraFICO 3，會加入一些額外功能。

And so that's one example. But they're -- we're -- there's also FICO 11 in the lab. So we're constantly innovating, constantly trying to figure out how are we going to get a little more signal. There really are limits to how much more signal you can derive from the credit file. I mean that's -- it's been pretty well picked over. And so we tend to focus on other data sets to get more predictive power.

這是一個例子。不過——我們——實驗室裡也有 FICO 11。所以我們持續創新，持續思考要如何再多取得一些訊號。從信用檔案中能萃取出的額外訊號其實是有上限的。我的意思是——那部分基本上已經被挖掘得差不多了。因此我們往往會聚焦在其他資料集，以取得更高的預測能力。

Kyle Peterson, Needham.

Kyle Peterson，Needham。

I wanted to start off on the DLP program. I know we've -- gaming has come up several times on this call already. But I guess just how have those conversations with potential lenders gone? I guess, do you think there might be any slowdown in adoption from that by people that are gaming, given at least right now, if they buy from the bureaus, they can get the Vantage for free and save the buck. So I guess just any thought on if gaming would impact the adoption curve on DLP would be good.

我想先從 DLP 計畫談起。我知道——在這通電話裡，關於 gaming（鑽漏洞/操弄）已經被提到好幾次了。不過我想問，和潛在放款機構的那些對話進展如何？我想問的是，你是否認為採用速度可能會因為有人在鑽漏洞而放緩？因為至少就目前而言，如果他們向徵信機構購買資料，就能免費拿到 Vantage，省下一筆費用。所以我想聽聽你對於 gaming 是否會影響 DLP 採用曲線的看法。

Yes. Good question. We don't think so. We think that the benefits of the performance model with DLP are pretty significant from a cost standpoint. What it really does is encourages more customer acquisition, more speculative effort to identify potential borrowers. It broadens the market, more access. So it does all those kinds of things, which are very desirable to the big lenders. So we see continued interest in it. And I don't think the gaming is going to put any kind of a damper in it.

是的。好問題。我們不這麼認為。我們認為 DLP 的績效模型在成本面帶來的效益相當顯著。它真正做到的是鼓勵更多客戶獲取，讓機構更願意投入較具探索性的努力去辨識潛在借款人。它擴大了市場、提升可得性。因此它能帶來上述各種效果，而這些對大型放款機構都非常有吸引力。所以我們看到市場對它的興趣仍在延續。我不認為 gaming 會對此造成任何抑制。

Okay. That's helpful. And then I guess just a quick follow-up on capital return. Obviously, good to see the ASR big signal. And I think you guys have said a couple of times now that kind of prioritizing leverage reduction in the near term. I guess, should we interpret that as that you'll likely be more or less totally out of the market for the next couple of quarters? Or -- any color there on how much you guys want to prioritize and for how long you guys will be prioritizing debt versus incremental buybacks?

好的。這很有幫助。接著我想快速追問一下資本回饋。顯然，很高興看到 ASR 這個很大的訊號。而且我想你們最近也提過幾次，短期內會優先降低槓桿。那我們是否應該解讀為，你們接下來幾個季度可能會幾乎完全退出市場（不再回購）？或者——你能否補充一下，你們想把「優先還債」放在多高的優先順序，以及會持續多久，相較於額外回購？

Yes. I mean we drive -- we have a lot of free cash flow. So we delever pretty quickly. So we'll see. We'll update you next quarter on what it looks like then and we'll determine where we're at. I mean it's probably not likely we're going to buy any shares -- additional shares beyond what's already in the ASR this quarter. But then when we give our next quarter results, we'll talk about where we are there because we do delever pretty quickly. So this is an acceleration certainly of our buyback but you've also seen our EBITDA and our cash generation grow pretty dramatically. So we're delevering even quicker than we normally did.

是的。我的意思是，我們——我們有很多自由現金流。所以我們去槓桿的速度很快。所以我們再看看。我們會在下個季度更新你們當時的狀況，並判斷我們所處的位置。我的意思是，本季度除了 ASR 已經涵蓋的部分之外，我們大概不太可能再額外買進任何股票。但等我們公布下季結果時，我們會再談談當時的狀況，因為我們去槓桿確實很快。所以這當然是我們回購的加速，但你們也看到我們的 EBITDA 和現金產生能力都相當顯著地成長。因此我們去槓桿的速度甚至比以往更快。

George Tong, Goldman Sachs.

George Tong，高盛。

You're on the cusp of having your 10T score go live pending DLP approval. Can you share feedback you've received from lenders on 10T's pricing, including the funding fee component?

在 DLP 核准待定的情況下，你們的 10T 評分即將上線。你能分享放款機構對 10T 定價的回饋嗎，包括其中的 funding fee（資金費用）組成？

Well, we have explored the performance model and the funding fee component with lenders. And as you can imagine, there's -- some like it and some don't like it so much. And so we know that there's appetite for it. I think that is one of the driving forces behind DLP adoption, will be the opportunity to get the funding fee model and performance model. So -- but is it for everyone?

嗯，我們已經和放款機構探討過績效模型以及 funding fee 的組成。如你所想，對此——有人喜歡，也有人不那麼喜歡。因此我們知道市場對它是有需求的。我認為這也會是推動 DLP 採用的一個力量：能夠採用 funding fee 模式與績效模型的機會。所以——但它適合所有人嗎？

No, it's not -- I mean not everyone will love it, particularly if you hardly pull -- if you don't pull many scores per closed loan, it's less attractive. I mean that kind of goes without saying.

不，並不是——我的意思是，不是每個人都會喜歡，特別是如果你每筆成交貸款所拉取的評分次數很少——如果你每筆成交貸款不會拉很多次評分，那它就比較沒有吸引力。我的意思是，這點不言而喻。

Ryan Griffin, BMO Capital Markets.

Ryan Griffin，BMO 資本市場。

Just on the software business, I was wondering if you could talk about the retention rate dynamics. Is that the best way to think about that just land and expand? And then on the ACV bookings, are you still expecting those to accelerate in second half versus first half?

關於軟體業務，我想請你談談留存率的動態。把它理解為「先落地再擴張（land and expand）」是最好的方式嗎？另外在 ACV 訂單（bookings）方面，你們是否仍預期下半年相較上半年會加速？

So in reverse order, bookings, yes, we see continued acceleration. But the first part of your question is, yes, land and expand is very much our strategy. You see it in the DBNRR. We are doing a little more migration now than we were, say, three or four quarters ago. Some of our CCS business is migrating. So there's a bit more migration and that's why you saw the legacy retention rate go down.

那我倒過來回答，關於 bookings，是的，我們看到持續加速。至於你問題的第一部分，是的，land and expand 確實是我們的策略。你可以從 DBNRR 看出來。我們現在做的遷移比例如三、四個季度前更多一些。我們部分 CCS 業務正在遷移。所以遷移多了一些，這也是你看到 legacy 留存率下降的原因。

But on balance, we're pretty happy with the way it's all playing out. I mean, 148% DBNRR on the platform business and that being now the bigger half of our business, that's pretty good. We have very, very low churn.

但整體而言，我們對目前的發展相當滿意。我的意思是，平台業務的 DBNRR 達到 148%，而且平台業務現在已是我們較大的一半，這表現相當不錯。我們的流失率非常、非常低。

And for the follow-up, just on the recent trigger loan legislation, we heard that shook things up between the pre-qual market and the hard inquiry market. I was just wondering to what extent that impacted the mortgage volume side of your business?

再追問一下，關於近期的 trigger loan（觸發式貸款）立法，我們聽說這讓預先資格審查（pre-qual）市場與硬查詢（hard inquiry）市場之間出現一些震盪。我想問這在多大程度上影響了你們業務中的房貸量？

We haven't seen a lot.

我們沒有看到太多影響。

There's a little.

有一點。

I mean, we noticed a bit but I wouldn't say anything dramatic.

我的意思是，我們有注意到一些，但我不會說有什麼戲劇性的變化。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

Going back to software, you mentioned booking was strong, platform ARR growth accelerated but non-platform was weak. Should we expect these kind of like divergence continue? I mean, because the delta was pretty high. I'm just thinking about how to think about this going forward.

回到軟體，你提到 bookings 很強、平台 ARR 成長加速，但非平台表現疲弱。我們是否應該預期這種分歧會持續？我的意思是，這個差距相當大。我只是在想，未來應該如何看待這件事。

Yes. I mean the short answer is yes. I mean we had held off on migrating legacy to platform for many, many quarters, partly because we didn't have the capacity to handle it on the new platform. We are so busy bringing on new customers. But again, kind of going back to one of the earlier questions about end of life, there really are some legacy offerings that ought to be wound down over the next several years and we're actively doing it.

是的。我的意思是，簡短答案是會。我們過去很多、很多個季度都延後把 legacy 遷移到平台上，部分原因是我們在新平台上沒有足夠的產能來處理。我們忙著導入新客戶。但同樣地，回到先前有關產品生命週期終止（end of life）的問題，確實有一些 legacy 產品應該在未來幾年逐步收尾，而我們正在積極推動。

And we're going to give our customers a better alternative on the platform. So yes, I would say you will continue to see the divergence that you're seeing right now. It's -- I mean we don't think it's a bad thing. As long as on balance, we're going up, I think we're pretty happy. We will have continued migrations. We have a plan for migrations. We have a team that makes sure that they go smoothly.

而且我們會在平台上為客戶提供更好的替代方案。所以是的，我會說你將會持續看到你現在所看到的分歧。這——我的意思是，我們不認為這是壞事。只要整體而言我們是在往上走，我想我們就相當滿意。我們會持續推進遷移。我們有一個遷移計畫。我們有一個團隊確保遷移順利進行。

But all that said, I don't want you to get the impression that the growth in platform is being driven by us cannibalizing the legacy because the truth is, our pipeline is growing. It's expanding. It's growing. We -- the land and expand strategy works. We have a lot of net -- we have a lot of new. But unlike a year ago, two years ago, some amount of the platform growth is coming from migration.

但話說回來，我不希望你以為平台的成長是因為我們在蠶食傳統業務，因為事實是，我們的銷售管線正在成長。它在擴大。它在成長。我們——「先落地、再擴張」的策略有效。我們有很多淨新增——我們有很多新客戶。但不同於一年前、兩年前，平台成長的一部分確實來自遷移。

Got it. That's helpful. And then quickly on the VantageScore pilot program. I'm wondering if 10T is actually dependent on the VantageScore pilot or there's a path to run both in parallel? I mean if 10T is further delayed, how would that impact the implementation of other FICO Score you just mentioned like UltraFICO 2 or FICO 11?

了解。這很有幫助。接著快速問一下 VantageScore 試點計畫。我想知道 10T 是否實際上取決於 VantageScore 的試點，還是有路徑可以兩者並行？我的意思是，如果 10T 進一步延後，會如何影響你剛提到的其他 FICO 分數的導入，例如 UltraFICO 2 或 FICO 11？

Well, so obviously, the FHFA and the GSEs are going to have to decide when they approve 10T. I mean it's approved but when they accept it, right? That's on them and that's their schedule. That said, we know that 10T is absolutely the best score in the world for measuring credit default risk. And you're seeing it in the nonconforming market.

嗯，所以很明顯，FHFA 和 GSEs 必須決定他們何時核准 10T。我的意思是它已經核准了，但他們何時採納它，對吧？那取決於他們以及他們的時程。話雖如此，我們知道 10T 絕對是世界上衡量信用違約風險最好的分數。而你也在非合規市場看到了這一點。

You're seeing tremendous adoption of 10T in the nonconforming market. And so to the extent people care about credit default, 10T is the answer. When the GSEs and the agency side decide that they want to mix that in is up to them. I think that they are actively working on it. I think they want it out there but it's going to take a certain amount of time for them to get comfortable. They just released the data, so it's going to take them a little while.

你在非合規市場看到 10T 的採用非常強勁。因此在乎信用違約的人，10T 就是答案。至於 GSEs 與機構端何時決定要把它納入，取決於他們。我認為他們正在積極推進。我認為他們希望把它推出去，但他們需要一定時間才能感到放心。他們才剛發布資料，所以還需要一點時間。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just one for me on the direct license program and in terms of the remaining resellers that are still out there to be signed up. Just wondering if you can give us kind of an update on where the process stands with those two and maybe what's unique about them that's maybe taking a little bit longer.

我這邊只有一個問題，關於直接授權（direct license）計畫，以及就仍在外面、尚待簽約的剩餘轉售商而言。想請你們更新一下與那兩家的進度大概到哪裡，還有他們有什麼獨特之處，可能導致需要更久一點。

We have two big ones that are signed. We have two big ones that are almost signed, very, very close and then we have the tail. So that's where we stand. We're pretty close.

我們有兩家大的已經簽了。我們有兩家大的幾乎要簽了，非常、非常接近，然後還有長尾。所以我們目前就是這樣的狀態。我們很接近了。

Sean Kennedy, Mizuho.

Sean Kennedy，Mizuho。

On software, I was wondering how impactful partnerships like Accenture are for platform growth. Does it significantly help FICO Platform's customer reach? And is there any particular type of customer that you're targeting in terms of geography or size?

在軟體方面，我想知道像 Accenture 這樣的合作夥伴關係對平台成長有多大影響。它是否能顯著提升 FICO Platform 的客戶觸及？另外在地理區域或規模上，你們是否鎖定某一類特定客戶？

Sean, thank you for that question. We have talked for many years about FICO's challenge in distribution. We're IP-rich and distribution poor and we've always had so much more IP than we can sell with our direct sales force. And that's as true today as -- it's not quite as true today as it was in years past but it's still true. And so for several years now, we've been very focused on how do we partner with SIs who can take our IP to market with us, for us, different approaches.

Sean，謝謝你的問題。我們多年來一直在談 FICO 在通路上的挑戰。我們 IP 很豐富，但通路能力不足；我們一直擁有遠多於我們直銷團隊所能賣出的 IP。這點今天仍然成立——雖然不像過去幾年那麼明顯，但仍然成立。因此這幾年我們非常專注於：如何與系統整合商（SI）合作，讓他們與我們一起、或替我們、用不同方式把我們的 IP 推向市場。

And we are super pleased to now be in this significant strategic partnership with one of the top SIs in the world, where they're going to be going to market with us, with our IP and their capabilities. They have relationships that we don't have. We have relationships and can send work their way. So it's really truly a strategic partnership for both of us. We're super excited.

而我們非常高興，現在能與全球頂尖 SI 之一建立這個重要的策略合作夥伴關係，他們將與我們一起把我們的 IP 與他們的能力推向市場。他們擁有我們沒有的關係網。我們也有關係網，並且可以把工作導向他們。所以這對我們雙方而言都是真正的策略合作。我們非常興奮。

I think it's the beginning of seeing the indirect side of our business grow. I think you're going to see increasingly, we'll wind up getting -- monetizing our IP through partners and not just through our direct sales force.

我認為這是我們業務中「間接」那一側開始成長的開端。我想你會越來越看到，我們最終會透過合作夥伴來變現我們的 IP，而不只是透過我們的直銷團隊。

Got it. That's great to hear. And then the platform retention rate has really inflected positively this year. Is it partially due to AI and FICO's capabilities there? Or are there certain platform products that are growing significantly faster than other ones?

了解。很高興聽到。另外，今年平台留存率出現了非常正向的拐點。這是否部分是因為 AI 以及 FICO 在這方面的能力？或者是否有某些平台產品的成長速度明顯快於其他產品？

Just repeat the first sentence you said, it just got muffled on our side.

請把你第一句再說一次，我們這邊有點聽不清楚。

Oh, sorry, I was saying is with the net retention rate of platform like in this trajectory, is it partially due to AI and FICO's capabilities there? Are there -- or are there certain platform products that are growing significantly faster than others?

喔，抱歉，我是說平台的淨留存率有這樣的走勢，是否部分是因為 AI 以及 FICO 在這方面的能力？還是說——或者是否有某些平台產品的成長速度明顯快於其他產品？

So I would say yes and no. So it's not yet because of AI, although we have lots of AI coming in the platform. I'd say that the platform growth we have right now reflects the current state, the current state of the platform and the functionality and capabilities that we can bring to our customers with what we have today. I mean, they get immediate payback. They're up and running very fast and they get immediate payback from it.

所以我會說是也不是。目前還不是因為 AI，雖然我們會在平台中導入很多 AI。我會說我們現在的平台成長反映的是目前的狀態——平台的現況，以及我們今天就能用現有功能與能力帶給客戶的價值。我的意思是，他們能立刻看到回報。他們很快就能上線運作，並且立刻獲得回報。

The AI enhancements to the platform, if you want to call them that, are coming. They're close. And will that result in an uptick in platform growth? I don't know. It's certainly going to continue the growth. There's a lot of appetite for it. We've got all kinds of great AI-driven capabilities for our customers who are on the platform.

平台的 AI 強化——如果你想這麼稱呼——正在到來。已經很近了。而這會不會帶來平台成長的進一步上升？我不知道。但它肯定會延續成長。市場需求很強。我們為平台上的客戶準備了各式各樣很棒的 AI 驅動能力。

Curtis Nagle, Bank of America.

Curtis Nagle，Bank of America。

Terrific. Will, maybe just a question for you. Just following up on all the commentary in terms of gaming -- potential gaming in the system. I guess anything you're seeing anecdotal, whether it be discounts placed on Vantage securitized loans, maybe that's a little hard to see because of commingling. But just anything else that you think is suggesting that's occurring in the market?

太好了。Will，或許問你一個問題。延續你們對於「操弄（gaming）」——系統中可能被操弄——的所有評論。我想問你們是否看到任何軼事性的跡象，例如對 Vantage 計分的證券化貸款被施加折價；也許因為混同（commingling）而比較難觀察。但還有沒有其他你認為顯示市場上正在發生這種情況的線索？

I'm not sure I know how to interpret that question. We know that there's gaming. We expected gaming. We're seeing gaming. We think there's a limit to how big gaming can get. And so I don't know what -- the anecdotal is what you see with Rocket, UWM. I mean that would be your anecdotal evidence of how much is happening and who's doing it. But it's -- I mean, it's -- it is a reality that there will be gaming. I mean the structure that's been put in place invites lenders and originators to score shop and so they will.

我不確定我知道該如何解讀這個問題。我們知道存在操弄。我們也預期會有操弄。我們正在看到操弄。我們認為操弄能擴大的程度是有限的。所以我不知道——軼事性的例子就是你在 Rocket、UWM 看到的那些。我的意思是，那會是你對發生程度以及是誰在做的軼事證據。但這——我的意思是——這是一個現實：一定會有操弄。我的意思是，已建立的這種結構會促使放款人與承作機構去「挑分數」（score shop），所以他們會這麼做。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

First I wanted to ask, on the performance model, given that we're almost into August here, just talk a little bit further about just the usage of it out there, the feedback that you're getting. Where are we at on that right now, please?

首先我想問一下，關於績效模型（performance model），鑑於我們現在幾乎已經進入八月了，請再多談一點目前外部對它的使用情況，以及你們收到的回饋。請問我們現在進展到哪一步了？

Yes. So just to be clear, the performance model is to be distributed through the direct license program with the resellers. That program is not yet live. And we thought it would be live months ago but it's not yet live because it's waiting on the certification from one of the GSEs. So I can't speak to usage of the performance model because it's not available yet.

是的。先說清楚，績效模型將透過與轉售商合作的直接授權計畫（direct license program）來發放。該計畫目前尚未上線。我們原本以為幾個月前就會上線，但目前仍未上線，因為還在等待其中一家 GSE 的認證。因此我無法談績效模型的使用情況，因為它目前還不可用。

It's theoretical until it gets certified. That said, are we hours away, days away, weeks away? I mean this isn't that hard a thing to do. The market wants the model. It gets us -- we're happy because it gets a lower price point out into the market, makes us more competitive. The lenders who want it really want it. The resellers want it. So I think we're in a waiting game here to get certified.

在取得認證之前都只是理論上的。話雖如此，我們距離完成是只差幾個小時、幾天，還是幾週？我的意思是，這並不是很難做的事情。市場想要這個模型。這也讓我們很高興，因為它能以更低的價格點推向市場，讓我們更具競爭力。想要它的放款機構真的很想要。轉售商也想要。所以我認為我們現在就是在等待取得認證。

And there's really no commentary you can give like on the nonconforming part of the market for the usage of it? Is that all tied to the conforming piece, so there's not really much uptake there either, this is also a waiting pattern?

那你們對市場中非合規（nonconforming）那一塊的使用情況，真的沒有什麼可以評論的嗎？那是否都跟合規（conforming）那一塊綁在一起，所以那邊也沒有太多採用，這同樣也是在等待中？

We have not offered it. Just to be clear, we have not offered it there. It's offered in -- it is to be offered through the direct license program and that is not live yet.

我們尚未在那裡提供。再說清楚一點，我們還沒有在那裡提供。它是透過直接授權計畫來提供，而該計畫目前尚未上線。

Okay. And my other question on the software side. I just wanted to understand this a little bit better. Obviously, your software revenue in aggregate was up 2%. Your on-premise and SaaS software up, call it, 5% year-over-year. Your costs look like we're up about 12% year-over-year, similar cost growth to the March quarter. Just what's going on there with the cost growth significantly outpacing the revenue growth?

了解。我還有另一個關於軟體面的問題。我只是想更清楚理解一下。顯然你們整體軟體營收成長了 2%。你們的地端（on-premise）與 SaaS 軟體營收年增約 5%。你們的成本看起來年增約 12%，與 3 月季度的成本成長幅度相近。到底發生了什麼事，為什麼成本成長明顯超過營收成長？

Well, so there's a couple of pieces there. So on the revenue side, we have a lot less point-in-time revenue, significantly less point-in-time revenue. So that's essentially revenue that -- it's lumpiness. There's still a little bit of that lumpiness in the model. We have less of it than we had in the past and we'll have less going forward.

嗯，這裡有幾個部分。在營收端，我們的一次性（point-in-time）營收少了很多，顯著少於以往。那基本上就是營收的「不均勻性／波動性」（lumpiness）。模型裡仍然有一點這種波動性。但比起過去已經少很多，未來也會更少。

So there's that piece. And then this quarter, we had a pretty significant uptick from FICO World, which is a bigger event than what we had last year. And then we had some other kind of AWS that has increased too as the SaaS piece has gone up. And we've done some investing on that side. So I mean, there's -- we've done some investing and you're going to see the margin growth probably next year, you'll start to see some growth off of that.

這是一個部分。另外，本季我們從 FICO World 得到相當顯著的提升，這個活動規模比去年更大。此外，隨著 SaaS 部分成長，我們在 AWS 方面也有一些其他成本增加。而且我們也在那一端做了一些投資。所以我的意思是——我們確實做了一些投資，你大概會在明年看到毛利率的改善，會開始看到這些投資帶來的成長。

But there is some lumpiness on the software point in time side that will give you some lumpiness in the margin.

但軟體一次性（point-in-time）那一端仍有一些波動性，會讓毛利率也出現一些波動。

Rayna Kumar with Oppenheimer.

Oppenheimer 的 Rayna Kumar。

So even with the DLP, the credit bureaus are likely to remain large customers of FICO. So I'm just wondering if you can comment on how your relationship with them has evolved over this process and where you stand now?

所以即使有 DLP，信用局（credit bureaus）很可能仍會是 FICO 的大客戶。因此我想請你談談，在這個過程中你們與他們的關係如何演變，以及你們目前的狀態如何？

That's a great question. We get along great with the bureaus. They are our partners. We get a lot of revenue from them. They are our channel partners for our Scores IP. We sell into lots of other verticals with them and it's been a strong, healthy relationship. And then particularly with Experian, we have a big consumer business together. So I would say healthy and strong relationship.

這是個很好的問題。我們和各家信用局相處得非常好。他們是我們的合作夥伴。我們從他們那裡獲得很多營收。他們是我們 Scores 智慧財產（IP）的通路合作夥伴。我們也和他們一起銷售到許多其他垂直領域，這一直是一段強健、健康的合作關係。尤其是與 Experian，我們在消費者業務上有很大的合作。所以我會說這段關係是健康且強健的。

But at the same time, we're now competing in mortgage scores and that's not a secret. We're obviously doing it. They've been pushing Vantage for 20 years and now they're finally getting a little bit of traction in mortgage because of the Lender Choice program. And so is that a thing that stands between us and being the best of friends? Yes. But I would say the relationships are strong, healthy and we will compete in this space.

但同時，我們現在在房貸評分（mortgage scores）上也在競爭，這不是秘密。我們顯然正在這麼做。他們推 Vantage 已經 20 年了，而現在因為 Lender Choice 計畫，他們終於在房貸領域取得了一點進展。那麼，這是否會成為我們之間無法成為「最好的朋友」的因素？是的。但我會說，彼此關係依然強健、健康，而我們也會在這個領域競爭。

Thank you. Ladies and gentlemen, thank you for participating. This does conclude today's program and you may now disconnect.

謝謝。各位女士先生，感謝各位參與。今天的會議到此結束，您現在可以斷線。