2024-11-06 Fair Isaac Corporation (FICO) Q4 2024 Earnings Call Transcript

Fair Isaac Corporation (NYSE:FICO) Q4 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

费埃哲公司（纽约证券交易所代码：FICO）2024 年第四季度收益电话会议 2024 年 11 月 6 日下午 5:00 ET

Company Participants 公司参与者

Dave Singleton - Vice President, Investor Relations

戴夫·辛格尔顿 - 副总裁，投资者关系

Will Lansing - Chief Executive Officer

威尔·兰辛 - 首席执行官

Steve Weber - Chief Financial Officer

史蒂夫·韦伯 - 首席财务官

Conference Call Participants

电话会议参与者

Manav Patnaik - Barclays

Surinder Thind - Jefferies

George Tong - Goldman Sachs

乔治·汤 - 高盛

Faiza Alwy - Deutsche Bank

Faiza Alwy - Deutsche 银行

Owen Lau - Oppenheimer

欧文·劳 - 奥本海默

Kyle Peterson - Needham & Company

凯尔·彼得森 - 尼达姆公司

Jason Haas - Wells Fargo

杰森·哈斯 - 富国银行

Ashish Sabadra - RBC Capital Markets

Ashish Sabadra - RBC 资本市场

Simon Clinch - Redburn Atlantic

Scott Wurtzel - Wolfe Research

Andrew Stein - FT Partners

Kevin McVay - UBS

凯文·麦克维 - 瑞银

Operator 操作员

Thank you for standing by, and welcome to FICO's Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions]

感谢您的耐心等待，欢迎参加 FICO 2024 年第四季度收益电话会议。[操作员说明]

I would now like to hand the call over to Dave Singleton. Please go ahead.

现在我想把电话交给戴夫·辛格尔顿。请继续。

Dave Singleton

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

下午好，感谢您参加FICO第四季度财报电话会议。我是Dave Singleton，投资者关系副总裁，今天我与我们的CEO Will Lansing以及CFO Steve Weber一同参加会议。

Today, we issued a press release that describes financial results compared to the prior year. On this call, management will also discuss results in comparison with the prior quarter to facilitate an understanding of the run rate of the business.

今天，我们发布了新闻稿，描述了与去年相比的财务业绩。在本次电话会议中，管理层还将讨论与上一季度相比的结果，以便帮助理解公司业务的运行情况。

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 portion of such filings. Copies are available from the SEC, from the FICO website or from our Investor Relations team.

本次发布中的某些声明根据《1995年私人证券诉讼改革法案》属于前瞻性声明。这些声明涉及许多风险和不确定性，可能导致实际结果与预测结果显著不同。有关这些风险和不确定性的详细信息，请参阅公司向美国证券交易委员会（SEC）提交的文件，特别是文件中的风险因素和前瞻性声明部分。副本可以从SEC、FICO网站或我们的投资者关系团队获取。

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 appropriate comparable GAAP measure.

本次电话会议还将包括涉及某些非GAAP财务指标的声明。请参考公司今天发布的财报和Regulation G附件，其中提供了每个非GAAP财务指标与最合适的GAAP财务指标的对比。

This includes an FY '25 guidance reconciliation of GAAP to non-GAAP earnings, which are adjusted for items such as stock-based compensation and excess tax benefit. This reconciliation is part of the earnings release included an Exhibit 99.1 to our 8-K, which we filed with the SEC under Item 2.02 titled Results of Operations and Financials. 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, and a replay of this webcast will be available through November 6, 2025.

其中包括FY '25的业绩预期调整，GAAP与非GAAP盈利的对比，已调整的项目包括股票补偿和超额税收利益。此对比已包含在财报中，并作为我们向SEC提交的8-K报告的附件99.1，标题为“经营结果与财务状况”。财报和Regulation G附件可以在公司网站的投资者关系页面（fico.com）或SEC网站（sec.gov）查阅，电话会议的重播将在2025年11月6日前可供观看。

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

现在，我将把电话会议交给我们的CEO，Will Lansing。

Will Lansing

Thanks, Dave, and thank you, everyone, for joining us for our fourth quarter earnings call.

感谢Dave，也感谢大家参加我们的第四季度财报电话会议。

In the Investor Relations section of our website, we've posted some financial highlights slides. We'll be referencing those during our presentation. Today, I'll talk about this quarter's results and our guidance for fiscal '25. We had another fantastic year. We exceeded fiscal '24 guidance on all metrics and delivered strong growth in free cash flow.

在我们网站的投资者关系部分，我们发布了一些财务亮点幻灯片。在本次演示中，我们将引用这些内容。今天，我将讨论本季度的业绩以及我们对2025财年的预期。我们度过了另一个出色的年份。我们在所有指标上都超出了2024财年的预期，并且自由现金流增长强劲。

As shown on Page 2 of the fourth quarter financial highlights, we reported fourth quarter revenues of $454 million, up 16% over last year. For the full fiscal year, we delivered $1.718 billion in revenue, up 13% versus the prior year. We reported $136 million in GAAP net income in the quarter, up 34% and GAAP earnings of $5.44 per share, up 36% from the prior year.

如第四季度财务亮点第2页所示，我们报告第四季度收入为4.54亿美元，同比增长16%。在整个财年，我们的收入为17.18亿美元，同比增长13%。第四季度我们报告了1.36亿美元的GAAP净收入，同比增长34%，GAAP每股收益为5.44美元，同比增长36%。

For the full fiscal year, we delivered $513 million in GAAP net income, equating to $20.45 of earnings per share, up 19% and 21%, respectively. We reported $163 million in non-GAAP net income in the quarter, up 29% and non-GAAP earnings of $6.54 per share, up 30% from the prior year.

在整个财年，我们的GAAP净收入为5.13亿美元，每股收益为20.45美元，分别增长了19%和21%。我们报告了1.63亿美元的非GAAP净收入，同比增长29%，非GAAP每股收益为6.54美元，同比增长30%。

2022年以后明显加速增长。

For the full fiscal year, we delivered $595 million in non-GAAP net income, which equates to $23.74 of earnings per share, up 19% and 20%, respectively. As shown on Page 10, we delivered record free cash flow of $219 million in our fourth quarter and $607 million over the last four quarters, an increase of 31% year-over-year. We continue to return capital to our shareholders through buybacks. In the fourth quarter, we repurchased 188,000 shares at an average price of $1,721 per share. For the fiscal year, we've repurchased 606,000 shares at an average price of $1,366 per share.

在整个财年，我们的非GAAP净收入为5.95亿美元，每股收益为23.74美元，分别增长了19%和20%。如第10页所示，我们在第四季度创造了2.19亿美元的创纪录自由现金流，过去四个季度的自由现金流为6.07亿美元，同比增长31%。我们继续通过股票回购向股东回报资本。第四季度，我们以每股1,721美元的平均价格回购了188,000股股票。整个财年，我们以每股1,366美元的平均价格回购了606,000股股票。

In our Scores segment, on Page 6 of the presentation, our fourth quarter revenues were $249 million, up 27% versus the prior year. For the full year, our revenues were $920 million, up 19% versus last year. On the B2B side, fourth quarter revenues were up 38% versus the prior year and up 27% for the full year, primarily driven by mortgage originations. On the B2C side, fourth quarter revenues were down 1% versus the prior year and down 2% for the full fiscal year, driven by decreased sales on the myfico.com website.

在我们的评分业务板块中，在演示的第6页，第四季度的收入为2.49亿美元，同比增长27%。整个财年，我们的收入为9.2亿美元，同比增长19%。在B2B方面，第四季度收入同比增长38%，全年收入增长27%，主要由按揭贷款的发放驱动。在B2C方面，第四季度收入同比下降了1%，整个财年下降了2%，这是由于myfico.com网站的销售下降。

Fourth quarter mortgage originations revenues were up 95% versus the prior year. Mortgage origination revenue accounted for 47% of B2B revenue and 37% of total Scores revenue. Auto originations revenues were down 2%, while credit card, personal loan and other origination revenues were down 5% versus the prior year.

第四季度的按揭贷款发放收入同比增长了95%。按揭贷款发放收入占B2B收入的47%，占总评分收入的37%。汽车贷款发放收入下降了2%，而信用卡、个人贷款及其他贷款发放收入则同比下降了5%。

Today, we've announced that for calendar 2025, FICO's wholesale royalty will be $4.95 per score for mortgage originations. At this new per score royalty, the amount collected by FICO will remain a small percentage, on average, about 15% of the Tri-Merge bundle cost, which typically runs $80 to well over $100.

今天，我们宣布，2025年日历年内，FICO将对按揭贷款发放收取每分数4.95美元的批发版使用费。在这一新的按分数收取的使用费标准下，FICO收取的费用仍然是三重合并捆绑成本的小部分，平均约为15%，而该捆绑成本通常为80美元至100美元以上。

With total average closing costs of $6,000, FICO's share is only about two-tenth of 1%. As such, it will continue to be the lowest of all individual mortgage closing costs. The FICO Score plays a central role in facilitating about $2 trillion in mortgage originations every year as a critical tool for borrowers, lenders, insurers, investors and other important stakeholders.

考虑到总的平均结算费用为6,000美元，FICO的份额仅为0.2%左右。因此，它将继续是所有单项按揭贷款结算费用中最低的。FICO评分在促进每年约2万亿美元按揭贷款发放中发挥着核心作用，是借款人、贷方、保险公司、投资者以及其他重要利益相关者的关键工具。

The royalty collected by FICO is entirely fair and reasonable, and the FICO score continues to deliver incredible value as the most trusted and cost-effective tool used to evaluate consumer credit risk and residential mortgage finance. More information on our new royalty pricing can be found on our website at www.fico.com/blogs, and I would encourage you all to get some more detail on the blog.

FICO收取的使用费完全公平合理，FICO评分继续作为评估消费者信用风险和住宅按揭融资的最受信任且成本效益最高的工具，提供着难以置信的价值。关于我们新使用费定价的更多信息，您可以访问我们的网站 www.fico.com/blogs，我鼓励大家去博客中了解更多细节。

We continue to drive strong adoption from FICO Score 10 T for the non-GSE mortgages. This quarter, we signed new lenders, including United Wholesale Mortgages, the largest global mortgage lender. We now have clients with over $244 billion in annualized mortgage originations and about $1.33 trillion in eligible mortgage portfolio servicing that have signed up for FICO Score 10 T. Firms are already using 10 T to make credit decisions, for securitization and for delivery to investors. FICO 10 T for conforming mortgages sold in the GSEs will be rolled out based on the timeline of the FAA's implementation of enterprise credit score requirements.

我们继续推动FICO Score 10 T在非GSE按揭贷款中的广泛应用。本季度，我们签约了新的贷款方，包括全球最大的按揭贷款公司United Wholesale Mortgages。现在，我们拥有的客户年化按揭贷款发放总额超过2,440亿美元，约1.33万亿美元的合格按揭贷款组合正在服务，且这些客户已注册使用FICO Score 10 T。各公司已经开始使用FICO 10 T做出信用决策、进行证券化及向投资者交付。对于在GSEs销售的符合要求的按揭贷款，FICO 10 T将根据FAA实施企业信用评分要求的时间表推出。

Now we continue to innovate in our Scores business. Last week, we announced the upcoming launch of FICO Score mortgage simulator, which enables mortgage professionals to run credit event scenarios by applying simulated changes in an applicant's credit report data to simulate potential changes to the applicant FICO score. This benefits both mortgage lenders and consumers by potentially providing more loan options and more favorable interest rates.

现在，我们继续在我们的评分业务中进行创新。上周，我们宣布将推出FICO评分按揭模拟器，它允许按揭专业人士通过模拟变更申请人信用报告数据来运行信用事件场景，从而模拟申请人FICO评分可能发生的变化。这将使按揭贷款人和消费者受益，潜在地提供更多贷款选择和更优惠的利率。

In our Software segment, we delivered $205 million in fourth quarter revenue, up 5% from last year, driven mainly by growth in SaaS software, partially offset by a decline in professional services. We delivered $798 million in fiscal year revenue, up 8% from last year. We continued to drive growth in ARR and NRR through our land and expand strategy with expand driven by increased customer usage.

在我们的软件业务板块中，我们第四季度的收入为2.05亿美元，同比增长了5%，主要由SaaS软件增长驱动，部分抵消了专业服务的下降。整个财年，我们的收入为7.98亿美元，同比增长了8%。我们继续通过我们的“赢得并扩展”战略推动ARR和NRR的增长，扩展主要由客户使用量的增加驱动。

As shown on Page 7, the total ARR was up 8%, with platform ARR growing 31% and non-platform ARR flat year-over-year. Total NRR for the quarter, shown on Page 8, was 106% with platform NRR at 123% and non-platform at 99%. ACV bookings for the quarter were $22 million. Our total ACV bookings for the year were $85 million, down 10% year-over-year. While we face some macroeconomic headwinds in the first half of the year, the second half bookings were consistent year-over-year.

如第7页所示，总ARR增长了8%，其中平台ARR增长了31%，非平台ARR同比持平。第8页所示，第四季度的总NRR为106%，其中平台NRR为123%，非平台为99%。第四季度的ACV预定金额为2,200万美元。整个财年的ACV预定金额为8,500万美元，同比下降了10%。尽管今年上半年面临一些宏观经济的挑战，但下半年预定金额与去年持平。

I am excited about the future of our software business. This quarter, IDC recognized FICO as a leader in the worldwide Decision Intelligence platform market. This is a testament to our commitment to innovation that enables real-time transparent decision-making at scale. We help organizations design, engineer and orchestrate decisions by automating steps in the decision-making process. FICO was recognized for its capabilities and strategy meeting both today's customers' needs and the needs of our customers in the future.

我对我们软件业务的未来感到兴奋。本季度，IDC将FICO评为全球决策智能平台市场的领导者。这证明了我们致力于创新的承诺，帮助实现实时透明的大规模决策制定。我们通过自动化决策过程中的各个环节，帮助组织设计、工程化和协调决策。FICO因其能力和战略，满足了当今客户的需求，并适应了未来客户的需求。

We announced two FICO platform partnerships this quarter. We have partnered with Tata Consulting Services, generally known as TCS, a global services integrator and with iSON Xperiences the largest business process outsourcing solutions company in Africa. Both partnerships will leverage FICO platform to create industry-specific solutions for real-time decision making. These partnerships will help us continue to drive strong growth for our platform business.

本季度，我们宣布了两项FICO平台合作伙伴关系。我们与全球服务集成商Tata Consulting Services（通常称为TCS）以及非洲最大的业务流程外包解决方案公司iSON Xperiences建立了合作。双方合作将利用FICO平台，为实时决策制定行业特定解决方案。这些合作伙伴关系将帮助我们继续推动平台业务的强劲增长。

Before I address fiscal '25 guidance, I'll pass it over to Steve to provide some other financial details.

在我讨论2025财年预期之前，我将把话题交给Steve，提供一些其他财务细节。

Steve Weber

Thanks, Will, and good afternoon, everyone.

感谢Will，也感谢大家参加我们的财报电话会议。

As Will mentioned, we had another very good quarter with total revenue of $454 million, an increase of 16% over the prior year. Our full year revenue of $1.718 billion was up 13% over last year. Scores segment revenues for the quarter were $249 million, up 27% from the prior year. B2B revenues in that score space were up 38%, driven primarily by mortgage originations revenues.

正如Will所提到的，我们度过了另一个非常好的季度，总收入为4.54亿美元，同比增长16%。整个财年我们的收入为17.18亿美元，同比增长13%。第四季度，评分业务板块的收入为2.49亿美元，同比增长27%。该板块的B2B收入增长了38%，主要由按揭贷款发放收入驱动。

Our B2C revenues were down 1% versus the prior year due to volume declines in our myFICO.com business. For the full year, B2B revenues were $712 million, up 27% and B2C revenues were $208 million, down 2%. Total Scores revenues were $920 million, up 19% despite headwinds in the mortgage originations market.

我们的B2C收入同比下降了1%，原因是myFICO.com业务的交易量下降。整个财年，B2B收入为7.12亿美元，同比增长27%；B2C收入为2.08亿美元，同比下降2%。尽管按揭贷款发放市场面临压力，评分业务的总收入仍为9.2亿美元，同比增长19%。

Software segment revenues for the quarter were $205 million, up 5% from the prior year. On-premises and SaaS software revenue grew 8% year-over-year, while professional services declined 9%. Full year software revenues were $798 million, up 8% from the prior previous year.

软件业务板块第四季度的收入为2.05亿美元，同比增长5%。本地部署和SaaS软件收入同比增长8%，而专业服务收入下降了9%。整个财年，软件收入为7.98亿美元，同比增长了8%。

This quarter, 85% of total company revenues were derived from our Americas region, which is a combination of our North America and Latin America regions. Our EMEA region generated 10% of revenues and the Asia Pacific region delivered 5%. Our total software ARR was $720 million -- $721 million, an 8% increase over the prior year. Platform ARR was $227 million, representing 31% of our total Q4 '24 ARR, up from 26% of total Q4 '23 ARR. Platform ARR grew 31% versus the prior year, while non-platform was flat at $494 million this quarter.

本季度，公司总收入的85%来自美洲地区，包括北美和拉丁美洲。EMEA地区贡献了10%的收入，亚太地区贡献了5%的收入。我们的软件业务总ARR为7.21亿美元，同比增长8%。平台ARR为2.27亿美元，占2024财年第四季度总ARR的31%，相比之下2023财年第四季度平台ARR占总ARR的26%。平台ARR同比增长31%，而非平台ARR本季度维持在4.94亿美元。

This aligns with our strategy to focus on FICO platform growth while continuing to retain our non-platform customers. Over time, we do expect migration of these customers to platform products.

这与我们专注于FICO平台增长，同时继续保持非平台客户的战略一致。随着时间推移，我们确实预计这些客户将逐步迁移到平台产品。

Our platform land and expand strategy continues to be successful. Our dollar-based net retention rate in the quarter was 106%. Platform NRR was 123%, while our non-platform NRR was 99%. Platform NRR was driven by a combination of new use cases and increased usage of existing use cases. Our software ACV bookings for the quarter were $22 million. ACV bookings for the full year were $85 million.

我们的平台“赢得并扩展”战略继续取得成功。本季度我们的美元计价净留存率为106%。平台NRR为123%，非平台NRR为99%。平台NRR受新用例和现有用例使用量增加的驱动。本季度软件业务的ACV预定金额为2,200万美元，全年ACV预定金额为8,500万美元。

Turning now to expenses for the quarter, as shown on Page 5 of the financial highlights presentation. Our total operating expenses were $257 million this quarter versus $224 million in the prior year, an increase of 15% year-over-year and flat versus the prior quarter. For the full year, our expenses were $984 million versus $871 million in the prior year, an increase of 13%.

现在转到本季度的费用情况，如财务亮点演示文稿第5页所示。本季度我们的总运营费用为2.57亿美元，而去年同期为2.24亿美元，同比增长了15%，与上一季度持平。整个财年，我们的费用为9.84亿美元，较去年同期的8.71亿美元增长了13%。

Our FY '25 guidance assumes lower year-over-year expense growth than in the prior year. We maintain our focus on efficiencies and are committed to prioritizing resources to our most strategic initiatives. We continue to focus investment to accelerate development and distribution of FICO platform, while also investing in Scores resources and marketing.

我们的2025财年预期假设费用增长低于去年同期。我们将继续专注于提高效率，并承诺将资源优先用于最具战略性的项目。我们将继续投资于加速FICO平台的开发和分销，同时也会投资于评分业务资源和市场营销。

Our non-GAAP operating margin, as shown in our Reg G schedule, was 52% for the quarter compared with 51% in the same quarter last year. We delivered non-GAAP margin expansion of 90 basis points for the full fiscal year. GAAP net income this quarter was $136 million, up 34% from the prior year's quarter.

如我们Reg G附表所示，本季度的非GAAP运营利润率为52%，而去年同期为51%。我们在整个财年实现了90个基点的非GAAP利润率扩张。本季度GAAP净收入为1.36亿美元，同比增长34%。

Our non-GAAP net income was $163 million for the quarter, up 29% from the prior year's quarter. For the full year, GAAP net income was $513 million, up 19% versus last year, and non-GAAP net income was $595 million, up 19% versus last year. GAAP earnings per share this quarter were $5.44, up 36% from the prior year. Our non-GAAP earnings per share were $6.54, up 30% from the prior year.

我们本季度的非GAAP净收入为1.63亿美元，同比增长29%。整个财年，GAAP净收入为5.13亿美元，同比增长19%，非GAAP净收入为5.95亿美元，同比增长19%。本季度GAAP每股收益为5.44美元，同比增长36%。我们的非GAAP每股收益为6.54美元，同比增长30%。

For the full year, GAAP earnings per share were $20.45, up 21% from last year, and our non-GAAP earnings per share were $23.74, up 20% from last year. The effective tax rate for the quarter was 20.8%. The effective tax rate for the full year was 20.1%, which included $30 million of reduced tax expense from excess tax benefits recognized upon the settlement or exercise of employee stock awards. We believe that our fiscal year 2025 net effective tax rate is expected to be around 22%, while our recurring tax rate is expected to be around 26%. The recurring tax rate is before any excess tax benefit and other discrete items.

整个财年，GAAP每股收益为20.45美元，同比增长21%，非GAAP每股收益为23.74美元，同比增长20%。本季度的实际税率为20.8%。整个财年的实际税率为20.1%，其中包括因员工股票奖励的结算或行权所确认的超额税收利益带来的3,000万美元的税收支出减少。我们预计2025财年的净实际税率将约为22%，而我们的经常性税率预计将约为26%。经常性税率指的是未考虑任何超额税收利益及其他离散项目的税率。

Free cash flow for the quarter was $219 million, a 35% increase from the previous year. The full year free cash flow was $607 million and was up 31% versus last year. At the end of the quarter, we had $196 million in cash and marketable investments. Our total debt at quarter end was $2.21 billion, with a weighted average interest rate of 5.2%. Currently, 59% of our total debt is fixed rate.

本季度的自由现金流为2.19亿美元，比去年增长了35%。整个财年的自由现金流为6.07亿美元，同比增长31%。季度末，我们的现金和有价投资为1.96亿美元。季度末总债务为22.1亿美元，平均利率为5.2%。目前，我们总债务的59%为固定利率债务。

Our floating rate debt is prepayable at any time and gives us the flexibility to use free cash flow to reduce outstanding floating rate debt balances in future periods. Turning to return of capital. We bought back 188,000 shares in the fourth quarter at an average price of $1,721 per share. We continue to view share repurchases as an attractive use of cash. In fiscal 2024, we repurchased 606,000 shares at an average price of $1,366 per share for a total of $828 million.

我们的浮动利率债务可以随时提前偿还，这使我们能够灵活地使用自由现金流来减少未来期间的浮动利率债务余额。接下来是资本回报。我们在第四季度回购了18.8万股股票，回购价格为每股1,721美元。我们继续认为回购股票是现金的有吸引力的使用方式。在2024财年，我们回购了60.6万股股票，回购价格为每股1,366美元，总金额为8.28亿美元。

And with that, I'll turn it back to Will to review our fiscal 2025 guidance.

至此，我将把话题交给Will，回顾我们的2025财年预期。

Will Lansing

We continue to execute on our strategy, the proof is in our financial results and customer adoption of both our software and Scores products. Fiscal '24 was a great year. We had our most successful FICO World as we brought together customers and prospective customers from around the globe. We continue to win the trust of our customers with over 100 customers speaking on stage as to how our software helps achieve their goals. We continue to be an industry leader as evidenced by analyst community reports, including IDC, Forrester, Gartner and Chartis. We continue to innovate. At FICO World, we introduced APIs to drive partner channel adoption of FICO Platform. We previewed the upcoming launch of our new FICO Marketplace.

我们继续执行我们的战略，财务业绩和客户对我们的软件和评分产品的采用证明了这一点。2024财年是一个出色的年份。我们举办了最成功的FICO World，全球的客户和潜在客户齐聚一堂。我们继续赢得客户的信任，超过100位客户在舞台上分享了我们的软件如何帮助他们实现目标。通过分析师社区的报告，包括IDC、Forrester、Gartner和Chartis，我们继续作为行业领导者。我们继续创新。在FICO World上，我们推出了API，以推动合作伙伴渠道对FICO平台的采用。我们预览了即将发布的新FICO Marketplace。

In year, we delivered new FICO Platform capabilities, created new IP using responsible AI methods and announced the upcoming launch of FICO Score mortgage simulator. We continued our commitment to financial literacy for both students and adults. We completed the field of dreams, the field of financial empowerment summer tour with Chelsea Football Club and U.S. Soccer Foundation. We hosted Score A Better Future workshops across the U.S., which is just one of FICO's programs that help millions of people gain access to credit. We're well positioned for strong fiscal '25.

在今年，我们交付了新的FICO平台功能，利用负责任的AI方法创建了新的知识产权，并宣布即将推出FICO Score按揭模拟器。我们继续致力于提高学生和成人的金融素养。我们与切尔西足球俱乐部和美国足球基金会一起完成了“梦想的田野”——金融赋权夏季巡回活动。我们在美国各地举办了“更好的未来评分”研讨会，这是FICO帮助数百万人成为有信用者的项目之一。我们为强劲的2025财年做好了充分的准备。

As we announce our guidance, I'll remind everyone that consistent with prior years, we expect some of the pricing initiatives in 2025 have an additional impact beyond our guidance numbers. And because of uncertainty in volumes, it's difficult to estimate the timing and magnitude of that impact. While macro trends are difficult to predict, our recurring revenues and diversified product portfolio give us considerable visibility into fiscal 2025.

在我们公布指导意见时，我提醒大家，与以往几年一致，我们预计2025年的一些定价举措将对我们的预期数据产生额外影响。由于交易量的不确定性，很难估算这一影响的时间和幅度。虽然宏观趋势难以预测，但我们的经常性收入和多元化的产品组合使我们对2025财年有了相当的可见性。

With that in mind, we are guiding double-digit growth for both revenue and earnings metrics as shown on Page 13 of the presentation. We are guiding revenues of about $1.98 billion, a 15% year-over-year increase. GAAP net income of about $624 million, an increase of 22%, GAAP EPS of about $25.05, an increase of 23%, non-GAAP net income of approximately $712 million, an increase of 20% and non-GAAP EPS of approximately $28.58, an increase of 20%.

考虑到这一点，我们预计收入和盈利指标将实现双位数增长，如演示文稿第13页所示。我们预计收入约为19.8亿美元，同比增长15%。GAAP净收入约为6.24亿美元，同比增长22%；GAAP每股收益约为25.05美元，同比增长23%；非GAAP净收入约为7.12亿美元，同比增长20%；非GAAP每股收益约为28.58美元，同比增长20%。

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

至此，我将把电话交还给Dave，开始问答环节。

Dave Singleton

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

谢谢，威尔。我们的准备发言到此结束，现在准备回答问题。接线员，请开放线路。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] Our first question comes from the line of Manav Patnaik of Barclays. Your question please, Manav.

[操作员说明] 我们的第一个问题来自巴克莱的 Manav Patnaik。请提问，Manav。

Manav Patnaik

Thank you. Good evening. Well, thank you for the disclosure and pointing us to the blog as well. I think the whole 0.2% that you've talked about, that's been pretty consistent. I guess just thinking ahead, do you still see more room for that gap to close? I mean, I guess it's 1% the mark?

谢谢。晚上好。感谢您的披露并指引我们访问博客。我认为您提到的 0.2%一直相当一致。我想提前考虑一下，您是否认为这个差距还有缩小的空间？我的意思是，我猜 1%是目标吗？

Will Lansing 威尔·兰辛

Well, we continue to believe that our score delivers tremendous value relative to what we charge. And so yes, I would say that there is still opportunity.

好吧，我们仍然相信我们的评分相对于我们收取的费用提供了巨大的价值。所以是的，我会说仍然有机会。

Manav Patnaik

Okay. Good enough. And then, well, I guess, the -- where there's obviously a lot of work and focus on your end is on the software side. And I was just wondering if you could just level set us with, I don't know how you want to think about it, whether what inning you're in and what some of the key initiatives you have planned for this year is on that software side, whether it's maybe more spending to keep investing in the platform? Or just anything there would be helpful.

好的。够好了。然后，我想，显然你们在软件方面投入了大量的工作和关注。我只是想知道你能否为我们设定一个基准，我不知道你想怎么考虑，是在哪个阶段，以及你们今年在软件方面计划的一些关键举措是什么，是否可能会增加投入以继续投资于平台？或者任何相关信息都会有所帮助。

Will Lansing

I would say that we're still very much in early innings. You can see that with our penetration of what we call enterprise platform customers, EPCs, where we've penetrated a little under half of the top 300 financial institutions globally. So there's still a lot of opportunity for landing the platform with major players with major lending institutions. And that, of course, is before we go down market, that's before we expand through to other verticals. So I'd say it's very, very early innings.

我会说我们仍然处于非常早期的阶段。你可以从我们对所谓企业平台客户（EPCs）的渗透中看到这一点，我们在全球前 300 家金融机构中渗透了不到一半。因此，在与主要贷款机构的主要参与者合作方面仍有很多机会。当然，这是在我们进入下游市场之前，在我们扩展到其他垂直领域之前。所以我会说这仍然是非常非常早期的阶段。

That said, we're so far beyond minimum viable products that we're not in inning one. We are along -- far enough along that we have the preeminent platform in the world for decisioning and it is increasingly recognized by players who need it. So that continues to be something really strong for us. I think in terms of investment and when do margins expand, we will continue to invest in the platform.

话虽如此，我们已经远远超出了最低可行产品的阶段，我们不在第一局。我们已经走得很远，拥有世界上首屈一指的决策平台，并且越来越受到需要它的参与者的认可。因此，这对我们来说仍然是非常强大的。我认为在投资方面以及何时扩大利润率，我们将继续投资于该平台。

There's certainly a lot more features and functionality that our customers are clamoring for. And as we've discussed in the past, we are investing in indirect sales and distribution. We are investing in an ecosystem that with our open APIs should enable all kinds of players that we don't ordinarily do business with to take advantage of our decisioning IP.

我们的客户确实在要求更多的功能和特性。正如我们过去所讨论的，我们正在投资于间接销售和分销。我们正在投资一个生态系统，通过我们的开放 API，应该能够让我们通常不与之做生意的各种参与者利用我们的决策 IP。

So there is this pretty big opportunity still ahead of us, and it does demand some level of investment. All that said, we are in the process of reengineering our platforms for scalability and for margins. And there's no doubt that even if we maintain high R&D spend, which we do today and which will likely continue for some time, our margins ought to improve over time just because we're getting more scale and because we've designed with a view to improving margins through more scale. So I hope that's helpful. Early days, continued investments, but we're going to get more profitable anyway.

所以我们面前还有一个相当大的机会，并且确实需要一定程度的投资。尽管如此，我们正在重新设计我们的平台以实现可扩展性和利润率。毫无疑问，即使我们保持高研发支出（我们今天确实如此，并且可能会持续一段时间），我们的利润率也应该随着时间的推移而提高，因为我们正在获得更多的规模，并且因为我们设计时考虑到了通过更多规模来提高利润率。因此，我希望这有帮助。早期阶段，持续投资，但无论如何我们将变得更有利可图。

Manav Patnaik

Thank you, Will. 谢谢你，威尔。

Operator 操作员

Thank you. Our next question comes from the line of Surinder Thind of Jefferies. Please go ahead, Surinder.

谢谢。我们的下一个问题来自 Jefferies 的 Surinder Thind。请继续，Surinder。

Surinder Thind

Thank you. Well, just on the software piece, can you maybe just disaggregate the overall guidance, what your expectations are for the software component and how we should think about maybe platform versus non- platform at this point?

谢谢。关于软件部分，您能否分解一下整体指导，说明您对软件组件的期望，以及我们现在应该如何考虑平台与非平台的区别？

SteveWeber

Yes, thanks for the question, Surinder. We don't guide at that level. We don't guide at the segment level. We just got the total corporate level. So we don't talk about specifics what we expect in Scores versus software and even below that on the software side, we're not -- we don't split out platform versus non-platform. Frankly, it's a little difficult sometimes to even know the difference between platform and non-platform, when we’re early stage with some of these deals that could end up on the platform or could end up in the legacy product as well. So we don't really split that out.

是的，感谢你的提问，Surinder。我们不在那个层面进行指导。我们不在细分层面进行指导。我们只关注整体公司层面。因此，我们不会具体谈论我们对 Scores 与软件的预期，甚至在软件方面，我们也不区分平台与非平台。坦率地说，有时很难区分平台和非平台之间的区别，尤其是在我们与一些交易处于早期阶段时，这些交易可能会最终进入平台或遗留产品。因此，我们并没有真正将其分开。

Surinder Thind

Understood. And then in terms of just when I think about the, what I would call the partnerships that you're putting into place, in the process of them trying to build out industry solutions. Any color there you can provide on what specific solutions they may be looking at or what industries they might be looking at, at this point? And then how does that work in terms of the IP sharing that such a relationship might have?

明白。那么，当我想到你正在建立的合作伙伴关系时，他们在构建行业解决方案的过程中。你能否提供一些关于他们可能正在研究的具体解决方案或他们可能正在关注的行业的信息？然后，这种关系可能涉及的知识产权共享是如何运作的？

Will Lansing

Sure. It's a good question. I mean, as all of you know, partnerships work best when there's enough economics in it for both sides and where the relationship is complementary and that partners are not competing for the same thing. And so in our partnership with TCS, for example, which is a very strong partnership. We have a number of things going on here.

当然。这是个好问题。我的意思是，正如你们所知，合作关系在双方都有足够的经济利益且关系互补、合作伙伴不争夺同一事物时效果最佳。因此，在我们与 TCS 的合作中，例如，这是一个非常强大的合作伙伴关系。我们在这里有许多事情正在进行。

We have tremendous decisioning IP. They have tremendous reach and distribution and professional services and participation in a whole lot of verticals that FICO does not participate in. So they -- we're doing two kinds of things with them. One is they're developing a level of expertise and confidence for implementing our solutions so that it can help our direct customers with implementation because they favor professional services in a way that we do not. And so there's a benefit there. But they're also very interested in providing solutions to their customers, vertical by vertical and leveraging IP. And I think they recognize that our decisioning IP is pretty special.

我们拥有巨大的决策知识产权。他们拥有巨大的覆盖范围和分销能力，以及专业服务，并参与了许多 FICO 未参与的垂直领域。因此，我们与他们正在做两件事情。一是他们正在培养实施我们解决方案的专业知识和信心，以便帮助我们的直接客户进行实施，因为他们以我们不具备的方式重视专业服务。因此，这里有一个好处。但他们也非常有兴趣为他们的客户提供解决方案，逐个垂直领域地利用知识产权。我认为他们认识到我们的决策知识产权非常特别。

And so they're building solutions around our IP for particular verticals where they have a presence and some expertise. So for example, in the logistics area, TCS is building a proprietary solution based on our decisioning IP. But our intent is to do that and replicate that in other verticals as well.

因此，他们正在围绕我们的知识产权为他们有影响力和专业知识的特定行业构建解决方案。例如，在物流领域，TCS 正在基于我们的决策知识产权构建专有解决方案。但我们的意图是这样做并在其他行业中复制。

Surinder Thind

Got it. That's helpful. Thank you, that's it for me.

明白了。这很有帮助。谢谢，我这边就这些。

Operator 操作员

Thank you. Our next question comes from the line of George Tong of Goldman Sachs. Your line is open George.

谢谢。我们的下一个问题来自高盛的 George Tong。George，你的线路已打开。

George Tong

Hi, thanks. Good afternoon. You're planning to raise mortgage prices by approximately 50% in 2025. Can you discuss how you're thinking about prices for non-mortgage scores in 2025?

嗨，谢谢。下午好。你们计划在 2025 年将抵押贷款价格提高约 50%。你能谈谈你们对 2025 年非抵押贷款评分价格的看法吗？

Will Lansing

Yes. So first of all, I guess I would point out that at $4.95, that's not a 50% increase, it's less than a 50% increase. But in terms of the other scores prices, as you know, we review the entire portfolio every year and we think about where it's appropriate and fair to raise prices, and we don't do the same thing in every pocket of scores demand. It varies, it varies by year, it varies by segment. And we did apply some increases to non-mortgage. Of course, mortgage isn't the entire business by any means.

是的。首先，我想指出的是，4.95 美元并不是 50%的增长，而是不到 50%的增长。但就其他评分价格而言，如您所知，我们每年都会审查整个产品组合，并考虑在何处适当和公平地提高价格，我们不会在每个评分需求领域都做同样的事情。这是不同的，因年份和细分市场而异。我们确实对非抵押贷款部分进行了某些增加。当然，抵押贷款绝不是整个业务。

George Tong

Okay. Got it. And then broadly, can you talk about how you expect the Trump presidency to impact FICO's operations?

好的。明白了。那么总体来说，你能谈谈你预计特朗普总统任期将如何影响 FICO 的运营吗？

Will Lansing

Yes. That's an obvious kind of a question. And as you can imagine, we think a lot about it. That said, I would just say that we work with both Republican and Democratic administrations, and we've had good success with both and the reason is that we're such a core component of the markets in which we operate, we're so integral to the system that it's really unlikely that Republican or Democratic administrations will do things that the push FICO out of its position in the system. We anticipate that in Trump administration, we'll continue to operate as we have is the cornerstone of the credit lending market in the U.S. And so we look forward to that.

是的。这是一个显而易见的问题。正如你所想象的，我们对此考虑了很多。话虽如此，我只想说我们与共和党和民主党政府都有合作，并且在两者中都取得了良好的成功，原因是我们是我们运营市场的核心组成部分，我们对系统如此重要，以至于共和党或民主党政府不太可能会做出将 FICO 推离其在系统中位置的事情。我们预计在特朗普政府期间，我们将继续作为美国信贷市场的基石运营。因此，我们对此充满期待。

George Tong

Got it. Thank you.

明白了。谢谢你。

Operator 操作员

Thank you. Our next question comes from the line of Faiza Alwy of Deutsche Bank. Please go ahead, Faiza.

谢谢。我们的下一个问题来自德意志银行的 Faiza Alwy。请继续，Faiza。

Faiza Alwy

Yes, hi. Thank you so much. So Will you alluded to some macro uncertainty? And I'm curious if you could elaborate on that? Like are you expecting mortgage volumes to recover in 2025. We are seeing rates a little bit higher. And I'm curious if you can comment on like number of pools that you were seeing per application because there are some indications that those have been declining more recently.

是的，你好。非常感谢。那么你提到了一些宏观不确定性？我很好奇你能否详细说明一下？比如你是否预计抵押贷款量将在 2025 年恢复。我们看到利率稍微高了一些。我很好奇你能否评论一下每个申请中你看到的池子的数量，因为有一些迹象表明这些数量最近有所下降。

Will Lansing

Well, so with respect to macroeconomic uncertainty, I think that nobody knows what the future holds, not us and not you -- and so we leave it to you to come up with your own estimates on where you think mortgage volumes will be over the coming year. We do anticipate mortgage volumes will increase in the future. But the schedule for that is a little hard to say. And so we've incorporated in our guidance as is typical for us an appropriate level of conservatism. And we'll just have to see how things pan out. In terms of number of pools, we don't really -- we don't have a public pronouncement on that.

关于宏观经济不确定性，我认为没有人知道未来会怎样，不是我们，也不是你们——所以我们留给你们自己估算你们认为未来一年抵押贷款量会在哪里。我们确实预计抵押贷款量将来会增加。但时间表有点难以确定。因此，我们在指导中加入了适当的保守性，这是我们的一贯做法。我们只能看看事情如何发展。至于池子的数量，我们没有公开声明。

Faiza Alwy

Okay. Understood. And then I noticed you've been talking about the value that the FICO score provides to secondary market participants, and I'm curious if you have been thinking about that as a potential revenue opportunity going forward? Do you think there's something there?

好的，明白了。然后我注意到你一直在谈论 FICO 评分为二级市场参与者提供的价值，我很好奇你是否考虑过将其作为未来的潜在收入机会？你认为那里有机会吗？

Will Lansing

You know that is a very interesting question. There's no doubt that many people who use the FICO Score don't pay for it. Many people use and rely on the FICO Score. Our business model today has historically been built around -- we charge for the first use and then the downstream and subsequent uses when they are permitted by us by contract, tend to be free. Of course, we're in business. And so we think about every kind of variation on a theme, and we thought about trying to put the pricing where the usage is to make sure that you could lower prices in one place and raise them somewhere else, maybe that's more fair.

你知道这是一个非常有趣的问题。毫无疑问，许多使用 FICO 评分的人并不为此付费。许多人使用并依赖 FICO 评分。我们今天的商业模式历来是围绕——我们对首次使用收费，然后在合同允许的情况下，对下游和后续使用通常是免费的。当然，我们是在做生意。因此，我们考虑了主题的各种变化，并考虑过尝试将定价放在使用的地方，以确保您可以在一个地方降低价格，而在其他地方提高价格，也许这样更公平。

But we also recognize that the system is what it is, and every change has to be scrutinized from the standpoint of what kind of unforeseen consequences and what kind of difficulties might we encounter if we change the system. So it's easy for our strategic thinkers inside FICO to come up with dozens and dozens of variations on how we might price our IP.

但我们也认识到，系统就是这样，每一个变化都必须从可能遇到的意外后果和困难的角度进行审查。因此，FICO 内部的战略思考者很容易想出几十种关于我们如何定价知识产权的变体。

And trust me, we do. We think about those things, but we're also really mindful of the kind of responsibility that we have to the economy to the community, to our customers, to the participants in the ecosystem and we are loath to make changes that could rattle markets. We don't want to do that. So we're very, very cautious and careful about everything we do. And you've seen that, but that's not to say we don't study it. And if appropriate, we might consider something like that in the future.

相信我，我们确实如此。我们考虑这些事情，但我们也非常注意我们对经济、社区、客户、生态系统参与者的责任，我们不愿意做出可能扰乱市场的改变。我们不想那样做。所以我们对所做的一切都非常非常谨慎和小心。你已经看到了，但这并不是说我们不研究它。如果合适的话，我们可能会在未来考虑类似的事情。

Faiza Alwy

Understood, thank you so much.

明白，非常感谢。

Operator 操作员

Thank you. Our next question comes from the line of Owen Lau of Oppenheimer. Please go ahead, Owen.

谢谢。我们的下一个问题来自奥本海默的欧文·劳。请继续，欧文。

Owen Lau

Hi, good afternoon and thank you for taking my questions. And going back to your guidance, could you please maybe add more color on how do you assume how many weight cuts you expect in 2025? And how will that impact the loan volume. Thanks.

您好，下午好，感谢您回答我的问题。回到您的指导，您能否详细说明一下您是如何假设 2025 年会有多少次降息？这将如何影响贷款量。谢谢。

Will Lansing

You know that's one of those areas where everybody has a different opinion and we don't publish our opinion. I think you know what our pricing is. And so I think you should apply that to your own best estimates as a guide to making your decisions about what the future holds for us. I don't know that my speculating on how many rate cut is going to be helpful to anyone. I'm not sure that my opinion is worth more than anyone else's.

你知道那是每个人都有不同意见的领域之一，我们不发表意见。我想你知道我们的定价。因此，我认为你应该将其应用于你自己的最佳估计，作为对我们未来决策的指导。我不知道我对降息次数的猜测是否对任何人有帮助。我不确定我的意见是否比其他人的更有价值。

Owen Lau

Got it. And then on the platform side, some of the analytic firms were under pressure because of the end market challenges and budget cuts and vendor consolidation and things like that. Could you please give us an update on what you're hearing from your clients given that we are going to the year-end budgeting period. Thanks.

好的。在平台方面，由于终端市场挑战、预算削减和供应商整合等原因，一些分析公司面临压力。鉴于我们即将进入年终预算期，您能否更新一下您从客户那里听到的情况。谢谢。

Will Lansing

Yes, absolutely. What you point out is something that we used to experience a lot in our applications business five and 10 years ago, where we were very much under budget pressure. And so when our customers were under a lot of budget pressure, the sales cycle stretched out and decisions were postponed and deals were postponed. We see much less of that now.

是的，绝对如此。您指出的情况是我们在五到十年前的应用业务中经常遇到的，当时我们面临很大的预算压力。因此，当我们的客户面临很大的预算压力时，销售周期会延长，决策会被推迟，交易也会被推迟。现在我们很少看到这种情况。

What we see is that the platform is truly a strategic investment by our customers. It tends to be decided at the C-suite level and so I won't say that we're immune to budgetary pressures. But I think that there is this imperative for our customers to make a transition to digital relationships with their consumer customers and they want the kind of power that our platform brings.

我们看到的是，该平台确实是我们客户的战略投资。通常是在高管层面做出的决定，所以我不会说我们不受预算压力的影响。但我认为我们的客户有必要向与消费者客户的数字关系转型，他们需要我们平台所带来的那种力量。

And their choice is really to try to build it themselves some kind of homegrown solution or to buy it from FICO because there's really not any meaningful competition in terms of features and functionality with our platform. And as between building it in-house and buying the FICO solution, we've invested close to $1 billion in our software business to get to this point. And there are a few customers with the wherewithal to make those kinds of investments. And so any kind of a homegrown solution is just not going to be competitive with what they -- FICO at a fraction of the cost.

他们的选择实际上是尝试自己构建某种自制解决方案，或者从 FICO 购买，因为在功能和特性方面，我们的平台实际上没有任何有意义的竞争。而在内部构建和购买 FICO 解决方案之间，我们在软件业务上投资了近 10 亿美元才达到这一点。只有少数客户有能力进行这种投资。因此，任何自制解决方案都无法与他们——FICO 以更低成本提供的解决方案竞争。

And so what we see is tremendous adoption of our platform because they do the analysis, and it's a very cost-effective solution, and they get more functionality than they were planning on. They get it much faster than they could if they did it themselves. And so that's really kind of how that decision is going down. So budgetary pressure, who knows, with less budgetary pressure, maybe we'd be doing even better than we are, we can't really say. But we are not experiencing a lot of slowdown because of budget pressures.

因此，我们看到我们的平台被广泛采用，因为他们进行了分析，这是一个非常具有成本效益的解决方案，他们获得的功能比他们计划的要多。他们获得的速度比自己做要快得多。这就是这个决策的真正过程。因此，预算压力，谁知道呢，如果预算压力更小，也许我们的表现会更好，我们无法真正说清楚。但我们并没有因为预算压力而经历太多的放缓。

Owen Lau

Got it. Thanks a lot.

明白了。非常感谢。

Operator 操作员

Thank you. Our next question comes from the line of Kyle Peterson of Needham & Company. Your question please, Kyle.

谢谢。我们的下一个问题来自 Needham & Company 的 Kyle Peterson。请问你的问题，Kyle。

Kyle Peterson

Great. Hi guys. Thanks for taking the questions. I wanted to start off on the Scores revenue this quarter came in really strong. Just wanted to see where there any one-timers. I know in the past, sometimes, you guys have had some licensing deals or royalty true-up. So I just want to see like, is that a clean number? Or was there anything onetime in the 4Q number?

太好了。大家好。感谢你们提出问题。我想先谈谈本季度的 Scores 收入表现非常强劲。只是想看看是否有一次性项目。我知道过去有时你们有一些许可协议或版税调整。所以我只是想看看，这个数字是否干净？还是 4Q 数字中有任何一次性项目？

SteveWeber

Yes, there were -- there was a little bit of onetime and there's off, I mean, as you know, most quarters, there's some. There was probably a little bit more than -- certainly than last quarter than this quarter. So there's a few million dollars of additional revenue there. I mean it's nothing all that material in the overall number, but there definitely was a little bit of onetime revenue that we don't necessarily have in our run rate.

是的，有一些一次性收入和支出，我的意思是，如你所知，大多数季度都有一些。可能比上个季度多一点——当然比这个季度多一点。所以有几百万美元的额外收入。我的意思是，这在整体数字中并不算什么，但确实有一些一次性收入，我们不一定在我们的运行率中包含。

Kyle Peterson

Okay. That's helpful, thank you. And then I guess just a follow-up on the mortgage score price rollout. I appreciate the transparency there. Should we think of this as being fully phased in on January 1? Or is there kind of a scheduled phasing or any lag time that we should be mindful of?

好的。这很有帮助，谢谢。然后我想跟进一下关于抵押贷款评分价格的推出。我很感激这里的透明度。我们应该认为这将在 1 月 1 日全面实施吗？还是有一个计划的分阶段实施或我们应该注意的任何滞后时间？

SteveWeber

Yes, there's always a lag. It's not scheduled, but there's -- we used to always talk about discord being feathered in, right, the price because some customers are on deals that don't lap on January 1, still might lap later. But -- so it's consistent with every other year we've had essentially.

是的，总是有滞后。这不是计划好的，但有——我们过去常常谈论不和谐被逐渐融入，对吧，价格因为有些客户的交易不是在 1 月 1 日结束，可能会在之后结束。但是——所以这与我们每年基本上是一致的。

Kyle Peterson

Okay, thank you. Nice quarter.

好的，谢谢。不错的季度。

Operator 操作员

Thank you. Our next question comes from the line of Jason Haas of Wells Fargo. Please go ahead, Jason.

谢谢。我们的下一个问题来自富国银行的 Jason Haas。请继续，Jason。

Jason Haas

Hi, good afternoon and thanks for taking my questions. I'm curious if you could talk about what sort of analysis you did to arrive at the $4.95 mortgage score price? Like why did you decide that was the right number to go with? And then I'm also curious, recognize you're not going to go through the details of the pricing for auto and card, but if you could also talk about what sort of analysis you've run to determine what would be the appropriate price for those verticals as well. Thanks.

你好，下午好，感谢回答我的问题。我很好奇你们是如何进行分析得出 4.95 美元的抵押贷款评分价格的？比如你们为什么认为这是合适的数字？另外，我也很好奇，虽然你们不会详细说明汽车和信用卡的定价，但如果你们能谈谈你们进行了什么样的分析来确定这些领域的合适价格，那就太好了。谢谢。

Will Lansing

There are a lot of factors that go into it. There's not a formula. It's not formulaic, but we look at everything. We do look at volumes. We look at the market. We think a lot about whether the price is fair, whether we're asking our customers to pay a price that exceeds the value that we provide. And we think a lot about those things. And you can probably imagine my view on this, which is that we think it's tremendous value. And so we're fine with where we are.

有很多因素在其中。没有公式。这不是公式化的，但我们会查看所有内容。我们确实查看了数量。我们查看市场。我们会仔细考虑价格是否合理，我们是否要求客户支付超过我们提供的价值的价格。我们会仔细考虑这些事情。你可能会想象我对此的看法，那就是我们认为这具有巨大的价值。所以我们对我们所处的位置感到满意。

Every year is different. The percentage increases each year are different. The dollar amount increases are different each year. There's not a formula for it. And we sit down in the couple of months before the September 1 rate card gets published to our partners and we think about it. We also have discussions with them. So there's just a lot of factors that go into it.

每年都不一样。每年的百分比增长不同。每年的金额增长也不同。没有一个公式。我们会在 9 月 1 日费率表发布给我们的合作伙伴前的几个月坐下来思考这个问题。我们也会与他们进行讨论。因此，有很多因素会影响这一过程。

Jason Haas

Got it, thank you. That's helpful. And then if I could ask a follow-up. On the non-platform business declined slightly, which is a little off trend. I know it's not the focus to grow that, but I was curious if there was anything in particular we should be aware for the quarter there?

明白了，谢谢。这很有帮助。然后我可以问一个后续问题吗？非平台业务略有下降，这有点偏离趋势。我知道增长不是重点，但我很好奇这个季度是否有任何特别需要注意的地方？

Will Lansing

No. There's nothing -- there's nothing there. It's based on volumes. I mean some volumes get a little bit more, a little bit less. It's just volumes and amounted usage we had this quarter.

不。那里什么都没有——那里什么都没有。这是基于数量的。我的意思是，有些数量多一点，有些少一点。这只是我们这个季度的数量和使用量。

Jason Haas

That makes sense, thank you.

这很有道理，谢谢你。

Will Lansing

It's worth pointing out. I mean, how do we think about that business -- we have this very strong legacy business where we have large market share in a half dozen very important applications for our customers. They typically renew on like a three-year renewal cycle, that's not -- it varies, but it happens often. And we're not in a big hurry to push them to the platform. We have our hands full with new business on the platform. And so as long as we have customers who are happy to renew the legacy products, we're happy with that.

值得指出的是。我的意思是，我们如何看待那项业务——我们有一个非常强大的传统业务，在六个非常重要的客户应用中占有很大的市场份额。通常他们会在大约三年的续约周期内续约，这并不是——虽然有所不同，但经常发生。而且我们并不急于将他们推向平台。我们在平台上已经忙于新业务。因此，只要有客户愿意续约传统产品，我们对此感到满意。

And we continue to invest in those legacy products to make sure that the features and functionality are appropriate for today and for tomorrow and for the future. So I think our legacy business is going to be healthy for a very long time to come. We're not really pushing to grow it quickly. And we're also -- we're not in a harvest mode either. We make modest investment to keep it current. And the fluctuation, whether it's a little over 100% or a little below 100% in terms of where we stand. That tends to be volume driven. It tends to be usage by our customers that pushes us there.

我们继续投资于这些传统产品，以确保其功能和特性适合今天、明天和未来。因此，我认为我们的传统业务将在很长一段时间内保持健康。我们并没有真正推动其快速增长。同时，我们也不处于收获模式。我们进行适度投资以保持其现状。无论我们所处的位置是略高于 100%还是略低于 100%的波动，往往是由客户的使用量推动的。

Jason Haas

That's very helpful. Thank you.

这非常有帮助。谢谢你。

Operator 操作员

Thank you. Our next question comes from the line of Ashish Sabadra of RBC Capital Markets. Your question please, Ashish.

谢谢。我们的下一个问题来自 RBC 资本市场的 Ashish Sabadra。请问你的问题，Ashish。

David Paige

Hi, this is David Paige on for Ashish. Thanks for taking our question and congrats on the good results. Two questions. I was wondering if you could talk about the -- if any, competitive dynamics in auto and in card. And then as a follow-up, just a higher level of thinking of what your capital allocation priorities are going to be in 2025. Thank you.

你好，我是代替阿希什的 David Paige。感谢您回答我们的问题，并祝贺取得好成绩。有两个问题。我想知道您是否可以谈谈汽车和信用卡领域的竞争动态（如果有的话）。然后，作为后续问题，您能否从更高层次上谈谈 2025 年的资本分配优先事项。谢谢。

Will Lansing

Okay. So with respect to auto and card, those two businesses look today like they did a year ago and like they did 2 years ago, very little change competitively. Our customers continue to use our products and just not a lot of change there, not a lot of competitive threat, not a lot of new innovation coming from competitors. So really kind of no change there.

好的。因此，就汽车和卡片而言，这两项业务今天看起来与一年前和两年前一样，竞争上几乎没有变化。我们的客户继续使用我们的产品，那里没有太多变化，没有太多竞争威胁，也没有太多来自竞争对手的新创新。所以实际上那里没有变化。

With respect to capital allocation, our strategy there remains unchanged. As you know, we strive to return capital to our shareholders. We have a very efficient business model. We try to run a pretty efficient balance sheet. We try to manage our leverage to between two and three times and have some level of efficiency there. And it is remarkable to say with a PE north of 100 that we still think our stock is a screaming value, but we really do believe that.

关于资本配置，我们的策略保持不变。如您所知，我们努力将资本返还给股东。我们有一个非常高效的商业模式。我们努力保持一个相当高效的资产负债表。我们努力将杠杆率控制在两到三倍之间，并在这方面保持一定的效率。值得注意的是，即使市盈率超过 100，我们仍然认为我们的股票具有极高的价值，我们确实相信这一点。

And I have -- I've been doing these calls now for 13 years, and every single call, it seems like our stock is at an all-time high, and people wonder why are you still buying back your stock? And to date, it's been a pretty good call. We expect that to continue. We have every intention of returning free cash flow and then some to our shareholders through stock buyback.

我已经——我已经做这些电话会议 13 年了，每次电话会议，似乎我们的股票都处于历史新高，人们想知道你为什么还在回购股票？到目前为止，这是一个相当不错的决定。我们预计这种情况会继续。我们完全打算通过股票回购将自由现金流及更多返还给我们的股东。

David Paige

Thank you. 谢谢。

Operator 操作员

Thank you. Our next question comes from the line of Simon Clinch of Redburn Atlantic. Your question please, Simon.

谢谢。我们的下一个问题来自 Redburn Atlantic 的 Simon Clinch。请问您的问题，Simon。

Simon Clinch

Hi, everyone. Thanks for taking my question. I was wondering, well, perhaps you could -- it's quite an important day to be issuing your earnings in the U.S. And I was wondering if you could give some thoughts around really around the FHFA's proposal and implementation of this proposal in the fourth quarter. Do you think anything really changes in terms of the probabilities of that being either delayed or canceled or any thoughts around that would be very useful. Thank you.

大家好。感谢你们回答我的问题。我想知道，嗯，也许你们可以——今天在美国发布财报是个非常重要的日子。我想知道你们是否可以就联邦住房金融局的提案及其在第四季度实施的提案发表一些看法。你们认为在推迟或取消的可能性方面是否会有任何真正的变化，或者对此有任何看法将非常有用。谢谢。

Will Lansing 威尔·兰辛

We wonder the same thing, and I think no one knows I don't think it's a secret that the industry has been slow to move on the expected implementation because there are some things that still have to be sorted out. The FHFA has a plan. We're working with them, cooperating with them every way we can to see it happen. But there's no telling what a new administration might do. They -- it's just really hard to say. Maybe things take a little bit longer than they otherwise might have. That's probably the most likely scenario. But there could be a change in direction, one just doesn't know.

我们也有同样的疑问，我认为没有人知道，我不认为这是一个秘密，因为行业在预期的实施上行动缓慢，因为还有一些事情需要解决。FHFA 有一个计划。我们正在与他们合作，尽我们所能促成此事。但无法预测新政府可能会做什么。他们——真的很难说。也许事情会比原本需要的时间稍微长一点。这可能是最有可能的情况。但也可能会有方向上的改变，只是没人知道。

Simon Clinch

Okay. That's useful, thanks. And just as a follow-up then, just on the software business, could you provide a little bit more color just around sort of where you are in terms of exploring the investments behind expanding your distribution beyond just your financial -- large financial customers and just where you are with that, please? Thanks.

好的。这很有用，谢谢。作为后续问题，关于软件业务，您能否提供更多信息，说明在扩大分销范围以超越仅仅是大型金融客户方面的投资探索进展如何？谢谢。

Will Lansing

Yes. There's a few ways we're going at that. I mean, at the upper end of the ecosystem, we're working with partners. So I mentioned TCS was one, but we're in conversations with a number and have deals with a number of other partners. So the big systems integrators, they are very natural partners for us to get into other verticals. And they have customers, they have distribution, they have skills, they have domain expertise and they can take that, apply it to our IP and provide solutions in these other verticals. And so that's clearly a very efficient way for us to get into kind of more diversified markets.

是的。我们有几种方法来处理这个问题。我的意思是，在生态系统的高端，我们正在与合作伙伴合作。我提到 TCS 是其中之一，但我们正在与许多其他合作伙伴进行对话，并与许多其他合作伙伴达成协议。因此，大型系统集成商是我们进入其他垂直领域的非常自然的合作伙伴。他们有客户，有分销，有技能，有领域专业知识，他们可以利用这些，将其应用于我们的知识产权，并在这些其他垂直领域提供解决方案。因此，这显然是我们进入更多多元化市场的一种非常有效的方式。

The other thing that we're focused on, which I think is going to take longer is, I wouldn't call it quite a self-service model, but more a self-service model where we have open APIs and ISVs and resellers and VARs have the opportunity to come and leverage our platform and our IP with very little intervention from us. And in the long run, we'd really like to see that flourish. We have a marketplace that we've built to facilitate this. But I think that's going to take time to build.

我们关注的另一件事情，我认为需要更长时间的是，我不会称其为完全的自助服务模式，而是更多的自助服务模式，在这种模式下，我们有开放的 API，ISV、经销商和 VAR 有机会来利用我们的平台和知识产权，而我们几乎不需要干预。从长远来看，我们真的希望看到这一点蓬勃发展。我们建立了一个市场来促进这一点。但我认为这需要时间来构建。

Simon Clinch

Great, thanks so much.

太好了，非常感谢。

Operator 操作员

Thank you. Our next question comes from the line of Scott Wurtzel of Wolfe Research. Your question please, Scott.

谢谢。我们的下一个问题来自 Wolfe Research 的 Scott Wurtzel。请问您的问题，Scott。

Scott Wurtzel

Thanks, good afternoon, guys. Just first one on the ACV bookings trends. I know historically, we usually see a sequential step-up from 3Q to 4Q. And I thought the number was still pretty good. But just wondering, was there any maybe pull forward of bookings into the third quarter that is maybe distorting that seasonal trend a little bit?

谢谢，下午好，大家。首先是关于 ACV 预订趋势的问题。我知道从历史上看，我们通常会看到从第三季度到第四季度的逐步上升。我认为这个数字仍然相当不错。但我只是想知道，是否有可能将预订提前到第三季度，这可能会稍微扭曲这一季节性趋势？

SteveWeber

Yes. I mean there's really no reason for a seasonal trend. Typically, a lot of times it does happen that our fourth quarter is higher. But if you look at this year, our third and fourth quarter was exactly the same number, give or take, as the third and fourth quarter combined last year. So there probably was some pull forward on some deals from our fourth quarter this year into the third quarter. And there have been some deals last year that pushed from the third and fourth quarter. So it's hard to really look at any one specific quarter that way.

是的。我的意思是，确实没有理由出现季节性趋势。通常情况下，很多时候我们的第四季度确实较高。但如果你看看今年，我们的第三和第四季度的数字几乎与去年第三和第四季度的总和相同。所以今年可能有一些交易从第四季度提前到第三季度。而去年有一些交易从第三和第四季度推迟。因此，很难以这种方式看待任何一个特定的季度。

Scott Wurtzel

Got it. That's helpful. And then just as a follow-up, just on your guidance, wondering if you can maybe help us understand how you're thinking about investments and expense growth in fiscal year '25. Thanks.

明白了。这很有帮助。然后作为后续问题，基于您的指导，想知道您是否可以帮助我们了解您对 2025 财年投资和费用增长的看法。谢谢。

SteveWeber

Yes. When you see it built into -- if you -- we gave you all the numbers basically, you kind of see what our expense elevate looks like. But as we said, the expense growth that's built into the guidance is a lower growth rate than what we saw in '24. We have some kind of onetime things happening in '24, both non-repeating some benefits we got last year and then some onetime as we paid for this year as well.

是的。当你看到它内置于——如果你——我们基本上给了你所有的数字，你可以看到我们的费用提升是什么样子。但正如我们所说，指导中内置的费用增长率低于我们在'24 年看到的增长率。我们在'24 年有一些一次性事件发生，包括去年获得的一些不可重复的收益，以及今年支付的一些一次性费用。

So there's some growth built into the expenses, but it's less than what we had this year. And then it's less than what our top line revenue growth. So we'll get margin expansion out of that. And then if we -- if we're able to beat guidance throughout the year, usually that comes along in a pretty decent margin. So there's a little bit of expense growth that comes with additional revenue, but that would come at a much higher margin profile as well.

因此，费用中包含了一些增长，但低于我们今年的水平。而且这也低于我们的收入增长。因此，我们将从中获得利润率的扩张。如果我们能够在全年超出指导，通常会带来相当不错的利润率。因此，随着额外收入的增加，费用会有一些增长，但这也会带来更高的利润率。

Scott Wurtzel

Got it. Thanks guys.

明白了。谢谢大家。

Operator 操作员

Thank you. Our next question comes from the line of Andrew Stein of FT Partners. Please go ahead, Andrew.

谢谢。我们的下一个问题来自 FT Partners 的 Andrew Stein。请继续，Andrew。

Andrew Stein

Hi, thank you. I just have one question tonight. Could you at least provide some color on the volume trends within scores when the 30-year mortgage was closer to 6% in the back half of September relative to the rest of the quarter? Thanks.

嗨，谢谢你。今晚我只有一个问题。你能否至少提供一些关于 9 月下半月 30 年期抵押贷款接近 6%时分数内的交易量趋势相对于本季度其他时间的情况？谢谢。

SteveWeber

Yes. I mean the best source for data for that is actually just look at what the NBA publishes. That's what we look at. That's actually more realtime than the numbers that we see. So we can't really track it on a week-by-week basis like they do. So I would push you to that, first of all. But we did see -- we saw some upticks when the rate came down and then we saw it slow down a little bit. And it's hard to really draw much of a trend from any of that. So we're -- obviously, we're very conservative with the way we guide going forward.

是的。我的意思是，实际上最好的数据来源就是查看 NBA 发布的内容。那是我们关注的。这实际上比我们看到的数字更实时。所以我们无法像他们那样按周跟踪。因此，我首先会建议你关注那个。但我们确实看到——当比率下降时，我们看到了一些上升，然后我们看到它稍微放缓了一点。而且很难从中得出什么趋势。所以我们——显然，我们在未来的指导方式上非常保守。

Andrew Stein

Got it, appreciate it.

明白了，感谢。

Operator 操作员

Thank you. Our next question comes from the line of Kevin McVay of UBS. Please go ahead, Kevin.

谢谢。我们的下一个问题来自瑞银的 Kevin McVay。请继续，Kevin。

Kevin McVeigh

Great, thank you so much. Could you give us a sense of with the 2025 pricing, how much of that is factored into the guidance already just directionally? And is there anything from '24 that's factored into the '25 guidance? I guess, any sense of just how that phases, maybe anything that didn't occur in '24 in the '25 and '25 more broadly?

太好了，非常感谢。您能否让我们了解一下 2025 年的定价，其中有多少已经在指导中考虑了方向性？是否有任何来自 2024 年的因素被纳入 2025 年的指导中？我想知道这方面的任何阶段性，也许是 2024 年没有发生在 2025 年和 2025 年更广泛的情况？

Will Lansing

Yes. I think that the two things going on there. One is the new pricing each year goes into effect on Jan 1, but our fiscal runs from October 1 to September 30. So obviously, there's a 1-quarter discrepancy in the pricing -- and when the pricing gets, so that's one factor that influences it. And then the other, as Steve mentioned earlier, is a lot of our channel partner customers have multiyear deals. And so -- and when they do, we honor the prices from prior years. And so that's another thing that can affect that relationship.

是的。我认为那里有两件事情在发生。一个是每年的新定价在 1 月 1 日生效，但我们的财政年度从 10 月 1 日到 9 月 30 日。所以显然，定价上有一个季度的差异——这就是影响它的一个因素。然后另一个因素，正如史蒂夫之前提到的，我们的许多渠道合作伙伴客户有多年期的交易。因此，当他们这样做时，我们会遵循前几年的价格。这是另一个可能影响这种关系的因素。

Kevin McVeigh

Very helpful, thank you.

非常有帮助，谢谢你。

Operator 操作员

Thank you. Ladies and gentlemen, that does conclude the Q&A portion of our call and our conference for today. Thank you for participating. You may now disconnect.

谢谢。女士们，先生们，这就结束了我们今天电话会议的问答环节和会议。感谢您的参与。您现在可以断开连接。

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