FICO - Earnings call transcript Q4 2017

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Fair Isaac Corporation Quarterly Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session.

As a reminder, this conference is being recorded today, Wednesday, November 1, 2017. I'd now like to turn the conference over to Mr. Investor Treasurer. President, Vice Weber, Relations and Steve Please go ahead.

Steven P. Weber

to be I'll the And November Relations the measure. of SEC's most joined results and for will of on statements I'm Investor to through to including particular be A the will On the to team. Lansing; SEC, today available Please discuss company's FICO joining uncertainties GAAP filings you, to and differ XXXX. The Lansing. Weber, the release and to Colin. of issued run Regulation fourth this could and at portions Investor comparison XXXX. measures comparable compared schedule turn the you quarter website, a Statements understanding and from schedule press Will are G Risk facilitate concerning of from afternoon statements to Good I'm Relations X, the now, webcast filings. the is Information order issued contained of materially. financial Pung. this certain may in for sec.gov. Investor Copies website call, call. this Act or at under also fico.com non-GAAP Thank Those the our FICO's CFO, CEO, our Today, call the in the financial that Regulation Forward-Looking page non-GAAP of are such our results cause over prior available call will involve replay Private actual the statements Factors of thank quarter and This year. from the earnings release these President Reform of uncertainties in management with also company's these refer in feature SEC, available that Relations each Securities of on the by in characterized financial presentation made Mike prior measures. website today our results rate Vice earnings the release as we company's Will or forward-looking Steve a Certain Litigation earnings reconciliation the describes business. in many G

William J. Lansing

for fourth call. Thanks, our quarter for and Steve, made joining this several results quarter fiscal us progress talk fronts. earnings everyone, for I'll financial about our we've you, thank full summarize year on and year and the the

and of XX% growth share, last million earnings revenues. to respectively. XX% from transition. of The cloud-based X% year. fourth income increase cloud the discuss delivered revenues I'll our record we have of income into same GAAP beyond. particularly over Finally, earnings is $X.XX net And of of XX%, million, $XX going both non-GAAP quarter we up and GAAP share, momentum $X.XX year per of per of last comes spite EPS quarter, X% XXXX period in year. non-GAAP reported and an net our and up revenue given growth the us, revenue The impressive and $XXX million a We and delivered we transition In for full our $XX

has last to more, see recurring is have recovery, management, now and We and analyze our enabling strategy cloud help are this in platform their moved base, demand revenue nearly More for an delivery. cloud-first cloud. available will cloud-first preference This and FICO processes. have automate clouds thinking originations was our as pipeline which the two $XXX strategic products make the development, going fraud several that Because dominant profitable a ago forward. moved cloud-enable decisioning products originations they build through for fiscal our products. years to years well. for cloud collections our our year, to growth Analytic ago of invest where we the to the in made million predictable, to technology, and mean and decision of ask like In account our significantly to We and us sales look We all public well in when over began important this, Cloud, AWS. us of in to customers

For companies, revenue software seen disruption cloud this Many from and as companies earnings other models. software a solutions. have sometimes means this to shifted they've of on-premise

and reasons. impact For on has FICO, for less two shift growth, but this had margin dramatic some our been it's revenue

our to legacy XXXX, we has our a than actually recurring XXXX, cloud The we was model. than deliberately lot transition recognized license had revenue This First, sales, increase license second, cloud were license been but most still $XXX revenues. sold periods. are in as recognized several in revenue of over is we gradual. revenue. encouraging, model be to number especially our In by that recurring our X% of lower as transactional meaning have upfront our sales years, offset incorporates future more on more And from deals million more of lower an revenue bookings

course, cloud able build effectively Of quarter we over been in last ever. culminating bookings, accelerate bookings new year, We've year this million book largest our to $XXX deals. repeatable need new the revenue, to our long-term to of

steady this XX compares in over numbers but validate and our industry the only fact, were product of lines in period quarter, bookings big us deals we're fiscal our And year, up of year flows booking our we about year. selling with give as bodes new enter product more larger XXXX sales. fact XX% in a of with revenue more well deals The than us building or $X verticals quarter up In had and same million. had products they We we're growth. our sustainable and more bookings into These XXXX. all the in most deals deals fiscal in quarter's full the future of this the bookings XX the for to variety strategy, XX% breadth that variety the year fourth over were product different solutions. a blocks visibility the not We last also of booked we $X for That year. XX million XX for XXXX. perhaps, better And is us impressive give

pursue to we strategy, our add cloud-first continue offerings. our advanced analytics product we throughout more As

have new with our expertise deep many success learning products. of now to established take areas into We and expertise machine of our and analytics have demand. with opportunities We have had

acceptance For full a advantage year early with as year. because era had well instance, necessity analytics. that schemes, in demand driving execute invested the We're the for growth up up because available a anti-money been. and score We're at discussions money and successful the for of stages year. our the laundering, fourth the the Score is that we've quarter XX% In the prior of our FICO quarter seeing signed as solutions and the laundering BXC, of year; and vision. next Decision is new In innovation XX% The we the XX% XX% cloud level for of Scores analytics. versus this with is more very I and the very excited year there's Score with of the Most for another the in still strategy for deals. to in very the we that FICO Last analytics a but customers. increasingly up Scores quarter space, in year. and were This sophisticated up in it newly prospective decades. attack in the and we're lenders were that for core our competitive sophisticated business, we XX% signs Management they're have have consumers later, vision. as evidence show in on in BXB, there's are which to year, the Scores the discussed X% customers for has were and to A XX% problem and for recognize Studies solid brand much others, the strong rules-based, as FICO we is the ever of today recognizing of use. FICO continue innovation

for education Affinity Access through delivering We beyond. we're programs to to expanding with We've Open in revenue by Score and great opportunities look grow adding new monitoring. and content and And progress made growth XXXX Reports Open in resellers enhanced continue We channels, continued the find Summary around content consumer the Ingredients, Access DDA Scores accounts. that content and Simulators, to space. in

side, various system Financial we will that in decades-long our use leadership on lenders our drive were great more that FICO And the of We're real and leveraging world. and India introduced just incredible alternative to traditional people and the Initiatives million opportunities. more into who unscorable we credit We've U.S., the progress other to and been XX In which previously we're score coming using investing initiatives as new Inclusion Score asset. X.X, lenders. more data consumers On to innovation around scores markets than the the to BXB applications work the XX% made and of XD in bring revenue have out unscorable approaches value Financial drive continue identify working Scores on in Inclusion China, into other XXXX. previously new drive

we'll business growth where continue the look security. in our we greatest to XXXX, we ahead in to of As invest to continue see invest potential, areas we'll and

of announced year. We added below in In exhausting up an shares additional deployed share generated October, shares much new million spend interest record to we'll million of an in and and free outstanding flow, $XXX in and shares with fiscal a current XXX,XXX have expertise, that decisions board shareholders we our board cash in X.X were the space today, able continue security to We $XXX authorization purchased returning from program, our XXXX, of basic make increasing mind. bring repurchase additional million, additional million. XX previous the the personnel substantially we're our and fact, In we authorization. XX% the a and in

at Mike over vision. for further As right committing I the many growth and turn have We're in about outlook on about to the but for I the I'm see to execute convinced I'll details. XXXX, many call more look opportunities but talk conservative financial right our I'll products people our to our we areas. first, timelines, business,

Michael J. Pung

in I'll and everyone. Will, good afternoon, Thanks, Today, my three emphasize points comments.

over of quarter, and X% up million last total up the a $XXX delivered from we X% prior year, $XXX First, period of this year for same year. the million the revenue

quarter. full year was $XXX Second, net in for this the income income million. delivered we Net million $XX

year. segments. the We the Finally, of shares I'll in delivered X.X three and cash reporting free we begin or of repurchased shares. million the quarter our results of during our outstanding for fiscal flow about by year $XXX million each X% the million in reviewing $XX

Management compliance our last Our recurring our year. businesses, Applications year up bookings X% period driven $XXX last last $XX last Software Decision last bookings our XX% Services same primarily million, million, up from quarter segment, and were revenue and revenues period Full from last In the $XXX the The year up up increase solutions, the from X% million, XX% were last up up were from in were from full versus from were revenues year. year X% Customer cloud up management DMS Communication XX% our year. $XX $XXX Full solutions. our our year, and up were XX% versus revenues million, million XX% DMS year. previous year. quarter million, Applications $XX this was for revenue quarter, and same from originations DMS

period last Finally, and were from consumer last Scores $XX strong same were the XX% over from period lending, year. quarter same million, BXB up by segment, XX% period XX% was BXC year. up last driven year, our the revenues up same from in X% record a last revenues the and

For $XXX year, XX% were year. revenues the full last million, up from Scores

our region, derived by XX% from revenue Americas of total this were quarter's revenue region. Looking at our

from the EMEA were for was and X% and total of region XX% were the Pacific. of and transactional Consulting maintenance quarter Asia remaining revenues license total of implementation generated total. XX% revenues from revenue. revenues sources derived represented Recurring and XX% XX% Our

compared our year. of recurring to XX% last XX% year, full the For were revenues

was whales year, yield. Our million bookings were topped million, were We full prior is weighted on large generated quarter. the result. $XX months for revenue a XX year. the current XX% $XXX cloud of bookings average this term driving for the no bookings revenue There million And our this record XX% period for up The $XXX of year. which from million, $XXX

Our cloud million bookings topped year. $XXX for the

million revenue history the company with expenses this million $XXX last Our in prior the quarter The increased charge variable booking totaled operating increase the restructuring relates we by to $X from up quarter. primarily had quarter. in offset associated quarter, largest expenses

our in operating and the was see As margin you this can schedule, non-GAAP quarter year. for Reg XX% G XX%

year. $XX Excess We discussing. million, expense for million that to We between will expect a the had somewhere was or income associated in margin GAAP share XX.X% we've XX.X% Tax about up Benefits $X.XX operating fiscal with from be a the to prior tax quarter XX% net the XXXX. of $X.X income reduction been

same Our non-GAAP year. $XX last net quarter, XX% for the income the up million quarter from was

was full million. The for $XXX Tax the $XX for increased full the in effective $XX expense profits what For million the quarter about tax for Benefits after year. $XX the flow XX.X%, million, year, was net non-GAAP Free was cash due reduced and higher net was included $XXX we tax which rate the from million effective and Excess year than to guided Benefit, last in income Tax to full income was the rate year XX% higher jurisdictions. for million tax compared Excess slightly adjusting

was flow million compared cash million year. to last $XXX $XXX free year, full the For

down million due from $XXX reduction we share and $XX is on at Looking the balance debt This in offset to cash sheet, cash by generated. the had sheet. repurchases, quarter million the last we balance partially

is debt of covenant total weighted quarter to total of million. EBITDA of $XXX a XXXX, the repurchased total of average an In of of X now fourth million is level X.X We is our an shares interest price $XXX.XX. we with adjusted net fiscal at times. which total and $XXX about Our X%, back debt million below shares average at price the a XXX,XXX X rate times, bought a average for in ratio $XXX.XX, of

a exhausted $XXX in million the at board we, price an and additional new October We of Those $XXX.XX. XXX,XXX today, authorization announced of repurchases continued authorization. shares average an repurchasing month the

continue to competitive With thoughts. use acquire I'll or to technologies that, share we Will actively portfolio We final evaluate it of And turn continue opportunities our strategy that products relevant as repurchases attractive strengthen an for cash. his our position. over to view and advance for or

William J. Lansing

I momentum believe As remarks, XXXX. we have move significant as my opening I said in into we

is than ever. brand Score stronger FICO Our

both We significant have in opportunities BXC and BXB Scores' the markets.

to core efforts On the DMS strategy. how R&D to our of core going software the market. pursue It's and continue side, we'll the our of we're

for to clients. importantly, a telco, most We other still making new financial verticals. business. now, We're cloud-first book continue now will institutions. products cloud ever. have so innovation as more be customers. And industries. the partner auto also We've believe continuing a I beyond and of our view in to make other biggest in new and progress, cloud we're number year we're a trusted gone cloud-first We're with strategy. making diversifying our many services beyond both opportunities But demand XXXX seeing release of we're progress our designing FICO prospective ready, from We're existing we financial and

in XXXX. XXXX, providing move Our $XXX versus backlog strong that With in revenue increase XXXX. approximately well about of reliable we're building that XXXX mind, all of us We're fiscal this give fiscal we million, guidance recurring fiscal into the predictable, into deliver confidence we're X% the for revenues an bookings following guiding as future. will

of income over XXXX. $XXX net million, GAAP guiding are approximately X% We up

XXXX Excess to in an GAAP income I'll for EPS back fiscal approximately million of earnings turn million of $XX fiscal and Q&A. net per of $XX million $XXX non-GAAP expect Tax to $X.XX, call now in compared the Benefit non-GAAP share $X.XX. of Steve XXXX. We

Steven P. Weber

Will. concludes questions. This please will now prepared Thanks, and our remarks lines. Colin, open we the take

Operator

you. Thank Certainly.

line of Our from the first Manav Barclays. Patnaik question with comes

please open, go is ahead. line Your

Manav Patnaik

by is line walk Could just of growth. assumptions segments? or through around question million level around gentlemen. guidance us or give different X% $XXX high first guidance some Thank you. maybe the – evening, Good My your us your top the you

Michael J. Pung

and did guidance business as the BXB in our range building Applications Manav. the for total would on high-single-digit Yeah. slightly building to million, side built We're This the growing, $XXX we roughly building this in of Scores what mid-single-digit did say, around ahead range, we businesses, our we on business, comparable year. Mike. year. our our our very relatively something growth with double-digit assumption we're Good DMS in have flat this follows; of BXC to, an software And roughly what I side. I'll is be into happy afternoon. We're mid-single-digit

Manav Patnaik

you differently, like on the side, or from drivers for is right the driven with incremental Experian, lead-gen the that as I of on rate, there mean, base partnering growth in any I I honing run that always thinking BXC, just flat should we be had but, BXC them? just that BXB, XX% maybe – maybe guess, business And actually, this you quarter which legacy because was Okay. asked growth is or conservative, do know the the contract you the still with started this

Michael J. Pung

starting frankly, little business and business to the The quickly the legacy uncertain we've point. ramps it's the to at timing the very still had. from There tied is but, this immaterial that how for at it's kick No, efforts this up lead-gen, is Experian. marketing us, up, of very was lead-gen

taken to that we've these into approach numbers that providing. how so, And I'm a pretty cautious we build

what you're several to described rate at online. And to run others we with that the looking is deals and some beginning of with Affinity respect the so, go

Manav Patnaik

costs on investment? out major the then buckets to You're guiding the – maybe you the And margin maybe year. Okay. call basically of another side, could flat

Just else? I main out therefore, Will cyber, areas but know anything what curious called the

Michael J. Pung

certainly No, amount next the the what a I year we pretty pipeline is say quarter in for see what seeing and in fourth of would we're cloud significant deals.

million to be requires people, thereafter. XXXX. the costs throughout requires revenue, follows in implemented had obviously, half deals of we of but quarter, of million that $XXX cloud and not $XX quite, fourth that, earlier the in that and our $XX the cloud in it and that were fact, and bookings In are of four And quarter million bookings, going almost part to middle

And, because probably the factor put we've part fourth So, certainly, a bookings, first year. mentioned, our say addition, in margin, as would in is of I Will next our in of quarter the money what extra above data security and aside had probably done security to protection. the walls in in further of terms and in for infrastructure build past order mix, our some we and beyond the

Manav Patnaik

again, on And has that, the just Okay. to breach broad thoughts impact your had business? my or maybe last if Equifax on any question, any

William J. Lansing

hasn't really any our had It No. impact to business.

everyone, we check a we're about doing to look was it we that be deep at vulnerable before that's of can and Of we secure. better, we an think good not were our course, the whether security. and and And pretty ourselves take bit whether we extra gut a for why for us everything feel budget impetus thought feeling little like we frankly, investment we're do to a own why And, bit increase put our in. to a and

Manav Patnaik

Got it. Thank you, guys.

Operator

Our next question from Sidoti. of with Matthew comes Galinko the line

ahead. Your line go is open, please

Matthew E. Galinko

afternoon, guys. Hey. Good

William J. Lansing

Hi.

Matthew E. Galinko

So, of or terms also in your is that building a guess, clarification including use internal is I products? increased in security, out investment just point of cyber that

William J. Lansing

referencing investment use. in we're was increase The that internal

a Now the products that traction. we R&D because bit little said, are also our in starting of they're get cyber to increasing

So, so, Enterprise Security investment side also, and for things that up And, yeah, on there, Score. going like is the distribution the definitely available. Score there's in now that's

Matthew E. Galinko

right. cloud, All broad is you. Appreciate just terms then it is or of traction the of non-traditional it you're in the the from really getting and based? verticals in you that. Got outlined, cloud-first kind And coming more

William J. Lansing

for verticals. the in, in a happening for and our encouraging. to move financial telecom services occur, really seeing appetite welcome other the knew This year, We always the never and XXXX, expected and that it beginning customers to timeframe is sign. what I this we were us year, services non-financial as into we've the to in see actually see well, last and is would in expected we which see started the we'd cloud as we appetite extremely that, demand say of initially, even XXXX, verticals cloud so, and was expected, in

non-financial verticals. would it's the the now, I services So, across it's not board, say, just

Matthew E. Galinko

it. Appreciate Got it.

Operator

next Our comes Huff of line the Brett from question with Stephens.

please is Your open, go line ahead.

Blake Anderson

Hi. Blake questions. on Thanks is for Brett. taking This for my

you there. cloud, you you about I said about if and could no Just half were said little very bookings, strong in bit there wondering, whales more the are know talk a

these large this P&L X% assume – with XXXX average to year? hitting we the the quarter? we next a should little for So, about the think maybe such on And taking should a then, given these increase longer is implement rate maybe, imply revenue this are how of growth run would

William J. Lansing

where point and don't think you from we're Well, give far too really that strong optimistic really were bookings. in we be so, extrapolate the But assumption. this the have we are we've wouldn't We versus it, if you feeling sales we really to doing on system do make quarter want about bookings. neutral in deals. And to an wouldn't the I people annualize and We a guidance very customer revenue. do a now be off wants, as some no really trend at on and to deals – upfront there's cloud revenue, efforts so, not bias what license our made towards love much

that. be weren't of in expense expect coupled happening we clearly revenue. if at is a strong and appetite, comfortable I absolutely rate from really seeing we our different business and demand the doing cloud being And And, so, increase. it we that higher, our what's that a expect we're are, combination of as and think with but bookings. the genuine There's in as be incent even-handed And way run with people, revenue cloud yes, we're that quite through we to reflected would to much we sales difference upfront marketplace, only the is

Blake Anderson

the All wide And had of this about more that margins through year. bit. margin? fairly on investments then about on What guess, XX.X% that a the XX.X% now? of drivers to are a uncertainty I a elaborate the the expand how margins, range. right Can know you much just you for little decision it's decision little talked talked you going quarter, your to I right. last And

William J. Lansing

we license took form our available And, gone if back our if the broad step the a years, back And business, in products of of our products, the – initially, go them on own look made cloud from our that's a this I standardized, was, and three strategic what and to that meant business, license transformation our cloud cloud take high is returns scale Well, the business. cloud. we making to from business our that revenue the at But a basis highly centers it the you not and products in not called really for you midst we you SaaS we and we're that think, we've hosted that's and cloud. in business data cloud-enabling a took configurable, installed customers, all multi-tenant, revenue them direction it available love. to

last the year, the going. especially that where reengineering couple over it, year, making going it, investment the so, years but is the we're time really with implementation reduce a just this is the customers, that's cost of part and can think infrastructure, configurable, support they the up rebuilding, And sure and making products tremendous generally, have infrastructure which especially themselves, and to next highly is the a go also going standardized into to to hit not of in, the of reduce we the retooling, infrastructure our more so operation, be shorten products, and that and, we live, times be investments

for where is are we're so, we future the configurable, standardized, expense with products. sparing – we're I of making on but won't positioning investment a more the much software because business And very commitments, That's we're no still cloud going. focused say our mindful scalable highly business

Blake Anderson

time. timing over then the color you one be would like on the good All a right. how kind competition And the opportunity do a since give Any newer revenue and you see can of growth that? then, helpful. sounds FICO take That's you much more for opportunity? that for Score Do dominant could that's And me a position market? think you of in XD size last that

William J. Lansing

have conjunction So, It's who in Equifax is replicable But so, announce partners with in meaningful time with we have year and good not partnerships it. it with LexisNexis. for will partners and quite public not should is we a today big any be it's our and which test others. shortly. position do not gone some been revenue the go the to proprietary with with NCTUE announced – easily this it. in Score, And we big It production results there's some to yet it's and definitely by data in

scores a alternative score. populations lot have to use unscorable, in there's in one the in score the that years been to predictive. are market going otherwise from But new of Now, have result has And lenders, standpoint – data this development robust, wouldn't is score and new of to is really hitherto people, had. for highly to business difficult for lenders the really the efforts job, it's they been does to that

up pretty will of be value we quickly ramp know about pretty it. And the It proposition, all I tremendously good so, it's depends XXXX? feel big be strong it meaningful. it'll How kind in it. lenders don't with that how on

Blake Anderson

Great. Thanks a lot.

Operator

comes Our next question Warmington from Bill the line of with Wells Fargo.

Your open, ahead. go please line is

William A. Warmington

everyone. afternoon, Good

William J. Lansing

Bill. Hi,

Michael J. Pung

Bill. Hi,

William A. Warmington

that asking announced you want last Education by to I Enterprise programs about quarter. had the out So, start

had additional those. some to quarter? pipeline? any those starting for there signed of the clients benefit takers had the you ramp, mentioned are Are two You seeing large up in Are that in this we

William J. Lansing

there They additional are starting to pipeline. the takers in are ramp and

Michael J. Pung

in BXC, drove Bill. the It's four growth quarter part what of the

William A. Warmington

Got it.

And – that demand, would just that if breach It source that product of actually I wanted see would a like having Security you be seeing seem for deal Enterprise last quarter, on with for that. first healthcare that Score, IT for your been the that's you're How It lot to a reseller. talked about you has then, seven-figure demand now. Okay. much doesn't a large seem but revenue post-Equifax product? of

William J. Lansing

think think build the next important in our it's I this starting be it's I why do. market. totally there's it's in we've that some it's see first-mover no distinguish a And to – offering, supposed XX don't kind couldn't deals. it's for do a it, we a months There's competitors the Score reason dominate invest We're right that so that to situation, And over unique of now that want of question credible to a just gotten from will there. the the does what out to us to I of three scramble to is marketplace, no but franchise. kind say – highly a product it the

a works from scores score think, I how and trust. the predictive that a make really have the to standpoint, sure and product brand we understand we and something, we have means

long-term to and does does. the make strong Again, it some business, meaningful sales in franchise? a be out have to It potential that of there it not so to of revenue But tremendously competition. gets distribution ahead $X nearly have event it's very We we're XXXX. and on the the work as going billion sure a

William A. Warmington

the mentioned speaking And following the did spike are in in a on that And see your saw TransUnion that? guys if you September their breach, or benefits any thoughts a business breach. there? so, from Did of what call continue it Equifax of Yeah. had bit they

William J. Lansing

We myFICO. of business, was little in our that's bit so bit little a up. you activity The But, part in it as myFICO saw impact. doesn't know, a have a small meaningful a very

William A. Warmington

to wanted back that I the go to point. have. Good guidance margin you guys

be the thought on causing You've to some given you color be helpful on side I expense the maybe a year-over-year different margins basis it'd drivers insight. down from the that could are on XXX of how and coming of you that basis basis XXX quantification that, give if points is points coming additional of this, from you some about talk could kind is give X, could if meaning

Michael J. Pung

IT expense is to company relates the margin Mike. This that to earlier. There basis incremental XXX good security question. is close points into Bill. the we of Sure, going described that That's a

The despite we of guided or cloud beyond over the we begins than to and in the it, kind XX% additional basis expected, the points had revenue doing, we gave XXX call that basis kind we and of probably above higher we've gave been to terms in before XX money our takes though, is what oriented a fact booking year continues business points fiscal just heavily in if large that delivered dominated we range, you. there's of that business and and driver XXXX, that is, had XX% terms cloud, running up by such absent business, reason get bigger to reason it we to of of that the in large XX.X%, and same we mix And really guidance why a bigger we put in guidelines to margin, be XX%. XX.X% place in the So, the of in XXXX the investment frankly, still which the it landed middle to flow. such very

are things So, us. size basis the it's the considering maybe what's XX just of the around for And happening some there's then driving the that prudent that same there are and in really environment points on reasons the here margin, larger range.

William A. Warmington

Yeah.

structure. Another question the for you on debt

is maturity. In have about high-priced pros you the much are versus debt You rates? prepaying that. past, what you've to of us some the delta of that, cons the how Maybe we where coming refinancing, review talked potentially and some current relatively in for could is

Michael J. Pung

to. be happy I'd Yeah,

insurance are these notes So, up in our in notes. tied – our

We it. million have about in $XXX-ish X% the million About has and $XXX that on that in insurance are now. matures coupon notes sitting on of sheet balance right over May that

coupon the by number. up X% other million range, XXXX. of the we end then, are due, that some in X% to either by to rate, in in will form large $XX I and revolver, next it. that, has final relatively of refinancing don't year That coupon the which have due remember the going May somewhere still possible one call on million in is May. $XX it in or comes. to after X% our a which May And off The X.X% board rates exact And replaced the it'll we're the is get X.X% so, quite is And time

sit we're the incur of $XXX out the million. May so, than million call. that only penalty probably to it And it's on But is rather let just one where $XX going

in care big We this, So, of process of ought I think, chunk of bit the interest rate see And a our on we're as in thinking take May. little to the a looking improvement forward on best we're and that. foot result. going through to a at

William A. Warmington

it. Got

made an in So, Score some unbanked helping final in develop in also Chinese to then Score helping for progress terms of guys a – to and you FICO China, to question, if update China could essentially, that. get Score, see wanted on just population the we ask the a just develop had about, you

Michael J. Pung

Yeah.

should to terms growth the well. It really big actually needle but the isn't picture, in it's the So, that that over been. but see at the right We're well year, along we push revenue tipping continues BXB generating it next momentum moving year. if it's figures be through yet, seven-figures not we that least seven the of helping quite levels quite has now

that, to don't where So, but rate a if in product and in pace. we very working it's actually moving on quite see under might along current well fast. have improve country million a move dollar And we can couple of hard things China we're

William A. Warmington

you Got it. very Thank much.

Operator

to the phone appear further there turn now Weber, back you. I'll call no the lines. be Mr. to questions And on

continue You remarks. presentation your may or with closing

Steven P. Weber

Thank call. concludes joining. Thank all you. for This you today's

Operator

the Thank your all ladies gentlemen, today. conclude you and And does call participation. for that for

You may your disconnect lines. now

Fair Isaac (FICO) 1 Nov 172017 Q4 Earnings call transcript