Fair Isaac Corp 2025年度报告

2025 ANNUAL REPORT Dear Shareholders: FICO had another successful year. We exceeded fiscal year 2025 guidance on all metrics and deliveredrecord annual free cash flow of $739 million*, an increase of 22% year over year. We deliveredrevenues of $1.99 billion, up 16% from the prior year. GAAP net income reached $652 million or$26.54 of earnings per share, up 27% and 30%, respectively, from fiscal 2024. We continued to returncapital to our shareholders, repurchasing $1.4 billion in shares. Our performance in fiscal 2025 was driven by both our Scores and Software operating segments. Thegrowth of our Scores segment was a result of our innovation, industry leadership and the continuedsuccess of the FICO®Score as the standard measure of consumer credit risk in the U.S. The success inour Software segment was primarily due to strong results related to FICO®Platform, our integratedcloud platform that enables clients to make smarter business decisions at scale, powered by AI andadvanced analytics. Scores In our Scores segment,our revenues were $1.169 billion, up 27% versus last year, primarily driven byB2B Scores. The FICO®Score, used by 90% of top U.S. lenders, remains the standard for use in mortgage underwritingand pricing, investor credit risk and prepayment models, capital requirements, credit agency ratings, andpricing of mortgage-backed securities. It is the only score that has performance data through the GreatRecession, and the only score that is widely leveraged throughout secondary mortgage markets. On October 1, 2025, we announced the strategic decision to launch the FICO®Mortgage Direct LicenseProgram, giving tri-merge resellers the option to calculate and distribute FICO®Scores directly to theircustomers. This expands our distribution channel beyond the three nationwide credit bureaus. We believethis program will drive competition, transparency, and cost savings in mortgage lending, while aligningwith calls from policymakers and industry leaders to modernize credit infrastructure and promoteaffordability, liquidity, and access in the $12 trillion U.S. mortgage industry. There has been overwhelming interest in the FICO®Mortgage Direct License Program since itsannouncement, including a multi-year direct license and distribution agreement with Xactus, the largestcredit verification and tri-merge provider of FICO®Scores. We are actively engaged with resellersrepresenting approximately 80% of mortgage volume, including the largest tri-merge resellers, as wellas technology platform providers that serve the smaller tri-merge resellers. Our consistent innovation is increasingly recognized by the market. We continue to see growingmomentum and adoption of FICO®Score 10T, the most predictive credit scoring model on the market,with enhanced risk assessment capabilities that benefit lenders, mortgage insurers, investors, and othermarket participants. Nine of the top fifteen mortgage lenders, who cover hundreds of billions of dollarsin loan originations, have signed agreements for FICO Score 10T. In December, we announced wereached agreement on terms and conditions for the Government Sponsored Enterprises to release FICOScore 10T historical data allowing conforming mortgage lenders, investors, third party risk modelers,and other stakeholders to soon be able to conduct their own analyses and comparisons of FICOScore 10T. This year, we partnered with Plaid to deliver the next generation of the UltraFICO®Score, whichutilizes cash flow data to provide additional information for lending decisions. We also announcedFICO®Score 10 BNPL and FICO®Score 10T BNPL, the first credit scores from a leading creditscoring provider to incorporate Buy Now, Pay Later (BNPL) data. These innovative scores, developedby FICO from data-driven research, give lenders deeper insight into how consumers managerepayment on increasingly popular installment loans. Software In our Software segment, we delivered $822 million in revenue, up 3% from last year, driven by 19%growth in FICO®Platform. Our annual contract value bookings reached $102 million, an increase of21% versus prior year, and our strongest annual performance to date. Over the past decade, our software development has centered on the accelerated growth of FICO®Platform.Our Software business continues to grow as more financial institutions adopt FICO Platform and existingcustomers expand to new uses cases across additional decisioning areas. Today we serve over 150 Platformcustomers, with nearly half still in the early stages of expanding beyond their initial use case. This was an important year for FICO®Platform innovation, as we announced major developments:Next Generation FICO Platform, FICO®Enterprise Fraud Solution, and FICO®Marketplace. Theseinnovations will deliver a connected end to end customer experience, bring new use cases to themarket, enable smarter explainable outcomes, improve performance, improve speed of deployment,and yield better customer Return on Investm