Fair Isaac (FICO) 3 Nov 182018 Q4 Earnings call transcript

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

During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Thursday, November 1, 2018. turn over to Steve like now the to conference Weber. I'd ahead. go Please

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

fourth thank quarter everyone call. and a earnings Today Steve, for joining of with our and the year. finished in revenues we our increase results billion in us for revenue Thanks, time. reported last which of million, revenue of $X same quarter, strong for the you fourth period the reported over year XX% and topped than earnings fourth we first $XXX a an record we In have quarter more

number fiscal last and XXXX. a non-GAAP share full We basis revenue, for recorded one-time per and included the million per from GAAP up of earnings share. XX% of will net $X.XX On $X.XX takes Results from $X,XXX was the XX% that For up that Mike GAAP million income a $XX delivered earnings we of puts year. describe. year, of a

solutions. grow significant communications, to now we interest We software and originations an revenues customer build product, XX%. customer cloud. compliance, increase Now We're revenues license in customer out in to the up been we were space. lot X% opportunities years many Director our of even with led with was and deals as management we've as refreshed are cases, our the because in the growth. by in we addressable drive It's over able and we pipeline bookings possible these cloud-enabled seeing our deals. because were past. Strategy of year in software. few already This this the we to areas generating a In reporting the recurring as for a haven't growth, driving healthy these for market, we down introduced and the year, been strong management had were In continue served solutions instance a able our are business, full X% 'XX solutions sales increasing the shift to of customer solutions potential have is closing a fiscal last we're front

We are cloud solutions day. from committed incredible an to strategy. our and analysts. from products We now new to drawing have industry value are also customers our proving interest and every suite decisioning solutions customers first Those of their are

criteria. platform was those recognized leader decisioning in recently a criteria. the marks evaluated XX XX Forrester highest of in ranked evaluated competitor as on participants FICO possible six and top and market. was the Each the received

Forrester before years, recognized of for into happy we that We're many long innovation. happier our competitors. validation but most And to of Management our we've are innovation Suite direction. a selection vision be technological It business been see and advocating vision, for when demand and development Decision market customers that vendor our turn as the seeing its demand sales. of choice strong were is for for top FICO of the confirms we

as and for we XX% Our revenues up successful Scores were year. the building full were into cloud very means fourth had cloud year. up the in another more 'XX and head we're versus XXXX. fiscal also we in backlog which our In our XX%, up bookings were up prior quarter the XX% scores year XX% business,

of previous trends over year, the continue up the well and efforts. to repricing positive BXB, effects volume as which XX% our We see as is

For were the XX%. full up revenues year, BXB

full and Our BXC previous XX% year revenues the up the up year. for were were versus XX%

which volume look not nearly to increases, any but guidance we pricing special pricing includes continue does to forward. positive this later, regular year's as I We include In next which increases. discuss trends and grow expect we some business see XX%, score

like not the our be to because timing pricing, it's will and are magnitude in some last implementing We the we guidance. difficult it estimate year but special including

shift information provide combined Finicity consumer with we're and with on we're UltraFICO consumer been saving, along be a DDA our us FICO and electronically As for the initiative evidence One innovation announced With broader which lenders opportunities to the Americans scores lending score fall from score Experian about accounts an Experian statements, we are last consumers excited drastically control customer potential system, let's for market the grants you of have opened, score, for We get the benefiting data, to based is partners many activity, can score, if to in including engage has UltraFICO the of or no improve empowers information alike. consumer a estimate contributed such from tell the fall contribute lenders majority of see length banking and which we to is positive and to we to of consumers a with XXXX, qualified better enhanced This have month. for more who Finicity behavior. look and terms. This those view credit enables in can driving. access permission dialogue below of yes relevant ahead scoring yourself approach gray particularly and it the and financial process. time the of us the for consumer which to credit just from score area this frequency terms score more credit and read by about credit new changes or cutoffs. in into lenders first the also

a and fiscal the look XXXX. to progress still we're forward work prospects of there's throughout lot its ahead offering, to very operationalize about discussing this While, excited

million free As on in areas generated against growth to the shares. we we'll continue opportunities. fiscal shareholder we where cash 'XX, XXXX, and X.X retiring that providing long-term continue see remain and executing potential. million focused we $XXX we spent our move greatest We'll into And In on prioritize value. flow more

are outlook details. extremely we for and about the We our turn a XXXX. over me enter as delivering we new I'll on talk progress. Mike to those But opportunities first, our call further to look fiscal year for well-positioned and financial forward more on let reporting

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

First, revenue million which this quarter last $XXXX of year. and the million is of million for year, we increase $XXX from $XXX an delivered

year. revenue Our from XX% grew last recurring

quarter a XX% respectively. EPS for XX% we per share the $X.XX up and of $X.XX per Second, delivered year, share this and

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

in $XXX flat had the year. solutions. Full $XX were revenues last XX% were same year from revenues last Management quarter last applications for revenue year. We compliance, million, slightly. in a with our down customer licensed management originations strong were as year. XX% year revenue from segment, and our million, Software applications and $XXX score up Full upfront quarter over X% Decision period year and Our year down particularly last $XXX were quarter, model period recurring last the the businesses, XX% In versus up due up million, same X% revenues up million, our the XX% same were the were up last same quarter from year. the from from from our shipment bookings previous $XX from away period year last period and the was up licenses. same year. year business segment's this DMS $XX revenues million last finally, And BXC XX% BXB were and revenues in The were was X% from X% million, from period for from up revenues DMS the up last XX% driven increase up or year. to last

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

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

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

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

revenue $XXX a the this bookings Our XX% XX $XX cloud and for third means up $XXX million. is increase of essentially the of months year. be from yield revenue more the generated period due The bookings million million the straight to term revenue recurring. topped on above The in and quarter $XXX second booking ever which It highest weighted in quarter. million XX% We of reduced an cloud for prior our will quarter yield. is current was bookings that our was average year,

the bookings For were prior year, year. $XXX though the Cloud million, up the prior bookings from year, XX% for million from which up is year. $XXX full X% the were

from margin million can which for quarter this $XXX full the points $X delivered for was the Reg quarter, expansion G of you basis And fiscal year. the XX schedule, expenses non-GAAP Our XX% see We in million is quarter. our totaled and down year. XX% last operating for full as margin operating

$XX of operating from XX% income the which up or GAAP between prior per this was tax quarter a to XX% investment. is The pre-tax divestiture non-operating margin includes the to gain quarter related of million, expect income the XX% will interest year. in a million net net XXXX. be We current $X.XX after share $XX minority

$X.XX Act. company the tax Tax an the to related $X.X and reform charge encompasses recently charge million addition, This the recorded or impact per issued additional In of guidance. Cuts share Job of

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

million, tax year. Jobs was Act. Non-GAAP income million and net to the year, also from is $XX the Tax related tax charges which full excess in the net was in income For prior million, benefits from $XXX including million and XX% $XXX reduced up $XX included Cut

tax effective year full was rate Our for XX%. the

rate $XX was XX%. million cash $XXX our year, the last compared which for before resulted period was quarter excess net last rate effective same about of $XX in the XX% Free an year. flow a full million cash for And to tax to estimated million flow $XXX XX% expect million, free the of million, year. in to $XX compared XXXX the to tax benefit be recurring tax We around

share offset the of from at sheet. operations. million cash due on the by generated to balance quarter the balance the quarter. partially down at $XX last from cash had Looking end We It's in $XX sheet million repurchases,

And shares ratio use Our X.Xx. with remaining a an is back a at cash. million million million. as board X.X%, average of on view continue to fourth we price adjusted fiscal total $XXX is of repurchases total attractive the in the of share At We and shares XXX,XXX the we an in a average total of debt $XXX. average at $XXX of to an rate of repurchased XXXX, bought million EBITDA about interest quarter September, and end for total $XXX authorization we X.X price of weighted our net $XXX of million, had debt

We portfolio to technologies also or evaluate products position. advance our strategy opportunities and to actively that on strengthen continue relevant acquire competitive our

his So with turn year. to that on next back Will I'll it for thoughts

Thanks, Mike.

XXXX for to-date results our of our beyond. and about proud excited I'm and said, I I'm As prospects

bookings customers On reliable our us our increased seeing strategy our fiscal first With usage, pipeline build progress finding all more future out Like strong as 'XX. cloud. software following we the more franchise providing through with software side, year mind, new to we're revenue, making put continues in ways to In a into extract our into backlog backlog. value last we're and steady we're revenues, incredible predictable, more cloud growth visibility and scores, that of repricing for in even this the guidance and we're innovation. that the give

are revenues fiscal about $X,XXX of We 'XX. of approximately guiding versus an increase million, X%

to share Steve of approximately over $XXX $X.XX, million, I'll XXXX. net income per $X.XX. $XXX We the earnings non-GAAP Q&A. and XX% are guiding share of of GAAP net of turn up GAAP for income now non-GAAP back million per earnings call approximately

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

Thank go ahead. Barclays. Patnaik [Operator First from Instructions] is Please question from you. Manav

Hi, on for this Manav. calling actually Greg is

software Just ask wanted the about guidance. implied business the to XXXX in growth

said I expect which to is be up think you XX%, implies decent business. on software scores the acceleration a

us So moving maybe through please? pieces just there walk the

Yes. somewhere the on-prem modestly grow to a to legacy around are roughly business the software meaning year we rate our we're XX% up and similar growing had this in cloud right with that range mix X% is a the is business expecting at X% range. Greg, now business, X%

BXC scores, BXB As X% both it roughly relates growing XX%. between to to and are

to thinking going and to through grow on the that the to you ability business or that talk are Maybe guys going BXC, single-digit, drive Can you range Okay. continue what's in double-digit about scores that high BXB business. just low how forward?

Yes, this yet. I'll have into live A gone coming let we've and lot growth that the number built is signed start year deals have sure. finish. Will of frankly the that guidance from that not we

on signed which that. growth at have a faster than the already on past that the digits So look programs And similar mid-single to the the we're this guidance, we we we of based in growth here volume take in. pipeline, year's in which growing and did included that what in partner both been obviously in we've growing myFICO with upon we comfortable see our numbers what

versus margins investment Okay. And areas year? the Thanks. last one just focus this roughly at implies guess from the Can me. Maybe flat. us mid on of you I the walk point year last through

up a new little all standard, basis more of and the items and operations, that points of on the X, revenue is of with necessarily had for even same a highly the last match the say revenue something cloud the if are comes our mix put no implement it's noise is would putting we that I range but heavily upon are our is side, saw XXX% Yes. investment the security some that you dependent our margin provide on upon We dependent license focus into this couple have year. There as again and October in years to a and obviously effective revenue It's what and money on a basis new growth we real revenue we similar here of sales cleanly. big or mix. year XX last really we of ratable that XX% bit distribution. a which don't it we're end-up outcomes skewed -- expenses margin network it. 'XX been related is there because margin toward combination for in fiscal quite how at looking we which the to at terms it, revenue, of There's

comes Warmington is line Wells open. question So The Fargo. from from our next Bill

give in you color give hoping the strength in the management could could you referenced in us some release? the sorry, us some was banking that -- fraud Good afternoon, on CCS everyone. and strength I customer the solutions you

Yes, absolutely.

upon driven signed, performing mentioned. signed top and in we that are bookings is and we a course we teens. live. our that that getting of those business growing So volume three products based the up CCS It's still the bookings deals

revenue strong a go to the pipeline existing in on have top of recurring base. We very CCS

line and Strategy the excess and were collections is teens. related. mention almost of application deals we for Director products becoming really $X Last three, our to starting which just for it in year is the the $X product, growing for of that -- recovery million, bookings pipeline that management was and Customer we didn't recovery all are quarter the we I quarter, again, on us. signed up product of collections across would revenue and pick the over somewhere around say in growing. new in the for $XXX million $XXX signed Our product this entirety was entire portfolio cloud, new million the million, we quarter one [indiscernible] the engine have that's our the big and fact around largest and cloud another

and So signed the and hasn't of to to high-single yet, with in part close recognized in but in what it XX% 'XX we start optimistic growth been the revenue provides it's flow a booked the fiscal fiscal deals side. that will software of 'XX, really digit view us

we So, us lot 'XX of well enter We're there's And help other this very had deals, entered they we're certainly fiscal on nothing fiscal greater pipeline. with run new them executing to are winning than rate many when a a cloud. of story than we the what 'XX.

score question giving just the some in score's? based haven't had color maybe deals XXXX a a actually or on have lot little of pipeline that side, give say you mentioned, there you on Are visibility you you discussed? that I'd on into is in guys that what's signed XXXX. maybe guys into visibility of deals have So is signed the there a for I you deals

are it signed we and first up have side deals we process some you if 'XX. some at relates specifically fiscal of this some includes not will smaller quarter have quarter in to wrapping that begin some Yes. resellers My deals with we It of expansions was on the but primarily point. that comment some existing and also will. announced the go We believe live our in yet, to consumer

them most close them of bag, already are very to some in So the that. are but of

Got it.

could investment which would relatively I the guidance what for where bit think with and the year expansion high margin the going business. in that's you that's guess, business the in And you about limited going that a to and software expand. to business growth lot talk for going little there's next on maybe some start I margins score's, you're incremental is, imply so margins that the software and a in would of see the timeframe that into, when leverage that And very assume get the has

because very we're our Bill, put things with. offering focused to and all we We done. And on think to bit we're as strategy, said that with centers from lot and won't for took work is the be have into kind spend. have to day. dollars opportunity think I infrastructure, cloud and and had we're and in finished, like the And it lot in you But of our we the that the made cloud. service. still over on-premise words, we provided transition are R&D them finished I probably every been in started software front, lift better base. of own that of continuing data and wrap control to progress of a either. that that literally recognize an our a mean software signaling multi-tenant where several highly -- getting so then have but business have do to money there's we it a this think invest flat little margin land configurable, a we be things you spending that operations I holding a our years spend less standardize, network our And code great. now grab. better we shift to the we And we're right more We we operations, we we in think as started kind have That a from much to the are of on improving changed the more a we the or of year. transition not on now We're year cloud last not we alerting, that's

are we You platforms it's the decisioning on saw platforms report want and lead leading analytics in the for that edge a Forrester that commanding and to we maintain.

of so think level. I see continue this to to two you're And investment going a at or year

to out long that or I actually do it. clients how see ask you Got UltraFICO any to commercially? with beta you adopted will Is And and score. be think it in it about have the been then have rolled before start

Yes. Thanks asking the question. for

had lot about at so are UltraFICO extremely And of score opportunity attractive to to attractive a huge Bringing attractive consumers week a benefit fanfare to equation XX/XX. and improve to deal. announcement data last regulators, over to their excited the and not the Money We consumers. and the FICO consumer giving for the of those familiar we is is lenders

the Operationally, be so partners XXXX. with proposition mean, closely and to it reality I Experian And we're Finicity simple. make it's is and will a this value not in operational our strong. working

some I pretty take mean is good we'll two it's be to And feeling once there. pilot we're about the have out up. we'd uptake think I more. one it. see lined And clients or We already what prepared

you Thank Well. much. very

you. Thank

next is Our go Instructions] [Operator Brett ahead. from with Please Stephens. Huff question

and Good taking for my questions. afternoon, thanks

when. think increase, including kind like Will could not you not you're I but like think normal typical there that of be and sort then, or that volume because said another tweaking in of not us just sure you price I guys if in you you're guidance of 'XX some mentioned normal was pricing kind And the gave but that that. BXB things views,

that that any more be right color First helpful. that would and of I hear all, on

Yes.

recognition that And think then, to what expansion are in an is we pricing special our the not have price kind on. what that is many years, go initiatives and that increases call of than that that kinds about many, we than inflation. what's where business ordinary of or way course in move we haven't all a situations the a think we really volume to of have more segments X%. the pricing And that is X% I opportunity probably changed more impact a some So, included of there's little

completely completely our And a up. not control. with in function bureau so, It's it, that don't of It's of length we lined have have the of the customers. contracts partners their timing our

And say we so, we're and in dollars going XXXX. do really to there's to not working position in a it's is that X know What opportunities them. we'll be be some on of these

All right. guys know then, helpful. of when you a And the it think cloud about lot around investments, that I That's the is infrastructure.

the an capacity products some results sort of make some should one that old emphasis how evenly are know have sure replatforming development Is that with or a the is that upgraded. on products cloud security I your some other then, just specific general, you -- that As the you're the network of is is kind I and there you of sure about or we making or associated split recall of But investment building security think there and the investment? was the new.

Yes.

our this is And our in to cloud the majority is and product project of anti-money There's on combination would kind products. say, successor deliver the right on 'XX. big development. fiscal around one compliance I spent Falcon plan So laundering we to working now, of it's product we're a the spend with of a along Brett, Mike.

to will another out using --, a of lot the platform So management we're have it's bring on the next and decision in basically capability more Falcon, it. way, which said generation

goes was if So growing But being year operations about side said our started bookings 'XX. there of as And a we almost we that, get means worldwide. that's built XX% that lots doesn't into as up flows booked, our three this last of but up investment additional period demands around don't operation lot investments lots to to obviously network is operations the year, it on are but stand operates two have undertaking business. we of the some the volume pretty you on of out element that revenue, along a customers volume. a cloud volume years. Last a the it claimed big and have that that a incremental X/XX little which is side, goes And center and of with when bit year-over-year, of for think

around don't product. our mismatch that. that this we depending happens I have year, would the So cloud function companies own numbers any this and continued but demand will step planned, upon all say cloud with all the are our investments there's be including for it

I I'd stands. say under spending capable CISO, have that security of pretty would of happy and couple add dedicated of Kotler with a lot very continues leadership a things. we're that we our that the Hilik and where

the [indiscernible] Hilik are new Beyond non-develop we've And in standard and think from ops initiative software from adopting I got that very we of a of much a so our Claus move that's I think gold that. that lot and Moldt, CIO to to model. more a

You'll the security our afterthought. as see from built of an get-go products all not into added

spent the so security -- of some being that So in actually dollars development. are

that you know want of you business of timer I want guidance in benefit make kind sure the or Okay. kind called thing? a of me was the it normal that understand So we sure, question for think out. course it's a a what it's I got if make is if tax us is? to as I pro forma EPS that does $X.XX tax what benefit, one we I And the benefit. And can gave include you not then just last to just question. that describe

Yes.

report, So two our it's tax, think what separate about okay. income pieces we that to net

that that tax benefits XX% the In rules. decreases you That's a are expense. on a That's or for may tax couple flow tax the going There to net is phase XX% believe the years to of that we associated stock-based to recurring income normal expense. through XX%. rate tax around what a That's basically of past, last income which is two The $XX first excess of in with recall The compensation. equity it just number, the which offsets with began to around report see to that tax piece XX% share $X.XX year all been beginning million the cost. of flow through we that XX% we worldwide be worldwide. called is the that accordance used offset or rate the benefit as statement,

by simplicity, tax the for us modeling, So our you're and that's XX% pre-tax take net we what be expense tax when multiplied rate will and for believe for year. roughly income your

$X.XX pro Which was number the to year. we or Okay. comparable it one think is the just the And which those XXX a a get that for of from guided to just forma that what two comparable reported EPS we I you of should number guys the the to it view? number is remember on more point comparability most was forma basis pro add XXX, can't I reported

Yes.

expense income have complicate implement to of would the costs guiding phase the So it further to were tax we're we XX%, statement was this have the about year. we reform, 'XX excluded that we If which fiscal what been to year one-time in tax around had around recorded XX%. on that is the next

over $XX the had a on we fiscal statement the tax sheet. charge, the So the total had million deferred in we for the in assets recalculation tax by balance 'XX, of charge income

if And fiscal one both tax rate and out go XX% 'XX. to yet in the just it 'XX, want you years. one-timer the same it's the noise fiscal out, all that's in but apples on for it's 'XX make in in you XX% you So that separate roughly helps. of was the I if down hope reported more it pull XX% to piece going if will to apples rate,

favorable guys -- guess to mid-XXs, sort if go slowly at And make do I'm get flows XX%, of the of just less or forward back stay right? the and then up does that I the deteriorate is or going you tax XX% the see the long at does term. cash helpful. floating is trying to for -- you it get kind that look That get sure I

price. stock benefit and I this the tax upon described depending long-term But models, our that go up it static. we benefit keep the down pretty At our will excess point,

you've out years. next have then once that figured figured out got model the five the for so, you'll And completely

we hold confusing for that benefit, area. confuses kind already we introducing variable of aren't our so So it yet static, another just this that

and why, the of XX% get a that's better is said, to than pay. so XX%, start sort think So XX%, mid-to-high sometimes place I benefit then static that's that not more tax from you XX%, the you additional

got that. Sorry I Okay, to to just sure so sure, got wanted ask it. we questions, many we to just wanted make make

Nope, figure out. you it

right. All

William ahead. from question [Operator Please with Instructions] Adam Next is Klaub Blair. go

afternoon. Hi, guys. Good

Hi, Adam.

the been and scores include this you BXB, growth price have would if what In rate the year? increase mortgage,

off single-digits, don't came but in tapered it out, strong single-digits we the of quarter course break though and mid-to-higher increases from rate Well, fourth did wise. that majority growth to that of the volume year the volume say the higher the I'd the toward a really of see bit was we mortgage the repricing, beginning quite end

for volume next that Okay. is the And for year, low just guidance mid-single-digits you the as far year? as then next assuming are what

Yes. It's great a question.

So right. you're absolutely

more mortgage year. X, worth one quarter becomes in have increase And of price beginning shows with apples-and-apples that January last one. quarter it then, here up for We

then, of the outside our part growth rest 'XX. U.S. four full growth the in related 'XX to mortgage but in is China market. little versus volume in And is have a fact of the in the the it we So particular or U.S., that three bit quarters in some for

see team do this as we revenue next the growth but in you [Indiscernible] is segment Okay. should may growth of have year? point? said and you over think this, at transition -- most And that

DMS to hard said that as underlies IP is well the thing we've think same to platform. the it's and trying I the applications our as because business do between distinguish solutions, rest a of before the that

it's numbers got of rate on a at DMS that bit the an little in think useful particularly look at the it's they look alone. growth do. And I to I artifact so basis. look that the to way don't combined really And

Okay.

the $X Okay. amount That's year of plus to million of million, $X is -- how the as helpful. ago? the bookings, then, And far nature compared deals the as how

Yes.

year a last fourth the record because slightly than we fewer we quarter For fourth quarter, last had year. had

XXX, they were bookings Our XXX. this year were

it additional included of a last So year. deals couple

$X fiscal excess looking for 'XX now. of full million. of versus was the It fiscal excess and deals comparable year, pretty the 'XX in just million I'm at numbers in $X For

it, call year. the let's about as So amount last same

your financial versus Okay. And verticals? how existing too? rough existing non-financial -- that about the the same the core versus verticals -- again Has been that's breakdown around

services. It's Yes. weighted of on financial course heavily

Okay. That's helpful. Thanks lot. a

at questions further No this time.

All right. That for concludes all today's call. joining. Thank you

ladies and So now disconnect gentlemen, your thank participating. you may for you lines. And