Steven Weber: Yes. I mean, I think a lot of those time lines have kind of been pushed already. So we make the decisions based on the information we have at hand, but it’s — other than that, it’s difficult to know what’s going to happen when.
William Lansing: I think the thing to keep in mind is this is a big and very important market. And it’s important that any kind of changes happen slowly, incrementally and with the ability to anticipate kind of how the market will behave. And so you can expect us to be good players as far as all that goes.
Operator: Your next question comes from the line of Surinder Thind with Jefferies.
Surinder Thind: The first question is just around FICO World ’23. The conversations that you have with clients there, how quickly do those conversations translate into signed contracts and then eventually revenues? And related to that, how big a source of new customers is that for you?
William Lansing: So great question. Thanks, Surinder. It’s a tremendous source of business for us with existing customers and with new customers. And the speed with which it translates into business is it’s actually quite a large continuum. We have deals that get signed at FICO World. I mean, we obviously try to close business on the spot, where appropriate. But then there’s other things that just go into the pipeline and then we work the pipeline over the subsequent year. Our pipeline has been getting shorter. Our pipeline used to be over 400 days. We’re down well below that today and continuing to trend downward, which is a good sign. The thing with FICO World is it’s really an opportunity for our customers to talk to other customers who have shared problems, shared experience and to really get kind of a real-world feedback from customers who’ve implemented our software, on how it’s worked and what it’s done for them and what kind of returns they can expect and the time lines for implementation and so on.
And because of the platform, in particular, is so successful, it’s working so well, there’s a lot of good stories to be told. And it’s obviously way more credible when our customers are telling the story and acting as reference customers than we’re out just selling our wares. And so FICO World is a very important event for us to be able to put customers in touch with one another. And frankly, they do the selling. We’re there to facilitate.
Surinder Thind: That’s helpful. And then a question about the FHFA time line for just switching over to the new mortgage scores. Any color there in terms of the conversations that you’re having with customers or clients at this point in time just to understand whether the time lines are realistic? Are things already being engaged at this point? How should we think about the transition period?
William Lansing: I think that it’s likely that the time lines will be extended. There’s additional review going on. And there’s obviously a lot of detail that needs to be worked out that wasn’t completely worked out at the time of the announcement. And so I think all signs point to a more thoughtful and more drawn out time line.
Operator: Your next question comes from the line of Kyle Peterson with Needham.
Kyle Peterson: Just wanted to touch a little bit on the guidance raise and kind of where you guys have been kind of seeing upside, at least, kind of year-to-date here, particularly on the Scores side of the business, I guess. Where have things maybe been trending a little better than expected. I mean it seems like mortgage has been notably strong since a lot of that is price. But I guess is there anywhere in the guide, at least, so far, where you guys have been kind of tracking above and is kind of part of what allowed you guys to raise today?
Steven Weber: I think just what allows us to raise is just more time has gone by, and there’s less risk, right? I mean we’ve already banked 3 quarters’ worth of numbers. So entering the year, even at the midway point of the year, there’s a lot of questions, and we’ve gone through the Silicon Valley bank crisis. We’ve gone through multiple rate increases. There’s been — if you go back to the start of the year, there’s a lot of uncertainty. And we have 3 quarters less of uncertainty now at this point. So we still got another quarter to go, and we’ll see. But obviously, we’ve generated really good numbers to date. That just gives us more confidence in raising the guide.
Kyle Peterson: Great. That’s helpful. And then just a follow-up, really, on the platform ARR, another quarter of kind of 50-plus percent year-on-year growth. I’m really impressed to see. Are you guys seeing — is your customer net kind of widening? It seems like you guys got a lot of traction with some international banks early, but it seems like that might be expanding a little bit or in other kind of related verticals. But I guess, how should we think about the pipeline and your ability to maintain some of these really robust growth rates, specifically as the law of large numbers kind of kicks in and makes the comps a little harder?
William Lansing: The growth in the platform is coming from both existing customers and new customers. And we continue to add enterprise customers as we — as they learn more about what we have to offer and as they talk to their competitors and see what’s on offer. And then once it’s installed, once implemented, most of our customers find additional uses and wind up increasing volume and increasing use cases over time. So we’re still early days, and we’re still adding lots of new customers. Over time, in the fullness of time, I would expect that there’ll be more emphasis on the expand piece than the land piece. But for now, it’s kind of equal parts, we’re seeing both sides of it. And so, I mean, it’s a good story. We have always said that trees don’t grow to the sky, and we don’t anticipate 50%-plus growth rates forever.
