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Honest Isaac Corp (FICO) Q1 2020 Earnings Name Transcript

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Honest Isaac Corp (NYSE:FICO)
Q1 2020 Earnings Name
Jan 30, 2020, 5:00 p.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Individuals

Ready Remarks:

Operator

Greetings, and welcome to the Honest Isaac Company quarterly earnings name. [Operator Instructions] As a reminder, this convention is being recorded right now, Thursday, January 30, 2020. I’d now like to show the convention over to Steve Weber. Please go forward.

Steven P. WeberVice President, Treasurer and Investor Relations

Thanks. Good afternoon, and thanks for becoming a member of FICO’s first quarter earnings name. I am Steve Weber, Vice President of Investor Relations; and I am joined right now by our CEO, Will Lansing; and our CFO, Mike McLaughlin. Right this moment, we issued a press launch that describes monetary outcomes in comparison with the prior yr. On this name, administration can even focus on outcomes compared to the prior quarter with a view to facilitate understanding of the run charge of our enterprise. Sure statements made on this presentation could also be characterised as forward-looking underneath the Non-public Securities Litigation Reform Act of 1995. These statements contain many uncertainties that would trigger precise outcomes to vary materially. Info regarding these uncertainties is contained within the firm’s filings with the SEC, specifically, within the Threat Elements and Ahead-Wanting Statements parts of such filings. Copies can be found from the SEC, from the FICO web site or from our Investor Relations staff.

This name can even embrace statements relating to sure non-GAAP monetary measures. Please consult with the corporate’s earnings launch and Regulation G schedule issued right now for a reconciliation of every of these non-GAAP monetary measures to essentially the most comparable GAAP measure. The earnings launch and Regulation G schedule can be found on the Investor Relations web page of the corporate’s web site at fico.com or on the SEC’s web site at sec.gov. A replay of this webcast will likely be accessible by way of January 30, 2021.

And now I am going to flip the decision over to Will Lansing.

William J. LansingPresident and Chief Govt Officer and Director

Thanks, Steve, and thanks, everybody, for becoming a member of us for our first quarter earnings name. I would say we’re off to a superb , delivering development throughout our portfolio and likewise delivering innovation. In our first quarter, we reported revenues of $299 million, a rise of 14% over the identical interval final yr. We delivered $55 million of GAAP web revenue, up 37%; and GAAP earnings of $1.82, up 38%. On a non-GAAP foundation, the $1.80 earnings per share was up 24% from final yr. And we delivered free money move development as effectively, up 27% from fiscal ’19. On the application aspect of our enterprise, the innovation we’re bringing to market is gaining traction amongst corporations keen to make use of analytics-driven decisioning to resolve their most troublesome issues. At FICO World in November, we hosted greater than 1,400 attendees, representing 600 corporations from 62 nations. Through the convention, our answer specialists held near 1,100 consultations. We sat down with prospects and potential prospects to grasp their enterprise points and clarify and show how FICO’s superior analytics, digital decisioning and dynamic workflows can rework their enterprise.

The innovation on show at FICO World continues to translate into sturdy gross sales in our application enterprise. We had one other good bookings quarter at $112 million. The $49 million of DMS bookings was the second largest quarter, after final quarter’s $61 million, in FICO’s historical past. Meaning we have booked about $110 million in DMS enterprise within the final two quarters. I am satisfied we’re creating application on the identical time demand is rising for analytic-based decisioning application. In our Scores enterprise, we had one other good quarter. Scores had been up 34% within the quarter versus the prior yr. On the B2B aspect, revenues had been up 46% over the prior yr. Our B2C revenues had been up 11% versus the primary quarter of 2019. We proceed to see power all through the Scores market. We additionally introduced some improvements in our Scores enterprise, the discharge of the FICO Rating 10 Suite. The suite has two new scores. FICO Rating 10 depends on credit score bureau statistics and is in line with earlier FICO Rating variations which are available in the market right now.

It displays a traditional mannequin improvement cadence, extending options that had been launched in FICO Rating eight and FICO Rating 9. FICO Rating 10 is designed to be backward-compatible with earlier Rating variations. FICO Rating 10T incorporates a broader set of credit score bureau statistics, together with trended statistics, which captures distinctive facets of the patron’s monetary profile over time. Whereas the blueprint design is comparable, it makes use of new traits to reinforce predictive energy. Each FICO Rating 10 and FICO Rating 10T show higher predictive energy over all earlier variations of the FICO Rating and had been developed on current statistics units. By adopting the FICO Rating 10 Suite, a lender can scale back the variety of defaults in its portfolio by as a lot as 10% amongst newly originated financial institution playing cards, 9% amongst newly originated auto loans in comparison with utilizing FICO Rating 9. The discount in default is even larger for newly originated mortgage loans at 17% in comparison with the model of the FICO Rating utilized in that business. These enhancements in predictive energy can assist lenders safely keep away from sudden credit score threat and higher management default charges whereas making extra aggressive credit score gives to extra customers. We imagine one of these innovation, which we have developed with important suggestions from the lending neighborhood, will considerably enhance efficiency and permit the business to broaden loans and income whereas not growing losses. We are going to proceed to replace you on this and different rating improvements that we’ll announce within the coming months. I am going to speak extra about how we see the yr taking part in out, however first,

I am going to flip the decision over to Mike for additional monetary particulars.

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

Thanks, Will, and good afternoon, everybody. FICO’s complete income for the quarter was $299 million {dollars}, a rise of 14% over the prior yr. Breaking that down into our reported segments. Our purposes revenues had been $152 million, up 3% from the identical interval final yr. This enhance in income was pushed by larger skilled offerings revenues in addition to larger usage-based application revenues. Software program purposes bookings for the quarter had been $56 million, down 6% from final yr. In our Resolution Administration Software program phase, Q1 revenues had been $31 million, up 8% over the identical interval final yr. This enhance was primarily attributable to offerings and usage-based revenues in our Resolution Administration platform. DMS bookings had been $49 million in Q1, up 56% from the earlier yr, which, as Will identified, is the second highest reserving quarter on this phase’s historical past at FICO. Lastly, our Scores phase revenues had been $115 million, up 34% from the identical interval final yr. The B2B portion of our Scores phase was up 46% over the identical interval final yr.

And B2C revenues had been up 11% — B2C revenues had been up 11% from final yr. We had sturdy volumes all through the Scores vertical and likewise signed an annual licensing deal price a number of million {dollars} that was all acknowledged within the first quarter because of the new ASC 606 accounting guidelines. In our first quarter, 76% of complete revenues had been derived from our Americas area. Our EMEA area generated 16%, and the remaining 8% was from Asia Pacific. Taking a look at our income by kind for the quarter. Recurring revenues derived from transactional and upkeep sources represented 74% of complete revenues. Consulting and implementation revenues had been 15% of complete revenues, and application license revenues had been 11% of the overall. Revenues derived from our cloud-delivered software-as-a-service merchandise had been $74 million for the quarter, which included $57 million in transactional application revenues and $17 million in skilled offerings, a rise of 16% from the earlier yr in complete. Bookings for the quarter totaled $112 million, up 5% from final yr. These bookings generated $16 million of present interval income, a 14% yield. SaaS bookings had been $37 million for the quarter, down 16% from the earlier yr. Our working bills totaled $247 million on this quarter, up $11 million from the prior quarter, due primarily to bills related to FICO World in November and elevated personnel prices.

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We additionally incurred about $3 million in restructuring prices associated to headcount discount actions taken in the course of the first quarter. Our non-GAAP working margin, as proven in our Reg G schedule, was 27% for the quarter. GAAP web revenue this quarter was $55 million, up 37% from the prior yr. Our non-GAAP web revenue was $54 million for the quarter, up 23% from the identical quarter final yr. As you will notice from our non-GAAP reconciliation, we had a big discount to revenue tax expense this quarter of $22 million or $0.73 per share related to extra tax advantages ensuing from stock-based compensation actions. This left us with an efficient tax charge of adverse 31%. As we stated final quarter, we count on our efficient tax charge, inclusive of extra tax advantages, to be round 16% to 17% for the fiscal yr. FICO’s free money move for the quarter was $54 million in comparison with $42 million in the identical interval final yr. Free money move for the trailing 4 quarters was $248 million. Turning to the stability sheet.

On the conclusion of the quarter, we had $111 million in money. That is up $5 million from final quarter attributable to money generated from ops, partially offset by $60 million in share repurchases. Our complete debt face worth right now is at $930 million, together with $95 million excellent on our revolving line of credit score. Our debt has a weighted common rate of interest of 4.57%. Through the quarter, we issued $350 million of callable notes, which can mature in 2028. The mounted charge on these new notes is 4%. Proceeds of the notes had been used to repay a portion of the revolving credit score facility. We anticipate drawing on the revolving credit score facility to pay for the $85 million maturity of senior notes that’s coming due in July. And turning to return of capital. We purchased again 168,000 shares within the first quarter at a median value of $356 per share. Whole money used for buybacks, as I discussed, within the quarter, was $60 million. On the conclusion of December quarter, we had about $160 million remaining on the board repurchase authorization. And at last, we’re confirming our beforehand issued full yr monetary steerage for fiscal 2020.

With that, I am going to flip it again over to Will for his ideas on FY ’20.

William J. LansingPresident and Chief Govt Officer and Director

Thanks, Mike. As I stated in my opening remarks, I imagine we’re effectively positioned for achievement as we transfer into 2020 and past. Our Scores enterprise continues to excel, and we work arduous to get suggestions from lenders and regulators to verify we offer analytics to guard the protection and soundness of lending selections. On the application aspect, we’re producing larger bookings and constructing a backlog of recurring transactional income. We proceed to search for modern methods to serve our prospects and enhance effectivity in our enterprise. We do all of it with a watch towards constructing shareholder worth.

I am going to now flip the decision again over to Steve for Q&A.

Steven P. WeberVice President, Treasurer and Investor Relations

Thanks, Will. This concludes our ready remarks, and we’ll now take your questions. Operator, please open the traces.

Questions and Solutions:

Operator

[Operator Instructions] One second please on your first query, and it comes from the road of Invoice Warmington with Wells Fargo.

William Arthur WarmingtonWells Fargo Securities — Analyst

So the primary query I wished to ask was in regards to the sturdy license income on the Scores aspect of the enterprise. You usually do not see plenty of license income in Scores, and simply need to ask for some element on that.

William J. LansingPresident and Chief Govt Officer and Director

Hey, Invoice.

William Arthur WarmingtonWells Fargo Securities — Analyst

So the primary query I wished to ask was in regards to the sturdy license income on the Scores aspect of the enterprise. You usually do not see plenty of license income in Scores, and simply need to ask for some element on that.

William J. LansingPresident and Chief Govt Officer and Director

Invoice, I would not learn too, an excessive amount of into it. It was — we did one bigger deal and the best way it was structured was as a license. And so we acquired a disproportionate pop there, however I’d not learn all an excessive amount of into that.

William Arthur WarmingtonWells Fargo Securities — Analyst

Okay. After which on the Scores enterprise, you guys have talked about particular value will increase. We have seen a pair over the previous two years in mortgage and in auto. Have you ever guys put by way of a particular value enhance in January? And in that case, perhaps you could possibly speak a bit bit about it.

William J. LansingPresident and Chief Govt Officer and Director

Sure, we’ve got. And it is simply gone into impact, and so we actually have not had a possibility to learn the outcomes but.

William Arthur WarmingtonWells Fargo Securities — Analyst

Okay. Are you feeling good about it to date?

William J. LansingPresident and Chief Govt Officer and Director

Properly, I all the time be ok with our enterprise.

William Arthur WarmingtonWells Fargo Securities — Analyst

Is it maybe within the bank card portion of the enterprise?

William J. LansingPresident and Chief Govt Officer and Director

Some bank card is affected, sure.

William Arthur WarmingtonWells Fargo Securities — Analyst

Okay. Okay. Switching over to the application a part of the enterprise. Right this moment, all your APIs are inward dealing with, which means that your inside builders are utilizing these instruments to construct purposes on the DMS platform. Is the plan to make these APIs accessible externally? And in that case, what sort of time-frame?

William J. LansingPresident and Chief Govt Officer and Director

Invoice, that could be a nice query. Plenty of perception in that query. We very a lot plan to show our APIs so that they are outward-facing, finally. That is most likely, realistically, an 18- to 24-month time-frame earlier than we will try this. The benefit of it — the technique behind it’s, as you understand, we’re taking our options, that are largely monetary services-oriented, we’re getting them onto the platforms that we’ve got multi-tenant, standardized, extremely configurable options with actual returns to scale. Once we can flip the APIs outward, a bunch of fine issues occur. First, we will enlist companions to do customization past the API in order that it isn’t our job. It turns into that of VARs and resellers and others who assist us to get that performed. Second, we’ll be capable of transfer into verticals past monetary offerings, the place we do not have a gross sales power however the place there’s an urge for food. And I’d say that is true for all B2C corporations. Any B2C firm that wishes to get into data-driven decisioning and optimizing their client interactions, which have a tendency to learn from [Technical Issues] platform. The outward-facing APIs will allow them to have vertical customized sorts of options stylish on our platform. Nevertheless it’s very a lot our technique. Frankly, it is an inflection level for our application enterprise once we obtain that.

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William Arthur WarmingtonWells Fargo Securities — Analyst

After which I simply wished to ask a query on the SaaS bookings, on the $37 million, that these had been down on a year-over-year foundation. Is that CCS impression? Or is one thing else impacting that?

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

Invoice, it is Mike. There’s nothing significantly noteworthy by way of the place that shortfall is relative to typical bookings sample. It is a reflection of the truth that bookings are comparatively lumpy in our enterprise, and that is our seasonally slowest quarter by way of bookings. As you understand, it is usually type of excessive teenagers to twenty% of full yr bookings that are available, within the first quarter. So for those who mix a comparatively lumpy enterprise, i.e., plenty of giant offers, with the smallest pattern set being the bottom seasonal quarter, simply the possibilities for an aberration that does not have type of long-term statistical significance is excessive. And that is how you must take into consideration this. We proceed to be ok with how that enterprise is rising by way of exterior demand and reserving pipeline. So I feel it is a — I feel it is only a one-off this quarter.

William Arthur WarmingtonWells Fargo Securities — Analyst

Sure. After which final query for me, if I may. The FICO 10 and the FICO 10T, your ideas on when the GSEs are going to truly undertake these?

William J. LansingPresident and Chief Govt Officer and Director

Boy, that is a bit arduous to say. We actually count on these programs to be within the consideration set.

William Arthur WarmingtonWells Fargo Securities — Analyst

All proper. Properly thanks very a lot.

Operator

Our subsequent query comes from the road of Manav Patnaik with Barclays. Your line is open.

Manav Shiv PatnaikBarclays Financial institution PLC — Analyst

Simply to comply with up on the Scores pricing, I do know you stated some card and you probably did one thing in January. However is the mortgage and auto items that you simply did within the prior two years, are these totally cycled by way of? Or is there incremental alternatives there nonetheless there?

William J. LansingPresident and Chief Govt Officer and Director

I feel you must consider them as being totally cycled by way of, to make use of your phrases. It has been in place for some time now.

Manav Shiv PatnaikBarclays Financial institution PLC — Analyst

Okay. After which simply, I suppose, on the B2C aspect, I imply, that was some — 11% was a fairly good quantity. Are there — is it fairly broadly diversified? Or is that your skilled relationship? I used to be simply hoping you could possibly give us some extra coloration on the tendencies you are seeing there.

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

Sure, it is broadly diversified, Manav. There’s, once more, nothing that basically sticks its head up as being — as a single rationalization. Nevertheless it’s each our personal platform and the third-party relationships we’ve got.

Manav Shiv PatnaikBarclays Financial institution PLC — Analyst

Acquired it. After which simply, Mike, perhaps on the margin entrance, hoping perhaps for those who may simply assist us with the transferring items there, like how a lot of it was perhaps the FICO World impression, to your level, timing and lumpiness in application, clearly, may be everywhere. How ought to we take into consideration the development by way of the course of the yr?

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

Sure. So we talked on the conclusion of final quarter about 2020 being a yr the place we’ll start to concentrate on turning the margins extra favorable. On this quarter, we took a comparatively small restructuring cost related to headcount discount. Many of the monetary impression of that will not be realized — monetary profit from that will not be realized till the second quarter and past. However we do count on that profit to materialize. Within the first quarter, we additionally had FICO World, and naturally, that restructuring expense itself. And for those who take these out, most likely 4% of our expense development on an opex foundation was attributable to these issues. And so we’re nonetheless rising opex at a charge that’s double digit however decrease than revenue — decrease than income development. We count on, because the yr progresses, as we achieve some extra efficiencies and focus extra on price that the working leverage, the distinction between income development and expense development will likely be higher than that. However you are not seeing a lot of it but within the first quarter.

Manav Shiv PatnaikBarclays Financial institution PLC — Analyst

Okay. Acquired it. Thanks guys.

Operator

[Operator Instructions] Our subsequent query comes from the road of Jeff Meuler with Baird.

Jeffrey P. MeulerRobert W. Baird & Co. — Analyst

Are you able to simply remind me, it is the corporate’s typical methodology to regulate the total yr steerage as warranted previous second quarter for particular pricing as a bit extra time has handed, we should not learn something into simply sustaining this steerage by way of the implementation of how the particular pricing because the implementation is occurring that entrance, appropriate?

William J. LansingPresident and Chief Govt Officer and Director

We do not actually have a schedule for adjusting steerage. The steerage that we give at any time limit is our greatest estimate of the place we’ll be. And so the steerage that we’ve got in place is what we imagine to be the steerage.

Jeffrey P. MeulerRobert W. Baird & Co. — Analyst

Okay. After which are you able to simply assist me on the applying transaction and upkeep efficiency within the quarter? It was fairly muted development, the bottom year-over-year it has been shortly. Simply something about conclusion market transaction exercise, timing components, simply any purpose why there can be slower development there?

William J. LansingPresident and Chief Govt Officer and Director

I feel that one of the best ways to consider it’s it is by design. We’re — for those who take a step again and also you have a look at the transition that we’re making from license on-premise application enterprise, which was what we had been traditionally and predominantly, and the transition to our future state of multi-tenant, standardized, configurable platform enterprise, there’s an in-between stage. And the in-between stage, which is strategically impure however necessary competitively, is to have the ability to present our options within the cloud even when they’re single tenant hosted, even when they don’t seem to be the end-state application platform that we might like them to be. And so we’re in a migration sample right here, the place three of our prime 5 franchises, we have moved to the platform.

Two of our prime 5 haven’t but moved to the platform. And but we’re not prepared to desert our prospects’ wants for having a few of these options within the cloud. And so what we do is, we take that enterprise regardless that it is lower-margin enterprise as a result of we predict it is strategic. We need to hold rivals out. We need to fulfill our prospects. However the returns to scale actually come when these options are totally migrated over to the standardized multi-tenant platform. So the stability we strike in our application enterprise is that there’s extra enterprise accessible on this in-between house than we care to do. And so we principally meet the demand that we predict is acceptable to satisfy our strategic buyer wants with out overdoing it. And that is actually how we take into consideration that, name it, a decrease income development charge within the quick time period.

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Jeffrey P. MeulerRobert W. Baird & Co. — Analyst

Acquired it. After which simply final, you have had a competitor name out some, I suppose, bookings delays within the U.Okay. simply given the macro issues, Brexit issues. Simply any touch upon for those who’re seeing one thing related or how the U.Okay. goes for you?

William J. LansingPresident and Chief Govt Officer and Director

Not likely. Our EMEA enterprise, our U.Okay. enterprise is ok.

Jeffrey P. MeulerRobert W. Baird & Co. — Analyst

Okay. Thanks.

Operator

And the subsequent query comes from the road of Surinder Thind with Jefferies.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

I would like to begin a query in regards to the FICO Rating 10 Suite. Are you able to speak a bit bit about the good thing about offering the FICO 10 Rating versus the 10T within the sense that at face worth, clearly, 10T comes throughout as a superior rating, however then it feels like FICO 10T was — or FICO 10 was launched for backwards compatibility? Is that the first method that purchasers will likely be desirous about it? And the way ought to we be desirous about the rationale why it is necessary?

William J. LansingPresident and Chief Govt Officer and Director

Sure, I feel that is a superb characterization of the distinction. So we’ve got — the purpose is all the time to have a extra predictive rating and to assist lenders make higher selections. We have now a type of an everyday cadence of updating our scores each a number of years. And so FICO Rating 10 is correct on time for the replace from FICO 9. It’s utterly backward-compatible. So it is the identical purpose codes, and though the weighting of among the components is totally different, it may be used interchangeably in some sense with FICO 9. With FICO 10T, we’re utilizing totally different statistics units, the trended statistics, and we have launched some extra purpose codes. And what that does is it makes it not so backwards-compatible, but it surely does present higher predictiveness for sure sorts of issues. In order that’s the correct method to consider it, is backward compatibility versus not.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

Understood. After which from a — typically, from a consumer perspective, how rather more, I am going to say, effort can be concerned in going to FICO 10T? As a result of I assume that can change into the brand new paradigm by way of — such as you would not have one other — to illustrate, the next-generation and not using a utterly totally different set of FICO Scores as a result of I feel you’d clearly need to preserve additional compatibility from 10T and past, I assume. And so.

William J. LansingPresident and Chief Govt Officer and Director

Each lender is totally different. And what you see is totally different lenders have totally different adoption charges for brand spanking new scores, we nonetheless have FICO 9 on the market, clearly. We have now FICO eight. We have now earlier scores which are nonetheless very a lot in use and nonetheless work simply high-quality. So it is as much as the lender to resolve at what tempo they need to change the scores that they use. Clearly, fintechs and start-ups and brand-new prospects gravitate to the most recent and biggest, which might be 10 and 10T.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

That is useful. After which touching base on an earlier subject in regards to the application revenues. I feel you characterised them as there’s some pure volatility. And this quarter, specifically, tends to be the lightest of right here. Are you able to additionally speak a bit bit about maybe — and I simply need to confirm or not less than the colour that you simply had been offering round once we take into consideration application margins for the yr, is the purpose there to maintain them basically flat year-over-year? Or how ought to we simply take into consideration that versus the general firmwide margins?

William J. LansingPresident and Chief Govt Officer and Director

I feel flat is secure. We take it as we go right here. We’re — proper now, we’re making an attempt to concentrate on matching bills and income development in order that we do not have large adjustments in margin come what may. Possibly we’ll perform a little higher than that, perhaps a bit bit worse. That depends upon type of how the components within the yr shake out.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

And I apologize for — is that on the firmwide degree or is that on the application degree?

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

That is on the application degree. Clearly, the margins — the incremental margins within the Rating may be very, very totally different. And our purpose is, within the application enterprise, to, as I say, begin to present some enchancment there over time. However this yr, as we’re type of turning the steering effectively a bit bit there, as Will stated, secure — flat is secure. And we might be glad if it is higher than that.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

Understood. After which one closing follow-up query. I feel one of many — I feel the extra anticipated product launches goes to be the brand new Falcon suite towards the top of the yr. As you roll that product suite out, how ought to we take into consideration the technique round that? Is the thought emigrate as many current customers over to that platform? Or is it to let the pure consumer improve cycle run its course and perhaps goal as many new customers for that platform as doable? And I feel you guys had been type of offering some coloration round that, however any extra coloration can be useful.

William J. LansingPresident and Chief Govt Officer and Director

Sure. I’d say it is extra of the latter. I feel that our prospects resolve the speed and tempo of upgrades. And our application tends to go in and keep in for fairly a very long time. It has an extended shelf life. And so we’re not pushing prospects emigrate early or rapidly. We do it on the tempo that they need. In the event that they need to do it instantly, nice. And in the event that they need to take their time, that is additionally OK. We — actually, for brand spanking new prospects, we’ll be pushing them within the course of our newest and biggest merchandise.

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

Okay, that is useful. And that is it for me. Thanks.

Operator

And Mr. Weber, there are not any additional questions at current time. I am going to flip the decision again to your self. Thanks.

Steven P. WeberVice President, Treasurer and Investor Relations

Thanks. This concludes right now’s name. Thanks all for becoming a member of.

Operator

[Operator Closing Remarks]

Period: half-hour

Name members:

Steven P. WeberVice President, Treasurer and Investor Relations

William J. LansingPresident and Chief Govt Officer and Director

Michael I. McLaughlinGovt Vice President and Chief Monetary Officer

William Arthur WarmingtonWells Fargo Securities — Analyst

Manav Shiv PatnaikBarclays Financial institution PLC — Analyst

Jeffrey P. MeulerRobert W. Baird & Co. — Analyst

Surinder Singh ThindJefferies LLC, Analysis Division — Analyst

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