Bhatia continues: "Fair Isaac is raising its pricing for mortgage scores in calendar 2025 to $4.95 per score, which by our calculations is a 41% increase and was above our modeled 20% increase. In response to criticism of outsize price increases, Fair Isaac points out that credit costs are a small component of mortgage closing costs and thus it believes it has room to grow pricing. We view FICO scores as a benchmark built around a network effect, and as a result, they are hard to displace, which gives the company strong pricing power. Auto origination and card revenue declined 2% and 5%, respectively, but we believe card non-origination revenue drove business-to-business nonmortgage score growth. The software business grew 5%, which was steady sequentially. Annual contract value bookings, which can be lumpy, were $22 million and a touch soft, in our view."