Slides
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1 Investor Presentation Q3 FY2026 July 29, 2026
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2 Will Lansing Chief Executive Officer Steve Weber Chief Financial Officer Dave Singleton VP Investor Relations Presenters
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3 Forward-looking Statements / Non-GAAP Financial Measures Certain statements made in this presentation are forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve many risks and uncertainties that could cause actual results to differ materially. Information concerning these risks and uncertainties is contained in the Company's filings with the SEC, particularly in the Risk Factors and Forward-Looking Statements portions of such filings. Copies are available from the SEC, from the FICO website, or from our Investor Relations team. This presentation includes statements regarding certain non-GAAP financial measures. Please refer to the Company’s earnings release and Regulation G schedule for reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure. This includes FY26 guidance reconciliation of GAAP to non-GAAP earnings, which are adjusted for items such as stock-based compensation and excess tax benefit. This reconciliation is part of the earnings release included in Exhibit 99.1 to our 8K which we filed with the SEC under Item 2.02, “Results of Operations and Financials”. The earnings release and Regulation G schedule are available on the investor relations page of the Company’s website at fico.com or on the SEC’s website at sec.gov.
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Will Lansing Chief Executive Officer Key Business Updates
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55 FICO – Current Quarter Key Financial Takeaways Strong top and bottom-line growth • $237M GAAP Net Income, +30% YoY / EPS $10.45, +41% YoY • $277M Non-GAAP Net Income, +31% YoY / EPS $12.18, +42% YoY • Strong B2B Scores growth partially offset by growth in personnel and interest expenses • Share repurchases drove EPS growth above Net Income growth 1. Revenues 2. Net Income and EPS 3. Free Cashflow 4. Share repurchase • $674M FICO revenues, +26% YoY • $459M Scores revenues, +41% YoY driven by B2B mortgage revenue • $215M Software revenues, +2% YoY with +66% Platform growth driven by FICO Platform & migrations. Non-Platform decline 25% primarily driven from migrations • $961M trailing twelve-month free cash flow, +28% YoY provides capacity for both reinvestment and returning capital to shareholders through share repurchases • $1.96B share repurchases expense: 1.705M shares repurchased x $1,149 average price per share. Single largest quarterly repurchase, in dollars, in FICO history • Refer to later in the deck for historical trend of free cash flow vs share repurchase
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6 YoY% Software 3% 0% 2% 7% 2% Scores 34% 25% 29% 60% 41% Total 20% 14% 16% 39% 26% Software Scores 324 312 305 475 459 212 204 207 217 215536 516 512 692 674 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Revenue ($M) Scores Growth Driven by mortgage origination scores growth Software Growth Driven by growth in FICO® Platform (SaaS) FICO driving sustained revenue growth FICO – Revenue Trending
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77 Scores - Business Overview FICO® Score is the US industry standard measure of consumer credit risk for over 35 years Business to Consumer (B2C)Business to Business (B2B) Mortgage Used by 90% of top US Lenders* Strong US brand awareness Auto Cards myFICO.com Open Access Licensing • Expands fair and objective access to credit to empower cost effective home ownership • Utilized in underwriting, pricing, insuring, investor credit risk and prepayment models, capital requirements, MBS ratings and pricing • Industry standard across all lending verticals and for securitization • Most predictive scoring model in US • The only credit score with known, predictable performance through a full economic cycle • 35 years of FICO model evolution, each model measurably more predictive than the last • Auto and Card industry specific scores • Alternative-data scores—including UltraFICO®, FICO® Score XD, BNPL models, and FICO® Resilience Index Independent, time-tested, and trusted broad adoption • *Includes all lending institutions, ex. Fintech, depository banks, independent banks Competitive advantage Consistent innovation
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8 Reseller & Lender Benefits Pricing Optionality Pricing transparency for credit scores Cost savings by removing wholesale distributor mark up Reduces lender “breakage” fees through performance model pricing PERFORMANCE MODEL PER SCORE MODEL Classic FICO: $4.95 / Score + $33 Funding Fee A 50% or 90% reduction in average per score fees to what resellers paid for FICO® Scores in 2025 On average the same price the resellers paid for FICO® Scores in 2025 $10 / Score: Applies to both Classic FICO and FICO® Score 10T Reseller Adoption Signed agreements with resellers representing ~60% of U.S. mortgage volumes and engaged with resellers representing ~90% of U.S. mortgage volume Ease of reseller adoption: Compared to credit bureau process: • Same model calculator • Same data input and output • Same data format used by DU and LP (the GSE underwriting systems) Scores - Business Update FICO® Mortgage Direct Licensing Program allows tri-merge resellers to calculate and distribute FICO® Scores directly to lenders Click here to learn more Click here to learn more FICO® Score 10T: $0.99 / Score + $65 Funding Fee
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9 Scores – Business Update FICO® Score 10T is the logical choice for market participants Most Predictive and Inclusive Score 17% more defaulters identified 5% increase in approval volume Trended, Rental, Telco, and Utility Data More consumer insights Backward compatible with prior FICO® Scores Ease of transition for lenders 415 419 476 495 587 Q3-25 Q4-25 Q1-26 Q2-26 Q3'26 Eligible Servicing $1.52T $1.53T $1.60T $1.62T $1.87T # Lender 30 36 44 55 70 Proof Point: FICO® Score 10T Adopter Program* Eligible Originations ($B) • ~55% of the volume driven by the top 50 originators, was from an originator in the FICO 10T Adopter Program • Secondary-market trading via the MCT Marketplace • Optimal Blue and LoanPASS accelerate lenders' path to adopting FICO® Score 10T Non- Agency Agency CURRENT AFTER Credit Scoring Initiative implementation complete GSE guarantee No Yes Yes Lender choice Yes No Yes Score required N/A Classic FICO FICO 10T or VS4 Score used FICO FICO Investor Focus Options FICO 10T and/or VS4 * Agency: meets conforming requirements and purchased by GSE’s * Include lenders that operate in both conforming and non-conforming markets
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1010 Scores –Business Update GSE’s release historical FICO® Score 10T data Milliman is a leading global actuarial & risk management firm - FICO® Score 10T outperformed VantageScore 4 on all three key statistical measures of predictiveness and across every origination year studied, both individually and in aggregate. - FICO® Score 10T delivered more than a 10% predictive advantage for first-time homebuyers and more than an 8% predictive advantage over VantageScore 4 for the most recent origination years, an especially important cohort because it exhibits some of the highest default rates in the dataset. • Better risk assessments • More confident lending decisions • Ability to responsibly expand access to credit Link: FICO Score 10T historical data sets Link: Milliman Independent Study FICO Score 10T compared to VS4 Link: Key Considerations in the Evaluation of Credit Scores Why Predictiveness Matters Milliman Independent Study: 10T vs VS4 FICO® Score 10T versus VS4.0 models Both models are built on the same underlying data. The difference lies in FICO's decades of modeling expertise When assessing models it’s important to understand what this data shows — and what it doesn't. Link: FICO Score 10T versus VantageScore4.0 comparison chart Lenders and Originators Investors and Capital Market Participants • Stronger default and prepayment risk supports more accurate risk measurement • Pricing MBS and CRT securities Consumers • Enables more precise risk-based pricing, broader access to credit, and better borrowing outcomes
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1111 Scores – Current Quarter Business Update Innovation creating customer value FICO® Score 10T is now integrated into Optimal Blue’s end-to-end capital markets platform for the mortgage industry UltraFICO, in partnership with Plaid, is an enhanced credit score that combines the trusted FICO Score with consumer-permissioned cash flow data FICO® Score Mortgage Simulator enhanced with new automated credit planning features TECHNOLOGY INTEGRATION 7% relative increase in approvals with no incremental risk. 15% relative performance lift for prime applicants with limited credit histories. 79% of non-prime applicants with a history of positive account balances saw higher scores. Initial target market is subprime and near-prime consumers across card, personal loan, and auto lending. GENERAL AVAILABILITY NEW PRODUCT FEATURES Click here to learn more Click here to learn more FICO® Smart Plans: mortgage professionals can set a target score goal, define a budget, or allow the system to run optimized actions, and FICO® Smart Plans automatically determines the recommended credit action plans for that borrower. FICO® Score Potential: Provides loan officers with the ability to have a preview of their applicant's potential FICO® Score increase, before ordering the simulator. Integration into product and pricing engine, mortgage servicing rights valuation, and hedging and trading capabilities Lenders can price and decision loans using FICO® Score 10T directly within the Optimal Blue technology Click here to learn more
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12 The AI-Native Decisioning Platform Built for the Most Consequential Decisions K E Y M E T R I C S Category-defining AI platform — 70 years of AI domain expertise and over 200 patents (including 137 in AI), anchored by Falcon® and it’s proprietary decisioning data consortium. A foundation no competitor can replicate. Connected decisions compound value — One platform. One dynamic customer profile across the entire customer credit lifecycle. Each new use case deepens the intelligence layer and drives ARR expansion. Proven traction in the world’s most regulated markets — strong Tangible ACV Bookings and ARR growth, reflecting years of proven commercialization, with strong roots in the financial services vertical. Operationally embedded and compliance- prohibitive to replace. 70 Years Domain AI expertise 200+ Patents Including 137 in AI 150+ Platform Customers 55+ Countries SW Business Global footprint is 80+ countries At FICO, AI is already driving meaningful results today, while creating significant opportunities that we are well positioned to capture Software – Platform Overview FICO® Platform is purpose-built to operationalize AI at enterprise scale — embedding machine learning models, predictive scores, and decision logic directly into live, regulated, mission-critical workflows where billions of decisions are made in real time.
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13 The Enterprise Challenge Enterprises sit on vast oceans of customer data — but most decisions are still slow, siloed, and generic. Every system sees a different customer. The signals exist. The intelligence does not. Fragmented views lead to missed risk, missed revenue, and broken experiences. The market is demanding that organizations operationalize AI at enterprise scale, satisfy increasingly rigorous governance and explainability requirements, and deliver personalized, real-time decisions with speed, reliability, and trust. The Status Quo Fails Point solutions solve single problems in isolation. No one connects the signals. A fraud tool sees one customer. An originations tool sees another. The result: contradictory decisions, undetected risk, and an enterprise that can never act on what it actually knows. The FICO Answer FICO® Platform connects every signal, learns continuously, and turns a fragmented customer view into a single, real-time, AI-powered intelligence layer that drives every decision — across the full customer lifecycle. One platform. One profile. Every decision, better. "The most consequential enterprises — banks, insurers, retailers — rely on FICO to make billions of high-precision, real-time decisions each year: who gets approved, who is at risk of fraud, who needs help, and how to reach them in the right moment, with the right offer, on the right channel." What Value Do We Bring? Software – Platform Overview
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14 70 years of domain expertise in financial services FICO Platform benefits from proprietary data assets such as our fraud consortium data spanning thousands of financial institutions Software – Competitive Position Strengthens in an AI-Driven Market FICO® Platform is differentiated along a set of five moats that compound with each other FICO Platform clients that leverage multiple use cases benefit from a compounding feedback loop that can create a more complete picture of the customer, utilizing the always-on and always- available AI powered customer profile engine Our FICO Platform architecture enables responsible AI through decisions that are auditable, transparent, and explainable-allowing clients to more easily adhere to governance and regulatory requirements. FICO Platform decisioning capabilities are deeply embedded into enterprise workflows, delivering complex decisions in real time, at scale, in milliseconds, and with a high degree of reliability
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1515 Software – Current Quarter Business Update Driving customer success and expanding distribution channels Accenture and FICO Collaborate to Scale AI-Powered Intelligence for Enterprises PARTNERSHIP CUSTOMER SUCCESS Accenture and FICO expanded their collaboration to help enterprises turn AI investments into real business results — faster decisions, stronger risk controls, and outcomes that hold up under regulatory scrutiny Partnership established early July 2026. Immediate focus is go-to- market and enablement with a phased geographical rollout Click here to learn more Bradesco modernized its payroll- deductible loan offering by deploying a cloud-native eligibility engine built on the FICO® Platform This transformation enabled the bank to multiply its cumulative loan portfolio more than 30 times, while simultaneously expanding access to credit and accelerating its digital transformation agenda across retail banking CUSTOMER SUCCESS T-Mobile now maintains uninterrupted service during all onboarding system updates while accelerating deployment cycles by over 50% and enabling automated processes that ensure consistent, error-free experiences. Freed up development teams to focus on innovation rather than infrastructure management Bradesco scales daily payroll lending more than 100 times by leveraging FICO® Platform Click here to learn more T-Mobile leverages FICO® Platform to make customer onboarding faster, more accurate, and more customer- friendly Click here to learn more
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Steve Weber Chief Financial Officer Financial Performance
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17 268 400 Q3-25 Q3-26 56 59 Q3-25 Q3-26 324 459 Q3-25 Q3-26 Scores Segment Revenues ($M) Total Scores B2B B2C Mortgage 97% Auto 15% Cards / P.Loans 9% +5%+49% Originations Revenues Growth, YoY% (Originations are a subset of the B2B Business) +41% B2B Growth Mainly driven by higher mortgage origination scores unit price B2C Growth Mainly driven by growth in Indirect channel partners Scores – Current Quarter Leading Indicators B2B drives Scores revenue growth
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18 Revenue Segment Mix ($M) B2B B2C B2B Revenue Mix ($M) Mortgage Originations Rest of B2B YoY% B2C 6% 8% 5% 5% 5% B2B 42% 29% 36% 72% 49% Total 34% 25% 29% 60% 41% 268 255 249 418 400 56 56 56 57 59324 312 305 475 459 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 144 140 127 300 282 125 115 122 118 118 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Share of B2B Scores Revenue Rest of B2B 47% 45% 49% 28% 29% Mortgage 53% 55% 51% 72% 71% Total 100% 100% 100% 100% 100% Mortgage Credit Card Auto Loans 53% 52% 60% 127% 97% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 24% 24% 21% 13% 15% 3% 7% 10% 6% 9% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Auto Loans Credit Card Origination Scores Growth (YoY%) • Q2’26 is the first quarter price adjustments are recognized • Q1’26 “rest of B2B” includes some one-time true ups • Q3’25: “rest of B2B” includes a multiyear US license renewal on our insurance score product • Auto originations growth driven by price and volume • Credit card originations growth driven by large issuers Scores – Financial Trends B2B Revenue driven mainly by Mortgage, but also by other business lines
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19 ACV Bookings TTM ($M) YoY% 1% 21% 36% 36% 39% 92 102 119 125 128 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Land and Expand strategy execution continues through expanded Sales headcount and Global coverage, new Sales leadership, and incremental Software IP Targeting ~500 named accounts Globally with ~350 in financial services and ~150 outside financial services (including Auto, Telco, and Insurance) $29.1M New deals Incremental business on renewals New use cases Software – Financial Trends Continuous trend of strong ACV Bookings growth Current Quarter ACV Bookings Includes:
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20 Dollar-based Net Retention Rate (DBNRR)Annual Recurring Revenue (ARR) ($M) Platform ARR growth trend driven by FICO® Platform new customer wins as well as expanded use cases and volumes from existing customers. Excluding migrations, Platform ARR growth was; Q1’26 high 20%’s / Q2’26 mid 30%’s / Q3’26 mid 30%’s Non-Platform ARR decline trend driven by migrations, end of life products, and some net usage declines. 115% 112% 122% 136% 148% 97% 97% 91% 90% 82% 103% 102% 103% 109% 109% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Platform Total Non-Platform YoY% Platform 18% 16% 33% 49% 62% Non- Platform -2% -2% -8% -8% -17% Total 4% 4% 5% 10% 10% Platform ARR Non-Platform ARR 485 484 463 440 403 254 264 303 349 413 739 747 766 789 816 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Software – Financial Trends FICO® Platform drives ARR and DBNRR growth Q3’26 Milestone: Platform ARR exceeds non- Platform ARR
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21 • SaaS driven by FICO® Platform growth • On-Premises lower in recent quarters mainly from lower point in time revenue because of fewer renewal opportunities compared to the prior year • Platform growth acceleration driven mainly by FICO® Platform land and expand strategy with a meaningful contribution from migrations. • Non-Platform decline driven mainly by migrations to Platform, with a meaningful contribution from lower point in time revenue. Revenue Segment Mix ($M) Revenue Type Mix ($M) Platform Professional Services On-Premises SaaS SaaS YoY% 6% 5% 12% 19% 21% YoY% Platform 19% 17% 37% 54% 66% Non-Platform -4% -7% -13% -12% -25% Total 2% 0% 1% 8% 5% 126 117 114 112 95 61 65 74 87 102 24 22 19 17 18 212 205 207 217 215 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 106 109 116 121 129 82 74 73 79 68 24 22 19 17 18 212 205 207 217 215 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Non-Platform Professional Services Software – Financial Trends Revenue growth acceleration driven by FICO® Platform penetration Q3’26 Milestone: Platform Rev exceeds non- Platform Rev
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22 Operating Expenses* ($M) 139 126 141 144 171 47 51 50 54 54 88 91 87 91 87 274 268 278 289 312 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 R&D COGS SG&A * Excludes Restructuring QoQ% +8% -2% +4% +4% +8% • SG&A fluctuations driven by personnel expense** and marketing spend. • Q3’26 includes FICO World • R&D growth over time driven by FICO® Platform personnel investment FICO – Operating Expenses Operating Expenses growth driven mainly by Personnel and Marketing spend ** Personnel expenses are mainly Headcount but also include, among other items, Incentives and Stock Based Compensation
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23 FICO – Non-GAAP Operating Margin FICO driving sustained long term Operating Margin 57% 54% 54% 65% 62% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Non-GAAP Operating Margin (%) Quarterly Trend Non-GAAP Operating Margin (%) 10 yr Annual Trend 27% 27% 26% 30% 34% 40% 48% 51% 51% 55% FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
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24 551 607 673 677 748 739 718 867 961 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FICO – Free Cash Flow Trending positive year-over-year free cash flow growth Free Cash Flow 4Q Rolling (in Millions) YoY% +22% +7% +28% +28%
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25 74 45 33 30 25 FY 05 FY 10 FY 15 FY 20 FY 25 2.0 2.5 3.0 3.5 4.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Leverage Ratio increase due to Accelerated Share Repurchase Leverage Ratio Net Debt / EBITDA FICO – Capital Allocation Share repurchases a key component of capital allocation strategy $37 $23 $87 $406 $1,740 Average Calendar Year Stock Price Shares Outstanding 621 828 916 943 1,197 1,410 1,413 1,811 3,264 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Share Repurchase Expense 4Q Rolling (in Millions) Strong 20+ year history of continuous share repurchases Accelerated Share Repurchase
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26 $2.45B PREVIOUS $825M $35.60 $946M $40.45 $2.53B (+27% YoY) UPDATED $850M (+30% YoY) $36.86 (+39% YoY) $979M (+33% YoY) $42.43 (+42% YoY) Revenues GAAP Net Income GAAP Earnings Per Share Non-GAAP Earnings per Share Non-GAAP Net Income FICO - Raises FY2026 Guidance
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27 Annual Contract Value Bookings (ACV Bookings) Average annualized value of software contracts signed in the current reporting period that generate current and future on-premises and SaaS software revenue. We only include contracts with an initial term of at least 24 months and exclude perpetual licenses and other revenues that are non-recurring in nature. Annual Recurring Revenue (ARR) Annualized revenue run-rate of on-premises and SaaS software agreements within a quarterly reporting period, and as such is different from the timing and amount of revenue recognized. All components of the licensing and subscription arrangements that are not expected to recur (primarily perpetual licenses) are excluded. If a customer contract contains invoicing amounts that increase over the contract term, then ARR reflects the annualized invoicing amount outlined in the contract for the current reporting period. We calculate ARR as the quarterly recurring revenue multiplied by four. Dollar-Based Net Retention Rate (DBNRR) DBNRR for any period is calculated by comparing the ARR at the end of the prior comparable quarter (base recurring revenue) to the ARR from that same cohort of customers at the end of the current quarter (retained recurring revenue); we then divide the retained recurring revenue by the base recurring revenue to arrive at the DBNRR. Platform Software Platform software is defined as products that can run on our platform today using shared platform capabilities without the need for any custom integrations or modifications (other than what is normally required for products on the platform today). Definitions
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28 Segment Profitability • Q2’26 Scores segment operating margin grows as revenue growth outpaces incremental year over year Marketing spend • Q3’26 Software segment operating margin contracts vs prior quarter due to lower point in time and revenues along with increased marketing spend for FICO World Segment (In Millions) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 QoQ $ QoQ % YoY $ YoY % Scores Revenue $ 324.3 $ 311.6 $ 304.5 $ 475.0 $ 458.9 $ (16.1) -3% $ 134.6 41% Operating Expenses (39.6) (38.8) (36.7) (42.5) (42.0) 0.5 -1% (2.4) 6% Scores Operating Income 284.7 272.8 267.9 432.5 416.9 (15.6) -4% 132.2 46% Scores Operating Margin 88% 88% 88% 91% 91% 0% 3% Software Revenue 212.1 204.2 207.4 216.7 215.3 (1.4) -1% 3.2 2% Operating Expenses (144.2) (148.5) (148.8) (154.1) (160.3) (6.1) 4% (16.1) 11% Software Operating Income 67.9 55.7 58.6 62.6 55.0 (7.6) -12% (12.9) -19% Software Operating Margin 32% 27% 28% 29% 26% -3% -6% Total Revenue 536.4 515.8 512.0 691.7 674.2 (17.5) -3% 137.8 26% Total Segment Operating Expenses (183.8) (187.3) (185.5) (196.6) (202.3) (5.7) 3% (18.5) 10% Total Segment Operating Income 352.7 328.5 326.5 495.1 471.9 (23.1) -5% 119.3 34% Total Segment Operating Margin 66% 64% 64% 72% 70% -2% 4% Unallocated Expenses Corporate Expenses (48.2) (48.0) (48.1) (47.3) (57.0) (9.7) 20% (8.8) 18% Share-based Compensation (41.9) (32.4) (44.3) (45.3) (52.3) (7.0) 15% (10.4) 25% Restructuring Charges - (10.9) - - - - 0% - 0% Operating Income $ 262.5 $ 237.2 $ 234.1 $ 402.5 $ 362.6 (39.8) -10% $ 100.1 38%
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29 Balance Sheet Q3-25 Q2-26 Q3-26 YoY Var QoQ Var ASSETS Cash & Investments 239.8$ 272.5$ 304.5$ 27% 12% Accounts Receivable & Other Current Assets 520.8 681.3 633.1 22% -7% Goodwill 785.4 781.4 791.8 1% 1% Other 316.0 313.0 308.0 -3% -2% Total Assets 1,862.0$ 2,048.2$ 2,037.4$ 9% -1% LIABILITIES Current Liabilities 770.6$ 405.3$ 745.2$ -3% 84% Noncurrent Liabilities 2,488.8 3,744.6 5,389.3 117% 44% Total Liabilities 3,259.4 4,149.9 6,134.5 88% 48% Stockholders' Deficit (1,397.4) (2,101.7) (4,097.1) 193% 95% Total Liabilities & Stockholders' Deficit 1,862.0$ 2,048.2$ 2,037.4$ 9% -1% METRICS Leverage Covenant (max 4.5) 2.47 2.61 3.72 1.25 1.11 Days Sales Outstanding 85 days 86 days 83 days (2 days) (3 days) (In millions)
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30 Statements of Cash Flows
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31 Statements of Income
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32 Regulation G Schedule
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33 Reconciliation of Non-GAAP Guidance