FAIR ISAAC CORP

Previous wording

Highlights from the quarter and six months ended March 31, 2024

Current wording

Highlights from the quarter and nine months ended June 30, 2024

Previous wording

•Annual Recurring Revenue for our Software segment as of March 31, 2024 was $697.0 million, a 14% increase from March 31, 2023.

Current wording

•Annual Recurring Revenue for our Software segment as of June 30, 2024 was $709.6 million, a 10% increase from June 30, 2023.

Previous wording

•Dollar-Based Net Retention Rate for our Software segment was 112% as of March 31, 2024.

Current wording

•Dollar-Based Net Retention Rate for our Software segment was 108% as of June 30, 2024.

Previous wording

•Operating income was $194.8 million during the quarter ended March 31, 2024, a 22% increase from the quarter ended March 31, 2023, and $346.2 million during the six months ended March 31, 2024, a 15% increase from the six months ended March 31, 2023.

Current wording

•Net income was $126.3 million during the quarter ended June 30, 2024, a 2% decrease from the quarter ended June 30, 2023, and $377.1 million during the nine months ended June 30, 2024, a 15% increase from the nine months ended June 30, 2023.

Previous wording

•Cash and cash equivalents were $135.7 million as of March 31, 2024, compared with $136.8 million as of September 30, 2023.

Current wording

•Cash and cash equivalents were $156.0 million as of June 30, 2024, compared with $136.8 million as of September 30, 2023.

Previous wording

•Total debt balance was $2.0 billion as of March 31, 2024, compared with $1.9 billion as of September 30, 2023.

Current wording

•Total debt balance was $2.1 billion as of June 30, 2024, compared with $1.9 billion as of September 30, 2023.

Previous wording

•Total share repurchases during the quarter ended March 31, 2024 were $179.5 million, compared with $116.3 million during the quarter ended March 31, 2023, and during the six months ended March 31, 2024 were $251.3 million, compared with $191.3 million during the six months ended March 31, 2023.

Current wording

•Total share repurchases during the quarter ended June 30, 2024 were $255.5 million, compared with $98.6 million during the quarter ended June 30, 2023, and during the nine months ended June 30, 2024 were $506.8 million, compared with $289.9 million during the nine months ended June 30, 2023.

Previous wording

(*) We sold certain assets related to our Siron compliance business during the quarter ended December 31, 2022, and the amount above excludes this product line for the six months ended March 31, 2023.

Current wording

(*) We sold certain assets related to our Siron compliance business during the quarter ended December 31, 2022, and the amount above excludes this product line for the nine months ended June 30, 2023.

Previous wording

The following tables set forth certain summary information on a segment basis related to our revenues for the quarters and six-month periods ended March 31, 2024 and 2023:

Current wording

The following tables set forth certain summary information on a segment basis related to our revenues for the quarters and nine-month periods ended June 30, 2024 and 2023:

Previous wording

Scores segment revenues increased $38.4 million due to an increase of $40.6 million in our business-to-business scores revenue, partially offset by a decrease of $2.2 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price, partially offset by a decrease in volume of mortgage originations. The decrease in business-to-consumer revenue was primarily attributable to a decrease in direct sales generated from the myFICO.com website.

Current wording

Scores segment revenues increased $39.7 million due to an increase of $40.6 million in our business-to-business scores revenue, partially offset by a decrease of $0.9 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price, partially offset by a decrease in volume of mortgage originations. The decrease in business-to-consumer revenue was primarily attributable to a decrease in direct sales generated from the myFICO.com website.

Previous wording

Software segment revenues increased $38.2 million due to a $46.7 million increase in our on-premises and SaaS software revenue, partially offset by an $8.5 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over-time largely driven by SaaS growth. The decrease in professional services revenue was primarily attributable to our strategy to emphasize higher-margin software over professional services.

Current wording

Software segment revenues increased $9.5 million due to an $11.7 million increase in our on-premises and SaaS software revenue, partially offset by a $2.2 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over time largely driven by SaaS growth. The decrease in professional services revenue was primarily attributable to our strategy to emphasize higher-margin software over professional services.

Previous wording

Scores segment revenues increased $52.5 million due to an increase of $56.2 million in our business-to-business scores revenue, partially offset by a decrease of $3.7 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price, partially offset by a decrease in volume of mortgage originations. The decrease in business-to-consumer revenue was primarily attributable to a decrease in direct sales generated from the myFICO.com website.

Current wording

Scores segment revenues increased $92.2 million due to an increase of $96.8 million in our business-to-business scores revenue, partially offset by a decrease of $4.6 million in our business-to-consumer revenue. The increase in business-to-business scores revenue was primarily attributable to a higher unit price, partially offset by a decrease in volume of mortgage originations. The decrease in business-to-consumer revenue was primarily attributable to a decrease in direct sales generated from the myFICO.com website.

Previous wording

Software segment revenues increased $15.2 million due to a $22.6 million increase in our on-premises and SaaS software revenue, partially offset by a $7.4 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over-time largely driven by SaaS growth. The decrease in professional services revenue was primarily attributable to our strategy to emphasize higher-margin software over professional services.

Current wording

Software segment revenues increased $47.7 million due to a $58.4 million increase in our on-premises and SaaS software revenue, partially offset by a $10.7 million decrease in professional services revenue. The increase in our on-premises and SaaS software revenue was primarily attributable to an increase in revenue recognized over time largely driven by SaaS growth. The decrease in professional services revenue was primarily attributable to our strategy to emphasize higher-margin software over professional services.

Previous wording

The following tables set forth certain summary information related to our condensed consolidated statements of income and comprehensive income for the quarters and six-month periods ended March 31, 2024 and 2023:

Current wording

The following tables set forth certain summary information related to our condensed consolidated statements of income and comprehensive income for the quarters and nine-month periods ended June 30, 2024 and 2023:

Previous wording

The quarter-over-prior year quarter increase in cost of revenues of $7.1 million was primarily attributable to a $2.5 million increase in infrastructure and facilities costs, a $2.0 million increase in personnel and labor costs, and a $2.0 million increase in direct materials costs. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs. The increase in personnel and labor costs was primarily attributable to increased headcount and increased share-based compensation expense, partially offset by decreased incentive expense. The increase in direct materials costs was primarily attributable to increased telecommunications expenses to support FICO® Customer Communications Services revenue. Cost of revenues as a percentage of revenues decreased to 20% during the quarter ended March 31, 2024 from 21% during the quarter ended March 31, 2023, primarily due to increased sales of our higher-margin Scores products and decreased sales of lower-margin professional services.

Current wording

The quarter-over-prior year quarter increase in cost of revenues of $16.4 million was primarily attributable to an $11.1 million increase in infrastructure and facilities costs, a $3.8 million increase in personnel and labor costs, and a $1.1 million increase in outside services costs. The increase in infrastructure and facilities costs was primarily attributable to a prior-year quarter one-time reimbursement from a third-party data center provider for implementation costs previously incurred. The increase in personnel and labor costs was primarily attributable to increased incentive expense and increased headcount. The increase in outside services costs was primarily attributable to increased consulting expenses. Cost of revenues as a percentage of revenues increased to 20% during the quarter ended June 30, 2024 from 18% during the quarter ended June 30, 2023, primarily due to the increase in infrastructure and facilities costs, partially offset by increased sales of our higher-margin Scores products.

Previous wording

The year-to-date period-over-period increase in cost of revenues of $14.0 million was primarily attributable to a $6.1 million increase in personnel and labor costs, a $3.8 million increase in infrastructure and facilities costs, and a $2.9 million increase in direct materials costs. The increase in personnel and labor costs was primarily attributable to increased headcount and increased share-based compensation expense, partially offset by decreased incentive expense. The increase in infrastructure and facilities costs was primarily attributable to increased third-party data center hosting costs. The increase in direct materials costs was primarily attributable to increased telecommunications expenses to support FICO® Customer Communications Services revenue. Cost of revenues as a percentage of revenues remained consistent at 21% during the six months ended March 31, 2024 and 2023.

Current wording

The year-to-date period-over-period increase in cost of revenues of $30.4 million was primarily attributable to a $14.9 million increase in infrastructure and facilities costs, a $9.9 million increase in personnel and labor costs, a $3.5 million increase in direct materials costs, and a $2.1 million increase in outside services costs. The increase in infrastructure and facilities costs was primarily attributable to a prior-year period one-time reimbursement from a third-party data center provider for implementation costs previously incurred. The increase in personnel and labor costs was primarily attributable to increased headcount and increased share-based compensation expense. The increase in direct materials costs was primarily attributable to increased telecommunications expenses to support FICO® Customer Communications Services revenue. The increase in outside services costs was primarily attributable to increased consulting expenses. Cost of revenues as a percentage of revenues increased to 21% during the nine months ended June 30, 2024 from 20% during the nine months ended June 30, 2023, primarily due to the increase in infrastructure and facilities costs, partially offset by increased sales of our higher-margin Scores products.

Previous wording

The quarter-over-prior year quarter increase in research and development expenses of $0.6 million was primarily attributable to an increase in third-party consulting expenses. Research and development expenses as a percentage of revenues decreased to 9% during the quarter ended March 31, 2024 from 11% during the quarter ended March 31, 2023.

Current wording

The quarter-over-prior year quarter increase in research and development expenses of $2.8 million was primarily attributable to increased third-party data center hosting costs and an increase in personnel and labor costs as a result of increased incentive expense. Research and development expenses as a percentage of revenues decreased to 10% during the quarter ended June 30, 2024 from 11% during the quarter ended June 30, 2023.

Previous wording

The year-to-date period-over-period increase in research and development expenses of $6.6 million was primarily attributable to an increase in personnel and labor costs as a result of increased headcount and increased share-based compensation expense, and increased third-party data center hosting costs. Research and development expenses as a percentage of revenues decreased to 10% during the six months ended March 31, 2024 from 11% during the six months ended March 31, 2023.

Current wording

The year-to-date period-over-period increase in research and development expenses of $9.4 million was primarily attributable to an increase in personnel and labor costs, as a result of increased share-based compensation expense, headcount, and incentive expense, and increased third-party data center hosting costs. Research and development expenses as a percentage of revenues decreased to 10% during the nine months ended June 30, 2024 from 11% during the nine months ended June 30, 2023.

Previous wording

The quarter-over-prior year quarter increase in selling, general and administrative expenses of $10.7 million was primarily attributable to a $9.9 million increase in personnel and labor costs and a $1.1 million increase in travel costs. The increase in personnel and labor costs was primarily attributable to increased share-based compensation expense, increased headcount, and increased fringe benefit costs related to our supplemental retirement and savings plan, partially offset by decreased incentive expense. The increase in travel costs was primarily attributable to promotional and corporate events. Selling, general and administrative expenses as a percentage of revenues remained consistent at 26% during the quarters ended March 31, 2024 and 2023.

Current wording

The quarter-over-prior year quarter increase in selling, general and administrative expenses of $16.8 million was primarily attributable to a $12.3 million increase in personnel and labor costs, a $2.7 million increase in outside services costs, and a $1.6 million increase in advertising and other promotional expenses. The increase in personnel and labor costs was primarily attributable to increased share-based compensation expense, increased headcount, and increased incentive expense. The increase in outside services costs was primarily attributable to increased legal and consulting expenses. The increase in advertising and other promotional expenses was primarily attributable to increased costs for corporate events. Selling, general and administrative expenses as a percentage of revenues increased to 28% during the quarter ended June 30, 2024 from 27% during the quarter ended June 30, 2023.

Previous wording

The year-to-date period-over-period increase in selling, general and administrative expenses of $22.0 million was primarily attributable to a $17.3 million increase in personnel and labor costs, a $2.2 million increase in travel costs, and a $1.8 million increase in infrastructure and facilities costs. The increase in personnel and labor costs was primarily attributable to increased headcount, increased share-based compensation expense, increased fringe benefit costs related to our supplemental retirement and savings plan, and increased commission expense, partially offset by decreased incentive expense. The increase in travel costs was primarily attributable to promotional and corporate events. The increase in infrastructure and facilities costs was primarily attributable to the impact of a favorable adjustment in the prior year period from the termination of an office lease. Selling, general and administrative expenses as a percentage of revenues remained consistent at 27% during the six months ended March 31, 2024 and 2023.

Current wording

The year-to-date period-over-period increase in selling, general and administrative expenses of $38.8 million was primarily attributable to a $29.5 million increase in personnel and labor costs, a $3.0 million increase in outside services costs, a $2.6 million increase in advertising and other promotional expenses, a $2.5 million increase in travel costs, and a $2.0 million increase in infrastructure and facilities costs. The increase in personnel and labor costs was primarily attributable to increased share-based compensation expense, increased headcount, increased fringe benefit costs related to our supplemental retirement and savings plan, and increased incentive expense. The increase in outside services costs was primarily attributable to increased legal expenses. The increase in advertising and other promotional expenses was primarily attributable to increased costs for corporate events. The increase in travel costs was primarily attributable to promotional events. The increase in infrastructure and facilities costs was primarily attributable to the impact of a favorable adjustment in the prior-year period from the termination of an office lease. Selling, general and administrative expenses as a percentage of revenues remained consistent at 27% during each of the nine months ended June 30, 2024 and 2023.

Previous wording

Amortization expense was $0.6 million during each of the six months ended March 31, 2024 and 2023.

Current wording

Amortization expense was $0.8 million during each of the nine months ended June 30, 2024 and 2023.

Previous wording

The $1.9 million gain on product line asset sale during the six months ended March 31, 2023 was attributable to the sale of certain assets related to our Siron compliance business.

Current wording

The $1.9 million gain on product line asset sale during the nine months ended June 30, 2023 was attributable to the sale of certain assets related to our Siron compliance business.

Previous wording

Interest expense includes interest on the senior notes issued in December 2021, December 2019 and May 2018, as well as interest and credit agreement fees on the revolving line of credit and term loan. On our condensed consolidated statements of income and comprehensive income, interest expense is netted with interest income, which is derived primarily from the investment of funds in excess of our immediate operating requirements.

Current wording

Interest expense includes interest on the senior notes issued in December 2021, December 2019 and May 2018, as well as interest and credit agreement fees on the revolving line of credit and term loans. On our condensed consolidated statements of income and comprehensive income, interest expense is netted with interest income, which is derived primarily from the investment of funds in excess of our immediate operating requirements.

Previous wording

The quarter-over-prior year quarter increase in interest expense of $2.2 million was primarily attributable to a higher average interest rate on our revolving line of credit and term loan, and a higher average outstanding balance on our revolving line of credit during the quarter ended March 31, 2024.

Current wording

The quarter-over-prior year quarter increase in interest expense of $2.3 million was primarily attributable to a higher average interest rate and higher average outstanding balance of borrowings under our credit agreement during the quarter ended June 30, 2024.

Previous wording

The year-to-date period-over-period increase in interest expense of $3.6 million was primarily attributable to a higher average interest rate on our revolving line of credit and term loan, and a higher average outstanding balance on our revolving line of credit during the six months ended March 31, 2024.

Current wording

The year-to-date period-over-period increase in interest expense of $5.9 million was primarily attributable to a higher average interest rate and higher average outstanding balance of borrowings under our credit agreement during the nine months ended June 30, 2024.

Previous wording

The quarter-over-prior year quarter increase in other income, net of $2.4 million was primarily attributable to an increase in net unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan, and a decrease in foreign currency exchange losses.

Current wording

The quarter-over-prior year quarter decrease in other income, net of $1.4 million was primarily attributable to a decrease in net unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan.

Previous wording

The year-to-date period-over-period increase in other income, net of $5.4 million was primarily attributable to an increase in net realized and unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan, and a decrease in foreign currency exchange losses.

Current wording

The year-to-date period-over-period increase in other income, net of $4.0 million was primarily attributable to an increase in net realized and unrealized gains on investments classified as trading securities in our supplemental retirement and savings plan and a decrease in foreign currency exchange losses.

Previous wording

The effective income tax rate was 24.9% and 26.1% during the quarters ended March 31, 2024 and 2023, respectively, and 17.3% and 22.0% during the six months ended March 31, 2024 and 2023, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The effective tax rates for the quarter and six months ended March 31, 2024 were favorably impacted by the excess tax benefit relating to stock awards.

Current wording

The effective income tax rate was 24.5% and 18.4% during the quarters ended June 30, 2024 and 2023, respectively, and 19.9% and 20.6% during the nine months ended June 30, 2024 and 2023, respectively. The provision for income taxes during interim quarterly reporting periods is based on our estimates of the effective tax rates for the full fiscal year. The effective tax rate in any quarter can also be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The effective tax rate for the quarter ended June 30, 2023 was favorably impacted by the release of the valuation allowance previously established for our California state research and development tax credits.

Previous wording

The following tables set forth certain summary information on a segment basis related to our operating income for the quarters and six-month periods ended March 31, 2024 and 2023.

Current wording

The following tables set forth certain summary information on a segment basis related to our operating income for the quarters and nine-month periods ended June 30, 2024 and 2023.

Previous wording

The quarter-over-prior year quarter increase in operating income of $35.1 million was attributable to a $53.5 million increase in segment revenues, partially offset by an $8.4 million increase in share-based compensation cost, a $7.4 million increase in segment operating expenses, and a $2.6 million increase in corporate expenses.

Current wording

The quarter-over-prior year quarter increase in operating income of $13.2 million was attributable to a $49.2 million increase in segment revenues, partially offset by an $18.5 million increase in segment operating expenses, a $9.4 million increase in share-based compensation cost, and an $8.0 million increase in corporate expenses.

Previous wording

At the segment level, the quarter-over-prior year quarter increase in segment operating income of $43.5 million was the result of a $36.8 million increase in our Scores segment operating income and a $9.3 million increase in our Software segment operating income, partially offset by a $2.6 million increase in corporate expenses.

Current wording

At the segment level, the quarter-over-prior year quarter increase in segment operating income of $22.7 million was the result of a $36.0 million increase in our Scores segment operating income, partially offset by an $8.0 million increase in corporate expenses and a $5.3 million decrease in our Software segment operating income.

Previous wording

The quarter-over-prior year quarter increase in Scores segment operating income of $36.8 million was due to a $38.4 million increase in segment revenue, partially offset by a $1.6 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Scores increased to 90% from 88%.

Current wording

The quarter-over-prior year quarter increase in Scores segment operating income of $36.0 million was due to a $39.7 million increase in segment revenue, partially offset by a $3.7 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Scores was 88%, consistent with the quarter ended June 30, 2023.

Previous wording

The year-to-date period-over-period increase of $46.1 million in operating income was primarily attributable to a $90.7 million increase in segment revenues, partially offset by a $23.3 million increase in segment operating expenses, a $10.3 million increase in share-based compensation cost, and a $9.1 million increase in corporate expenses.

Current wording

The year-to-date period-over-period increase of $59.3 million in operating income was primarily attributable to a $139.9 million increase in segment revenues, partially offset by a $41.8 million increase in segment operating expenses, a $19.7 million increase in share-based compensation cost, and a $17.1 million increase in corporate expenses.

Previous wording

At the segment level, the year-to-date period-over-period increase of $58.3 million in segment operating income was the result of a $48.8 million increase in our Scores segment operating income and an $18.7 million increase in our Software segment operating income, partially offset by a $9.1 million increase in corporate expenses.

Current wording

At the segment level, the year-to-date period-over-period increase of $81.0 million in segment operating income was the result of an $84.8 million increase in our Scores segment operating income and a $13.3 million increase in our Software segment operating income, partially offset by a $17.1 million increase in corporate expenses.

Previous wording

The year-to-date period-over-period $48.8 million increase in Scores segment operating income was attributable to a $52.5 million increase in segment revenue, partially offset by a $3.7 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Scores increased to 89% from 88%.

Current wording

The year-to-date period-over-period $84.8 million increase in Scores segment operating income was attributable to a $92.2 million increase in segment revenue, partially offset by a $7.4 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Scores increased to 89% from 88%.

Previous wording

The year-to-date period-over-period $18.7 million increase in Software segment operating income was attributable to a $38.2 million increase in segment revenue, partially offset by a $19.5 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Software increased to 31% from 29%, primarily attributable to a decrease in sales of our lower-margin professional services and an increase in higher-margin license revenue recognized at a point in time.

Current wording

The year-to-date period-over-period $13.3 million increase in Software segment operating income was attributable to a $47.7 million increase in segment revenue, partially offset by a $34.4 million increase in segment operating expenses. Segment operating income as a percentage of segment revenue for Software was 32%, consistent with the nine months ended June 30, 2023.

Previous wording

As of March 31, 2024, we had $135.7 million in cash and cash equivalents, which included $109.5 million held by our foreign subsidiaries. We believe our cash and cash equivalents balances, including those held by our foreign subsidiaries, as well as available borrowings from our $600 million revolving line of credit and anticipated cash flows from operating activities, will be sufficient to fund our working and other capital requirements for at least the next 12 months and thereafter for the foreseeable future, including the $15.0 million principal payments on our term loan due over the next 12 months. Under our current financing arrangements, we have no other significant debt obligations maturing over the next 12 months. For jurisdictions outside the U.S. where cash may be repatriated in the future, the Company expects the net impact of any repatriations to be immaterial to the Company’s overall tax liability.

Current wording

As of June 30, 2024, we had $156.0 million in cash and cash equivalents, which included $120.8 million held by our foreign subsidiaries. We believe our cash and cash equivalents balances, including those held by our foreign subsidiaries, as well as available borrowings from our $600 million revolving line of credit and anticipated cash flows from operating activities, will be sufficient to fund our working and other capital requirements for at least the next 12 months and thereafter for the foreseeable future, including the $15.0 million principal payments on the $300 Million Term Loan due over the next 12 months. Under our current financing arrangements, we have no other significant debt obligations maturing over the next 12 months. For jurisdictions outside the U.S. where cash may be repatriated in the future, the Company expects the net impact of any repatriations to be immaterial to the Company’s overall tax liability.

Previous wording

Our primary method for funding operations and growth has been through cash flows generated from operating activities. Net cash provided by operating activities increased to $193.2 million during the six months ended March 31, 2024 from $182.2 million during the six months ended March 31, 2023. The $10.9 million increase was attributable to a $51.7 million increase in net income and a $10.0 million increase in non-cash items, partially offset by a $50.8 million decrease due to the timing of receipts and payments in our ordinary course of business.

Current wording

Our primary method for funding operations and growth has been through cash flows generated from operating activities. Net cash provided by operating activities increased to $406.5 million during the nine months ended June 30, 2024 from $304.9 million during the nine months ended June 30, 2023. The $101.6 million increase was attributable to a $49.2 million increase in net income, a $33.4 million increase in non-cash items, and a $19.0 million increase due to the timing of receipts and payments in our ordinary course of business.

Previous wording

Net cash used in financing activities increased to $183.2 million for the six months ended March 31, 2024 from $173.2 million for the six months ended March 31, 2023. The $10.0 million increase was primarily attributable to a $60.1 million increase in taxes paid related to net share settlement of equity awards and a $59.2 million increase in repurchases of common stock, partially offset by a $111.0 million increase in proceeds, net of payments, from our revolving line of credit and term loan.

Current wording

Net cash used in financing activities increased to $365.0 million for the nine months ended June 30, 2024 from $271.2 million for the nine months ended June 30, 2023. The $93.7 million increase was primarily attributable to a $213.0 million increase in repurchases of common stock and a $61.8 million increase in taxes paid related to net share settlement of equity awards, partially offset by a $183.0 million increase in proceeds, net of payments, from our revolving line of credit and term loans.

Previous wording

In January 2024, our Board of Directors approved a new stock repurchase program replacing our previously authorized October 2022 stock repurchase program, which was terminated prior to its expiration. The current program is open-ended and authorizes repurchases of shares of our common stock from time to time up to an aggregate cost of $500.0 million in the open market or in negotiated transactions. This program remains in effect until the total authorized amount is expended or until further action by our Board of Directors. As of March 31, 2024, we had $366.7 million remaining under our current stock repurchase program. We expended $179.5 million and $116.3 million during the quarters ended March 31, 2024 and 2023, respectively, and $251.3 million and $191.3 million during the six months ended March 31, 2024 and 2023, respectively, under our current and previously authorized stock repurchase programs.

Current wording

In January 2024, our Board of Directors approved a stock repurchase program (the “January 2024 program”), replacing our previously authorized October 2022 stock repurchase program, which was terminated prior to its expiration. The January 2024 program was open-ended and authorized repurchases of shares of our common stock from time to time up to an aggregate cost of $500.0 million in the open market or in negotiated transactions. As of June 30, 2024, we had $113.6 million remaining under the January 2024 program. We expended $255.5 million and $98.6 million during the quarters ended June 30, 2024 and 2023, respectively, and $506.8 million and $289.9 million during the nine months ended June 30, 2024 and 2023, respectively, under the January 2024 program and previously authorized stock repurchase programs, as applicable.