Manav Patnaik
Barclays Bank PLC, Research Division

All right. Good afternoon, everybody. Thank you for being here. We're happy to continue our session here with FICO. We have CEO, Will Lansing; and CFO, Steve Weber. So thank you both for being here.

Manav Patnaik
Barclays Bank PLC, Research Division

Well, maybe -- I guess let's take a step back. I think there are some newer investors in the space now. Obviously, your stock has been under some pressure for a while. So maybe kind of from your perspective, what is the FICO pitch today from your perspective? Because you guys keep obviously buying back shares every opportunity you get.

William Lansing
President, CEO & Director

Yes. Well, I guess just on that point, we're kind of a slow-moving LBO. We have been buying back our stock for a very long time. We started at 74 million shares. And when I joined the Board, we were at 36 million shares. When I became CEO in 2012, we were at 30 million shares. Today, we're at 23 million shares. So what we do is we take our cash flow and we buy back stock and lever up and our cash flow grows, and then we buy back some more stock and lever up a little bit more and trying to keep the leverage up in kind of a 2 to 3x range. So that's the capital side of the equation.

And then the business has just gotten stronger and stronger and stronger for -- well, certainly for the last