Intercontinental Exchange (ICE) 29 Jul 212021 Q2 Earnings call transcript

Good day and welcome to the ICE second quarter 2021 earnings quarter conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. please then question, your withdraw press two. star To being note this is event Please recorded. like conference turn Caroline would to I now the of Relations. O’Neal, Investor over Head Mary to Please go ahead.

and our can quarter XX-K, theice.com. forward-looking of XX-Q, items statements. uncertainties. SEC. judgment and core XXXX may filings we available will current of our are believe which release ICE’s for we assumptions, Investors refer and These Please XXXX undertake We non-GAAP archived performance. These and business to the measures. supplement, will our subject to reflective morning. in the second our risks, statements, measures second and Good refer update, no contain presentation cash to our call be non-GAAP be more to replay. In with found and section operations Form call represent earnings our earnings Form obligation certain quarter other be Today’s are

turn and With President on to second Services. on of Chairman call Gardiner, You’ll us Warren used call currency references term find Please and items. revenue the transaction-based the a Data the now reconciliation earnings indicated, see earnings Martin, Sprecher, page expenses of Throughout refers diluted per growth earnings of definition supplement this and are otherwise this on refers Chief net are notes share. net on President; Fixed certain explanatory the materials. unless presentation, to Ben of and earnings adjusted revenue GAAP CEO; constant Warren. Jackson, revenue the in adjusted call, to over regarding for to I’ll additional to Financial details a the equivalent the When basis. today Lynn Officer; Income the Jeff

quarter revenues $X.X year. I’ll Slide begin up Thanks on MC. from billion year-over-year. second Net a share pro up today. our with versus thank of were the joining totaled forma Good for X key last Adjusted totaled on $X.XX, results. earnings XX% basis some everyone and us you per highlights morning and X%

declined half expense of our recurring transaction operating our which segments growth. year-over-year three Adjusted $XXX total XX% our strong of now million. revenues business revenues the While totaled slightly, contributing business, by all to with increased represent over

investment approximately second by transaction announced Victory were net approximately $XX Our will contributed third Bakkt’s Bakkt expenses that revenues. Park in and to million now quarter the million close $X anticipate offset quarter. in We of with

by $XX now full the range XXXX guide, expect to revenue. net including of the we our be of to $XXX third Looking be Bakkt expect we Bakkt operating related Incorporating in quarter $X.XX into of to expenses quarter expense be year operating million billion to we $XX range million expect adjusted which the million, $XXX to billion. in second to will half, third adjusted $X.XX expense million offset

X.X First ending half a free our just used at over in under cash quarter leverage, which our the EBITDA. totaled dividend fund to XX% also flow reducing $X.X while times was billion, adjusted increase

a to generating then minority over we paper quarter, our billion are investments, gross the last respect Coinbase we of $X.X sell Euroclear. which noted elected early April, other in As in our reduce stake stages we With in stake to of used to early proceeds in outstanding. our in exploring commercial sale

with business. across of consistent allocation of approach strategic our sale Mae and the leverage any of potential timing Ellie the remains evaluating our and following our reduce goal of acquisition to capital unclear, optimizing While strategy is continuously the our

I’ll Slide Now let’s move X, to an of exchange the overview provide performance our segment. where of

in revenues, driven This business by performance interest increase revenues and products. increase gas European $XXX global of was million related revenues strong a revenues. quarter to rate in totaled XX% increase XX% in natural net including Second X% $XXX environmental a million, transaction our and

X% open and services data our end are exchange across business long of consumer XX% NYSE including in versus Recurring in revenues, last listings term number total which is growth, growth and futures by was our business, driven XX% technology growth which year, believe include up our the Importantly, acceleration sectors, company our IPOs, financial The complex. year-over-year. XX% NYSE. and particularly the joining indicator open increased we the listings an increasing of as growth interest X% options and best the growth is operating interest, in in of energy

the as approximately expect million representing and revenues recurring sequential our $XXX to lower fees growth data to between in third revenues at we is the to quarter, by improvement be NYSE. Looking expected year-over-year the X% be million, somewhat $XXX in exchange listings segment offset

Turning discuss fixed our and now I’ll data X, services to income Slide segment.

which by increased data totaled demand offset reference our indices, customer nearly data quarter of network revenues double-digit Other another year-over-year index in Six additional percent services ICE $XXX network for pricing X%, of and growth X%, and segment revenues, for a revenues, recurring grew includes Second leading in total by our data analytics, driven accounted continued and million. in XX% growth transaction fees. including franchise. our income which and quarter data Fixed capacity. decline

$XXX provided to revenue to to year $XXX now we we Looking of improve and the fourth towards third we range million end recurring X% the quarter the addition on our to be a call. quarter, our sequentially to expect million, guidance X% in to higher full of revenues growth expect recurring range

basis. revenues will pro Let’s segment. I year-over-year. Mortgage go on discuss X, revenue my XX% technology where note next our mortgage Please that to grew a on comments technology are Slide forma growth

be and million versus revenues $XXX million, last grow expected of increased around high than the These technology, a up origination of at recurring data third exceeded driven revenues $XXX once the solutions, adoption and in were XX% end and better new the XX%, increased while across of of analytics. will by guidance our and to growth were range. X% digital growth sequentially the $XXX by million expect results year. customer transaction quarter, tools and revenues representing Shifting workflow quarter closing we range recurring again combination to Second

strongest of in half again of versus set our operating XX% cash first of income, first average record up half the revenues, and XXXX history. increased versus and We the $X.XX free share prior per grew were the in The earnings half on the once X% flow. first XXXX. have Adjusted company’s XXXX was of

nearly exchange of our mortgage and growth. Ben continuing of some over In of to one in while addition, have I’ll to following Mae, the Ellie also acquisition less year by to billion call debt strategically reduced discuss business. future than invest turn we now $X our the highlights strategic

to hedge year of Murban launches sources that of continued by natural transparency markets LNG XX% in help oil, home as cleaner open we up our volumes this seek markets, the the navigate natural Futures, and increasingly a total years. across five global the markets through In respectively. for emissions Warren, gas to secular for innovative and across in five X% liquidity risk. includes past per quarter, the July which with XX% the greenhouse positioned futures the look and gas our Coast JKM Gulf launch most evidenced the by by of across Slide and contract once new Please the of rate morning to and Gasoil, over us of is week. industry’s European second XX% Greenhouse gas, our year working over to to on largest grown are and emissions one and new began a energy, markets, complexes of logistics everyone are Houston continues of been world, and Thank storage markets, ago, markets last WTI, past customers trends energy TTF Oil the makes price new participants, important breadth versus average reopening, XXXX. customers resulted has are on products. up decade good customers turn as second as environmental and in constraints delivered reduce and American to successful in interest offering, of depth the records our network also in the being WTI economic Volumes we effective the the build, interest in quarter years in and Midland participants Brent, futures record global drove you industry’s again the without Magellan over gas XX% XXX manner, to to since our around grow, March, the we platform, spread XX% to year market natural this per investing that markets manage those the This into will the the evolution. becoming are to and environment and which deep In the companies quarter, call. on spectrum Enterprise, interest of our global the Cushing. evolution energy global This customers their and market liquid second announced we today we increasing our the quality energy to two X. and and our crude enable evolution participants Contract. and WTI Price history. volatility, complex gas Midland our average well their In growth rise our markets a revenue open In in WTI In energy Crude and and reaching launched in at oil burdened Asian number globalization of have critical cost combining power, continue over products

business increasingly Slide process. manual a Turning origination on mortgage now efficiencies X, are very to loan across our customers seeking

fully revenues digital only for loans originate digital customer we need the quality a that also participant, but connectivity have nearly reduce provide. into continued is market With to end-to-end to solutions. solutions Our the point electronic moving The can secondary the of in growth our can recurring required and closing not seeing efficiencies testament to every of market. time and a the demand digital in provide these our the we’re a cost base touch a to solutions improve

customers new we have new these adopt customer come to the time our as they and from solutions. expand network, opportunity benefit relationship additional subscription As the revenues onto over

a we revenues of at can that, in fixed the that we With addressable the compounding today only an is what effect to $XX will is is of Lynn our early Just revenue that growth gives other digital days over turn and our business. discuss the us in income billion flywheel as business this seen markets, to recurring $X.X believe analog services data in grow I we’ve to that now will conversion. in fraction market call a billion confidence our and drive

Whether ICE. and and the XX. at and or Slide the indices office fixed asset exchanges, everyone morning Ben, businesses for it’s you analytics Data of to mortgage good and classes workflow, our to ICE by-product is prices securities, participants the front tools, turn ICE on connects income around Thank core a data evaluated Please across world. call. platform and the across across data connects to different the competency used

compounding continues as automate data investing income platform and fixed to comprehensive Our markets deliver passive as revenue grows. growth these

announced evaluated of data efforts we comprehensive to of increase reference and of of XXXX securities double since fixed universe. billion quality benchmark form has A the and ICE growth growth transition to mission of critical Our the to in growth represents increase during been for has acquired blocks digit Merrill flexibility annual growing the the being is index Combined that growth an established from than of building ETF income to $XX our including to X per ETF billion ETF approach billion transparency date. our million offerings XX% the in investing has construction nearly index less AUM including driven now the transitioning ICE, in accelerating XXXX. to contributed of over muni made our ETFs passive our their the data Part benchmarks product index development. that to Bank breadth driver the Lynch prices indices offering, $XXX business construction day. franchise just The by and these over XX% to XXXX. key indices, growing we’ve provide under universe, in $XXX of AUM that of America passive with the our

income, across Additionally, of commodities, equities and ESG launched the over year new as XXX has and as indices well custom growing indices a thematic fixed last over number indices. including ICE

all to of the indices access many quickly customization build index need in nearly custom created investors new their they back Our platform as direct test to XXXX. gives as were XXXX own first rules, of customers the index and tools half created have and through

office Our year continuous an have liquidity includes our toolkit pricing, office fixed best of for and part These strategy. front index grown our business is time to an evaluated important continue like curves. broader digits and indicators, real also execution, part overall the three front of solutions double which important past income be tools

As to deliver over continue markets will income evolving I’ll investing now and into thematic to ESG their and and to continue innovative our continue needs. ETFs, turn solutions remain flows fixed move fixed to income customers meet it close electronify, to grow to Jeff. we

Thank ICE. our exchange of and strategy which our the to funds connects for to enabling business, different innovative as and turn you us index all we’ve Lynn technology, our their businesses this ICE ICE, Please across of XX. transition Lynn, deliver a is At you us joining customers. our thank Slide expertise benchmarks for at number In the mentioned, seen to morning. heart data, traded network fair solutions

the of underlying the reference of that is data to another our offer. pricing of and driver we these quality addition the In constituents moves reference expansion data,

Assets selecting data under but our with services companies York management listings biotech Exchange New indices listing business, benefit the transitioning income Stock only not seen cross-selling as to their business benefits the to we’ve and our our several venue. fixed

a suite include is is expertise integration our greenhouse effective price mortgage social ICE in environmental, also transaction-based the part reference technologies’ by related and Carbon mortgage and we’ve analytics, critical data. at this rates a Index created ICE of our governance mortgage Carbon the week, Additionally, our forces of Global to market The ICE to Global emissions leading combining environmental benchmark customers, to global green offers bond that services indices, markets, prepayment of which our cost reduce Index, model climate gas construction index we ICE which into ICE of manner. Data. Earlier announced a carbon universal the in employing for our with trading ESG

valuable for mortgage this with identifying provider will customers is new are expertise across important whole a that which As the an first leading enhancement to evaluations for few content ICE the critical fixed new investors. only a innovative which from market underlying prepayments, of time we’re it data enable able to our the of than price technology a synergistic ICE the creating offering offerings. relationships and and its This price backed bring mortgage platform, more mortgage the coupled securities, in represents result of we’ve greater that to are component income of many These our a the solutions exist sum our as the of makes that parts. accurately

strategic adjusted past and into that revenues times, upside equity our growth first of to our to and volatility of factors XX year, and the allocation. our exposure The capital while testament of that there maximize a strategically yet all earnings place. markets name intentionally transaction because customers what backdrop growth. refinance rates that manage. our capital, and company the is value and world, our value. these for again These to out business we’ve potential analog prices deliberately combination amidst mortgage revenues, grew all-weather subscription to makes the once volumes, positioned mix of deploy global commodity that the at Looking model we We shareholder the rising on customers opportunities to investors results of and and are hedging built, of rising risks this grew digital We a are share. lower to income, market top half there grew ICE our need downside generates is operating the interest years, compounding have both operated the per risk. and somewhere of we’ve diversify at strategy the target We’ve conversion an where We taking in footprint give adjusted

the quarter, half to With to answer Before ICE trust in I customers back like to best we’ll Eastern time. I’d moderator, quarter to now for their question history. to X:XX and that, conduct their like a call thank say I’d Shawn, turn my at end session second prepared for for you our my best and this the both remarks, I’ll until colleagues company’s in and contribution thank the first business our and their our and

Rich question with Please instructions] ahead. go first [Operator from come The today will Sandler. Repeto Piper

morning good good business. question morning Jeff, mortgage My the Yes, morning first Warren, good team. is on

business, how Just trying in get year. rate environment to on to changes, mortgage see how--when impact it’s if back the some we of can half interest more the the clarification especially going the

the versus think but XX% quarter, down held or we to look, you should up forecast about of you industry quarter Warren? forecast, the Jeff what when and know, pretty well over XX% how If you

Ben. Hey Rich, this I’ll take it’s one.

about What time prior secular what also, to you business top to analog what XX% trend is to those at leads and be last guide the that number the annual the that consensus saw--if unprecedented guide. two, results along As you our under at to happened having the our are new the are a business. of to term number success, of and cyclical as our you amount beat resilient is and them; and Fannie, we’re results provide script, and revenue as MBA, of capitalizing purposefully volume to numbers year we’re sales we’ve there those to our on on conversion industry’s Freddie, subscription this the the revenue sequentially an revenue to doing the some out sell beat trends, that our year new when analytics this as that we’re a you we subscription calls, going data building talked loan The pointed and that comprehensive and customers revenue in estimates is long digital we of we see a that, look called and that’s where--you seen where to to we’re of compare average we volumes here increase platform beat quarter-over-quarter, we try growth line then the at our X% have overall same on the covers on draw services looking opportunities and between we such engage we and that and customers, with in we network, implement incredible one, our origination subscription taking AIQ. significantly going in couple system of things the time

tilting as purposefully new are shifting are towards customers We more with looking relationships subscription. at customers as mix well when of renewing, the

terms as of inventory, strong that market where market and seeing popped In volume that has it’s we’re is down, pay been trend to debt. the off headwinds and a that the that’s a is publicized, rates What’s has refinance we’re people or That’s and taking right what’s but off seeing, purchase in seen covers. the amount decent. the March very well market, other significant seeing we’re home refinance interest they’ve home happening come so back do in money really of seeing amount on we’re up tough that’s appreciation price any a refinance offsetting market of table improvements refi the cash-out happening given under a still just really

the have up, interest opportunity sure strategy around on rate one and top really it fixed Part with other as business will of so revenue rates grow complex make ICE at to drives that the parts in up, just that and is of goal better, across part we and me designed to we rate so mortgage to have the with exposure you of products did with of the build some interest futures we have growth, of all-weather is make let company strategy whole here, and that Rich, that bundled a this have so picking that complex that we’ve more saw so the we our the income Hey the you. point our interest business. company

and the transaction It into the on ever Ben. ever--should transaction parlay dominance segues guess question you’ve side we then is, side it’s data on of you data there? sort revenue all and the Jeff the will be it fixed or that helpful, that on and have, side, it dominance it--will my even Very is I follow-up, on the clear income would focus the established

Lynn. is this Rich, for Thanks question. much the so Yes

brought launched the to electronified, the the as that given data office execution not trading we’ve through positioned execution starting Last I execution to have united from technology assets more our alongside the and but as elements together, only and benefit a front to our which that united result a think protocols, under the you’re assets. our that Now help we’re importantly industry and fixed their markets and increasingly we of data year, our protocols, pieces automate we activity piece those leverages automation. umbrella, uniquely portfolio income have which see more more but workflows data

from of rates front for perspective a provides toolkit. for double-digit prepared those from a to demand continue a in that our tailwind annual that perspective I remarks as distribution All compounding mentioned us office on as deliver well growth to my

questions, my all That’s Lynn. thanks it, thank you. Got

Your Sachs. Alex next go with will come question Goldman Blostein ahead. today Please from

versus players I’m geographically, ICE, sense then rate sustainable financial and - there ultimately was a how you a the evolving largely morning in minutes so U.K., capture slides, specifically here. it’s the on good more as sort of perhaps Asia one will what end I at changes taking high level is ultimately it right how and guess a again, perhaps It’s pretty few to market product, here, particular. of how think high seeing little question. composition do EU this expect you’re to and was is rate product, capture U.S., in that with hoping do competition you Thanks of you hoping on significant the so the in, how the here, to futures One, in but what I progress is looking emissions in growth so coming product, evolving guys. Great, com, energy mentioned be? business. customer today get a spend is start customers to the revenue dig environmental the I the growth ICE contribution seeing for to

this take Alex, I’ll is Ben. Thanks this one.

and in can when thinking for carbon we we’ve prior a really bought we the futures continues we’ve market-based a Climate to Exchange it, and price decade that’s over for of came us, a out market-based As about and we’re options have appreciate Fast mechanism you talked are calls, price I so how the and be forward over see tremendous a presence doing to that to for and that options mechanism a decade, environmental continue the business and life that, been a creating carbon, to marketplace impacts XX% to ago. futures around about will growth It high to to create the very as be. today, world.

of the some upon portfolio. the for of I’ll parts touch drivers that, just Some

forward price a a to signal, like needing going If in business, sectors being you is attention majority areas because financial there, commercial that new our both this, pay attention get we and EU look mandates for markets. pay there so trading roads, we’re participants to vast new that’s our and to players, needs at to more all captured continue are carbon tailwind and the marine, happening that’s who the potential into captured people of where buildings government players in, potential coming see around to

the marketplace. capture our and into we’re coming to price thus carbon industrial In the momentum in in again concept the lead lowering these trend there’s there, which very leads EU for There not initiative, in the new free in states that, is is to so a signals. to free gas that and business behind states markets. threshold, pay again potential and You into of attention regional that into could captured coming there allowance also thresholds, where currently some some significant need have of the that commercials U.S., more allowance states, more that certain there, you those so if momentum under sectors are significant, thresholds, trading necessarily you’re to our greenhouse more heavy the coming a leads major behind the big there’s don’t of more

very, my as one I trading to recently on that do Brexit, and benefits of so very call the market you new have own that, new been to so remarks, scheme, their those set as we I trend you world, heavily scheme, more mentioned the that of launched in emissions and prepared on U.K. there’s it, in U.K. to in these, around the mechanism, have geographies given more Then of and adoption potential is trading behalf creating we launch. that engaged pricing where Asia significant we they You a have the we’re governments decided for up and conversations. markets a our these within successful emissions it’s got mentioned last have--just of result lead the a the Pacific selected of participants create we us market-based launched all

transparent of market-based the the using carbon developed our way trends also are coming to our to both index, very look a to fixed prices well business income regional within ICE price, put transparent services at global carbon, most as marketplaces which we mechanism out the price Given is carbon a way create price alongside data a global we’ve markets. that as and to

Warren. it’s Alex, Hey

higher your answer are contribution that revenues. volumes, on revenues energy to Just in volumes a question our it’s X% capture X%, correctly, it’s to your the this to so energy but of our about to closer environmental of rate, actually revenues, point, been complex, XX% about there

Got it, Thanks. great.

selling that maybe in of further ICE growth de-lever looking Euroclear, is a that order share more groups of to repurchase of little a and potentially but at peer multiple all stock there, obviously number is your them. aggressively, groups, thresholds has there’s prune portfolio meeting there your the you plan? and question picture a as point more a but sell peer lagged of bit to guys, are businesses I obviously not for a a discount now opportunities to a follow-up, number the in Just bigger and are to appreciate the a the so maybe stake aggressive begin across faster pretty meaningful maybe

do. That’s degree, what a great you us To question. saw that’s certain a

Our decision shareholders, us can that return about so back capital yes has the to so really position was to which been you de-lever back to is shares, our could buy to historical able we trend, being Coinbase where answer. we get stake sell know has our a

looking always portfolio. at our We’re

I we’re mergers dispositions, about own a thinking our some various we owned few Belgian, owned at deploy exchange, one that Dutch, and lot really capital minority as French, we’ve best our of analytic there’s think to happen obviously very time we We’ve businesses, industry, stakes peers in the return of do, about it. how you our on and know. constantly and but think acquisitions Portuguese businesses, so invested stock in and

think you always and it are buybacks, us best extent the place our aware, look value of that. I view shares, of to to we aggressively to returning at deploy for do that in the is capital share own As we the shareholders our via

much. thanks Great, so

question, press queue. ahead. Alex yourself As The would and interests have limit Kramm to next time, a please like question a star question you to like reminder, re-enter from UBS. you in a then Please will go please if come one follow-up, question, a ask if of ask and you with would to one, the the if

hey, Yes good everyone. morning

is could EPS fixed is so bit down time, around maybe where business other ETFs data, little ways? monetize multiple opportunities. maybe or which how obviously how relative ASV you by the which company some asset help business, for maybe thanks in much the help the and there how competitors but breaks in obviously segment, terms can revenue on just and of a know in of to and disclosures index it’s in index think of you that breaks a I business of your bigger us you opportunities driven important, even small and Lynn, it a the materialize know income play Is the the--I new see fees, help down? are I over on opportunities Some small derivatives us is with can base are of the and maybe Just there how there. model trading other that just and the much with most that the context bigger lot us players,

thanks question, Yes, the It’s Alex. great for a question.

fixed real-time for be indices to those The the income, acquiring allowing not in provide looking our to tool. us see ETF selected for across opportunity fixed I income it think us our transition we the as provide for well we to but own AUM mentioned real-time the provide benchmarking opportunity a ETF just market, as their but there’s spectrum, custom the so or on particularly indices, around data their has snapshots indices services data, giving to from prepared we’re areas, real-time the my in the are calculate our income. the those as multiple firms fixed perspective. subscriptions, also benchmarks. versions index the indices, those acquiring which on that business, indexation also on opportunity increasingly remarks that indices the manage make custom perspective analytics, Obviously the our side underlying quality think like underlying I risks in basis to selected at of opportunity able from that firms also from destination of allows data, intra-day ETFs that data them high us anywhere fact in a But could data publish side,

Warren. it’s Alex,

what and a it’s in asset-based familiar similar of to off mix In it’s mix, the that based of are at terms the ETFs. that subscription of those revenue with then peers you’re fees fees

we’ve I in of where think been if side all more. leading growth mix Hopefully you of of that understand think a little the we’ve you ETF been seen terms helps some the that it’s the I the think bit been that of that, growth. there, about but has

question next ahead. from with Bank. Deutsch go come Bedell Please Brian will The

a the Great, to second just in one, either - but energy morning. touch for term Jeff. or get the sort it’s for back wanted I’ll questions. on queue thanks. Good of longer Ben Two question

As on and a will clean smoother see how franchise, and would energy transition RPCs for like but it if environmental the clean on longer thoughts the the the your make? match you products, many energy, nat that environmental term suite the take overall be products, would core environmental that environmental revenue sounds higher your market your you a in traditional are gas, slowly it years to just suite. to so playing transition think the possible how that’s to appreciate, said volumes cleaner that versus much energy you energy side, and get more perspective, to be from both transitions speculation do I this Warren, so for energy out

there risk. we’ve this coal in energy gas and also take helping go Thanks them is the to I’ll then planet towards manage is to cleaner portfolio, provide through the and your you through our We along built and customers oil to all from are that you Ben. of Brian, transitioning markets, lead environment helping transition. cleaner question price they’re I products, think to platform think appreciate about to this was to exposure segments the one. each most provider a on everything within diversified to environmental journey customers really help When of sectors fact the services, those as and those it but there, that we this their that the fuels, LNG natural threaded

each know, still segments, of underneath--you lot products. of a demand seeing We’re those new for one we’re seeing

were for mechanism example, to to in oil to help customers, pricing a the ton Middle what’s price take, in where oil and enable we’ve we Pacific be oil - Contract Asia. Middle innovation Asia commercial the launch to Eastern Crude to selected You happened going have better had that’s Murban users happened able just to Oil for East of a

by a are huge constrained WTI to year Contract better way in to development Cushing. constraints that two that provide launched and Crude Gulf the price commercial partners Houston infrastructure around and not recent Midland the Enterprise. American have with Midland much WTI early being launched announced You that’s It’ll the at crude we in with Coast and that’s next Magellan be

so Sverdrup, came may and S&P Brent in recent to added the evolution be see--you Midland-basis for new grow into the we to things natural to doing significant sources grow WTI as mentioned partner Houston we’re we feel further Platts very the consultation have at the to prepared importantly that, with very of and environmental our oil. also help in a adding all index positioned and complex of do to well a by out it in global the that lead closely remarks, question, in customers partners as gas have that to through as along prior went I global we’re we’ll potential Brent the the we year-over-year, look to crude, as of well the for continues very seen very, as LNG and such us contract You in franchise, industry this so. and Johan complex, further in our them continue the that solidifying journey,

from go with The Please question ahead. next James. O’Shaughnessy Patrick Raymond come will

Hey, good morning.

Can that your listings the competitive revenues your speak competitor. lagged dynamics in your the to has are listing growth of rate growing, While current space? you primary

doing floor of the sense difficult we’re is Well the conditions very, bell, the this Stock marketing that I closed and floor time believe part is on opportunity we’re building physical for we’re how in happy Sure. first York a just open. to significant its now XX that physically period COVID of in so the very ring Stacey and the during give that team form. a Exchange of Exchange allure so the is running and there navigated the New IPOs all, our be entirety the of of was to the of week, really York business that New COVID, to the Stock run pleased you we’re business, back now doing very and

raising. Beyond capital leader in listings. that, a we cost large of looking be the for to There’s continue

I You and of of our revenue things we you calculated been of a and was until how part of there’s the some know, really return full there’s this some very our on about at be capital, talked capital for ROIC cost, we that there able call, and bit is think, business we’ve it some deploy don’t that shareholders, disadvantage occupancy. and where of back that investment the part look the pursue you’re but itself to is the so to we’ve at side, disciplined on a floor can our pointing cost a is we’re about don’t marketing we that you and out, listing see theme, the of at on a the it

Thank you.

Kyle come KBW. ahead. from next go The Voigt with question will Please

question towards too why late, driver is the it Investors the within market, it morning. just of revenue you Maybe the the to electronifying some think some eventually given competitors, and guess good something you’ve the good that market going those doing being trading success something really, is in that been I of thoughts been IDC as could for electronification together market, kind hasn’t of more a you, institutional launching the about to obviously material at been a and credit very trading for that credit. market? from even businesses trading on that put three Hi, focused small you bought years hub, pieces that your ago market. ETF have of of I build institutional from the some there’s in and retail weren’t if trading markets. the from historically on touch been We’ve because which maybe really strong continued to peers can two some four bigger growth focus to revenue really or in seen players launch material

asking Lynn. for that’s this the great Yes, - is a Thanks question question.

towards up the and market starting new technology, data the continuing in put the real-time in and as that is the around leverages see and continue driver provides, we asset you’ve that the associated we’ve electronification the the opportunity earlier, I every portfolio assets data our a bring double-digit really class. with that go vertical now and data and to our the continue--as that We those be data much you start made continuing where the business, the businesses, technology in of up, built the QX key on last see businesses this mentioned That assets, trading execution That’s this retail that same really we’ve is of we’re We’ve we deliver that to year. near where together we of a portfolio starting our you’re end that and pick the seeing the penetrating technology those opportunity institutional labor the since of acquired leverages more to auctions the fruits market electronification. institutional seen that the of electronify growth that’s particularly the year have of larger activity going meaningfully and macro data did driven, a business services that then to day. the very are forces and prints portion increasing of to for basis, as two through investments the transparency demand to throughout make trace uniting

go The Cyprys next question will come with ahead. Please from Stanley. Michael Morgan

Thanks taking the good Hey, morning. question. for

that and be that? you’re to a more mortgage side, talk term wanted just do to Maybe are some about much of you’re workflows. lift in-sourcing. little the how the guys as you’re that the sort entail, the vendors workflows could mortgage block bit that in what’s cloud using not you chain? what over is of looking versus Just Then longer to you would ask or migrate of is to digitizing a potential of what What mortgage how a easy that, would on the as out, that that opportunity there,

doing a have even moved in acquired of cloud-oriented, had has side conviction us the mentioned origination cloud. and to had substantial for on move of business Jeff and investments to is things gave the that they more before the that some we this loan the it, that’s Ben. the strategy The made business is and Michael, have I more Thanks one has, the deal, prior calls business

other our from cloud-oriented. way about, that in closing of the of the the to was If manufacturing through mortgage just at process that talking everything are I to all you aspects secondary, most of parts origination overall the of the then look point sale network,

in providers party infrastructure We some major of the mix there, of this. third some service are hosting are we data of that centers a have that and have also ourselves providing pieces

network, half last half is a that that and to the move is of second that it’s parts more this of definitely the in Quite our in in one to that to the year, we’ve mortgage success across least if our lot had provide at we’re engage on participant out we is service platform cross-sell the services, our providing a our we’ve the we’re great a an leading mortgage network gives with can show every invest. which of direction. frankly, already to I’ve first year have a we’re other them you our to almost then seen. there, exceeding and We sales cloud-based and network is of value so providing of look business along service that’s ecosystem, entire that, ability somewhere things single us them, continue more additional Our mentioned for lot moved a and models, the that that ahead significant to and fueling to really going growth it’s go the of the strategy to area that

easier need be some of and does accessible now, best--and hash where in to are time third it’s for know required one regulatory right that amount moving the driving mortgage regulated digital analog to parties I’ll write that a and lot which said. digital, is early stored if adoption. still data of cloud, But as those for we’re block records you lie, and and as third that to store the stages paper-based that will, much for using mortgage, industry the the as dilemmas, the to on at there’s and the tremendous of the the where be of still probably audit. to would parties to to chain for to a times to moving located probably the of of chain, period records, Ben data just to opposed is the all a it block Right put now, mention a block highly and are to chain just is use purposes be of records best make those

from come go will Atlantic The next ahead. Simon question Please Equities. Clinch with

how you’re going layering feeds time, few is that the if technology increase the years wondering you loan to pipeline sort just business for but that could the and Hi really I stream on performing services overall, recurring nicely, on origination if of through per-loan be revenue guys, taking progressing thanks you talk about revenue along share with that my actually, at--on you’re the to we’re should have model mortgage loan, kind wondering you stream to side dig of of little a on recurring--well top also how that next deeper over could was that that us business your was when looking question. and the for help over per this I recurring the market additional basis.

Ben Thanks for again. question, is the Simon. This

of example, at towards you more the parts and areas platform very customers in loan we and the That’s we stream, look the have--since had AIQ that in on subscription customer an how focus certain the been moved I as can transaction. volume subscription well concentrated for on. of it’s shift do towards first give concentrated where great business origination this of mentioned new it for more moving To that two we towards a coming AIQ have in recurring we of the shift was and side it acquiring that both towards how business, in some those we revenue to in that on less time the asked, environment start that comes the on are business, direction. as revenue, that parts and that, are effort to, at you’re in those where base, to had it more a we that oriented do so really business towards analytics on a we’ve side, subscription, and high historically do have XXX% renewals that have very effort As revenue was the and data transaction oriented, business, parts question significantly every subscription, as especially that business

of seeing--you sales We the are we’re know, continue. market record seeing to answer share,

and share last our for As for times, record and second year that the continuing the half multiple market expectations to gain and QX is have us was exceeded I QX all mentioned of a - business.

the into of as that new that revenue, as had the customers, towards well implement mix past As subscription. subscription beat that we feeds more shifting feeds this of into part quarter we

certain of we’ve industry. closing we’d parts of X,XXX that and the to be to well, quarter entire innovate our that that, capture in so can oriented closing the agent, to solutions eClose all opportunities the that’s and settlement and that’s are example We are I all transaction customers new or launching last done - complete and us that implementation to room launched new the for documents, business transactional collaboration, consumer happened digital be of is it new communication we a of The gone we not launched lender even hybrid is all process are our there the An revenue so that the side before, mentioned continuing for have process. out already this, XX ahead digitally. interconnects and the other just

us, implemented, that’s be will get that be example. to coming that revenue new those transaction so will through another As

the data where and the data the business, taking Another income business example transactional transaction the and that leader mortgage interconnectivity of of side before. see prepayment that our further and through to where side data his our real are securities to fixed services prepared is remarks Jeff hasn’t of enhance a had mentioned our enhancing business models, mortgage-backed providing that in improve that valuation models with and we we’re between data happened on mortgage flowing out help we those in

will Please with next question UBS. ahead. Alex come from Kramm The go

couple me follow-ups Yes, here. squeeze letting a in thanks for

that is but more things, what side on side, for wondering for just--we between interconnectivity down. you’re line conference you do you mortgage that this maybe mortgage something actually on going off-the-cuff together just you’re you’ve for different businesses, on the there mortgage term trading there be to and just to the down you’re about transactional your to One, few going the as building at the shifting that you come or exchange room potential side, transactional revenues clearly thinking business. you turn the to an your you’re seen mortgage expense with the as industry the side, and the Is as made are grow there’s invest? Jeff, about a actually. working that Joe can obviously cost Then long remark little two those so business continue closely bit, since on recurring, side, a a mentioned, maybe to ago Just appreciate offsets talked months degree

opportunity on there’s dream, there. to behind just term what or actually something the is if scenes already that wondering you. working degree set what Just this the and a could long be you’re Thank

that double the investment. this going on to first. beginning be I years so, quickly it’s a out, of through revenues it investing Alex, expense I’ll that plays about part guidance thinking environment, $XX or of out. we’re a going XX cycle does that hit think the of opportunity a Warren. but $XX for us, way Thanks invest your incremental we’re over we want - we isn’t of to half refi million the we gave to within expenses where to million next we about be you this year, is can through play at - question is about where degree is, it If this business, variable about said so was the however There second the think XX-year look growth

one as the the just that part planned slowly start to I to that’s guys. well that you is platform as larger that that But just communicated brings here ICE we Ellie of step move benefits That’s up point planned. and year, the think is the the make too we’ve ICE think as being see I and through and to technology of of there ICE investments Mae part to that mortgage all diversity on that one has we’ve you’ll them. as made going

where it’s it an you’ve maybe really prepared to out, continue billion quarters. through place cycles, of well, Again, so that us a a that we that, the so gives we’re that puts opportunity things as end cycle so or a should in got next expect ability and about to plays standalone to things. where today, TAM, kind better said other maybe business remarks, peer a do be in to competitor XX-year of Jeff mortgage his about move doing through at in only ultimately able all-weather you as invest other and in wouldn’t of the $XX the areas other business those of a couple against us it’s As the XX% stock, invest us

mentioned, we Ben business work so also interconnectivity. ideas, future this has really committee, contains which we run all the heard collaboratively know, we mortgage this and would you business for consider that the announced - first that time we’re help on the heard who actually that market to can is market hooking a a the Lynn’s taking you consumer, management hooking to about market regarding that Joe, of of cash data in for up with market the And call, now origination it’s secondary you’ve traditional what through a our mortgage-backed from producing and the What that we’ve on securities. joined this talk people you’ve on call

of is its going the market. the around really policy, way, make is that our or and to into being of trading of the business government going trickle wealth the the government many get to and a as are way being and market, sense is people mortgage influence is more touch as rates It’s more interest created, segments it is and a that also to continue where we attention for that transparent. and Our and sensitive, it sense in transparent, continue to for as the becomes number as secondary largely alluded people a are wealth where evolve becomes society, houses for certain to in bought to while believe refinanced likely is It’s more have government creation mechanism rate interest in that data opportunities questions for here, its to equity maybe there of home. building transparency the government regulated,

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remarks. today’s and for closing conference conclude Jeff like over will I to question This session. Sprecher now any would answer to turn the

interesting all a continue on updating for again these out for really you, execute great exciting Otherwise, Shawn, hope thank us and you’ll forward soon joining thank Well to that we I to you laid look day. opportunities this morning. growth as you We’ll and we today. you have

now now and The for may conference attending you disconnect. presentation, concluded. today’s Thank has you