Intercontinental Exchange (ICE) 28 Oct 212021 Q3 Earnings call transcript

Good morning, and welcome to the Intercontinental Exchange Third Quarter 2021 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, participants is being recorded. I would now like to turn the conference over to Mary Caroline O'Neal, Head of Investor Relations. ahead. go Please

be third undertake be ICE's uncertainties. to ice.com. earnings and our These and call release items may judgment Today's Good forward-looking current obligation contain in quarter assumptions to the risks, can statements. will our and found be which the subject for Investors presentation and replay. will call we morning. statements, archived, XXXX available no section are These represent of update,

that our could with from Form cash are measures risks We our XX-K, a results forward-looking supplement, materially of the For reflective other the more description quarter differ cause those earnings measures. our business believe statements, we to of our and filings third In and operations our core XX-Q please XXXX refer non-GAAP in SEC. non-GAAP performance. described to refer to Form certain

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

pro results. the revenues growth. I'll strong Slide nearly grew a our earnings while marking our year, thank company's of business, transaction of versus Net per by Good billion, forma totaled quarter the totaled last basis, three us joining history. increased and for business with up total with which of highlights a $X.XX, best year-over-year on revenues share all third from begin Total morning, in XX%. accounted third everyone, half to some record $X.X you year-over-year, for Thanks, our key contributing the XX% revenues, XX% MC. recurring Adjusted on our X increased and XX%, today. quarter segments

Third the quarter adjusted guidance successfully $XXX XX%, after including operating range, points with operating been to completing Victory year-over-year. for our which while quarter third XXX million, have have operating Park Adjusting its middle merger expenses trading over of began would million up $XX basis expenses totaled recently the would million, our in Bakkt, adjusted NYSE. Bakkt, $XXX been on related margin

Looking flow outlook we fourth our $XXX expect employees as the once approximately has free million of X.XX to of performance-related divestment with between reward we under nearly are on achieve for of to $X.X track we related schedule. reduce to $XX to to the is year a our again million to quarter the quarter, Relative provided be operating million. year-to-date their call, times expenses in Bakkt's $XXX of expect and full million stake our results to compensation nearly million contribution on $XX full $XX adjusted end in year sub expected billion XXXX. period along to us the quarter second now fourth at has to include the to These strong billion. Record cash ahead flows cash the Coinbase September, leverage to to strong $X totaled enabled the

on We this our next updating As a year. plans you anticipate year's return fourth expect to result, capital up $XXX including in we XXXX repurchases, early share to quarter. resume million

$XXX approximately in stake we announced to October million, In Euroclear in have agreed our or sell we for million. that addition, €XXX

We the will -- as occur of use XXXX. in proceeds expect approach determine which expect closing, to be will we Euroclear we

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

was Third our quarter to of business net a revenues a related interest totaled XX% in performance oil This in natural driven strong our our in a global XX% XX% XX% rate revenues, XX% revenues in complex, increase XX% a environmental by an million, $XXX and energy increase increase products. European year-over-year. in increase increase and increase revenues including gas

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

to segment and Looking $XXX fourth in million revenues we recurring million. be to the quarter, $XXX our between Exchange expect

Slide Data discuss to Fixed Income Services I'll Turning segment. now and X. our

and data analytics increased driven by capacity. demand index network Third quarter customer for recurring segment nearly versus the services of accounted while our revenues, quarter. including our fixed income revenues, another network million, franchise, increase a and growth other revenues business X% XX% year growth, grew Recurring also double-digit ago. $XXX year-over-year, which for Within continued revenue grew X% totaled in by in additional data a X%, X%

Looking of recurring be growth approximately that revenue to of quarter, $XXX the we and year at sequentially to revenues expect X%, million, will guidance $XXX to end the million will range. full range fourth a our high improve our that

volumes, I Mortgage my on a pro are revenue double-digit on growth where that origination to our technology comments mortgage a forma X% and of next basis. decline $XXX in our Despite note grew revenues industry discuss will achieved go Technology Please Let's million. record X, business segment. Slide year-over-year

end accounted XX% exceeded our total slightly, quarter third more in nearly once they of high segment which declined range million by offset XX% revenues. the growth revenues, and While our than were of $XXX a revenues transaction guidance recurring at again for

trends increased industry the to driven be across by relative outperformance adoption to continues digital customer of tools Our workflow.

revenues, these drive our a by have increased transaction-based revenue Solutions, is While our opportunity in trends accelerating Closing where as for there our also recurring the adoption tailwind such businesses, XX% across third growth to secular been quarter. clear

classes Looking fourth million represents year-over-year, revenues that recurring sequentially year's revenue, again share. We summary, third growth a will this delivered expect XX% per top XX% double-digit of earnings is once which $XXX we quarter on and had contributions in again businesses asset income last $XXX from million. we and guidance, our In we to approximately once the to of strong quarter. and in grow the which operate. the be midpoint, across in in growth operating growth of of each range At achieved

under X.XX announced our strong also Euroclear of successfully We the divestment on leverage reduced cash generated and stake time, NYSE. to back took in flows, the public

we the shareholders. to the As on year into customers, XXXX, of the to over I'll and the remain meeting focused call now growth end of continuing our for needs drive value turn our Ben. to we look create

Warren, X. and thank you all joining you, to Please Thank for Slide morning. us this turn

and in in tailwinds strong the asset supply mortgage volatility, of ago. And positioned quarter even continue growth today, including have and interest cleaner benefit a business a our have more we are drive energy technology are our origination rate that secular to of decade that average long-term to importantly, platform. approximately part globalization decline XX% gas But strategically macroeconomic we evolution years. across our trends volumes. energy, to adoption and and continued over in global over these by underpinning at the energy XX% the Our sources, natural driven performance from classes investing began and in across gas technology energy results of grown In the shortages global our with environments. will up amidst that make tailwinds past on five energy revenues third the core, data natural And environmentals, cleaner were

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ETF fixed We of income also electronification the ecosystem. the within see

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client While we already this we've adoption. strong recently transition, began seen only

continued today a increasing. to onboarding of leveraging in the transaction that automation of save eVaults. executing for month, The opportunity on of hybrid per quarter. in We launched in advanced Another of the we’re is our evidenced is second we see technology automation eNote room, lenders and the which closing dollars solution adding this loan closing demand estate closing eClose hundreds by the customers solutions. electronic new that by additional automation our and our This we can solution, and by real further

is have and This loan Our loan automation fraction solution, and leverages Analytics, position not to of largest that effect opportunity. $XXX in we opportunity an analytics including origination continue against a our customers well efficiencies be execute comprehensive what dollars Flywheel provide steps while platform under data million one only manufacturing customers technology now offering in today, the complexity. our leading we and for of well system, and And our if sales the the what per mortgage executing our from the the business US. at continue offers that think on to time delivers, opportunity. grow learning automate thousands I'll it a $X.X in data turn reducing us $X our still the AIQ at positions opportunities that is of an believe they're to a and revenue the call to the solution our a to provides technology machine billion Today, process. us take generates Data depositories over a that we loan only early AI, $X even connectivity to billion to efficiencies save us opportunity. billion success AIQ billion fraction cross-selling existing array Jeff. cross-sell $XX proprietary manufacturing and of of our data that lenders broad origination combined on the strong to today Within could with by

and all us to Thank morning. you, thank this Ben, X. Please Slide turn you joining for

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like like I'd history, by my earlier And session, for for third moderator, in year. I'd our at to their I thank contributions a quarter best trust to only to customers their remarks, will quarter. this company's thank Time. and the prepared colleagues XX Eastern business run the ICE question-and-answer our turn to topped back their end now Before our X: I'll the our until in which call to Dania, record quarter conduct my

from is begin Sandler. we Thank The gentlemen, you, Instructions] we question-and-answer session. the will Richard have [Operator Ladies first Piper from now question and sir. Repetto

hear morning, Good Good morning, you Warren. me? Jeff. Can

hear can we Yes, you clear.

surprised trying just the closing, amount and Sorry, addressed people. lot trying Jeff, remarks. mortgage But segment it Mortgage when the understand better to incrementally, to the are looked And that It the insight. a grew business, question, soft. and of gets in least new of you fair get So to like tools at I of prepared get you and I'm $XX Closing the one million zone tech or in that, my the XX% seemed a in what Solutions Technology is market think, a --

Yes.

that since address Ben manages for ask business me that Let to he us.

takes for trend thesis amount is secular of to digitize people of long-term actual we in of in you -- And we under covers close deal condensing automate transaction. it estate summary, themselves. lot thanks business, the on the to And it for that doing a costs here real going when the if a the is question. Rich, the want closing it's of client look to process, of the business mortgage Hi, time be to this statement to on to part that actually Solutions a the the on go and saw Closing to that's continue A transaction-oriented. the overall very had work associated

that's this growth. be the And that businesses if So you underneath components the to see driving you're one is really transaction-oriented. the look to they're heavily at going of going it,

First this does the environment part digitization number in that. that which an paper the In is we at goes back more do and continue of a transaction. business year from is we are the so, associated a estate moving documents the away number all saw, the and did recording to using Simplifile closing of the that and and ago, documents being to we business. This ago, recorded COVID years more rails our a see -- towards counties a to of county to real acquisition electronic electronic

into growth. So Simplifile an input is that

many The is a second component which business about is we've business times, there that MERS. called a talked

bespoke there we We that have takes a within new services had that MERS. bundled number a service of offering

our customers third talked more servicing the have the continuing that we've to prior going that the well has combination -- to really capabilities that, line in And clients. we're closing with last Simplifile the see Mae then being see enabled eVault. We business e-note, continue are launched as now network customers we And is at our network our of look and offering we if after own that document to loan you the the XX ago, lifetime of have launched MERS, being business through well about XX has. as registration of in that's on the which continues solutions. XX e-notes to call, growth Ellie e-signing for calls So the that one enabling TAM We've bundled on just item, proprietary as area was to we with as registration all continuing those $X enhanced the this that adopted Mae see billion area launch the had a quarter. all really through of in and part to eNote complete I business. outlined. the as combined itself, transfers, to as industry, offering a that And mentioned And that of million an Simplifile we the we expertise million the offering which then month, $XXX with that into we is eClose, business, months settlement us our continue a We've proprietary that loan we origination to more that going agent $XXX the origination third set, own the XX I now as adopt ramp, the it's months, go And business second another by fuel Ellie adopting quarter. that eClose our it. which take trailing implementation. was

to this at I don't of you it want a but get Thank time, helpful. right Thanks. Jeff, jinx appears. things going And Very you, you. lot

Thank next you. Ken from have from question The JPMorgan. is we Worthington

the do creation we've or for And is owner, investment of that proceeds On is impression investment morning. here, a maybe my what financial in Good guess, be this while good so, to how utilization significant seems Hi. more And the correct I has strategic run intent view? you point. And at the that see first, ICE Bakkt of is the than here. given is founder the even investment? if seen recent a that a had Bakkt, weeks? value

the there and a had When children wallet. wallet. ourselves conversion first on leather all, where leather I think a an to carried my a in and to analog wallet of pocket, are like never and may going there's I conversions, around -- I Well, was Yes. today kid, we'd digital own position in analog-to-digital a

wanted something is And analog-to-digital so that a we that part be to conversion of.

Bakkt separate we think coming the as our together. brand separate institutional lot a seem a entity see to I because decided of of retail and coalescence to and create investors a not

and is As between it an the and see for order, through in tools, a distinction digital increased markets, US can order less access there's equity you example. institutional retail

same appreciate network we institutional convergence businesses. across little that base also could investor so network provider. concerned be both that an And bit we happening our And were that retail is wouldn't all provider and a a

appreciated its separate of to the that, a New And give was now separate like And company inside I'm company. just the decided to calls Exchange. and so on will it Stock so the a was give brand. structure York earnings didn't longer we decided board. than we Bakkt it we capital ICE no own doing public Other be a feel -- it being on as

all-weather so forward. top to value going I tell don't the up there's in invested in do the of and the And of we to as us around And trying for grow ever of company being we're We place the that We're part as part IPO. believe on you I see that's will locked business. I growth. conversions, creation value spin. the company, speak name additionally part there analog-to-digital of that an can But why actually want as

high the very, give demonstrate company we're very market. so And that and its opportunity to want to every on to it value

Thanks. much. very Thanks Great.

Thank question Bedell from Deutsche you from next have Brian sir. is Bank. The we

Good Thanks. Great. morning folks. Okay.

volumes. market the to what parsing if, lot a question -- appreciate are of think of transactional that. third obviously there, talk Just between then closing quarter from, quarter bit a repurchase you results products exceptionally should there's, on But strong. origination third and answer little to strong Rich's come in maybe if this and we you you the the Ben, side? back performance the the of mortgage can of products third those take-up to especially the good side But the is, gains thinking again, headwinds you on refinance solutions quarter I as of that share pretty about and traction the versus initial base, a in And be this on mentioned. forecast

of Thanks, we growth. drove sorry to double so as components through business that grew year-over-year. Brian. in the the industry saw I'll that And highlighted, of digits what try being backdrop go with business a or we some volumes -- -- of the X% decline grew And the year-over-year up double-digit.

four We -- also grew have you there, at only look aggregate, volume each -- the environment deal the if in from that what's client and is this out We've in overall double a third see origination that and our it. line five against quarter prepared for to I item, that percentage customer if estimates outperformed percentage more And our that particular item, And being transaction line what of we a towards And parts that digits just was. doing happening business and a line move contract that what the X% years. small take each to under that what of open today, part small it moving items of revenue quarter a not that also we well. subscription base. the in environment with The is the and is you'll volatility and remarks it is it of in we've outlined the done In of sequentially, last the industry was we of client transaction in to take here see down more great of look but you one origination the line very started quarter with. there the pickup only a And at with that certain second item would again is that as you that could is customs customer of customers year more doing in subscription. had base. towards the base some average we the are

So see have that. runway I long a we of

are we're that through add system that's before, The thing running volume continuing getting that's origination we some on headwinds customers, more some share that are our we other saw going never that gaining we're market those are see to that line you'd customers offsetting as environment. those in loans that And more transaction transaction implement we in of that the is new

businesses having it's we -- cross-selling a covers, underwrite the exact incredible of business the live workflow is it and automation into number taking and deeply underwriting to subscription. we've that business the a was It our this is clients. and longer because Under customers of as have towards going so been a more a so, to solution processes. same does on this customers that But are We're bit story. process We're line embedding second automating XXX% that The item, more automating the take your of AI little through moving these data the to we've platform this implement you're almost you're success to analytics, solutions very This and do on sold. tools. complicated continue in transaction. each going we're

sales great And number to a we to continue through go continuing success. implementation. have have We

And the of any is a to have, grow the that versus on a question, to you So and that continues really that's Solutions then continuing offset where see side, innovation paper. share of transaction in the changes lot we gain Simplifile Closing we new issues this the market I made. there. lot unpacked first

And component greenfield. them. on each that's And position space a those our they're customer time using e-closing set, our we're time using very room, to the all getting of all because subscribing using And vault, they're hasn't seen either in document this all solutions, they're eClose using been and that. they it's it's every room, document industry our they're incremental do unique innovation using our there's using the whether of a that, using each competition our e-note, transaction build of that services before, our little e-closing Our use is our they revenue to those. brand-new or can we've set, they're in

Thank so color. much. you great That’s

Thank you. is from Voigt The KBW. from we question next have Kyle

Great. -- Good follow just could the morning. the I on actually past Thank last up If question. you.

move to specifically. Just regarding side, the subscription the origination on

recurring help amount You Is around small Can said you any subscription. those of migrated you Because different about of that? just the a that? quantify can really to origination just customers sounds a numbers revenues minimums And structure? of talk the have fee customers that or sub-XX% on structure. I this in terms were it on thought pricing is volumes. bit side maybe fee the But like the previously

the So of can Thank and you migrating strategy you. terms just is in kind over these of what that customers? go

Kyle. thanks, So

So -- how subscription so with, how part many customers answer much it's XX%. on the it the first less done of to move on to we well have the -- of than

a it's we've that customer able been So small to this with. of percentage the do base very

imagine, competition. efficient they you transition be high-volume to a you're to and automate is automation. can environment, engaging to be any are actually continue as high-volume this able want to subscription. with in want make possible as a good customers customers to time As now more against be to environment, towards in this other Because They adopt

our they're more services. to and on add continuing So more of

algorithm remember on shift we it. to we we we're are But some success to transaction some we other and our open not to engage up when this hey, on that fees which is mostly the very just forgo the network. that foregoing some do is willing of in to willing our We're transactions revenue. making give going subscription, if negotiation, clients get also transaction we all those it in element get. go So transaction, But we are in we're around,

and collecting is there, coming that benefit So a providing ordering continue for services automation and fee that on that we're third any time as is will we're a loan providing network rails fee those parties for along the our to from today. it

sorry, taking some of those the are to leverage contracts I volume, cetera. trying do as And view escalator multiyear and of you. away subscription I'm you et of are with by upside balance? you how market sort understand to I Thank just guess, to in the origination that you continue the, them? share guess, just moving gain some

Sure.

five four, agreements, not year the earlier commentary, mentioned changing. average I So the that's as on customers in

-- just can you this. and So we started

subset started only to what now So we proven a our through did going that it renewal and testing learned we actually customers theory, were was that doing see and we've and year, hypothesis, in through the this just that. right, going we of really that with this,

subscription So runway over do and long we more feed have to to time. continue this, a revenue growth

we're I our volatility there's data introducing origination, we that prior that terms all innovation it a continue In of new of the the is is have, brand-new been and growth is the the been reducing And risk offerings that line is on we've the to we like item. transaction some the we've of we are and the all that see in This innovation way introducing the have, away line marketplace taking the analyzers that still of about talking that taking some to calls the items upside we've between analytics. in underwrite drive to where volatility that revenue some and we're e-close to the going between marketplace. in to that of parallel ton of away is, upside, automation launched,

helpful. very very you Thank much. It’s

Thank Fannon you. is The from have Dan next Jefferies. we question from

Thanks. Good morning.

reached that year your part kind about next to buybacks, kind targets. of kind wanted in with of still period the versus the I the resuming idea kind buyback, was of of, kind here around interim next you've year start your about strategy as next, capital M&A of the allocation near just kind of term, well? priorities time And the now and allocation So and capital or curious of of talk being

It's Yeah. Dan. Thanks, Warren.

right. So

the quarter, deal we share we we Ellie kind third our announced buybacks to set year. that when of at target under the was times. That to of X.XX the Mae back yeah, of resume got August end So in last

And we'll quarter. this about up so to about start $XXX million --

so through and about we'll a quarter -- think a Mae mean, same the repurchases way buyback, that thing the need do of think shareholders thinking to really we we pre-Ellie our where be get it's once shareholders capital more of -- of three well terms And next to as But -- still same think philosophy. to over bit in on going changed next a it's so. buybacks there. return capital all or these of alongside pay I being to because debt or eventually. partial kind But return balance, I that do dividends. down I I need times M&A to don't investment about nothing's year, it's the -- of for we're

cash is obviously as I flow the Mae, think we've last really So Ellie it that you today seen that organically the it's performing of and free course, that very way. couple has quarters should then, added and only grow which to expect heard that changed in thing about to continued of us thinking here you And be well.

moment. kind would be thinking now, of next I'd year you're and kind going those return that things the about capital the XXXX So process. of Right budget about through we're as be at the thinking

start kind update So quarters to in of guys next of of bit refine so. as a be we the that, couple give an able you to we'll or

Thank you.

from question Allen next is Thank you. we Chris The Point. have from Compass

where in. color terms seeing new customer you're incremental base, biggest guys. Any the global when morning, more business. the Maybe in about LNG get near the outlook. business environment think uptake you long-term maybe the term, I perspective? on on customers kind a energy sources of how potential appreciate good the wonder just I from And seeing the of color Hey, the to coming you if of the opportunity, just of current you're for some the health persist? regional

Chris. Thanks,

of about that liquid different the spectrum. I when deep we one markets any of than So energy talked that things this are the and think are at light that is business, look that's and through on come very our across we've class energy peers out very several developed we've this the calls, to there you

coal, any and entire out as that's manage fossil ago we've offset than such natural markets, we building climate spectrum now markets been what and power, exchange as carbon we towards a they suite, substantially markets, So business our that environmental gas a gas, our heavily of towards trend compliance more whether it's and to people across gas, secular natural decade years have the invested like. tools our global peers. than cleaner acquisitions, different We fuel moving a saw ago. environmentals, oil, the customers of We've give need, XX several made to

oil with invest, we Abu which as Dhabi. our Futures quarters, Murban business, is investments launch contract, about our ICE in that doing to extraordinarily we well We talked prior that of continue made the in

beginning in several We may And big next have middle a where Brent physical in of contract year basket. partnership the Gulf in Coast consultation WTI into a we're added the launching that's Brent the with players. be new in of Midland the

energy for care in. be events, susceptible mentioned prepared investments they be So This got because transition supply into coal going weather whole and secular such fact volatile. what the bunch it's transition. supply I to as just is you long And peek projects have that manage through this And across and you've getting events, risk time. energy the a long, customers my any renewable I is, very environment chain example. of invested to a going I into are is think is the their need are projects this, to Everyone know sees to to seen, on it's in for trend where dynamics pouring not what going remarks, it you've don't as source,

blowing, grid. a back and to plant If to get transition turbines really wind on you is wind it's the power not have coal-fired the not easy to back

foresee management of risk And provide long much I extraordinarily exchanges to to in that are them with and ever So now ever, we a that engage volatility. to to innovate. that tools to clients, the as the ride us our and more continue valuable it's as we continue important than we have we're for

you. Thank

Goldman Alex Blostein next question The you. Thank we Sachs. from have from is

everybody. for for out hoping zoom a could we maybe I question. the morning, second. Good Hi. was Thanks

a of look for of XX% organically. lot segments. It's the around your ICE new the business. provided growth And comes at couple at about today, of QX XX% grown But from last you well. for revenues implies guys sort as of You details sustainable if quarters guidance recurring XX%

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great the an been a think one it's I intentional question. you the that, evolution Yes, of team. have that takeaway management has behalf should And on is

and environments. to We our put environment, are started market also transaction-oriented, from conversions, finding of different of for operate to we really to digital always low been bigger -- becoming creating base rely highly have but on. benefits being that years analog thinking really of interest in in a durable ourselves name we recurring growing wanted over and portfolio wanted We a can that really company space an into to have a the have the all-weather is Part businesses that speaking. get space, generally worked mortgage it we that rate XX because these

interest environments. certain inflation-oriented tend our products interest futures We in that have to other like do businesses and, high degree, to rate commodities rate better a like

people going transaction pile and up standpoint, grow are a We want when rates down. be not name to going out on and wanted where top growth interest pile we And of are from to rates durable. in be so, a when interest

we've changes try know fruition. emissions that colleagues underpinning finally our thing a really let's that benchmarks. passed build also talked because have and interesting the in revenue, has to coming growing we're the with market it's do to as going gas opportunities been benchmarks, subscription Ben And if And natural can into business that strategy same to then, not more know thesis mentioned, a have deployed can that gas. of the environment, own. And in durable a mortgage to so, to to pay about dividend, And business. transaction -- business, investor we that basis years for It continue that, we've to we has just that mean reinvest macro we're to like you transaction I in a years And that -- well. the has feel would we I can it technology. capital an now. businesses in liquefied lock And feels that there I regional of and and globalize that regardless company be and for have recurring a going like would to investors global natural our the really gives the here should

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next Operator: Great. from you. Thank Kramm The Thank from is UBS. question Alex we you. have

morning, everyone. Yeah. Hey, good

per about in absence over kind know a upselling, revenue little of quick one detail, help lot guess I go I upsell, mortgages for don't through here. But And I and investors quantitative a mortgage Just of bit is that give you're mortgage or has in been revenue how I your year sort if A qualitative know least follow-up you us talking a you're mortgage of should but much I changing that. given maybe upsell, that, side system revenue that good the asking that again. of like two? your missing quarter, on mean, guess, can any some a you of at last more are lot sorry, numbers again, go up. per like what's I think the updates of us

little that. you decompose new certain too. a between very services would be helpful, numbers that if And and pricing can So bit maybe you around some can put

give So hopefully, little here. something a you can us

here subscription growth. Yeah. Alex, into in I'll is there's leading lot What to I unpack can a our -- you what's that, that question. dig area when one

areas the So and of we what's that and one look certain that's could is renewing, component. And of and that's as the moving analytics fueling one and towards in very -- are move at parts is line, the more more and subscription you one more business. data customers our that, components deliberate subscription towards of more the thesis the the of if origination

is this The And new gains. is market about sales. second share

the of really lot have our a existing customers onto we to continue services to new success cross-selling to clients in and is third. continuing add So platform our

us the clients, it, our about have. with the think cross-selling, that to in footprint way that there's the expand services opportunities So they with for to existing

compliance the loan We adding retail for service example, onto channel, our Maven to on that, the services or are add and us, correspondent origination that offering. our have the like using channel clients side moving AllRegs

a sales, XX% price, when three over have price. that sustained hypothesis on fourth to those the subscription our are over subscription And so revenue what All is of which big that oriented, the you'll to of long that deal component fuel think across then renewals, a will we subscription the that new period time, effort is see and an X% be heavily long-term that is we of going hit we that to our a did And each is what's those cross-sell. and that elements, required cross-selling algorithm long guide, the distribution concerted really period of those much growth. of equal to time pretty is growth,

as I'd So revenue which industry There's transaction highlight. transaction to that's grow an and rolling has products you that to environments. believe see well area of -- -- that's the declines opportunity continue the in on we're offset out, whole the bunch I that new we a area, mentioned

a to the or going mean revenue through be should thematically mortgage system just question. per the Okay. come historical not? on So I up, basis, back your right? to But

the repeat you We Can follow it. question? didn't

not like looking historical the mortgage I per gone a like any system should have the Sorry. mean at up, to assume, We're or original question, quantitative up directionally, have that. revenue be back the basis, so. growing I if but my to that should right, again, look given you But come -- I it if don't adding over services correct? you're last at year

necessarily like at it anecdotally, say that. don't I'd yes. But look We

Okay. All right. Thanks again.

Jeff our question-and-answer turn over would the Instructions] I closing for like session. to That our conference question. remarks. was concludes back to now This [Operator any you. Sprecher Thank final

And that, evolve. Thank discuss look thank as you joining world a to have Danae. to you strategies with this I you with to you, forward economy We all day. continuing morning. all-weather great our us continues our hope for And

you today's Thank attending Thank you. concluded. This presentation. conference has now for

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