Forge Global Holdings Inc (FRGE) 2023 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Forge Global fourth-quarter and full year 2023 financial results conference call.

午安.我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Forge Global 第四季和 2023 年全年財務業績電話會議。

On today's Forge Global call will be Kelly Rodriques, Chief Executive Officer; Mark Lee, Chief Financial Officer; and Lindsay Riddell, Executive Vice President of Corporate Marketing and Communication and Dominic Paschel, Senior Vice President of Finance and Investor Relations.

執行長 Kelly Rodriques 將出席今天的 Forge Global 電話會議；馬克李，財務長；企業行銷與傳播執行副總裁 Lindsay Riddell 以及財務與投資者關係資深副總裁 Dominic Paschel。

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions). Thank you and I will now turn the conference over to Lindsay Riddell. Ms. Riddell, you may begin your conference.

所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員說明）。謝謝你，我現在將把會議交給 Lindsay Riddell。Riddell 女士，您可以開始會議了。

Thank you, Krista, and thank you all for joining us today for Forge's fourth-quarter and full year 2023 earnings call. This call will be a bit longer as we recap the full year. Joining me today are Kellie Rodriques, Forge's CEO, and Mark Lee, Forge's CFO, who will share for prepared remarks regarding the financial results and then take your questions at the end.

謝謝 Krista，也謝謝大家今天參加 Forge 的第四季和 2023 年全年財報電話會議。當我們回顧全年時，這次電話會議的時間將會更長一些。今天加入我的是Forge 執行長凱莉·羅德里克斯(Kellie Rodriques) 和Forge 財務長馬克·李(Mark Lee)，他們將分享有關財務業績的準備好的評論，然後在最後回答大家的問題。

Just after market close today, we issued a press release announcing Forge's fourth-quarter and full year 2023 financial results. A discussion of our results is complementary to the press release which is available on the IR page of our website.

今天收盤後，我們發布了新聞稿，宣布 Forge 第四季和 2023 年全年財務業績。對我們結果的討論是我們網站 IR 頁面上發布的新聞稿的補充。

This conference call is being webcast and will be available for replay. There is also a company investor supplemental page on our IR site.

本次電話會議正在網路上直播，並將可供重播。我們的投資者關係網站上還有一個公司投資者補充頁面。

During this conference call, we may make forward-looking statements based on current expectations, forecasts and projections as of today's date.

在本次電話會議中，我們可能會根據截至今天的當前預期、預測和預測做出前瞻性聲明。

Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause these actual outcomes to materially differ from those included in these statements.

我們所做的任何前瞻性陳述都面臨各種風險和不確定性，並且有一些重要因素可能導致這些實際結果與這些陳述中包含的結果有重大差異。

We discuss these factors in our SEC filings, including our annual report on Form 10-K, which can be found on the IR page of our website. As a reminder, we are not required to update our forward-looking statements.

我們在 SEC 文件中討論了這些因素，包括我們的 10-K 表格年度報告，該報告可以在我們網站的 IR 頁面上找到。提醒一下，我們不需要更新我們的前瞻性陳述。

In our presentation today, unless otherwise noted, we will be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance.

在今天的演講中，除非另有說明，否則我們將討論調整後的財務指標，這些指標是我們認為在評估公司績效時有意義的非公認會計準則指標。

For detailed disclosures on these measures and the GAAP reconciliations, you should refer to the financial data contained within our press release, which is also posted to the IR page.

有關這些措施和 GAAP 調節表的詳細披露，您應該參閱我們新聞稿中包含的財務數據，該新聞稿也發佈在 IR 頁面上。

Today's discussion will focus on the fourth quarter and full year 2023 results. As always, we encourage you to evaluate both annual and quarterly results for a full picture of Forge's performance, which can be affected by unexpected events that are outside of our control.

今天的討論將重點放在第四季和 2023 年全年業績。一如既往，我們鼓勵您評估年度和季度業績，以全面了解 Forge 的業績，該業績可能會受到我們無法控制的意外事件的影響。

With that, I'll turn it over to Kelly, our CEO.

接下來，我會將其交給我們的執行長凱利。

Thank you Lindsay and Dom, and thanks all for joining us. I'll first share some of our 2023 successes, followed by brief highlights of our Q4 results before turning it over to Mark for a deeper dive on our Q4 and annual financials and I'll finish with some insight on the business and what we're seeing in the market.

謝謝 Lindsay 和 Dom，也謝謝大家加入我們。我將首先分享我們2023 年的一些成功，然後簡要介紹我們第四季度的業績，然後將其交給馬克，以更深入地了解我們的第四季度和年度財務狀況，最後我將對業務和我們的業務進行一些見解。重新在市場上看到。

I'm proud to say that in 2023, we made important moves to invest in forges future vision and our path to profitability, forged focused on three things, accelerating technology development, winning with data and expanding our category leadership.

我很自豪地說，到 2023 年，我們採取了重要舉措，投資於打造未來願景和盈利之路，重點關註三件事：加速技術開發、以數據取勝以及擴大我們的品類領導地位。

We invested in 2023 in the forge next generation platform, a flexible and scalable technology platform on which we are building next-generation institutional trading and data tools we developed and tested with key clients forge Pro, our first product combining our automated trading capabilities and our proprietary data and marking the first availability of our global order book for institutional trading customers, all in one powerful platform.

我們於2023 年投資了Forge 新一代平台，這是一個靈活且可擴展的技術平台，我們正在該平台上建立我們與主要客戶一起開發和測試的下一代機構交易和數據工具Forge Pro，這是我們的第一個產品，結合了我們的自動交易功能和專有數據並標誌著我們首次為機構交易客戶提供全球訂單簿，所有這些都在一個強大的平台上進行。

We announced our first two indexes, the fourth Private Market Index, a benchmark for private market performance and a first of its kind investable index for liquidity private market index. And we delivered proprietary and meaningful market data through our products, reports and experts to the tens of thousands who turned to forge for perspective as the market bounced around the bottom throughout the year, amid the volatility that persisted.

我們宣布了前兩個指數，即第四個私募市場指數，這是私募市場表現的基準，也是首個同類可投資流動性私募市場指數。我們透過我們的產品、報告和專家向數以萬計的人提供了專有且有意義的市場數據，隨著市場全年在持續波動的情況下觸底反彈，他們尋求觀點。

Last year, we ran our business with a focus on lean growth and operational efficiency, meeting our targets for lowering cash burn and keeping headcount flat, even as we strategically invested for the future hiring key positions to advance our business.

去年，我們在經營業務時專注於精實成長和營運效率，實現了降低現金消耗和保持員工人數穩定的目標，同時我們也為未來招募關鍵職位以推動業務發展進行了策略性投資。

So I'll now turn to financial highlights for Q4 and for the year. In the fourth quarter, the slow market recovery continued and we grew revenue for the third consecutive period for just total revenue less transaction-based expenses rose to $18.9 million, up 3% from $18.4 million last quarter and up 22% from Q1 2023's trough of $15.5 million for 2023.

現在我將談談第四季和全年的財務亮點。第四季度，市場持續緩慢復甦，我們的收入連續第三個季度增長，總收入減去基於交易的費用升至1,890 萬美元，較上季度的1,840 萬美元增長3%，較2023 年第一季度的低谷成長 22%。2023 年為 1550 萬美元。

For just total revenue, less transaction-based expenses was $69.4 million, marginally up from $68.9 million a year ago. And although the macroeconomic environment drag trading volumes in the first half of the year, we are optimistic that the worst is behind us ahead of a meaningful recovery.

僅就總收入而言，扣除交易費用後為 6,940 萬美元，略高於一年前的 6,890 萬美元。儘管宏觀經濟環境拖累了上半年的交易量，但我們樂觀地認為，在有意義的復甦之前，最糟糕的時期已經過去。

On the market side, total custodial administration fees in 2023 made up the difference and grew 53% to $44 million. Meanwhile, assets under custody were up 5% in the year to $15.6 billion. Our modest improvements in the year reflect the strength of our diversified business model, which includes cyclical and countercyclical revenue streams from our trading business and our custody business, respectively.

在市場方面，2023 年的託管管理費總額彌補了差額，成長了 53%，達到 4,400 萬美元。同時，託管資產年內成長了 5%，達到 156 億美元。我們今年的小幅改善反映了我們多元化業務模式的優勢，其中包括分別來自我們的交易業務和託管業務的週期性和反週期收入流。

We anticipate that as the market continues to improve, we'll see that trend reverse again, and Marketplace revenue will eventually outpace custody revenue.

我們預計，隨著市場的持續改善，我們將看到這種趨勢再次逆轉，市場收入最終將超過託管收入。

Now I'll turn it over to Mark to talk about the fourth quarter and annual financials in more detail. And then I'll return with some notable business highlights and for just market COUNCIL.

現在我將把它交給馬克來更詳細地討論第四季和年度財務狀況。然後我將帶著一些值得注意的業務亮點和市場委員會回來。

Thanks, Kelly. Before I start, I would note that we have renamed the category of our revenue, which was previously called placement fee revenue as marketplace revenue in order to align with the types of revenue included in this category, marketplace revenue includes placement fees, subscription fees earned from our data products and private company solutions revenue.

謝謝，凱利。在開始之前，我要指出的是，我們已將收入類別（以前稱為安置費收入）重新命名為市場收入，以便與此類別中包含的收入類型保持一致，市場收入包括安置費、賺取的訂閱費來自我們的數據產品和私人公司解決方案的收入。

We believe this name better describes the revenue included therein and therefore is more useful to investors by better characterizing the underlying types of revenue included.

我們認為這個名稱更好地描述了其中包含的收入，因此透過更好地描述所包含收入的基本類型對投資者更有用。

We have not adjusted methodology assumptions or otherwise changed any aspects of placement fee revenue in making this name change to marketplace revenue in this category of revenue remains comparable to prior periods presentation and so with that, in the fourth quarter of 2023 for just total revenue less transaction-based expenses rose to $18.9 million, up 3% from $18.4 million last quarter.

我們沒有調整方法假設或以其他方式改變安置費收入的任何方面，將這一名稱更改為市場收入，此類收入仍然與之前期間的列報相當，因此，2023 年第四季度的總收入減去基於交易的費用增至1,890 萬美元，較上季的1,840 萬美元成長3%。

Total marketplace revenues less transaction-based expenses reached $8 million, up 12% from $7.1 million last quarter. Transaction volume increased 7% from $234 million last quarter to $250 million in Q4, while our overall net take rate increased from 3% last quarter, 3.2% in Q4. As a reminder, net take rate fluctuates due to many factors, such as the type of trades, order size and issuer specific supply-and-demand dynamics. In the long run, we believe declines in net take rates.

扣除交易費用後的市場總收入達到 800 萬美元，比上季的 710 萬美元成長 12%。交易量從上季度的 2.34 億美元增加到第四季的 2.5 億美元，成長了 7%，而我們的整體淨接受率從上季的 3% 上升到第四季的 3.2%。需要提醒的是，淨接受率會因多種因素而波動，例如交易類型、訂單規模和發行人特定的供需動態。從長遠來看，我們認為淨採用率會下降。

It will be offset by higher volumes as standardization, automation and efficiency, lower costs and increased trading turnover. Total custodial administration fees were down 3% in Q4 to $10.9 million from $11.3 million last quarter. As we noted on our last call, we fully expect lower interest rates in 2024 to impact total custodial revenues for just custodial cash balances totaled $505 million in Q4, down from $518 million at the end of last quarter.

標準化、自動化和效率帶來的交易量增加、成本降低和交易額增加將抵消此影響。第四季託管管理費總額從上季的 1,130 萬美元下降 3% 至 1,090 萬美元。正如我們在上次電話會議中指出的那樣，我們完全預計 2024 年利率下降將影響第四季度託管現金餘額總計 5.05 億美元的託管總收入，低於上季度末的 5.18 億美元。

The decrease in cash balances during Q4 was largely due to cash sorting, which has slowed from the pace in previous quarters. While this is an encouraging sign, we continue to monitor this closely as rate cuts have yet to occur in rates are still at Highland.

第四季現金餘額減少主要是由於現金分類速度較前幾個季度放緩。雖然這是一個令人鼓舞的跡象，但我們將繼續密切關注這一情況，因為利率仍處於高地，尚未發生降息。

Total customer accounts increased approximately 3% quarter over quarter to $2.1 million in Q4, up from $2 million last quarter. Assets under custody increased to $15.6 billion at the end of Q4 from $15.1 billion last quarter. As a reminder, the vast majority of our total accounts and custody are what we call cash accounts or custody as a service. But the main driver of our custody revenues, both cash administration and account fees derived from our core self-directed account.

第四季客戶帳戶總額較上季成長約 3%，達到 210 萬美元，高於上季的 200 萬美元。託管資產從上季的 151 億美元增至第四季末的 156 億美元。提醒一下，我們的大部分帳戶和託管都是我們所謂的現金帳戶或託管即服務。但我們託管收入的主要驅動力是來自我們核心自主帳戶的現金管理和帳戶費用。

Fourth quarter net loss was $26.2 million compared to $19 million net loss in the third quarter. This difference is largely explained by a $7.6 million noncash loss in Q4 from the change in fair value of warrant liabilities and cost incurred in connection with legal matters.

第四季淨虧損為 2,620 萬美元，而第三季淨虧損為 1,900 萬美元。這一差異主要是由於第四季度認股權證負債公允價值變化以及與法律事務相關的成本造成的 760 萬美元非現金損失造成的。

Adjusted EBITDA is a key measure of our operating results. In the fourth quarter, adjusted EBITDA loss was greater at $13.6 million compared to a loss of $10.4 million last quarter. This change was largely driven by $2.9 million of costs in connection with legal matters.

調整後的 EBITDA 是衡量我們經營績效的關鍵指標。第四季度，調整後 EBITDA 虧損達到 1,360 萬美元，而上一季為 1,040 萬美元。這項變更主要是由與法律事務相關的 290 萬美元成本所推動的。

Net cash used in operating activities increased to $6.6 million in the quarter compared to net cash used in operating activities of $3.5 million last quarter. As a reminder, both Q2 and Q4 of 2023 had an extra payroll given our biweekly pay cycle and this drove the majority of the increase.

本季經營活動所使用的現金淨額增至 660 萬美元，而上季經營活動所使用的現金淨額為 350 萬美元。提醒一下，考慮到我們的雙週薪資週期，2023 年第二季和第四季都有額外的薪資單，這推動了大部分成長。

The remainder was driven by net disbursements for other working capital settlements, partially offset by the impact of severance payments made in Q3, cash, cash equivalents and restricted cash ended the quarter at approximately 145.8 million compared to 156.4 million last quarter, highlighting the continued strength of our balance sheet.

其餘部分是由其他營運資金結算的淨支出推動的，部分被第三季度支付的遣散費的影響所抵消，本季度末現金、現金等價物和限制性現金約為1.458 億，而上季度為1.564 億，凸顯了持續的強勁勢頭我們的資產負債表。

This excludes $7.6 million in term deposits classified as other current assets as of the end of the year, which stood at $3.2 million in the third quarter, including these term deposits as cash, our total cash stands at 53.4 million.

這不包括截至年底歸類為其他流動資產的 760 萬美元定期存款，第三季為 320 萬美元，包括這些作為現金的定期存款，我們的現金總額為 5,340 萬美元。

Now to recap the full year of 2023 in fiscal year 2023 for just total revenue less transaction basis, base expenses was 69.4 million, slightly up from $68.9 million a year ago. There was a significant change in the mix of our revenue portfolio between marketplace revenues and custodial and administration fees. Total marketplace revenues less transaction base expenses totaled $25.4 million, down from $40.2 million last year.

現在回顧 2023 財年的 2023 年全年，僅以總收入減去交易為基礎，基本支出為 6,940 萬美元，略高於一年前的 6,890 萬美元。我們的市場收入與託管費和管理費之間的收入組合發生了重大變化。市場總收入減去交易基礎費用總計 2,540 萬美元，低於去年的 4,020 萬美元。

2023 trading volume was down 37% to $766 million compared to $1.2 billion in 2022. The average net take rate for 2023 stayed constant with 2022 at 3.3%, while year-over-year results reflected the difficult market conditions during 2023, which included additional rate increases and banking crisis and continued geopolitical unrest we are nonetheless encouraged by the steady and consistent improvement seen in our marketplace business.

與 2022 年的 12 億美元相比，2023 年的交易量下降了 37%，至 7.66 億美元。2023 年的平均淨吸收率與2022 年保持一致，為3.3%，而同比結果反映了2023 年困難的市場狀況，其中包括額外加息和銀行危機以及持續的地緣政治動盪，儘管如此，我們仍對穩定和穩定的市場狀況感到鼓舞。我們的市場業務持續改善。

Since Q1 of 2023, total custodial administration fees were up 53% in 2023 to $44 million from $28.7 million in 2022. Total custody accounts increased year over year to $2.1 million from $1.9 million. The growth in accounts came from our cash or capacity as a service business for just custodial. Cash balances totaled $505 million at the end of 2023, down from $635 million at the end of 2022. This was largely driven by cash sorting assets under custody ended 2023 up 5% year over year to $15.6 billion from $14.9 billion at the end of 2022.

自 2023 年第一季以來，託​​管管理費總額從 2022 年的 2,870 萬美元增加到 2023 年的 4,400 萬美元。託管帳戶總額從 190 萬美元年增至 210 萬美元。帳戶的成長來自我們的現金或託管服務業務的能力。截至 2023 年底，現金餘額總計 5.05 億美元，低於 2022 年底的 6.35 億美元。這主要是由於 2023 年底託管的現金分類資產年增 5%，從 2022 年底的 149 億美元增至 156 億美元。

As we've explained, throughout 2022 and 2023 higher interest rates resulted in higher cash administration fees. These fees have been the main driver to the growth in total custody revenues as we head into 2024, we expect to generate lower cash administration fees based on lower cash balances and lower interest rates, resulting in lower total custody revenue.

正如我們所解釋的，2022 年和 2023 年，利率上升導致現金管理費上漲。進入 2024 年，這些費用一直是託管總收入成長的主要驅動力，我們預計，由於現金餘額減少和利率降低，現金管理費將降低，導致託管總收入下降。

Full year net loss was $91.5 million in 2023, an improvement of 20.4 million from the net loss of one 11.9 million last year. Please note that 2022 included significant one-time transaction costs related to going public.

2023 年全年淨虧損為 9,150 萬美元，比去年的淨虧損 1,190 萬美元減少了 2,040 萬美元。請注意，2022 年包括與上市相關的大量一次性交易成本。

As disclosed in our investor supplemental and in the 10 K fiscal year 2023 adjusted EBITDA loss was 48.8 million compared to an adjusted EBITDA loss of $46.9 million in 2020 to forged capitalized software in the amount of $6.7 million in 2022, 2023 included a 2.2 million charge in connection with the previously mentioned legal matters during 2023, Forge continued to make key hires to drive our strategic initiatives, as described earlier by Kelly, while maintaining tight cost discipline, keeping total headcount flat and bringing down our total spend.

正如我們的投資者補充資料中所揭露的，2023 年10 K 財年調整後的EBITDA 損失為4,880 萬美元，而2020 年因偽造資本化軟體而導致的調整後EBITDA 損失為4,690 萬美元，2022 年的金額為670 萬美元，2023 年包括220 萬美元的費用就之前提到的2023 年法律事務而言，Forge 繼續聘請關鍵人員來推動我們的戰略舉措（如Kelly 之前所述），同時保持嚴格的成本控制、維持總員工人數不變並降低總支出。

Net cash used in operating activities was $41.5 million in the year, a $27.4 million improvement compared to net cash used in operating activities of $68.8 million in 2022, excluding $14 million in 2022, costs related to going public.

本年度經營活動使用的現金淨額為 4,150 萬美元，比 2022 年經營活動使用的現金淨額 6,880 萬美元增加了 2,740 萬美元，不包括 2022 年 1,400 萬美元的上市相關成本。

Significant cost saves were made across the board, including incentive compensation, company liability, insurance, marketing spend professional fees and real estate consolidation. Keep in mind for the timing of cash flows that Forge pays out annual corporate bonuses in the first quarter, our total headcount, including Forge Europe stayed relatively flat at 345 at the end of the year from 349 in 2022 for Europe continues to staff up with eight people at year end.

全面節省了大量成本，包括激勵薪酬、公司責任、保險、行銷支出、專業費用和房地產整合。請記住，Forge 在第一季支付年度企業獎金的現金流時間，我們的總員工人數（包括 Forge Europe）相對穩定，從 2022 年的 349 人到年底的 345 人，因為歐洲繼續配備員工年底有八個人。

We continue to be very disciplined about managing costs, and we have maintained our overall hiring freeze. From a housekeeping perspective, our weighted average basic number of shares used to compute net loss was $173 million shares. And our fully diluted outstanding share count as of December 31st, 2023 was $199 million shares.

我們在管理成本方面仍然非常嚴格，並且我們保持了整體招聘凍結。從內務管理的角度來看，我們用來計算淨虧損的加權平均基本股數為 1.73 億美元。截至 2023 年 12 月 31 日，我們完全稀釋的流通股數為 1.99 億美元。

For the first quarter of 2024. We estimate $180 million weighted average basic common shares for EPS modeling purposes, we are in a loss position. We continue to focus on managing our expenses while still investing in our top strategic priorities to continue to build and improve for just platform products and services the launch of forge Pro for Europe and the force private market index are just the most recent examples of our traction as the stewards of our shareholders' capital.

2024 年第一季。我們出於 EPS 建模目的估計加權平均基本普通股為 1.8 億美元，我們處於虧損狀態。我們繼續專注於管理我們的開支，同時仍然投資於我們的首要戰略重點，以繼續構建和改進平台產品和服務，為歐洲推出 Forge Pro 和 Force 私人市場指數只是我們吸引力的最新例子作為我們股東資本的管家。

We are committed to continuing to lower our overall cash burn in 2024 as we did in 2023 entering 2024, we see early signs that the private markets are starting to regain their footing, and we're feeling optimistic about our prospects for the year ahead.

我們致力於在2024 年繼續降低整體現金消耗，就像我們在2023 年所做的那樣，進入2024 年，我們看到了私人市場開始重新站穩腳跟的早期跡象，我們對未來一年的前景感到樂觀。

I'll hand it over to Kelly to further expand on this.

我將把它交給凱利來進一步擴展這一點。

Thanks, Mark. At the beginning of 2023, we've talked about how to put ourselves in a position to win in this market. Importantly, we focused on continuing to build the Ford's next-generation private market platform to drive the market's evolution and to expose more participants to the high quality data that will tie them to forge and more deeply engage them in this asset class.

謝謝，馬克。2023年初，我們討論瞭如何讓自己在這個市場上獲勝。重要的是，我們致力於繼續打造福特的下一代私人市場平台，以推動市場的發展，並使更多參與者接觸到高品質的數據，從而使他們更深入地參與這一資產類別。

We believe the forge Pro, which we announced to the public last week, represents a step change toward that goal is also forges definitive stake in the ground that we intend to win the institutional market and believe that with our tech, our data and our expertise, we are best positioned to do so.

我們相信，我們上週向公眾宣布的 Forge Pro 代表了朝著這一目標邁出的一步，也奠定了我們打算贏得機構市場的明確基礎，並相信憑藉我們的技術、數據和專業知識，我們最有能力這樣做。

We also made strategic moves to win on data and identify data quality as a key differentiator for us because of our commitment to building long-term company relationships. We match trades at a high rate, but we also closed more than 90% of matched trades in 2023. The scale and quality of our data is a key to this execution. And what became clear over the last year is that the more access people have to 4G data, the more likely they are to engage meaningfully in this emerging asset class.

由於我們致力於建立長期的公司關係，我們也採取了策略性舉措來贏得數據，並將數據品質視為我們的關鍵差異化因素。我們的撮合交易率很高，但我們也在 2023 年關閉了超過 90% 的撮合交易。我們資料的規模和品質是執行的關鍵。去年變得越來越明顯的是，人們獲得 4G 數據的機會越多，就越有可能有意義地參與這個新興資產類別。

So in 2023, we made changes to our data strategy aimed at maximizing adoption of an exposure to our data through our products and platform. These changes mean we are prioritizing data adoption over near term data revenue and creating stickier relationships with our customers that we believe will drive higher lifetime value reflecting this transition.

因此，在 2023 年，我們對數據策略進行了更改，旨在透過我們的產品和平台最大限度地利用我們的數據。這些變化意味著我們將數據採用置於近期數據收入之​​上，並與客戶建立更緊密的關係，我們相信這將推動更高的生命週期價值，反映這一轉變。

Total bookings in 2023 were 1.3 million, up slightly from 1.2 million in 2022. And we've seen positive signals to start the year in terms of an increased number of IS. from investors exposed to our pricing data to continue to expand our leadership position in the category, we made significant steps to invest in the right talent in 2023.

2023 年的總預訂量為 130 萬次，略高於 2022 年的 120 萬次。今年伊始，我們就看到了伊斯蘭國數量增加的正面訊號。由於投資者了解了我們的定價數據，為了繼續擴大我們在該類別中的領導地位，我們在 2023 年採取了重大舉措來投資合適的人才。

Through this acquisition of talent, we made scaled improvements to many functions including how we engage issuers and institutional customers and how quickly and effectively we bring new product innovations to market. And we continue to build out our Ford Europe team as we pursue the BaFin license in Germany.

透過這次人才收購，我們對許多職能進行了大規模改進，包括如何吸引發行人和機構客戶，以及如何快速有效地將新產品創新推向市場。我們在德國尋求 BaFin 許可的同時，也將繼續組建福特歐洲團隊。

While we had hoped for a more meaningful market recover in 2023, we believe we emerged a stronger, more efficient company and that the progress we made on technology data and category leadership will pay dividends this year.

雖然我們曾希望 2023 年市場會出現更有意義的復甦，但我們相信我們會成為一家更強大、更有效率的公司，而且我們在技術數據和品類領導地位方面取得的進步將在今年帶來紅利。

Today, we're also nearly one quarter through 2024, and I can tell you with confidence things are looking up, there are few signals that we are monitoring closely by sight indications of interest on our platform outweighed cell site indications of interest for the first time in two years in February, bid-ask spread has jumped around month to month as new issuers emerge and buyers reengage, but it settled down to under 11% in February.

今天，2024 年已經過去了近四分之一，我可以自信地告訴您，情況正在好轉，我們正在密切監測的信號很少，我們平台上的興趣跡象首次超過了蜂窩站點的興趣跡象2月份，隨著新發行人的出現和買家的重新參與，買賣價差逐月跳躍，但在2月穩定在11%以下。

And before the private market index turned positive year to date with a growing number of outperformers amongst our index names. Reading the headlines, there's growing optimism for our returning IPO market this year, whether or not the IPO pipeline opens up meaningfully from our view.

今年迄今為止，私募市場指數轉為正值，我們的指數名稱中表現優異的公司數量不斷增加。從頭條新聞來看，人們對今年回歸的 IPO 市場越來越樂觀，無論我們認為 IPO 管道的開放是否有意義。

There's an energy in this market that we haven't felt for a long time given what we're seeing in the market now momentum is building, and we're seeing increased buy-side activity and a growing pipeline. While I've warned that the recovery may not be linear or up into the right every quarter as the market comes out of this long winter. We're feeling optimistic about the spring.

鑑於我們在市場上看到的勢頭正在增強，我們已經很長時間沒有感受到這個市場的活力，我們看到買方活動的增加和管道的增加。儘管我已經警告過，隨著市場走出這個漫長的冬季，復甦可能不是線性的，也不是每季都會出現正確的復甦。我們對春天感到樂觀。

Thank you for joining us. We'll open it up for questions.

感謝您加入我們。我們將打開它供提問。

Thank you.

謝謝。

(Operator Instructions) And your first question comes from the line of Devin Ryan from Citizens JMP. Please go ahead.

（操作員說明）您的第一個問題來自 Citizens JMP 的 Devin Ryan。請繼續。

Hey, thanks.

嘿，謝謝。

Good afternoon, everyone. Thanks for taking the questions here. On your first one, just want to talk about the bid-ask spreads. And I tell you just made on the improvement you've seen there in kind of your sub 11% in February that's coming down from, I think, 15% at the end of the third quarter and going back to some of the data, you guys provided the medians been 11.6% from 2020 and then in some really strong periods in 2021, you were sub 5%. So just want to think about like what your 10.8% needs and indicates and like do we need to see further improvement to really see people reengaged, we need to get back down into that mid single digit range.

大家下午好。感謝您在這裡提出問題。關於您的第一個，只想談談買賣價差。我告訴你，你剛剛看到了 2 月份 11% 以下的改善，我認為，第三季末的 15% 下降了，回到一些數據，你夥計們提供的數據顯示，從2020 年開始，中位數為11.6%，而在2021 年的一些非常強勁的時期，這一數字低於5%。因此，只需考慮 10.8% 的需求和指示，以及我們是否需要看到進一步的改進才能真正看到人們重新參與，我們需要回到中間個位數範圍。

And then that's kind of part one of the question. The part two is, you know, it does take time to kind of rev the engine back up here, particularly given that it's been slow for the last two years. And so what does that lag look like in your guys' mind in terms of people reengaging And then from that period to actually get to a point where deals are closing and your revenues are coming in or maybe said a different way accelerating banks?

這就是問題的第一部分。第二部分是，你知道，確實需要時間來重新啟動引擎，特別是考慮到過去兩年進展緩慢。那麼，在人們重新參與方面，你們認為這種滯後是什麼樣的？然後從那個時期到真正達到交易完成和收入增加的地步，或者也許可以用不同的方式加速銀行的發展？

Yes. So I'll start with part one, and I'll let Mark take part two. And we've been talking about bid-ask spreads for for two years. And I think it's interesting.

是的。所以我將從第一部分開始，然後讓馬克參與第二部分。兩年來我們一直在討論買賣價差。我認為這很有趣。

Your question refers to what the spreads look like in 2021, which was Uhm-hmm, which is really an extraordinary moment in the market. When I look back on the data, I'd say in the sort of zone of nine to 11, the market starts to feel normal again. And when I say normal, that you've got a reasonable range. We're trading, it can happen and buyers and sellers can meet. And this is true by looking back at the 2020 bid-ask spreads. So I'd say the second question is probably have more of a forward-looking view about how quickly revenue will accelerate. And I'll let I'll let Mark take it.

你的問題是指2021年的利差是什麼樣的，嗯嗯，這確實是市場上一個非凡的時刻。當我回顧數據時，我想說在九點到十一點的區域，市場開始再次恢復正常。當我說正常時，你有一個合理的範圍。我們正在交易，這可能會發生，買家和賣家可以見面。回顧 2020 年的買賣價差，確實如此。所以我想說，第二個問題可能是對收入加速成長的速度有更多的前瞻性看法。我會讓我讓馬克接受它。

I just I just want to point out that in the zone that we're in right now. This is what we feel starts to look like a more healthy market than we've seen in the last two years. So we're pretty we're pretty excited about that.

我只是想指出我們現在所處的區域。我們覺得這開始看起來比過去兩年更健康的市場。所以我們對此感到非常興奮。

Yes, Devin, thanks for the question. So let me give you a little bit of kind of a lengthy response. I mean, as you point out, we had seen kind of the spreads fluctuating between 5% and 10% even going back to 2020. And so I think it's sort of fair to say, obviously, the tighter the spreads, the better. But I think we feel pretty good about kind of where the spreads are now and our ability to increase volume and flow with spreads kind of where they are today and the direction that they're heading in.

是的，德文，謝謝你的提問。因此，讓我給您一個冗長的答案。我的意思是，正如您所指出的，我們已經看到利差在 5% 到 10% 之間波動，甚至可以追溯到 2020 年。所以我認為可以公平地說，顯然利差越窄越好。但我認為，我們對目前的價差狀況以及我們透過價差增加成交量和流量的能力以及它們的發展方向感到非常滿意。

I mean, the way I would broaden the answer is I mean, we share with you two leading indicators, bid bids and offers. And as Kelly indicated, we saw the bids outnumber the offers in the more recent period of 52% of our eyes, you know, now bids versus offers and that's a big change kind of from where we were. You remember two thirds sellers and one-third buyers. You know, during the last two years, I think the other the two leading indicators, therefore, are kind of bid offers and spread. But we also provide you guys a lagging indicators, the valuation and of these private companies, and we're seeing improvement there, right.

我的意思是，我擴大答案的方式是，我們與您分享兩個領先指標：出價和出價。正如凱利所指出的，我們看到最近一段時間的出價超過了報價，有 52% 的人認為，現在是出價與報價，這與我們之前的情況相比是一個很大的變化。您記得三分之二的賣家和三分之一的買家。你知道，在過去的兩年裡，我認為另外兩個領先指標是出價和價差。但我們也為你們提供了這些私人公司的估值和滯後指標，我們看到了那裡的改善，對吧。

And so these come from our PMU and our forge investment outlook. But we're seeing the median valuation of the companies that we're trading. It traded at 50% discount to their last round. But on the high end, these numbers are getting better. The top decile are trading at a 75% premium to the last round, whereas the bottom decile are trading at a 77% discount to the last round. But all those numbers on our ROE improvement over what we've seen before.

這些來自我們的 PMU 和我們的鍛造投資前景。但我們看到的是我們正在交易的公司的估值中位數。它的交易價格比上一輪有 50% 的折扣。但在高端市場，這些數字正在變得更好。前十分之一的交易價格較上一輪溢價 75%，而後十分之一的交易價格較上一輪折扣 77%。但我們的淨資產回報率的所有這些數字都比我們之前看到的有所改善。

And then if you kind of go online and look at forge.com and you track the forge private market index performance. You can see as Kelly referred, we are index turned positive in 2024. So our index is now up 4% year to date through 2024. And that's a big change, right? If you recall, in 2023, the 40 private American Index was down 20% in contrast to how well the public markets performed.

然後，如果您上網查看 forge.com，您就會追蹤 Forge 私人市場指數的表現。您可以看到，正如凱利所提到的，我們的指數將在 2024 年轉正。因此，截至 2024 年，我們的指數今年迄今已上漲 4%。這是一個很大的變化，對吧？如果你還記得，2023 年，與公開市場的表現相比，40 種美國私人指數下跌了 20%。

So we still think this gap between private company valuations and public company valuations is another reason feel good that perhaps in fact, this could turn out to be a very strong vintage year from a investing and private company in our perspective. And we think all of that together kind of forms the foundation for how we're feeling about the market going forward.

因此，我們仍然認為私人公司估值和上市公司估值之間的差距是感覺良好的另一個原因，也許事實上，從我們的角度來看，從投資和私人公司的角度來看，今年可能會成為非常強勁的年份。我們認為所有這些共同構成了我們對未來市場的看法的基礎。

Got it. Okay. Thank you, guys so much for the detailed answer there. Great color. Just a quick follow-up.

知道了。好的。非常感謝你們的詳細回答。顏色很棒。只是快速跟進。

I guess probably quick. So great to see the continued rollout of some of these new offerings. The recent announcement around Ford Pro love to just drill down a little bit into that specifically and just kind of think about how that's going to be marketed? And is that something that's going to come with the data subscription or it's intertwined with that to their kind cross opportunities there? And then is this something that's going to be a direct monetization opportunities? Or is this more just around growing the pie, the differentiation of the platform and creating a better experience to drive more growth and activity? I'm just trying to think about what this means for you guys. Thanks.

我想可能很快。很高興看到其中一些新產品的持續推出。最近關於福特 Pro 的公告喜歡深入研究這一點，並思考一下它將如何行銷？這是數據訂閱帶來的東西，還是與他們的交叉機會交織在一起的東西？那麼這會是直接貨幣化的機會嗎？或者這更只是為了做大蛋糕、實現平台的差異化並創造更好的體驗來推動更多的成長和活動？我只是想想想這對你們意味著什麼。謝謝。

Yes, look, it's a pretty big deal for us and clearly, we have been working on it for a while.

是的，看，這對我們來說是一件大事，顯然，我們已經為此努力了一段時間。

Mark, I'll give a little bit of color on on sort of traction so far. I guess when we look at our business model, and I've been talking about subscription base or data driven revenues for a few years. This really represents a combination of two really powerful things.

馬克，我將對到目前為止的牽引力進行一些說明。我想當我們審視我們的商業模式時，幾年來我一直在談論訂閱基礎或數據驅動的收入。這確實代表了兩個非常強大的東西的結合。

First of all, we talked about the quality of data and the fact that we run a platform where we can verify the quality of IO wise and obviously substantiate pricing through the platform. But when you combine that data with some of the automated trading capabilities and access to our global interest book, which we've not opened up for anyone else up to this point, this is a pretty major moment.

首先，我們討論了數據的質量以及我們運行一個平台的事實，我們可以在其中驗證 IO 的質量，並通過該平台顯然證實定價。但是，當您將這些數據與一些自動交易功能以及對我們的全球興趣簿的訪問結合起來時（到目前為止我們尚未向其他任何人開放），這是一個非常重要的時刻。

Now we see this continuing along the path of a subscription-based model.

現在我們看到這種情況繼續沿著基於訂閱的模式發展。

So think of it as another dimension of how we sell our recurring revenue data product. But it's really targeting institutions that trade.

因此，請將其視為我們如何銷售經常性收入資料產品的另一個維度。但它實際上是針對交易機構的。

So the combination of the global order book and that data quality, we think is the game changer for us. It's still early days. I'll let Mark speak to sort of where we are, but we're pretty we're pretty excited about this. And obviously, my points earlier about the relationship between data and trading. We see and have a belief that that benefits forge in that sort of network effect.

因此，我們認為全球訂單簿和數據品質的結合對我們來說是遊戲規則的改變者。現在還為時過早。我會讓馬克談談我們的處境，但我們對此感到非常興奮。顯然，我之前關於數據和交易之間關係的觀點。我們看到並相信這種網路效應會帶來好處。

But Mark, I'll let you take it from there.

但是馬克，我會讓你從那裡拿走它。

Yes, let me let me expand a little bit on that. So I mean, we all know when we rolled out four and forge intelligence, people could see trading data, our order book, VW, a waterfall models, mutual fund data, pharma graphic inflammation. So that was kind of a version one data will now be talked about forge Pro. Really, we really think this is important because it's our first step towards order and execution management technology and capabilities for our institutional trading customers. It specifically gives our customers the ability to input their eyes with full visibility to live real time and visibility to our global global order book. And so they can put in their orders, they can track the order status.

是的，讓我對此進行一些擴展。所以我的意思是，我們都知道，當我們推出四項並打造智慧時，人們可以看到交易數據、我們的訂單簿、大眾汽車、瀑布模型、共同基金數據、製藥圖形發炎。這就是現在將討論 Forge Pro 的版本一數據。確實，我們確實認為這很重要，因為這是我們為機構交易客戶提供訂單和執行管理技術和功能的第一步。它特別使我們的客戶能夠全面了解即時情況以及我們全球訂單簿的情況。這樣他們就可以下訂單，他們可以追蹤訂單狀態。

You know, it gives them full depth of market in an institutional style view. So we really think that this is kind of the first step of really improving the and customer experience and the automation of the entire process.

你知道，它從機構風格的角度為他們提供了完整的市場深度。因此，我們確實認為這是真正改善客戶體驗以及整個流程自動化的第一步。

I think we've also talked about this that that as we see the evolution for our data business, we really break it down into kind of three distinct segments where you have our institutional trading clients where we are looking to bundle our training and data services, Tom add so so that they can take advantage of kind of the full basket of them.

我想我們也討論過這一點，當我們看到數據業務的發展時，我們實際上將其分為三個不同的部分，其中有我們的機構交易客戶，我們希望將我們的培訓和數據服務捆綁在一起，湯姆補充說，這樣他們就可以充分利用他們的整個籃子。

The information and the services that we can provide provide number to those that are not trading clients. We see a business where we're getting subscriptions to forge intelligence.

我們可以向非交易客戶提供的資訊和服務。我們看到一家公司透過訂閱來偽造情報。

And then number three, you've heard us talk about this a lot drive data, right? And referring specifically to our index products and forge price. And that, of course, we think there's a lot of opportunity. We've talked about the forge private market index now the investable index. So you think about our data world in those three different categories.

第三，您已經聽我們談論過很多驅動器數據了，對吧？並具體指我們的指數產品和鍛造價格。當然，我們認為有很多機會。我們已經討論了鍛造私人市場指數，現在是可投資指數。所以你可以從這三個不同的類別來思考我們的資料世界。

That's great. Okay. I'll leave it there. Thank you, guys.

那太棒了。好的。我會把它留在那裡。感謝你們。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, hi, guys. Good evening. So yes, I would looking back a few years now when you went public. I think one of the things that you had identified was that the TAM, I think in 2021 was around $3 billion. You thought that could grow to around 8 billion by by 2026.

是的，嗨，夥計們。晚安.所以，是的，當你上市時，我會回顧幾年前的情況。我認為您已經確定的一件事是 TAM，我認為 2021 年約為 30 億美元。您認為到 2026 年這個數字可能會成長到 80 億左右。

So I mean, obviously, we've hit a little bit of a cyclical downturn here. But just wondering if you still think that if we do get it taking the market, do you still think 8 billion is kind of a reasonable plan for 2026? And if so, what are maybe some of the things that we've seen since And 2021, that would kind of indicate that we could see that kind of spring-loaded acceleration.

所以我的意思是，顯然我們已經遇到了一點週期性衰退。但我想知道您是否仍然認為，如果我們確實佔領了市場，您是否仍然認為 2026 年 80 億美元是一個合理的計劃？如果是這樣，那麼自 2021 年以來我們所看到的一些事情可能表明我們可以看到這種彈簧加載的加速。

Yes. Hey, Patrick, this is Mark. Yes, so I think that we'll have to probably come back and refresh kind of our TAM with you more directly. But he said, here's how I think we think about it right back in 2021, we looked at roughly 1,200 private companies across Canada across the world with maybe a four, $4 trillion market cap.

是的。嘿，派崔克，這是馬克。是的，所以我認為我們可能必須回來並更直接地與您更新我們的 TAM。但他說，我認為我們在 2021 年是這樣考慮的，我們研究了加拿大各地大約 1,200 家私人公司，市值可能達到 4、4 兆美元。

And I think at this point now you look at kind of what's happened since 2021. There's there's it's just still roughly that number of unicorns. Obviously, the market cap of these unicorns have had hit a snag in the last two years. And so but we still fundamentally believe that in the long run, it's that these are again, I mean, our whole thesis, right?

我認為現在你可以看看 2021 年以來發生的事情。那裡的獨角獸數量大約仍然是這個數量。顯然，這些獨角獸的市值在過去兩年遇到了障礙。所以，但我們仍然從根本上相信，從長遠來看，我的意思是，這些又是我們的整篇論文，對吧？

These are the most innovative companies in the world. We continue to see new unicorns emerge globally, right? We're seeing a lot of activity in Ford, Europe and in Asia. And so I think I think our thesis remains the same and our TAM.

這些是世界上最具創新力的公司。我們繼續看到新的獨角獸在全球湧現，對吧？我們看到福特在歐洲和亞洲開展了大量活動。所以我認為我們的論點和我們的 TAM 保持不變。

We have an updated number that we've dropped that 8 billion down to 7 billion. I think based on the kind of the most recent information, but I think our fundamental thesis remains the same. You know, as we talked about back in 2021 on the anything you want to add to that, Kelly?

我們有一個更新的數字，我們已將 80 億減少到 70 億。我認為基於最新的信息，但我認為我們的基本論點保持不變。你知道，正如我們在 2021 年討論的那樣，你想補充什麼，凱利？

No, no. I think there's still some very large macro trends that will continue to make it attractive for companies around the world to stay private longer. And we see that emerging with Navy four or five year lag in Europe. But we see this trend remaining obviously for in a bit of a cycle turn now.

不，不。我認為仍然有一些非常大的宏觀趨勢將繼續吸引世界各地的公司保持更長時間的私有化。我們看到，歐洲海軍的出現落後了四、五年。但我們看到這種趨勢在一個週期的轉變中仍然明顯存在。

And we've believed for a while that the longer-term opportunities there and we felt making the investments while others couldn't makes this a pretty important time. So we're really proud looking back on what we've built in 22 and 23 to come out of this with the right kind of tech and the right kind of reputation and data. So we're excited.

一段時間以來，我們一直相信那裡存在長期機會，我們覺得在其他人無法做到的情況下進行投資使這成為一個非常重要的時刻。因此，回顧我們在 22 和 23 中所建立的東西，我們非常自豪，我們以正確的技術、正確的聲譽和數據走出了困境。所以我們很興奮。

Patrick, the one thing I think I would add is I think the difficulty of the last two years, which are affected, really everybody in this space, I think disproportionately affected our competitors. So oddly enough, I actually think that we come out going into 2024 in almost a stronger competitive position relative to the other players in this space.

派崔克，我想我要補充的一件事是，我認為過去兩年的困難受到了影響，實際上這個領域的每個人都受到了影響，我認為這對我們的競爭對手產生了不成比例的影響。奇怪的是，我實際上認為，進入 2024 年，相對於該領域的其他參與者，我們的競爭地位幾乎更強。

We still believe fundamentally there is going to be consolidation. And especially after the experience of the last two years, we're convinced that will happen and you'll start to see that and you'll start to see we've always believed that this is a business for which you'll eventually see, you know, a few major players. And I think I think the last two years is kind of increased our conviction in that belief.

我們仍然相信從根本上將會出現整合。尤其是在經歷了過去兩年的經驗之後，我們確信這將會發生，你會開始看到這一點，你會開始看到我們一直相信這是一個你最終會看到的業務，你知道，有幾個主要參與者。我認為過去兩年增強了我們對這一信念的信念。

All right. Great. Great color. And maybe just a follow-up. If we think about expenses, you did a good job keeping the head count flat in 2023. I think I heard Mark say that you were expecting to kind of keep keep that hiring freeze in effect, but you maybe indicated that you could look to hire more people in Europe.

好的。偉大的。顏色很棒。也許只是後續行動。如果考慮到支出，你們在 2023 年保持員工人數持平方面做得很好。我想我聽到馬克說你希望繼續保持招聘凍結的效果，但你可能表示你可以考慮在歐洲僱用更多的人。

So can you just maybe talk about what you expect the headcount growth to look like in 2024? And then maybe what that looks like in Europe versus versus the US business?

那麼您能否談談您對 2024 年員工人數成長的預期？那麼，歐洲企業與美國企業的情況可能會是什麼樣子呢？

Yes, Patrick, we as I said, I mean, we're still maintaining flat headcount. And in fact, the numbers that I shared, we basically funded our headcount growth in Europe which went from two people at the end of 23 to eight people at the end of sorry, two people at the end of 22 to eight people at the end of 23 and continuing to grow and invest in Europe, we basically managed to keep our total head count flat while continuing to invest in Europe.

是的，派崔克，正如我所說，我的意思是，我們仍然保持固定的員工人數。事實上，我分享的數字，我們基本上為歐洲的員工人數增長提供了資金，從 23 年底的兩人增加到最後的 8 人，抱歉，22 年底的兩人到最後的 8 人我們擁有23 名員工，並繼續在歐洲發展和投資，我們在繼續投資歐洲的同時基本上設法保持總員工人數持平。

And so that's our view still, right. I mean, as you can tell from a lot of the commentary, we do think that 2024 is a very different year as we start off the year with no rate cuts are coming right. We can see that glimmer of IPOs starting to come back to the market. Obviously, the kind of recent experience with Estorra and read it, and we're very positive for the market.

這仍然是我們的觀點，對吧。我的意思是，正如你從許多評論中可以看出的那樣，我們確實認為 2024 年是非常不同的一年，因為我們在新年伊始並沒有降息的跡象。我們可以看到 IPO 的曙光開始重返市場。顯然，最近對 Estorra 的體驗和閱讀，我們對市場非常樂觀。

Other big names being talked about rubric, Stripe, Plaid, Fanatics, way Star. I mean, it sounds like people are starting to feel good about IPOs maybe in the second half of 2024.

其他大牌被談論的紅字形、條紋、格子、狂熱者、方式明星。我的意思是，聽起來人們可能開始對 2024 年下半年的 IPO 感覺良好。

So I do think that I do think that kind of IPOs coming back to great reset of private companies, raising capital even when they're having to take a down round, I think that pace is expanding and I think all of those things will help. So our focus is on continuing to manage that balance.

所以我確實認為，我確實認為這種首次公開募股將回歸私人公司的重大重置，即使他們不得不進行一輪下行融資也能籌集資金，我認為這種步伐正在擴大，我認為所有這些事情都會有所幫助。因此，我們的重點是繼續保持這種平衡。

It's between investing in our business as we've been doing rolling out new products while keeping our costs very lean and to really reduce our burn through top line growth All right.

這是在投資我們的業務（因為我們一直在推出新產品，同時保持成本非常精簡）和真正減少我們透過營收成長而消耗的資金之間的關係。

Thanks so much, guys.

非常感謝，夥計們。

Alex Kramm, UBS Financial.

亞歷克斯·克拉姆（Alex Kramm），瑞銀金融集團。

Yes, hi. Good evening, everyone. Um, maybe following up on a couple of the things I've already discussed. Just hoping that we can be a little bit more specific. I mean, on the on the trading side, I mean, you gave a lot of good color on what you see in terms of IOIs and spreads, et cetera, but look where like two more days in the quarter.

是的，嗨。各位晚上好。嗯，也許是我已經討論過的一些事情的後續。只是希望我們能更具體一點。我的意思是，在交易方面，您在 IOI 和利差等方面給出了很多很好的說明，但看起來本季還有兩天。

So hoping maybe you can be a little bit more specific in terms of the volumes that you're seeing. If you don't want to give exact numbers, maybe at least directionally or directionally with some magnitude of how we're trending so far in the first quarter? I mean, again, the quarter is almost over. Thank you.

因此，希望您能更具體地說明您所看到的數量。如果您不想給出確切的數字，也許至少是方向性的或方向性的，與我們第一季迄今為止的趨勢有一定程度的關係？我的意思是，本季即將結束。謝謝。

Yes.

是的。

So Alex, it's Kelly. I think we we've we've made the decision to stay away from from providing detailed color. And I was pretty deliberate in some of the terms that I used there, which is we are seeing the market improve and we are seeing an indication that while we've benefited in some ways from the interest rate environment around our custody business, we're starting to see a shift.

亞歷克斯，是凱利。我認為我們已經決定不再提供詳細的顏色。我在那裡使用的一些術語是經過深思熟慮的，那就是我們看到市場正在改善，我們看到有跡象表明，雖然我們在某些​​方面從託管業務的利率環境中受益，但我們開始看到轉變。

You could see it in the Q4 numbers regarding the growth in volume that we saw in Q4, and we see that trend continuing in 2024 around what Mark described as the Marketplace business. I think the only caution that I that I want to reiterate is that there is a certain level of quarter-over-quarter variability in terms of how the market works between the end of the year and the first part of the next year, I'd say we're very confident in the pipeline and the pipeline has improved.

您可以在第四季度的數據中看到我們在第四季度看到的交易量增長，並且我們看到這種趨勢在 2024 年將繼續圍繞 Mark 所描述的市場業務。我認為我想重申的唯一警告是，從今年年底到明年上半年，市場的運作方式存在一定程度的季度環比變化，我'我想說我們對管道非常有信心並且管道已經得到改善。

And I think we'd rather not I'll talk about where we're going to be a key one. I have in the past quarters, talked about being at or above in the successive quarters as we move through time. And I'd say I'll leave it that we're optimistic in the pipeline and continued recovery.

我認為我們寧願不談論我們將在哪裡成為關鍵。在過去的幾個季度中，我曾談到隨著時間的推移，連續幾個季度的業績將達到或高於這一水平。我想說的是，我們對管道和持續復甦持樂觀態度。

But and it's clear to us that it continues to recover at a point where we can't commit to every quarter being up into the right from the previous one payout, Alex, and I would add that them as you're tracking a lot of these other leading indicators in the PMU. and the FAO that as you know, from our prior conversations, there's improvement in sentiment and in these indicators, but there's always a lag between the time that people start to know and regain their confidence to invest in the time it takes to settle and close transactions, right?

但是，我們很清楚，它會繼續恢復，但我們無法承諾每個季度都從上一次支出中恢復過來，亞歷克斯，我想補充一點，因為您正在追蹤許多PMU 中的這些其他領先指標。糧農組織，如您所知，從我們先前的對話來看，情緒和這些指標都有所改善，但人們開始了解並恢復投資信心的時間與解決和關閉所需的時間之間始終存在滯後交易，對嗎？

That's the 30 to 45 day window typically in the private markets. And so on the end, there's always generally a big push at year end. A lot of institutions want to kind of get certain trades in before the end of the year. And so that always happens every year where Q4 there's a big push and then you start off the year fresh. So I think that's yes, I think I think I would leave it at that.

私募市場通常有 30 至 45 天的窗口期。所以最後，年底通常都會有很大的推動。許多機構希望在年底前完成某些交易。因此，每年都會發生這種情況，第四季會有很大的推動，然後你就可以重新開始新的一年。所以我認為是的，我想我就這樣吧。

No, very, very clear. Thanks. Thanks for that color. And then again, sorry to be numbers focused here, but I question around expenses. Maybe you can be a little bit more specific as well. I mean, I hear you and head count flat and that's great. When I look at I mean, it's great from expense control. Hopefully you're still investing enough but in terms of the expense growth and in total, I mean, it's been basically flat. The way I look at it is basically revenue minus adjusted EBITDA, which I think was one, 18 and 2023 and was basically flat for the last three years.

不，非常非常清楚。謝謝。謝謝那個顏色。再說一遍，很抱歉這裡只關注數字，但我對費用有疑問。也許你也可以更具體一點。我的意思是，我聽到了你的聲音，人數統計持平，這太好了。當我看到時，我的意思是，費用控制非常棒。希望你仍然有足夠的投資，但就費用增長和總體而言，我的意思是，它基本上持平。我的看法基本上是收入減去調整後的 EBITDA，我認為是 1、18 和 2023 年，過去三年基本上持平。

So look, there's an inflationary environment. There's other costs that you have. Would you think in dollar terms you do you want to keep the expenses flat as well? Or is there actually a scenario where things improve that and overall expenses start ramping up a little bit? So just in terms of the expectations we should be having initially here? Thanks.

所以看，這是通貨膨脹的環境。您還有其他費用。您認為以美元計算，您是否也希望保持支出不變？或者實際上是否存在一種情況，情況有所改善並且總體費用開始略有增加？那麼就我們最初應該有的期望而言？謝謝。

Yes, Alex. Look, I think I think the what's what's what I'll make very clear, well, let me back up when we talk about adjusted EBITDA year to year, we were very specific to identify that when you look and compare our adjusted EBITDA year to year, just please consider that we did capitalized software in 2022, and we have have had legal expenses associated with 2023.

是的，亞歷克斯。聽著，我想我認為我會說得很清楚，好吧，當我們談論逐年調整後的EBITDA 時，讓我支持一下，當您查看並比較我們的調整後EBITDA 年份時，我們非常具體地確定這一點。今年，請考慮我們在 2022 年開發了資本化軟體，並且我們有與 2023 年相關的法律費用。

And so we called those out specifically. So you can kind of get a better idea of how to look and gauge, as you know, on an apples to apples basis, by the way, the way we we think about it, we're very clear that we are committed to and our investors it to our shareholders to our Board that we are going to be reducing burn year over year, right?

所以我們特別指出了這些。所以你可以更好地了解如何看待和衡量，正如你所知，在同類的基礎上，順便說一句，我們思考它的方式，我們非常清楚我們致力於和我們的投資者向股東和董事會表示，我們將逐年減少燒錢，對嗎？

And we look at it as trying to manage our costs while while growing the top line, right and taking that revenue growth while continuing to invest but reducing burn. So that's how we're thinking about the world right now.

我們將其視為在努力管理成本的同時增加收入，在繼續投資但減少燒錢的同時實現收入成長。這就是我們現在思考世界的方式。

I mean, we've pointed out historically that this has always been a company that we've operated to be roughly breakeven, right kind of operating in the last two years. Of deficit is not kind of in our DNA in terms of how we think about managing this company.

我的意思是，我們從歷史上就指出，這一直是一家我們在過去兩年中大致實現盈虧平衡、正確營運的公司。就我們管理這家公司的方式而言，赤字並不存在於我們的基因中。

So one of our top priorities really is to get that number down to kind of where we've been in the past. And but but at the same time, continuing to do that to gain traction on all the announcements that we've talked about in the last several years rate has been that delicate balancing act.

因此，我們的首要任務之一確實是將這個數字降低到我們過去的水平。但同時，繼續這樣做以吸引我們在過去幾年中討論過的所有公告，這是一種微妙的平衡行為。

You have remained a little sluggish.

你還是有點遲鈍。

So I want to make sure you hear this though. We we are we are looking at our path to profitability. Now we understand that as a public company that there's an expectation, but we're not going to we're not going to burn forever and our commitment two years ago was to systematically reduce burden each year. And I'd say, as we get through part of 2024, we're going to look at this and we're going to obviously be looking at what are the other scale drivers beyond just our organic growth and cost controls.

所以我想確保你聽到這個。我們正在尋找獲利之路。現在我們明白，作為一家上市公司，我們有一個期望，但我們不會永遠燃燒，我們兩年前的承諾是每年系統性地減輕負擔。我想說，當我們度過 2024 年的一部分時，我們將審視這一點，並且顯然我們將審視除了我們的有機增長和成本控制之外的其他規模驅動因素。

One of the reasons we went public was to use our currency to consolidate other interesting, some players in the market. We view 2024 and the continued improvement and opportunity for us to look at other inorganic ways to get additional scale. And that's part of the calculus for how we see our path to profitability, including organic growth and these cost controls.

我們上市的原因之一是使用我們的貨幣來整合市場上其他有趣的參與者。我們展望 2024 年，以及持續的改進和機會，讓我們可以考慮其他無機方法來擴大規模。這是我們如何看待獲利之路的計算的一部分，包括有機成長和這些成本控制。

But under all circumstances, we're reducing burn in 2024. I want to make that really clear with Mark on this.

但無論如何，我們都會在 2024 年減少燃燒。我想向馬克明確說明這一點。

So clear. Thanks, guys.

十分清晰。多謝你們。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good evening. Thank you for taking my question. So a follow-up question related to the outlook and new products. How should investors think about or even model out the revenue impact from some of the initiatives by Ford Pro forge new world and forge intelligence in 2024? And is there any way you can help us get our arms around these numbers? Thanks a lot.

晚安.感謝您回答我的問題。這是一個與前景和新產品相關的後續問題。投資人該如何思考甚至模擬福特 Pro 在 2024 年打造新世界和打造智慧的一些舉措對收入的影響？您有什麼辦法可以幫助我們掌握這些數字嗎？多謝。

Yes, let me let me start with just a couple of broad base points from. We've just started our initial trades in Europe. Mark will talk a little bit more about some of the some of the specific modeling guidance.

是的，讓我從幾個廣泛的基本點開始。我們剛開始在歐洲的初步交易。Mark 會多講一些具體的建模指導的一些內容。

And I'd say you should think of forge Pro, as I said earlier, as a subscription product that's meant to be driving revenue that would be in our marketplace revenue line as subscription with subscription revenue, but also as a bundling component with our with transactional revenue. And we think that it's an evolution of the market as we see it.

我想說，正如我之前所說，您應該將Forge Pro 視為一種訂閱產品，它旨在推動我們的市場收入線中的收入，作為訂閱與訂閱收入的訂閱，但也作為與我們的訂閱的捆綁組件交易收入。我們認為，正如我們所見，這是市場的演變。

And then I say, Mark, you can you can jump in and talk a little bit more about any of the other new products ranging from the index and the investable index as we see it and how it's contribution, it should be considered as well.

然後我說，馬克，你可以介入並多談談我們所看到的指數和可投資指數等其他新產品以及它的貢獻，也應該考慮它。

Yes, nd so silicon, Porsche Pro, as you know, kind of Kellie has described and I mentioned earlier, I mean, we see it as a product where where the trading capability state of the art trading capability combined with data, you know, is you know, kind of completes and creates this this experience for our customers, which will be superior to anything else kind of out there in the market and that the way we'll roll out the product, the way we price the product, it will be, you know, done as a as a bundled product.

是的，所以矽，保時捷Pro，正如你所知，凱利已經描述過，我之前提到過，我的意思是，我們將其視為一種產品，其中最先進的交易能力與數據相結合，你知道，你知道嗎，為我們的客戶完成並創造了這種體驗，這將優於市場上的任何其他體驗，我們推出產品的方式，我們為產品定價的方式，它您知道，將作為捆綁產品完成。

And one of the things we've mentioned in the past is that when we first rolled out 4G intelligence and we measure this some time ago that we saw an uptick right in our customers' engagement with forge from a trading perspective, right.

我們過去提到的一件事是，當我們第一次推出 4G 智慧時，我們前段時間對此進行了測量，從交易角度來看，我們看到客戶與 Forge 的互動有所增加，對吧。

And so I actually think that beyond the subscription revenue that we're talking about for the data product itself, a lot of the upside right, is in creating that stickier relationship that with the with our institutional customers. And that will result in higher revenues, not just through subscription revenues, but higher trading revenues as well.

因此，我實際上認為，除了我們正在談論的數據產品本身的訂閱收入之外，許多好處在於與我們的機構客戶建立更緊密的關係。這將帶來更高的收入，不僅是透過訂閱收入，還包括更高的交易收入。

So with Ford Europe, I mean, we're really excited about about the opportunity there. I mean, the team is growing. As Kelly said, we've started to do some trades. We have the ability to trade as a tied agent through registered entities in each jurisdiction as we await approval by BaFin. But the team is out there talking to private companies, they're talking to institutional investors, right?

因此，對於福特歐洲，我的意思是，我們對那裡的機會感到非常興奮。我的意思是，團隊正在成長。正如凱利所說，我們已經開始進行一些交易。在等待 BaFin 批准期間，我們有能力透過每個司法管轄區的註冊實體作為綁定代理進行交易。但該團隊正在與私人公司交談，他們正在與機構投資者交談，對嗎？

We're getting indications of interest. And we just think it's an incredible opportunity where there's we don't really have and have competitors to speak up on the ground, but it will take time, right. I think that as you model it, you have to kind of build it out over time?

我們收到了興趣的跡象。我們只是認為這是一個令人難以置信的機會，我們並沒有真正的競爭對手可以在現場發聲，但這需要時間，對吧。我認為當你建模時，你必須隨著時間的推移來建立它？

I think ultimately, right. We talked about cross-border flows across Europe, Asia and the U.S., but but it's going to take time to mature and evolve. I think the other thing we wanted to mention is and the forge private market index. So as we have announced, we've created a partnership with liquidity and the liquidity mega corn fund, we'll start to track the forge liquidity private market index on April the first. So as we said earlier, this will be an investable index.

我想最終是對的。我們討論了歐洲、亞洲和美國的跨境流動，但它需要時間才能成熟和發展。我想我們想提的另一件事是偽造私人市場指數。正如我們所宣布的，我們已經與流動性和流動性大型玉米基金建立了合作夥伴關係，我們將於 4 月 1 日開始追蹤 Forge 流動性私人市場指數。正如我們之前所說，這將是一個可投資的指數。

We're really excited about it. Again. It's something that we think will take time, but to have a but to have to give investors the opportunity to invest in the private markets in a passive manner, right, complementary to active investing in private markets. I think we think it's a game changer in the long run, but again, will take will take time to mature and build and build scale. But but that's something that we feel I'm very excited about as well.

我們對此感到非常興奮。再次。我們認為這需要時間，但必須為投資者提供以被動方式投資私募市場的機會，對吧，作為私募市場主動投資的補充。我認為從長遠來看，我們認為這會改變遊戲規則，但同樣需要時間來成熟、建立和擴大規模。但這也是我們感到非常興奮的事情。

Got it.

知道了。

And then just a quick follow-up. Housekeeping question could you please add more color on the 2.5 million increase in the accrued legal expenses related to a settlement? And also I also saw another CAD3.8 million loss related to change in fair value of your bond warrant liabilities. I just want to make sure I understand these numbers correctly. So I assume they are nonrecurring in nature or is there anything we should be aware of?

然後進行快速跟進。內務管理問題 您能否對和解相關的應計法律費用增加 250 萬美元提供更多說明？我還看到另外 380 萬加元的損失與您的債券認股權證負債的公允價值變動有關。我只是想確保我正確理解這些數字。所以我認為它們本質上是不會重複出現的，或者有什麼我們應該注意的嗎？

Thanks.

謝謝。

Yes, Owen, I think there's a fair amount of information about this in the 10 K as we have talked about, we have provided information. We did have we did have warrants private warrants kind of as we went public. We did have legacy warrants and the lawsuit and revolve around around those.

是的，歐文，我認為正如我們所討論的，我們已經提供了 10 K 中有關此的大量資訊。當我們上市時，我們確實擁有私人認股權證。我們確實有遺留的搜查令和訴訟，並圍繞著這些。

Those private warrants. We've mentioned in prior calls that, you know, a lot of this is non-cash and yet it's an expense as a legal settlement and a cost you have to include in G&A in your adjusted EBITDA.

那些私人認股權證。我們在之前的電話中提到過，您知道，其中許多都是非現金，但作為法律和解，這是一項費用，您必須將其納入調整後 EBITDA 的一般管理費用中。

So I think there's a it is a one-time related to that particular matters, a one-time kind of related to the acquisition of shares, both back in 2020. I mean the warrant mark-to-market in general, obviously, which was a pretty significant number this quarter. I mean, it's related to the increased value of these warrants based on the stock price. And as you recall, I mean, the stock price, you know, got up into the threes and even approached $4 at the end of the year. And so a lot of that mark-to-market is driven by the increase in the stock price back at the end of the year.

因此，我認為這是與特定事項相關的一次性事件，與股票收購相關的一次性事件，都是在 2020 年發生的。我的意思是權證按市值計價，顯然，本季這是一個相當大的數字。我的意思是，這與這些認股權證基於股價的價值增加有關。你還記得嗎，我的意思是，股價在年底上漲了 3 美元，甚至接近 4 美元。因此，以市值計算的大部分是由年底股價上漲所推動的。

Got it. Thanks a lot.

知道了。多謝。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good afternoon, Kelly and Mark. This is Michael Cho in for Ken. Thanks for taking the question.

嗨，下午好，凱莉和馬克。這是邁克爾喬 (Michael Cho) 飾演肯 (Ken)。感謝您提出問題。

I just had a couple of quick follow-ups on the discussion we've been having, I guess just one on the on the data business. I think Kelly, and you've certainly announced the number on your good and forward-leaning initiatives around this business.

我剛剛對我們一直在進行的討論進行了一些快速跟進，我想只是關於數據業務的一個。我想凱利，您肯定已經宣布了圍繞這項業務的良好且具有前瞻性的舉措的數字。

And it seems like a big, a good path forward here with the launch of forged products well, supported by the data. But I guess I'll tell you, I think I heard a comment when kind of a shift in the data business strategy and you talked about kind of prioritizing some adoption or overall kind of near term revenues. I guess one is, is that is that a kind of a short term strategy that you've taken in terms of positioning the data business?

在數據的支持下，隨著鍛造產品的推出，這似乎是一條巨大而良好的前進道路。但我想我會告訴你，我想當數據業務策略發生某種轉變時我聽到了一個評論，你談到了優先考慮某些採用或整體近期收入。我想，這是你們在定位數據業務方面採取的短期策略嗎？

And two, is there like is there a point in which you will start to prioritize revenue again in the data business? And again, just trying to gauge if there's a tipping point at all or if this is a clear shift in strategy that's implemented for the medium term, I guess you should mark Mark Read into it as our strategy for 2024.

第二，是否會在某個時間點再次開始優先考慮數據業務的收入？再說一遍，只是想判斷是否存在臨界點，或者這是否是中期實施的策略的明顯轉變，我想您應該將 Mark Read 標記為我們的 2024 年策略。

I'd say we're at a point right now where we see an advantage in the quality of our data. We think it's unique in the market. You've got a bunch of competitors out there that are aggregating third-party data that they don't own and that you could question the validity and quality of it.

我想說，我們現在正處於數據品質優勢的階段。我們認為它在市場上是獨一無二的。你有很多競爭對手正在匯總他們不擁有的第三方數據，你可能會質疑這些數據的有效性和品質。

And we think that not only is it time for us to dimensionalize data from just a subscription product, but into a trading product like Pro that we've got an opportunity to make a pretty significant ramp for market share right now.

我們認為，現在不僅是我們對訂閱產品中的資料進行維度化的時候，而且是對像 Pro 這樣的交易產品進行維度化的時候了，我們現在有機會大幅提升市場份額。

And we need 2024 is the right time to do that. And we'll do that through a combination of bundling pricing strategies and essentially being really aggressive and getting our data out it to as many customers and prospective customers.

我們需要 2024 年是實現這一目標的最佳時機。我們將透過結合捆綁定價策略來做到這一點，本質上是非常積極的，並將我們的數據提供給盡可能多的客戶和潛在客戶。

As we can say you and the other folks on the call should continue to watch for where you see Ford data appear because beyond forge Pro, our strategy for adoption and exposure will extend beyond just what we're going to market with and into a range of other activities that will play out over the course of the year, but this is at very least a 2024 strategy.

正如我們可以說的那樣，您和通話中的其他人應該繼續關注福特數據出現的位置，因為除了Forge Pro 之外，我們的採用和曝光策略將超出我們要推向市場的範圍，並擴展到一系列產品年內將進行的其他活動，但這至少是 2024 年的策略。

And we believe, given the quality of it, it's really valuable to the relationship between those who trade and those that we do business with on the institutional side. So that doesn't mean revenue is always going to be a priority, Mike, and we certainly want to see it translate into revenue.

我們相信，考慮到它的質量，它對於交易者和我們在機構方面開展業務的人之間的關係非常有價值。因此，這並不意味著收入永遠是首要任務，麥克，我們當然希望看到它轉化為收入。

We just happen to believe this strategy here. We'll translate particularly positively for forge given the scale of our marketplace business.

我們只是碰巧相信這個策略。考慮到我們市場業務的規模，我們將對 Forge 進行特別積極的轉換。

So considered a 2024 strategy and if we come back and decide to shifted and be more focused on revenue in follow-on quarters this year, we'll come back and let that be known to the to the investor community as we see fit market.

因此，考慮到 2024 年的策略，如果我們回來決定轉變並更加關註今年後續季度的收入，我們將回來並讓投資者社群知道我們認為合適的市場。

Thanks for the color, guys.

謝謝你們的顏色。

Michael, I was just going to say I mean, when you think about institutional customers who you know, are getting increasingly reactive in the private markets is there and you think about and of the size of trades and you think about the take rates that we charge, you can understand that we also have to be thoughtful about how we want to price the bundling of data and trading because obviously there's just huge upside to be able to, you know, get dominant market share a customer's trading activity, right and says.

邁克爾，我只是想說，我的意思是，當你想到你所知道的機構客戶時，他們在私人市場上的反應越來越活躍，你會想到交易的規模，你會想到我們的收取率收費，你可以理解，我們還必須考慮如何對數據和交易捆綁進行定價，因為顯然，能夠獲得客戶交易活動的主導市場份額，有巨大的優勢，對，並說。

So it's considering considering both. And then that's why we've kind of talked about having a strategy to bundle bundle the two together. I think I think the combination of trading plus data is just kind of the winning combo is you now in terms of positioning ourselves, you know, with our customers relative to competitors.

所以它正在考慮兩者兼顧。這就是為什麼我們討論了將兩者捆綁在一起的策略。我想我認為交易加數據的組合只是一種致勝組合，你知道，在我們的客戶相對於競爭對手的定位方面，你現在是這樣的。

And now that makes sense, and I appreciate all the color there. And just a quick follow-up on M&A. I think, Kelly, I heard you say our discussion kind of maybe areas for potentially more accelerated scale in the business and maybe that could get plugged with M&A or considerations when they come to get them?

現在這是有道理的，我很欣賞那裡的所有顏色。關於併購的快速跟進。我想，凱利，我聽到你說我們的討論可能是加速業務規模擴大的領域，也許當他們來收購時可能會被併購或考慮因素所困擾？

Because my question is, you know, are there some areas or segments of the business for all of the markets that seem of higher interest due today? Banks?

因為我的問題是，您知道，所有市場的某些業務領域或部分似乎都引起了今天更高的興趣嗎？銀行？

I don't think we're ready yet to talk about it but I think what you could assert from the priorities that we've laid out around institutional, what we call data domination and issuer centric, some relationships we're looking at and a differentiated player that's got scale that have an aligned focus in the areas of our priorities.

我認為我們還沒有準備好討論這個問題，但我認為你可以從我們圍繞機構制定的優先事項中斷言，我們所謂的數據統治和以發行人為中心，我們正在考慮的一些關係以及一個具有規模的差異化參與者，在我們的優先事項領域有一致的關注點。

And so when we talked about the launch of Pro that really lines up under our institutional focus. So anybody that's out in the business that operates with a high level of integrity focused on institutions is interesting to us.

因此，當我們談論 Pro 的推出時，它確實符合我們的機構重點。因此，我們對任何在行業中以高度誠信的方式運作、專注於機構的人感興趣。

Anybody that's out in the business that's got scale that are focused on issuers and reputationally are in a good position with issuers. That's interesting to us and clearly high-quality sources of data where the data is proprietary and owned by a potential competitor are areas that all line up to our priorities for 2024. But we don't have anything for anybody specifically, and we're ready to talk about.

任何在該行業中具有規模且專注於發行人且享有聲譽的公司都在發行人面前處於有利地位。這對我們來說很有趣，顯然高品質的資料來源（其中資料是專有的並由潛在競爭對手擁有）都是我們 2024 年優先考慮的領域。但我們沒有專門針對任何人的信息，我們已經準備好討論。

Yes. Okay. Great. Thank you.

是的。好的。偉大的。謝謝。

And we have no further questions in our queue at this time. I will now turn the call back over to Dominic Paschel for closing remarks.

目前我們的隊列中沒有其他問題。現在，我將把電話轉回給多米尼克·帕舍爾（Dominic Paschel），讓其致閉幕詞。

Great.

偉大的。

Thank you guys for joining us for this year and calls a bit longer. We are available for questions just being ir@forgeglobal.com, and we will definitely Engage concurred with this.

感謝你們今年加入我們，並請延長通話時間。我們可以透過 ir@forgeglobal.com 來解答問題，我們一定會同意這一點。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。