洲際交易所 (ICE) 2022 Q4 法說會逐字稿

Hello, and welcome to the ICE Fourth Quarter 2022 Earnings Conference Call and Webcast. My name is Alex, and I'll be coordinating the call today. (Operator Instructions)

您好，歡迎來到 ICE 2022 年第四季度收益電話會議和網絡直播。我叫亞歷克斯，今天我將負責協調電話會議。 （操作員說明）

I'll now hand over to your host, Katia Gonzalez, Investor Relations and Senior Analyst. Katia, please go ahead.

我現在將交給你的東道主，投資者關係和高級分析師 Katia Gonzalez。卡蒂亞，請繼續。

Good morning. ICE's fourth quarter 2022 earnings release and presentation can be found in the Investors section of the ice.com. These items will be archived, and our call will be available for replay. Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2022 Form 10-K and other filings with the SEC.

早上好。 ICE 的 2022 年第四季度收益發布和演示文稿可在 ice.com 的投資者部分找到。這些項目將被存檔，我們的電話將可以重播。今天的電話會議可能包含前瞻性陳述。我們不承擔更新義務的這些陳述代表我們當前的判斷，並受風險、假設和不確定性的影響。有關可能導致我們的結果與前瞻性陳述中描述的結果存在重大差異的風險的描述，請參閱我們的 2022 年 10-K 表格和提交給美國證券交易委員會的其他文件。

In addition, as we announced last year, ICE has agreed to acquire Black Knight. The transaction is pending customary regulatory approval, and we expect to close in the first half of this year. In connection with the proposed transaction, ICE has filed with the SEC a registration statement on Form S-4 to register the shares of ICE common stock to be issued in connection with the transaction. The registration statement includes a proxy statement of Black Knight that also constitutes a prospectus of ICE. Please see the Form S-4 filings for additional information regarding the transaction.

此外，正如我們去年宣布的那樣，ICE 已同意收購 Black Knight。該交易正在等待監管部門的慣常批准，我們預計將在今年上半年完成。關於擬議的交易，ICE 已向美國證券交易委員會提交了表格 S-4 的登記聲明，以登記與該交易有關的 ICE 普通股股份。註冊聲明包括 Black Knight 的代理聲明，該聲明也構成 ICE 的招股說明書。有關交易的更多信息，請參閱 S-4 表格文件。

In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You'll find a reconciliation to equivalent GAAP terms in the earnings materials. When used on this call, net revenue refers to revenue net of transaction-based expenses and adjusted earnings refers to adjusted diluted earnings per share. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis. Please see the explanatory notes on the second page of our earnings supplement for additional details regarding the definition of certain items.

在我們的收益補充中，我們提到了某些非 GAAP 指標。我們相信我們的非 GAAP 措施更能反映我們的現金運營和核心業務績效。您會在收益材料中找到與等效 GAAP 條款的對賬。在本次電話會議上使用時，淨收入是指扣除交易費用後的收入，調整後的收益是指調整後的攤薄每股收益。在整個演示文稿中，除非另有說明，否則收入增長均以固定貨幣為基礎。有關某些項目定義的更多詳細信息，請參閱我們收入補充文件第二頁上的解釋性說明。

With us on the call today are Jeff Sprecher, Chair and CEO; Warren Gardiner, Chief Financial Officer; Ben Jackson, President; and Lynn Martin, President of NYSE.

今天與我們通話的有主席兼首席執行官 Jeff Sprecher；沃倫·加德納，首席財務官；本·傑克遜，總裁；和紐約證券交易所總裁林恩馬丁。

I'll now turn the call over to Warren.

我現在將電話轉給沃倫。

Thanks, Katia. Good morning, everyone, and thank you for joining us today. I'll begin on Slide 4 with some of the key highlights from our fourth quarter results. Net revenues of $1.8 billion were driven by transaction revenues of $828 million and recurring revenues of $940 million, up 4% year-over-year. For the full year, revenues totaled $7.3 billion, also up 4% versus last year.

謝謝，卡蒂亞。大家早上好，感謝您今天加入我們。我將從幻燈片 4 開始，介紹我們第四季度業績的一些主要亮點。 8.28 億美元的交易收入和 9.4 億美元的經常性收入推動了 18 億美元的淨收入，同比增長 4%。全年總收入為 73 億美元，也比去年增長 4%。

Fourth quarter adjusted operating expenses totaled $740 million and were within our guidance range, including approximately $5 million of additional severance. This strong performance helped to drive fourth quarter adjusted earnings per share of $1.25 and full year adjusted EPS of $5.30, an increase of 5% versus 2021.

第四季度調整後的運營費用總計 7.4 億美元，在我們的指導範圍內，包括大約 500 萬美元的額外遣散費。這一強勁表現有助於推動第四季度調整後每股收益 1.25 美元和全年調整後每股收益 5.30 美元，較 2021 年增長 5%。

2022 free cash flow totaled a record $2.9 billion, which enabled us to return nearly $1.5 billion to shareholders while also continuing to make strategic investments across our business. In addition, we have received Board authorization to increase our quarterly dividend by 11% to $0.42 per share beginning in the first quarter of 2023, extending our 10-year track record of double-digit dividend growth.

2022 年自由現金流總計達到創紀錄的 29 億美元，這使我們能夠向股東返還近 15 億美元，同時繼續對我們的業務進行戰略投資。此外，我們已獲得董事會授權，從 2023 年第一季度開始將季度股息提高 11% 至每股 0.42 美元，延續我們 10 年來股息兩位數增長的記錄。

Now let's move to Slide 5, where I'll provide an overview of the performance of our Exchange segment. Fourth quarter net revenues totaled $982 million. Transaction revenues of over $600 million were driven in part by 11% growth in agricultural commodities and 13% growth in our equity derivatives business. Importantly, open interest trends remain strong across our Futures & Options in January, including 14% growth in global natural gas and 24% growth in Euribor.

現在讓我們轉到幻燈片 5，我將在其中概述我們的 Exchange 部分的性能。第四季度淨收入總計 9.82 億美元。交易收入超過 6 億美元，部分原因是農產品 11% 的增長和我們股票衍生品業務 13% 的增長。重要的是，1 月份我們的期貨和期權的未平倉合約趨勢依然強勁，包括全球天然氣增長 14% 和 Euribor 增長 24%。

Recurring revenues, which include our exchange data services and our NYSE listings business increased by 5% year-over-year in the fourth quarter. Customer growth, particularly within our energy exchange data, was partially offset by slower growth in our listings business where industry-wide capital markets activity was relatively muted. It's worth noting that despite a slower year for IPOs across the globe, we had a record year for listing transfers with 34, including more operating companies in the last 3 years combined. For the full year, Exchange segment revenues increased by 8%, including a 33% increase in our interest rate business, a 20% increase in equity derivatives and an 8% increase in our global natural gas revenues.

經常性收入，包括我們的交易所數據服務和我們的紐約證券交易所上市業務，在第四季度同比增長 5%。客戶增長，特別是在我們的能源交易數據中，部分被我們的上市業務增長放緩所抵消，因為整個行業的資本市場活動相對平靜。值得注意的是，儘管全球 IPO 放緩的一年，我們的上市轉讓數量達到創紀錄的 34 家，其中包括過去 3 年的運營公司總數。全年，交易所業務收入增長 8%，其中利率業務增長 33%，股票衍生品增長 20%，全球天然氣收入增長 8%。

Turning now to Slide 6, I'll discuss our Fixed Income and Data Services segment. Fourth quarter revenues totaled a record $537 million, up 13% versus a year ago. Transaction revenues increased by 89%, including 182% growth in ICE bonds and 66% growth in our CDS clearing business. Similar to last quarter, this strong growth was driven by market volatility, higher interest rates and our continued efforts to build institutional connectivity to our bond platforms. Recurring revenue growth of 3% was driven by demand for additional capacity on ICE Global Network as well as strong growth across our desktop, feeds and analytics offerings. We're beginning to see a return on the investments we have made in both enhanced content and functionality.

現在轉到幻燈片 6，我將討論我們的固定收益和數據服務部分。第四季度總收入達到創紀錄的 5.37 億美元，同比增長 13%。交易收入增長了 89%，其中 ICE 債券增長了 182%，CDS 清算業務增長了 66%。與上一季度類似，這一強勁增長是由市場波動、利率上升以及我們繼續努力建立與債券平台的機構連接所推動的。 3% 的經常性收入增長是由對 ICE 全球網絡額外容量的需求以及我們的桌面、提要和分析產品的強勁增長推動的。我們開始看到我們在增強內容和功能方面所做的投資的回報。

This performance is a key driver of our other data and network services business, which increased by 8% in the fourth quarter and 10% excluding the impact of the Euronext migration. Somewhat offsetting was slower growth in our end-of-day pricing business, where we're experiencing a slower sales cycle and pressure from asset-based revenues in our index business, which declined double digits year-over-year as investors shifted out of higher fee risk assets, such as equities and corporate bonds and into munis and treasury ETFs.

這一業績是我們其他數據和網絡服務業務的主要推動力，該業務在第四季度增長了 8%，不計入 Euronext 遷移的影響則增長了 10%。在某種程度上抵消了我們日終定價業務的增長放緩，我們正在經歷銷售週期放緩和我們指數業務中基於資產的收入的壓力，隨著投資者轉出，該業務同比下降兩位數較高費用風險的資產，例如股票和公司債券，以及市政債券和國債 ETF。

For the full year, total segment revenues totaled a record $2.1 billion, up 13%, while adjusted operating margins expanded by 500 basis points. As anticipated, recurring revenue grew 4% for the year and was up 5% after adjusting for Euronext.

全年，分部總收入達到創紀錄的 21 億美元，增長 13%，而調整後的營業利潤率擴大了 500 個基點。正如預期的那樣，全年經常性收入增長了 4%，在針對泛歐交易所進行調整後增長了 5%。

Let's go next to Slide 7, where I will discuss our Mortgage Technology segment. Fourth quarter Mortgage Technology revenues totaled $249 million. Recurring revenues, which accounted for 2/3 of segment revenues, totaled $164 million and grew 10% year-over-year. These strong recurring revenues continue to drive outperformance versus an industry that experienced a nearly 60% decline in origination volumes.

讓我們轉到幻燈片 7，我將在其中討論我們的抵押技術部分。第四季度 Mortgage Technology 收入總計 2.49 億美元。經常性收入佔分部收入的 2/3，總計 1.64 億美元，同比增長 10%。這些強勁的經常性收入繼續推動業績優於發起量下降近 60% 的行業。

Importantly, data and analytics revenues increased by over 30% year-over-year. For the full year, Mortgage Technology revenues totaled $1.1 billion, including a 16% increase in our recurring revenues and a 24% increase in our data and analytics revenues. And while industry volumes were actually below those seen 3 years ago in 2019, pro forma 2022 Mortgage Technology revenues are higher by nearly 50%, representing a CAGR of roughly 14%.

重要的是，數據和分析收入同比增長超過 30%。全年，抵押技術收入總計 11 億美元，其中經常性收入增長 16%，數據和分析收入增長 24%。儘管行業銷量實際上低於 3 年前的 2019 年，但預計 2022 年抵押技術收入增長了近 50%，複合年增長率約為 14%。

I'll conclude my remarks on Slide 8 with some additional guidance. Recurring revenues in 2023 will once again be led by our Mortgage Technology segment, where we are expecting mid- to high single-digit growth, a testament to the continued adoption of automation across the mortgage workflow. In our Fixed Income and Data Services segment, we expect recurring revenue growth, excluding headwinds, of approximately $15 million related to FX and the Euronext data center migration to once again be in the mid-single digits.

我將通過一些額外的指導來結束我對幻燈片 8 的評論。 2023 年的經常性收入將再次由我們的抵押貸款技術部門引領，我們預計該部門將實現中高個位數增長，這證明了整個抵押工作流程將繼續採用自動化。在我們的固定收益和數據服務部門，我們預計與外彙和 Euronext 數據中心遷移相關的經常性收入增長（不包括不利因素）約為 1500 萬美元，將再次保持中等個位數。

And lastly, in our Exchange segment, we expect recurring revenue growth, excluding a $20 million headwind from the cessation of LIBOR, to be in the low single digits as continued growth in our energy exchange data services is offset by fewer IPOs and the tapering of 2021 initial listing fees.

最後，在我們的交換部門，我們預計經常性收入增長（不包括倫敦銀行同業拆借利率終止帶來的 2000 萬美元逆風）將處於較低的個位數，因為我們的能源交換數據服務的持續增長被首次公開募股減少和逐漸減少所抵消2021 年首次上市費用。

Moving to expenses. We expect 2023 adjusted operating expenses to be in the range of $3.04 billion to $3.09 billion. Consistent with prior years, we will reward our employees for their contributions to our strong results and, therefore, expect cash compensation expense to increase by approximately $20 million to $40 million. Strategic investments in technology, operations and revenue-related initiatives are expected to increase by $40 million to $50 million, driven by higher license fees as well as investments across all 3 of our segments. In addition, we expect roughly $45 million to $55 million of incremental noncash expense, including $25 million of D&A related to the rebuild of Ellie Mae CapEx. And lastly, we expect an FX benefit to our adjusted expenses by approximately $5 million to $15 million when compared to 2022.

轉向開支。我們預計 2023 年調整後的運營費用將在 30.4 億美元至 30.9 億美元之間。與往年一樣，我們將獎勵員工為我們的強勁業績做出的貢獻，因此預計現金補償費用將增加約 2000 萬美元至 4000 萬美元。在技術、運營和收入相關計劃的戰略投資預計將增加 4000 萬美元至 5000 萬美元，這主要得益於更高的許可費以及我們所有 3 個部門的投資。此外，我們預計約有 4500 萬至 5500 萬美元的增量非現金支出，包括 2500 萬美元與重建 Ellie Mae CapEx 相關的 D&A。最後，我們預計與 2022 年相比，我們調整後的費用將獲得約 500 萬至 1500 萬美元的外匯收益。

In summary, we delivered another record year of revenues, operating income, free cash flow and earnings per share. Across our business, we made strategic investments in future growth and as we enter 2023, we are well positioned to meet the evolving needs of our customers, once again deliver profitable growth and create value for our shareholders.

總而言之，我們在收入、營業收入、自由現金流和每股收益方面再創新高。在我們的業務中，我們對未來的增長進行了戰略投資，進入 2023 年，我們已做好充分準備來滿足客戶不斷變化的需求，再次實現盈利增長並為我們的股東創造價值。

I'll be happy to take questions during Q&A but for now, I'll hand it over to Ben.

我很樂意在問答期間回答問題，但現在，我會把它交給 Ben。

Thank you, Warren, and thank you all for joining us this morning. Please turn to Slide 9. 2022 was a year marked by rising inflation, rising interest rates and continued geopolitical and macroeconomic uncertainty. Amidst this dynamic macroeconomic environment, we once again grew revenues, operating income and earnings per share, record results that are a testament to the resiliency and durability of our strategically diversified business model.

謝謝你，沃倫，感謝大家今天早上加入我們。請轉到幻燈片 9。2022 年是通脹上升、利率上升以及地緣政治和宏觀經濟持續不確定性的一年。在這種充滿活力的宏觀經濟環境中，我們再次實現了收入、營業收入和每股收益的增長，創紀錄的業績證明了我們戰略多元化業務模式的彈性和持久性。

In our financial futures markets, rising inflation and central bank activity across the globe presented an interest rate environment that has not been seen in generation, helping us drive 20% volume growth in our interest rate complex and 15% growth in our equity derivatives business. Across our global energy markets, the events unfolding across North America, Europe, Russia and Asia have triggered a reshaping of the global energy supply chain, creating new risks and uncertainties for market participants to navigate.

在我們的金融期貨市場中，全球不斷上升的通貨膨脹和央行活動帶來了一代人未曾見過的利率環境，幫助我們推動利率綜合業務量增長 20%，股票衍生品業務增長 15%。在我們的全球能源市場中，北美、歐洲、俄羅斯和亞洲發生的事件引發了全球能源供應鏈的重塑，為市場參與者應對帶來了新的風險和不確定性。

In our global natural gas markets, an evolving energy supply chain in Europe has led to increased demand for global liquefied natural gas, or LNG, and has helped us drive a 17% increase in global gas volumes in 2022. This includes 24% growth in our North American gas business, which has benefited not only from increased commercial engagement with our Henry Hub contract, but also our North American basis markets. These trends have continued into January with global natural gas open interest up 14% year-over-year, including 21% growth in North America.

在我們的全球天然氣市場中，歐洲不斷發展的能源供應鏈導致對全球液化天然氣 (LNG) 的需求增加，並幫助我們推動 2022 年全球天然氣量增長 17%。這包括 24% 的增長我們的北美天然氣業務不僅受益於與我們的亨利樞紐合同的商業參與增加，還受益於我們的北美基礎市場。這些趨勢一直持續到 1 月份，全球天然氣未平倉合約同比增長 14%，其中北美增長 21%。

Although our European carbon markets experienced headwinds in 2022 due to the aforementioned factors, the secular trend towards cleaner energy continues and is a growth trend we are uniquely positioned to capture, as evidenced by the record year in our North American environmental markets with volumes up 5% year-over-year in 2022. As we look out over the longer term, corporates and market participants remain committed to environmental policy to reduce carbon emissions. This is an evolution that we've long envisioned and as one of the largest providers of environmental products, including renewable fuel contracts, carbon allowances, nature-based solutions, renewable energy certificates as well as the wealth of climate data and related end-of-season analytics, we are excited about the many future growth opportunities that lie ahead.

儘管由於上述因素，我們的歐洲碳市場在 2022 年經歷了逆風，但清潔能源的長期趨勢仍在繼續，並且是我們處於獨特地位的增長趨勢，正如我們北美環境市場創紀錄的一年增長 5 所證明的那樣2022 年同比增長百分比。從長遠來看，企業和市場參與者仍然致力於減少碳排放的環境政策。作為最大的環境產品供應商之一，我們長期以來一直設想這是一種演變，包括可再生燃料合同、碳配額、基於自然的解決方案、可再生能源證書以及豐富的氣候數據和相關的終結- 季節分析，我們對未來的許多增長機會感到興奮。

Moving to our Fixed Income and Data Services business, our comprehensive platform continues to generate compounding revenue growth and delivered another year of record revenues in 2022. This strong growth was underpinned by both recurring and transaction revenue growth, again a testament to the strategic diversification of our business and our ability to deliver growth through an array of macroeconomic environments. Rising market uncertainty and interest rates are driving an increase in demand for credit protection, and we have seen this lead to increasing trading activity in our bonds business. These factors, coupled with our continued efforts to build institutional connectivity to our bonds platforms, continued to record full year revenues -- to record revenues in our ICE Bonds business in 2022, up nearly 100% year-over-year.

轉向我們的固定收益和數據服務業務，我們的綜合平台繼續產生復合收入增長，並在 2022 年創造了又一年創紀錄的收入。這種強勁增長得到了經常性和交易收入增長的支持，再次證明了戰略多元化我們的業務以及我們通過一系列宏觀經濟環境實現增長的能力。不斷上升的市場不確定性和利率正在推動對信用保護的需求增加，我們已經看到這導致我們債券業務的交易活動增加。這些因素，再加上我們不斷努力建立與我們債券平台的機構連接，全年收入繼續創紀錄——2022 年我們的 ICE 債券業務收入同比增長近 100%。

Turning now to our Mortgage business, increased workflow efficiency through continued electronification is a secular trend we believe will continue through a variety of mortgage origination environments. Our ability to capture this secular trend is evidenced by the strength and resiliency of our recurring revenues, which increased 16% in 2022. This continued strength is a result of executing against our strategy of leveraging our mission-critical technology and data expertise to accelerate this analog to digital conversion.

現在轉向我們的抵押貸款業務，通過持續電子化提高工作流程效率是一個長期趨勢，我們相信這種趨勢將在各種抵押貸款發放環境中持續下去。我們的經常性收入的實力和彈性證明了我們捕捉這一長期趨勢的能力，該收入在 2022 年增長了 16%。這種持續的實力是執行我們利用我們的關鍵任務技術和數據專業知識來加速這一戰略的結果模數轉換。

As mortgage origination volumes have normalized, customer conversations have increasingly centered on efficiencies and automation. In the fourth quarter, we had our strongest quarter of last year in terms of sales to new customers of our loan origination system with wins across each major segment we service. In addition, there continues to be increased interest in our data and analytics products, which increased 31% in the quarter and 24% for the full year in 2022.

隨著抵押貸款發放量的正常化，客戶對話越來越集中於效率和自動化。在第四季度，就貸款發放系統的新客戶銷售而言，我們是去年最強勁的一個季度，我們服務的每個主要細分市場都取得了勝利。此外，人們對我們的數據和分析產品的興趣持續增加，本季度增長了 31%，2022 年全年增長了 24%。

Through our AIQ solution and analyzer tools, customers can save thousands of dollars per loan by leveraging our data and analytics tools to drive automation in the loan manufacturing process. We are pleased that the value of our offerings continues to resonate with lenders, and we remain optimistic about the long-term opportunity to accelerate the analog to digital conversion.

通過我們的 AIQ 解決方案和分析工具，客戶可以利用我們的數據和分析工具推動貸款製造流程的自動化，從而為每筆貸款節省數千美元。我們很高興我們產品的價值繼續引起貸方的共鳴，我們對加速模擬到數字轉換的長期機會保持樂觀。

I'll now turn the call over to Jeff.

我現在將電話轉給傑夫。

Thank you, Ben. Good morning, everyone, and thank you for joining us. Please turn to Slide 10. I want to begin by touching on our pending acquisition of Black Knight. As communicated, when making the announcement, we continue to believe that this transaction will close during the first half of this year. Out of respect for the Federal Trade Commission's work on this matter, and as we cooperate with them to gain regulatory approval, we do not intend to comment further on the transaction. But importantly, we remain excited about the efficiencies that the combined entities will bring to the end consumer and to other stakeholders across the mortgage ecosystem.

謝謝你，本。大家早上好，感謝您加入我們。請轉到幻燈片 10。我想首先談談我們即將收購的 Black Knight。正如所傳達的那樣，在發佈公告時，我們仍然相信該交易將在今年上半年完成。出於對聯邦貿易委員會在此事上的工作的尊重，並且由於我們與他們合作以獲得監管批准，我們不打算就該交易進一步發表評論。但重要的是，我們仍然對合併後的實體將為最終消費者和抵押生態系統中的其他利益相關者帶來的效率感到興奮。

In that vein, and shifting to what was yet another successful year, 2022 marked our 17th consecutive year of record revenues, record operating income and record adjusted earnings per share. This track record of growth reflects on the quality of our strategy and more importantly, on the execution of that strategy. We've intentionally diversified across asset classes and geographies so that we're not tied to any one cyclical trend or macroeconomic environment. We've deliberately positioned the company to have a mix of transaction and compounding subscription revenues to provide upside exposure while hedging our downside risk.

本著這種精神，並轉向又一個成功的一年，2022 年標誌著我們連續第 17 年創紀錄的收入、創紀錄的營業收入和創紀錄的調整後每股收益。這種增長記錄反映了我們戰略的質量，更重要的是，反映了該戰略的執行情況。我們有意在資產類別和地域之間實現多元化，這樣我們就不會被任何一種週期性趨勢或宏觀經濟環境所束縛。我們故意將公司定位為交易和復合訂閱收入的組合，以提供上行風險，同時對沖我們的下行風險。

We've placed the company at the center of some of the largest markets undergoing an analog to digital conversion. The combination of these factors is what has made ICE an all-weather name and a business model that provides upside to volatility with less downside risk and, importantly, a business model that generates growth on top of growth.

我們已將公司置於一些正在進行模數轉換的最大市場的中心。這些因素的結合使 ICE 成為一個全天候的名字和一種商業模式，它為波動提供上行空間，下行風險較小，而且重要的是，它是一種在增長之上產生增長的商業模式。

For example, in 2022, inflationary concerns and market speculation of central bank activity benefited our European and U.K. interest rate business, driving a 33% increase in revenues for the full year. These conditions also contributed to record full year revenues in our credit default swap clearing business, up 61% year-over-year, as rate volatility drove increased demand for risk management and credit protection.

例如，2022 年，通脹擔憂和市場對央行活動的猜測有利於我們的歐洲和英國利率業務，推動全年收入增長 33%。這些情況也促成了我們的信用違約掉期清算業務的全年收入創紀錄，同比增長 61%，因為利率波動推動了對風險管理和信用保護的需求增加。

Across our mortgage business, even against this backdrop of rising interest rates, our business outperformed the broader market, driven by strong recurring revenue growth, up 16% for the full year. Again, this is a reflection of the all-weather nature of our business model. As we look to 2023 and beyond, we're positioned to capitalize on the secular and cyclical trends occurring across asset classes, and we remain focused on executing on the many growth opportunities that are in front of us, extending our track record of growth.

在我們的抵押貸款業務中，即使在利率上升的背景下，我們的業務在強勁的經常性收入增長的推動下跑贏大盤，全年增長 16%。同樣，這反映了我們商業模式的全天候特性。展望 2023 年及以後，我們已準備好利用資產類別中出現的長期和周期性趨勢，並且我們將繼續專注於抓住擺在我們面前的許多增長機會，擴大我們的增長記錄。

I'd like to conclude by thanking our customers for their business and for their trust in 2022, and I want to thank my colleagues for their contributions to the best year in our company's history.

最後，我想感謝我們的客戶在 2022 年的業務和信任，我要感謝我的同事們為我們公司歷史上最好的一年所做的貢獻。

And with that, I'll turn the call back over to our operator, Alex, who will conduct a question-and-answer session until 9:30 Eastern Time.

然後，我會將電話轉回給我們的接線員 Alex，他將在東部時間 9:30 之前進行問答環節。

(Operator Instructions) Our first question for today comes from Rich Repetto from Piper Sandler.

（操作員說明）我們今天的第一個問題來自 Piper Sandler 的 Rich Repetto。

I wanted to ask about energy and more specifically natural gas. Ben, you made a lot of comments about how strong the U.S. natural gas markets are. You can see it in the volumes. But one issue it seems coming up is in the European natural gas and the TTF contract and I want to put in the right perspective, it's only 15%, I think, of the natural gas volumes but this whole deal with price caps that have been implemented and what you're going to do about it. And I guess it ties into the bigger question of politics and regulation impacting the markets, Jeff, as well. But anyway, the question on natural gas and sort of this broader intervention of government or regulation.

我想問一下能源，更具體地說是天然氣。本，你對美國天然氣市場的強勁程度發表了很多評論。你可以在卷中看到它。但似乎出現的一個問題是歐洲天然氣和 TTF 合同，我想從正確的角度來看，我認為它只佔天然氣量的 15%，但整個交易都涉及價格上限實施以及您將如何處理。我想這也與影響市場的政治和監管這個更大的問題有關，傑夫。但無論如何，關於天然氣的問題以及這種更廣泛的政府乾預或監管。

Rich, it's Ben. Great question. Yes, to start, you got to remember that gas used to be a commodity that was highly dependent upon wellheads and pipeline infrastructure. So supply chains used to be a natural gas very attached to that type of infrastructure. And whenever there was a disruption to that type of infrastructure, it's very difficult to adjust and rebalance those supply chains. It's all very localized, not really a global energy product.

里奇，是本。很好的問題。是的，首先，您必須記住，天然氣曾經是一種高度依賴井口和管道基礎設施的商品。因此，供應鏈曾經是一種非常依賴於這種類型基礎設施的天然氣。每當這種類型的基礎設施出現中斷時，就很難調整和重新平衡這些供應鏈。這都是非常本地化的，而不是真正的全球能源產品。

Fast forward to today, natural gas is very much a global energy product. It's a global energy supply chain, especially with the advent of LNG. And today, LNG can be freely flowed pretty much anywhere around the world as long as there's regasification capacity to do this. We saw this many years ago, and we've been investing in a global natural gas business that provides benchmarks around the world, has LNG contracts around the world that continue to expand as well as LNG freight contracts.

快進到今天，天然氣在很大程度上是一種全球能源產品。這是一個全球能源供應鏈，尤其是隨著液化天然氣的出現。如今，液化天然氣幾乎可以在世界任何地方自由流動，只要具備再氣化能力即可。我們多年前就看到了這一點，我們一直在投資全球天然氣業務，該業務在全球範圍內提供基準，在全球範圍內擁有不斷擴大的液化天然氣合同以及液化天然氣貨運合同。

So if you look at last year and TTF specifically, you had the unfortunate event where Russia invades Ukraine and we saw significant energy supply disruptions where Russia was a significant supplier of oil, gas oil and natural gas, in particular, to Europe. And those supplies were effectively cut off. It created a very difficult trading situation for many of our market participants. At the same time, we saw market data subscriptions continue to grow in that part of our business. We saw more and more eyeballs and more of our community was growing around this.

因此，如果你看看去年，特別是 TTF，你會遇到俄羅斯入侵烏克蘭的不幸事件，我們看到能源供應嚴重中斷，俄羅斯是石油、輕油和天然氣的重要供應商，尤其是歐洲。這些供應實際上被切斷了。這給我們的許多市場參與者造成了非常困難的交易局面。與此同時，我們看到市場數據訂閱在我們業務的這一部分繼續增長。我們看到了越來越多的眼球，我們的社區中也有越來越多的人圍繞著這個問題成長起來。

Fast forward to 2023, those supply chains have readjusted because natural gas is now a global commodity. And you have a significant amount of U.S. LNG and Middle Eastern LNG flowing now to Europe, backfilling a lot of those lost Russian gas supplies. So this market clarity has helped bolster confidence in trading products like TTF, and you see it already year-to-date open interest is up 10%, volumes are up roughly 4% off of a comp of last year, which was actually pretty strong for TTF at the beginning of the year.

快進到 2023 年，這些供應鏈已經重新調整，因為天然氣現在是一種全球商品。現在有大量的美國液化天然氣和中東液化天然氣流向歐洲，回填了許多俄羅斯失去的天然氣供應。因此，這種市場清晰度有助於增強人們對 TTF 等交易產品的信心，你會看到今年迄今的未平倉頭寸已經增長了 10%，交易量比去年同期增長了大約 4%，這實際上非常強勁年初的 TTF。

Now for gas specifically, you have all kinds of macroeconomic environments that people need to manage risk around right now, but it's important to point out these are tradable events. Things like regasification coming online in Europe, so there's more and more gas that can come into Europe more efficiently. You've got storage -- gas storage facilities across Europe that have been filled. Weather so far hasn't been an issue this year in Europe. European demand is down. You have a potential for a recession that's looming. Chinese demand last year in '22 was down with the economy, for all intents and purposes, closed, and now it's reopening.

現在特別是對於天然氣，你有各種各樣的宏觀經濟環境，人們現在需要這些環境來管理風險，但重要的是要指出這些是可交易的事件。諸如再氣化之類的東西在歐洲上線，因此越來越多的天然氣可以更有效地進入歐洲。你有儲存——歐洲各地的天然氣儲存設施都已經裝滿了。今年到目前為止，天氣在歐洲還不是問題。歐洲需求下降。您有可能陷入即將來臨的經濟衰退。出於所有意圖和目的，中國去年 22 年的需求隨經濟下滑而關閉，現在它正在重新開放。

And for the first time last year in '22, it's the first time that natural gas and LNG physical supplies into China is likely to reduce since the early '80s. So now with the reopening, what is that going to mean? And then you also have a move towards a cleaner environment, where natural gas being the cleanest of the fossil fuels continues to be in high demand.

去年 22 年首次，這是自 80 年代初以來首次進入中國的天然氣和液化天然氣實物供應可能減少。那麼現在重新開放，這意味著什麼？然後你也會朝著更清潔的環境邁進，天然氣是化石燃料中最清潔的一種，其需求量仍然很大。

These are all macroeconomic environments that can be tradable. They are all things that people can forecast around and we feel great about the position that we have with the business that we've built to help traders manage around that, and we continue to invest in new contracts in the LNG space, new basis contracts in Europe around that.

這些都是可以交易的宏觀經濟環境。這些都是人們可以預測的事情，我們對我們為幫助交易者管理這一點而建立的業務所擁有的地位感到非常滿意，我們將繼續投資液化天然氣領域的新合同，新的基礎合同在歐洲周圍。

Now on price caps, I have mentioned on the last call, I went through a whole bunch of different issues that price caps can introduce around the difficulty it can create for people to manage and trade risk. ESMA has even come out recently with a comment that the unfortunate consequences of a price cap can be making it difficult for people to manage risk.

現在關於價格上限，我在上次電話會議上提到過，我討論了價格上限可能帶來的一大堆不同問題，圍繞著它可能給人們管理和交易風險帶來的困難。 ESMA 最近甚至發表評論稱，價格上限的不幸後果可能使人們難以管理風險。

Now for the aforementioned factors that I mentioned, the price of TTF has come way down and the price cap right now is set at north of 3x where TTF is trading. But that said, these can create issues for our market participants. So what we've decided to do is we're launching a new TTF contract in the U.K., it's a look-alike to the one we have in the Netherlands now, to provide customers a choice. It's important to point out that, that TTF contract is going to trade alongside another TTF contract that we already have in the U.K. called the TTF Frontline. It's a U.S. dollar-denominated contract that's oftentimes used as a basis contract to trade LNG cargoes because it's U.S. -- those are also U.S. dollar-denominated. And all those contracts cleared in the U.K. already.

現在，對於我提到的上述因素，TTF 的價格已經下跌，目前的價格上限設定在 TTF 交易的 3 倍以上。但話雖如此，這些可能會給我們的市場參與者帶來問題。所以我們決定做的是在英國推出一份新的 TTF 合同，它與我們現在在荷蘭的合同很相似，以便為客戶提供選擇。需要指出的是，TTF 合約將與我們在英國已有的另一個 TTF 合約一起交易，稱為 TTF Frontline。這是一份以美元計價的合同，通常被用作交易液化天然氣貨物的基礎合同，因為它是美國——那些也是以美元計價的。所有這些合同都已經在英國清算。

So we already have a community of traders that are attached to us in the U.K. for that and it's a hedge. If they decide to use it, great. At a minimum for us, it provides us a free market price discovery mechanism to manage risk in our clearing house and to settle contracts.

因此，我們已經在英國擁有一個與我們相關的交易員社區，這是一種對沖。如果他們決定使用它，那就太好了。至少對我們來說，它為我們提供了一個自由的市場價格發現機制來管理我們清算所的風險和結算合同。

Our next question comes from Daniel Fannon of Jefferies.

我們的下一個問題來自 Jefferies 的 Daniel Fannon。

I wanted to follow up on the fixed income and data outlook as you think about '23, the mid-single-digit growth. Can you talk about the inputs that you're assuming for 2023, whether that's pricing and where the growth is? And I know you've cited some headwinds in '22. And maybe elaborate a little bit on that and maybe how you're thinking about changes within those headwinds going forward.

我想跟進固定收益和數據前景，正如你對 23 年的中個位數增長的看法。你能談談你為 2023 年假設的投入，無論是定價還是增長在哪裡？我知道你在 22 年提到了一些不利因素。也許會詳細說明這一點，也許你會如何考慮這些逆風中的變化。

Dan, it's Warren. Good question. So there's not really much change in terms of our expectations and our targets as we head into next year. You've -- a couple of years ago, we outlined the growth algorithm for the data business, and that's been pretty consistent for the last couple of years.

丹，是沃倫。好問題。因此，在我們進入明年時，我們的期望和目標並沒有太大變化。你 - 幾年前，我們概述了數據業務的增長算法，並且在過去幾年中一直非常一致。

So there'll be a little bit of price we talked about in prior years, that being around 1/3 of the growth. There will certainly be contributions from new customers, contributions from current customers purchasing more. And so I think it's a pretty similar algorithm if you're thinking about this year versus past years. I think when we're thinking about 2023 specifically, look, the macro -- those factors are a little bit difficult to predict. I mean AUM fees, particularly the last 2 quarters, those have been something that have weighed off a little bit.

所以我們在前幾年談到了一些價格，大約是增長的 1/3。肯定會有來自新客戶的貢獻，來自購買更多的現有客戶的貢獻。因此，如果您考慮今年與過去幾年相比，我認為這是一個非常相似的算法。我認為當我們具體考慮 2023 年時，從宏觀上看——這些因素有點難以預測。我的意思是 AUM 費用，尤其是最近兩個季度，這些費用有所下降。

I don't know exactly where those are going to go next year. It does feel like certainly in areas like fixed income, we could see some stabilization. And frankly, fixed income could very quickly become a very attractive asset class. So look, we're having some really good conversations with customers. We are a data superstore, if you will. We're indices. We're end-of-day pricing. We have analytics. We have got desktops. We've got feeds. It's a really diverse business. And so it's an opportunity for us to have conversations with customers in this kind of environment than we are to maybe find ways to save but spend more with us. And that's something I think you've heard us talk about the last couple of years. So there's nothing really different about our target. But again, we're certainly cognizant that it's a somewhat challenging environment for a lot of our customers at the moment.

我不知道這些明年會去哪裡。確實感覺在固定收益等領域，我們可以看到一些穩定。坦率地說，固定收益可能很快成為一種非常有吸引力的資產類別。所以看，我們正在與客戶進行一些非常好的對話。如果您願意，我們是一家數據超市。我們是指數。我們是日終定價。我們有分析。我們有台式機。我們有飼料。這是一個真正多元化的業務。因此，這是我們在這種環境中與客戶進行對話的機會，而不是我們可能想方設法節省但與我們一起花費更多。這就是我想你在過去幾年裡聽到我們談論的事情。所以我們的目標並沒有什麼不同。但同樣，我們當然認識到，目前對於我們的許多客戶來說，這是一個頗具挑戰性的環境。

Dan, this is Lynn. I'm just going to jump in with a bit more color on what Warren said. I think this segment, in particular, really illustrates the all-weather nature of the ICE name, and the ability for this segment to grow 13% in spite of some of the challenges Warren has highlighted really underpin that. If you look at the execution side of the business, volatility has certainly been a tailwind, but importantly, new products and new customer acquisition has also been a driver of our growth, new products in the CDS clearing side of the business, including our CDS options.

丹，這是林恩。我只是想對沃倫所說的內容多說幾句。我認為這一細分市場尤其真正說明了 ICE 名稱的全天候性質，儘管沃倫強調了一些挑戰，但該細分市場仍能增長 13%，這確實支撐了這一點。如果你看一下業務的執行方面，波動肯定是順風，但重要的是，新產品和新客戶的獲取也是我們增長的驅動力，業務的 CDS 清算方面的新產品，包括我們的 CDS選項。

In terms of ICE bonds, we've actually been able to grow our institutional market share. Institutional business in the muni asset class, in particular, is up 205% in Q4 alone, 175% for the full year. And we've been able to gain in muni about 650 basis points of share in 2022, really driven by the work we've done with the institutions to plug into their workflows.

就 ICE 債券而言，我們實際上已經能夠擴大我們的機構市場份額。特別是市政資產類別的機構業務僅在第四季度就增長了 205%，全年增長了 175%。我們已經能夠在 2022 年獲得約 650 個基點的市政份額，這確實受到我們與機構所做的工作推動，以插入他們的工作流程。

Now obviously, some of the macro forces have impacted the fixed income and data and analytics line. As Warren highlighted, slightly slower sales cycle in our pricing business. AUM trends driving out of our higher capture products into our lower fee capture products.

現在顯然，一些宏觀力量已經影響了固定收益以及數據和分析線。正如沃倫強調的那樣，我們定價業務的銷售週期略有放緩。 AUM 趨勢驅使我們從較高的捕獲產品轉向我們較低的費用捕獲產品。

But I would be remiss if I didn't talk about the outsized performance of our other data services line, where we haven't seen a slowdown in the sales cycle. And this was really fueled by demand for capacity, which was up 18% in the quarter, double-digit growth in our desktop and derivatives analytics businesses as well as strong growth in our feeds business.

但是，如果我不談論我們其他數據服務線的出色表現，那我就是失職了，我們沒有看到銷售週期放緩。這確實受到容量需求的推動，容量需求在本季度增長了 18%，我們的桌面和衍生品分析業務實現了兩位數的增長，以及我們的提要業務的強勁增長。

So I think when you take a step back and look at the segment overall, we couldn't be more optimistic about the ability for that segment, in particular, to grow, compounding in a variety of macroeconomic positions because of the all-weather nature of the name.

所以我認為，當你退後一步，看看整個細分市場時，我們對這個細分市場的能力再樂觀不過了，尤其是增長的能力，由於全天候的性質，在各種宏觀經濟狀況下複合的名字。

Our next question comes from Ken Worthington of JPMorgan.

我們的下一個問題來自摩根大通的肯沃辛頓。

Maybe to follow up on Rich's question, but with a focus on oil, I wanted to dig a bit deeper into some of the changes that are being made there. You mentioned on the last call that you were taking Russian molecules out of the benchmark and highlighted the reconstitution, maybe adding to activity levels in Brent. Given that Russian oil continues to flow pretty actively in Europe, is the reconstitution helping or hurting like you thought?

也許是為了跟進 Rich 的問題，但以石油為重點，我想更深入地了解那裡正在發生的一些變化。您在上次電話會議中提到您正在將俄羅斯分子從基準中取出並強調重組，可能會增加布倫特的活動水平。鑑於俄羅斯石油繼續在歐洲非常活躍地流動，重組是像你想像的那樣幫助還是傷害？

And then secondly, I think Midland WTI has been added to Brent. To what extent do you see this inclusion making Brent an even more relevant benchmark? And as we think about Brent as a competing product to WTI, might this shift further drive share to ICE in Brent in oil?

其次，我認為米德蘭 WTI 已添加到布倫特原油中。您認為這種納入在多大程度上使布倫特原油成為更相關的基準？當我們將布倫特原油視為 WTI 的競爭產品時，這種轉變是否會進一步推動布倫特原油在 ICE 中的份額？

Thanks, Ken. It's Ben. Great question. And yes, you're right. You had the same dynamic that I highlighted before on TTF with oil as well as downstream products like gas oil as well, to some degree, getting cut off from Europe. But we have seen a similar dynamic that I mentioned in the natural gas markets where you have U.S., Norway and Middle Eastern oil now flowing in to help address some of that supply that has been lost based on Russia effectively cutting that off.

謝謝，肯。是本。很好的問題。是的，你是對的。你有我之前在 TTF 上強調的與石油以及瓦斯油等下游產品相同的動態，在某種程度上，也被切斷了與歐洲的聯繫。但我們看到了我在天然氣市場中提到的類似動態，美國、挪威和中東的石油現在流入這些市場，以幫助解決因俄羅斯有效切斷供應而損失的部分供應。

So what we have seen -- since we announced in the second half of last year, that Russian molecules were no longer deliverable into the gas oil contract as an example, one of the things that we saw develop underneath the covers is that open interest in gas oil from October 1 to the end of last year grew 100% in deliveries starting in January of this year. And then since the end of the year, it's grown another 14%. So all that is showing the underlying health, the return and bolstering of market confidence coming back to products like gas oil, once that specificity was created.

所以我們所看到的——自從我們在去年下半年宣布俄羅斯分子不再交付到柴油合同中作為一個例子，我們看到在幕後發展的其中一件事是未平倉的興趣從去年 10 月 1 日到去年年底，從今年 1 月開始交付的瓦斯油增長了 100%。自今年年底以來，它又增長了 14%。因此，一旦這種特性被創造出來，所有這些都表明了潛在的健康、市場信心的回歸和增強，回到了瓦斯油等產品上。

That said, you have a whole -- so we're seeing market confidence come back. Brent's up as well since the beginning of the year, so we feel good about that contract. Our Brent options contract has also done very well. But all of these supply chain changes around the world is why we've been making the investments we've had in a whole bunch of different areas around oil over the last few years.

也就是說，你有一個整體——所以我們看到市場信心回來了。布倫特原油自年初以來價格也上漲，因此我們對該合同感覺良好。我們的布倫特期權合約也表現出色。但是，全球所有這些供應鏈的變化就是為什麼我們在過去幾年中一直在圍繞石油的許多不同領域進行投資的原因。

2 years ago, we've announced and launched ICE Futures Abu Dhabi and the Murban contract. And the interesting development we've seen with Murban is that Murban historically priced Middle Eastern barrels going out to Asia. And now, as I mentioned, Middle Eastern oil is also backfilling, to some degree, some of the supply cuts happen from Russia on oil supplies. And we're seeing Murban now being used to price Middle Eastern barrels that are going into Europe. That's one of the things that's feeding north of a 50% growth in Murban year-to-date this year. So we're off to a great start there.

2 年前，我們宣布並推出了 ICE Futures Abu Dhabi 和 Murban 合約。我們在穆爾班看到的有趣發展是，穆爾班歷來為出口到亞洲的中東石油定價。現在，正如我提到的，中東石油也在回填，在某種程度上，一些供應削減發生在俄羅斯的石油供應上。我們看到 Murban 現在被用來為進入歐洲的中東石油定價。這是穆爾班今年迄今增長超過 50% 的原因之一。所以我們在那裡有了一個良好的開端。

The Midland WTI contract that you highlighted, we announced -- we launched that contract a year ago. And that contract is off to a great start. Tons of physical traders in it. They have prices. Midland TI that goes to Houston and then hits the water and a lot of that oil is going over to Europe. It's a perfect product for people to use to hedge cargoes that are going into Europe. And again, with that supply chain dynamic of U.S. oil backfilling a lot of the Russian oil that was cut off, we were very well positioned there.

您強調的 Midland WTI 合約，我們宣布了——我們在一年前推出了該合約。這份合同有了一個良好的開端。裡面有大量的實物交易員。他們有價格。 Midland TI 運往休斯敦，然後下水，其中很多石油都流向了歐洲。它是人們用來對沖進入歐洲的貨物的完美產品。再一次，隨著美國石油的供應鏈動態回填了大量被切斷的俄羅斯石油，我們在那里處於非常有利的位置。

And then at the midpoint of this year, that Midland contract is perfectly positioned to be traded in parallel to Brent with those Midland TI barrels coming into the Brent index. So we feel very well positioned with all of the investments we've been making in and around oil in anticipation of potential supply chain changes, and we think we're well positioned there for growth.

然後在今年年中，Midland 合約完全可以與布倫特原油平行交易，而那些 Midland TI 桶進入布倫特指數。因此，我們在預期潛在的供應鏈變化的情況下，對我們在石油和石油周圍進行的所有投資感到非常有利，我們認為我們在增長方面處於有利地位。

Our next question comes from Chris Allen of Citi.

我們的下一個問題來自花旗銀行的克里斯艾倫。

I wanted to ask about Mortgage Tech, the recurring revenue outlook. You noted some bright spots in your comments just in terms of some of the sales you're seeing, the conversations you're having with customers, but we're seeing this continue to somewhat -- to decline in terms of the pace of growth, albeit still at healthy levels. And coming into the mortgage slowdown, you kind of noted that the mortgage industry was -- have been very busy during the single upturn. Now that the downturn occurred, there was an opportunity set to improve efficiency there that it's almost going to an acceleration of recurring revenue growth.

我想問一下 Mortgage Tech 的經常性收入前景。您在評論中註意到了一些亮點，只是在您看到的一些銷售、您與客戶的對話方面，但我們看到這種情況在某種程度上繼續——在增長速度方面有所下降，儘管仍處於健康水平。進入抵押貸款放緩，你有點注意到抵押貸款行業 - 在單一好轉期間一直非常忙碌。既然經濟低迷發生了，就有機會提高那裡的效率，這幾乎會加速經常性收入的增長。

So maybe you could kind of frame out the decline in the Mortgage Tech revenue growth outlook. What's being driven just in terms of the overall dampening of the industry right now? What's kind of the opportunity set in terms of further customer penetration going forward?

因此，也許您可以勾勒出抵押技術收入增長前景的下降。就目前行業的整體抑製而言，正在推動什麼？就進一步的客戶滲透而言，有什麼樣的機會？

Thank you. Thank you for the question. Great question. And I always highlight, and it's important to point out, that we're looking to build this business and build some fundamental building blocks that enable this business to grow 8% to 10% over a long period of time. And you're right. So we've made a very concerted effort. One of the big cornerstones of that strategy is a concerted move to move transaction revenue more and more towards subscription to make the business model much more predictable underneath that.

謝謝。感謝你的提問。很好的問題。我總是強調，而且重要的是要指出，我們正在尋求建立這項業務並建立一些基本的構建模塊，使該業務能夠在很長一段時間內增長 8% 到 10%。你是對的。所以我們做出了非常一致的努力。該戰略的重要基石之一是採取一致行動，將交易收入越來越多地轉向訂閱，從而使商業模式在其下更具可預測性。

And we feel good about the fact that we've been able to grow subscription revenue in the fourth quarter of 9% given the backdrop of an environment where volumes were down 60% and sequentially, they were down 20% approximately. So in that environment, we're still able to grow it. And I'll be the first to highlight, the mortgage industry didn't expect the downturn to happen as fast as it did or as rapidly and as deep as it did.

我們感到滿意的是，在銷量下降 60% 且環比下降約 20% 的環境下，我們在第四季度的訂閱收入增長了 9%。所以在那種環境下，我們仍然能夠種植它。我首先要強調的是，抵押貸款行業並沒有預料到經濟衰退會像現在這樣來得那麼快，也沒有像現在這樣迅速和深入。

So we have seen with some of our clients that are coming up for renewal, we've seen some clients consolidate, gone through M&A on true business. And so we've seen some cancellations due to those factors. So that has created some headwinds into the business. But offsetting that, we've had a number of different items that have enabled us to grow and give us confidence and the ability to grow the business going forward.

因此，我們已經看到我們的一些客戶即將續約，我們已經看到一些客戶合併，通過真正的業務進行併購。因此，由於這些因素，我們看到了一些取消。因此，這給該行業帶來了一些不利因素。但抵消了這一點，我們有許多不同的項目使我們能夠成長並給我們信心和能力來發展業務。

First thing is that of the renewals we had last quarter, north of 60% of them renewed at higher subscription rates than they did at the beginning of the quarter due to our strategy to intentionally shift more transaction revenue towards subscription and also success in cross-selling more clients -- or more products to our clients.

首先是我們上個季度的續訂，超過 60% 的續訂比本季度初的訂閱率更高，這是因為我們的戰略是有意將更多交易收入轉移到訂閱上，並且在跨界合作方面也取得了成功。向我們的客戶銷售更多客戶或更多產品。

The second is we had a very strong quarter and encompassed sales. In fact, the strongest quarter that we had of all of 2022 was in the fourth quarter. And we've seen that in a couple of different areas. So we saw it across all the different segments that we cover, so think of banks, nonbank originators, brokers, credit unions. But we also saw a lot of new start-up companies coming to us. So with the unfortunate backdrop of people getting downsized in this mortgage environment, several of those impacted employees are becoming entrepreneurs, starting up their own mortgage shops. And we're very well positioned to win that business, albeit it may be at a lower subscription fee to start, but we have the ability to grow with them as this mortgage market will snap back at some point in time.

第二個是我們有一個非常強勁的季度，包括銷售。事實上，我們在 2022 年全年表現最強勁的季度是在第四季度。我們已經在幾個不同的領域看到了這一點。所以我們在我們涵蓋的所有不同領域都看到了它，所以想想銀行、非銀行發起人、經紀人、信用合作社。但是我們也看到了很多新的創業公司來找我們。因此，在這種抵押貸款環境下人們被裁員的不幸背景下，一些受影響的員工正在成為企業家，開辦自己的抵押貸款商店。我們非常有能力贏得這項業務，儘管開始時訂閱費可能較低，但我們有能力與他們一起成長，因為這個抵押貸款市場會在某個時間點迅速回升。

We also see, just looking out into the future that there's a lot of large banks, large -- a lot of large home lending banks that have legacy infrastructure, in-house systems that they've been running for years that are looking to upgrade and replace that. We think our funnel reflects that, and we feel really good about the prospects that those companies are looking to continue to make investments here in 2023, which lead to growth factors for us going into the future. So that's a little bit of color of what happened in the fourth quarter as well as why we feel good about our prospects going forward.

我們還看到，展望未來，有很多大型銀行，大型 - 許多擁有遺留基礎設施的大型家庭貸款銀行，他們已經運行多年的內部系統正在尋求升級並替換它。我們認為我們的漏斗反映了這一點，我們對這些公司希望在 2023 年繼續在這裡進行投資的前景感到非常滿意，這會為我們帶來未來的增長因素。因此，這就是第四季度發生的事情的一點色彩，也是我們對未來前景感到樂觀的原因。

And I think if you step back -- this is Jeff. If you step back, what we're talking to the industry about is a fundamental shift in the way they assemble and manufacture mortgages, to take costs out of the system, to move the industry to more of a SaaS model, subscription-based model instead of a model where every single mortgage is put together a la carte with services and the cost of a first-time homebuyer's mortgage versus the cost of a $1 million mortgage are essentially the same in the current system.

我想如果你退後一步——這是傑夫。如果你退後一步，我們正在與行業討論的是他們組裝和製造抵押貸款的方式的根本轉變，從系統中剔除成本，使行業更多地轉向 SaaS 模型，基於訂閱的模型而不是每個抵押貸款都與服務一起點菜的模型，並且首次購房者的抵押貸款成本與 100 萬美元抵押貸款的成本在當前系統中基本相同。

And it just makes sense to us that if we can give the industry a more predictable way of operating their businesses, they can be more responsive to their customers and allocate costs proportionately across their business, which is the way business is done in most other digital markets or markets that have moved from analog to digital.

這對我們來說很有意義，如果我們能夠為該行業提供一種更可預測的業務運營方式，他們就可以更好地響應客戶並在整個業務中按比例分配成本，這是大多數其他數字業務的運作方式從模擬轉向數字的市場或市場。

Our next question comes from Alex Kramm of UBS.

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Just wanted to ask about pricing holistically across the business. When you look at the data services space, some of your peers, maybe some of them in the desktop space that you're not in, but we're seeing price increases because of inflation in the mid- to high-single digit range. It seems like you are much more conservative in your businesses. And then when we think about the trading side, your primary peer in the futures trading side also seems to have been taken a bigger price increase than usual this year.

只是想詢問整個企業的整體定價。當您查看數據服務領域時，您的一些同行，也許其中一些在您不在的桌面領域，但我們看到由於中高個位數範圍內的通貨膨脹而導致價格上漲。看來您在業務上要保守得多。然後當我們考慮交易方面時，您在期貨交易方面的主要同行今年似乎也比往年漲價了。

So when you put this all together and you look at your business, it seems like you're leaving some money on the table and you're a little bit afraid to kind of like turn that lever a little bit more. So just wondering if you're thinking, is it all evolving given the higher inflationary environment that's obviously driving your cost higher as well?

因此，當您將所有這些放在一起並審視您的業務時，似乎您在桌面上留下了一些錢，您有點害怕稍微轉動槓桿。所以只是想知道你是否在想，考慮到更高的通貨膨脹環境顯然也推高了你的成本，這一切是否都在演變？

Alex, it's Warren. It's a good question. And we've certainly seen some of the peers out there and what they've done on the pricing front. It's always been our philosophy that, when we're going to increase price, it will come with value added to the particular product that we're increasing that price on. And that hasn't changed, and that's not going to change this year. I think from our perspective, the better long-term strategy is to operate that way, and that's what we're going to be doing this year.

亞歷克斯，是沃倫。這是個好問題。我們當然已經看到了一些同行以及他們在定價方面所做的事情。我們的理念一直是，當我們要提高價格時，它會伴隨著我們提高價格的特定產品的附加值。這一點沒有改變，今年也不會改變。我認為從我們的角度來看，更好的長期戰略是以這種方式運營，這就是我們今年要做的事情。

And we mentioned a little bit earlier on the Fixed Income and Data Services side, there really wasn't much difference in terms of how we're approaching that this year. We do have a small amount of contracts, it's pretty immaterial at the end of the day, that are benchmarked to inflation. But I don't think you'd really notice that at the end of the day, depending on how much that will fluctuate. So on that front, I would say it's pretty consistent.

我們之前在固定收益和數據服務方面提到過一點，今年我們的處理方式確實沒有太大區別。我們確實有少量合同，它在一天結束時非常無關緊要，以通貨膨脹為基準。但我不認為你會在一天結束時真正注意到這一點，這取決於它會波動多少。所以在這方面，我會說它非常一致。

On the futures side, we're always looking at that as an option. But again, it's something we haven't really pulled a lever on up until this point, and there certainly have been instances in the past where we've done it. But something we are thinking about and always thinking about, frankly. So I wouldn't necessarily say that's much of a change. But yes, that's something that's out there and certainly cognizant on what some of the others have been doing.

在期貨方面，我們一直將其視為一種選擇。但同樣，到目前為止，我們還沒有真正採取行動，而且過去確實有過我們已經這樣做的例子。但坦率地說，我們正在考慮並一直在考慮的事情。所以我不一定會說這是一個很大的變化。但是，是的，這是存在的，並且肯定知道其他一些人一直在做的事情。

And this is Jeff. I would just mention that we spend a tremendous amount of time focused on our own costs and the cost of delivering these products and continue to make prudent investments, but underneath allocate to personnel and resources. We've been -- you may notice, we've -- of all the major exchange groups, we've been the most cautious, if you will, of moving business to the cloud because those are areas where we've seen the largest cost increases and the most unpredictable rises in cost. So we have continued to be conservative in delivering our products the way our customers want to see them but trying to do it in a way that is very, very cost efficient.

這是傑夫。我只想提一下，我們花費了大量時間關注我們自己的成本和交付這些產品的成本，並繼續進行審慎投資，但在分配給人員和資源方面。我們一直 - 你可能會注意到，我們 - 在所有主要的交換集團中，我們一直是最謹慎的，如果你願意的話，將業務轉移到雲端，因為那些是我們已經看到的領域最大的成本增長和最不可預測的成本增長。因此，我們在以客戶希望看到的方式交付我們的產品方面繼續保持保守，但試圖以一種非常、非常具有成本效益的方式進行。

Our next question comes from Alex Blostein of Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

I just want to go back to some of the energy dynamics in the space. And I was hoping you guys could talk about the environmentals for a bit. It's great to see the TTF complex kind of coming back to life here in January. What would it take to get, I guess, the environmental products going again? And kind of what are some of the dynamics in that market for '23?

我只想回到太空中的一些能量動態。我希望你們能談談環境問題。很高興看到 TTF 複合體在一月份在這裡恢復生機。我想，要讓環保產品重新流行起來需要什麼？ 23 年市場的一些動態是什麼？

Thanks, Alex. It's Ben. And we feel really, really great about the position we have in the environmental marketplace. As you know, we were here very, very early almost 13 years ago is when we acquired the Climate Exchange, and that was really the foundational piece to it. And we've been building and investing around this the entire time since we've owned that and now have the most global complete suite of solutions that are helping our clients price carbon, offset their carbon risks, trade renewable energy credits, et cetera.

謝謝，亞歷克斯。是本。我們對我們在環境市場中的地位感到非常非常滿意。如您所知，大約 13 年前我們很早就來到這裡，當時我們收購了氣候交易所，這確實是它的基礎部分。自從我們擁有它以來，我們一直在圍繞它進行建設和投資，現在擁有最全球化的全套解決方案，幫助我們的客戶為碳定價、抵消他們的碳風險、交易可再生能源信用等。

And one of the other strengths that we have to our environmental business is that there's a symbiotic relationship that we see with energy. A lot of people that are producing energy or consuming energy need to care about the price of carbon. So we see a symbiotic relationship there.

我們在環境業務方面擁有的其他優勢之一是我們看到與能源的共生關係。許多生產能源或消耗能源的人需要關心碳的價格。所以我們在那裡看到了一種共生關係。

For our business, if you look under the covers of what was going on last year in 2022, we did see some headwinds, as I mentioned in my prepared remarks, on the European Union allowance markets. And a lot of that was associated to time, capital and attention being paid towards the energy markets.

對於我們的業務，如果你深入了解去年 2022 年發生的事情，正如我在準備好的發言中提到的那樣，我們確實看到了歐盟配額市場的一些不利因素。其中很多與時間、資金和對能源市場的關注有關。

That said, we continue to see market data subscriptions, in particular, environmentals, are growing nicely over the years. So we continue to have people added into our community between our market data, between our ICE instant messaging platform and chat platform. We continue to grow visibility and interest into our markets there.

也就是說，我們繼續看到市場數據訂閱，特別是環境數據，多年來增長良好。因此，我們繼續讓人們在我們的市場數據、ICE 即時消息平台和聊天平台之間加入我們的社區。我們繼續提高對那里市場的知名度和興趣。

I'd also point out that the European Union late last year reaffirmed the trading scheme and continue to signal things like free allowance thresholds, so the amount of carbon that you're allowed to emit before you have to buy allowance, all those are going to start coming down, which means that more carbon is going to need to be priced and more sectors of the economy are going to be captured. So from a long term looking out over the horizon perspective, that's a tailwind of growth.

我還要指出，歐盟去年年底重申了交易計劃，並繼續發出免費配額閾值等信號，因此在必須購買配額之前允許排放的碳量，所有這些都在進行中開始下降，這意味著更多的碳需要定價，更多的經濟部門將被捕獲。因此，從長遠來看，這是增長的順風。

We launched our U.K. allowance platform. That was up nicely last year, up 16%. North America, as I had mentioned, had a record last year of almost 3.7 million lots traded with a record number of market participants in there. Our RGG contracts, which is the regional greenhouse gas emissions, California carbon allowances, renewable fuels all had a great year.

我們推出了英國津貼平台。去年增長不錯，增長了 16%。正如我之前提到的，北美去年的交易量達到了近 370 萬手，市場參與者數量也創下了歷史新高。我們的 RGG 合同，即區域溫室氣體排放、加州碳配額、可再生燃料，都在這一年表現出色。

We continue to invest here by launching new contracts. We launched Texas wind and solar contracts last year, and we also launched a few tranches of nature-based offsets. One of the things that we announced at the end of last year that may have flown under the radar for people is when you look at the offset market in the carbon and environmental credit markets, those markets tend to be called voluntary, and they are very nascent. Those are markets that no one has really been able to effectively develop yet, and they're all in very, very early stages.

我們通過簽訂新合同繼續在這裡投資。我們去年推出了德州風能和太陽能合同，我們還推出了幾批基於自然的補償。我們在去年年底宣布的一件事可能沒有引起人們的注意，那就是當你觀察碳和環境信貸市場中的抵消市場時，這些市場往往被稱為自願性市場，而且它們非常新生的。這些市場還沒有人能夠真正有效地開發，它們都處於非常、非常早期的階段。

One of the key problems we think that there is from our experience in developing other markets is that there's a fundamental -- fundamentally very difficult for somebody to understand what is the offset that one would want to trade? What is the underlying reference data associated to it? What are the components that make up that offset or that environmental credit? What's the quality of that credit? Basic supply information like how much was issued when it was originally issued, how much has been retired and how much still exists.

我們認為，根據我們開發其他市場的經驗，我們認為存在的一個關鍵問題是，有一個基本的——從根本上說，人們很難理解一個人想要交易的抵消是什麼？與之關聯的底層參考數據是什麼？構成抵消或環境信用的組成部分是什麼？該信用的質量如何？基本供應信息，如最初發出時發出了多少，已經退役了多少，還有多少仍然存在。

So we launched, at the end of last year, a reference data service where our community of over 100,000 instant messaging and chat clients that are traders, that are utilizing that all day long, they're energy traders, they're environmental market traders, can instantly look up any offset, any environmental credit, be able to get all of the reference data associated to that credit, how much was issued when it was issued, how much has been expired, how much is still available to trade. This is all basic fundamental supply data that people need to be able to price -- fundamentally price a contract.

所以我們在去年年底推出了一個參考數據服務，我們的社區有超過 100,000 個即時消息和聊天客戶，他們是交易員，他們整天都在使用它，他們是能源交易員，他們是環境市場交易員，可以立即查找任何抵消額度，任何環境信用，能夠獲得與該信用相關的所有參考數據，發行時發行了多少，已經過期了多少，還有多少可以交易。這是人們需要能夠定價的所有基本供應數據——從根本上為合同定價。

So we pulled all that together, so you can gather all that information on a near real-time basis. We pulled it together from a variety of different sources to make what was hours' worth of work, if not days, to be done instantaneously. And obviously, with that information, it can help with price formation and eventually interaction with our community to help identify people that would want to trade. So we feel great about our positioning there. We're investing there, and that's just one significant example of a nascent market that we think we have some foundational elements that we're excited about.

所以我們將所有這些整合在一起，這樣您就可以近乎實時地收集所有這些信息。我們從各種不同的來源將其整合在一起，使需要數小時（如果不是數天）的工作立即完成。顯然，有了這些信息，它可以幫助形成價格並最終與我們的社區互動，以幫助識別想要交易的人。所以我們對我們在那裡的定位感覺很好。我們正在那裡投資，這只是一個新興市場的一個重要例子，我們認為我們有一些令我們興奮的基本要素。

Our next question comes from Simon Clinch of Atlantic Equities.

我們的下一個問題來自 Atlantic Equities 的 Simon Clinch。

I just wanted to cycle back to the Mortgage business and specifically looking at the transaction revenues. I just want you -- as you're increasingly looking to shift your revenue streams towards the recurring revenue line over time, should we look at that as -- well, two things here. Does that mean we should assume that you're effectively giving up some of the upside for when mortgage volumes do start to rebound?

我只想回到抵押貸款業務，特別是看看交易收入。我只想要你——隨著時間的推移，你越來越希望將收入流轉向經常性收入線，我們是否應該這樣看待——好吧，這裡有兩件事。這是否意味著我們應該假設您實際上放棄了抵押貸款量開始反彈時的一些上行空間？

And then secondly, is there -- should we assume that the sort of level of outgrowth versus -- of the transaction revenues versus those mortgage industry volumes should narrow and dwindle to 0 because effectively you're shifting all of your business to recurring revenue streams? Just trying to understand the dynamic that's going on between the recurring revenues and transaction revenue right at this point.

其次，我們是否應該假設交易收入與抵押貸款行業數量的增長水平應該縮小並減少到 0，因為實際上你正在將所有業務轉移到經常性收入流？只是想了解此時經常性收入和交易收入之間發生的動態變化。

Sure. Simon, it's Ben. So there's a couple of different pieces to that question that I'll cover. So on transaction revenue, we have said we are willing to give up some transaction revenue that we have today. So take, for example, it's a "success" fee. When a loan is codified, there's a transactional fee associated to that, that we're -- if we lower that to some degree for our clients, but shift more of that towards recurring revenue and more predictable revenue to us, we'll do that. So there is some short-term impact to our transaction -- to existing transaction revenues.

當然。西蒙，是本。因此，我將討論這個問題的幾個不同部分。所以在交易收入上，我們說過我們願意放棄我們今天擁有的一些交易收入。因此，舉個例子，這是一筆“成功”的費用。當一筆貸款被編纂成法典時，就會產生與之相關的交易費用，我們是——如果我們在某種程度上為我們的客戶降低這筆費用，但將更多的費用轉移到經常性收入和對我們來說更可預測的收入上，我們會做那。因此，我們的交易對現有交易收入有一些短期影響。

At the same time, we have a whole suite of other services that we're cross-selling to our stable of 3,000 Encompass customers, for example, around the world, some of which are recurring, some of which are transaction that, as those continue to mature because they're very early stages but are showing some great signs of success, our ability to cross-sell those, things like our data and analytics offerings, which we've -- were transactions that we've tilted much more towards subscription, but then we also have services in our closing line item that we're continuing to invest in and we're continuing to add on that will be incremental transaction revenues.

同時，我們還有一整套其他服務，我們正在向我們穩定的 3,000 名 Encompass 客戶交叉銷售，例如，在世界各地，其中一些是經常性的，其中一些是交易的，就像那些繼續成熟，因為它們還處於非常早期的階段，但顯示出一些成功的跡象，我們交叉銷售這些產品的能力，比如我們的數據和分析產品，我們已經 - 是我們傾斜得更多的交易訂閱，但隨後我們還在我們繼續投資的收尾項目中提供服務，我們將繼續增加這將是增量交易收入。

So there's a mix underneath the covers there. But we believe having a more predictable business model for the longer term will enable us to continue to grow the business at 8% to 10% a year for a long period of time.

所以那裡的封面下面有一個混合。但我們相信，從長遠來看，擁有更可預測的商業模式將使我們能夠在很長一段時間內繼續以每年 8% 至 10% 的速度增長業務。

Our next question comes from Craig Siegenthaler from Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

I wanted to come back to Ben's commentary that 4Q is the strongest Mortgage Tech sales quarter since last year. What products drove the increase in 4Q versus the prior quarters? And also given several announcements of exits and downsizes in the residential mortgage world, and I'm thinking Wells Fargo is probably the biggest, which products are you seeing under the most pressure on the sales front in 4Q?

我想回到 Ben 的評論，即第四季度是自去年以來最強勁的 Mortgage Tech 銷售季度。與前幾個季度相比，哪些產品推動了第四季度的增長？並且考慮到住宅抵押貸款領域的一些退出和縮減規模的公告，我認為富國銀行可能是最大的，您看到哪些產品在第四季度的銷售方面壓力最大？

Thanks for the question, Craig. So a lot of what we saw in terms of sales strength -- so I'll just -- I'll talk about 2022 first, then I'll go into fourth quarter. So for 2022 as a whole, our AIQ, that -- the automation service that's lowering the cost of manufacturing a loan to our clients, was very strong throughout the entire year and each quarter. We had a good quarter in selling new clients onto that platform. Again, that's hopefully lowering their cost of manufacturing along a lot of the comments that Jeff made before and hopefully, those cost savings get passed down to the end consumer.

謝謝你的問題，克雷格。所以我們在銷售實力方面看到了很多 - 所以我會 - 我會先談談 2022 年，然後我會進入第四季度。因此，對於整個 2022 年，我們的 AIQ，即降低向我們的客戶製造貸款成本的自動化服務，在全年和每個季度都非常強勁。我們在向該平台銷售新客戶方面取得了不錯的成績。同樣，這有望降低他們的製造成本，正如 Jeff 之前發表的許多評論一樣，並希望這些成本節省能夠傳遞給最終消費者。

In the fourth quarter, it was an interesting dynamic. It was actually our -- the core Encompass product that drove that sales strength that we had in the fourth quarter. So what we're seeing is that, while you do have customers that are consolidating, you have some M&A, you have some downsizing that's happening with that client mix, the 2 things that we see in parallel are that, one, a lot of the banks, credit unions, nonbank originators, they're using this time to invest in infrastructure. So if they have in-house systems, for example, which is often what we're unseating, they're looking to invest in their infrastructure to be ready for when this market snaps back.

在第四季度，這是一個有趣的動態。實際上是我們的核心 Encompass 產品推動了我們在第四季度的銷售實力。所以我們看到的是，雖然您確實有正在整合的客戶，但您有一些併購，您的客戶組合正在發生一些裁員，我們同時看到的兩件事是，一個，很多銀行、信用合作社、非銀行發起人，他們正在利用這段時間投資基礎設施。因此，例如，如果他們有內部系統，而這通常是我們正在取消的，他們正在尋求投資於他們的基礎設施，以便在這個市場快速復蘇時做好準備。

Looking at our funnel going forward, we know that a lot of the big banks are looking at that infrastructure that they have and looking at making investments to position them well when the market snaps back. And then the other thing that we're seeing is, as I mentioned, as employees are impacted by these downsizings, we're seeing a lot of them start new shops. And as entrepreneurs, they're starting new shops, and we're well positioned to win that business as well. So we're very well positioned across the entire spectrum. And people are taking -- we see people taking advantage of the opportunity right now where there is strain in the system to invest and be ready for when the market comes back.

看看我們未來的漏斗，我們知道很多大銀行都在關注他們擁有的基礎設施，並考慮進行投資，以便在市場反彈時做好定位。然後我們看到的另一件事是，正如我提到的，由於員工受到這些裁員的影響，我們看到他們中的很多人開辦了新店。作為企業家，他們正在開新店，我們也有能力贏得這項業務。所以我們在整個範圍內都處於非常有利的位置。人們正在利用——我們看到人們現在正在利用這個機會，因為系統存在投資壓力，並為市場復甦做好準備。

Our next question comes from Brian Bedell of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

I wanted to turn back to the fixed income trading. It's been on such a strong growth trajectory. And when you described good traction in the muni business and data, maybe if you can talk a little bit more about the mix of revenues within that business. I know the market share gains have been really good. Is it mostly munis?

我想回到固定收益交易。它一直處於如此強勁的增長軌道上。當你描述了市政業務和數據的良好吸引力時，也許你可以多談談該業務的收入組合。我知道市場份額的增長非常好。主要是市政嗎？

And just thinking about the sustainability of this. I mean this has been growing, it's more than doubling on a year-over-year basis, reaching a $100 million annual revenue business in the second quarter. And if it continues to grow like this sequentially, it will be a $200 million annual business within a couple of quarters. So just trying to get a sense of the drivers behind that and if you think this momentum can continue.

只是想一想它的可持續性。我的意思是，它一直在增長，同比增長了一倍多，第二季度的年收入業務達到 1 億美元。如果它繼續像這樣連續增長，它將在幾個季度內成為年收入 2 億美元的業務。因此，只是想了解其背後的驅動因素，以及您是否認為這種勢頭可以持續下去。

Yes. Thanks for the question. As I mentioned, volatility certainly did help out this business, but a lot of the share gains we've achieved in the institutional side of the business has really been what's driving the growth. 26% in Q4 of our muni activity came from institutional accounts. So that's up from 13% in 2020 when we started to acquire all of these different platforms. So we've really been able to increase institutional footprint.

是的。謝謝你的問題。正如我所提到的，波動性確實幫助了這項業務，但我們在業務機構方面取得的許多份額收益確實是推動增長的因素。我們第四季度的市政活動中有 26% 來自機構賬戶。因此，這一比例高於 2020 年我們開始收購所有這些不同平台時的 13%。所以我們真的能夠增加機構足跡。

We do see opportunities also in treasuries and CDs. Those 2 asset classes within the execution segment have also outperformed. A lot of that's volatility-driven. But the toughest thing to do is to get the plumbing into this institutional accounts. And I think the deliberate decisions we took a couple of years ago to be workflow-agnostic, to work with a variety of providers, to plumb our platforms into a variety of workflow solutions have really beared fruit in 2022.

我們確實在國債和定期存單中看到了機會。執行部門中的這兩個資產類別也表現出色。其中很多是波動驅動的。但最困難的事情是把管道接入這個機構賬戶。而且我認為，我們幾年前做出的與工作流無關、與各種供應商合作、將我們的平台引入各種工作流解決方案的深思熟慮的決定在 2022 年真正取得了成果。

So when volatility came into the market, it wasn't just about your traditional retail trader that was executing the unions and corporates. It's now about the institutional trader that sees us as a diversified platform across multiple asset classes in fixed income.

因此，當市場出現波動時，執行工會和公司的不僅僅是傳統的零售交易員。現在，機構交易員將我們視為跨多個固定收益資產類別的多元化平台。

Our next question comes from Michael Cyprys of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

I wanted to circle back on Mortgage Technology. With the recurring revenues up about 16% mid-teens in 2022, I was hoping you might be able to help unpack what portion of that recurring revenue growth was from unit growth, from existing -- excuse me, unit growth from new customers versus wallet share, gains from existing customers where you're expanding the services that you were offering to them versus what portion of the growth is coming from versions from transactional to the recurring revenue side. And then when you look ahead to '23 with your mid- to high single-digit growth there on the recurring revenue sides in Mortgage Tech, how do you see that mix evolving in your outlook into '23?

我想回到 Mortgage Technology。隨著 2022 年經常性收入增長約 16%，我希望你能幫助解開經常性收入增長的哪一部分來自單位增長，來自現有 - 對不起，單位增長來自新客戶與錢包分享，從現有客戶那裡獲得的收益，你正在擴展你為他們提供的服務，而增長的一部分來自交易版本到經常性收入方面。然後，當您展望 23 年時，抵押技術的經常性收入方面的中高個位數增長，您如何看待這種組合在 23 年的前景中演變？

Thank you, Michael. It's Ben. And it's a mix on it. You hit on some of the elements in the way you asked the question. So our view has been that when you have this significant stable of customers, the 3,000 lenders that are on our platform and utilizing our services, there's a tremendous opportunity to cross-sell. And one of the things that's really driving that recurring revenue growth is the success we have in continuing to sell our AIQ platform into that customer base, and we have a long way to go in being able to penetrate those 3,000 lenders and be able to provide them the efficiency that they need now more than ever. So we feel good about our ability to cross-sell and how we've executed on it to date since we acquired the former Ellie Mae business and looking forward ahead into the future.

謝謝你，邁克爾。是本。它是混合的。您以提問的方式觸及了一些要素。所以我們的觀點是，當你擁有如此重要的穩定客戶時，即我們平台上並使用我們服務的 3,000 家貸方，就會有巨大的交叉銷售機會。真正推動經常性收入增長的因素之一是我們成功地繼續向該客戶群銷售我們的 AIQ 平台，我們還有很長的路要走才能滲透到這 3,000 家貸方並能夠提供他們現在比以往任何時候都更需要效率。因此，我們對自己的交叉銷售能力以及自收購前 Ellie Mae 業務以來的執行情況感到滿意，並展望未來。

The other thing is new sales. So we continue to have great success adding new customers. Customers can come on and utilize our -- that AIQ offering, those analyzed other third-party providers. So we continue to have success there. And we also continue to add new customers onto Encompass. And I just answered a question on that a couple of questions ago here.

另一件事是新的銷售。因此，我們繼續在增加新客戶方面取得巨大成功。客戶可以來使用我們的 - AIQ 產品，那些分析過的其他第三方供應商。所以我們在那裡繼續取得成功。我們還繼續為 Encompass 添加新客戶。我剛剛在這裡回答了幾個問題之前的一個問題。

So we continue to have great success in the Encompass for all the different segments that we sell through. Whether it's a start-up company, whether it's an established nonbank originator, whether it's a bank or a credit union or a broker, across the entire spectrum, we believe the investments we've made in our platform is very well positioned to meet those clients' needs. And as we see a lot of the major home lenders in the U.S. looking to replace in-house legacy infrastructure, we think we're also very well placed to win that business as well.

因此，我們繼續在我們銷售的所有不同細分市場的 Encompass 中取得巨大成功。無論是初創公司，成熟的非銀行發起人，銀行、信用合作社還是經紀人，在整個範圍內，我們相信我們在平台上所做的投資能夠很好地滿足這些需求客戶的需求。當我們看到美國許多主要的家庭貸款人都希望更換內部遺留基礎設施時，我們認為我們也有能力贏得這項業務。

So those are the key drivers. As well as it's having very relatively low attrition. We are a core platform for operating these businesses. So unless they're going out of business or there's M&A that's happening, we're not losing business.

所以這些是關鍵驅動因素。以及它的損耗相對較低。我們是經營這些業務的核心平台。因此，除非他們倒閉或正在進行併購，否則我們不會失去業務。

Thank you. We have no further questions for today. So I will hand back to Jeff Sprecher for any further remarks.

謝謝。我們今天沒有其他問題了。所以我將返回給 Jeff Sprecher 以徵求任何進一步的意見。

Well, thank you, Alex. Thank you all for joining us here this morning. We are continuing to innovate for our customers and build an all-weather business model and deliver you growth. And so with that, I hope you'll have a great day and appreciate your being with us.

好吧，謝謝你，亞歷克斯。感謝大家今天早上來到這裡。我們將繼續為客戶創新，建立全天候的商業模式，為您帶來增長。因此，希望您度過愉快的一天，並感謝您與我們在一起。

Thank you for joining today's call. You may now disconnect your line.

感謝您參加今天的電話會議。您現在可以斷開線路。