洲際交易所 (ICE) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to today's ICE second-quarter 2024 earnings conference call. My name is Drew and I'll be your operator today. During today's call, there will be a Q&A session. (Operator Instructions)

大家早安，歡迎參加今天的 ICE 2024 年第二季財報電話會議。我叫德魯，今天我將成為您的接線生。在今天的電話會議中，將有一個問答環節。 （操作員說明）

I'll now turn the call over to Katia Gonzalez, Manager of Investor Relations to begin. Please go ahead.

現在我將把電話轉給投資者關係經理卡蒂亞·岡薩雷斯(Katia Gonzalez)。請繼續。

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 2023 Form 10-K, 2024 second quarter Form 10-Q and other filings with the SEC.

這些項目將被存檔，我們的通話將可供重播。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了我們目前的判斷，並受到風險、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所述的結果有重大差異的風險的描述，請參閱我們向 SEC 提交的 2023 年表格 10-K、2024 年第二季表格 10-Q 和其他文件。

In our earnings supplement, we refer to certain non-GAAP measures we believe our non-GAAP measures are reflective of our cash operations and core business performance. You'll find a reconciliation to the equivalent GAAP terms in our 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.

在我們的收益補充中，我們參考了某些非公認會計準則衡量標準，我們認為我們的非公認會計準則衡量標準反映了我們的現金營運和核心業務績效。您將在我們的收益資料中找到與同等 GAAP 條款的調整表。用於此電話會議時，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稀釋每股收益。

Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis.

在本簡報中，除非另有說明，否則提及的收入成長均以固定匯率為基礎。

Please see the explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items, with us on the call today, are Jeff Sprecher, Chair and CEO; Warren Gardiner, Chief Financial Officer; Ben Jackson, President; Lynn Martin, President of NYSE; and Chris Edmonds, President of Fixed Income and Data Services.

請參閱收益補充資料第二頁上的解釋性說明，以了解有關某些項目定義的更多詳細信息，今天與我們通話的是董事長兼首席執行官傑夫·斯普雷徹 (Jeff Sprecher)；華倫‧加德納，財務長；本·傑克遜，總統；林恩馬丁 (Lynn Martin)，紐約證券交易所總裁；克里斯·埃德蒙茲（Chris Edmonds），固定收益和數據服務總裁。

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 thanks you for joining us today. I'll begin on slide 4 with a summary of our record quarterly results. Second quarter net revenues totaled a record $2.3 billion pro forma for the acquisition of Black Knight, total revenues increased by 7% versus last year and is up 6% through the first half of 2024.

謝謝卡蒂亞。大家早安，感謝您今天加入我們。我將從第四張投影片開始總結我們創紀錄的季度業績。收購 Black Knight 後，第二季淨收入預計達到創紀錄的 23 億美元，總營收較去年成長 7%，到 2024 年上半年將成長 6%。

Second quarter adjusted operating expenses totaled $947 million, up 1% year over year on a pro forma basis, as a result of the strong performance. Adjusted pro forma operating income increased by 11% versus the prior year, reaching a record $1.4 billion, with record adjusted earnings per share totaling $1.52.

由於業績強勁，第二季調整後營運費用總計 9.47 億美元，預計年增 1%。調整後預估營業收入將比前一年成長 11%，達到創紀錄的 14 億美元，調整後每股收益將達到創紀錄的 1.52 美元。

Moving to the balance sheet, adjusted leverage ended the second quarter at approximately 3.7 times pro forma EBITDA, a reduction from 3.9 times at the end of the first quarter and 4.3 times upon the completion of Black Knight in the third quarter of 2023.

轉向資產負債表，調整後槓桿率第二季末預計 EBITDA 約為 3.7 倍，低於第一季末的 3.9 倍，以及 2023 年第三季 Black Knight 完成後的 4.3 倍。

Before I move to our segment results. I will note a few third quarter guidance items. We expect third quarter adjusted operating expenses to be in the range of $955 million to $965 million or at the midpoint, an increase of roughly 1% year over year on a pro forma basis, with growth across our exchange and FID segments, largely offset by expense synergies, which we now anticipate will exit 2024 an annualized run rate of over $150 million, up from prior expectations of $135 million.

在我開始討論我們的部門結果之前。我將指出一些第三季的指導項目。我們預計第三季調整後營運費用將在 9.55 億美元至 9.65 億美元之間或中間值，預計將年增約 1%，我們的交易所和 FID 部門的成長在很大程度上被抵消我們現在預計2024年度的費用綜效將超過1.5 億美元，高於先前預期的1.35 億美元。

Relative to the second quarter, we expect the sequential increase to be driven by higher occupancy costs and slightly higher compensation, including an accrual for our strong performance year to date and higher depreciation expense as revenue related data center investments continue to come online.

相對於第二季度，我們預計環比成長將由更高的佔用成本和略高的薪酬推動，包括我們今年迄今為止強勁業績的應計費用以及隨著與收入相關的數據中心投資繼續上線而增加的折舊費用。

Moving below the line, adjusted non-operating expense is expected to be between $190 million to $195 million, driven by lower interest expense as we continue direct free cash flows to reducing debt outstanding.

在該線下方，調整後的非營業費用預計在 1.9 億至 1.95 億美元之間，這是由於我們繼續直接利用自由現金流來減少未償債務，從而導致利息費用下降。

Now let's move to slide 5, I'll provide an overview of the performance of our exchange segment. Second quarter net revenues totaled a record $1.2 billion, up 14% year over year. Record transaction revenues of $884 million were up 20%, driven by a 40% increase in our interest rate business and record energy revenues, which grew 33% year over year.

現在讓我們轉到投影片 5，我將概述我們的交換部分的表現。第二季淨收入總計創紀錄的 12 億美元，年增 14%。交易收入創紀錄地達到 8.84 億美元，成長了 20%，這得益於我們的利率業務成長 40%，以及創紀錄的能源收入（年增 33%）。

This strong energy performance included a 30% increase in our oil complex, 32% growth in global natural gas revenues and 64% growth in our environmental business. In addition, as of the end of July, open interest is up 20% year over year, including 21% growth in global interest rates and 25% growth in our energy markets.

強勁的能源績效包括我們的石油綜合體成長 30%、全球天然氣收入成長 32% 以及環境業務成長 64%。此外，截至7月底，未平倉合約年增20%，其中全球利率成長21%，能源市場成長25%。

Shifting to recurring revenues, which include our exchange data services and our NYSE listings business and revenues totaled $362 million in the second quarter. Mid-single digit growth in our broader exchange data services was underpinned by high single digit growth in futures data, in part driven by the continued expansion of our global energy and environmental network. in our listings business, specialty listings and the rolling off of 2021 admission fees offset a solid quarter for new listings.

轉向經常性收入，其中包括我們的交易所數據服務和紐約證券交易所上市業務，第二季收入總計 3.62 億美元。我們更廣泛的交易所數據服務的中個位數成長得益於期貨數據的高個位數成長，部分原因是我們的全球能源和環境網路的持續擴張。在我們的房源業務中，專業房源和 2021 年入場費的下調抵消了新房源強勁的季度表現。

Through the first half and despite only half of IPOs eligible to list. The NYSE has helped raise $12 billion in new proceeds, welcoming 30 new operating companies, including seven of the top 10 IPOs. Absent a sharp recovery in IPOs in the second half, we would expect listings revenues to trend around current levels through the balance of this year.

上半年，儘管只有一半的 IPO 符合上市資格。紐約證券交易所已協助籌集了 120 億美元的新資金，迎來了 30 家新營運公司，其中包括排名前 10 的 IPO 中的 7 家公司。如果下半年 IPO 沒有大幅復甦，我們預計今年剩餘時間上市收入將維持在目前水準附近。

Turning now to slide 6, I'll discuss our Fixed Income and Data Services segments. Second quarter revenues totaled $565 million, transaction revenues totaled $108 million. Transaction revenue growth at ICE bonds was once again, driven by strong growth across both corporates and munis, particularly our institutional channel, which grew double-digits year over year.

現在轉向投影片 6，我將討論我們的固定收益和數據服務部門。第二季營收總計 5.65 億美元，交易收入總計 1.08 億美元。ICE 債券的交易收入成長再次受到企業和市政機構強勁成長的推動，尤其是我們的機構管道，較去年同期成長兩位數。

Record recurring revenues totaled $457 million and grew by 5% year over year, slightly ahead of expectations. In our fixed income data and analytics business record second quarter revenues of $293 million increased by 6% year over year and was driven by growth in pricing and reference data, another quarter of double-digit growth in our index business and higher than anticipated onetime revenue.

經常性收入達到創紀錄的 4.57 億美元，年增 5%，略高於預期。在定價和參考資料成長的推動下，我們的固定收益數據和分析業務第二季度營收達到創紀錄的2.93 億美元，年增6%，我們的指數業務又一個季度實現兩位數增長，並且高於預期的一次性收入。

Other data and network services grew 5% in the second quarter, driven by our consolidated feeds business and continued strength in our oil and gas desktop solutions, both of which are products that we have invested in organically enhancing both content and functionality.

其他數據和網路服務在第二季度增長了 5%，這得益於我們的綜合源業務以及石油和天然氣桌面解決方案的持續實力，這兩種產品都是我們投資有機增強內容和功能的產品。

Total ASV or annual subscription value ended the quarter up 4% year over year, coupled with visibility into our sales pipeline for the balance of this year and assuming flat markets, we are on track to grow total Fixed Income and Data Services, recurring revenue around the middle of our mid-single digit guidance range, an improvement from 3% growth in 2023.

本季末的總ASV 或年度訂閱價值年增4%，再加上我們對今年剩餘時間的銷售管道的了解，並假設市場持平，我們有望實現固定收益和數據服務總額的增長，經常性收入約為我們中個位數指導範圍的中間位置，比 2023 年 3% 的成長有所改善。

Please flip to slide 7, where I'll discuss the results of our Mortgage Technology segment. ICE Mortgage Technology revenues were over $506 billion in the second quarter. Recurring revenues totaled $387 million, relative to the first quarter, revenue from new customers coming online was offset by attrition within our data and document automation product or DDA, and was primarily related to non-encompassed customer on our legacy platform, was not utilizing DDA's full capability.

請翻到投影片 7，我將在其中討論抵押技術部分的結果。ICE Mortgage Technology 第二季度營收超過 5,060 億美元。經常性收入總計3.87 億美元，與第一季相比，來自新上線客戶的收入被我們的資料和文件自動化產品或DDA 內的消耗所抵消，並且主要與我們遺留平台上的非涵蓋客戶有關，沒有利用DDA全面的能力。

Despite this attrition, quarterly sales of DDA were the strongest since early 2022, including the signing of JPMorgan Chase, a current user of DBA on the origination side, to utilize the platform for their servicing business, a win that is a testament to past investments and synergies with MSP.

儘管存在這種損耗，DDA 的季度銷售額仍是 2022 年初以來最強勁的，其中包括與 DBA 當前用戶摩根大通簽約，利用該平台開展服務業務，這一勝利證明了過去的投資以及與MSP 的協同效應。

In addition, while the majority of customers continue to renew at higher minimums. Similar to the last few quarters, we also saw customers renew lower. It's important to note that lower minimums are paired with a higher transaction fee or price per closed loan and that total contract value, assuming normal market conditions continues to increase upon renewals.

此外，儘管大多數客戶繼續以更高的最低限額續訂。與過去幾季類似，我們也看到客戶續訂率較低。值得注意的是，假設正常市場條件在續約時繼續增加，則較低的最低限額會伴隨著較高的交易費用或每筆已結貸款的價格以及合約總價值。

Transaction revenues totaled $119 million in the second quarter for revenues related to encompass closed loans, applications, and MERS registrations increased in the low single digits on a year-over-year basis and increased well into the double digits sequentially. Growth was somewhat offset by transaction revenues related to the aforementioned DNA attrition, as well as lower default management revenues within our servicing business.

第二季交易收入總計 1.19 億美元，與封閉貸款、申請和 MERS 註冊相關的收入年增率較低的個位數，並連續成長至兩位數。與上述 DNA 損耗相關的交易收入以及我們服務業務中違約管理收入的下降在一定程度上抵消了成長。

While the mortgage origination market is trending below historical levels and refinance waste can be difficult to predict, we are seeing encouraging signs that fundamentals are stabilizing according to ICE Mortgage Technology data, while still below pre-COVID levels, the number of homes on the market continues to grow up nearly 40% versus this time last year.

雖然抵押貸款發放市場的趨勢低於歷史水平，而且再融資浪費可能難以預測，但根據ICE 抵押技術數據，我們看到了令人鼓舞的跡象，表明基本面正在穩定，儘管仍低於新冠疫情前的水平，但市場上的房屋數量與去年同期相比繼續增長近 40%。

In addition, capital home equity hit record levels at the end of June, reaching $11.5 trillion with over 30 million homeowners with at least $100,000 to draw down upon. And we estimate that the number of borrowers with an incentive to refinance at current rates is at its highest level in two years, driven by slightly lower interest rates and a building backlog of higher rate purchased loans.

此外，資本房屋淨值在 6 月底創下歷史新高，達到 11.5 兆美元，超過 3,000 萬名房主至少有 10 萬美元可供提取。我們估計，在利率略有下降和高利率購買貸款積壓不斷增加的推動下，有動力按當前利率進行再融資的借款人數量達到兩年來的最高水平。

And so we continued to invest in product development and enhancement, and we continue to expand our existing network, all of which further position our platform to realize accelerating growth when market conditions normalize.

因此，我們繼續投資於產品開發和增強，並繼續擴大現有網絡，所有這些都進一步使我們的平台在市場狀況正常化時實現加速成長。

In summary, we delivered a record first half. We once again delivered revenue growth, operating income growth and free cash flow growth. We continue to invest across our business to meet the needs of our customers and to position our business to continue to deliver consistent and compounding growth for our stockholders into the future. I'll be happy to take your questions during Q&A. But for now, I'll hand it over to Ben.

總而言之，我們上半場取得了創紀錄的成績。我們再次實現了收入成長、營業收入成長和自由現金流成長。我們繼續對我們的業務進行投資，以滿足客戶的需求，並使我們的業務能夠在未來繼續為我們的股東帶來持續的複合成長。我很樂意在問答環節回答您的問題。但現在我會把它交給本。

Thank you. Warren, and thank you all for joining us this morning. Please turn to slide 8. In the more than 20 years, ICE has been building its global energy platform. We have strategically positioned our energy business for the globalization of natural gas and the societal demand for a transition to clean energy is our long term strategic direction and the value of our diverse deep and liquid markets contributed to record trading volumes across our energy complex in the second quarter.

謝謝。沃倫，感謝大家今天早上加入我們。請翻到幻燈片 8。20多年來，ICE一直致力於打造全球能源平台。我們對我們的能源業務進行了戰略定位，以適應天然氣全球化，向清潔能源過渡的社會需求是我們的長期戰略方向，我們多元化的深度和流動性市場的價值有助於我們的能源綜合體在全球創下創紀錄的交易量。

This was a key driver to another quarter of record energy revenues up 33% year over year and growing double digits on average over the past five years. This strong performance, a testament to our customers' continued confidence in ICE as the global energy hedging venue of choice. And with open interest continuing to set records into July, up 25% year over year our energy complex appears poised for continued strength.

這是能源收入又一個季度創紀錄的關鍵驅動力，年增 33%，並且在過去五年中平均成長兩位數。這一強勁表現證明了我們的客戶對 ICE 作為全球能源對沖場所的持續信心。隨著持倉量在 7 月繼續創下紀錄，年增 25%，我們的能源綜合體似乎已準備好繼續走強。

As the world evolves market participants are constantly adjusting and weighing the price impact of an array of macroeconomic, geopolitical and regulatory forces as well as externalities such as climate risk and the emergence of new renewable fuel sources.

隨著世界的發展，市場參與者不斷調整和權衡一系列宏觀經濟、地緣政治和監管力量以及氣候風險和新的可再生燃料來源等外部因素的價格影響。

In essence, the price formation process is increasingly becoming more complex and that additional complexity is driving customer demand for more precise risk management tools is also driving demand for customers to come to a single place to manage risk across oil, gas, power and environmental because of the efficiency and deep liquid markets that we provide.

從本質上講，價格形成過程變得越來越複雜，這種額外的複雜性正在推動客戶對更精確的風險管理工具的需求，也推動客戶需要在一個地方管理石油、天然氣、電力和環境風險，因為我們提供的效率和深度流動市場。

Across natural gas, the evolution of a global market is accelerating. This acceleration is underpinned by the rise of liquefied natural gas, market-based pricing and more recently Europe's renewed openness to gas imports after the elimination of Russia as a key supplier and the emergence of North America as a leading natural gas exporter.

就天然氣而言，全球市場的演變正在加速。這種加速的基礎是液化天然氣的崛起、基於市場的定價以及最近歐洲在取消俄羅斯作為主要供應國以及北美成為主要天然氣出口國後重新開放天然氣進口。

Alongside this as an important partner, fuel emitting about half as much carbon dioxide as coal to produce natural gas continues to benefit from demand for cleaner fuels as countries move to reduce their carbon emissions.

除此之外，作為重要的合作夥伴，隨著各國採取行動減少碳排放，生產天然氣的二氧化碳排放量約為煤炭的一半，繼續受益於對清潔燃料的需求。

Additionally, the natural gas markets where historically regional oriented each characterized by distinct pricing and supply dynamics. All these factors underpin the emergence of three key benchmarks for natural gas across North America, Europe and Asia. With these becoming increasingly interconnected. In Europe, our title transfer facility contract or TTF is essential trading point for natural gas, just as Brent is the global benchmark for oil pricing.

此外，歷來以區域為導向的天然氣市場都具有不同的定價和供應動態。所有這些因素支撐了北美、歐洲和亞洲天然氣三個關鍵基準的出現。隨著這些變得越來越相互關聯。在歐洲，我們的所有權轉讓設施合約（TTF）是天然氣的重要交易點，就像布蘭特原油是全球石油定價基準一樣。

As a result, TTF is increasingly being used by global commercial participants, traders and investors. With a record number of market participants in the second quarter that has doubled since 2019. This has been accompanied by volumes and open interest increasing with both setting new highs in the second quarter and each are growing double digits on average over the past five years.

因此，TTF 越來越多地被全球商業參與者、貿易商和投資者使用。第二季市場參與者數量創歷史新高，自 2019 年以來增加了一倍。同時，交易量和未平倉合約也在增加，在第二季度均創下新高，並且在過去五年中平均成長兩位數。

In Asia, our Japan, Korea Marker, or JKM reflects the spot market value of cargoes delivered into the region that represents a key demand center for LNG, underpinned by surging economic growth and increasing focus on environmental concerns. In 2023, global coal consumption reached its highest level in history, driven by continued growth in Asia.

在亞洲，我們的日本、韓國標記（JKM）反映了交付到該地區的貨物的現貨市場價值，該地區是液化天然氣的主要需求中心，受到經濟增長強勁和對環境問題日益關注的支撐。2023年，在亞洲持續成長的推動下，全球煤炭消費量達到歷史最高水準。

While coal continues to be replaced by natural gas and other cleaner energy sources in Europe and North America. It still accounts for 47% of primary energy consumption in Asia. In absolute terms, but coal switching opportunity in Asia alone represents more energy than the total energy consumption in North America across all primary energy sources.

而在歐洲和北美，煤炭繼續被天然氣和其他清潔能源取代。它仍佔亞洲一次能源消耗的47%。從絕對值來看，光是亞洲的煤炭轉換機會就比北美所有主要能源的能源消耗總量還要多。

Today, the relationship between our TTF and JKM benchmarks drives global price formation, reflecting this dynamic, ICE JKM volumes have shifted from being roughly 50% composed of the JKM TTS spread to closer to two thirds.

如今，我們的 TTF 和 JKM 基準之間的關係推動了全球價格形成，反映了這種動態，ICE JKM 交易量已從約 50% 由 JKM TTS 價差組成轉變為接近三分之二。

This dynamic also illustrates market confidence and relying on TTF as a benchmark for global gas and LNG prices as participants draw assurance from its deep liquidity rather than relying on the Asian marker in isolation. In North America, we began preparing for the liberalization of natural gas and its evolution beyond the Henry Hub benchmark more than a decade ago.

這種動態也顯示了市場信心，並依賴 TTF 作為全球天然氣和液化天然氣價格的基準，因為參與者從其深厚的流動性中獲得保證，而不是孤立地依賴亞洲市場。在北美，我們十多年前就開始為天然氣自由化及其超越亨利中心基準的演變做準備。

Through close collaboration with our customers, we created ICE electronic regional basis markets, a suite of precise risk management tools, reflecting the commercially relevant supply and demand dynamics of 70 hubs across North America.

透過與客戶的密切合作，我們創建了 ICE 電子區域基礎市場，這是一套精確的風險管理工具，反映了北美 70 個樞紐的商業相關供需動態。

These hubs are priced at a differential to Henry Hub to reflect US regional market conditions, transportation costs and transmission capacity between locations. Alongside this many market participants seeking to manage exposure to US natural gas price dynamics, gravitate towards ICE Henry Hub contracts for liquidity and the linkage to our exclusive basis markets.

這些樞紐的定價與亨利樞紐不同，以反映美國區域市場狀況、運輸成本和地點之間的傳輸能力。除了眾多尋求管理美國天然氣價格動態風險的市場參與者之外，他們還傾向於使用 ICE 亨利中心合約來獲得流動性以及與我們獨家基礎市場的聯繫。

As the global landscape of LNG exports, geopolitical forces and shift to cleaner energy sources all continue to evolve. We see these dynamics underpinning the strong momentum for this business. And we see these trends continuing to favor our growing global gas complex well into the future.

隨著液化天然氣出口的全球格局、地緣政治力量和向清潔能源的轉變都在不斷發展。我們看到這些動態支撐了該業務的強勁勢頭。我們看到這些趨勢在未來將繼續有利於我們不斷增長的全球天然氣綜合體。

The importance of the evolution of energy markets extends to our global environmental markets where the number of market participants has nearly doubled since 2019, setting an all-time high in the second quarter and increasing 18% year over year.

能源市場演變的重要性延伸到了我們的全球環境市場，自 2019 年以來，市場參與者數量幾乎翻了一番，第二季創下歷史新高，年增 18%。

At the same time, volumes increased 61% in the quarter, including growth across our regional greenhouse gas initiative allowances, california carbon allowances, as well as our EU and UK allowances. This strong performance has contributed to a 43% increase in environmental revenues year to date, including 64% growth in the second quarter.

同時，本季銷售量成長了 61%，其中包括我們的區域溫室氣體倡議配額、加州碳配額以及歐盟和英國配額的成長。這一強勁表現使得環境收入今年迄今成長了 43%，其中第二季成長了 64%。

In parallel across our power markets, volumes increased 32% in the first half, including 51% growth in the second quarter. With AI and data center build-outs expected to drive meaningful power demand into the next decade.

同時，我們的電力市場上半年銷量成長了 32%，其中第二季成長了 51%。人工智慧和資料中心的擴建預計將在未來十年推動有意義的電力需求。

Our platform is uniquely positioned to capture this tailwind and help market participants manage this potentially volatile growth story, given that ICE has the most comprehensive platform that offers US regional gas markets alongside deep and liquid power and environmental markets.

鑑於ICE 擁有最全面的平台，可提供美國區域天然氣市場以及深層液體電力和環境市場，我們的平台具有獨特的優勢，可以抓住這一順風車，並幫助市場參與者管理這一潛在的不穩定增長故事。

In summary, for market participants seeking to manage their risk, ICE global energy platform offers over 1,000 futures and options contracts across natural gas, power, environmental and oil markets, supporting the growing complexity of energy markets and uniquely positioning us to benefit from both near term volatility and secular growth trends occurring across these markets.

總之，對於尋求管理風險的市場參與者來說，ICE 全球能源平台提供了超過1,000 種涵蓋天然氣、電力、環境和石油市場的期貨和選擇權合約，支持能源市場日益複雜的情況，並使我們能夠從近期的能源市場中受益。

Moving to our Fixed Income and Data Services business, our quality pricing and reference data combined with over 40 years of price history, serve as the foundation for what is today, one of the largest providers of fixed income indices globally.

轉向我們的固定收益和數據服務業務，我們的優質定價和參考資料與 40 多年的價格歷史相結合，成為當今全球最大的固定收益指數提供者之一的基礎。

Year to date, revenue in our index business is up double digits with passive ETF assets under management benchmarked to our indices growing to a record $616 billion through the end of the second quarter from less than $100 billion in 2017 and doubling since 2020.

迄今為止，我們的指數業務收入實現了兩位數增長，以我們的指數為基準的被動ETF 資產管理規模從2017 年的不到1000 億美元增至第二季度末創紀錄的6160 億美元，自2020 年以來翻了一番。

In addition, we continue to see returns on past investments made to enhance content and functionality across our other data and network services business.

此外，我們繼續看到過去為增強其他數據和網路服務業務的內容和功能而進行的投資的回報。

As an example, within our consolidated feeds business investments we've made to elevate and enhance our offering have directly contributed to the double digit revenue growth in this area year to date. With content from over 600 data sources. Our offering gives customers access to a broad universe of low latency financial information with full depth of market data.

例如，在我們的綜合飼料業務中，我們為提升和增強我們的產品而進行的投資直接促成了今年迄今為止該領域兩位數的收入成長。包含來自 600 多個資料來源的內容。我們的產品使客戶能夠存取廣泛的低延遲金融資訊和完整的市場數據深度。

As firms seek more high quality data from a range of different sources in a cost-efficient manner. Our competitive and comprehensive offering stands to benefit. While our consolidated feeds and index businesses are smaller components of our comprehensive data platform today. They're both well positioned to continue to grow and capture market share while also serving an important role in our broader enterprise sales strategy.

隨著公司以具有成本效益的方式從各種不同來源尋求更多高品質的數據。我們具有競爭力和全面的產品將使您受益。雖然我們的綜合提要和索引業務是我們當今綜合資料平台的較小組成部分。他們都處於有利位置，可以繼續成長並佔領市場份額，同時在我們更廣泛的企業銷售策略中發揮重要作用。

Turning now to our mortgage business. The secular shift towards the adoption of an electronic workflow continues with a life-of-loan offering that spans from point of consumer acquisition all the way through to the secondary market our platform is uniquely positioned to play a fundamental role.

現在轉向我們的抵押貸款業務。採用電子工作流程的長期轉變仍在繼續，貸款期限涵蓋從消費者購買點一直到二級市場，我們的平台具有獨特的定位，可以發揮基礎作用。

In the second quarter, we closed on 29 new encompass clients, as customers focus on modernizing their infrastructure and workflow efficiencies.

第二季度，我們關閉了 29 個新的綜合客戶，因為客戶專注於實現基礎設施和工作流程效率的現代化。

Building on wins announced last quarter, such as Citizens Bank and Webster Bank. We are pleased to announce that mortgage solutions in Colorado has signed on to encompass expanding on the MSP win we announced late last year.

以上季度宣布的勝利為基礎，例如公民銀行和韋伯斯特銀行。我們很高興地宣布，科羅拉多州的抵押貸款解決方案已簽約，以擴大我們去年年底宣布的 MSP 勝利。

We have also just signed another top 15 homebuilder in the US to encompass and our DDA platform, making them the nice homebuilder of the top 15 to join our community.

我們也剛與美國另一家排名前 15 的住宅建築商簽署了我們的 DDA 平台，使他們成為加入我們社區的排名前 15 的住宅建築商。

In addition, as mentioned last quarter, we've been integrating our tax flood and closing fees data into Encompass, providing customers with more choice of service providers on our platform. In that regard, we're encouraged by the early traction in our cross-sell efforts across these offerings, executing on 200 data cross-sells to encompass clients in the first half.

此外，正如上個季度所提到的，我們一直在將稅收洪流和結帳費用數據整合到 Encompass 中，為客戶在我們的平台上提供更多服務提供者選擇。在這方面，我們對這些產品的交叉銷售工作的早期牽引力感到鼓舞，上半年執行了 200 項數據交叉銷售以覆蓋客戶。

While these offerings are small components of our business today, these wins give us confidence in our ability to execute on the synergy targets that we laid out at the time of the Black Knight transaction. Along the same lines following the first integration of Encompass to MSP by leveraging our data and document automation platform for loan onboarding straight from origination through to servicing, we are pleased to announce that we've signed JPMorgan Chase onto this service.

雖然這些產品只是我們今天業務的一小部分，但這些勝利讓我們對執行 Black Knight 交易時所製定的協同目標的能力充滿信心。繼首次將 Encompass 整合到 MSP 後，利用我們的資料和文件自動化平台實現從貸款發放到服務的整個貸款流程，我們很高興地宣布，我們已與摩根大通簽署這項服務。

For our traditional DDA business, we also had 12 new wins to new and existing encompass clients in the second quarter alone.

對於我們的傳統 DDA 業務，光是第二季我們就贏得了 12 個新客戶和現有客戶。

In summary, we are pleased to see the value of our platform and solutions are providing by our comprehensive technology platform, and it's resonating in the marketplace. With a touch point to nearly every market participant. We have connectivity to a customer base in need of the automation that our digital solutions provide.

總而言之，我們很高興看到我們的綜合技術平台提供了我們的平台和解決方案的價值，並且在市場上引起了共鳴。幾乎與每個市場參與者都有接觸點。我們與需要我們的數位解決方案提供的自動化的客戶群建立了聯繫。

As these new customers come onto our network. We have the opportunity to expand the customer relationship over time as they adopt additional solutions, just as we've seen in our other markets, this flywheel effect gives us confidence that we can grow a business that today is only a fraction of the $14 billion addressable market. That's in the early days of an analog to digital conversion.

隨著這些新客戶進入我們的網路。隨著時間的推移，隨著客戶採用額外的解決方案，我們有機會擴大客戶關係，正如我們在其他市場中看到的那樣，這種飛輪效應讓我們有信心發展業務，而如今的業務規模僅佔140 億美元的一小部分可尋址市場。那是在類比到數位轉換的早期階段。

With that, I'll turn the call over to Jeff.

這樣，我就把電話轉給傑夫。

Thank you, Ben. Good morning, everyone, and thank you for joining us. Please turn to slide 9. At ICE our mission for more than 20 years has been to drive transparency and create workflow efficiencies for our customers. We do this by building and operating mission critical digital networks that leverage our technology, data, and operating expertise.

謝謝你，本。大家早安，感謝您加入我們。請翻到投影片 9。20 多年來，ICE 的使命一直是為客戶提高透明度並提高工作流程效率。我們透過利用我們的技術、數據和營運專業知識來建立和營運關鍵任務數位網路來實現這一目標。

At the time of our IPO on the New York Stock Exchange in 2005, we were purely an energy exchange offering, only a handful of products to a narrow customer base.

2005 年我們在紐約證券交易所首次公開募股時，我們純粹是一家能源交易所，只向狹窄的客戶群提供少數產品。

Since then, our focus has been building a global platform that has the asset class breadth to enable us to pursue growth opportunities quickly and efficiently. As they emerge around the world. And deliver all-weather results. While we're known for some of our larger scale acquisitions, we have also completed a wide range of smaller bolt-on transactions.

從那時起，我們的重點一直是建立一個具有廣泛資產類別的全球平台，使我們能夠快速有效地尋求成長機會。當他們出現在世界各地時。並提供全天候結果。雖然我們因一些規模較大的收購而聞名，但我們也完成了各種規模較小的補充交易。

We reimagine these businesses by leveraging technology and crafting significant product development to drive organic growth, further bolstering the content on our networks and accelerating our broadening into new asset classes, operating marketplaces with strong network effects is a core expertise at ICE. And today, we do so across an array of asset classes, geographies and customer types.

我們透過利用技術和精心設計的產品開發來重新構想這些業務，以推動有機成長，進一步增強我們網路上的內容並加速我們擴展到新的資產類別，營運具有強大網路效應的市場是ICE 的核心專長。如今，我們在一系列資產類別、地理和客戶類型中都這樣做。

Optimizing the operation of financial services, databases helps drive market transparency. And this transparency attracts additional participants, which in turn improves market liquidity. It's a virtuous cycle that continuously expands the network while strengthening the market.

優化金融服務的運營，資料庫有助於提高市場透明度。這種透明度吸引了更多參與者，從而提高了市場流動性。這是一個不斷擴大網路、強化市場的良性循環。

Starting with our commodities business in 2001, we acquired the International Petroleum Exchange, which brought us both proprietary content in the form of the Brent crude index as well as connectivity to a broad network of energy traders and commercial customers.

我們從 2001 年的大宗商品業務開始，收購了國際石油交易所，這為我們帶來了布蘭特原油指數形式的專有內容，以及與能源貿易商和商業客戶的廣泛網絡的連接。

Building on that foundation, we organically developed and grew hundreds of precise hedging instruments to serve the evolving needs of this commercial customer base. Today, the original Brent crude contract, trades alongside, our Midland WTI, Cushing WTI, Platts Dubai and Middle East Murban grades of crude to additionally support over 800 related commodity products developed by ICE, giving participants the ability to manage the price of energy at the point of consumption or production around the world.

在此基礎上，我們有機地開發和發展了數百種精確的對沖工具，以滿足該商業客戶群不斷變化的需求。如今，最初的布蘭特原油合約與我們的米德蘭WTI、庫欣WTI、普氏迪拜和中東Murban 等級原油一起交易，另外支持ICE 開發的800 多種相關商品產品，使參與者能夠管理能源價格世界各地的消費或生產點。

In 2007, we broadened our commodity footprint with the acquisition of the New York Board of Trade, adding globally relevant benchmarks such as sugar, cocoa, cotton and coffee. The NYBOT also brought us a clearinghouse, which today we call ICE Clear US, we were able to leverage NYBOT's clearing expertise and it's web-based clearing technology to create ICE Clear Europe, the UK's first new clearinghouse approved in over a century.

2007 年，我們收購了紐約期貨交易所，擴大了我們的商品足跡，增加了糖、可可、棉花和咖啡等全球相關基準。NYBOT 也為我們帶來了一個清算所，今天我們稱之為ICE Clear US，我們能夠利用NYBOT 的清算專業知識及其基於網絡的清算技術創建ICE Clear Europe，這是英國一個多世紀以來批准的第一個新清算所。

Starting from a simple idea, we have grown it into one of the largest clearing houses in the world. Our experience in building trading, clearing and settlement infrastructure highlighted for us. The importance of analytics indices and trade valuation services. And in 2015, we broadened our addressable market moving into fixed income with the acquisition of Interactive Data Corporation.

從一個簡單的想法開始，我們已將其發展成為世界上最大的清算所之一。我們在建設交易、清算和結算基礎設施方面的經驗為我們帶來了亮點。分析指數和貿易估值服務的重要性。2015 年，我們透過收購 Interactive Data Corporation 擴大了目標市場，進入固定收益領域。

IDC pricing and reference data businesses are key to transparent price formation in the fixed income markets. They laid the foundation for our expansion into the adjacent index business and the development of a comprehensive platform that today, we've grown to nearly 500 unique institutional-grade data products. Another example of ICE leveraging our technology and infrastructure is our June 24, announcement to apply our proven track record our expertise in central clearing and our connectivity to the fixed income markets to launch a clearing service for US Treasury securities and repurchase agreements.

IDC 定價和參考資料業務是固定收益市場透明價格形成的關鍵。它們為我們擴展到鄰近指數業務以及開發綜合平台奠定了基礎，如今，我們已發展到近 500 個獨特的機構級資料產品。ICE 利用我們的技術和基礎設施的另一個例子是我們6 月24 日宣布，將運用我們在中央清算方面的專業知識以及我們與固定收益市場的連接來推出針對美國國債和回購協議的清算服務。

The US Treasury and repo markets are critical to the global collateral management infrastructure, and we are significant users of these treasury products across our six clearing houses. A new SEC rule will beginning in 2025 sheds light on the fact that no existing clearing offering is compliant with the rule opening an opportunity for ICE.

美國國債和回購市場對全球抵押品管理基礎設施至關重要，我們是六個清算所這些國債產品的重要用戶。SEC 將於 2025 年開始實施的新規則揭示了這樣一個事實：現有的清算產品均不符合該規則，這為 ICE 提供了機會。

We look forward to working with our clients and the entire treasury ecosystem to deliver on this innovation. Following the proven playbook we've applied across futures and fixed income markets. And by leveraging our expertise in building new technology, we've expanded into the US consumer interest rate markets by developing a digital financing infrastructure for home mortgages.

我們期待與客戶和整個資金生態系統合作，實現這項創新。遵循經過驗證的策略，我們已將其應用於期貨和固定收益市場。透過利用我們在建立新技術方面的專業知識，我們透過開發房屋抵押貸款的數位融資基礎設施，擴展到美國消費者利率市場。

In 2016, we acquired a majority position in the Mortgage Electronic registry system. We applied ICE technology expertise to rebuild and modernize its platform and database, allowing us to buy the remaining business stake in 2018.

2016年，我們獲得了抵押電子登記系統的多數股權。我們應用 ICE 技術專業知識來重建和現代化其平台和資料庫，使我們能夠在 2018 年購買剩餘的業務股權。

We've since bought and built our way into further market exposure that culminated with the completion of our acquisition of Black Knight last year. Today, these assets are part of our broader ICE Mortgage Technology business, that we believe is uniquely positioned at the center of an asset class that is moving from analog to digital.

此後，我們進行了收購並建立了進一步的市場曝光度，最終在去年完成了對 Black Knight 的收購。如今，這些資產是我們更廣泛的 ICE 抵押技術業務的一部分，我們相信該業務在從類比向數位化的資產類別的中心具有獨特的地位。

The breadth and depth of what we have assembled touches nearly every home mortgage in the United States and includes the largest network of partners that every day ensure that our thousands of customers can efficiently engage, originate, close, finance, value and sell consumer home loans.

我們所收集的內容的廣度和深度幾乎涉及美國的每項房屋抵押貸款，並包括最大的合作夥伴網絡，每天確保我們成千上萬的客戶能夠有效地參與、發起、關閉、融資、評估和銷售消費者房屋貸款。

Our approach to overlaying organic growth on our strategic acquisitions is deliberate and comprehensive, allowing us to construct a platform that not only generate strong returns and healthy cash flows, but is also positioned to continue to leverage our core strengths to generate future growth.

我們在策略性收購上疊加有機成長的方法是經過深思熟慮和全面的，使我們能夠建立一個不僅能產生強勁回報和健康現金流的平台，而且還能繼續利用我們的核心優勢來創造未來成長。

Our first half results are another example of strong execution of this proven strategy. We delivered record revenues, record adjusted operating income and record adjusted earnings per share. These record-setting results reflect the strength of our network and the all-weather nature of our business model.

我們上半年的業績是這一行之有效的策略得到強有力執行的另一個例子。我們實現了創紀錄的收入、創紀錄的調整後營業收入和創紀錄的調整後每股盈餘。這些創紀錄的業績反映了我們網路的實力和我們業務模式的全天候性質。

As we've grown and diversified, we've broadened our opportunity set and our expertise has grown yielding new markets to grow into and new ways to deliver innovative solutions to our customers. Our evolution has been intentional diversifying across asset classes and geographies and increasing our mix of recurring revenues with the goal of building a business that today generates compounding earnings growth.

隨著我們的發展和多元化，我們擴大了機會集，我們的專業知識也不斷增長，產生了新的市場和為客戶提供創新解決方案的新方法。我們的發展是有意識地跨資產類別和地理進行多元化，並增加我們的經常性收入組合，目標是建立一個當今能夠產生複合收益成長的業務。

Looking to the second half of the year and beyond, we're excited about the many growth opportunities that are in front of us, and we remain focused on delivering innovative solutions for our customers while driving compounding all-weather growth for our stockholders.

展望今年下半年及以後，我們對眼前的許多成長機會感到興奮，我們將繼續專注於為客戶提供創新解決方案，同時為股東推動複合式全天候成長。

Before I end my prepared remarks, I'd like to say thank you to our customers for their business and for their trust. And I'd like to thank my colleagues at ICE for their contribution to both the best single quarter and the best first half in our company's history.

在結束準備好的演講之前，我想對我們的客戶的業務和信任表示感謝。我要感謝 ICE 的同事為我們公司歷史上最好的單季和最好的上半年所做的貢獻。

With that, I'll turn the call back to our moderator, Drew, and we'll conduct a question-and-answer session until 9.30 AM Eastern time.

之後，我會將電話轉回給我們的主持人 Drew，我們將進行問答會議，直到東部時間上午 9.30。

Thank you. We will now start today’s Q&A session. (Operator Instructions)

謝謝。我們現在開始今天的問答環節。（操作員說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thank you. Good morning, everyone. Our question is on the fixed income business. So we've seen a nice acceleration in Fixed Income ASV this year. What's driving this? What channels are seeing the most growth? And to what extent is the growth stemming from pricing versus cross sell versus new clients?

謝謝。大家早安。我們的問題是關於固定收益業務的。因此，今年我們看到固定收益 ASV 出現了良好的加速。是什麼推動了這一點？哪些管道成長最快？成長在多大程度上源自於定價、交叉銷售和新客戶？

Craig, I'll start that one off, it's Warren. It's been pretty broad-based across the recurring revenue base within that segment. And so we've seen some improvements in the PRT business, as you know, last few years, the fixed income ecosystem has been under and facing a number of headwinds given the sharp rise in interest rates. And so as we've seen that taper off. We've seen a reengagement from that customer base, which has helped you on the new sales front. And we've seen some improvements there, certainly over the last couple of quarters itself.

克雷格，我從華倫開始。它在該細分市場的經常性收入基礎上具有相當廣泛的基礎。因此，我們看到 PRT 業務有所改善，如您所知，過去幾年，由於利率急劇上升，固定收益生態系統一直面臨許多阻力。正如我們所見，這種情況正在逐漸減少。我們已經看到該客戶群的重新參與，這對您在新的銷售方面有所幫助。我們已經看到了一些改進，當然在過去幾個季度。

The other area that's been helpful as well as on the index side, where the last year or so, we had had faced some headwinds there, largely just due to markets and things of that nature where we've seen that now reverse and obviously fund flows into fixed income on the wells than a helpful component of that as well from a from a growth perspective.

另一個有幫助的領域以及指數方面，在過去一年左右的時間裡，我們在那裡遇到了一些阻力，這主要是由於市場和類似性質的事情，我們現在看到情況發生了逆轉，並且顯然是基金從成長的角度來看，流入油井的固定收入比這也是一個有用的組成部分。

And then I'd also say within the other data network services within our desktop business, our feeds business, as you heard us highlight, we've seen some really strong trends there as well. And that's really a result of some of the investments we've made over the last number of years to get those into and to better position.

然後我還要說，在我們的桌面業務、我們的來源業務中的其他數據網路服務中，正如您聽到我們強調的那樣，我們也看到了一些非常強勁的趨勢。這實際上是我們過去幾年進行的一些投資的結果，目的是讓這些投資處於更好的位置。

So we've been pretty pleased with that progress. I think we certainly did face some headwinds last year at a macro level and as you've seen those abate, you seen improvement in the revenue trends in the ASV trends. And I think one thing that ASV -- doesn't necessarily always pick up or doesn't pick up. I mean, it's a good metric is not perfect, is that the sales that we've made that have not yet implemented.

所以我們對這項進展非常滿意。我認為去年我們在宏觀層面確實面臨著一些逆風，正如你所看到的那樣，這些逆風已經減弱，你也看到了 ASV 趨勢中收入趨勢的改善。我認為 ASV 不一定總是會出現或不會出現一件事。我的意思是，這是一個很好的指標，但並不完美，我們已經完成的銷售尚未實施。

And so as we mentioned last quarter, we do think on the connectivity side relate to some of our data center investments, we'll see some of those sales start to implement in the third and the fourth quarter. That will be a little bit of help as well. And so we're encouraged by that as we look into the back half.

正如我們上季度提到的，我們確實認為連接方面與我們的一些資料中心投資有關，我們將看到其中一些銷售在第三和第四季度開始實施。這也會有一點幫助。因此，當我們研究後半部分時，我們對此感到鼓舞。

Ken Worthington, J.P. Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the question on, you mentioned that you expanded the Chase relationship, as another win this quarter. So maybe first, how does the institutional pipeline look for on-campus and MSP? Is it building, is it stable? Or is it just really working through that existing pipeline?

嗨，早安。感謝您提出問題，您提到您擴大了與大通的關係，這是本季的另一場勝利。那麼，也許首先，機構管道如何尋找校內和 MSP？是否正在建設，是否穩定？或者它只是真正透過現有的管道發揮作用？

And then second, ICE has a number of larger mortgage wins that you've announced over the last 18 months. What is the magnitude of the impact we should expect as these clients go live on transaction and recurring revenue over the second half of this year and maybe into the first six months of next year as these new larger relationships are launched.

其次，ICE 在過去 18 個月內宣布贏得了許多較大的抵押貸款。隨著這些客戶在今年下半年開始交易和經常性收入，隨著這些新的更大關係的啟動，可能會持續到明年前六個月，我們應該預期影響有多大。

Thanks, Ken. I'll start and then Ward will pick up on the second part of that question. And so the we're very pleased with the expansion of the relationship with JPMorgan Chase obviously, there been a long-time MSP client. They've added encompass across all channels and have added DDA for the origination side and now are leveraging DDA as that integration point to automatically onboard loans from Encompass and MSP. So that's a great win for us.

謝謝，肯。我先開始，然後沃德將回答這個問題的第二部分。因此，我們對與摩根大通的關係的擴展感到非常高興，顯然，摩根大通有一個長期的 MSP 客戶。他們在所有管道中添加了包含，並為發起人添加了 DDA，現在正在利用 DDA 作為整合點，自動從 Encompass 和 MSP 獲取貸款。所以這對我們來說是一個偉大的勝利。

And it's really in line with the vision of why we put together all these assets is to provide the efficiency that these platforms provide for institutions. And the in terms of the funnel behind that, we continue, as you've seen each quarter announcing new wins and whether it's MSP wins for clients that have historically been on campus and we've had a great relationship with or the other way around clients at about MSP that are that are signing on to encompass.

這確實符合我們將所有這些資產放在一起的願景，即為機構提供這些平台所提供的效率。就背後的漏斗而言，我們繼續，正如您所看到的，每個季度都會宣布新的勝利，以及是否是歷史上在校園裡與我們有良好關係的客戶的 MSP 勝利，或者反之亦然MSP 的客戶正在簽約加入。

We're very pleased with the success that we've had out of the gate and we continue to see that funnel building and it's building in a couple of different ways. It's building from clients that realize they don't need to have their own in-house bespoke systems. That's oftentimes what we're replacing in particular on the very large institutional side for this.

我們對我們所取得的成功感到非常高興，我們繼續看到漏斗的構建，並且它正在以幾種不同的方式構建。它是由客戶意識到他們不需要擁有自己的內部客製化系統而建構的。這通常是我們特別是在大型機構方面為此更換的內容。

And really the secret sauce should be how do they cross sell to their clients and understand more about that overall relationship across the institutional enterprise that those banks have with the clients as opposed to coming up with some unique way to run a loan origination system or a servicing system.

事實上，秘密武器應該是他們如何向客戶進行交叉銷售，並更多地了解這些銀行與客戶之間的機構企業的整體關係，而不是想出一些獨特的方式來運行貸款發放系統或貸款發放系統。

So that funnel continues to build. We feel we feel good about that on both sides on both MSP and Encompass and with a number of the wins that we've had in that you even referenced in your question, we have a lot of those going through implementations.

所以這個漏斗會繼續建立。我們對 MSP 和 Encompass 雙方都感到滿意，我們已經取得了許多勝利，您甚至在您的問題中提到了這些勝利，我們有很多正在經歷實施。

As you can appreciate, we have a large backlog of those implementations they're going very well. They just take time for very they're very complex. There's a lot of compliance aspects in and around mortgage. In fact, in most areas that these banks work mortgage is probably one of the most heavily compliant areas of compliance they have to comply with. So those implementations take time.

正如您所理解的，我們有大量積壓的實施，它們進展順利。他們只是需要時間，因為他們非常複雜。抵押貸款及其周圍有很多合規方面的問題。事實上，在這些銀行工作的大多數領域，抵押貸款可能是他們必須遵守的最嚴格的合規領域之一。因此，這些實施需要時間。

And now I'll hand the second part of that off to Warren.

現在我將把第二部分交給沃倫。

So kind of on your question around the size of some of the wins and maybe have the cadence of how those will kind of come into the run rate. So I think look back in the fourth quarter, we talked about revenue synergies around $30 million.

所以你的問題是關於一些勝利的規模，也許還有這些勝利如何進入運行率的節奏。所以我認為回顧第四季度，我們討論了大約 3000 萬美元的收入協同效應。

I can tell you that we've continued to add to that number and made progress against that number. That's something I'll probably get more on an annual basis in terms of the actual number, but I can tell you that we have been making progress over the last couple of quarters there, like I said back then as well, we wouldn't expect we don't expect a material impact this year from those revenue synergies.

我可以告訴你，我們正在繼續增加這個數字，並在這個數字上取得進展。就實際數字而言，我可能會每年獲得更多，但我可以告訴你，我們在過去幾個季度一直在取得進展，就像我當時所說的那樣，我們不會預計這些收入協同效應今年不會產生重大影響。

The MSP products Encompass, they can tend to take 6 to 18 months, if not longer, particularly for ones that are larger, which is what a lot of these wins that we've talked about are and so, it does take time to implement that technology.

MSP 產品涵蓋，它們往往需要 6 到 18 個月，甚至更長的時間，特別是對於較大的產品，這就是我們討論過的許多勝利的原因，因此，實施確實需要時間那個技術。

And that's part of why you're seeing those kind of takes some time to get into the run rate. And so I will expect those to start to come in 2025 and 2026, as obviously those companies come online and that will flow into recurring revenue at that point.

這就是為什麼您會看到這些需要一些時間才能進入運行率的部分原因。因此，我預計這些將在 2025 年和 2026 年開始出現，因為顯然這些公司上線，屆時將流入經常性收入。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. So another question on mortgage was hoping you could flesh out a little bit of what had transpired.

謝謝。早安.所以關於抵押貸款的另一個問題是希望你能充實一些已經發生的事情。

I think in the quarter with you talked about a client leaving. So we wanted to get a bit of an update more broadly on the kind of renegotiations and where you are you think in the pipe of your overall customer base for the new minimums?

我想在這個季度與您討論過一位客戶的離開。因此，我們希望獲得有關重新談判類型的更廣泛的更新信息，以及您認為新的最低標準在整個客戶群中處於什麼位置？

And as you think about the recurring revenue mix on that, I guess do you anticipate more kind of fluctuations and our fits and starts as you kind of go through that process because we look kind of prospectively from here?

當你考慮經常性收入組合時，我想你是否預計會出現更多的波動以及我們的調整和開始，因為你會經歷這個過程，因為我們從這裡看起來有點前瞻性？

Sure. Dan, this is Ben. I'll take this one. So I'll start with the second part of it on the renegotiations. And Warren mentioned it in his prepared remarks as well. We continue on the Encompass side, see the majority of the clients.

當然。丹，這是本。我要這個。所以我將從第二部分開始討論重新談判。沃倫在他準備好的演講中也提到了這一點。我們繼續在 Encompass 方面，見到大多數客戶。

So the number of clients that are renewing are renewing at higher subscriptions. And when that happens, we have a lower per closed loan fee is typically the trade-off there, but we do have a percent that we've seen in similar the last few quarters that are choosing to renew at minimums lower, so lower subscription fees and the trade-off there is higher per closed loan fees.

因此，續訂的客戶數量正在以更高的訂閱量續訂。當這種情況發生時，我們的每筆已結貸款費用通常會較低，這通常是一種權衡，但我們確實有一個與過去幾個季度類似的百分比選擇以較低的最低續訂費用，因此訂閱量較低費用和權衡是每筆已結貸款費用較高。

And as the market normalizes, the algorithm that we have is the total contract value going to go up, and that's what we're consistently targeting and executing against. So we're seeing that trend in terms of renegotiation continue, and it's been very, very much in line with what we've seen in past quarters. On the attrition that Warren mentioned in his prepared remarks that was on the DDA side.

隨著市場正常化，我們擁有的演算法是合約總價值將會上升，這就是我們一貫的目標和執行目標。因此，我們看到重新談判的趨勢仍在繼續，而且與我們在過去幾季看到的情況非常非常一致。關於沃倫在他準備好的演講中提到的 DDA 方面的消耗問題。

So with that data and document automation platform is the platform that Ellie Mae acquired a number of years ago. And there are some legacy clients on that platform that don't utilize the automation capabilities that platform has in line with Encompass or with MSP, they're using it in isolation. And that's where we saw the attrition happen with the one client and that Warren reference.

Ellie Mae 幾年前收購的平台就是資料和文件自動化平台。該平台上的一些舊客戶端沒有利用該平台具有的與 Encompass 或 MSP 一致的自動化功能，而是單獨使用它。這就是我們看到一位客戶和沃倫提到的人員流失的地方。

The other opportunity that we see here though, is that we have another client that was very similarly situated to that one, that we engage with very deeply and convince them to change their loan origination provider from where they were in the past to moving over to encompass.

不過，我們在這裡看到的另一個機會是，我們有另一個與該客戶情況非常相似的客戶，我們與該客戶進行了非常深入的接觸，並說服他們將他們的貸款發放提供者從過去的位置轉移到涵蓋。

And coupled that with the DDA platform and we were successful in doing that and in the second quarter, that's the Citizens Bank when that I referenced was exactly that we renegotiated a DDA contract, brought them on to encompass and have a much more longer term strategic relationship with the client.

再加上 DDA 平台，我們成功地做到了這一點，在第二季度，這就是公民銀行，我提到的正是我們重新談判了 DDA 合同，讓他們涵蓋並製定了更長期的戰略與客戶的關係。

And then Dan, I just have just a comment on recurring revenue. I think I think that starts to stabilize around here as we move through the back half. Obviously, the market environment is waived versus what we were thinking later last year when we when we spoke to you guys about or early this year, we spoke to you guys about what we thought the recurring revenue would look like for the year. I noted a few points in my script supporting that.

然後丹，我只是對經常性收入發表評論。我認為當我們進入後半場時，情況開始穩定下來。顯然，市場環境與我們去年晚些時候或今年年初與你們交談時的想法相比，是被放棄的，我們與你們談論了我們對今年經常性收入的看法。我在腳本中註意到了支持這一點的幾點。

We've seen some stabilization in those fundamentals and actually more directly related to us through the first half of this year, we've seen an increase in loans originated on Encompass. We've seen an increase in apps on Encompass, and that's encouraging -- that the first time we've seen a year-over-year increase since early 2021. So some early signs that things are stabilizing.

我們看到這些基本面有所穩定，實際上，今年上半年與我們更直接相關的是，我們看到 Encompass 發放的貸款有所增加。我們看到 Encompass 上的應用程式數量有所增加，這是自 2021 年初以來我們首次看到同比增長，這令人鼓舞。一些早期跡象表明事情正在穩定下來。

And I think a more stable market is going to give people a little bit more reason to start to think about the future plans for the future and start to invest in some of these products like DDA were head, which I said had its best quarter in two years for sales. And so I would look at M&A like we had a few quarters ago or last quarter cancellations like we had this quarter on the DDA side, that can be tough to predict.

我認為，一個更穩定的市場將給人們更多的理由開始思考未來的計劃，並開始投資其中一些產品，例如 DDA 頭部產品，我說這是 2019 年表現最好的季度。因此，我會像幾個季度前或上個季度取消併購一樣看待併購，就像本季 DDA 方面的取消一樣，這可能很難預測。

But for instance, that is I think, as Ben said, there's still there's a small amount of customers that are that are on DDA that don't use encompass or MSP now. So attrition like we saw this quarter and that weighed on kind of seems less likely to be a headwind moving forward.

但舉例來說，我認為，正如 Ben 所說，仍然有一小部分使用 DDA 的客戶現在不使用包含或 MSP。因此，像我們本季看到的那樣的人員流失似乎不太可能成為前進的阻力。

And also, as I said, we won't expect to see some of those revenue synergies come until next year or so. And at this point, it feels like we could see some stabilization, but and looking forward to the 2025 as those start to hit.

而且，正如我所說，我們預計要到明年左右才能看到其中一些收入協同效應。在這一點上，感覺我們可以看到一些穩定，但並期待 2025 年這些開始到來。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hey, good morning. Maybe just sticking on mortgage tech. I know in the past you've spoken about this significant kind of data exhaust that's generated by this combined mortgage technology business.

嘿，早安。也許只是堅持抵押貸款技術。我知道您過去曾談到這種綜合抵押貸款技術業務產生的這種重要的數據消耗。

I guess with Black Knight now having been closed for, I guess, roughly 10 months, can you just speak a bit more about how your thinking has evolved around the best way to potentially monetize this mortgage data, whether that's new product launches or other areas of opportunity?

我想現在 Black Knight 已經關閉了大約 10 個月，您能多談談您的想法是如何圍繞潛在的抵押貸款數據貨幣化的最佳方式演變的嗎，無論是新產品發布還是其他領域的機會？

Thanks, Kyle. This is Ben. So this there. We see a number of different opportunities in this area, and I'll describe a few. Some that are very near term and I mentioned this in my script as well, is that we saw an opportunity to take a bunch of datasets that Black Knight data business had and integrate them onto Encompass.

謝謝，凱爾。這是本。所以這個就在那裡。我們在這個領域看到了許多不同的機會，我將描述其中的一些。一些非常近期的事情，我也在我的腳本中提到過，我們看到了一個機會，可以獲取 Black Knight 數據業務擁有的大量數據集，並將它們整合到 Encompass 中。

We had that as part of our plan, even before we closed that as part of the integration strategy. That was one of the first things we were going to do. We executed on that. We just closed last September, got all those data sets onto encompass for the first time.

我們已經將其作為我們計劃的一部分，甚至在我們將其作為整合策略的一部分關閉之前。這是我們首先要做的事情之一。我們執行了這一點。我們去年九月剛結束，第一次將所有這些資料集包含在內。

And in the first half of this year, we've had 200 cross-sells flood Data and fees datasets that traditionally were not on encompass to our Encompass customer base. So that's and there's a long runway to go on that. When you think of 3,000 encompass customers and each of those datasets being cross-sell opportunities. There's a good runway ahead of us on that.

今年上半年，我們有 200 個交叉銷售洪水資料和費用資料集，這些資料傳統上不包含在我們的 Encompass 客戶群中。所以，這還有很長的路要走。當您想到 3,000 個涵蓋客戶時，每個資料集都是交叉銷售機會。我們前面有一條良好的跑道。

The second thing that we executed on and we're very pleased with is there's a dataset within Black Knight that our AVM so their valuations on homes. With the trend right now, with the amount of equity built up in homes, we've built a straight through service around home equity lines of credit that take our AVMs.

我們執行的第二件事讓我們非常滿意，Black Knight 中有一個資料集，我們的 AVM 可以對房屋進行估值。根據目前的趨勢，隨著房屋淨值數量的增加，我們已經圍繞採用我們的 AVM 的房屋淨值信貸額度建立了直通式服務。

So you can take the current valuation on a home service circuit, take that information plus the data they know on the customer present an offer for a home equity line of credit for a client and then feed that information directly into the origination platform as our Encompass Platform handles home-equity lines, credit seamlessly.

因此，您可以獲得家庭服務線路的當前估值，將該資訊加上他們所知的客戶數據，為客戶提供房屋淨值信用額度報價，然後將該資訊直接輸入到我們的 Encompass 發起平台中平台無縫處理房屋淨值額度和信貸。

And then as those loans are originated, pass those straight through into service. So those the ATMs are definitely a key component of that and home-equity lines of credit as something that we're seeing are very popular right now.

然後，當這些貸款發放時，將其直接投入使用。因此，自動櫃員機絕對是其中的關鍵組成部分，而房屋淨值信貸額度目前非常受歡迎。

Longer term, one of the things that we did strategically when we integrated these businesses, we took that Black Knight data business and we moved it into our Fixed Income and Data Services business with Chris and we just said at the beginning of this year the reason for that is we believe there's a lot of datasets within Black Knight that traditionally have been sold to mortgage specific companies that have a lot of capital markets, applicability and those are data sets like they're called McDash.

從長遠來看，我們在整合這些業務時策略性地做的事情之一是，我們將 Black Knight 數據業務轉移到了 Chris 的固定收益和數據服務業務中，我們剛剛在今年年初說過原因因為我們相信Black Knight 中有很多數據集，傳統上這些數據集被出售給擁有大量資本市場、適用性的抵押貸款特定公司，這些數據集就像被稱為McDash 的數據集。

There's another one called AFT, and another one EMBS. And all of them in a sense are predicting prepayments on loans, or portfolio of loans or portfolios of mortgage backed mortgage-backed securities. And obviously with our Fixed Income and Data Services business, we have a very significant business in the pricing and reference data around mortgage-backed securities.

還有一種稱為 AFT，另一種稱為 EMBS。從某種意義上說，所有這些都在預測貸款、貸款組合或抵押貸款支持抵押貸款支持證券投資組合的提前還款。顯然，透過我們的固定收益和數據服務業務，我們在抵押貸款支援證券的定價和參考資料方面擁有非常重要的業務。

We have a whole community of customers with thousands of them that consume our Fixed Income and Data Services products. And that's where we're introducing the products as they are today, but also engaging with clients to get feedback on new services that we can build for more of a medium term opportunity. So those are some of the ones off the top my head.

我們擁有一個完整的客戶群，其中有數千人使用我們的固定收益和數據服務產品。這就是我們今天介紹產品的地方，同時也與客戶互動，獲取有關新服務的回饋，我們可以為更多的中期機會而建立這些新服務。這些是我腦海中浮現的一些問題。

Christopher Allen, Citi.

克里斯多福艾倫，花旗銀行。

Good morning, everyone. Thanks for taking the question. I was hoping we could dig into the growth in energy. I see really impressive growth since middle of 2023. And any color just in terms of whether it's new commercials coming on, hedging by existing market participants taking up maybe impact of macro funds?

大家早安。感謝您提出問題。我希望我們能夠深入研究能源的成長。自 2023 年中期以來，我看到了令人印象深刻的成長。就新廣告是否即將推出、現有市場參與者的對沖是否可能受到宏觀基金的影響而言，有什麼顏色嗎？

And also, could you dig in a little bit on North American options, OI which is up very nicely. What's been driving that they have to is that factoring into the complexity increasing complexity, which Ben referenced earlier?

另外，您能否深入了解北美選擇權，OI 的漲幅非常好。推動他們必須這樣做的是，考慮到複雜性不斷增加的複雜性，正如本之前提到的？

Thanks for the question. So you've heard us over the over a number of different calls and a number of different years. Point to the fact that the major difference that you see in the way that we've developed our energy markets, whether you're talking oil, gas and also the products like power and environmental, we have focused on the commercial customer add at the core.

謝謝你的提問。因此，您已經在不同的年份和多次不同的電話中聽到我們的聲音。指出這樣一個事實，即您在我們開發能源市場的方式中看到的主要差異，無論您談論的是石油、天然氣還是電力和環境等產品，我們都專注於商業客戶核。

And that's why, we've built out they're not dependent on just one benchmark for the growth of our business. We've built out thousands of hedging products around the world across oil, gas, power emissions, is that our customers want to be able to hedge at the point of production or consumption, as Jeff referred to even in his prepared remarks today.

這就是為什麼，我們已經確定他們不僅僅依賴我們業務成長的一個基準。我們已經在世界各地建立了數千種針對石油、天然氣、電力排放的對沖產品，我們的客戶希望能夠在生產或消費時進行對沖，正如傑夫在今天準備好的演講中提到的那樣。

And it's those customers that we've really been building open interest around our platform. And obviously, as open interest build as liquidity builds and platform, that's when you start to get also people that are taking more of a directional view on the market start to come in as well.

我們真正圍繞著我們的平台建立了開放興趣的正是這些客戶。顯然，隨著未平倉合約的增加、流動性的增加和平台的增加，那些對市場有更多方向性看法的人也開始加入。

But the leading people are the commercials. And when we talk about even the success that we've had in our natural gas markets that started with a heavy, heavy commercial base. Our sweet spot in the US has been the regional basis markets customers utilize those. And when they're trading that as a package with Henry Hub, that's what's helped to build out our Henry Hub market because they want to do both of those trades in the same location.

但主角是廣告。當我們談論我們在天然氣市場所取得的成功時，我們的天然氣市場是從非常非常重要的商業基礎開始的。我們在美國的最佳優勢是客戶利用這些區域基礎市場。當他們與亨利中心進行打包交易時，這有助於建立我們的亨利中心市場，因為他們希望在同一地點進行這兩項交易。

The same is true with the development of TTF and now with on US natural gas moving around the world in the form of LNG, Europe consuming and more US LNG that from any other source. And then also that coal switching opportunity that I mentioned in my prepared remarks across Asia being the size of North America itself, all of this is pointed at the commercial market participants that started in JKM and TTF as built up open interest in those products.

TTF 的發展也是如此，現在美國天然氣以液化天然氣的形式在世界各地流動，歐洲消耗的液化天然氣比任何其他來源的美國液化天然氣都要多。然後，我在準備好的亞洲發言中提到的煤炭轉換機會相當於北美本身的規模，所有這一切都是針對從JKM 和TTF 開始的商業市場參與者，因為他們對這些產品建立了未平倉合約。

And then we've obviously had directional traders flow in behind that so that's a little color on that front. And on the options front, we're pleased with our options growth across the entire portfolio. Today, there's a lot of risks that people need to manage some of you have geopolitical risk with multiple wars going on.

然後我們顯然有定向交易者在後面流動，所以前面有一點顏色。在選擇權方面，我們對整個投資組合中選擇權的成長感到滿意。如今，人們需要應對許多風險，其中一些面臨多場戰爭不斷發生的地緣政治風險。

You've got political risks with elections pending and what's that going to mean for energy policy? And you have financial risks around what's going to happen with interest rates. And all these have an impact and options can be a very efficient way to hedge and manage risks and those situations.

選舉懸而未決會帶來政治風險，這對能源政策意味著什麼？而且利率的變動會帶來財務風險。所有這些都會產生影響，選擇權可以是對沖和管理風險和這些情況的非常有效的方式。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. Ben, I was wondering if you could unpack the Asia opportunity a little bit more and maybe talk about the historical correlation between consumption of electricity and energy and trading volumes.

你好，早上好，感謝您提出問題。Ben，我想知道您是否可以更多地闡述亞洲的機會，也許可以談談電力和能源消耗與交易量之間的歷史相關性。

When we look at sort of the European data, it looks like consumption of natural gas is pretty flat over a long period of time, but your volumes are up very meaningfully over a similar period of time. And so presumably a pickup in consumption really anyway would be quite positive. But how do you think about the correlation? How much does that -- could that drive volumes versus things like price volatility or how much of those relative factors matter. Thank you.

當我們查看歐洲的一些數據時，看起來天然氣消耗量在很長一段時間內相當平穩，但在相似的時期內天然氣消耗量卻出現了非常有意義的增長。因此，消費的回升無論如何都會是相當正面的。但你如何看待這種相關性呢？與價格波動等因素相比，這能在多大程度上推動銷量，或這些相關因素有多大影響。謝謝。

Thanks, Ben. Yes, they are those still dynamics that definitely matter when people are looking at and whether you're a power producer or a consumer, the mix of things that you need to think about in trading, it is not only the power price of power itself, but also what's producing it, whether it's coal or switching to natural gas as a much, much cleaner fuel.

謝謝，本。是的，當人們關注時，它們仍然是那些絕對重要的動態，無論您是電力生產商還是消費者，您在交易中需要考慮的因素的組合，而不僅僅是電力本身的電價，而且還包括生產它的物質，無論是煤炭還是改用天然氣作為非常非常清潔的燃料。

And then also the dynamic around the world of wanting to have also having to put a price on carbon emissions that are also a part of that. So traders that are thinking about these hedgers that are thinking about their exposure in the energy markets have to think about all four of those dynamics. And we, for many years have thought and from engaging with our clients, that's the mix of risks that need to be managed.

此外，世界各地都希望對碳排放定價，這也是其中的一部分。因此，考慮這些避險者以及考慮其在能源市場風險敞口的交易者必須考慮所有這四種動態。多年來，我們一直認為，透過與客戶的接觸，這就是需要管理的風險組合。

And that's why we've built out a business that includes all of those aspects and to enable traders to hedge and manage that risk in one platform. And all, I'll even use the US as a good example if the you look at the US, there has been a shift towards cleaner sources in gas. It's clear if you talk to any of the analysts out there that power consumption is going to continue to grow in the US.

這就是為什麼我們建立了一項涵蓋所有這些方面的業務，並使交易者能夠在一個平台上對沖和管理該風險。所有，我甚至會用美國作為一個很好的例子，如果你看看美國，你會發現天然氣已經轉向更乾淨的來源。如果您與任何分析師交談，很明顯，美國的電力消耗將繼續增長。

And one of the underlying reasons for that is data center demand analysts estimate that US tower is expected to increase power demand is going to increase over the next decade in data center. Demand alone associated to that is likely 19 gigawatts last year to growing to up to 35 gigawatts by the end of this decade. And then underneath that, you have natural gas demand that's linked to power generation.

根本原因之一是資料中心需求分析師估計，美國鐵塔的電力需求預計將在未來十年內增加。僅與此相關的需求就可能從去年的 19 吉瓦增加到本十年末的 35 吉瓦。除此之外，還有與發電相關的天然氣需求。

That today is around 35 billion cubic feet is expected from analyst estimates to grow to 45 billion cubic feet by the end of this decade. And then obviously, you have some markets like our environmental markets that continue to do well. Like our Reggie markets that are California carbon emissions.

分析師估計，目前的儲量約為 350 億立方英尺，預計到本世紀末將增加至 450 億立方英尺。顯然，有些市場（例如我們的環境市場）持續表現良好。就像我們的雷吉市場一樣，這是加州的碳排放。

So I think that's a good story to tell because we see that story developing in Europe, we see that story developing in Asia and the mix of having US basis markets, power, Henry and environmental markets, all in one place and enabling customers to hedge and manage this risk and efficient basis. What enables us to do this and provide those services to clients.

所以我認為這是一個很好的故事，因為我們看到這個故事在歐洲發展，我們看到這個故事在亞洲發展，並將美國基礎市場、電力、亨利和環境市場融為一體，使客戶能夠對沖並以此為管理風險和高效的基礎。是什麼使我們能夠做到這一點並向客戶提供這些服務。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes, hey, good morning, everyone. Just wanted to come back to mortgage and attrition. And I know sometimes when there's M&A in the space, you win some you lose some, not sure if you can go into the details of the Mr. Cooper FlexStar acquisition that was announced I think last week, I think flex as a top 10 servicer and top 25 originator, I think, on servicing their clients.

是的，嘿，大家早安。只是想回到抵押貸款和自然損耗。我知道有時在該領域進行併購時，你會贏得一些，也會失去一些，不確定你是否可以詳細了解 Cooper 先生上周宣布的 FlexStar 收購的細節，我認為 Flex 作為十大服務商我認為，在為客戶提供服務方面排名前25 位的創辦人。

And I think Mr. Cooper has kind of gone in another direction. So maybe from you guys. So just maybe talk about that one given it is a sizable deal in the industry and obviously we saw this quarter some of these deals can have an impact on your numbers. Thanks.

我認為庫柏先生已經走向了另一個方向。所以也許是來自你們。因此，也許只是談論一下這筆交易，因為這是該行業中的一筆規模相當大的交易，顯然我們在本季度看到其中一些交易可能會對您的數字產生影響。謝謝。

Thanks, Alex. I'll start. So in particular in the servicing business, you do have mortgage servicing rights that trade and move between clients and we're beneficiary of those mortgage servicing rights move to servicers that are on MSP and it's the opposite if they're not.

謝謝，亞歷克斯。我開始吧。因此，特別是在服務業務中，您確實擁有在客戶之間進行交易和轉移的抵押貸款服務權，我們是這些抵押貸款服務權轉移到 MSP 上的服務商的受益者，如果不是，則相反。

We -- and I think I've mentioned this on the last call, the first half of this year we did see some impact on the servicing side of the business, where there was a major bank had been very public about the fact that they were exiting the correspondent business and selling those MSRs. So that had some headwinds to us that hit us the first half of this year. It's really an uncontrollable risk for us, but it was a temporary phenomenon that we think as this has played out.

我們——我想我在上次電話會議中已經提到過這一點，今年上半年我們確實看到了對業務服務方面的一些影響，有一家大銀行非常公開地表示，他們正在退出代理業務並出售這些MSR。因此，今年上半年我們遇到了一些阻力。這對我們來說確實是一個無法控制的風險，但我們認為這只是暫時的現象，因為這已經發生了。

We're also the beneficiary of these when they happen and examples that I've brought up are and when a two harbors at RoundPoint came together, there's a bunch of loans that came on to MSP associated that and when JP Morgan bought First Republic, JP Morgan's, obviously on MSP and those loans came to us.

當它們發生時，我們也是受益者，我舉的例子是，當 RoundPoint 的兩個港口聚集在一起時，MSP 會獲得大量與之相關的貸款，當摩根大通收購第一共和國時，摩根大通顯然是在MSP 上的，這些貸款是給我們的。

These tend to ebb and flow on us and off of us. On the Mr. Cooper question that you had, we have a deep relationship with Mr. Cooper. They've been a customer of ours for a number of years on Encompass. They also use our foreclosure and bankruptcy solutions within servicing.

這些往往會在我們身上潮起潮落。關於你提出的庫柏先生問題，我們與庫柏先生有著深厚的關係。多年來，他們一直是我們 Encompass 的客戶。他們還在服務中使用我們的止贖和破產解決方案。

So we have a good relationship with them, and we look forward to seeing what their plans are in the future. But as it relates to customers leaving us and choosing a different platform, we're not seeing that type of impact.

所以我們與他們有著良好的關係，我們期待看到他們未來的計劃。但由於這與客戶離開我們並選擇不同的平台有關，因此我們沒有看到這種類型的影響。

And then, Alex, just to give you on Flagstar our total ICE mortgage technology revenues.

然後，Alex，請​​在 Flagstar 上向您介紹我們的 ICE 抵押技術總收入。

Thank You.

謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning. Thanks for the question on So maybe just zooming out on energy for a second revenue growth up 30% or something like that this year on a wise trending something similar to that?

嘿，早安。感謝您提出的問題，所以今年可能只是縮小能源收入第二次成長 30% 或類似的水平，以類似的明智趨勢？

I think we talked a lot about some of the structural tailwinds that are supporting its growth. But as you guys sort of zoom out and you extrapolate this further out, how do you think about the energy revenue growth algorithm over the next couple of years and is 2024 a good base in your view to build off of I know the market tends to I mean, we've heard some of the dynamics in the trading space, but it doesn't feel like that's exactly what's happening here.

我認為我們討論了很多支持其成長的結構性有利因素。但是，當你們縮小範圍並進一步推斷時，你們如何看待未來幾年的能源收入成長演算法？說了交易領域的一些動態，但感覺這不是這裡正在發生的事情。

Hi, Alex, it's Ben. Thanks for the question. What we always look at is the health of open interest across our markets as the barometer for and really the predictor for future volumes and future volume potential for our markets.

嗨，亞歷克斯，我是本。謝謝你的提問。我們始終關注的是整個市場的未平倉合約的健康狀況，作為我們市場未來交易量和未來交易量潛力的晴雨表和真正的預測因素。

And if you look across our marketplace now overall across all of our futures business, open interest versus last year is up 20%. In energy, it's up 25%. So, to us those are great indicators that we're doing the right things, partnering with our customers, developing out all of these very convenient new innovations and new products and more precision in the way, the customers can manage and hedge their risks around the world.

如果你縱觀我們現在整個市場的所有期貨業務，你會發現未平倉合約比去年增加了 20%。能源方面，成長了 25%。因此，對我們來說，這些都是很好的指標，表明我們正在做正確的事情，與客戶合作，開發所有這些非常方便的新創新和新產品，以及更精確的方式，客戶可以管理和對沖風險世界。

The development of new products in oil have been really exciting for us with what we've innovated with our HOU contract, pricing Midland WTI basis, Houston, which is now flowing into Dated Brent. And that market is growing phenomenally well for us, up 400% and in open interest.

石油新產品的開發對我們來說非常令人興奮，我們在 HOU 合約中進行了創新，以休士頓米德蘭 WTI 為基礎定價，目前正流入即期布蘭特原油。對我們來說，這個市場成長得非常好，未平倉合約成長了 400%。

If you look at the development of our Murban contract that we innovated three years ago, pricing, Middle Eastern crude going to Asia, ATVs in that contract are up 160% all of our swaps to futures markets.

如果你看看我們三年前創新的穆爾班合約的發展，定價，中東原油流向亞洲，該合約中的 ATV 比我們所有期貨市場互換的價格上漲了 160%。

These are all refined products and base markets continue to grow, really nice for us in oil, and natural gas, we continue to innovate, continue to introduce new contracts, new LNG contracts. We've talked about the development of JKM, and the development of our TTF contract.

這些都是精煉產品，基礎市場不斷成長，這對我們在石油和天然氣方面確實有利，我們不斷創新，不斷推出新合約、新液化天然氣合約。我們討論了 JKM 的開發，以及我們的 TTF 合約的開發。

All of these in our minds, create a flywheel effect because anybody that's trading in these energy markets wants to put a price on oil, power, gas, emissions, and it's so much more efficient for them to do that all in one place.

所有這些都在我們的腦海中產生了飛輪效應，因為在這些能源市場上進行交易的任何人都希望為石油、電力、天然氣、排放定價，而對他們來說，在一個地方完成這一切的效率要高得多。

So I point to the innovation that we've had the open interest growth there. It's also FED into the growth of our benchmark contracts as well.

因此，我指出了我們的未平倉合約成長的創新之處。聯準會也推動了我們基準合約的成長。

That concludes today's Q&A session. I will now hand back over to Jeff Sprecher for closing remarks.

今天的問答環節到此結束。現在我將邀請傑夫‧斯普雷徹 (Jeff Sprecher) 致閉幕詞。

Thank you, Drew, for managing the call and I want to thank you all for joining us this morning, and we'll look forward to updating you again very soon as we continue to innovate for our customers and build our all-weather business model to continue to drive growth. With that, I hope you'll have a great day.

謝謝德魯主持這次通話，我要感謝大家今天早上加入我們，我們期待很快再次為您提供最新消息，因為我們將繼續為客戶進行創新並建立我們的全天候業務模式繼續推動增長。至此，我希望您有個愉快的一天。

This concludes today's call. Thank you for your interest patient. You may now disconnect your line.

今天的電話會議到此結束。感謝患者的關注。現在您可以斷開線路。