洲際交易所 (ICE) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the ICE first-quarter 2025 earnings conference call and webcast. My name is Lydia, and I will be your operator today. (Operator Instructions)

大家好，歡迎參加 ICE 2025 年第一季財報電話會議和網路廣播。我叫 Lydia，今天我將擔任您的接線生。（操作員指示）

I'll now hand you over to Katia Gonzalez, Manager of Investor Relations, to begin. Please go ahead.

現在我將把時間交給投資者關係經理卡蒂亞·岡薩雷斯 (Katia Gonzalez)。請繼續。

Good morning. ICE's first quarter 2025 earnings release and presentation can be found in the Investors section of ice.com. These items will be archived, and our call will be available for replay.

早安.ICE 2025 年第一季財報和簡報可在 ice.com 的投資者部分找到。這些內容將被存檔，並且我們的通話可供重播。

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 2024 Form 10-K, 2025 first quarter Form 10-Q, and other filings with the SEC.

今天的電話會議可能包含前瞻性陳述。這些聲明代表我們目前的判斷，並受風險、假設和不確定性的影響，我們不承擔更新的義務。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，請參閱我們的 2024 年 10-K 表、2025 年第一季 10-Q 表以及向美國證券交易委員會提交的其他文件。

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 the equivalent GAAP terms in the earnings materials.

在我們的收益補充中，我們參考了某些非公認會計準則指標。我們相信，我們的非公認會計準則指標更能反映我們的現金營運和核心業務表現。您會在收益資料中找到與等效 GAAP 條款的對帳。

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 the earnings supplement for additional details regarding the definition of certain items.

在本次電話會議上，淨收入是指扣除交易費用後的收入，調整後收益是指調整後的每股稀釋收益。在本演示中，除非另有說明，收入成長的提及均以固定貨幣為基礎。有關某些項目的定義的更多詳細信息，請參閱收益補充文件第二頁的解釋性說明。

With us on the call today are Jeff Sprecher, Chair and CEO; Warren Gardiner, Chief Financial Officer; Ben Jackson, President; Lynn Martin, President of NYSE; and Chris Edmonds, President of Fixed Income & Data Services.

今天與我們一起參加電話會議的有董事長兼首席執行官 Jeff Sprecher；沃倫·加德納 (Warren Gardiner)，首席財務官；本·傑克遜，總裁；紐約證券交易所總裁林恩·馬丁 (Lynn Martin)；以及固定收益和數據服務總裁克里斯·埃德蒙茲 (Chris Edmonds)。

I'll now turn the call over to Warren.

現在我將把電話轉給沃倫。

Thanks, Katia. Good morning, everyone, and thank you for joining us today. I'll begin on slide 4 with a summary of our record first quarter results.

謝謝，卡蒂亞。大家早安，感謝大家今天加入我們。我將從第 4 張投影片開始總結我們創紀錄的第一季業績。

First quarter earnings per share of $1.72 were up 16% year-over-year. These strong results were led by an 8% increase in net revenue to a record $2.5 billion. Importantly, against the backdrop of macroeconomic uncertainty, we saw growth across all three of our operating segments.

第一季每股收益為 1.72 美元，年增 16%。這些強勁的業績得益於淨收入成長 8%，達到創紀錄的 25 億美元。重要的是，在宏觀經濟不確定的背景下，我們的三個營運部門都實現了成長。

First quarter adjusted operating expenses totaled $964 million, slightly below the low end of our guidance range, driven in part by better-than-anticipated savings and synergies primarily related to technology spend. As a result of this strong performance, adjusted operating income increased by double digits, up 11% versus the prior year and reached a record $1.5 billion.

第一季調整後的營運費用總計 9.64 億美元，略低於我們的指導範圍的低端，部分原因是主要與技術支出相關的節省和協同效應優於預期。由於這一強勁表現，調整後的營業收入實現了兩位數成長，比上年增長了 11%，達到創紀錄的 15 億美元。

This strong business performance allowed us to return $519 million of capital to our shareholders during the quarter, including $241 million of share repurchases. And we did this while also investing in our business and reducing leverage, which ended the first quarter under 3.2 times EBITDA.

強勁的業務表現使我們在本季向股東返還了 5.19 億美元的資本，其中包括 2.41 億美元的股票回購。我們在實現這一目標的同時，也對業務進行了投資，並降低了槓桿率，第一季末的 EBITDA 低於 3.2 倍。

Before I move to our segment results, I'll note a few guidance items. As we look to the second quarter, we expect adjusted operating expenses to be in the range of $980 million to $990 million, with the increase versus the first quarter largely driven by a weaker dollar relative to the pound and euro, a dynamic that is more than offset by higher revenues; a full quarter of merit increases; and an accrual for awards related to our strong year-to-date performance.

在介紹我們的分部績效之前，我想先提幾點指導性事項。展望第二季度，我們預計調整後的營運費用將在 9.8 億美元至 9.9 億美元之間，與第一季度相比有所增長，主要是由於美元兌英鎊和歐元走弱，但收入增加足以抵消這一影響；整整四分之一的績效加薪；以及與我們今年迄今的強勁表現相關的獎勵。

Second quarter nonoperating expense is expected to be between $175 million and $180 million, with slightly lower interest expense from reduced leverage offset by the refinancing of our $1.25 billion maturity coming due in May.

預計第二季非營業支出將在 1.75 億美元至 1.8 億美元之間，由於槓桿率降低，利息支出略有下降，但 5 月到期的 12.5 億美元再融資將抵消這一影響。

Now let's move to slide 5 where I'll provide an overview of the performance of our exchange segment. First quarter net revenues totaled a record $1.4 billion, up 12% year-over-year. Record transaction revenues of nearly $1 billion were up 16%, driven by an 18% increase in our interest rate business, 21% growth in NYSE cash equities and options revenues and another quarter of record energy revenues, which grew 23% year-over-year.

現在讓我們翻到第 5 張投影片，我將在這裡概述我們的交易所部分的表現。第一季淨收入達到創紀錄的 14 億美元，年增 12%。創紀錄的近 10 億美元的交易收入增長了 16%，這得益於我們的利率業務增長了 18%，紐約證券交易所現金股票和期權收入增長了 21%，以及創紀錄的能源收入又一個季度增長了 23%。

In addition, volumes accelerated in April, with energy ADV up 39%, interest rate ADV up nearly 60%, our cash equity ADV up 68%, and our equity option ADV up 11%. And importantly, amidst rising volatility, open interest continues to build up 8% year-over-year, including 21% growth in global interest rates and 7% growth in our energy markets.

此外，4 月交易量加速成長，能源日均交易量成長 39%，利率日均交易量成長近 60%，現金股票日均交易量成長 68%，股票選擇權日均交易量成長 11%。重要的是，在波動性不斷上升的情況下，未平倉合約繼續同比增長 8%，其中全球利率增長 21%，能源市場增長 7%。

Shifting to recurring revenues, which include our exchange data services and our NYSE listings business, revenues totaled $368 million, up 3% year-over-year. Underpinning growth in our recurring revenues was our broader exchange data and connectivity services, which grew 5% as, once again, led by futures data services.

轉向經常性收入，其中包括我們的交易數據服務和紐約證券交易所上市業務，總收入達 3.68 億美元，較去年同期成長 3%。我們經常性收入成長的基礎是我們更廣泛的交易數據和連接服務，其成長了 5%，其中期貨數據服務再次領先。

In our listings business, the NYSE helped to raise over $4 billion of new proceeds in the first quarter including Venture Global, the largest IPO year-to-date. It's worth noting that less than 40% of IPOs met the NYSE's listing standards in the first quarter, and these high standards remain a critical component of our 99%-plus retention rate. Additionally, the backlog for new IPOs remain strong, with a variety of companies seeking to raise capital when volatility abates.

在我們的上市業務中，紐約證券交易所在第一季幫助我們籌集了超過 40 億美元的新資金，其中包括今年迄今為止最大的 IPO Venture Global。值得注意的是，第一季只有不到40%的IPO符合紐約證券交易所的上市標準，而這些高標準仍是我們99%以上保留率的關鍵因素。此外，新 IPO 積壓數量依然強勁，各種公司都在尋求在波動性減弱時籌集資金。

Turning now to slide 6, I'll discuss our fixed income and data services segment. First quarter revenues totaled a record $596 million, including transaction revenues of $125 million. On a year-over-year basis, revenue at ICE Bonds increased by 16%, driven by 18% growth in our muni business and 30% growth in corporate bond trading.

現在翻到第 6 張投影片，我將討論我們的固定收益和數據服務部分。第一季總收入達到創紀錄的 5.96 億美元，其中包括 1.25 億美元的交易收入。與去年同期相比，ICE Bonds 的收入成長了 16%，這得益於市政債券業務成長了 18%，公司債交易成長了 30%。

Within our CDS business, revenues increased year-over-year with lower members' interest offset by clearing revenue, which increased 27% year-over-year amidst increasing macroeconomic uncertainty.

在我們的 CDS 業務中，收入同比增長，會員利息的下降被清算收入所抵消，在宏觀經濟不確定性增加的情況下，清算收入同比增長了 27%。

Recurring revenues totaled a record $471 million and grew by 5% year-over-year. In our fixed income data and analytics business, revenues increased 4% year-over-year, driven by growth in pricing and reference data and 14% growth in our index business, which reached a record $684 billion in ETF AUM as of the end of the first quarter.

經常性收入總計創紀錄地達到 4.71 億美元，年增 5%。在我們的固定收益數據和分析業務中，營收年增 4%，這得益於定價和參考數據的增長以及指數業務 14% 的增長，截至第一季末，指數業務的 ETF AUM 達到了創紀錄的 6840 億美元。

Data and network technology, which we previously referred to as other data and network services, increased by 7% in the first quarter, an acceleration from 5% growth in 2024. Growth was driven by the return on various data center investments we have recently made in our ICE Global Network as well as continued growth in our consolidated feeds business and strong performance across our desktop solutions, driven in part by cross-sell opportunities sourced from both our energy and NYSE customer bases.

數據和網路技術（我們之前稱之為其他數據和網路服務）在第一季成長了 7%，高於 2024 年 5% 的成長率。成長的動力來自於我們最近在 ICE 全球網路中進行的各種資料中心投資的回報，以及我們的整合資訊流業務的持續成長和桌面解決方案的強勁表現，部分動力來自於來自我們的能源和紐約證券交易所客戶群的交叉銷售機會。

Please flip to slide 7, where I will discuss our mortgage technology results. First quarter revenues totaled $510 million. Recurring revenues totaled $397 million, up both sequentially and year-over-year. On a year-over-year basis, the improvement was largely driven by our servicing business. And while we benefited from a $2 million of onetime revenue that we do not anticipate will repeat, growth was also driven by new customers implementing on MSP.

請翻到第 7 張投影片，我將在其中討論我們的房貸技術成果。第一季總營收為5.1億美元。經常性收入總計 3.97 億美元，環比和年比均有所成長。與去年同期相比，這一成長主要得益於我們的服務業務。雖然我們受益於 200 萬美元的一次性收入（我們預計不會重複），但成長也受到在 MSP 上實施的新客戶的推動。

Transaction revenues totaled $113 million, up slightly year-over-year, driven by revenue growth related to Encompass closed loans and applications, an increase in closing solution fees and higher default management revenues as foreclosure starts within our servicing business have begun to tick higher from historic lows.

交易收入總計 1.13 億美元，同比略有增長，這得益於與 Encompass 已結清貸款和申請相關的收入增​​長、結清解決方案費用的增加以及違約管理收入的增加，因為我們的服務業務中的止贖開始從歷史低點回升。

In summary, we delivered record first-quarter results, including record revenues, operating income and adjusted EPS, building upon our record 2024. Amidst macroeconomic and geopolitical uncertainty, we are uniquely positioned to invest across our business, meet the needs of our customers and continue to deliver consistent and compounding growth for our shareholders.

總而言之，我們在第一季取得了創紀錄的業績，包括創紀錄的收入、營業收入和調整後的每股收益，這鞏固了我們 2024 年創紀錄的業績。在宏觀經濟和地緣政治不確定的情況下，我們擁有獨特的優勢，可以投資於我們的整個業務，滿足客戶的需求，並繼續為股東帶來持續的複合成長。

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

我很樂意在問答環節回答您的問題。但現在，我將把它交給本。

Thank you, Warren, and thank you all for joining us this morning. Please turn to slide 8.

謝謝你，沃倫，也謝謝大家今天早上加入我們。請翻到第 8 張投影片。

Amidst the dynamic macroeconomic and geopolitical environment, our customers continue to rely on our leading technology, mission-critical data and transparent and accessible markets to navigate uncertainty while managing risks.

在動態的宏觀經濟和地緣政治環境中，我們的客戶繼續依賴我們領先的技術、關鍵任務數據以及透明且可訪問的市場來應對不確定性並管理風險。

Across our global futures markets, total average daily volumes increased 23% to a record 10 million lots in the first quarter, including records across energy and interest rates. This strong performance drove record futures and options revenues, which grew 18% versus prior year. Building on the momentum of a strong first quarter, ADV into April was up 43% year-over-year, led by continued strength in our energy and interest rate franchise, up 39% and 59%, respectively.

在我們的全球期貨市場中，第一季日均總交易量成長了 23%，達到創紀錄的 1,000 萬手，其中包括能源和利率領域的記錄。這一強勁表現推動了期貨和選擇權收入創下新高，較上年增長了 18%。在第一季強勁勢頭的基礎上，4 月日均交易量年增 43%，其中能源和利率業務持續保持強勁增長，分別增長 39% 和 59%。

More importantly, open interest continues to trend higher, up 8% year-over-year. As we have consistently said, open interest is a helpful guide to gauging the health of our markets and proves to be a leading indicator of volume growth during volatile periods.

更重要的是，未平倉合約持續呈上升趨勢，較去年同期成長8%。正如我們一直所說的那樣，未平倉合約是衡量市場健康狀況的有用指南，並被證明是動盪時期交易量成長的領先指標。

For over two decades, we've worked closely with our customers to develop a diverse, liquid and globally interconnected energy network. Today as trade dynamics evolve and become increasingly complex, our network provides the critical feedback loop required to address near-term supply and demand imbalances as well as the long-term price signals needed to efficiently allocate the capital necessary to meet forward-looking demand.

二十多年來，我們與客戶密切合作，開發了多樣化、流動性強且全球互聯的能源網路。如今，隨著貿易動態不斷發展且日益複雜，我們的網路提供了解決近期供需失衡所需的關鍵回饋迴路，以及有效分配滿足前瞻性需求所需資本所需的長期價格訊號。

This deliberate and long-term strategic direction contributed to our eighth consecutive quarter of record energy revenues, which increased 23% year-over-year, and that is on top of 32% growth achieved in last year's first quarter. This strong performance is a testament to customers' continued confidence in ICE as the global energy hedging venue of choice.

這項深思熟慮的長期策略方向促使我們連續第八個季度創下能源收入紀錄，年增 23%，而去年第一季的增幅則為 32%。這一強勁表現證明了客戶對 ICE 作為首選全球能源對沖場所的持續信心。

In our oil markets, through constant innovation, Brent has firmly cemented itself as the global benchmark for crude oil, pricing roughly three-quarters of the world's internationally traded crude and from which prices are discovered in the US Gulf Coast via ICE's WTI and in the Middle East and in Asia via ICE's Murban and Dubai markets.

在我們的石油市場中，透過不斷創新，布蘭特原油已牢牢確立了其全球原油基準的地位，為全球約四分之三的國際原油貿易定價，美國墨西哥灣沿岸的市場可以透過洲際交易所的西中質原油（WTI）找到其價格，中東和亞洲的市場可以透過洲際交易所的穆爾班和杜拜市場找到其價格。

In the first quarter, record volume in our oil complex increased 18% year-over-year, including records across Brent, WTI, Midland TI, Murban and Platts Dubai. Collectively, this strong performance drove record oil revenues, which grew 17% year-over-year.

第一季度，我們的石油綜合體交易量年增 18%，其中包括布蘭特原油、WTI、米德蘭 TI、穆爾班和普氏迪拜原油的交易量均創下紀錄。總體而言，這一強勁表現推動了石油收入創下紀錄，年增 17%。

In addition, as a leading indicator of ongoing interest in our markets, open interest across the complex set a series of records in April. This growth signals that customers are managing more risk amid heightened volatility.

此外，作為市場持續關注的領先指標，整個市場的未平倉合約量在 4 月創下了一系列紀錄。這種成長表明客戶在波動性加劇的背景下正在管理更多的風險。

In our natural gas markets, we followed a similar playbook, building a platform that offers the broadest range of natural gas benchmarks across the US, Canada, Europe, and Asia, underpinned by our liquid markets in Henry Hub and North American basis, TTF and JKM, a thoughtful approach that uniquely positions ICE to continue to benefit from both the near-term volatility and long-term growth trends occurring across these markets.

在我們的天然氣市場中，我們遵循了類似的策略，建立了一個提供美國、加拿大、歐洲和亞洲最廣泛的天然氣基準的平台，並以亨利港和北美基礎、TTF 和 JKM 的流動市場為基礎，這種深思熟慮的方法使 ICE 能夠繼續受益於這些市場中的短期波動和長期增長趨勢。

Reflecting this dynamic, volumes and revenues in our global gas portfolio set records in the first quarter, both increasing 33% year-over-year.

反映這一動態，我們全球天然氣投資組合的產量和收入在第一季創下了紀錄，均比去年同期增長了 33%。

In North America, we began preparing for the evolution of gas markets beyond the Henry Hub benchmark several years ago. Through close collaboration with our customers, we created our exclusive U.S. and Canadian basis markets, a suite of precise risk management tools that reflect the commercially relevant supply and demand dynamics of 70 distinct North American gas hubs.

在北美，我們幾年前就開始為超越亨利中心基準的天然氣市場的發展做準備。透過與客戶的密切合作，我們創建了獨特的美國和加拿大基礎市場，這是一套精確的風險管理工具，反映了 70 個不同的北美天然氣樞紐的商業相關供需動態。

In the first quarter, volumes in our Henry Hub contract grew 26% year-over-year while record volumes in our basis markets increased 52%. The first quarter also included 9 of our top 10 all-time highest-volume days. Collectively, the strong performance drove a 30% growth in our North American gas complex, including record options volumes.

第一季度，我們的亨利港合約交易量年增 26%，而基礎市場交易量創歷史新高，成長 52%。第一季還包含了我們歷史上交易量最高的 10 個日子中的 9 個。總體而言，強勁的業績推動我們的北美天然氣綜合體成長 30%，其中包括創紀錄的選擇權交易量。

Similarly, the globalization of gas and the rise of LNG are secular trends we began investing in more than a decade ago through our acquisition of Endex, an investment that positions us as a leader in European trading via our TTF contract.

同樣，天然氣的全球化和液化天然氣的興起是長期趨勢，我們十多年前透過收購 Endex 開始投資這一趨勢，這項投資使我們透過 TTF 合約成為歐洲貿易的領導者。

In more recent years, geopolitical shifts and a tight LNG market have intensified market globalization and increased the need for risk management. As a result, our TTF benchmark has asserted itself as -- its position as the Brent of natural gas markets and continues to be relied on by an increasing number of market participants.

近年來，地緣政治變化和液化天然氣市場的緊張加劇了市場的全球化，也增加了風險管理的必要性。因此，我們的 TTF 基準已確立了其作為天然氣市場布蘭特原油的地位，並繼續受到越來越多的市場參與者的信賴。

At the same time, our TTF contract delivered another record-setting quarter across volume, revenues and open interest, with each growing double digits versus prior year. This record performance underscores TTF's deep liquidity and the critical role it plays in providing daily global natural gas price signals.

同時，我們的 TTF 合約在本季的交易量、收入和未平倉合約方面再創紀錄，與去年相比均實現了兩位數的成長。這項創紀錄的表現凸顯了TTF的深度流動性及其在提供每日全球天然氣價格訊號方面發揮的關鍵作用。

At the same time, the global transition to less carbon-intensive fuels supports demand growth for natural gas, particularly for developing economies which prioritize reliable, affordable fuel. For example, in Asia, where coal still accounts for roughly half of the region's energy supply, our JKM contract serves as the price benchmark for Asian natural gas and continues to reach important milestones, with record volumes increasing 28%.

同時，全球向低碳燃料的轉型支持了天然氣需求的成長，特別是對於優先考慮可靠、負擔得起燃料的發展中經濟體而言。例如，在亞洲，煤炭仍然佔該地區能源供應的約一半，我們的 JKM 合約作為亞洲天然氣的價格基準，並繼續達到重要的里程碑，創紀錄的產量增加了 28%。

As policy discussions regarding sustainability objectives continue to evolve, our leading environmental markets work with our oil, natural gas, coal and power markets to provide the price transparency across the energy spectrum, transparency that is critical in navigating this multilayered and nonlinear progression. In the first quarter, our North American environmental markets traded again at record levels, contributing to a 15% volume growth in our environmental portfolio.

隨著永續發展目標的政策討論不斷發展，我們領先的環境市場與石油、天然氣、煤炭和電力市場合作，提供整個能源領域的價格透明度，這種透明度對於引導這種多層次和非線性過程至關重要。第一季度，我們的北美環境市場交易量再次創下歷史新高，推動我們的環境投資組合交易量成長 15%。

In summary, as the confluence of increasing energy demand, evolving supply chains and the energy transition continues to introduce new complexities, uncertainties and volatility in the energy markets, we believe the markets we operate will prove instrumental as the long tail and complex evolution of global energy unfolds.

總而言之，隨著能源需求不斷增長、供應鏈不斷發展以及能源轉型不斷為能源市場帶來新的複雜性、不確定性和波動性，我們相信，隨著全球能源的長尾和複雜演變的展開，我們運營的市場將發揮重要作用。

Turning now to our fixed income and data services business on slide 9. As fixed income markets automate and passive investing grows, our comprehensive platform continues to generate compounding revenue growth, delivering another quarter of record revenues, which grew 5% year-over-year.

現在轉到第 9 張投影片上的固定收益和資料服務業務。隨著固定收益市場的自動化和被動投資的成長，我們的綜合平台繼續產生複合收入成長，創造了另一個季度創紀錄的收入，年增 5%。

Our decades-long position as a leading provider of price and reference data has served as the foundation for ICE to become one of the largest providers of fixed income indices globally. Here, growth continues to be fueled by growing demand for ETFs in their expanded role in markets, with assets under management benchmarked to ICE indices growing to a record of $684 billion through the end of the first quarter. This strength once again drove double-digit revenue growth in our index business.

我們數十年來作為價格和參考資料領先提供者的地位，為 ICE 成為全球最大的固定收益指數提供者之一奠定了基礎。隨著 ETF 在市場中的作用不斷擴大，對 ETF 的需求不斷增長，這繼續推動 ETF 的成長，截至第一季末，以 ICE 指數為基準的 ETF 管理資產已增長至創紀錄的 6,840 億美元。這項優勢再次推動了我們的指數業務收入達到兩位數成長。

We also signed two additional licensing deals in the quarter with large global asset managers. One will move existing AUM to our index family, and the other will launch a completely new ETF against our index solution.

本季我們也與大型全球資產管理公司簽署了另外兩項授權協議。一個是將現有的 AUM 轉移到我們的指數係列，另一個是針對我們的指數解決方案推出一個全新的 ETF。

In our data and network technology business, revenues increased 7% year-over-year, driven by continued demand of our desktop as well as our ICE Global Network and feeds offerings, as customers continue to modernize workflows and as past investments we've made continue to pay dividends.

在我們的資料和網路技術業務中，營收年增 7%，這得益於我們桌面以及 ICE 全球網路和供稿產品的持續需求，因為客戶繼續實現工作流程的現代化，而我們過去的投資繼續帶來回報。

Within our desktop business, revenues grew double digits in the quarter, including robust growth in our ICE Chat offering. Here, we continue to innovate to reduce friction across the workflow. A recent example of this innovation is the launch of ICE Voice, a cloud-based audio solution integrated directly with ICE Chat, providing market participants with real-time voice communication capabilities alongside chat functionality.

在我們的桌面業務中，本季收入實現了兩位數成長，其中包括 ICE 聊天產品的強勁成長。在這裡，我們不斷創新以減少整個工作流程的摩擦。這項創新的最新例子是推出 ICE Voice，這是一種基於雲端的音訊解決方案，可直接與 ICE Chat 集成，為市場參與者提供即時語音通訊功能以及聊天功能。

Similarly, growth in our ICE Global Network reflects ongoing data and technology investments we've made in that business, cementing its position as the gold standard for an ultra-secure, highly-resilient network.

同樣，我們的 ICE 全球網路的成長反映了我們在該業務中持續進行的數據和技術投資，鞏固了其作為超安全、高彈性網路的黃金標準的地位。

Across ICE Bonds, which provide state-of-the-art execution technologies and rounds out a broader fixed income offering, providing solutions across the pretrade, trade and posttrade workflow, revenues increased 16% versus prior year. Along with macroeconomic factors, this growth was also driven by past investments we've made to expand the number of participants accessing our trading platforms, driving liquidity to our markets.

ICE 債券業務提供最先進的執行技術，完善了更廣泛的固定收益產品，為交易前、交易中和交易後工作流程提供解決方案，收入較上年增長了 16%。除了宏觀經濟因素外，這一增長還受到我們過去為擴大訪問我們交易平台的參與者數量而進行的投資的推動，從而為我們的市場帶來流動性。

Similarly, in our credit default swap clearing business, broad market volatility drove increased demand for credit protection, with CDS notional cleared increasing nearly 40% in the first quarter versus prior year. As we move forward, we will continue to expand and evolve the products and services that are the foundation of our fixed income and data services segment, another all-weather part of our business.

同樣，在我們的信用違約掉期清算業務中，廣泛的市場波動推動了對信用保護的需求增加，第一季度的 CDS 名義清算額比去年同期增長了近 40%。隨著我們不斷前進，我們將繼續擴大和發展作為我們固定收益和數據服務部門基礎的產品和服務，這是我們業務的另一個全天候部分。

Shifting now to our mortgage business on slide 10. For nearly a decade, we've been building a life-of-loan platform, an end-to-end network built and operated by a trusted neutral third party in ICE, that spans from customer acquisition all the way through to the secondary capital markets, including enhancing transparency for the over $12 trillion mortgage-backed securities market.

現在轉到第 10 張投影片上的抵押貸款業務。近十年來，我們一直在建立一個貸款生命週期平台，這是一個由 ICE 中值得信賴的中立第三方構建和運營的端到端網絡，涵蓋從客戶獲取一直到二級資本市場，包括提高超過 12 兆美元抵押貸款支持證券市場的透明度。

Our neutral platform continues to attract the trust of significant customers across the mortgage landscape. And as evidence to this, 20 new Encompass clients were signed in Q1 alone and a significant new MSP client was signed in United Wholesale Mortgage.

我們的中立平台持續吸引整個抵押貸款領域重要客戶的信任。作為證據，僅在第一季就簽約了 20 名新的 Encompass 客戶，並且與 United Wholesale Mortgage 簽約了一位重要的新 MSP 客戶。

This end-to-end mortgage journey begins with our industry-leading customer engagement suite, which helps lenders identify new customers while also reducing customer acquisition costs. Seamlessly integrated within our industry-leading loan underwriting platform, our comprehensive suite of sales, marketing and borrower engagement solutions leverages data and artificial intelligence to create effective marketing campaigns. These campaigns enable mortgage lenders to target borrowers with the right products at the right time and to educate and inform their customers throughout the origination process, reducing the time and cost to originate.

這一端到端抵押貸款之旅始於我們行業領先的客戶參與套件，它可以幫助貸方識別新客戶，同時降低客戶獲取成本。我們的綜合銷售、行銷和借款人參與解決方案套件與我們行業領先的貸款承保平台無縫集成，利用數據和人工智慧來創建有效的行銷活動。這些活動使抵押貸款機構能夠在正確的時間向借款人提供正確的產品，並在整個發放過程中教育和告知客戶，從而減少發放的時間和成本。

The process then moves into our leading loan underwriting platform, which provides significant operational efficiencies, collecting borrower data in any form, such as a portal, mobile phone, e-mail or scan, and then digitizing and normalizing the raw data. Once these raw data sets have been harnessed, it enables lenders to leverage our AI tools to quickly and efficiently verify credit, income and collateral as well as manage critical disclosures and underwriting requirements.

然後，該流程進入我們領先的貸款核保平台，該平台提供顯著的營運效率，以任何形式收集借款人數據，例如入口網站、手機、電子郵件或掃描，然後對原始數據進行數位化和標準化。一旦利用這些原始資料集，貸方就可以利用我們的人工智慧工具快速有效地驗證信用、收入和抵押品，以及管理關鍵的揭露和核保要求。

Here, we've also integrated our leading property tax, flood, closing fee and compliance-related information for borrowers and lenders, providing customers with a complete and automated underwriting experience. At the same time, our robust and automated quality control and audit capabilities improves both the quality of the loan package and, as a result, its value.

在這裡，我們還為借款人和貸款人整合了領先的財產稅、洪水、結算費和合規相關信息，為客戶提供完整、自動化的承保體驗。同時，我們強大而自動化的品質控制和審計能力提高了貸款方案的質量，從而提高了其價值。

Once originated, lenders can seamlessly transfer loans to our servicing technology, a functionality that has been enabled by the complete integration of our loan servicing technology with our underwriting system. Our quality control and audit capabilities assist customers in the rapid identification and remedy of critical information that may be missing from a loan file for servicing, reducing costs while continuing to produce a higher-quality asset and, as loans mature or interest rates fluctuate, transmit near real-time data to the lender that owns the mortgage servicing right, enabling them to quickly and efficiently compete or recapture business.

一旦發起，貸款人就可以將貸款無縫轉移到我們的服務技術，這項功能是透過我們的貸款服務技術與核保系統的完全整合實現的。我們的品質控制和審計能力可以幫助客戶快速識別和糾正貸款服務文件中可能缺少的關鍵信息，降低成本，同時繼續生產更高質量的資產，並且隨著貸款到期或利率波動，將近乎實時的數據傳輸給擁有抵押貸款服務權的貸款人，使他們能夠快速有效地競爭或重新獲得業務。

Lastly, by combining these rich data sets with ICE's technology and data services expertise, we have developed tools that increase transparency for lenders, servicers and the capital markets. Here we're improving data quality and centralizing access, with the goal of providing better pricing and prepayment modeling in the MBS market.

最後，透過將這些豐富的數據集與 ICE 的技術和數據服務專業知識相結合，我們開發了可提高貸方、服務商和資本市場透明度的工具。我們正在提高數據品質並集中訪問，目標是在 MBS 市場提供更好的定價和預付款模型。

Central to this vision is a deep and broad footprint in mortgage data to support representative modeling. Our McDash loan-level data, for example, is driven by contributions from roughly two-thirds of all mortgage servicing firms. Over time, access to high-quality mortgage data should bolster confidence in investment decision-making, increasing sector participation, boosting liquidity and ultimately leading to lower cost for borrowers.

這個願景的核心是深入且廣泛地利用抵押貸款數據來支持代表性建模。例如，我們的 McDash 貸款等級數據來自約三分之二的抵押貸款服務公司的貢獻。隨著時間的推移，獲得高品質的抵押貸款數據應該會增強投資決策的信心，提高行業參與度，增強流動性，並最終降低借款人的成本。

In this vein, we're pleased to have signed on a large global asset manager onto our McDash data offering in the first quarter, and our data is being implemented to drive their risk models.

在這方面，我們很高興在第一季與一家大型全球資產管理公司簽約，使用我們的 McDash 數據，而我們的數據正在被用於推動他們的風險模型。

On behalf of our clients, we're assembling, integrating and expanding a customer engagement suite, underwriting tools, pricing systems, closing tools, registration tools, servicing systems and the resulting data all within a single end-to-end platform.

我們代表客戶在單一端到端平台內組裝、整合和擴展客戶參與套件、核保工具、定價系統、結算工具、註冊工具、服務系統和結果資料。

By using ICE's technology, mortgage lenders can lower mortgage origination costs while also relieving pain points across the workflow, all while helping lenders and servicers better recapture and identify new business opportunities. And we are seamlessly connecting our customers in these services so that they can now communicate with one another via a common data standard on a robust network operated by a neutral, trusted third party in ICE.

透過使用 ICE 的技術，抵押貸款機構可以降低抵押貸款發放成本，同時緩解整個工作流程中的痛點，同時幫助貸款機構和服務商更好地重新獲得併發現新的商業機會。我們正在透過這些服務無縫連接我們的客戶，以便他們現在可以透過由 ICE 中立、值得信賴的第三方運營的強大網路上的通用數據標準相互通訊。

In summary, as ICE continues to enhance our leading technology, we do so with both the client and end-consumer in mind. We are delivering on solutions that help automate workflows throughout each stage of the mortgage life cycle. This results in lower cost to originate and service loans for our clients who can then pass those savings on to the end consumer.

總而言之，隨著 ICE 不斷增強我們的領先技術，我們在這樣做時會同時考慮到客戶和最終消費者。我們正在提供有助於實現抵押貸款生命週期每個階段的工作流程自動化的解決方案。這使得我們的客戶能夠降低發放和服務貸款的成本，並可以將節省的成本轉嫁給最終消費者。

With that, I'll hand it over to Jeff.

說完這些，我就把它交給傑夫。

Thank you, Ben. Please turn to slide 11. In the first quarter, we delivered record revenues, record adjusted operating income and record adjusted earnings per share, marking the very best quarter in ICE's history. Our record results underscore the quality of our all-weather business model and the value of our products, leading technology and mission-critical data.

謝謝你，本。請翻到第 11 張投影片。第一季度，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收益，這是 ICE 歷史上最好的季度。我們創紀錄的業績凸顯了我們全天候業務模式的品質以及我們的產品、領先技術和關鍵任務數據的價值。

We've deliberately positioned the company to have a mix of transaction and compounding subscription revenues to give revenue upside exposure to investors while hedging our downside risk. We placed the company at the center of some of the largest markets undergoing analog-to-digital conversions. We've mixed our footprint between financial markets, which react to central bank acts of man, and physical markets, which react to disrupted supply chain acts of God. We've diversified our global footprint because at all times, somewhere in the world, there are risks that our customers and our potential customers need to manage.

我們特意將公司定位為交易收入和複合訂閱收入相結合，以便為投資者帶來上行收入，同時對沖下行風險。我們將公司置於正在進行類比到數位轉換的一些最大市場的中心。我們的足跡遍佈金融市場（對央行的人為行為做出反應）和實體市場（對供應鏈中斷的不可抗力做出反應）。我們實現了全球業務的多元化，因為在世界的某個地方，任何時候都存在著我們的客戶和潛在客戶需要管理的風險。

We believe the combination of these factors is what makes ICE an all-weather name that generates growth on top of growth.

我們相信，這些因素的結合使得 ICE 成為一個全天候的品牌，並且持續成長。

Across our futures and options markets, first quarter volume and revenue represented the highest quarter in ICE's history, with volume increasing 23% to deliver 18% revenue growth over the prior year. This record performance is strong evidence of the ever-growing need for global risk management as our customers continue to turn to ICE to manage risk across the thousands of contracts offered on our platform. Our open interest is up 8% year-over-year.

在我們的期貨和選擇權市場中，第一季的交易量和收入是 ICE 歷史上最高的一個季度，交易量比上年增長了 23%，收入增長了 18%。這項創紀錄的業績有力地證明了全球風險管理的需求日益增長，因為我們的客戶繼續轉向 ICE 來管理我們平台上提供的數千種合約的風險。我們的未平倉合約年增了8%。

These results illustrate that during recent high levels of market volatility, market participants are managing risk by adding to their positions and not leaving.

這些結果表明，在近期市場波動較大時，市場參與者透過增持而不是撤資來管理風險。

As the world's leading energy marketplace, the breadth and the diversity of our global platform drives an important network effect, producing capital efficiencies for our customer base. Our record first quarter operating results underscore the significance of our energy offering, marking our eighth consecutive quarter of record energy revenues, which increased 23% versus the prior year.

作為世界領先的能源市場，我們全球平台的廣度和多樣性產生了重要的網路效應，為我們的客戶群帶來了資本效率。我們第一季創紀錄的經營業績凸顯了我們能源產品的重要性，這標誌著我們連續第八個季度創下能源收入記錄，比去年增長了 23%。

We continue to see strong energy trading volumes to start the second quarter as market participants look to hedge exposures to geopolitical dynamics. This includes the single highest energy trading day ever experienced on ICE, with nearly 10 million energy contracts traded on April 4, yielding records across our total oil business and our Brent benchmark contract.

由於市場參與者尋求對沖地緣政治動態風險，我們繼續看到第二季初能源交易量強勁。這包括 ICE 史上單日能源交易量最高的一天，4 月 4 日交易了近 1,000 萬份能源合約，創下了我們整個石油業務和布倫特基準合約的最高紀錄。

At the same time, total energy open interest is up 7% year-over-year, with our oil complex setting a series of records in April. We see strong open interest trends in our Brent benchmark contract, highlighting its deep liquidity and diverse global participant base, which becomes particularly important in times of market stress.

同時，能源未平倉合約總量年增 7%，其中我們的石油綜合體在 4 月創下了一系列紀錄。我們看到布倫特基準合約的未平倉合約趨勢強勁，突顯了其深厚的流動性和多樣化的全球參與者基礎，這在市場壓力時期尤其重要。

Going forward, the new US administration has pledged to increase energy production, which could further reorder the global energy supply chain and, thereby, the global risk that may need to be managed on our platform.

展望未來，新一屆美國政府承諾增加能源產量，這可能會進一步重塑全球能源供應鏈，從而改變我們平台上可能需要管理的全球風險。

Across ICE's interest rate markets, a mixed inflation picture, ongoing political tensions and shifting trade policies are driving demand for interest rate risk management. As a result, we captured the highest quarterly volume in our company's history, which increased 31% versus the prior year, and included records across our Euribor and SONIA markets, the most liquid benchmarks for European and UK interest rates, respectively.

在 ICE 的利率市場中，通膨情況好壞參半、持續的政治緊張局勢和不斷變化的貿易政策正在推動對利率風險管理的需求。結果，我們獲得了公司歷史上最高的季度交易量，比上一年增長了 31%，其中包括 Euribor 和 SONIA 市場的記錄，這兩個市場分別是歐洲和英國利率最具流動性的基準。

In addition, across our Gilts market, which is the benchmark for the UK government bond yield curve, volume increased 8% in the first quarter, including 12% growth in March. Our Gilts open interest is up 62% year-over-year. Collectively, these results highlight the strength of our multicurrency interest rate franchise, with overall open interest building to a 21% year-over-year increase.

此外，作為英國政府公債殖利率曲線基準的英國公債市場，第一季交易量成長了 8%，其中 3 月成長了 12%。我們的英國國債未平倉合約年增了 62%。總的來說，這些結果凸顯了我們多幣種利率特許經營的實力，整體未平倉合約年增 21%。

At the New York Stock Exchange, our cash equity trading volumes increased 20% year-over-year, and our equity options volumes increased 8% year-over-year. Collectively, this strength provided 21% growth in our equity trading revenues.

在紐約證券交易所，我們的現金股票交易量年增 20%，股票選擇權交易量較去年同期成長 8%。總的來說，這一優勢使我們的股票交易收入成長了 21%。

Importantly, and against the backdrop of economic volatility, our state-of-the-art technology provided investors with efficient venues to digest global events, make investment decisions and execute trades with unrivaled speed and accuracy.

重要的是，在經濟波動的背景下，我們最先進的技術為投資者提供了高效的場所，以消化全球事件、做出投資決策並以無與倫比的速度和準確性執行交易。

We saw equity and equity option trades execute more efficiently in this period than during the volatile COVID outbreak, handling all-time high volumes and messaging rates. Our technology systems rose to the occasion, twice processing more than 1 trillion messages in a single day, with a median processing time of roughly 30 microseconds.

我們發現，在此期間，股票和股票選擇權交易的執行效率比動盪的新冠疫情期間更高，處理的交易量和資訊傳遞率都達到了歷史最高水準。我們的技術系統不負眾望，一天內兩次處理超過 1 兆條訊息，平均處理時間約 30 微秒。

The New York Stock Exchange's opening and closing options grew more than 20%. They handle over $37 billion in trading activity per day. When combined with our designated market maker model, we provide a differentiated execution experience for our issuers that reduces volatility, provides tighter bid offer spreads and offers an all-in cost of capital that is significantly lower than average.

紐約證券交易所開盤和收盤期權均上漲超過20%。他們每天處理超過 370 億美元的交易活動。與我們的指定做市商模式相結合，我們為發行人提供差異化的執行體驗，從而降低波動性，提供更緊密的買賣價差，並提供遠低於平均水平的全部資本成本。

This flexibility, which is unique to our model, has fostered great engagement from the market participants, and it further solidifies the New York Stock Exchange as the trusted risk management source during times of market volatility. And we're pleased to extend our footprint to the state of Texas with our newly launched Texas exchange, which has been incredibly well received by our issuer community.

這種靈活性是我們模型所獨有的，它吸引了市場參與者的積極參與，並進一步鞏固了紐約證券交易所作為市場波動時期值得信賴的風險管理來源的地位。我們很高興透過新推出的德克薩斯州交易所將我們的業務範圍擴展到德克薩斯州，該交易所受到了發行人社區的熱烈歡迎。

As we move through the balance of the year and beyond, we remain focused on continuing to enhance the scale, resiliency and reliability of the ecosystem surrounding our market-leading platforms and risk management products.

在今年餘下的時間裡，我們將繼續致力於增強圍繞我們市場領先的平台和風險管理產品的生態系統的規模、彈性和可靠性。

I'd like to thank our customers for their business and their continued trust in this company. And I wish to thank my colleagues at ICE for their remarkable efforts in contributing to the very best quarter in our company's history and, importantly, for supporting our customers who now, more than ever, place trust in our people and technology to manage risk across asset classes around the world.

我要感謝我們的客戶對我們的業務和持續信任。我還要感謝 ICE 的同事們，感謝他們為公司歷史上最好的一個季度所做的傑出貢獻，更重要的是，感謝他們為我們的客戶提供支持，現在，我們的客戶比以往任何時候都更加信任我們的員工和技術，相信我們能夠管理全球各類資產的風險。

I'd like to now turn the call back to our moderator, Lydia, and we'll conduct a question-and-answer session, which will go until 9:30 AM Eastern Time.

現在我想將電話轉回給我們的主持人莉迪亞，我們將進行問答環節，該環節將持續到東部時間上午 9:30。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯‧沃辛頓。

I was hoping you could address investor interest in the Rocket purchase of Mr. Cooper, particularly in the context of its acquisition of Flagstar. So given Rocket's prominence in the mortgage market, how do you see Rocket's business strategy comparing to what ICE is putting together in mortgage? And where does ICE compete? And where does Rocket use ICE?

我希望您能談談投資者對 Rocket 收購 Cooper 先生的興趣，特別是在其收購 Flagstar 的背景下。那麼，鑑於 Rocket Internet 在抵押貸款市場中的突出地位，您如何看待 Rocket Internet 在抵押貸款領域的商業策略與 ICE 在抵押貸款領域的商業策略相比？ICE 在哪裡競爭？那麼 Rocket 在哪裡使用 ICE 呢？

And then maybe secondly, if we look at Flagstar and Cooper, how much business is at risk of transitioning away from ICE over time? And to what extent do your recent wins offset the potential loss of Flag and Cooper?

其次，如果我們看看 Flagstar 和 Cooper，隨著時間的推移，有多少企業面臨脫離 ICE 的風險？您最近的勝利在多大程度上彌補了 Flag 和 Cooper 的潛在損失？

Hi, Ken. It's Ben. A lot in there, and I'll try to hit it all, and Warren may also chime in on the latter part of your question there.

你好，肯。我是本。其中有很多內容，我會盡力全部講到，華倫可能也會對你問題的後半部發表意見。

So I think the headline is that it's a validation of our strategy. We have been working now for many years to build out a complete end-to-end, life-of-loan platform on behalf of our clients. And remember, we're doing this on behalf of 3,000 clients that we have within our ecosystem, some utilizing parts of our end-to-end platform and some utilizing all of it.

所以我認為標題是對我們策略的驗證。多年來，我們一直致力於為客戶建立一個完整的端到端、全週期的貸款平台。請記住，我們這樣做是為了代表我們生態系統內的 3,000 名客戶，其中一些客戶使用我們端到端平台的部分功能，而其他客戶則使用全部功能。

We also, as I said, have been doing this for a number of years now, and we have approximately 2,500 engineers, product experts and AI experts that have been evolving, enhancing and innovating our platform now for many years, all within a single front-to-back ecosystem. And again, it's on behalf our clients. And a key thing to highlight there is that we're a neutral independent third party.

正如我所說，我們已經這樣做了很多年，我們擁有大約 2,500 名工程師、產品專家和人工智慧專家，他們多年來一直在一個從前端到後端的生態系統中不斷發展、增強和創新我們的平台。再次強調，這代表我們的客戶。需要強調的關鍵一點是，我們是一個中立的獨立第三方。

We're also leveraging our AI expertise across all of ICE to mine things, as an example, like our servicing data, to help the client that actually owns the MSR to efficiently market a refi opportunity to their client at the right time with the right product to help enhance their ability to recapture loans.

我們還利用整個 ICE 的 AI 專業知識來挖掘數據，例如我們的服務數據，以幫助實際擁有 MSR 的客戶在正確的時間以正確的產品向其客戶有效地推銷再融資機會，以幫助他們提高收回貸款的能力。

Another benefit, as I mentioned, is that we're an independent neutral provider of technology. And we -- put simply, we don't compete with our customers. And evidence to this is to the success that we have in growing out this ecosystem and attracting new clients to come to it is all the successes that I've mentioned quarter-over-quarter that we've had bringing in some marquee name clients onto our ecosystem.

正如我所提到的，另一個好處是我們是一家獨立中立的技術提供者。簡而言之，我們不會與客戶競爭。證據就是我們在發展這個生態系統和吸引新客戶方面取得的成功，我提到的每個季度我們都取得了成功，我們將一些知名客戶引入了我們的生態系統。

We also -- as I said in my prepared remarks, we signed 20 new Encompass clients in Q1. And we also signed a significant new MSP client in United Wholesale Mortgage. If you saw the press release that came out yesterday as well as articles that came out around that, you'll see that UWM specifically selected our servicing system and our client portal to help curate homeowner and lender experiences that help improve their recapture rates and referrals. And they specifically highlight as well that another reason they came to us is not only the technology expertise, but the fact that we're a neutral independent provider.

正如我在準備好的演講中所說，我們還在第一季簽了 20 個新的 Encompass 客戶。我們也與 United Wholesale Mortgage 簽署了重要的新 MSP 客戶協議。如果您看到了昨天發布的新聞稿以及相關文章，您會發現 UWM 專門選擇了我們的服務系統和客戶入口網站來幫助策劃房主和貸方體驗，從而有助於提高他們的回收率和推薦率。他們也特別強調，他們選擇我們的另一個原因不僅是技術專長，還因為我們是中立的獨立供應商。

So when I look at attracting a client like that into our ecosystem, one of the largest originators in the United States mortgage business, and them coming onto our platform and then look at the funnel behind that of clients that are engaging subservicers that are on MSP as well as us directly to move loans to us, we feel great about our overall position.

因此，當我考慮吸引這樣的客戶加入我們的生態系統時，美國抵押貸款業務最大的發起人之一，他們進入我們的平台，然後查看客戶背後的管道，這些客戶與 MSP 上的子服務商以及我們直接合作，將貸款轉移給我們，我們對我們的整體地位感到非常滿意。

And then, Ken, just to give you some of the numbers around that. So I think we -- previously, we had said Flagstar was around -- on an annualized basis, around 1% of IMT revenues. And then Rocket/Cooper is a little less than 3%. Importantly, there, a lot of that is going to be the servicing MSP in particular, and they actually just recently signed a multiyear contract.

然後，肯，我給你一些相關的數字。所以我認為，我們之前曾說過，Flagstar 的年收入大約佔 IMT 收入的 1% 左右。然後 Rocket/Cooper 的比例略低於 3%。重要的是，其中許多將是服務 MSP，他們實際上最近剛剛簽署了一份多年期合約。

So in the event they even do choose to move off of MSP, I'll just be clear that it's going to take a couple of years. And there's no change to this year's guidance as a result of any of that. We will start to see some impact from Flagstar, as you know, towards the end of this year. But in terms of Rocket/Cooper, there's no impact on 2025.

因此，如果他們確實選擇放棄 MSP，我只能說這將需要幾年的時間。上述任何一項都不會對今年的指導方針造成任何改變。如您所知，我們將在今年年底開始看到 Flagstar 的一些影響。但就 Rocket/Cooper 而言，對 2025 年沒有影響。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Just given the balance sheet deleveraging and now return to capital -- or return to buybacks, just wondering if we could get your updated thoughts on M&A.

鑑於資產負債表去槓桿化，現在又回歸資本——或者回歸回購，我只是想知道我們是否可以了解您對併購的最新想法。

And as we think about areas of focus for ICE, most of your inorganic capital deployment over the past five years has been into the mortgage tech segment. I guess given what you've built there and the assets that are remaining in the ecosystem, do you think there's still a sizable consolidation that's left in that segment? Or should investors be thinking about maybe a return towards inorganic capital deployment in other segments of the business?

當我們考慮 ICE 的重點領域時，過去五年來，大部分無機資本部署都投入了抵押貸款技術領域。我想，考慮到您在那裡所建造的以及生態系統中剩餘的資產，您是否認為該領域還存在相當大的整合空間？或者投資者是否應該考慮將無機資本投入其他業務領域？

This is Jeff. That's a great question. We've been really diligent about delevering after our most recent acquisitions in order to be able to return capital through share buybacks, which, as you've mentioned, we've now been able to start. And we've been pretty diligent about delevering to try to hit a target of at least 3 times or less. And we're making good headway there, which would then free up a tremendous amount of cash flow, which we could use or return to shareholders.

這是傑夫。這是一個很好的問題。在我們最近的收購之後，我們一直非常努力地去槓桿，以便能夠透過股票回購返還資本，正如您所提到的，我們現在已經能夠開始了。我們一直非常努力地去槓桿，試著達到至少 3 倍或更少的目標。我們在那裡取得了良好的進展，這將釋放大量的現金流，我們可以使用這些現金流或將其返還給股東。

I think if you listen to our prepared remarks, what you're hearing is all three segments of our business are doing really well. And so we've been, knock on wood, particularly accretive at our share buyback policies. They've had great returns for our shareholders. And so given how well the company is doing and given how we're starting to free up cash flow, it just feels right to us to lean into those share buybacks at this point.

我想，如果你聽我們準備好的發言，你就會聽到我們業務的所有三個部分都表現得非常好。因此，我們一直在努力實現股票回購政策的增值。他們為我們的股東帶來了豐厚的回報。因此，考慮到公司目前的良好表現以及我們如何開始釋放現金流，我們認為此時依靠股票回購是正確的。

In terms of M&A, we always look for opportunities, and we judge those opportunities against the opportunity to own our own company through share buybacks. And we'll continue to do that. You're right in that we've, through organic and inorganic work, really built out an amazing end-to-end platform for mortgage.

在併購方面，我們始終在尋找機會，並根據透過股票回購擁有自己公司的機會來判斷這些機會。我們將繼續這樣做。您說得對，透過有機和無機工作，我們確實建立了一個令人驚嘆的端到端抵押貸款平台。

And the major pieces are seemingly there. We do get offered all kinds of bolt-on things that could fit on that network. But again, we always run them through that same lens of, is it a better ROI to just continue to invest in our own shares with a company that is really highly performing right now?

主要的部件似乎都在那裡。我們確實獲得了適合該網路的各種附加設備。但是，我們總是透過同樣的視角來看待它們，繼續投資目前表現優異的公司的股票是否會獲得更好的投資報酬率？

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I wanted to dig in a little more into dynamics in energy markets today. Obviously, incredibly strong results in April, for obvious reasons, continues to be quite, quite robust as well. As you look a little bit forward and if we are in a more uncertain macro backdrop and, in fact, we'll see slower economic growth, et cetera, and to an extent that weighs on oil prices in a more sustainable way, can you kind of help us sort of think how that could impact the customers' need to hedge and just sort of the broader activity in your energy markets?

我想更深入地了解當今能源市場的動態。顯然，出於顯而易見的原因，四月份令人難以置信的強勁業績也繼續保持相當強勁的勢頭。如果您稍微展望一下未來，如果我們處於一個更加不確定的宏觀背景下，事實上，我們將看到經濟成長放緩等等，並且在一定程度上以更可持續的方式對油價施加壓力，您能否幫助我們思考一下，這將如何影響客戶的對沖需求以及能源市場更廣泛的活動？

How different could that be from sort of prior periods of lower oil prices and subdued volatility? So I'm just kind of trying to better understand the durability of the franchise today versus maybe prior periods when oil prices settled down at a lower place.

這與之前油價較低、波動性較小的時期有何不同？因此，我只是想更了解目前特許經營權的持久性，與油價穩定在較低水平之前的時期相比。

Thanks for the question, Alex. It's Ben. So as you know and can appreciate, we're in the business of helping clients manage risk exposures to commodities and capital across our futures franchise.

謝謝你的提問，亞歷克斯。我是本。如您所知和理解的，我們的業務是幫助客戶管理整個期貨特許經營中的商品和資本風險敞口。

And when you look at today's environment, there is more and more risks that people have to manage and new risks that people need to manage. Just rattling off a few, you've got the trade and tariff situation. You've got the potential for recession. You've got concerns around energy supply. You've got concerns around energy supply security. You've got the transition over a long period of time towards cleaner fuel sources. You've got regional and global interconnectivity of supply chains as well as demand dynamics that can impact across regions and becoming more of an interconnected world. Supply chains are continuing to evolve. And that's just naming a few.

當你觀察現今的環境時，人們需要管理的風險越來越多，而且需要管理的新風險也越來越多。只需簡單列舉幾個，您就會了解貿易和關稅的情況。你們有陷入經濟衰退的可能。您對能源供應感到擔憂。您對能源供應安全感到擔憂。你們已經經過了很長一段時間才過渡到更乾淨的燃料來源。您擁有供應鏈的區域和全球互聯互通以及可以跨區域影響的需求動態，從而使世界變得更加互聯互通。供應鏈正在不斷發展。這只是其中幾個例子。

So all this means that there's more and more risks for people to manage. And we're in a unique position, having a truly global platform that provides people the ability to manage these risks across the energy spectrum, including environmentals. We have thousands of contracts around the world, with deep liquid markets that enable clients to do this. And what we're seeing right now is that more people are coming to our markets to manage risk.

這一切意味著人們需要管理的風險越來越大。我們處於一個獨特的地位，擁有一個真正的全球平台，使人們能夠管理整個能源領域（包括環境領域）的風險。我們在全球擁有數千份合同，擁有深厚流動性的市場，使客戶能夠做到這一點。我們現在看到的是，越來越多的人進入我們的市場來管理風險。

So not only are we hitting records, and throughout the prepared remarks that all three of us had today, you heard record after record in product after product, but also across each of these, it's important to highlight that open interest is growing at the same time, which means that people aren't leaving the market. They're actually coming to it even more so to manage risks in these times of heightened volatility.

因此，我們不僅創下了紀錄，而且在我們三人今天所做的準備好的發言中，你們聽到了產品中一個又一個的紀錄，而且在每一個產品中，重要的是要強調未平倉合約也在同時增長，這意味著人們不會離開市場。事實上，在市場波動加劇的時期，他們更採取這種做法是為了管理風險。

And that's what we look at, we have looked at for -- since the inception of the company and continue to look forward -- on a forward basis as being the main barometer for the health of the market and a forward-looking indicator of volumes to come. So we feel great that, on the back of a 30% growth in energy on top of a fantastic year last year, that open interest is up 8% at the same time.

這就是我們所關注的，自公司成立以來，我們一直關注並將繼續向前看，將其作為市場健康狀況的主要晴雨表和未來銷售的前瞻性指標。因此，我們很高興看到，在去年能源市場表現優異的基礎上，能源市場又成長了 30%，同時未平倉合約也增加了 8%。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

My question is on fixed income data. You guys highlighted a couple of index wins. Could you put some numbers or context around the size of those? And also just how you think about that potential opportunity on a longer-term basis?

我的問題是關於固定收益數據。你們強調了幾場指數勝利。您能否提供一些數字或背景來說明它們的大小？您如何從長遠角度看待這個潛在機會？

Dan, it's Chris. I'll let Warren if he wants to talk about the numbers in a second. But I would tell you that, that business continues to perform incredibly well. And it's really on the back of investments we've made around our ability to quickly customize certain indices that are meeting the needs of the clients as they're coming up with new investment strategies along the way.

丹，我是克里斯。如果華倫想談論這些數字，我會讓他馬上說。但我要告訴你，這項業務繼續表現得非常好。這實際上得益於我們在快速客製化某些指數的能力方面所做的投資，這些指數可以滿足客戶在製定新的投資策略時的需求。

So the more opportunities that we can create for them and they then take that to their end users or end investors, that's really where the conversation has been going over the last year and really starting to bear some fruit on that. We haven't talked about who those index providers are -- I'm sorry, ETF issuers are around that. But one that will be moving, it's about $10 billion of AUM that will be coming over at this time.

因此，我們為他們創造的機會越多，他們就越能將這些機會帶給他們的最終用戶或最終投資者，這就是過去一年來討論的重點，並且確實開始取得一些成果。我們還沒有談論那些指數提供者是誰——抱歉，ETF 發行人就是圍繞著這個的。但其中一項是，此時將有約 100 億美元的 AUM 流入。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Just wondering if you could unpack the IMT guide a little bit. I know the guidance is unchanged versus prior, but definitely some changes in the environment. It sounds like, from some of the other companies that have reported, there are things like delays in bank implementations and decision-making. There's some worries about the consumer, even though we've seen rates come down like a little bit.

只是想知道您是否可以稍微解釋一下 IMT 指南。我知道指導與之前相比沒有變化，但環境肯定會發生一些變化。從其他一些公司的報告來看，似乎存在銀行實施和決策延遲等問題。儘管我們已經看到利率略有下降，但消費者仍存在一些擔憂。

So just curious, are there any sort of moving parts under the surface? Anything going better, anything going worse? Or is it really still kind of everything is the status quo?

所以只是好奇，表面下是否有任何類型的活動部件？有什麼事情變得更好，有什麼事情變得更糟嗎？或者說一切真的還是維持現狀？

And then, Warren, if you don't mind, could you maybe just kind of quantify the onetime revenues? And is that -- are there typically onetime revenues? Or was this a little bit out of the ordinary this quarter?

然後，沃倫，如果你不介意的話，你能否量化一次性收入？通常是一次性收入嗎？或者說本季的情況有點不尋常？

Sure. Let me start with that one first just because it's a quick one. So yeah, it was just -- it was a few million dollars. We don't typically have them on the rates some credits. So I just wanted to point that as you kind of think about taking out, call it $2 million, $3 million of kind of from the run rate as you kind of move forward on the servicing side in particular.

當然。讓我先從這個開始，因為它很簡單。是的，這只是——幾百萬美元。我們通常不會對某些信貸的利率進行調整。所以我只是想指出，當你考慮從運行率中拿出 200 萬美元、300 萬美元時，特別是在服務方面取得進展。

So in terms of the guidance, certainly, things change around the margin, but nothing significant such that we would be adjusting our guidance that we gave last quarter, which at the high end was expecting a sort of a mid-teens growth in origination volumes, and towards the lower end, more flattish.

因此，就指導而言，當然，情況在邊際上有所變化，但並不顯著，以至於我們會調整上個季度給出的指導，在高端，我們預計發起量將出現十幾歲左右的增長，而在低端，增長將較為平穩。

And so certainly out of the gates, it was a good first quarter. Ways to go. We'll see how origination volumes trend. I mean, obviously, the 10-year is actually a little bit lower than where it was when we gave that guidance, not necessarily materially.

因此，從一開始，第一季就表現不錯。還有很長的路要走。我們將觀察發起量趨勢如何。我的意思是，顯然，10 年期利率實際上比我們給出指導時的水平要低一點，但不一定是實質性的。

Obviously, there's been some movement, of course, in between. But everything is kind of moving, I think, in the right direction on that front. We feel very good about that guidance as we kind of head into the second quarter and the rest of the year.

顯然，這段期間當然也發生了一些變化。但我認為，一切都在朝著正確的方向發展。隨著我們即將進入第二季和今年剩餘時間，我們對這一預期感到非常滿意。

And so ultimately, it really enables us to focus on executing on the investments that Ben spoke to and really stitching together this neutral third-party ecosystem that can really, I think, bring some efficiency to the industry and homeowners over time. So feel good about our position as we head into the rest of the year here.

因此，最終，它確實使我們能夠專注於執行 Ben 所說的投資，並真正整合這個中立的第三方生態系統，我認為，隨著時間的推移，這確實可以為行業和房主帶來一些效率。因此，當我們即將迎來今年餘下的時間時，請對我們的現狀感到滿意。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

I have one on the launch of New York Stock Exchange Texas in the first quarter. We've seen an increasing focus on the state. Texas Stock Exchange planning to launch next year, Nasdaq said that they're going to open up a regional headquarters in Dallas. So I just wanted to get your thoughts on what drove the decision to shift resources into the state of Texas. And then more broadly, how are you thinking about the potential for capital markets to shift into the state in the coming years?

我有一篇關於第一季紐約證券交易所德克薩斯州上市的文章。我們看到人們對國家的關注度日益增加。德州證券交易所計劃明年推出，納斯達克表示將在達拉斯開設地區總部。所以我只是想了解一下您對將資源轉移到德克薩斯州的決定有何看法。那麼更廣泛地說，您如何看待未來幾年資本市場轉向該州的潛力？

This is Lynn. Thank you so much for the question. Our move with NYSE Texas is sort of a continuation of a trend that we've always adopted at ICE, which is we see an opportunity, we stay close to our customers, and we execute on it quickly. It's why we were able to announce and then launch, six weeks later, NYSE Texas.

這是林恩。非常感謝您的提問。我們與紐約證券交易所德克薩斯分部的合作延續了我們在 ICE 一直採用的趨勢，即我們看到機會，我們與客戶保持密切聯繫，並迅速執行。這就是為什麼我們能夠在六週後宣布並啟動紐約證券交易所德克薩斯交易所。

When I zoom out though, Texas has always been an incredibly important state to us across ICE. We've had offices in the state of Texas, in Houston, in particular, for more than two decades, given our roots as an energy company and an energy exchange. And if I look at the New York Stock Exchange, it is the largest state in terms of issuers with combined market cap of around $4 trillion.

然而，當我放眼望去，德克薩斯州對於我們整個 ICE 來說一直是一個非常重要的州。作為一家能源公司和能源交易所，我們在德州，特別是在休士頓設有辦事處已有二十多年歷史。就發行人而言，紐約證券交易所是最大的證券交易所，總市值約 4 兆美元。

So this is nothing more than us doing the latest in our continuous playbook of staying close to our customers. We were really excited that we were able to announce our first listing alongside opening the exchange, that being Trump Media & Technology Group.

因此，這只不過是我們持續與客戶保持密切聯繫的最新舉措。我們非常高興能夠在開設交易所的同時宣布我們的第一個上市企業，那就是川普媒體與科技集團。

And we've had incredibly positive dialogue with our issuers down there. So I would expect to be able to announce some additional listings in the near future. Additionally, we're in the process of bringing live the functionality around listing of ETPs, exchange-traded products, which we expect will go live in Q2.

我們與那裡的發行人進行了非常積極的對話。因此我希望能夠在不久的將來宣布一些額外的上市。此外，我們正在推出 ETP、交易所交易產品上市功能，預計第二季上線。

So the way we really think about this is the next evolution in the way that we stay close to our customers in an incredibly important state where we have more than 3,000 customers across our entire ICE ecosystem.

因此，我們真正思考的是，我們在這個極其重要的州與客戶保持密切聯繫的方式的下一步發展，我們在整個 ICE 生態系統中擁有超過 3,000 名客戶。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

We have a question on mortgage tech originations. So we saw transaction-based revenues were up 5% year-over-year despite a drop in originations. So can you help us reconcile those results? And we're also curious if you started to see the elevated volume of bookings from last year start to hit revenues. And if so, what could the revenue ramp on those new implementations look like from here?

我們對抵押貸款技術發起有疑問。因此，我們看到，儘管交易量有所下降，但基於交易的收入年增了 5%。那你能幫助我們協調這些結果嗎？我們也很好奇，您是否發現去年預訂量的增加開始對收入產生影響。如果是這樣，那麼從現在起這些新實施的收入成長會是什麼樣子呢？

Hey Craig, I'll start, and then Warren may chime in after. So as I've mentioned, we continue to have great sales success with our clients. And as we alluded to on the last call, 2025 is when a lot of those deals that we closed over the last couple of years that a number of them are going to start to go live because it does take 12 to 18 months to get some of these customers, in particular, large customers, to make these types of transitions.

嘿，克雷格，我先開始，然後沃倫可能會加入進來。正如我所提到的，我們繼續與客戶取得巨大的銷售成功。正如我們在上次電話會議上提到的那樣，2025 年是我們在過去幾年中達成的許多交易開始生效的年份，因為讓其中一些客戶（特別是大客戶）進行此類轉變確實需要 12 到 18 個月的時間。

So this year is one where we have a number of large clients that are going to start to go live. And some of the clients that we've mentioned in the past are things like JPMorgan Chase, you've got M&T Bank. Fifth Third is going to start going live through some of their channels as well, Citizens Bank, Webster Bank, and then just go on down the list. So we're -- as this year plays out, we're going to continue to see a benefit from that.

因此，今年我們有許多大客戶將開始上線。我們過去提到的一些客戶包括摩根大通和 M&T 銀行。Fifth Third 也將開始透過部分管道進行直播，包括 Citizens Bank、Webster Bank 等等。因此，隨著今年的進展，我們將繼續看到其帶來的好處。

And then on your transaction fee question, Craig. So one thing you've heard us talk about last couple of quarters was around customer renewals and minimums and on Encompass in particularly. And with those lower minimums, it's been coming -- it's been paired with higher transaction fees, price per closed loans.

然後關於你的交易費問題，克雷格。因此，您聽到我們在過去幾季談論的一件事是關於客戶續約和最低限額，特別是關於 Encompass。隨著最低限額的降低，交易費用和每筆貸款的價格也隨之提高。

And one thing I think we saw during this quarter is those minimums have come down, we've seen loans and customers go over those minimums and add up -- and a higher transaction fee. So we did have pretty good results in terms of closed loans relative to what the industry had, but we also got a little bit of help from the higher PCL or the transaction fee, if you will, on the Encompass side. And that was part of what you saw in terms of the outperformance there.

我認為我們在本季度看到的一件事是這些最低限額已經下降，我們看到貸款和客戶超過了這些最低限額並加起來——交易費也更高了。因此，相對於整個產業而言，我們在結清貸款方面確實取得了相當不錯的成績，但我們也從 Encompass 方面更高的 PCL 或交易費（如果你願意的話）中獲得了一點幫助。這就是您所看到的優異表現的一部分。

Alex Kramm, UBS.

瑞銀集團的亞歷克斯·克拉姆（Alex Kramm）。

Just coming back to fixed income and data for a minute here. I think listening to other financial services companies, there's clearly sales cycles are lengthening in some parts. So just wondering what you're seeing there. I think if I look at your ASV number, it may have been the biggest quarter-over-quarter addition. So it seems like the 1Q was still pretty good. But any updated thoughts on that?

這裡我們暫時回到固定收益和數據話題。我認為，聽取其他金融服務公司的意見，可以發現某些部分的銷售週期顯然正在延長。所以只是想知道你在那裡看到了什麼。我想如果我看一下你的 ASV 數字，它可能是最大的季度環比增幅。因此看起來第一季的表現仍然相當不錯。但對此有什麼最新的想法嗎？

And maybe also why the fixed income data line was actually down quarter over-quarter. We don't see that too often on a dollar basis. So maybe just a little bit more color what's going on there.

這也許也是為什麼固定收益數據線實際上是環比下降的原因。從美元角度來看，我們並不常看到這種情況。所以也許可以更詳細地了解那裡發生的事情。

Yes, Alex, this is Chris. I'll start with -- on the sales cycle thing. I think the way I would let you think about that is if you're looking at an individual product, I don't see any lengthening in the sales cycle itself. They take about the same amount of time.

是的，亞歷克斯，這是克里斯。我將從銷售週期的事情開始。我認為讓你思考這個問題的方式是，如果你正在看單一產品，我認為銷售週期本身不會延長。它們花費的時間大致相同。

I think if you have things that are more complex where you're putting multiple items together, that can take a little bit longer because the implementation side of that on the client side when they decide to have a multifactor implementation, it takes more time for that to schedule.

我認為，如果你的事情比較複雜，需要將多個專案放在一起，那麼這可能需要更長的時間，因為當客戶端的實施方面決定採用多因素實施時，需要更多的時間來安排。

So you can see that impact being a little bit longer when it comes to pass there. But generally speaking, on a one-off product that is off the shelf, if you want to think about it that way, I don't see a lengthening in that sales cycle at the moment.

因此，您可以看到，當影響發生時，其持續時間會更長一些。但一般來說，對於現成的一次性產品，如果你想這樣想，我認為目前銷售週期不會延長。

And I'll turn it over to Warren for the other question you had.

我將把您的另一個問題交給沃倫來回答。

So Alex, in terms of just the sequential decline in those revenues, that was three things really. There was one fewer day in the quarter, which will have an impact on how we accrue for revenue. There was also a fewer onetimes in the quarter and then -- or really, look, it's hard to call them onetimes because we always have them. They're kind of big, bulky data set sales. But -- so we had that a little bit relative to the fourth quarter.

因此，亞歷克斯，就這些收入的連續下降而言，實際上有三件事。本季少了一天，這將對我們的收入累積產生影響。本季一次性交易的數量也較少，或者實際上，很難稱它們為一次性交易，因為我們總是有這樣的交易。它們是一種大型、龐大的資料集銷售。但是 — — 因此，相對於第四季度，我們有一點這樣的情況。

And then the equity markets were, of course, down a little bit. And we do have some equity exposure in our index business. It's probably about a quarter of it. But that also put a little bit of sequential pressure on the results. So it was those things that drove it.

然後股市當然就稍微下跌了。我們的指數業務確實有一些股票部位。大概是四分之一吧。但這也為結果帶來了一些連續壓力。所以是這些因素推動了它的發展。

In terms of the ASV, I think it's important too to note that this was actually one of the better quarters in a while for net new business for us. We saw improving sales on a year-over-year basis as well as improved retention. And so I think those two things were an important part of why you saw some better results on that front relative to what you saw in the fourth quarter maybe on the ASV front.

就 ASV 而言，我認為同樣重要的是要注意，這實際上是我們一段時間內淨新業務表現較好的一個季度。我們看到銷售額年增，保留率也提高。因此，我認為這兩件事是您在該方面看到的結果比第四季度在 ASV 方面看到的更好的結果的重要原因。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

I was wondering if it's possible to parse what percentage of the energy OI growth over the last several years is driven by commercial customers versus financials. And then just maybe a quick follow-up on that earlier question on energy would be, how would a change in geopolitical environment such as like a Ukraine-Russia peace influence the volume going forward?

我想知道是否有可能分析過去幾年能源 OI 成長中有多少百分比是由商業客戶而不是金融客戶推動的。那麼，關於先前關於能源的問題，我們來快速跟進一下，烏克蘭與俄羅斯和平等地緣政治環境的變化將如何影響未來的產量？

This is Ben. I think the way to think about our OI growth is that since the inception of the company, we built this business very heavily focused on the commercial user in mind. And in fact, in a lot of these markets, many of them are physically settled products where people actually have to have the capability to make or take delivery of the end product.

這是本。我認為思考我們的 OI 成長的方式是，自公司成立以來，我們在建立這項業務時就非常注重商業用戶。事實上，在許多這樣的市場中，很多都是實體結算產品，人們實際上必須有能力製造或接收最終產品。

And as we even create new innovations, and I'll give you an example, in our Midland WTI product, HOU, that we've launched, that's been growing very nicely for us, grew 200% on a year-over-year basis. Pricing Midland TI, that's basis Houston, hits the water and is now going into the Brent complex. That contract is physically delivered, and we're seeing 2 times the amount of actual physical deliveries on that contract than our peer does on their core WTI contract.

當我們創造新的創新時，我給你舉個例子，我們推出的 Midland WTI 產品 HOU，其成長非常好，比去年同期成長了 200%。以休士頓為基礎的米德蘭 TI 定價已下水，目前正在進入布倫特綜合體。該合約是實物交割的，我們看到該合約的實際實物交割量是我們同行核心 WTI 合約的 2 倍。

So that just gives you a sense that the people that are in there trading our products and the people that we focus on really growing the health of our OI across all of our energy products, that it's heavily based on the commercial end user.

因此，這讓您感覺到，在那裡交易我們產品的人和我們真正專注於提高我們所有能源產品的 OI 健康的人，很大程度上取決於商業終端用戶。

And on your question around if the geopolitical situation is solved, which we all hope it is at some point here soon, is that going to change anything? We don't see it changing anything because of all the other risk factors that I mentioned in term -- that I mentioned in the answer to Alex's question earlier, that there are so many other risks around the world that people are faced with, more than probably any time in history, and especially some newer risks. And at the same time, you've got energy demand growing for -- growing to support new innovations around the world like AI. That's a topic that consumes a ton of power.

至於您問的地緣政治局勢是否得到解決，我們都希望它能很快解決，但這會帶來什麼改變嗎？我們認為它不會改變任何事情，因為我在術語中提到的所有其他風險因素——我在之前回答亞歷克斯的問題時提到過，世界各地人們面臨著許多其他風險，可能比歷史上任何時候都多，尤其是一些較新的風險。同時，為了支持人工智慧等全球新創新，能源需求也不斷成長。這是一個耗費大量精力的話題。

So we see the other factors that are out there continuing to drive demand for our markets and the fact that supply chains have reset where US is a major oil and LNG gas exporter in particular to Europe on the LNG side. As the supply chains reset like that and also a focus on energy security and the supply of that and the security of that supply that's coming into Europe, that those things changing would take a long time if ever.

因此，我們看到其他因素繼續推動我們市場的需求，而且供應鏈已經重置，美國是主要的石油和液化天然氣出口國，特別是向歐洲出口液化天然氣。隨著供應鏈的重置，以及對能源安全、能源供應以及進入歐洲的能源供應安全的關注，這些事情的改變將需要很長時間才能實現。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇 (Simon Clinch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

I was wondering if I could just take a step back on the mortgage business and just go back to the $14 billion TAM that you originally sort of set out for this business. I was wondering if you could update us on your thinking around that, particularly after your recent ICE 2025 Experience. Just if there's any sort of evolution of that TAM, if it's perhaps bigger than you expected or how to think about any sort of changes on that going forward.

我想知道我是否可以暫時擱置抵押貸款業務，回到您最初為該業務設定的 140 億美元 TAM。我想知道您是否可以向我們介紹一下您對此的想法，特別是在您最近的 ICE 2025 體驗之後。如果 TAM 有任何演變，如果它可能比你預期的要大，或者如何考慮未來的任何變化。

So our thinking has not changed on the opportunity around the TAM that we announced and that expanded TAM that we announced when we did the Black Knight deal. And what we've been focusing on is really executing against the revenue synergies, in addition to the expense synergies that we talked about last time and last quarter, is executing against delivering on those revenue synergies.

因此，我們對所宣布的 TAM 機會以及在達成黑騎士交易時宣布的擴大 TAM 的想法沒有改變。我們一直關注的是真正實現收入綜效，除了我們上次和上個季度談到的費用綜效之外，還要實現這些收入綜效。

And a lot of them have to do with the fact that we have a front-to-back complete ecosystem that enables lenders from the point of customer acquisition all the way through to the capital markets executing on that vision and our ability to be in a great position because we provide services to just about everybody in the mortgage space in some way, shape or form on that front-to-back ecosystem and to cross-sell.

其中許多都與我們擁有一個從前到後的完整生態系統有關，該生態系統使貸方能夠從客戶獲取點一直到資本市場實現這一願景，並且我們能夠處於有利地位，因為我們以某種方式、形式或形式為抵押貸款領域的幾乎所有人提供服務，並進行交叉銷售。

And whether it's the success we've had that we've mentioned on many of these calls of cross-selling Encompass to MSP clients or the reverse selling, MSP to clients that are within the IMT ecosystem, and a great example that I brought up of United Wholesale Mortgage, they're already in our ecosystem, and it was a cross-sell to bring them onto the MSP platform.

無論是我們在許多電話會議上提到的向 MSP 客戶交叉銷售 Encompass 所取得的成功，還是向 IMT 生態系統內的客戶進行反向銷售（MSP），我提到的 United Wholesale Mortgage 就是一個很好的例子，他們已經在我們的生態系統中，而透過交叉銷售將他們帶入 MSP 平台。

And then last but not least is that third area that I've talked about around our -- the investments we've made in our consumer acquisition suite of CRM and lead management solutions to cross-selling data, the proprietary data that we've put now onto the Encompass network that we've been able to sell to our clients, and we had 100 cross-sells of that to our client base last quarter alone and then continued investments that we're making also on the capital markets side to take some of these rich data sets and introduce them, for the first time, to our fixed income and data services segment to cross-sell those rich data sets in there, and we're having some great success there that I alluded to as well in my prepared remarks.

最後但並非最不重要的是我談到的第三個領域——我們在 CRM 消費者獲取套件和潛在客戶管理解決方案方面的投資，以及交叉銷售數據，我們現在已將專有數據放到 Encompass 網路上，並已將其出售給我們的客戶，僅上個季度我們就向客戶群進行了 100次交叉銷售，然後我們還繼續在資本市場方面進行投資，獲取其中一些豐富的數據集，並首次將它們引入我們的固定收益和數據服務部門，在那裡交叉銷售這些豐富的數據集，我們在那裡取得了一些巨大的成功，我在準備好的發言中也提到過這一點。

We're now out of time for further questions. So I'll hand you back over to Jeff Sprecher for any closing comments.

現在我們已經沒有時間回答其他問題了。因此我將把時間交還給 Jeff Sprecher，請他發表最後的評論。

Well, thank you, Lydia. Thank you all for joining us. As we celebrate our 25th anniversary of our founding, hopefully you can see from our results that we continue to build innovative solutions, and we're working hard to advance markets and are delivering compounding growth to our shareholders. So with that, I hope you have a great May Day, and we'll talk to you next quarter.

好吧，謝謝你，莉迪亞。感謝大家的參與。在我們慶祝成立 25 週年之際，希望您能從我們的業績中看到，我們將繼續建立創新解決方案，努力推動市場發展，並為股東帶來複合成長。因此，我希望您度過一個愉快的五一勞動節，我們將在下個季度與您交談。

This concludes today's call. Thank you very much for joining. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路了。