洲際交易所 (ICE) 2025 Q2 法說會逐字稿

Good morning, all.

大家早安。

Thank you for joining us on today's ICE second-quarter 2025 earnings conference call. My name is Drew and I'll be the operator today. (Operator Instructions)

感謝您參加今天的 ICE 2025 年第二季財報電話會議。我叫德魯，今天由我來擔任接線生。（操作員指示）

It's now my pleasure to hand over to Katia Gonzalez, Manager of Investor Relations, to begin. Please go ahead when you're ready.

現在我很高興將發言權交給投資者關係經理卡蒂亞·岡薩雷斯 (Katia Gonzalez)。準備好後請繼續。

Good morning.

早安.

ICE's second-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.

ICE 2025 年第二季的收益報告和簡報可在 ice.com 的「投資者」版塊找到。這些內容將會存檔，我們的電話會議可供重播。

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 second-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大不相同的風險的描述，請參閱我們的 2024 年 10-K 表、2025 年第二季 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. 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。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。

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; and Chris Edmonds, President of Income and Data Services.

今天參加電話會議的有董事長兼執行長 Jeff Sprecher、財務長 Warren Gardiner、總裁 Ben Jackson 和收入與數據服務總裁 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 thanks for joining us today.

謝謝，卡蒂亞。大家早安，感謝大家今天加入我們。

I'll begin on slide 4 with a summary of our record second-quarter results. Second-quarter adjusted earnings per share were a record $1.81, up 19% year over year. These record results were led by a 9% increase in net revenue to a record $2.5 billion, with growth contributions from all three of our operating segments.

我將從第四張投影片開始總結我們創紀錄的第二季業績。第二季調整後每股盈餘達到創紀錄的 1.81 美元，較去年同期成長 19%。這些創紀錄的業績得益於淨收入成長 9%，達到創紀錄的 25 億美元，這得益於我們所有三個營運部門的成長貢獻。

Second-quarter adjusted operating expenses totaled $983 million, and were towards the low end of our guidance range, driven in part by additional technology-related savings and synergies. As a result of this strong performance, adjusted operating income increased by double digits to a record $1.6 billion up 13% and on top of 11% pro forma growth in the second quarter of 2024.

第二季調整後的營運費用總計 9.83 億美元，接近我們預期範圍的低端，部分原因是額外的技術相關的節省和協同效應。由於業績強勁，調整後的營業收入實現了兩位數成長，達到創紀錄的 16 億美元，成長 13%，且高於 2024 年第二季 11% 的預測成長率。

This strong business performance allowed us to return $532 million of capital to our shareholders during the quarter, including $255 million of share repurchases. Through the first half, we have returned over $1 billion to shareholders through both buybacks and dividends. And we did this while also investing in our business and reducing leverage, which ended the second quarter at our target of three times EBITDA ahead of our initial target when we closed the acquisition of Black Knight less than two years ago.

強勁的業務表現使我們在本季向股東返還了 5.32 億美元的資本，其中包括 2.55 億美元的股票回購。上半年，我們透過回購和股利向股東返還了超過 10 億美元。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，這使得我們在第二季度實現了 EBITDA 的三倍的目標，這比我們不到兩年前完成對 Black Knight 的收購時的初始目標還要高出三倍。

Now let's move to slide 5, where I'll provide an overview of the performance of our Exchange segment. Second quarter net revenues sold a record $1.4 billion, up 12% year over year and on top of 14% growth in the second quarter of 2024. Record transaction revenues of over $1 billion were up 15% and driven by a 20% increase in our interest rate business, record NYSE cash equities and option revenues up 10% and another quarter of record energy revenues, which grew 25% year-over-year. In addition, volumes in July continued to be strong with Energy ADV up 11%, interest rate ADV up 24%, our cash equity ADV up 54% and our equity option ADV up 6%, and importantly, open interest continues to build up 12% year-over-year, including 40% growth in global interest rates and 5% growth in our energy markets.

現在讓我們轉到投影片 5，我將在其中概述我們的 Exchange 部分的表現。第二季淨收入創下 14 億美元的紀錄，年增 12%，高於 2024 年第二季 14% 的成長。創紀錄的交易收入超過 10 億美元，成長 15%，這得益於我們的利率業務成長 20%，紐約證券交易所現金股票和選擇權收入創紀錄成長 10%，以及創紀錄的能源收入（年增 25%）。此外，7 月份交易量持續強勁，能源日均交易量增長 11%，利率日均交易量增長 24%，現金股票日均交易量增長 54%，股票期權日均交易量增長 6%，重要的是，未平倉合約量繼續同比增長 12%，其中全球能源市場增長 40%，能源市場增長 5%。

Shifting to recurring revenues, which include our Exchange Data Services and our NYSE Listings business, revenues totaled $378 million, up 5% year-over-year. Underpinning growth in our recurring revenues was our broader exchange data and connectivity services, which grew 6% was once again led by our Futures Data Services.

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，總收入達 3.78 億美元，年增 5%。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 6%，再次由我們的期貨數據服務引領。

In our Listings business, the NYSE helped to raise approximately $9 billion in new IPO proceeds in the first half and an additional $4.5 billion so far in July. It's worth noting that only roughly half of new IPOs have met the NYSE's listing standards, and these high standards remain a critical component of our 99% retention rate. As a result of this strong growth, particularly across our Futures, Data and Connectivity solutions, we now expect full year growth in our Exchange recurring revenues to be approximately 4% to 5% compared to prior expectations for low single-digit growth.

在我們的上市業務中，紐約證券交易所在上半年幫助籌集了約 90 億美元的新 IPO 收益，並在 7 月迄今額外籌集了 45 億美元。值得注意的是，只有大約一半的新 IPO 符合紐約證券交易所的上市標準，而這些高標準仍然是我們 99% 保留率的關鍵因素。由於這種強勁的成長，特別是在我們的期貨、數據和連接解決方案方面，我們現在預計我們的交易所經常性收入的全年成長率將達到約 4% 至 5%，而先前預期的成長率僅為個位數。

Turning now to slide 6, I'll discuss our Fixed Income and Data Services segment. Second quarter revenues totaled a record $597 million, including transaction revenues of $114 million, on a year-over-year basis, revenue at ICE bonds increased by 8%, driven by 28% growth in our (inaudible) business, which was in part driven by growing institutional adoption.

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。第二季總收入達到創紀錄的 5.97 億美元，其中包括 1.14 億美元的交易收入，與去年同期相比，ICE 債券收入增長了 8%，這得益於我們（聽不清楚）業務 28% 的增長，而這部分是由於機構採用率的提高。

Within our CDS business, revenues increased year over year with lower member interest offset by clearing revenue, which increased by 25% year over year. Recurring revenue totaled a record $483 million and grew by 5% year-over-year.

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，清算收入同比增長了 25%。經常性收入總計創紀錄地達到 4.83 億美元，年增 5%。

In our Fixed Income Data & Analytics business, record second quarter revenues of $306 million increased by 4%, driven by growth in Pricing and Reference Data and our Index business which reached a record $743 billion in ETF AUM at the end of the second quarter. Data and Network Technology increased by 7% in the first half and in the second quarter, an acceleration from 5% growth in 2024. Growth was driven by our ICE global network, continued growth in our consolidated [Spees] business and strong performance across our Desktop Solutions as we continue to realize the benefits of investments to enhance our platform.

在我們的固定收益數據和分析業務中，第二季度收入創紀錄地達到 3.06 億美元，增長 4%，這得益於定價和參考資料以及指數業務的增長，該業務在第二季度末的 ETF AUM 達到了創紀錄的 7430 億美元。數據和網路技術在上半年和第二季度成長了 7%，高於 2024 年 5% 的成長率。成長的動力來自於我們的 ICE 全球網路、合併 [Spees] 業務的持續成長以及桌面解決方案的強勁表現，因為我們繼續實現投資以增強我們的平台所帶來的好處。

Please flip to slide 7, where i will discuss our Mortgage Technology results. Second quarter revenues totaled $531 million, up 5% year-over-year. Recurring revenues totaled $395 million and increased on a year-over-year basis. The year-over-year improvement was largely driven by Data and Analytics and our Servicing business.

請翻到幻燈片 7，我將在其中討論我們的抵押貸款技術成果。第二季營收總計5.31億美元，年增5%。經常性收入總計 3.95 億美元，較去年同期成長。年比成長主要得益於數據和分析以及我們的服務業務。

As we look to the second half, we anticipate the recurring revenues will remain around these levels, driven by the typical roll-off of inactive loans on MSP, which will impact the third quarter, M&A-related attrition, primarily driven by Mr. Cooper's acquisition of Flagstar and customers resetting their minimums on Encompass, which I'll note is paired with the benefit of higher transaction fees. We expect these items to largely be offset by revenue from new customer implementations and cross-sell expansions. Transaction revenues totaled $136 million, up 15% year over year, driven by double-digit revenue growth related to Encompass closed loans, [mers] registrations, and default management solutions within our servicing business.

展望下半年，我們預計經常性收入將保持在這些水平附近，這主要是由於 MSP 上非活躍貸款的典型滾動，這將影響第三季度，併購相關的人員流失，主要是由於 Cooper 先生收購 Flagstar 以及客戶重置 Encompass 上的最低限額，我要指出的是，這與更高的交易費的好處相結合。我們預計這些項目將在很大程度上被新客戶實施和交叉銷售擴展的收入所抵消。交易收入總計 1.36 億美元，年增 15%，這得益於與我們的服務業務中的 Encompass 已結清貸款、[mers] 註冊和違約管理解決方案相關的兩位數收入增長。

Before I turn it over to Ben, I will highlight a few third quarter guidance items. Third quarter adjusted operating expenses are expected to be in the range of $995 million to $1.005 billion. Relative to the second quarter, the increase is expected to be driven by higher customer acquisition costs at the NYSE as the IPO market rebounds as well as higher technology spend related to our data center build-out and strategy.

在將其交給本之前，我將重點介紹一些第三季的指導項目。第三季調整後的營運費用預計在 9.95 億美元至 10.05 億美元之間。相對於第二季度，預計成長將受到 IPO 市場反彈導致紐約證券交易所客戶獲取成本上升以及與我們的資料中心建設和策略相關的技術支出增加的推動。

Lastly, moving below the line, adjusted nonoperating expense is expected to be between $170 million and $175 million in the third quarter. In summary, we delivered record second quarter and first half results. including record revenues, adjusted operating income and adjusted EPS, building upon our record 2024. We also once again achieved our leverage target ahead of schedule. As we look to the balance of the year, we're focusing on -- we're focused on a strong finish to a record first half and on setting ourselves up for continued success in 2026.

最後，低於該線的調整後非營業支出預計第三季將在 1.7 億美元至 1.75 億美元之間。總而言之，我們在第二季和上半年取得了創紀錄的業績，包括創紀錄的收入、調整後的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。我們也再次提前實現了槓桿率目標。展望今年的平衡，我們專注於——我們專注於創紀錄的上半年的強勁收官，並為 2026 年的持續成功做好準備。

I'll be happy to take your questions during Q&A. But for now, I'll hand it over 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. Across our futures and options markets, we've worked for nearly three decades to build out the scope and depth of our multi-asset a multi-geography offering to allow for both flexibility and precision trading from wherever in the world, customers choose to trade on ICE. As a result, record of over 1 billion contracts have traded on ICE through the first half, including a record 673 million energy contracts and a record 462 million interest rate contracts. This record performance drove 19% revenue growth in our Futures and Options revenues in the first half and is strong evidence of 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.

謝謝你，沃倫，也謝謝大家今天早上加入我們。請翻到幻燈片 8。在我們的期貨和選擇權市場中，我們花了近三十年的時間致力於拓展多元資產多地域服務的範圍和深度，以便客戶無論在世界何處選擇在 ICE 進行交易，都能實現靈活性和精確性交易。結果，今年上半年 ICE 交易的合約數量超過 10 億份，其中包括創紀錄的 6.73 億份能源合約和創紀錄的 4.62 億份利率合約。這項創紀錄的業績推動了我們上半年期貨和選擇權收入成長 19%，有力地證明了全球風險管理的需求不斷增長，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。

Across energy, markets have grown more global, more interconnected and more complex, shaped by shifting trade flows, regional dynamics and growing complexity and how energy is transported, produced, priced and consumed. We have continuously invested alongside this evolution, recognizing the importance of (inaudible) on our platform. Today, as a result of organic and inorganic investments, trading on our network is not tied to any single product or limited to any one region. Instead, we have built a diverse energy network that provides deep liquidity and price transparency across the spectrum of fuel sources from oil and refined products to coal, natural gas, power, environmental markets, renewables and ancillary products such as biofuels and their related credits.

在能源領域，貿易流向的變化、區域動態以及能源運輸、生產、定價和消費方式的日益複雜化，使得能源市場變得更加全球化、更加互聯互通和更加複雜。我們認識到（聽不清楚）在我們平台上的重要性，並隨著這一演變不斷進行投資。如今，由於有機和無機投資，我們網路上的交易不再局限於任何單一產品或任何一個地區。相反，我們建立了一個多元化的能源網絡，為從石油和精煉產品到煤炭、天然氣、電力、環境市場、再生能源和生物燃料等輔助產品及其相關信貸等各種燃料來源提供深度流動性和價格透明度。

In essence, regardless of how the market evolves, whether driven by geopolitical change, shifting trade flows or growing demand in the developing world, we have strategically positioned our platform to offer customers the tools they need to manage risk effectively. In the UK, for example, coal has been phased out of electricity generation.

本質上，無論市場如何發展，無論是受地緣政治變化、貿易流向轉變或發展中國家不斷增長的需求所驅動，我們都已策略性地定位我們的平台，為客戶提供有效管理風險所需的工具。例如，在英國，煤炭已逐步退出發電領域。

While across Asia, it remains a significant part of the mix to support rapid industrialization. At the same time, electricity prices are influenced by natural gas, whether active in oil, gas, carbon or a combination -- by providing access to these contracts through a single platform, we provide the critical price transparency across the energy spectrum to help customers manage increasingly interconnected pricing dynamics.

而在亞洲各地，它仍然是支持快速工業化的重要組成部分。同時，電價受到天然氣的影響，無論是石油、天然氣、碳還是混合能源——透過單一平台提供這些合約的存取權限，我們在整個能源領域提供關鍵的價格透明度，以幫助客戶管理日益相互關聯的定價動態。

The value that our diverse, deep and liquid energy markets provides to customers contributed to another record volumes across our complex, driving our ninth consecutive quarter of record energy revenues. This strong performance is a testament to customers' continued confidence in ICE as the global energy hedging venue of choice. With energy revenues up 24% in the first half and growing 13% on average over the past 5 years.

我們多樣化、深度和流動性的能源市場為客戶提供的價值推動了我們整個綜合體的銷售再創紀錄，推動我們連續第九個季度創下能源收入紀錄。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。今年上半年能源收入成長24%，過去5年平均成長13%。

In our oil markets, Brent has become the world's most widely used benchmark, pricing roughly 3/4 of the world's internationally traded crude. Importantly, Brent stands as the cornerstone of a broader franchise that includes our Midland WTI, Platts Dubai and Middle East Murban grades of crude. These critical pricing relationships extend to refined oil products where ICE's low sulfur gas oil market similarly anchors price discovery for refined products globally. Together, these benchmarks form the foundation of a cohesive web of more than 800 related oil products developed by ICE, giving participants the ability to manage risk with precision across the oil value chain and around the world. These innovations have enabled us to continue to serve our global customers with record oil volumes in the first half, increasing 25% year-over-year, including records across Brent, WTI, Midland WTI and Platts Dubai, Murban and gas oil.

在我們的石油市場中，布蘭特原油已成為世界上使用最廣泛的基準，約佔全球國際貿易原油的四分之三。重要的是，布蘭特原油是包括我們的米德蘭 WTI、普氏杜拜和中東穆爾班等級原油在內的更廣泛特許經營權的基石。這些關鍵的定價關係延伸至成品油，其中 ICE 的低硫柴油市場同樣為全球成品油的價格發現奠定了基礎。這些基準共同構成了 ICE 開發的 800 多種相關石油產品的緊密網絡的基礎，使參與者能夠精確地管理整個石油價值鏈和全球範圍內的風險。這些創新使我們能夠繼續為全球客戶提供上半年創紀錄的石油產量服務，年增 25%，其中包括布倫特、WTI、米德蘭 WTI 和普氏迪拜、穆爾班和柴油的產量創紀錄。

In our natural gas markets, we've adopted a similar playbook, establishing liquid markets in TTF, JKM, Henry Hub and North American basis markets. Offering a broad range of natural gas benchmarks with trading hubs across Europe, Asia and North America. As global LNG flows have increased and price relationships between regions have deepened, our TTF benchmark has emerged as the global reference point for gas pricing, much like Brent has for oil. This dynamic is illustrated by JKM execution patterns with roughly 60% of JKM volumes executed by the JKM TTF spread as participants draw assurance from TTF's deep liquidity to manage risk across an increasingly interconnected gas market.

在我們的天然氣市場中，我們採用了類似的策略，在TTF、JKM、亨利港和北美基礎市場建立了流動市場。提供廣泛的天然氣基準，交易中心遍佈歐洲、亞洲和北美。隨著全球液化天然氣流量的增加以及各地區之間價格關係的加深，我們的 TTF 基準已成為天然氣定價的全球參考點，就像布蘭特原油作為石油的參考點一樣。JKM 執行模式體現了這一動態，其中約 60% 的 JKM 交易量由 JKM TTF 價差執行，因為參與者從 TTF 的深度流動性中獲得保證，以管理日益互聯的天然氣市場中的風險。

In the second quarter, volumes in our global gas complex increased 14% versus the prior year, contributing to a record first half to deliver 27% revenue growth year-to-date, including 19% growth in the second quarter. The importance of the evolution of energy markets extends to our leading environmental markets, which work with our oil, natural gas, coal and power markets to provide the price transparency across the energy spectrum. Year-to-date, record volumes in our environmental portfolio are up 9% year-over-year, including 37% growth in our North American markets.

第二季度，我們全球天然氣綜合體的產量較上年同期成長了 14%，推動上半年營收創下新高，年初至今營收成長 27%，其中第二季成長 19%。能源市場發展的重要性延伸至我們領先的環境市場，該市場與我們的石油、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。今年迄今為止，我們的環境投資組合的交易量年增 9%，其中北美市場成長 37%。

In summary, the guiding principle has been consistently to create a cohesive platform where customers can navigate complexity across markets. Our single platform model isn't just efficient it's essential for navigating an increasingly dynamic energy landscape. Participants can operate across markets with a broader view using tools that were developed not just in reaction trends but often in anticipation of them.

總而言之，指導原則始終是創造一個有凝聚力的平台，讓客戶能夠應對跨市場的複雜性。我們的單一平台模型不僅高效，而且對於應對日益動態的能源格局至關重要。參與者可以使用不僅針對反應趨勢而且通常針對預測趨勢而開發的工具，以更廣闊的視野跨市場運作。

Turning now to our fixed income and data services business on slide 9. Driven by multiyear investments in both technology and data, our comprehensive platform continues to generate compounding revenue growth, delivering another quarter of record revenues, which grew 5% year over year. Our high-quality evaluated prices provide mission-critical transparency for over 3 million global securities daily. Across our reference data business, we've improved the precision of our underlying data reduce the time to capture newly issued bonds and have continued to add to our coverage, thus providing a truly comprehensive offering.

現在轉到第 9 張投影片上的固定收益和資料服務業務。在多年對科技和數據的投資推動下，我們的綜合平台持續實現複合收入成長，再創季度營收紀錄，年增 5%。我們高品質的評估價格每天為全球超過 300 萬種證券提供關鍵的透明度。在我們的參考數據業務中，我們提高了基礎數據的精確度，減少了獲取新發行債券的時間，並不斷擴大我們的覆蓋範圍，從而提供了真正全面的產品。

As a result, clients of our evaluated pricing business are increasingly drawn to the quality of our reference data. The quality of our pricing and reference data, combined with over 50 years of experience serves as the foundation for what is today one of the largest providers of fixed income indices globally. Whether it's benchmark indices, analytics for unique solutions like our custom indices, ICE serve the entire ETF ecosystem.

因此，我們評估定價業務的客戶越來越被我們的參考數據的品質所吸引。我們的定價和參考數據的質量，加上 50 多年的經驗，為我們今天成為全球最大的固定收益指數提供者之一奠定了基礎。無論是基準指數，還是針對我們客製化指數等獨特解決方案的分析，ICE 都為整個 ETF 生態系統提供服務。

Year-to-date, revenue on our index business is up double digits, with passive ETF AUM benchmarked to ICE Indices growing to a record of $743 billion through the end of the second quarter. In our Data and Network Technology business, revenues were up 7% in the first half, driven by our ICE Global Network as well as continued demand for our Desktop and Feeds offerings. The ongoing investments in our ICE Global Network business and resulting growth reinforced its position as the gold standard for resiliency, latency and security. ICE Global Network securely connects participants to more than 750 data sources and more than 150 trading venues, including ICE and the NYSE exchanges.

今年迄今為止，我們的指數業務收入成長了兩位數，截至第二季末，以 ICE 指數為基準的被動 ETF AUM 成長至創紀錄的 7,430 億美元。在我們的數據和網路技術業務中，上半年收入成長了 7%，這得益於我們的 ICE 全球網路以及對我們的桌面和 Feeds 產品的持續需求。我們對 ICE 全球網路業務的持續投資及其帶來的成長鞏固了其作為彈性、延遲和安全性的黃金標準的地位。ICE 全球網路安全地將參與者與 750 多個資料來源和 150 多個交易場所連接起來，包括 ICE 和紐約證券交易所。

Within our Desktops business, new clients are switching to ICE for the reliability of service, the quality of our data in the sheer range of data sources. Similarly, growth in our consolidated feeds business reflects investments we've made to elevate and enhance our offering. Firms continue to seek more high-quality data from a range of different sources in a cost-effective manner. At the same time, they want access to new unique content and thus, our competitive and comprehensive offering stands to benefit. We've also added features to give latency sensitive clients additional confidence in the speed of our data.

在我們的桌面業務中，新客戶正在轉向 ICE，因為其服務可靠，並且在眾多資料來源中具有高品質的資料。同樣，我們的綜合飼料業務的成長反映了我們為提升和增強產品服務而進行的投資。公司繼續以經濟高效的方式從各種不同來源尋求更多高品質數據。同時，他們希望獲得新的獨特內容，因此，我們具有競爭力且全面的產品將使他們受益。我們也加入了一些功能，讓對延遲敏感的客戶對我們的資料速度更有信心。

This with Data Services, together with its institutional customer connectivity is highly complementary to our ICE Bonds execution venues. These venues, which offer our customers choice of protocols, including auction, click-to-trade and request for quote, round out a broader fixed income offering.

其資料服務及其機構客戶連線與我們的 ICE 債券執行場所高度互補。這些場所為我們的客戶提供包括拍賣、點擊交易和報價請求在內的協議選擇，從而完善了更廣泛的固定收益產品。

Year-to-date, revenues in our ICE Bonds business are up 12% versus the prior year and have grown 9% on average over the past five years. And (inaudible), when we combine the long-tail secular trends such as the electronification of bond markets, workflow automation and the shift to passive investing, our comprehensive data offering is positioned to continue to deliver compounding growth well in the future. Shifting now to our Mortgage business on slide 10.

今年迄今為止，我們的 ICE 債券業務收入比上年增長了 12%，過去五年平均成長了 9%。而且（聽不清楚），當我們結合債券市場電子化、工作流程自動化和轉向被動投資等長期趨勢時，我們全面的數據產品將在未來繼續實現複合成長。現在轉到第 10 張投影片上的抵押貸款業務。

Consistent with our strategy to bring efficiencies to workflows, we are uniquely positioned to drive greater automation across the mortgage space. Such investments are critical not only to meet rising customer expectations for a digital-first experience, but also to have long-term operational efficiency and competitive positioning in an evolving mortgage landscape. For nearly a decade, ICE has been building an end-to-end digital mortgage platform that spans from customer acquisition all the way through to the secondary capital markets. This enables efficiency gains for our clients and bridges critical gaps between disparate systems. Our unified Mortgage Technology suite aims to simplify mortgage origination and refinancing into a single click process, streamlining processes for lenders while reducing costs, errors and time.

與我們提高工作流程效率的策略一致，我們在推動整個抵押貸款領域更大程度的自動化方面擁有獨特的優勢。此類投資不僅對於滿足客戶對數位優先體驗日益增長的期望至關重要，而且對於在不斷變化的抵押貸款環境中實現長期營運效率和競爭地位也至關重要。近十年來，ICE 一直致力於建立一個端到端的數位抵押貸款平台，涵蓋從客戶獲取一直到二級資本市場。這使得我們的客戶能夠提高效率並彌合不同系統之間的關鍵差距。我們統一的抵押貸款技術套件旨在將抵押貸款發放和再融資簡化為一個單擊流程，簡化貸方流程，同時降低成本、錯誤和時間。

The opportunity for customers to acquire and retain more business starts with our industry-leading customer engagement suite. This end-to-end suite of sales, marketing and borrower engagement solutions unique to ICE and seamlessly integrated with our loan under writing platform provides mortgage lenders with an opportunity to scale their operations by efficiently identifying attracting and acquiring new customers while improving the ability to retain existing customers. By enabling lenders to target borrowers with the right products at the right time, it reduces the time and cost of acquisition.

客戶獲得和保留更多業務的機會始於我們業界領先的客戶參與套件。這套端到端的銷售、行銷和借款人參與解決方案是 ICE 獨有的，並且與我們的貸款承保平台無縫集成，為抵押貸款機構提供了擴大業務規模的機會，透過有效地識別、吸引和獲取新客戶，同時提高留住現有客戶的能力。透過使貸方能夠在正確的時間向借款人提供正確的產品，它減少了收購的時間和成本。

Flowing directly to the next phase of the mortgage workflow, our leading loan underwriting platform provides significant operational efficiencies. Here, we collect borrower data in any form. We digitized it, normalize it, and once harnessed enable lenders to leverage our AI tools to quickly and efficiently verify credit income and collateral as well as audit that the loan package meets underwriting requirements. This creates (inaudible), uniformity and efficiency. We've also integrated our property tax, flood, closing fee and compliance-related information for borrowers and lenders.

我們領先的貸款核保平台直接進入抵押貸款工作流程的下一個階段，提供了顯著的營運效率。在這裡，我們以任何形式收集借款人的資料。我們將其數位化、標準化，一旦利用起來，貸方就可以利用我們的人工智慧工具快速有效地驗證信貸收入和抵押品，並審計貸款方案是否符合承保要求。這就創造了（聽不清楚）、統一性和效率。我們也為借款人和貸款人整合了財產稅、洪水、結算費和合規相關資訊。

These various automation capabilities integrated into our loan underwriting platform are designed to provide customers with complete and automated underwriting process to help increase both frequency and velocity while reducing the cost of production. This is one of the many reasons we continue to add new clients to our platform. And as evidence to this, we have signed 43 new Encompass clients through the first half, 23 of which came from the second quarter alone.

我們的貸款核保平台整合了各種自動化功能，旨在為客戶提供完整、自動化的核保流程，幫助提高頻率和速度，同時降低生產成本。這是我們繼續為我們的平台添加新客戶的眾多原因之一。作為證據，我們在上半年已經簽約了 43 個新的 Encompass 客戶，其中 23 個來自第二季。

As we move to the servicing stage of the loan, lenders have the opportunity to unlock additional value by utilizing ICE for their servicing technology needs. Our servicing platform has proven to be an industry standard and has a long history of dependability that servicers trust. Once originated, lenders can seamlessly transfer loans to our servicing technology or easily move loans acquired from other lenders that are on our technology, a functionality that has been enabled by the integration of our loan servicing technology with our underwriting system. Importantly, customers can trust the quality of the loan package through our automated quality control and audit capabilities, which enable servicers to quickly identify and remedy any critical information that may be missing from a long file as the data and documents progress through the process.

隨著我們進入貸款服務階段，貸款人有機會利用 ICE 滿足其服務技術需求，從而釋放更多價值。我們的服務平台已被證明是行業標準，並且具有服務商信賴的長期可靠性。一旦發起，貸方就可以將貸款無縫轉移到我們的服務技術，或者輕鬆地轉移從使用我們技術的其他貸方獲得的貸款，這一功能是透過將我們的貸款服務技術與承保系統整合而實現的。重要的是，客戶可以透過我們的自動化品質控制和審計功能來信任貸款方案的質量，這使服務商能夠在資料和文件處理過程中快速識別和補救長文件中可能缺少的任何關鍵資訊。

By integrating capabilities and data across mortgage origination and servicing, our platform creates opportunities for our lenders to provide more timely products to consumers. For example, lender servicers can now deliver a self-service home equity or refinance lending experience for their end consumer via an interconnected technology platform, effectively enabling them to quickly and efficiently compete for, recapture and retain clients, which should also improve the overall consumer experience while lowering their costs by matching the client to the right product at the right time. We also continue to find ways to leverage our industry-leading mortgage data to increase transparency in the secondary capital markets.

透過整合抵押貸款發放和服務方面的功能和數據，我們的平台為貸方創造了向消費者提供更及時的產品的機會。例如，貸款服務商現在可以透過連網技術平台為最終消費者提供自助式房屋淨值或再融資貸款體驗，從而有效地使他們能夠快速有效地競爭、重新獲得和留住客戶，這也應該改善整體消費者體驗，同時透過在正確的時間為客戶匹配正確的產品來降低成本。我們也將繼續尋找方法利用我們領先業界的抵押貸款數據來提高二級資本市場的透明度。

For example, in April, we launched a new RFQ protocol for mortgage-backed securities, taking another step to improve the MBS market. This new functionality sits along ICE bond's existing MBS click-to-trade marketplace. Later this year, ICE Bonds plans to integrate pricing and analytics from ICE Mortgage Technology to help traders make more informed trading decisions. Also, in the second half of this year, we plan to launch the first version of our secondary whole loan trading platform. This is designed to automate and provide significant efficiencies to what is today a very analog process.

例如，今年4月，我們推出了新的抵押貸款支援證券RFQ協議，向完善MBS市場邁出了新的一步。這項新功能與 ICE 債券現有的 MBS 點擊交易市場相輔相成。今年晚些時候，ICE Bonds 計劃整合 ICE 抵押貸款技術的定價和分析功能，以幫助交易者做出更明智的交易決策。另外，我們計劃在今年下半年推出二級全額貸款交易平台的第一個版本。這是為了實現自動化，並顯著提高當今非常模擬的流程的效率。

The combination of [IMT's] data and community of customers provides us an opportunity to deliver unique innovations to our customers, such as our secondary whole loan trading and MBS execution on ICE Bonds.

IMT 數據和客戶社群的結合為我們提供了向客戶提供獨特創新的機會，例如我們的二級全額貸款交易和 ICE 債券上的 MBS 執行。

Lastly, in June, we launched the ICE Average Prime Offer Rates Index, or ICE APOR, which represents the annual percentage rates derived from average interest rates points, fees and other terms on mortgages that are offered to consumers. For lenders, consumers and secondary market participants, the APOR is published by the Consumer Financial Protection Bureau, and must be used to determine whether the loan meets certain regulatory requirements, which can impact the terms of a mortgage and whether the loan qualifies for securitization.

最後，我們在六月推出了 ICE 平均優惠利率指數（ICE APOR），該指數代表根據提供給消費者的抵押貸款的平均利率點、費用和其他條款得出的年利率。對於貸款人、消費者和二級市場參與者來說，APOR 由消費者金融保護局發布，必須用於確定貸款是否符合某些監管要求，這可能會影響抵押貸款的條款以及貸款是否有資格進行證券化。

With the CFPB's mandate and services under review, we launched the ICE APOR Index to provide another option for this service should the MBS market need an alternative.

在對 CFPB 的職責和服務進行審查的情況下，我們推出了 ICE APOR 指數，以便在 MBS 市場需要替代方案時為這項服務提供另一種選擇。

In summary, on behalf of our clients, we've assembled an end-to-end platform that is operated by a neutral trusted third party in ICE, bringing together the key industry stakeholders from origination to final settlement in a single network ecosystem. We have a touchpoint to nearly every US home mortgage connected to more than 3,000 lenders, 48,000 settlement agents and closing attorneys, 2,500 county governments the GSEs 80,000 notaries, 100 loan servicing companies, 1,000 mortgage-backed securities investment firms and thousands of third-party data and service providers who can now communicate with one another by a common data standard on a robust network operated under ICE's cyber overlay.

總而言之，我們代表客戶組建了一個端到端平台，由 ICE 中立可信的第三方運營，將從起源到最終結算的關鍵行業利益相關者聚集在一個網路生態系統中。我們幾乎與所有美國住房抵押貸款都有聯繫，涉及 3,000 多家貸款機構、48,000 名結算代理人和結案律師、2,500 個縣政府、政府支持企業、80,000 名公證人、100 家貸款服務公司、1,000 家抵押貸款支持證券投資公司以及數千家第三方通訊

Our comprehensive platform automates workflows throughout each stage of the mortgage life cycle, resulting in lower cost to originating service loans for our clients who can then pass those savings on to the end consumer, all while helping lenders and servicers better recapture and identify new business opportunities.

我們的綜合平台可自動化抵押貸款生命週期每個階段的工作流程，從而降低客戶發放服務貸款的成本，客戶隨後可以將節省下來的成本轉嫁給最終消費者，同時幫助貸方和服務商更好地重新獲得併發現新的商業機會。

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.

謝謝你，本。請翻到第 11 張投影片。

In the second quarter, amidst the dynamic macro environment, we once again grew revenues, grew adjusted operating income and grew adjusted earnings per share, delivering the best quarter and the best first half in our company's history. Over the past 25 years, ICE has grown from a small Atlanta-based power exchange into a global data and technology company. The heart of our strategy has been to drive transparency and create workflow efficiencies for our customers.

第二季度，在動態的宏觀環境下，我們的營收、調整後營業收入和調整後每股收益均再次實現成長，創造了公司歷史上最好的季度業績和上半年業績。在過去的 25 年裡，ICE 從亞特蘭大的一家小型電力交易所發展成為一家全球數據和技術公司。我們的策略核心是提高透明度並為客戶創造工作流程效率。

We do this by building and operating mission-critical digital networks that leverage our technology, data and expertise to connect our customers to opportunity around asset classes and around the globe. We connect these customers to our liquid energy markets to help manage risk, we connect entrepreneurs to capital at the New York Stock Exchange. We connect people to our Fixed Income Data to give them pre-trade and post-trade transparency. And we connect participants to one another in the mortgage space, to create more efficient transaction workflows.

我們透過建立和營運關鍵任務數位網路來實現這一目標，利用我們的技術、數據和專業知識將我們的客戶與全球各個資產類別的機會聯繫起來。我們將這些客戶與我們的流動能源市場聯繫起來以幫助管理風險，我們將企業家與紐約證券交易所的資本聯繫起來。我們將人們與我們的固定收益數據聯繫起來，為他們提供交易前和交易後的透明度。我們將抵押貸款領域的參與者相互聯繫起來，以創建更有效率的交易工作流程。

As the world's leading energy marketplace, the breadth and diversity of our Global Commodity Platform drives an important network effect producing capital efficiencies for our customer base. In the second quarter, we saw record volumes and record revenues across our energy complex, contributing to an unsurpassed first half as market participants look to hedge exposures to geopolitical dynamics. Across our interest rate business, uncertainty on Central Bank policy, shifting trade policies and ongoing geopolitical tensions drove demand for our interest rate risk management.

作為世界領先的能源市場，我們全球商品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。在第二季度，我們的能源綜合體銷售和收入均創下歷史新高，在市場參與者尋求對沖地緣政治動態風險的背景下，上半年取得了無與倫比的業績。在我們的利率業務中，央行政策的不確定性、貿易政策的變化以及持續的地緣政治緊張局勢推動了對利率風險管理的需求。

As a result, in the first half, a record 462 million interest rate contracts traded on our platform, including records across our Euribor and (inaudible) markets. This strong performance contributed to a 19% increase in revenues year-to-date, including 20% growth in the second quarter. At the New York Stock Exchange, our cash equity trading volumes increased 47% versus the prior year, while our equity options volume increased 5%. Similarly, in our credit default swap business Broad market volatility drove increased demand for credit protection with CDS notional cleared increasing 42% in the second quarter versus the prior year.

結果，上半年，我們平台上的利率合約交易量達到了創紀錄的 4.62 億份，其中包括歐元銀行同業拆借利率 (Euribor) 和（聽不清楚）市場的記錄。這一強勁表現推動年初至今的營收成長了 19%，其中第二季成長了 20%。在紐約證券交易所，我們的現金股票交易量比上年增長了 47%，而我們的股票選擇權交易量增加了 5%。同樣，在我們的信用違約掉期業務中，廣泛的市場波動推動了對信用保護的需求增加，第二季度的 CDS 名義清算額比上年增加了 42%。

In summary, our record-setting first half results reflect the all-weather nature of our business model, where we've intentionally positioned the company to provide customer solutions in numerous geographies and economic conditions, to facilitate all weather results. I'd like to end our prepared remarks today by thanking our customers for their continued business and for their trust. And I'd like to thank my colleagues at ICE for their contribution to our best ever second quarter, following on the heels of our record first quarter, delivering an unsurpassed first half for the company.

總而言之，我們創紀錄的上半年業績反映了我們業務模式的全天候特性，我們有意將公司定位為在眾多地區和經濟條件下為客戶提供解決方案，以促進全天候業績。在今天的演講結束時，我想感謝客戶的持續惠顧和信任。我還要感謝 ICE 的同事們，他們為我們有史以來最好的第二季度做出了貢獻，繼創下第一季紀錄之後，我們為公司帶來了無與倫比的上半年業績。

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

現在我想將我們的電話轉回給我們的主持人德魯，我們將進行問答環節，直到東部時間 9:30。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

We have a follow-up on some of the Mortgage Tech commentary on your effort to improve your competitive visiting. So we're curious on how you're looking to upgrade your products especially with new technologies like AI and blockchain, that could improve your efficiency and also your client experience? And do you see new opportunities to employ both technologies in the future, too?

我們跟進了 Mortgage Tech 對您為提高競爭力所做的努力的評論。因此，我們很好奇您打算如何升級您的產品，特別是使用人工智慧和區塊鏈等新技術，以提高您的效率和客戶體驗？您是否也看到了未來運用這兩種技術的新機會？

Thanks, Craig. This is Ben.

謝謝，克雷格。這是本。

So we -- and we've alluded to this in our comments that a lot of the innovation in technology that we're providing to the industry first starts with integrating for the first time all of these systems to create a front-to-back life-of-loan platform for our clients. That in and of itself is going to help to drive better analytics for customers that have a servicing book to understand the client base, (inaudible) a lot there to be able to predict when they're going to be right for a refi or a home equity line of credit, create that (inaudible) and enable the customer themselves to have a self-service platform in our consumer web portal, to be able to engage with them or for the client to reach out proactively to them. And then once they engage, a lot of the details around that client are auto loaded into Encompass, can flow straight through to an electronic closing and then back into servicing seamlessly. So that's going to create a ton of efficiency, and we're well on the way to executing that.

因此，我們在評論中提到過，我們為業界提供的許多技術創新首先是首次整合所有這些系統，為我們的客戶創建一個從前到後的貸款生命週期平台。這本身將有助於為擁有服務手冊的客戶進行更好的分析，以了解客戶群，（聽不清楚）能夠預測何時適合再融資或房屋淨值信貸額度，創建（聽不清楚）並使客戶自己能夠在我們的消費者入口網站上擁有一個自助服務平台，以便能夠與他們互動或讓客戶主動聯繫他們。一旦他們參與進來，有關該客戶的許多詳細資訊就會自動加載到 Encompass 中，可以直接流向電子結算，然後無縫地返回服務。這將會創造巨大的效率，而且我們正在順利地實現這一目標。

As it relates to AI, we are leveraging AI in a number of areas today and see a number of areas in the future where we can continue to enhance the experience for our customers and utilizing our technology suite. So one area, and I alluded to this in my prepared remarks, is in the data and document automation platform that's automating certain parts of the checking process of the underwriting of a loan. And we already have the capabilities utilizing AI to do things like credit, income, collateral verification and then have expanded as well into audit. So basically being able to provide real-time bought it on the loan package as it's underwriting to make sure that it's meeting underwriting criteria alone. And then when the loan uses -- is transferred to servicing, being able to audit that loan package at that point, too, to make sure that the data and documents include everything that the package needs to meet servicing criteria.

就人工智慧而言，我們目前在多個領域利用人工智慧，並且看到未來我們可以在多個領域繼續增強客戶體驗並利用我們的技術套件。因此，我在準備好的發言中提到一個領域，那就是資料和文件自動化平台，它可以自動化貸款核保檢查過程的某些部分。我們已經具備利用人工智慧進行信貸、收入、抵押品驗證等工作的能力，並且已經擴展到審計領域。因此，基本上能夠提供即時購買的貸款方案作為承保，以確保其僅符合承保標準。然後，當貸款用途轉移到服務時，也能夠在那時審核該貸款方案，以確保資料和文件包含該方案符合服務標準所需的一切。

The second area that we're leveraging it heavily is in our call center and for the customer experience. being able to mine data within our servicing system to understand why a client may be calling to be able to provide a better experience for the consumer, more efficient call center experience for both the client and a more efficient experience for the customer themselves that's servicing that client.

我們大力利用它的第二個領域是我們的呼叫中心和客戶體驗。能夠在我們的服務系統中挖掘數據，以了解客戶打電話的原因，從而能夠為消費者提供更好的體驗，為客戶提供更有效率的呼叫中心體驗，為為客戶提供更有效率的體驗。

And then the third area is really in compliance. So we run a platform called [All Regs], which basically has all the underwriting criteria for phones around the United States. It's got millions of pages of documents using natural language models put on top of that, you can put natural language questions into our Ask Reggie platform that sits now on top of all regs and it will come back and mine that millions of pages of data that's out there to give you efficient real-time answers back to the end customer of ours. So that's a handful of areas we're utilizing it today, and we're innovating.

第三個領域是真正的合規性。因此，我們經營一個名為 [All Regs] 的平台，該平台基本上涵蓋了美國各地手機的所有承保標準。它擁有數百萬頁使用自然語言模型的文檔，您可以將自然語言問題放入我們的 Ask Reggie 平台，該平台現在位於所有註冊表的頂部，它將返回並挖掘數百萬頁的數據，為您提供高效的即時答案，反饋給我們的最終客戶。這就是我們今天正在利用它的幾個領域，並且我們正在進行創新。

And then out of outside of AI, I also mentioned things like connecting our mortgage data to the capital markets, with examples such as (inaudible) few capabilities as well as secondary whole loan trading later this year and MSR trading as well coming into the future.

然後，在人工智慧之外，我還提到了將我們的抵押貸款數據連接到資本市場等事情，例如（聽不清楚）一些功能以及今年稍後的二級全額貸款交易和未來的 MSR 交易。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Warren, you mentioned in your prepared remarks that your leverage level is now down to your target 3x. Just curious if you could share any updated thoughts on capital allocation. I'm wondering if you can comment on some of the recent media headlines around a potential M&A transaction. I know that news didn't come from you guys, but is there anything you can share there? And otherwise, how should we think about capital priorities now that you're at your target leverage level?

沃倫，您在準備好的發言中提到，您的槓桿水平現在已經降至目標 3 倍。只是好奇您是否可以分享有關資本配置的任何最新想法。我想知道您是否可以對最近媒體關於潛在併購交易的一些頭條新聞發表評論。我知道這個消息不是來自你們的，但是你們有什麼可以分享的嗎？否則，既然您已經達到目標槓桿水平，我們應該如何考慮資本優先事項？

Sure. Ben, thanks for the question. So right, we did reach the target leverage ratio in the quarter. We did do ahead of our scheduled target when we announced the deal. So pleased with that.

當然。本，謝謝你的提問。是的，我們在本季確實達到了目標槓桿率。當我們宣布這筆交易時，我們確實提前完成了預定的目標。我對此非常滿意。

We did repurchase [250] or so worth of stock during the quarter. I'd expect as you move into the second half, we'll tick that up a little bit higher from where we were, but we still will probably chip away a little bit at that CP balance that we have all probably not as much as we were previously, of course. So that's kind of how we're thinking about the capital return profile of the company at the moment as we move through into the second half.

本季我們確實回購了價值約 [250] 的股票。我預計，隨著進入下半年，我們的 CP 平衡會比之前有所提高，但我們可能仍會稍微削減 CP 平衡，當然，可能不如以前那麼多。這就是我們目前對公司下半年資本回報狀況的看法。

In terms of broader capital allocation, obviously, the priority for us here is to invest in the business, and you've seen us do that. I think is from the perspective of some of the headlines you may have seen out there, I mean, we don't really comment on M&A rumors are out there. So I think, look, we're obviously always looking. We've done that from the beginning of the company. So I think from that perspective, I'll leave it at that.

就更廣泛的資本配置而言，顯然我們的首要任務是投資業務，而且您已經看到我們這樣做了。我認為從您可能已經看到的一些頭條新聞的角度來看，我的意思是，我們實際上不會對存在的併購傳聞發表評論。所以我認為，看，我們顯然一直在尋找。從公司成立之初我們就這樣做了。所以我認為從這個角度來看，我會就此打住。

But right now, the focus for us is obviously just kind of haven't gotten to the leverage target starting to kind of tick up the buyback and continue to chip away at that CP balance.

但目前，我們的重點顯然還沒有達到槓桿目標，而是開始增加回購力度，繼續削減 CP 餘額。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

In IMT, origination and closing solution revenue both jumped nicely this quarter. And I'm trying to get a better sense of what we're seeing here. Can you give us a sense to what extent the jump was driven by new relationships onboarding versus sort of higher industry activity versus just plain seasonality.

在 IMT 領域，本季發起和結束解決方案營收均大幅成長。我試圖更好地理解我們在這裡看到的情況。您能否讓我們了解一下，這種成長在多大程度上是由新關係的建立、更高的產業活動還是簡單的季節性因素所推動的？

Ken, this is Ben. Thanks for the question. It's it's a mix of all those elements that you just mentioned. We have been very explicit around the number of wins that we've been having each quarter since we closed on the Black Knight acquisition and continue to have great success in terms of winning new clients and those clients because these are complicated implementations, they take some time to work through. But now we're at a stage where some of these clients are starting to come online.

肯，這是本。謝謝你的提問。它是您剛才提到的所有元素的混合。自從我們完成對 Black Knight 的收購以來，我們每個季度都明確地說明了我們取得的成功數量，並且在贏得新客戶方面繼續取得巨大成功，而這些客戶因為實施起來很複雜，所以需要一些時間來完成。但現在我們正處於一些客戶開始上線的階段。

In fact, in the second quarter, we had one of our large regional banks come online on Encompass, that success continues. We continue to have a great funnel of new client activity. This past quarter, I mentioned we had 23 wins on Encompass. For those wins, by the way, where our clients that are on either MSP or that sub-service through somebody that's on MSP. And in addition, we had two wins on the MSP side, one of which was at the beginning of the second quarter that I mentioned on last call, which was United Wholesale Mortgage an existing IMT client. And then we had another MSP win as well last quarter from an existing IMT client.

事實上，在第二季度，我們的一家大型區域性銀行在 Encompass 上線，這項成功仍在繼續。我們繼續擁有大量新客戶活動。上個季度，我提到我們在 Encompass 上取得了 23 場勝利。順便說一下，對於這些勝利，我們的客戶要么使用 MSP，要么透過 MSP 上的某個人使用子服務。此外，我們在 MSP 方面取得了兩場勝利，其中一次是在第二季度初，我在上次電話會議上提到過，即現有的 IMT 客戶 United Wholesale Mortgage。上個季度，我們也從現有的 IMT 客戶那裡獲得了另一個 MSP 勝利。

So we'll continue to see really good success on the sales front. We're seeing clients on the MSP side, continuing to look for an independent, well-capitalized neutral technology provider that doesn't potentially compete with them. And that's what's leading to either sales directly through us of moving clients moving to the MSP platform. But we're also seeing independent subservicers, most of which are on MSP are also having a lot of activity with clients as well as some of those clients that are subservicing with others that could potentially be perceived to compete with them are reevaluating those relationships. So that's a big piece of it.

因此，我們將繼續看到銷售方面取得真正的成功。我們看到 MSP 方面的客戶正在繼續尋找獨立、資金充足、中立且不會與他們競爭的技術提供者。這就是導致直接透過我們進行銷售或將客戶轉移到 MSP 平台的原因。但我們也看到獨立的次級服務商（其中大多數採用 MSP）也與客戶進行了大量活動，而一些與其他可能被視為與其競爭的公司進行次級服務的客戶正在重新評估這些關係。這是其中很重要的一部分。

But obviously, the backdrop of the environment is starting to improve, definitely helped with areas like our closing solutions where that is a very transaction-oriented part of the business. Our [MERS] business is doing very well. In fact, we've heard from one of the large depositories that traditionally has not used MERS is intending to start using MERS for the first time later this year. Simple file continues to do well as well. So it's really a mix of those elements.

但顯然，環境背景正在開始改善，這無疑有助於我們的結算解決方案等領域，因為這是業務中非常以交易為導向的一部分。我們的[MERS]業務做得很好。事實上，我們從一家傳統上未使用過 MERS 的大型儲存庫獲悉，該儲存庫打算在今年稍後首次開始使用 MERS。簡單文件也繼續表現良好。所以它實際上是這些元素的混合。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I wanted to ask you guys something that doesn't come up a whole lot on the Q&A sessions, but you spend more time talking about it recently, which is around data centers. you seem to continue to build out capacity there. And maybe help us understand a little better how they could translate into either new or improved revenue opportunities for ICE as a whole?

我想問你們一個在問答環節中很少出現的問題，但你們最近花了更多時間談論它，即有關資料中心的問題。你們似乎繼續在那裡擴大容量。也許可以幫助我們更好地理解它們如何轉化為整個 ICE 新的或更好的收入機會？

Alex, it's Chris. So we have a footprint that we have continued to invest in as you recognize we've built out on the footprint that we have today, about half of our capacity that sits out there today. We have great line of sight into what that looks like on a go-forward basis. and continued engagement with the clients as to what their needs are and a very scheduled process of how we will bring that online as power and things begin to become available and our CapEx associated with that. I would want to comment on that if he needs to.

亞歷克斯，我是克里斯。因此，我們有一個持續投資的足跡，正如您所知，我們已經在今天的足跡上進行了建設，目前大約有一半的產能都在那裡。我們對未來的發展有著清晰的認識，並持續與客戶溝通，了解他們的需求，並製定一個非常有計劃的流程，即在電力和設備開始可用時如何將其上線，以及與此相關的資本支出。如果需要的話，我願意對此發表評論。

But it's our proprietary network that we have forever talked about having Jeff's made reference to ICE Cloud and things that like that -- we want to control that experience and our clients have adapted to that very well and continue to come to us to fulfill those needs.

但這是我們的專有網絡，我們一直在談論 Jeff 提到的 ICE Cloud 和類似的東西——我們希望控制這種體驗，我們的客戶已經很好地適應了這一點，並繼續來找我們滿足這些需求。

So we have runway there through early 2030s that we will continue to develop in conjunction with the needs of our clients over that time base.

因此，我們在 2030 年代初期就擁有了跑道，我們將根據客戶在這段時間內的需求繼續發展。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Maybe a slight follow-up. But staying on the fixed income segment, ASP growth accelerated to 6% year-on-year. You noted a couple of tailwinds there, but it seems that most of the acceleration has been in Data Network Technology. Just wondering if you could unpack the drivers of that acceleration a bit and what you're doing to drive that? And then on the Fixed Income data and analytics side, we're seeing growth that's still closer to 4%.

也許稍微跟進一下。但在固定收益領域，平均售價較去年同期成長加速至 6%。您注意到那裡出現了一些順風，但似乎大部分加速都發生在數據網路技術領域。只是想知道您是否可以稍微解釋一下這種加速的驅動因素以及您正在採取什麼措施來推動這種加速？然後在固定收益數據和分析方面，我們看到成長仍然接近 4%。

Are you seeing ASP accelerate in that business as well? And is there a pathway to get back to kind of a 5% to 6% organic revenue growth rate in that business, do you think?

您是否也看到該業務的 ASP 加速成長？您認為是否有辦法讓該業務的有機收入成長率恢復到 5% 至 6% 呢？

So I'll try to break that down. Certainly, in our -- in the Networks piece, you look at our consolidated feeds business that we have there and the (inaudible) may come all of that gives us an opportunity as we continue to add new unique sets of content that we will distribute across that Feed business along the way. And also on our Desktops in there. So those are two drivers that you would see there. If you look at our Index business and how we've continued to build out the custom indices and the offering that we see there.

所以我會嘗試將其分解。當然，在我們的網路部分，您可以看到我們整合的資訊流業務，（聽不清楚）可能會為我們帶來機會，因為我們會繼續添加獨特的新內容集，並在整個資訊流業務中分發這些內容。並且還在我們的桌面上。這就是你會在那裡看到的兩個驅動因素。如果你看一下我們的指數業務以及我們如何繼續建立我們在那裡看到的客製化指數和產品。

If you look at the proliferation of our ETF ecosystem along with the fixed income ecosystem. I think what you're seeing is those two things coming together and people taking advantage of those two things in a single point, those will both drive future business and (inaudible) pricing and reference data opportunities as we continue to grow over time.

如果你觀察一下我們的 ETF 生態系統以及固定收益生態系的擴散。我認為，您所看到的是這兩件事結合在一起，人們在一個點上利用這兩件事，隨著我們隨著時間的推移而不斷發展，它們都將推動未來的業務和（聽不清楚）定價和參考資料機會。

And certainly, the business that Ben referenced in his prepared remarks, and so did Warren around the increasing of our (inaudible) AUM is evidence of that growth.

當然，本在準備好的發言中提到的業務，以及沃倫關於我們（聽不清楚） AUM 增加的發言，都是這種增長的證據。

Yes. (inaudible), the only thing I'd add to that, too, is just on the Fixed Income and Data Analytics business. We did actually exit the quarter in that particular business line at a 5% ASV. We had a record quarter for PRD within that -- and so business trends are really strong there as we kind of head into the second half year. So I feel good about that.

是的。 （聽不清楚），我唯一要補充的是固定收益和數據分析業務。我們在該特定業務線的本季結束時確實實現了 5% 的 ASV。其中，珠三角地區創下了季度記錄——因此，隨著我們進入下半年，那裡的業務趨勢非常強勁。所以我對此感覺很好。

Part of the reason we were around 4% this quarter for that line was also the index business part grew. It didn't grow in the double-digit range because we did have a bit of a market pullback there earlier in the quarter. So that business, of course, as you know, will ebb and flow with the markets to some degree. But as we exit the quarter there, again, we were in a pretty good footing from that perspective. So I feel good about the trajectory of that business has been into the balance of the year.

本季該業務線成長率達到 4% 左右的原因之一也是指數業務部分的成長。它沒有實現兩位數的成長，因為本季早些時候市場確實出現了一些回調。當然，正如你所知，業務在某種程度上會隨著市場而起伏。但當我們退出該季度時，從這個角度來看，我們再次處於相當良好的地位。因此，我對今年業務的平衡發展軌跡感到滿意。

And then similarly on the Data Network Technology business, also seeing some continued strength there as we head into the second half, pretty broad based as well across ICE Global Work, our Desktops and then our Feeds business, Chris mentioned as well.

同樣，在數據網路技術業務方面，隨著我們進入下半年，我們也看到了一些持續的強勁表現，而且在 ICE Global Work、我們的桌面和 Feeds 業務方面也表現得相當廣泛，Chris 也提到了這一點。

Chris Allen, Citi.

花旗銀行的克里斯艾倫。

Wanted to kind of go back to Mortgage Technology. You've got a lot of inbound just on the recurring revenue trajectory. You noted some of the factors that were keeping things down. I think (inaudible) up 1% impact. Just wondering, is there a geography issue too here?

想回到抵押技術行業。僅在經常性收入軌跡上，您就獲得了許多入站收入。您指出了一些阻礙事態發展的因素。我認為（聽不清楚）影響上升了 1%。只是想知道，這裡是否也有地理問題？

You mentioned (inaudible) minimums, does that translate to higher transaction fees? And when we kind of think about the overall guide where industry activity is trending? Like how are you thinking about where the guide is kind of setting up for the rest of the year?

您提到了（聽不清楚）最低限額，這是否意味著更高的交易費用？當我們思考行業活動趨勢的整體指引時？例如，您如何考慮今年剩餘時間的指南安排？

Yes. So look, I'm very comfortable with the guidance range that we gave at the beginning of the year, low to single digits at this point. I do think on the recurring revenue side, importantly, we will grow this year. I did mention a couple of the headwinds that we do expect in the second half, Flagstar, of course, that's on an annualized basis, about 1% of total revenues, that will happen early in the fourth quarter. We do have the inactive loans that roll off.

是的。所以，我對我們年初給的指導範圍非常滿意，目前範圍低至個位數。我確實認為，就經常性收入方面而言，重要的是，我們今年將實現成長。我確實提到了我們預計下半年將面臨的一些不利因素，當然，Flagstar 的情況是按年率計算，約佔總收入的 1%，這將在第四季度初發生。我們確實有一些閒置貸款被延期了。

We have that every year. And that's more of a third quarter event. And then on the minimums, as I mentioned too, we continue to see people resetting some minimums, particularly customers from vintages back in 2020 and 2021, a little bit of 2022.

我們每年都有這樣的情況。這更像是第三季的事件。然後關於最低限額，正如我所提到的，我們繼續看到人們重新設定一些最低限額，特別是 2020 年和 2021 年以及 2022 年的一些年份的客戶。

I will say we've moved through most of that or a lot of that and we are seeing the the discount, if you will, to the prior minimum narrow pretty significantly relative to where we were last year, and so we're seeing an improvement in that. So ultimately, we've got probably less of a headwind than we had last year, which has been helpful. And then -- on the revenue side for recurring, we've got, obviously, customer implementations. We've been a bit better on that front this year. I will say though, these take a long time.

我想說的是，我們已經度過了大部分或大部分難關，而且我們看到，與去年相比，與之前的最低折扣相比，折扣幅度已經大幅縮小，因此我們看到了這方面的改善。因此最終，我們面臨的阻力可能比去年小，這是有幫助的。然後 - 在經常性收入方面，我們顯然得到了客戶實施。今年我們在這方面做得更好了。不過我要說的是，這些需要很長時間。

We've talked about revenue synergies, which I can give you an update on today is we're around $80 million now. But only about one-fifth of that is actually in the run rate. So we are working through those, and those can take some time to implement, particularly larger ones, but we're seeing some improvement there. at the end of the day. And so you've got a little bit better of a tailwind, a little bit less of a headwind versus last year and why I think we can continue to grow on the recurring revenue side as we move through this year.

我們討論了收入綜效，今天我可以向大家通報最新情況，目前我們的收入約為 8,000 萬美元。但其中只有約五分之一真正實現了運行率。所以我們正在努力解決這些問題，這些問題可能需要一些時間來實現，特別是較大的問題，但最終我們看到了一些改善。因此，與去年相比，我們的順風稍微好一些，逆風稍微小一些，這也是我認為我們今年的經常性收入可以繼續成長的原因。

In terms of the overall guidance, I mean, look, that's -- that's tough to predict. I mean, obviously, the first half of the year was good in the second quarter. We saw some strong loan growth. It's hard to know what the second half will necessarily look like. But I think, again, I think based on what we're seeing at the moment, we're comfortable that we'll be within the guidance range we gave for the overall business.

就整體指導而言，我的意思是，看，這很難預測。我的意思是，顯然，今年上半年第二季表現良好。我們看到了強勁的貸款成長。很難知道下半場會是什麼樣子。但我再次認為，根據我們目前所看到的情況，我們有信心我們將處於我們為整體業務給予的指導範圍內。

Ashish Sabadra, RBC Capital Markets.

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

This is (inaudible) for Ashish Sabadra. Maybe just a follow-up on the mortgage tech. Great to kind of see that margin expansion there. Can you maybe touch on what's kind of driving that disciplined expense management. And I'll take a follow-up later.

這是（聽不清楚）給 Ashish Sabadra 的。也許只是對抵押貸款技術的後續關注。很高興看到利潤率的擴大。您能否談談推動這種嚴格的費用管理的因素是什麼？我稍後會跟進。

Sure. So it's two things. The -- first, we did through part of the integration that we're obviously still ongoing here. We moved significantly -- most of that is really in the operations technology group, moving those over to ICE Inc. a little bit of corporate.

當然。所以這是兩件事。首先，我們透過部分整合完成了這項工作，目前這項工作仍在進行中。我們進行了重大調整——其中大部分實際上是在營運技術部門，將其轉移到 ICE 公司，有點像公司性質。

And so there was a bit of a reallocation, if you will, of the expenses across the segments that occurred as part of the integration, all planned in terms of how we've done that. So we did that actually a couple of quarters ago, and that's why you're seeing from a year-over-year perspective, some benefit -- and then the second part of that, too, is really on the synergy side, as you've heard us talk about.

因此，如果你願意的話，作為整合的一部分，各個部門的費用會進行一些重新分配，所有這些都是按照我們如何做到的來計劃的。因此，我們實際上在幾個季度前就這樣做了，這就是為什麼您從同比角度看到了一些好處 - 然後，第二部分也確實屬於協同效應方面，正如您所聽到的我們談論的那樣。

And so we did raise the synergy target at the beginning of this year. You're starting to see those flow through. And I feel very comfortable that we will reach that target as we exit this year. So I think those two things in combination together with a typical strong control that we've always been good at is really why you're seeing that margin expansion at the end of the day for that segment. But I would encourage you really to look ultimately and zoom out always at the overall business and just note because, again, those expenses will move from segment to segment when you have those allocation changes.

因此，我們確實在今年年初提高了協同目標。您開始看到它們流過。我非常有信心，我們今年底就能實現這個目標。因此，我認為這兩件事加上我們一直擅長的典型強力控制，才是最終看到該部門利潤率擴大的真正原因。但我鼓勵您真正地從根本上看待並始終關注整體業務，並注意，因為當您進行這些分配變更時，這些費用將從一個部分轉移到另一個部分。

We did grow margins 2 points this quarter. We had pretty solid incremental margin on top of that. So I would encourage you to also zoom out and look at the broader expense base, if you will, in terms of how we're performing on that front.

本季我們的利潤率確實成長了 2 個百分點。在此基礎上，我們獲得了相當可觀的增量利潤。因此，如果可以的話，我鼓勵您也縮小範圍，看看更廣泛的支出基礎，看看我們在這方面的表現。

Simon Clinch, Rothschild.

西蒙·克林奇，羅斯柴爾德家族。

I wanted to pivot to the gas markets and the strength that you're seeing is TTF is sort of establishing itself as a global benchmark for gas. How should we think about the scale of the future opportunity here? I mean, could you perhaps talk about TTF in the concept of of its share of total gas volumes across the US and Europe and where that might go to, for example, comparing that to perhaps to Brent within oil?

我想轉向天然氣市場，而您所看到的實力是 TTF 正在確立自己作為天然氣全球基準的地位。我們該如何看待這裡未來機會的規模？我的意思是，您能否談談 TTF 在美國和歐洲天然氣總量中所佔的份額，以及這個份額可能是多少，例如，將其與石油中的布蘭特原油進行比較？

Sure. Thanks for the question. So as we've talked about on prior calls, and it was in my prepared remarks as well today, our overall energy market is doing fantastic. There are a number of different reasons for that, and tailwinds for it. And I'll just delve specifically into natural gas trends as an example.

當然。謝謝你的提問。正如我們在之前的電話會議中談到的，也是在我今天的準備好的演講中提到的，我們的整體能源市場表現非常好。造成這種情況的原因有很多，但也有其有利因素。我將以天然氣趨勢為例進行具體探討。

So one development that we see is going to continue to create a long tailwind for the growth of natural gas globally is just the resolution to the tariffs and trade discussions that have been going on. as in many of these settlements, you're starting to see energy being in US energy and forward commitments to purchase US Energy as a key element to it.

因此，我們看到的一個發展將繼續為全球天然氣的成長創造長期順風，那就是對一直在進行的關稅和貿易談判的解決方案。正如在許多此類解決方案中一樣，你開始看到能源成為美國能源，未來購買美國能源的承諾是其中的關鍵要素。

Examples of that are the settlement that just happened in the last 12 hours with South Korea, including a commitment around future purchases of gas. Japan last weekend had the same thing. Both of those are highly cometary to our JKM contract, and JKM also trades oftentimes the package to TTF. So as that LNG hits the water that JKM contract is the Japan Korea Marker and is very, very well positioned to be the pricing point for that gas. In the EU settlement this past week, gas and oil commitments for future purchases are a part of that coming out of the US.

例如，過去 12 小時內剛與韓國達成的協議，包括對未來天然氣採購的承諾。日本上週末也發生了同樣的事情。這兩項都與我們的 JKM 合約息息相關，而且 JKM 也經常將合約包交易給 TTF。因此，當液化天然氣進入水中時，JKM 合約就是日本韓國市場，非常適合作為該天然氣的定價點。在上週歐盟達成的協議中，美國承諾購買未來的天然氣和石油。

We see that as tailwinds as well as oil that leads to Gulf heading towards Europe is priced via Brent and our HOU contract and gas that's destined for Europe is a tailwind to TTF. So we see a number of tailwinds. That's one example. Obviously, the geopolitical situations that reset supply chains and US gas is flowing around the world as a result of that, in particular, into Europe, and those supply chains will be hard to reset.

我們看到，順風以及通往歐洲的墨西哥灣石油透過布蘭特原油和我們的 HOU 合約定價，而運往歐洲的天然氣對 TTF 來說是一個順風。因此，我們看到了許多順風。這是一個例子。顯然，重置供應鏈的地緣政治局勢以及美國天然氣的流入將影響到世界各地，特別是歐洲，而這些供應鏈將難以重置。

You also have energy demand through the roof, not only in the US but around the world with power demand and data center demand in AI. As it relates to the back part of your question around how much more growth is there, just to use some relative metrics. So (inaudible) doing very well, up more than 30% this year off a very strong growth last year. If you look at TTF relative to Brent in terms of active market participants, it's roughly half.

能源需求也急劇上升，不僅在美國，而且在世界各地，包括人工智慧的電力需求和資料中心需求。因為它與你問題的後半部有關，也就是還有多少成長，只是使用一些相對指標。所以（聽不清楚）表現非常好，在去年強勁成長的基礎上，今年成長了 30% 以上。如果從活躍市場參與者的角度來看 TTF 相對於布蘭特原油的比例，則大約是後者的一半。

So you have the world's global benchmark for oil is roughly double the number of active market participants that TTF has as the global benchmark for the movement of natural gas around the world. So big tailwind there as it relates to Brents. But then also, if you look at open interest in ADV and compare TTF to Henry Hub, it's roughly 15%.

因此，世界石油的全球基準大約是 TTF 作為全球天然氣運輸全球基準的活躍市場參與者數量的兩倍。因此，對於布蘭特原油而言，順風勢頭強勁。但是，如果您查看 ADV 的未平倉合約，並將 TTF 與亨利港進行比較，則約為 15%。

So again, points to a long tailwind of growth, and another thing I'll point out is we've said time and time again that an opportunity in the transition to (inaudible) fuels, so moving from coal as a few source to natural gas and the size of that opportunity in Asia Pacific alone is the size of the North American energy demand across all sources. So that's a huge opportunity there. The settlement on these tariff issues that I had mentioned (inaudible) input into it. We're seeing India continuing to grow in terms of LNG demand. Canada has an LNG facility coming live on the West Coast that's also designed to transport LNG to Asia, which is another good fit for our JKM and TTF contract.

所以，這再次表明了長期的增長順風，另外我想指出的是，我們已經多次說過，向（聽不清）燃料轉型的過程中存在著機會，因此從煤炭作為少數能源轉向天然氣，僅在亞太地區，這一機會的規模就相當於北美對所有能源來源的需求規模。這是一個巨大的機會。我曾提到這些關稅問題的解決（聽不清楚）已納入其中。我們看到印度的液化天然氣需求持續成長。加拿大西海岸即將投入使用的液化天然氣設施也旨在將液化天然氣運輸到亞洲，這也是我們 JKM 和 TTF 合約的另一個理想選擇。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Jeff, I was hoping you could expand upon Warren's comments and just talk about your appetite for large-scale M&A given where your business sits today, your stock valuation and all the other factors that go into it?

傑夫，我希望你能進一步闡述沃倫的評論，並根據你目前的業務狀況、股票估值以及所有其他相關因素，談談你對大規模併購的興趣？

Sure.

當然。

I don't -- first of all, I don't think, as we sit today, anything has changed over the DNA of the company, which is we do feel like companies need to evolve. We want to be an all-weather name. So we care deeply about the mix of the businesses that we have and making sure that that we can rationalize that in various geographies and various economic conditions that we can continue to deliver growth. So that's at the core of how we're planning the company going forward, and we meet regularly on strategy and look at our ability to buy into businesses to accelerate that strategy or to invest organically, to move into these strategies.

首先，我認為，就我們今天所討論的而言，公司的 DNA 並沒有發生任何改變，也就是說，我們確實覺得公司需要進化。我們希望成為全天候品牌。因此，我們非常關心我們擁有的業務組合，並確保我們能夠在不同的地區和不同的經濟條件下合理化這些業務，以便我們可以繼續實現成長。這就是我們對公司未來發展進行規劃的核心，我們定期開會討論策略，並研究我們收購企業以加速該策略或進行有機投資以轉向這些策略的能力。

And we're disciplined about how we do it in terms of what's the best way to deploy capital. And always in that mix is a conversation about share buybacks and dividends and return of capital to shareholders as the highest value use of funds.

並且，我們對於如何以最佳方式配置資本有著嚴格的規定。其中，人們總是討論股票回購、股利和向股東返還資本是資金的最高價值用途。

So nothing has changed there. I think what is unique is that Warren has pointed out that we've hit our leverage ratio targets. We were very diligent about the last large acquisition that we did, which was the acquisition of Black Knight and paying down the debt that we borrowed ahead of the scale to put ourselves in a position where we have maximum stability under these market conditions to execute a long-term strategy long-winded way of saying nothing changed, but the same discipline exists within the company to make sure that that we can be trusted as a management team to deliver the highest value that we're capable of delivering to shareholders.

所以那裡什麼都沒有改變。我認為獨特之處在於沃倫指出我們已經達到了槓桿率目標。我們非常認真地對待我們上次進行的大型收購，即收購 Black Knight，並償還我們提前借入的債務，使我們在當前的市場條件下能夠保持最大程度的穩定性，從而執行長期戰略。雖然長話短說，什麼都沒有改變，但公司內部存在著同樣的紀律，以確保我們作為管理團隊值得信賴，能夠為股東提供最高的價值。

With that, we have no further questions in the queue. So that concludes the Q&A portion of today's call. I'll now hand back over to Jeff Sprecher for some closing remarks.

至此，我們沒有其他問題了。今天電話會議的問答部分到此結束。現在我將把時間交還給 Jeff Sprecher 做最後發言。

Thank you, Drew, and I want to thank all of you for joining us this morning.

謝謝你，德魯，我也要感謝大家今天早上加入我們。

And we continue to look forward to updating you soon as we build out these innovative solutions that I mentioned, and continue to drive an all-weather business model that we're designed for growth. With that, I hope you all have a good day, and I look forward to seeing you soon.

我們將繼續期待在我們建立我提到的這些創新解決方案時盡快向您通報最新情況，並繼續推動我們為成長而設計的全天候業務模式。最後，我希望大家度過愉快的一天，並期待很快見到你們。

That concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。