納斯達克交易所 (NDAQ) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nasdaq Fourth Quarter 2022 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到納斯達克 2022 年第四季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Neil Stratton, Investor Relations. Please go ahead.

我現在想將會議交給您今天的第一位發言人，投資者關係部的 Neil Stratton。請繼續。

Good morning, everyone, and thank you for joining us today to discuss Nasdaq's fourth quarter and full year 2022 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Ann Dennison, our Chief Financial Officer; John Zecca, our Chief Legal Risk and Regulatory Officer; and other members of the management team.

大家早上好，感謝您今天加入我們討論納斯達克第四季度和 2022 年全年財務業績。我們的董事長兼首席執行官 Adena Friedman 在線上線；我們的首席財務官 Ann Dennison； John Zecca，我們的首席法律風險和監管官；和管理團隊的其他成員。

After prepared remarks, we will open the line up to Q&A. The press release and presentation are on our website. We intend to use the website as a means of disclosing material, nonpublic information and complying with disclosure obligations under SEC Regulation FD.

在準備好發言後，我們將開放問答環節。新聞稿和演示文稿在我們的網站上。我們打算使用該網站作為披露材料、非公開信息和遵守 SEC 法規 FD 規定的披露義務的一種方式。

I would like to remind you that certain statements in this presentation and during Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from these projections. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our press release and periodic reports filed with the SEC.

我想提醒您，本演示文稿和問答環節中的某些陳述可能與未來事件和預期有關，因此構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際結果可能存在重大差異從這些預測中。有關可能導致實際結果與前瞻性陳述不同的因素的信息包含在我們向美國證券交易委員會提交的新聞稿和定期報告中。

I will now turn the call over to Adena.

我現在將把電話轉給 Adena。

Thank you, Neil, and good morning, everyone. Thank you for joining us. My remarks today will focus on the following areas: Nasdaq's fourth quarter and full year 2022 financial and business performance, the progress we have made to advance Nasdaq along our strategic journey and our enterprise-wide ambitions and priorities for 2023 and beyond. I will also provide comments on the current market and regulatory environment before turning the call over to Ann for a deeper look at our financial results.

謝謝你，尼爾，大家早上好。感謝您加入我們。我今天的發言將重點關注以下領域：納斯達克第四季度和 2022 年全年的財務和業務表現、我們在推進納斯達克戰略進程中取得的進展以及我們在 2023 年及以後的企業範圍內的雄心和優先事項。在將電話轉給 Ann 以更深入地了解我們的財務業績之前，我還將就當前的市場和監管環境發表評論。

We continued to deliver solid growth in 2022, even in an -- with an uncertain macroeconomic backdrop and following a very strong 2021. 2022 was also a year of milestones, strategic firsts and market-leading innovation for Nasdaq. I'm proud of the Nasdaq team and the resiliency of our business as well as the trusted relationships we have with our clients.

我們在 2022 年繼續實現穩健增長，即使在不確定的宏觀經濟背景和非常強勁的 2021 年之後。2022 年也是納斯達克具有里程碑意義、戰略先行和市場領先創新的一年。我為納斯達克團隊和我們業務的彈性以及我們與客戶建立的可信賴關係感到自豪。

Before I turn to our financial performance, I want to remind everyone about our new corporate structure that we implemented during the fourth quarter. When we gathered at our Investor Day in November, we noted how the alignment of our business across 3 new divisions: Market Platforms, Capital Access Platforms and Anti-Financial Crime, allows us to capitalize on mega trends shaping the financial system to unlock new growth opportunities for our company.

在談到我們的財務業績之前，我想提醒大家注意我們在第四季度實施的新公司結構。當我們在 11 月的投資者日齊聚一堂時，我們注意到我們的業務在 3 個新部門（市場平台、資本獲取平台和反金融犯罪）之間的協調如何使我們能夠利用塑造金融體系的大趨勢來釋放新的增長我們公司的機會。

These trends include: The modernization of markets, where we continue to deliver innovation that powers the world's economies and enhances the underlying infrastructure; the development of the ESG ecosystem, where we help companies and investors successfully navigate increasingly complex reporting frameworks, access more seamless routes to capital and achieve their net zero or sustainability objectives; and the increasing need for anti -- advanced anti-financial crime technology, where we can enhance the integrity of the financial system through emerging technologies, including cloud and AI.

這些趨勢包括： 市場現代化，我們繼續提供創新，為世界經濟提供動力並加強基礎設施； ESG 生態系統的發展，我們幫助公司和投資者成功駕馭日益複雜的報告框架，獲得更無縫的資本途徑並實現其淨零或可持續發展目標；以及對反高級反金融犯罪技術的日益增長的需求，我們可以通過新興技術（包括雲和人工智能）增強金融系統的完整性。

Our financial results today reflect the new divisional alignment, and we look forward to continuing our journey as we deliver world-leading platforms that improve the liquidity, transparency and integrity of the global economy, with our long-term goal of becoming the trusted fabric of the global financial system.

我們今天的財務業績反映了新的部門調整，我們期待繼續我們的旅程，因為我們提供世界領先的平台，提高全球經濟的流動性、透明度和完整性，我們的長期目標是成為值得信賴的結構全球金融體系。

Now let's turn to our results. I'm very pleased to report Nasdaq's financial performance for the fourth quarter and full year of 2022.

現在讓我們來看看我們的結果。我很高興報告納斯達克 2022 年第四季度和全年的財務業績。

First, regarding the fourth quarter. Nasdaq achieved $906 million in net revenues, a 2% increase compared to the prior year period and a 5% increase on an organic basis, excluding the impacts of changes in FX rates and acquisitions and divestitures. In the quarter, we delivered 5% organic growth across our Solutions businesses, even with an 11% drop in our Index revenues. We also delivered 4% organic growth in our Trading Services business in the fourth quarter on top of a very strong trading performance in the fourth quarter of 2021.

首先，關於第四季度。納斯達克實現淨收入 9.06 億美元，與上年同期相比增長 2%，有機增長 5%，不包括匯率變化以及收購和資產剝離的影響。本季度，我們的解決方案業務實現了 5% 的有機增長，儘管我們的指數收入下降了 11%。除了 2021 年第四季度非常強勁的交易表現之外，我們在第四季度的交易服務業務也實現了 4% 的有機增長。

For the full year of 2022, net revenues of $3.58 billion increased 5% from 2021 and 7% on an organic basis. Our Solutions businesses generated 10% annual organic revenue growth despite a fast-changing market environment, and our Trading Services revenues increased 1% on the back of very strong performance in 2021.

2022 年全年，淨收入 35.8 億美元，比 2021 年增長 5%，有機增長 7%。儘管市場環境瞬息萬變，但我們的解決方案業務實現了 10% 的年度有機收入增長，而我們的貿易服務收入在 2021 年非常強勁的表現的支持下增長了 1%。

Our annualized recurring revenue, or ARR, ended the year at $2 billion, an increase of 8% year-over-year. Annualized SaaS revenues increased 13% to $725 million in the fourth quarter of 2022, representing 36% of total company ARR.

我們的年化經常性收入 (ARR) 在年底達到 20 億美元，同比增長 8%。到 2022 年第四季度，年化 SaaS 收入增長 13% 至 7.25 億美元，占公司 ARR 總額的 36%。

For the full year, non-GAAP earnings per share of $2.66 increased 6% from 2021. Our strong performance in 2022 against a challenging macroeconomic backdrop illustrates the strength of our diversified business and our ability to deliver against our longer-term objectives.

全年，非 GAAP 每股收益為 2.66 美元，比 2021 年增長了 6%。在充滿挑戰的宏觀經濟背景下，我們在 2022 年的強勁表現表明了我們多元化業務的實力以及我們實現長期目標的能力。

Next, I'm going to turn to specific divisional highlights, which reflect the new corporate structure, focusing mainly on the fourth quarter results. In our Capital Access Platforms business -- division, we delivered $420 million in total revenue in the fourth quarter, a 2% increase in organic growth. Revenue in our Data and Listing Services business increased by 3% from the prior year period and 6% organic growth, primarily due to an increase in annual listing fees and growth in proprietary data revenues driven by higher international demand, partially offset by a decrease in initial listing fee revenues.

接下來，我將轉向反映新公司結構的具體部門亮點，主要關注第四季度業績。在我們的 Capital Access Platforms 業務部門，我們在第四季度實現了 4.2 億美元的總收入，有機增長增長了 2%。我們的數據和上市服務業務的收入比上年同期增長 3%，有機增長 6%，這主要是由於年度上市費用的增加和國際需求增加推動的專有數據收入的增長，部分被收入減少所抵消初始上市費收入。

In 2022, Nasdaq maintained its position as the leading U.S. exchange for IPOs for the tenth consecutive year with 87 operating company listings for a 92% annual win rate. In Europe, our Baltic, Nordic and First North exchanges, combined, welcomed 63 new listings in 2022, including 38 IPOs. For the second consecutive year, Nasdaq Stockholm remains the most successful listing venue in Europe.

2022 年，納斯達克連續第十年保持美國 IPO 領先交易所的地位，共有 87 家運營公司上市，年中標率為 92%。在歐洲，我們的波羅的海、北歐和 First North 交易所在 2022 年共迎來了 63 家新上市公司，其中包括 38 家 IPO。納斯達克斯德哥爾摩交易所連續第二年成為歐洲最成功的上市場所。

In our Index business, we saw revenue decrease by 11% versus the prior year period, primarily due to lower average AUM and exchange-traded products linked to Nasdaq indices, partially offset by higher revenues related to futures trading linked to the NASDAQ 100 Index.

在我們的指數業務中，我們發現收入比去年同期下降了 11%，這主要是由於與納斯達克指數相關的平均 AUM 和交易所交易產品較低，部分被與納斯達克 100 指數相關的期貨交易相關收入增加所抵消。

Year-over-year average AUM for the fourth quarter declined by 19%. The fourth quarter presented a particularly challenging market backdrop on both a year-over-year and quarter-over-quarter basis. Ann will provide more details on the AUM and trading dynamics that drove the fourth quarter revenue decline.

第四季度平均 AUM 同比下降 19%。第四季度的同比和環比都呈現出特別具有挑戰性的市場背景。 Ann 將提供有關導致第四季度收入下降的 AUM 和交易動態的更多詳細信息。

Focusing on the full year performance. Our Index revenues for the full year of 2022 increased 6% versus 2021 due to higher net inflows and futures volumes. Net inflows into exchange-traded products totaled $34 billion in 2022, and we saw demand grow for our new offerings, with 44 ETPs tracking Nasdaq indexes, accumulating $3.5 billion in AUM during the year. In our Workflow and Insights business, which include our Corporate Solutions as well as our Investment Analytics business, our fourth quarter revenues increased 8% from the prior year period or 10% organically, reflecting deepened client engagement and strong client retention.

聚焦全年業績。由於淨流入和期貨交易量增加，我們 2022 年全年的指數收入比 2021 年增長了 6%。 2022 年，交易所交易產品的淨流入總額為 340 億美元，我們看到對我們新產品的需求增長，有 44 個 ETP 追踪納斯達克指數，年內 AUM 累計達到 35 億美元。在我們的工作流程和洞察業務中，包括我們的企業解決方案和我們的投資分析業務，我們第四季度的收入比上年同期增長 8% 或有機增長 10%，反映出客戶參與度的加深和客戶保留率的提高。

Turning next to our Market Platforms division. We delivered $403 million in total revenues in the fourth quarter, a 3% increase from the prior year period or 5% organic growth.

接下來轉向我們的市場平台部門。我們在第四季度實現了 4.03 億美元的總收入，比去年同期增長 3% 或有機增長 5%。

Our Trading Services business, which includes our transactional and U.S. tape plan data businesses, delivered combined total revenue of $253 million for the fourth quarter, an increase of 4% organically from the prior year period. This is primarily due to higher U.S. equity derivatives trading revenues, reflecting higher revenue capture versus the prior year period and higher industry volumes.

我們的交易服務業務，包括我們的交易和美國磁帶計劃數據業務，第四季度的總收入為 2.53 億美元，比去年同期有機增長 4%。這主要是由於美國股票衍生品交易收入增加，反映出與去年同期相比收入增加以及行業交易量增加。

Cash equities trading revenues were lower year-over-year, primarily driven by lower European cash equities revenue, partially offset by modest growth in the U.S. cash equities business.

現金股票交易收入同比下降，主要是受歐洲現金股票收入下降的推動，部分被美國現金股票業務的溫和增長所抵消。

During the fourth quarter, we were incredibly pleased to announce the migration of Nasdaq MRX, 1 of our 6 U.S. options exchanges, to the cloud in partnership with Amazon Web Services. The new cloud-enabled system delivers -- continues to deliver ultra resiliency to our market participants while improving latency performance by 10%. As the first exchange to put a major market in the cloud, this marks a significant milestone in our journey to build the next-generation technology infrastructure for the world's capital markets.

在第四季度，我們非常高興地宣布與 Amazon Web Services 合作，將我們 6 家美國期權交易所中的 1 家納斯達克 MRX 遷移到雲端。新的支持雲的系統提供——繼續為我們的市場參與者提供超彈性，同時將延遲性能提高 10%。作為第一家將主要市場置於雲端的交易所，這標誌著我們在為全球資本市場構建下一代技術基礎設施的征途上具有重要的里程碑意義。

This success has also reinforced our credibility with our technology clients. As illustrated by Bolsa Electronica de Chile's agreement earlier this month to migrate their current on-premise Nasdaq trading technology to our cloud-based marketplace services platform. We are thrilled that BEC has chosen us to help manage this next phase of their cloud journey.

這一成功也增強了我們在技術客戶中的信譽。正如 Bolsa Electronica de Chile 本月早些時候達成的將其當前本地納斯達克交易技術遷移到我們基於雲的市場服務平台的協議所說明的那樣。我們很高興 BEC 選擇我們來幫助管理他們雲之旅的下一階段。

And lastly, in our Marketplace Technology business, we delivered $150 million in revenues during the fourth quarter, a 5% increase versus the prior year period. Growth in revenue was primarily due to increased demand for connectivity driving a record year for our trade management services business as well as higher SaaS-based Market Technology revenues.

最後，在我們的市場技術業務中，我們在第四季度實現了 1.5 億美元的收入，比去年同期增長 5%。收入增長主要是由於對連接的需求增加，推動我們的貿易管理服務業務創下歷史新高，以及基於 SaaS 的市場技術收入增加。

Order intake in our Market Technology business totaled $106 million for the quarter and $264 million for the full year, which compares to a record of $304 million in 2021. We had strong order intake across both existing and new clients, with over 90% of our new clients signing up for SaaS solutions, an encouraging indicator of growth returning to the technology business post-pandemic. We signed 12 new technology clients and completed 5 implementations in our Market Technology business in 2022. We continue to make good progress with our post-trade implementations, taking 2 of our largest clients into live operation during the year.

我們市場技術業務的訂單量本季度總計 1.06 億美元，全年總計 2.64 億美元，而 2021 年的訂單量為創紀錄的 3.04 億美元。我們的現有客戶和新客戶的訂單量都很強勁，超過 90% 的客戶新客戶註冊 SaaS 解決方案，這是一個令人鼓舞的指標，表明大流行後技術業務恢復增長。 2022 年，我們簽署了 12 家新的技術客戶，並完成了市場技術業務的 5 次實施。我們在交易後實施方面繼續取得良好進展，年內讓我們最大的 2 家客戶投入運營。

Over the past 18 months, we've seen increased demand for our technology solutions, with many current and new client conversations focused on market modernization initiatives encompassing both cloud delivery and SaaS.

在過去的 18 個月裡，我們發現對我們的技術解決方案的需求不斷增加，許多當前和新的客戶對話都集中在包括雲交付和 SaaS 在內的市場現代化計劃上。

Before I conclude my remarks regarding our Market Platforms division, I want to offer brief comments here on the SEC's equity market structure proposals which the commission published in December of 2022. We're encouraged that the proposals addressed many of our recommendations from a paper that we published last year on optimizing markets.

在我結束關於我們的市場平台部門的評論之前，我想在這裡對委員會於 2022 年 12 月發布的美國證券交易委員會的股票市場結構提案發表簡短評論。我們感到鼓舞的是，這些提案解決了我們從一篇論文中提出的許多建議我們去年發表了關於優化市場的文章。

While we believe that the equity markets work well now, we acknowledge that there are always opportunities for improvements. Accordingly, we support the SEC's efforts to modernize and enhance equity market structure to improve trading efficiency, bolster competition, increase market transparency, strengthen best -- obligations and ultimately achieve better outcomes for investors.

雖然我們相信股市現在運行良好，但我們承認總有改進的機會。因此，我們支持 SEC 努力實現股票市場結構的現代化和加強，以提高交易效率、促進競爭、提高市場透明度、加強最佳義務並最終為投資者帶來更好的結果。

In proposing to introduce significant changes to markets that are already highly complex and interconnected, we think it is critical for the commission to strive to avoid unintended consequences by proceeding incrementally, methodically and collaboratively. There are also a few areas where we differ with the SEC's approach, and we plan to recommend improvements, modifications and/or alternatives during the comment period.

在提議對已經高度複雜和相互關聯的市場進行重大變革時，我們認為委員會必須通過循序漸進、有條不紊和協作的方式努力避免意外後果，這一點至關重要。我們也有一些地方與 SEC 的方法不同，我們計劃在評論期間提出改進、修改和/或替代方案的建議。

Finally turning to our Anti-Financial Crime division. We delivered $82 million in total revenue during the fourth quarter, a 21% organic increase from the prior year period and 14% when adjusting for the impact of the deferred revenue write-down. The revenue increase was driven by strong demand for our fraud detection and anti-money laundering solutions, or what we call our FRAML solutions, in addition to modest growth in our surveillance solutions.

最後轉向我們的反金融犯罪部門。我們在第四季度實現了 8200 萬美元的總收入，比去年同期有機增長 21%，在針對遞延收入減記的影響進行調整後增長 14%。除了我們的監控解決方案的適度增長外，對我們的欺詐檢測和反洗錢解決方案（或我們稱之為 FRAML 解決方案）的強勁需求推動了收入增長。

Regarding our FRAML solutions specifically. Revenue grew 23% when adjusting for the impact of deferred revenue in the prior year period. The business saw continued growth in new clients across small to medium banks with 98 new SMB clients signed during the quarter.

特別是關於我們的 FRAML 解決方案。在調整上一年遞延收入的影響後，收入增長了 23%。該業務見證了中小型銀行的新客戶持續增長，本季度新簽約了 98 家 SMB 客戶。

In addition, the business signed its first 2 clients to its crypto anti-financial crime platform in 2022. This is an exciting offering that allows crypto companies to identify crime, ensure regulatory compliance and prevent losses.

此外，該公司在 2022 年為其加密貨幣反金融犯罪平台簽下了首批 2 位客戶。這是一項令人興奮的產品，可讓加密貨幣公司識別犯罪、確保合規性並防止損失。

We also continue to see momentum following several proofs of concepts with a number of Tier 1 and Tier 2 banks, including signing a Tier 2 bank for our enterprise fraud solution during the fourth quarter. Feedback on the proof-of-concept results has been very positive, and we anticipate signing additional clients in 2023.

在與多家一級和二級銀行進行多項概念驗證之後，我們還繼續看到勢頭，包括在第四季度為我們的企業欺詐解決方案簽署了一家二級銀行。對概念驗證結果的反饋非常積極，我們預計將在 2023 年簽署更多客戶。

I want to take a moment here to acknowledge a leadership appointment that took place this month in our Anti-Financial Crime division. Brendan Brothers, a co-founder of Verafin and the division's Head of Strategy, has been appointed interim Head of our AFC division. He succeeds Jamie King, who's retiring from Nasdaq. We're grateful for Jamie's tremendous contributions to Verafin, and we wish him very well in his next chapter. And we're excited to have Brendan step in to his role as we continue to execute against our AFC road map.

我想在這里花點時間感謝本月我們的反金融犯罪部門的領導任命。 Verafin 的聯合創始人兼該部門的戰略主管 Brendan Brothers 已被任命為我們 AFC 部門的臨時主管。他接替即將從納斯達克退休的 Jamie King。我們感謝 Jamie 對 Verafin 的巨大貢獻，我們祝愿他在下一章一切順利。我們很高興 Brendan 在我們繼續執行我們的 AFC 路線圖時接替他的角色。

As I mentioned at the start of my remarks today, Nasdaq has made notable progress against our broader strategic journey. With the year ahead now in focus, I'd like to share our enterprise priorities for 2023 and beyond.

正如我在今天講話開始時提到的那樣，納斯達克在我們更廣泛的戰略旅程中取得了顯著進展。展望未來一年，我想分享我們 2023 年及以後的企業優先事項。

First, we will strive to realize the benefits of our new divisional alignments. We aim to unlock the growth opportunities that our new structure provides us. We intend to deliver an enhanced client experience by delivering more unified solutions through a One Nasdaq approach to our clients. We will have a focused capital allocation strategy across our 3 divisions, and we will increase our go-to-market agility by integrating related software development and marketing talent into each division, which would facilitate streamlined decision-making.

首先，我們將努力實現新的部門調整帶來的好處。我們的目標是釋放新結構為我們提供的增長機會。我們打算通過 One Nasdaq 方法為我們的客戶提供更統一的解決方案，從而提供增強的客戶體驗。我們將在我們的 3 個部門製定一個集中的資本配置戰略，我們將通過將相關的軟件開發和營銷人才整合到每個部門來提高我們的上市敏捷性，這將有助於簡化決策。

Second, we want to remain positioned for success amid a dynamic market environment. With macroeconomic uncertainty likely to persist as we continue into 2023, we want to demonstrate the value of our mission-critical solutions in an environment where businesses know that they need to keep investing but are increasingly focused on quick time to value and strong return on invested capital.

其次，我們希望在充滿活力的市場環境中保持成功。隨著我們進入 2023 年，宏觀經濟的不確定性可能會持續存在，我們希望在企業知道他們需要繼續投資但越來越注重快速實現價值和強勁的投資回報的環境中展示我們的關鍵任務解決方案的價值首都。

And third, we want to continue advancing our long-term cloud and AI strategy across the Nasdaq franchise by optimizing our agile development and leveraging machine intelligence across our solutions to unlock more opportunities to deliver innovation to our clients.

第三，我們希望通過優化我們的敏捷開發並在我們的解決方案中利用機器智能來釋放更多機會，為我們的客戶提供創新，從而繼續在納斯達克特許經營中推進我們的長期雲和人工智能戰略。

Within Market Platforms, as we deploy our new data-centric system architecture, combined with the scalability and the analytics engines that are offered through the cloud infrastructure, we believe we'll be able to develop new AI-based order types and we'll offer more advanced capabilities to our market participants connected into our ecosystem. These capabilities will also become available to our exchange technology clients as we work collaboratively with them to deploy cloud-based market infrastructures in their home markets.

在市場平台中，隨著我們部署新的以數據為中心的系統架構，結合通過雲基礎設施提供的可擴展性和分析引擎，我們相信我們將能夠開發新的基於 AI 的訂單類型，並且我們將為連接到我們生態系統的市場參與者提供更高級的功能。這些功能也將提供給我們的交易技術客戶，因為我們與他們合作，在他們的本土市場部署基於雲的市場基礎設施。

Beyond Market Platforms, we're already well positioned with our cloud-based SaaS solutions across many of our solutions businesses, and we're on our journey to bring more of our solutions into the cloud. In 2023, we're currently migrating our clients onto our next-gen cloud-based governance platform and trade surveillance platform.

除了市場平台之外，我們已經在我們的許多解決方案業務中利用基於雲的 SaaS 解決方案做好了準備，並且我們正在努力將更多解決方案帶入雲端。到 2023 年，我們目前正在將我們的客戶遷移到我們的下一代基於雲的治理平台和貿易監控平台。

As our Anti-Financial Crime solutions demonstrate, having a cloud-based data lake unlocks enormous potential in applying advanced AI algorithms and self-reinforcement learning engines to our solutions. And with new step-function improvements in AI that are coming to market, we're extremely excited to apply those technologies to more of our solutions in 2023 and beyond. We look forward to updating you on our progress on these priorities in the quarters to come.

正如我們的反金融犯罪解決方案所展示的那樣，擁有基於雲的數據湖可以釋放出將高級人工智能算法和自我強化學習引擎應用於我們的解決方案的巨大潛力。隨著 AI 新的階躍函數改進即將上市，我們非常高興能在 2023 年及以後將這些技術應用到我們的更多解決方案中。我們期待在未來幾個季度向您通報我們在這些優先事項上的最新進展。

Before I wrap up, I would like to address the current market environment. Uncertainty still lingers across the global economy and market-driven headwinds. And if they persist throughout the year, that could impact our near-term growth outlook across listings and index in 2023.

在結束之前，我想談談當前的市場環境。全球經濟和市場驅動的逆風仍然存在不確定性。如果它們全年持續存在，這可能會影響我們 2023 年上市和指數的近期增長前景。

We are also seeing a modest elongation of sales cycles for certain of our solutions, notably our IR solutions and our asset owner solutions, which is part of our Analytics business. We are viewed by our IR and asset owner clients as a trusted partner to help them manage through the challenges that the markets have presented, but we are finding, particularly in more hard hit sectors, that clients are going through more internal gates to approve investments in IR and portfolio management solutions.

我們還看到某些解決方案的銷售週期略有延長，特別是我們的 IR 解決方案和我們的資產所有者解決方案，它們是我們分析業務的一部分。我們的 IR 和資產所有者客戶將我們視為值得信賴的合作夥伴，可以幫助他們應對市場帶來的挑戰，但我們發現，尤其是在受災較重的行業，客戶正在通過更多的內部關卡來批准投資在 IR 和投資組合管理解決方案方面。

More generally, across our broader Nasdaq platform, client demand remains strong. Despite the macro uncertainty, we believe 2023 will be marked by how well businesses continue to adapt to the digital transformation of the economy through investments in technology. Nasdaq benefits from that digital transformation given our range of technology and analytics solutions.

更廣泛地說，在我們更廣泛的納斯達克平台上，客戶需求依然強勁。儘管存在宏觀不確定性，但我們認為 2023 年將以企業如何通過技術投資繼續適應經濟的數字化轉型為標誌。鑑於我們的技術和分析解決方案範圍廣泛，納斯達克受益於數字化轉型。

Building on our foundation of solid client retention, competitive success and deepened engagement with clients, we have confidence that our clients' investments in technology and cloud-based SaaS solutions will continue to be a priority. Therefore, we maintain our conviction in the investments we're making to deliver modern world-class solutions to our clients.

基於我們穩固的客戶保留、競爭成功和與客戶深入互動的基礎，我們相信我們的客戶對技術和基於雲的 SaaS 解決方案的投資將繼續成為優先事項。因此，我們堅信我們正在為我們的客戶提供現代世界級解決方案而進行的投資。

We have a very resilient and diversified value proposition and are well prepared to guide our clients and our company through this dynamic environment. We are entering the year with a continued focus on achieving our revenue growth outlook over the medium term as we navigate a complex 2023, and we remain confident that our longer-term investments across market modernization, ESG solutions and anti-financial crime technology will create value for our clients and shareholders alike.

我們擁有非常有彈性和多元化的價值主張，並已做好充分準備，引導我們的客戶和我們的公司度過這個充滿活力的環境。隨著我們在復雜的 2023 年中前行，我們將繼續專注於在中期實現我們的收入增長前景，並且我們仍然相信我們在市場現代化、ESG 解決方案和反金融犯罪技術方面的長期投資將創造新的一年為我們的客戶和股東創造價值。

As I wrap up, I will summarize by saying that our fourth quarter produced solid results for Nasdaq, completing a very successful 2022 for our company. Looking ahead in 2023, we enter the year focused on realizing the benefits of our new corporate structure to amplify growth across our key pillars of liquidity, transparency and integrity as we look to advance towards our goal of becoming the trusted fabric of the global financial system.

最後，我將總結說，我們的第四季度為納斯達克帶來了可觀的業績，為我們公司完成了非常成功的 2022 年。展望 2023 年，我們進入這一年的重點是實現我們新公司結構的好處，以擴大我們在流動性、透明度和誠信等關鍵支柱方面的增長，同時我們希望朝著成為全球金融體系值得信賴的結構的目標前進.

And with that, I'll now turn the call over to Ann to review the financial details.

有了這個，我現在將電話轉給 Ann 來審查財務細節。

Thank you, Adena, and good morning, everyone. My commentary will primarily focus on our non-GAAP results, and all comparisons will be to the prior year period unless otherwise noted. Reconciliations of U.S. GAAP to non-GAAP results can be found in our press release as well as in the file located in the Financials section of our Investor Relations website at ir.nasdaq.com.

謝謝 Adena，大家早上好。我的評論將主要集中在我們的非 GAAP 結果上，除非另有說明，否則所有比較都將與上一年度進行比較。美國 GAAP 與非 GAAP 結果的調節可以在我們的新聞稿以及位於我們投資者關係網站 ir.nasdaq.com 的財務部分的文件中找到。

As a reminder, on Slide 4, our financial reporting reflects the new corporate structure that we announced last quarter. Additionally, in order to better align our financial reporting with our internal management structure, we also recast the U.S. cash equity and options tape plan revenues into the Trading Services business within Market Platforms division from the Data and Listing Services business within the Capital Access Platforms division. Investors can review an updated supplement on the IR website with historical time periods reflecting this change.

提醒一下，在幻燈片 4 中，我們的財務報告反映了我們上個季度宣布的新公司結構。此外，為了更好地使我們的財務報告與我們的內部管理結構保持一致，我們還將美國現金股票和期權磁帶計劃收入從資本獲取平台部門的數據和上市服務業務重新調整為市場平台部門的交易服務業務.投資者可以在 IR 網站上查看更新的補充文件，其中包含反映此變化的歷史時間段。

I will start by reviewing fourth quarter 2022 performance, beginning on Slide 11 of the presentation. The 2% increase in reported net revenue of $906 million is the net result of organic growth of 5%, including a 5% organic increase in the Solutions businesses and a 4% organic increase in Trading Services, partially offset by a 3% negative impact from changes in FX rates and the net impact of an acquisition and divestitures.

我將從回顧 2022 年第四季度的業績開始，從演示文稿的幻燈片 11 開始。 9.06 億美元的報告淨收入增長 2% 是 5% 有機增長的淨結果，包括解決方案業務 5% 的有機增長和貿易服務 4% 的有機增長，部分被 3% 的負面影響所抵消匯率變化以及收購和資產剝離的淨影響。

Moving to operating profit and margins. Non-GAAP operating income decreased 1% while the non-GAAP operating margin of 49% was down from 51% in the prior year period. For the full year 2022, the non-GAAP operating margin totaled 52%, a decrease of 1 percentage point from 2021. Non-GAAP net income attributable to Nasdaq was $317 million or $0.64 per diluted share compared to $328 million or $0.64 per diluted share in the prior year period.

轉向營業利潤和利潤率。非美國通用會計準則營業收入下降 1%，而非美國通用會計準則營業利潤率為 49%，低於去年同期的 51%。 2022 年全年，非 GAAP 營業利潤率為 52%，比 2021 年下降 1 個百分點。歸屬於納斯達克的非 GAAP 淨收入為 3.17 億美元或攤薄後每股收益 0.64 美元，而 3.28 億美元或攤薄後每股收益為 0.64 美元在上一年期間。

Turning to Slide 12. As Adena mentioned earlier, ARR totaled $2 billion, an increase of 8% from the prior year period, while annualized SaaS revenues totaled $725 million, an increase of 13%.

轉到幻燈片 12。正如 Adena 之前提到的，ARR 總計 20 億美元，比去年同期增長 8%，而年化 SaaS 收入總計 7.25 億美元，增長 13%。

I will now review quarterly division results on Slides 13 through 15, starting with the Market Platforms division. Revenues increased $10 million or 3%. The organic increase was 5%, and there was a 2% negative impact from changes in FX rates.

我現在將在幻燈片 13 到 15 上回顧季度部門的結果，從市場平台部門開始。收入增加了 1000 萬美元或 3%。有機增長為 5%，匯率變化帶來了 2% 的負面影響。

Trading Services organic growth totaled 4%, with the increase primarily due to higher U.S. equity derivatives and U.S. cash equity revenues due to higher capture and higher industry volumes, partially offset by lower European cash equity revenues due to lower industry volumes.

貿易服務有機增長總計 4%，增長主要是由於捕獲量增加和行業交易量增加導緻美國股票衍生品和美國現金股票收入增加，部分被行業交易量減少導致的歐洲現金股票收入減少所抵消。

Within Marketplace Technology, we had strong performance in our Trade Management Services business and delivered another quarter of organic growth in the Market Technology business, driven by higher SaaS revenues and strong order intake during the period. This builds on the positive organic revenue growth in the third quarter of 2022, which is a further encouraging proof point that the programs and initiatives implemented by the leadership team are moving the business forward.

在 Marketplace Technology 中，我們的貿易管理服務業務表現強勁，市場技術業務又實現了四分之一的有機增長，這得益於同期 SaaS 收入的增加和訂單量的強勁增長。這是建立在 2022 年第三季度有機收入正增長的基礎上的，這是進一步令人鼓舞的證據，表明領導團隊實施的計劃和舉措正在推動業務向前發展。

ARR totaled $503 million, an increase of 5% compared to the prior year period. The division operating margin of 52% in the fourth quarter of 2022 and 54% in the full year of 2022 both decreased 2 percentage points from the prior year period. The change primarily reflects increased expenses associated with the continued investment in our people and our businesses, including our digital asset strategy.

ARR 總計 5.03 億美元，比上年同期增長 5%。該部門 2022 年第四季度的營業利潤率為 52%，2022 年全年為 54%，均較上年同期下降 2 個百分點。這一變化主要反映了與我們的人員和業務持續投資相關的費用增加，包括我們的數字資產戰略。

Capital Access Platform revenues were unchanged, reflecting organic revenue growth of $7 million or 2% as well as a 2% negative impact of changes in FX rates. Organic revenue growth during the period reflects positive contributions from the Workflow and Insights and Data and Listing Services businesses, partially offset by an organic decline in Index revenues.

Capital Access Platform 收入保持不變，反映了 700 萬美元或 2% 的有機收入增長以及匯率變化帶來的 2% 的負面影響。在此期間的有機收入增長反映了工作流和洞察以及數據和列表服務業務的積極貢獻，部分被指數收入的有機下降所抵消。

Spending a moment on Index. Overall Index revenue declined by 11% compared to the fourth quarter of 2022. When examining the key drivers of the financial performance, our asset-based licensing revenues declined 21% compared to the prior year period, partially offset by a 25% increase in futures-related revenues linked to the Nasdaq 100 Index. Average AUM during the period, which is used to calculate our asset-based revenues each quarter, decreased 19% from the prior year period, and trading volumes in futures linked to the Nasdaq 100 Index increased 21% from the prior year quarter. To assist analysts and investors going forward, we are updating our public disclosures to provide average AUM each quarter in addition to the end of the period, which will be -- which will better align our key disclosures with our key revenue drivers for the business.

花一點時間在 Index 上。與 2022 年第四季度相比，總體指數收入下降了 11%。在考察財務業績的主要驅動因素時，我們基於資產的許可收入與去年同期相比下降了 21%，部分被期貨增長 25% 所抵消-與納斯達克 100 指數掛鉤的相關收入。在此期間，用於計算我們每個季度基於資產的收入的平均 AUM 比去年同期下降 19%，與納斯達克 100 指數掛鉤的期貨交易量比去年同期增長 21%。為了協助分析師和投資者向前邁進，我們正在更新我們的公開披露，以提供除期末外的每個季度的平均 AUM，這將使我們的主要披露與我們的業務主要收入驅動因素更好地保持一致。

One additional note looking forward to the first quarter of 2023. Trading activity of instruments linked to our indexes achieved certain annual thresholds during the second quarter of '22 that resulted in an increase in licensing economics during the remainder of the year. As we begin 2023, the economics of certain agreements reset for the new year. We estimate that this will lead to approximately $9 million of lower revenue in the first quarter of 2023 compared to the fourth quarter of 2022, assuming similar trading activity and product mix in the 2 periods.

另請注意 2023 年第一季度。與我們的指數掛鉤的工具的交易活動在 2022 年第二季度達到了特定的年度門檻，這導致了當年剩餘時間的許可經濟增長。隨著 2023 年的開始，某些協議的經濟效益為新的一年重新設定。我們估計，假設這兩個時期的交易活動和產品組合相似，這將導致 2023 年第一季度的收入比 2022 年第四季度減少約 900 萬美元。

ARR for Capital Access Platforms totaled $1.19 billion, an increase of 7% compared to the prior year period. The division operating margin of 50% in the fourth quarter decreased -- the fourth quarter of 2022 decreased 3 percentage points from the prior year period. The operating margin for the full year 2022 was 54.4%, up 60 basis points from 53.8% in 2021.

Capital Access Platforms 的 ARR 總計 11.9 億美元，比上年同期增長 7%。該部門第四季度營業利潤率為 50%，下降了——2022 年第四季度比去年同期下降了 3 個百分點。 2022 年全年營業利潤率為 54.4%，較 2021 年的 53.8% 上升 60 個基點。

Anti-Financial Crime revenue increased $14 million or 21%, with $4 million of the increase due to the impact of the deferred revenue write-down on Verafin in 4Q '21. Organic growth was 21% in the period or 14% when excluding the impact of deferred revenue, reflecting healthy demand for fraud detection and anti-money laundering solutions as well as SaaS-based surveillance solutions. Fraud detection and AML solutions revenues grew 23% compared to 4Q '21, excluding the impact of the deferred revenue write-down.

反金融犯罪收入增加了 1400 萬美元或 21%，其中 400 萬美元的增長是由於 21 年第四季度 Verafin 遞延收入減記的影響。期內有機增長率為 21%，排除遞延收入的影響則為 14%，反映了對欺詐檢測和反洗錢解決方案以及基於 SaaS 的監控解決方案的健康需求。與 2021 年第四季度相比，欺詐檢測和 AML 解決方案收入增長了 23%，不包括遞延收入減記的影響。

ARR for Anti-Financial Crime totaled $312 million, an increase of 16% compared to the prior year period. Signed ARR, which also includes ARR for new contracts signed but not yet commenced, totaled $338 million, an increase of 17% versus the prior year period. The Anti-Financial Crime division operating margin was 32% in the fourth quarter of '22 and 26% in the full year of '22.

反金融犯罪 ARR 總計 3.12 億美元，比上年同期增長 16%。已簽署的 ARR，其中還包括已簽署但尚未開始的新合同的 ARR，總計 3.38 億美元，比上年同期增長 17%。 22 年第四季度反金融犯罪部門的營業利潤率為 32%，22 年全年為 26%。

Turning to Page 16 to review both expenses and guidance. Non-GAAP operating expenses increased $26 million to $460 million. The increase reflects a $45 million organic increase, partially offset by a $20 million decrease from the impact of changes in FX rates and a $1 million decrease from the net impact of an acquisition and divestitures. The organic expense increase is primarily driven by higher compensation and benefits expense and general and administrative expense.

轉到第 16 頁以查看費用和指導。非 GAAP 運營費用增加 2600 萬美元至 4.6 億美元。這一增長反映了 4500 萬美元的有機增長，部分被匯率變化影響導致的 2000 萬美元減少以及收購和資產剝離的淨影響減少 100 萬美元所抵消。有機費用的增加主要是由更高的薪酬和福利費用以及一般和行政費用推動的。

The higher compensation reflects our continued investment in new employees to drive growth, including a 10% increase in the team over the past 12 months; and annual merit increases, which were higher than prior years due to inflationary pressures on compensation. The higher general and administrative expense primarily reflects higher travel versus the prior year period as we returned to a more normalized level of travel in 2022.

更高的薪酬反映了我們對新員工的持續投資以推動增長，包括在過去 12 個月中團隊增加了 10%；由於薪酬的通貨膨脹壓力，年度業績增長高於往年。較高的一般和行政費用主要反映了與去年同期相比較高的差旅，因為我們在 2022 年恢復了更正常的差旅水平。

During the fourth quarter of 2022, we initiated a divisional alignment program with a focus on realizing the full potential of our new corporate structure. As a reminder, we did this to focus our business more sharply on 3 megatrends: Modernizing markets, ESG and anti-financial crime. The structure change not only increases our focus, but will also bring commercial teams closer together; put technology and marketing resources closer to our products; and redefine how we engage, attract and retain clients across products. As a result, we expect to incur $115 million to $145 million in pretax charges, approximately 40% of which will be noncash charges.

2022 年第四季度，我們啟動了部門調整計劃，重點是充分發揮新公司結構的潛力。提醒一下，我們這樣做是為了將我們的業務更加集中於 3 個大趨勢：現代化市場、ESG 和反金融犯罪。結構變化不僅增加了我們的關注度，也將拉近商業團隊的距離；使技術和營銷資源更接近我們的產品；並重新定義我們如何跨產品吸引、吸引和留住客戶。因此，我們預計將產生 1.15 億美元至 1.45 億美元的稅前費用，其中約 40% 為非現金費用。

The program will be open for 2 years and has 3 main components: One, asset impairments and contract terminations; two, employee-related costs to support the divisional realignment; and three, onetime consulting and other spend designed to help us unlock revenue synergies. We are targeting benefits in the form of combined annual run rate operating efficiencies and revenue synergies of at least $30 million by 2025. Costs related to the divisional alignment program will be recorded as restructuring expense.

該方案將開放2年，主要有3個組成部分：一、資產減值和合同終止；二、支持部門重組的員工相關成本；第三，一次性諮詢和其他支出，旨在幫助我們釋放收入協同效應。我們的目標是，到 2025 年，年運行率運營效率和收入協同效應的綜合效益至少達到 3000 萬美元。與部門調整計劃相關的成本將記為重組費用。

We are initiating our 2023 non-GAAP operating expense guidance to a range of $1.77 billion to $1.85 billion. The midpoint of the expense guidance range reflects an increase of just over 5%, including an increase of 1% related to our digital asset strategy and primarily reflects our continued investments to drive growth across ESG, anti-financial crime and market modernization. We expect the 2023 non-GAAP tax rate to be in the range of 24% to 26%.

我們正在啟動我們的 2023 年非 GAAP 運營費用指導，範圍為 17.7 億美元至 18.5 億美元。費用指導範圍的中點反映了略高於 5% 的增幅，包括與我們的數字資產戰略相關的 1% 增幅，主要反映了我們持續投資以推動 ESG、反金融犯罪和市場現代化方面的增長。我們預計 2023 年的非 GAAP 稅率將在 24% 至 26% 的範圍內。

Turning to Slide 17. Debt increased by $27 million versus 3Q '22, primarily due to net issuances of $465 million of commercial paper and $164 million increase in Eurobond book values caused by a stronger euro, partially offset by repayment of $600 million of 0.445% senior unsecured notes at maturity. Our total debt to trailing 12 months non-GAAP EBITDA ratio remains at 2.7x as compared to the third quarter of 2022.

轉到幻燈片 17。與 22 年第三季度相比，債務增加了 2700 萬美元，這主要是由於商業票據的淨發行量為 4.65 億美元，歐元走強導致歐洲債券賬面價值增加 1.64 億美元，部分被 0.445% 的 6 億美元償還所抵消到期的高級無抵押票據。與 2022 年第三季度相比，我們的總債務與過去 12 個月的非 GAAP EBITDA 比率保持在 2.7 倍。

With record free cash flow, excluding Section 31 fees of $1.5 billion in 2022, a weighted average cash cost of debt of 2.2% and no long-term debt maturities until 2026, we have positioned the company to minimize the impact of rising rates and to provide flexibility to support our growth strategy.

憑藉創紀錄的自由現金流，不包括 2022 年 15 億美元的第 31 節費用，債務的加權平均現金成本為 2.2%，並且在 2026 年之前沒有長期債務到期，我們已將公司定位為最大限度地減少利率上升的影響，並提供靈活性以支持我們的增長戰略。

During the fourth quarter of 2022, the company paid common stock dividends in the aggregate of $98 million. As of December 31, 2022, there was an aggregate $650 million remaining under the Board-authorized share repurchase program, reflecting an increase in authorization approved by the Board in December.

2022 年第四季度，公司共支付了 9800 萬美元的普通股股息。截至 2022 年 12 月 31 日，董事會授權的股票回購計劃剩餘總計 6.5 億美元，反映出董事會 12 月批准的授權增加。

Turning to Page 18 of the presentation. I would like to highlight some of the significant progress we have made executing on our sustainable strategy. For the seventh consecutive year, we were named to the Dow Jones Sustainability North America Index, one of the most prestigious environmental, social and governance ranking benchmarks. Nasdaq was 1 of 8 diversified financial services companies selected for inclusion in the 2022 index. In addition, we were only -- 1 of only 283 companies out of 15,000 evaluated and named to CDP's 2022 Climate Change A List.

翻到演示文稿的第 18 頁。我想強調我們在執行可持續戰略方面取得的一些重大進展。我們連續第七年入選道瓊斯北美可持續發展指數，這是最負盛名的環境、社會和治理排名基準之一。納斯達克是被選入 2022 指數的 8 家多元化金融服務公司之一。此外，在 15,000 家評估併入選 CDP 2022 年氣候變化 A 級名單的 283 家公司中，我們只是其中的一家。

In closing today, Nasdaq's fourth quarter of 2022 results reflect a continuation of the company's ability to consistently perform well across a wide range of operating environments.

今天收盤時，納斯達克 2022 年第四季度的業績反映了該公司在廣泛的運營環境中持續表現良好的能力。

Thank you for your time, and I will turn it back over to the operator for Q&A.

謝謝你的時間，我會把它轉回給接線員進行問答。

(Operator Instructions) And I show our first question comes from the line of Richard Repetto from Piper Sandler.

（操作員說明）我展示了我們的第一個問題來自 Piper Sandler 的 Richard Repetto。

I didn't quite get those restructuring charges, but I think I'd like to keep my question broader. Adena, you talked right at the conclusion in your prepared remarks about sort of the outlook for '23. And I think we all get, if the markets are down, the index business, the listing business, et cetera. But I'm trying to see, what businesses might flourish? Or is there any businesses that might make progress if we get -- with this macroeconomic uncertainty? Because investors look at exchanges to be a little bit countercyclical.

我不太明白那些重組費用，但我想我想把我的問題擴大一些。 Adena，你在準備好的關於 23 年前景的評論中的結論是正確的。而且我認為，如果市場下跌，我們都會得到指數業務、上市業務等。但我想看看，哪些企業可能會蓬勃發展？或者，如果我們得到這種宏觀經濟不確定性，是否有任何企業可能取得進展？因為投資者認為交易所有點反週期。

And right attached with that, that this sort of outlook. I know it's early on, but the Reg NMS changes, just on balance, they're not going to happen this year. But if they -- the whole balance, whether the fee -- cap fees versus the higher volumes, how you look at the balance from the proposed changes.

並附有這種觀點。我知道現在還早，但 Reg NMS 發生了變化，總的來說，它們不會在今年發生。但是，如果他們——整體餘額，無論是費用——上限費用與更高的數量，你如何看待擬議變化的平衡。

Sure. Okay. So that was a good, long and multi-faceted question, Rich.

當然。好的。所以這是一個很好的、漫長的、多方面的問題，Rich。

You can just take one. I apologize. Just take one.

你可以只拿一個。我道歉。就拿一個吧。

No, that's okay. No, that was good. Okay. So in terms of outlook for 2023, I think the general view inside of Nasdaq right now is that we continue to have really strong client interactions across all the businesses that comprise our annualized recurring revenue. So that's our Anti-Financial Crime business, our -- what we call our Corporate Solutions business, our investment analytics capabilities and particularly in our analytics and our data businesses. And in our Marketplace Technology business, we still see really good client demand, client interactions, progress against our strategy.

不，沒關係。不，那很好。好的。因此，就 2023 年的前景而言，我認為納斯達克內部目前的普遍看法是，我們在構成我們年度經常性收入的所有業務中繼續保持非常強大的客戶互動。這就是我們的反金融犯罪業務，我們 - 我們稱之為企業解決方案業務，我們的投資分析能力，特別是我們的分析和數據業務。在我們的市場技術業務中，我們仍然看到非常好的客戶需求、客戶互動以及我們戰略的進展。

I feel our ESG services had double-digit growth, and we continue to see really great capabilities and opportunities there. Our anti-financial crime technology continues to show really strong growth. And I think that the market modernization efforts are really impact -- are having a positive effect on our engagement with our Market Tech clients as they're thinking about modernizing their infrastructure.

我覺得我們的 ESG 服務實現了兩位數的增長，我們繼續看到那裡真正強大的能力和機會。我們的反金融犯罪技術繼續顯示出非常強勁的增長。而且我認為市場現代化的努力確實產生了影響 - 對我們與市場技術客戶的互動產生了積極影響，因為他們正在考慮對其基礎設施進行現代化改造。

So what I would say, the long-term trends that we're really driving towards feel good as we go into 2023, and we feel really great about the client engagement.

所以我要說的是，我們真正推動的長期趨勢在進入 2023 年時感覺良好，而且我們對客戶參與度感到非常滿意。

The market backdrop, obviously, we're not immune to it. No company is. But I would agree that exchanges have a really resilient -- we're a resilient platform because we have this underpinning of trading, we have this underpinning of our listings and listing fees, we have an underpinning of data, that really help keep us really strong and quite resilient in -- across all different market environments.

顯然，市場背景我們不能倖免。沒有公司是。但我同意交易所具有真正的彈性——我們是一個彈性平台，因為我們有交易的基礎，我們有上市和上市費用的基礎，我們有數據的基礎，這真的有助於讓我們保持真實在所有不同的市場環境中都很強大而且很有彈性。

But there are a couple of areas where we have market beta. So certainly, listings revenues won't grow as fast if we don't have listings come out into the market. We have 200 companies on file looking to tap the Nasdaq, and hopefully, if the markets open up as we go through the year. But as you know, it takes 2 to tango.

但是我們有幾個領域有市場貝塔。因此，如果我們沒有上市，上市收入肯定不會增長得那麼快。我們有 200 家公司希望進入納斯達克市場，希望在我們今年開放市場的情況下。但是如您所知，探戈需要 2 個。

So we've got the supply, the demand really comes for investors feeling confident underwriting new deals. And I think if we can see interest rates kind of top out and we kind of know where that ends up, we see inflation continue to come down and we have a more certain economic underfooting, we could actually see activity pick up, particularly in the latter half of the year. And we're hopeful for that. And that will help, obviously, with '23 growth but also help with '24.

所以我們有供應，需求真的來自於投資者對承銷新交易充滿信心。而且我認為，如果我們能夠看到利率達到頂峰並且我們知道最終會發生什麼，我們看到通貨膨脹繼續下降並且我們有更確定的經濟基礎，我們實際上可以看到活動回升，特別是在下半年。我們對此充滿希望。顯然，這將有助於 23 年的增長，但也有助於 24 年的增長。

I think with the Index business, it's obviously subject to market beta with our AUM. And we were able to withstand a lot of changes in market values last year. But the fourth quarter, you could see had a big impact. So the AUM dropped a lot. We didn't have as-robust inflows in the fourth quarter to counteract that. But as we go into 2023, we're at least off to a better start. We'll have to see how that evolves, and that's an area where we will have market beta through the year. So we'll have to see that goes.

我認為對於指數業務，它顯然受制於我們的 AUM 的市場貝塔。去年我們能夠承受很多市場價值的變化。但是第四季度，你可以看到產生了很大的影響。所以 AUM 下降了很多。我們在第四季度沒有強勁的資金流入來抵消這一點。但隨著我們進入 2023 年，我們至少有了一個更好的開端。我們將不得不看看它是如何演變的，這是我們全年將進行市場測試的領域。因此，我們必須拭目以待。

But if I were to sum it up, though, the areas where we have recurring revenues and we have our SaaS revenues, we feel really good about how we're engaging with clients. We do have some elongated sales cycles across IR and Analytics. But generally speaking, really strong demand. The trends that we're underwriting, we feel really good about, and the investments we're making there. And I think the markets will be the markets, but I think we've been able to demonstrate really strong performance across different market cycles.

但是，如果我要總結一下，在我們有經常性收入和我們有 SaaS 收入的領域，我們對與客戶的互動方式感覺非常好。我們在 IR 和分析方面確實有一些延長的銷售週期。但總的來說，需求確實強勁。我們承保的趨勢，我們感覺非常好，以及我們在那裡進行的投資。而且我認為市場將成為市場，但我認為我們已經能夠在不同的市場週期中展示出非常強勁的表現。

Lastly, you asked a question about Reg NMS and the fees and volumes. It's really early, Rich. It's an initial proposal from the SEC. There'll be rounds of comments, there'll be probably revisions in the proposals. And so it will be several years before we kind of see the impact of that.

最後，您問了一個關於 Reg NMS 以及費用和數量的問題。真的很早，里奇。這是 SEC 的初步提議。會有多輪評論，可能會對提案進行修改。因此，我們還需要幾年的時間才能看到它的影響。

But you're doing the same practice that we're trying to do, which is we see more opportunity to bring more retail volume onto lit venues, and that's obviously going to benefit us. But we also see a change in the tick sizes and the relevant access fees, and that's where we have to kind of look at that, the kind of what I'll call the different dynamics that, that will result in.

但是你正在做我們正在嘗試做的同樣的做法，這是我們看到更多的機會將更多的零售量帶到照明場所，這顯然將使我們受益。但我們也看到了變動幅度和相關訪問費用的變化，這就是我們必須關注的地方，我稱之為不同的動態，這將導致。

And so we actually, kind of net-net, are generally positive on what the SEC's proposed. But we obviously want to make sure we're calibrating the tick sizes and the access fees appropriately for what they're trying to achieve there.

因此，實際上，我們對美國證券交易委員會的提議總體上持積極態度。但我們顯然想確保我們正在根據他們試圖在那裡實現的目標適當地校準刻度大小和訪問費用。

We have our next question from the line of Michael Cyprys from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

I wanted to dig in a little bit on Verafin. I was hoping you can update us on how the sales environment and pipeline is evolving. And you mentioned some proof of concepts that are undergoing right now. I was hoping maybe you can elaborate on how many you have with Tier 1 banks. And historically, what's been the time to conversion with those historical clients signing over to becoming paying customers?

我想深入了解一下 Verafin。我希望您能向我們介紹銷售環境和管道的演變情況。你提到了一些目前正在進行的概念驗證。我希望你能詳細說明你在一級銀行有多少。從歷史上看，那些歷史客戶轉而成為付費客戶的時間是什麼時候？

Sure. Yes. Thanks, Michael. So generally, if we look at all of AFC, so you've got Anti-Financial Crime, so you've got the FRAML business which is kind of the Verafin capabilities, and then you have our trade surveillance, which is really the surveillance technology we offer to trading firms. And we have market surveillance, which is the technology -- the surveillance technology we offer to markets.

當然。是的。謝謝，邁克爾。所以總的來說，如果我們看看所有的 AFC，那麼你就有了反金融犯罪，所以你就有了 FRAML 業務，這是 Verafin 的一種能力，然後你有我們的貿易監督，這實際上是監督我們向貿易公司提供的技術。我們有市場監督，這是技術——我們向市場提供的監督技術。

In Verafin, as I mentioned, we continue to see really nice, strong demand there. And client -- especially with small and medium banks, the conversion has been quite consistent, finding a lead to getting them to become paying clients. And we had, I think it was 98 new clients in the quarter. And we had really strong dynamics there. And it's -- I have to say, I think what we offer is a great product, and it shows up in the sales.

正如我提到的，在 Verafin，我們繼續看到那裡非常好的、強勁的需求。和客戶——特別是對於中小型銀行，轉換非常一致，找到了讓他們成為付費客戶的線索。我認為本季度有 98 個新客戶。我們在那裡擁有非常強大的動力。而且它 - 我不得不說，我認為我們提供的是一種很棒的產品，並且它出現在銷售中。

As we go upmarket, that's where we're kind of -- we, as Verafin, are facing some new unchartered waters, right? We're getting up to the top of the banking universe. And I think that what we're seeing is Tier 2 banks, we're getting them signed up and lined up slowly but surely. The proof of concepts are showing a significant reduction in false positives and a better ability to identify real fraud. And so I think that's really -- the proof points are really helpful in getting to convert a client. The Tier 2 banks, you're talking more like a, I would say, anywhere from a 6- to 12-month sales cycle there.

當我們走向高端市場時，這就是我們所處的位置——作為 Verafin，我們正面臨一些新的未知水域，對吧？我們正在登上銀行業的頂峰。而且我認為我們看到的是二級銀行，我們正在讓他們註冊並緩慢但肯定地排隊。概念驗證顯示誤報顯著減少，識別真正欺詐的能力也更強。所以我認為這真的 - 證明點對於轉換客戶真的很有幫助。二級銀行，你說的更像是一個 6 到 12 個月的銷售週期。

And then you get up to the large, the Tier 1 banks. And that's where, again, we have several proofs of concepts that are completed now, and I think that we're showing really strong results in terms of improvements in lower false positives, better fraud detected. But the contracting cycles there are really long because they go through a really deep review internally. We go through, obviously, a cycle review. We go through a lot of different things. And those sales cycles can be anywhere from, I would say, kind of 9 to 15 to 18 months.

然後你就到了大型的一級銀行。這就是我們現在完成的幾個概念證明的地方，我認為我們在降低誤報、更好地檢測欺詐方面的改進方面顯示出非常強大的結果。但是那裡的承包周期真的很長，因為他們在內部經過了非常深入的審查。顯然，我們要進行週期審查。我們經歷了很多不同的事情。我想說，這些銷售週期可以是 9 到 15 到 18 個月不等。

So we are really hopeful because we completed some of those proof of concepts in the first half of last year, that we should be able to convert them this year. And I can only say, Michael, we're not giving specific numbers, but it's a good number of proofs of concepts that we've completed. It gives us an opportunity to show that we can get into the Tier 1 banks as we go through '23. And so we're confident we'll be able to show those proof points as we go through the year.

所以我們真的很有希望，因為我們在去年上半年完成了一些概念驗證，我們應該能夠在今年轉換它們。我只能說，邁克爾，我們沒有給出具體數字，但這是我們已經完成的大量概念證明。它讓我們有機會展示我們可以在 23 年進入一級銀行。因此，我們有信心在這一年中能夠展示這些證據。

Our next question comes from the line of Alex Kramm from UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

This may be a little bit of a snippy question, but I'm going to ask it anyways. It's about the recast. So obviously, you just in November resegmented and rolled out new targets for Solutions, 7% to 10%. But then obviously, you just recast something today to basically move a no -- or shrinking business into the nonsolution segment.

這可能是一個有點尖銳的問題，但我還是要問。這是關於重鑄的。很明顯，您剛剛在 11 月重新細分並推出了解決方案的新目標，7% 到 10%。但很明顯，你今天只是重塑了一些東西，基本上將沒有或正在收縮的業務轉移到非解決方案領域。

So if my math is right, it's about 60 basis points of positive impact to organic growth to Solutions in the fourth quarter. So I guess my question is, should we hold you accountable for higher targets now? Was it 7.5% to 10.5%? Or how should we be thinking about it? Because, again, you did a nice job recasting and really moving Solutions to be nontrading, and now you're changing that around again.

因此，如果我的計算是正確的，那麼第四季度解決方案的有機增長將產生大約 60 個基點的積極影響。所以我想我的問題是，我們現在應該讓你對更高的目標負責嗎？是 7.5% 到 10.5% 嗎？或者我們應該如何思考它？因為，再一次，你在重塑和真正將解決方案轉變為非交易方面做得很好，現在你又要改變它了。

Yes. So Alex, thanks for the question, and it's not snippy. So -- but I would say this. We actually made that change -- so what happened was, we used to have the options tape revenue sitting inside the Market Services business, and we had the equities tape revenue sitting inside of Market Data. And -- but what we did with the realignment was we actually moved the management of the equities tape into the markets team because of the fact that the revenues associated with the equity tape are more -- they ebb and flow with market share and other dynamics in the market as opposed to just pure client demand.

是的。所以亞歷克斯，謝謝你提出這個問題，它並不尖銳。所以——但我會這樣說。我們實際上做了這個改變——所以發生的事情是，我們曾經將期權磁帶收入放在市場服務業務中，而我們將股票磁帶收入放在市場數據中。而且——但我們在調整方面所做的是，我們實際上將股票磁帶的管理轉移到了市場團隊中，因為與股票磁帶相關的收入更多——它們隨著市場份額和其他動態而起伏不定在市場上，而不僅僅是純粹的客戶需求。

And so we decided. And so when we first redid -- went into the new divisional alignment, we actually moved the options tape into data as opposed to moving the equities tape into markets. And we -- as we went through the fourth quarter and we really thought about kind of aligning the business with the management, we actually decided to make a switch. So we kind of moved the options and equities tapes now into Market Platforms because that's where -- the team that supports them are moving into the Market Platforms division, are being managed by the Market Platforms team.

所以我們決定。因此，當我們第一次重新調整 - 進入新的部門調整時，我們實際上將期權磁帶轉移到數據中，而不是將股票磁帶轉移到市場中。而且我們 - 當我們經歷第四季度時，我們真的考慮過讓業務與管理層保持一致，我們實際上決定做出改變。因此，我們現在將期權和股票磁帶轉移到了市場平台，因為支持它們的團隊正在轉移到市場平台部門，由市場平台團隊管理。

So we did not do it intentionally to kind of recast targets or anything like that. We're not changing our medium- to long-term outlook across our Solutions businesses. 7% to 10% is the target and the outlook that we expect to be able to achieve over the medium to long term. But we did want to move those products just into the group that's managing them. That's really the only catalyst.

所以我們並沒有故意這樣做來重鑄目標或類似的東西。我們不會改變解決方案業務的中長期前景。 7% 到 10% 是我們期望能夠在中長期內實現的目標和前景。但我們確實想將這些產品轉移到管理它們的小組中。這確實是唯一的催化劑。

Our next question comes from the line of Owen Lau from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Owen Lau。

So on the expense outlook, could you please talk about the area that you will invest in ESG and anti-fin crime? Is there any specific examples you can give to us? And how should we think about the new product launches or even incremental revenue potential from these investments?

那麼關於支出前景，您能否談談您將投資於 ESG 和反金融犯罪的領域？有什麼具體的例子可以給我們嗎？我們應該如何考慮新產品的發布，甚至是這些投資的增量收入潛力？

Sure. I'll start. So Owen, so when we think about -- I guess, just coming back to the guidance, we've got that midpoint of our guidance is at 5%, which is when you look at our 4% to 7% medium-term outlook, we're just below the midpoint of that, which would be 5.5%.

當然。我會開始。所以歐文，所以當我們考慮 - 我想，回到指導，我們的指導中點是 5%，也就是當你看到我們 4% 到 7% 的中期前景時，我們剛好低於中點，即 5.5%。

When we think about what comprises that 5%, substantially all of our growth is to support, like you said, the -- our growth initiatives across ESG, AFC and market modernization. And I would characterize them as the investment we need to continue building out the long-term opportunities for those business to support the revenue growth we have in our outlook over the medium term.

當我們考慮這 5% 的內容時，我們所有的增長基本上都是為了支持，就像你說的那樣——我們在 ESG、AFC 和市場現代化方面的增長計劃。我會將它們描述為我們需要繼續為這些業務創造長期機會以支持我們在中期展望中實現的收入增長所需的投資。

And so I think it's really about that 18% to 23% medium-term outlook on AFC and then our Capital Access Platform medium-term outlook to support the growth there, ESG being the biggest or a high -- growing off a small base, but the high-growing portion of the Workflow and Insights portion of the business.

所以我認為這真的是關於 AFC 18% 到 23% 的中期前景，然後是我們的資本獲取平台中期前景，以支持那裡的增長，ESG 是最大的或高的——從一個小的基數增長，但業務的工作流和洞察力部分的高增長部分。

Yes. And I think, Owen, one thing we did point out because embedded in that 5% annual growth in expenses is about -- 1 percentage point of that is really the continued investment we're making in our digital assets business as we kind of get closer to launching that business hopefully in the first half of this year. So that's one concentrated investment that we've called out as we went through and discussed the outlook.

是的。我認為，歐文，我們確實指出了一件事，因為在支出每年 5% 的增長中，大約有 1 個百分點實際上是我們在數字資產業務中進行的持續投資，因為我們有點得到希望在今年上半年更接近推出該業務。因此，這是我們在討論前景時提出的一項集中投資。

I think beyond that, when we look at the remaining 4% growth, as Ann said, the majority of that growth really just comes from making sure we're making the right investments across the 3 key pillars. We're not kind of quantifying investments in each one of those pillars, but they're all -- you have to think about it this way. The growth outlook of one of those businesses, so if there's a higher growth outlook, it's likely that we're putting more investment dollars, or at least on a percentage basis, putting more investment into those businesses.

我認為除此之外，當我們看到剩餘的 4% 增長時，正如 Ann 所說，增長的大部分實際上只是來自確保我們在 3 個關鍵支柱上進行正確的投資。我們並沒有量化對每個支柱的投資，但它們都是——你必須這樣考慮。其中一項業務的增長前景，因此如果有更高的增長前景，我們可能會投入更多的投資資金，或者至少在一定百分比的基礎上，向這些業務投入更多的投資。

So like our AFC business. If we have a medium- to long-term growth outlook of 18% to 23%, we're investing in the R&D and the go-to-market and the sales capabilities to make sure we support that growth. And so that would have a higher level of investment than something that's growing 5%, let's say.

所以像我們的亞足聯業務。如果我們有 18% 到 23% 的中長期增長前景，我們將投資於研發、上市和銷售能力，以確保我們支持這種增長。因此，這將比增長 5% 的投資水平更高。

But I also think that as a general matter, we feel like we're making the right choices of where to invest our capital to make sure we can sustain our growth and make sure we achieve this on the medium to long-term outlook.

但我也認為，總的來說，我們覺得我們正在做出正確的投資選擇，以確保我們能夠維持增長，並確保我們在中長期前景上實現這一目標。

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

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

So I had a question on the pretax charges from the divisional alignment. I was wondering if you could provide more detail behind the employee-related costs. And what does this really mean in sort of simple terms? Is it layoffs? New hires? And where are you increasing headcount and where are you potentially reducing headcount?

所以我對部門調整的稅前費用有疑問。我想知道你是否可以提供更多與員工相關的成本背後的細節。用簡單的術語來說，這到底意味著什麼？是裁員嗎？新員工？你在哪裡增加員工人數，你可能在哪裡減少員工人數？

Okay. Thanks, Craig. I can get started on that question. So if we think about just overall, the realignment program that we've launched, the objective of the program is really tied very, very closely to our restructure of the -- and realignment of the divisions themselves.

好的。謝謝，克雷格。我可以開始回答這個問題了。因此，如果我們從整體上考慮，我們啟動的重組計劃，該計劃的目標實際上與我們的重組和部門本身的重組密切相關。

So when you think about the employee costs that are embedded in that range of $115 million to $145 million, they're really complementing our divisional realignment, and not broad-based. We're not looking at anything sort of from a broad-based company perspective, but really the effect of looking at location and functional strategy within the alignment of the divisions, and then also migrating some of our tech to optimize the power of the combined divisions.

因此，當您考慮嵌入在 1.15 億美元至 1.45 億美元範圍內的員工成本時，它們確實是對我們部門重組的補充，而不是基礎廣泛的。我們不是從廣泛的公司角度來看待任何事情，而是真正地在各部門的調整中審視位置和職能戰略的影響，然後還遷移我們的一些技術以優化合併後的力量分裂。

And we think about those costs coming in over the next 2 years and with an expected return on those costs of an annualized run rate savings and revenue synergies of about $30 million a year sort of fully baked in by 2025. And I'd say that $30 million estimate, right now, the majority of that is on the expense side.

我們考慮這些成本將在未來 2 年內出現，並且到 2025 年，這些成本的預期回報是年化運行率節省和每年約 3000 萬美元的收入協同效應。我想說的是目前估計有 3000 萬美元，其中大部分用於支出方面。

Our next question comes from the line of Dan Fannon from Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

I wanted to follow up on the Anti-Fin Crime. The 14% growth ex the deferred revenue this quarter, trying to bridge that to the 3- to 5-year outlook of 18% to 23%. And you've clearly talked about a lot of momentum, but is in the -- but the long sales cycles, do you need -- should we think about 2023 as being within this, the higher end? Or is it going to ramp as we kind of get and maybe exiting that -- exiting '23 or beyond to get to those higher numbers?

我想跟進反金融犯罪。本季度遞延收入增長 14%，試圖將其與 18% 至 23% 的 3 至 5 年前景聯繫起來。你已經清楚地談到了很多勢頭，但在——但是你需要很長的銷售週期——我們是否應該將 2023 年視為在這個範圍內，更高端？或者它會隨著我們得到並可能退出而逐漸上升——退出 23 年或以後以獲得更高的數字嗎？

Sure. Well, I think that as we look at our kind of our medium- to long-term outlook, that 18% to 23%, we feel is well supported by the sales opportunities, the pipeline and the overall continued investment in the actual products so that we can continue to expand our capabilities.

當然。好吧，我認為當我們審視我們的中長期前景時，即 18% 到 23%，我們認為銷售機會、渠道和對實際產品的整體持續投資得到了很好的支持，所以我們可以繼續擴展我們的能力。

I thought I'd give you just a little bit more detail on how we look at the dynamics. And I mentioned -- as I mentioned before, we have our FRAML solutions. And that -- obviously, that's our Verafin asset. And that was delivering more than 20% growth in the quarter and continues to have really strong growth potential even as it continues to scale.

我想我會給你更多關於我們如何看待動態的細節。我提到過——正如我之前提到的，我們有我們的 FRAML 解決方案。那——顯然，那是我們的 Verafin 資產。這在本季度實現了超過 20% 的增長，並且在繼續擴大規模的同時，仍具有非常強勁的增長潛力。

And so I think there, Dan, we definitely think that the Tier 1, Tier 2 -- we're not dependent on Tier 2 and Tier 1 banks to support that growth rate in the short term. But as we continue, as we move upmarket and we are able to attract those Tier 1 and Tier 2 banks, the ticket sizes are much, much higher. So over the longer term, showing momentum across that will be important to continue to maintain the strong growth trends that we're showing in that business.

所以我認為，丹，我們肯定認為一級、二級——我們不依賴二級和一級銀行來支持短期內的增長率。但隨著我們繼續前進，隨著我們向高端市場轉移，我們能夠吸引那些一級和二級銀行，門票規模要高得多。因此，從長遠來看，顯示出這方面的勢頭對於繼續保持我們在該業務中展示的強勁增長趨勢非常重要。

In the other 2 parts of the business. Trade surveillance, that continues to have kind of high single-digit, low double-digit growth, and it has for a long time. That's providing surveillance solutions to trading firms. And there, we're continuing to drive that growth by expanding the types of modules that we offer, like our crypto modules, as well as more -- bringing more asset classes onto the platform and really continuing to globalize the clientele there. We have gotten to the point where we become an enterprise provider of surveillance across large banks, and that continues to be a good growth opportunity to support that kind of high single digit, low double digits.

在業務的其他2個部分。貿易監督繼續保持高個位數、低兩位數的增長，而且這種情況已經持續了很長時間。那就是為貿易公司提供監控解決方案。在那裡，我們將繼續通過擴展我們提供的模塊類型來推動這種增長，比如我們的加密模塊，以及更多——將更多資產類別帶到平台上，並真正繼續使那裡的客戶全球化。我們已經成為大型銀行監控的企業提供商，這仍然是支持這種高個位數、低兩位數的良好增長機會。

The one area that is actually has a low -- I would say flat to low growth profile is our market surveillance business, where it's the smallest part of the division, but it's a harder one to grow a lot because the overall base of client opportunities is smaller. That's where we provide surveillance to markets and regulators. And there, that business was largely flat for the year and continues to have a low growth profile. So that's -- I think certainly in 2022, that has created a little bit of kind of a lower growth view. And as we go into '23 and '25, we're -- '23 to '24, '25, '26, we hope to find new ways to catalyze some growth there. But we will expect that to be a low grower in the years to come. So hopefully, that just gives you a little more context.

實際上有一個低增長的領域——我想說增長持平到低增長的是我們的市場監督業務，它是該部門最小的部分，但它很難增長很多，因為客戶機會的整體基礎更小。這就是我們向市場和監管機構提供監督的地方。在那裡，該業務全年基本持平，並且繼續保持低增長態勢。所以這就是 - 我認為肯定會在 2022 年創造出一種較低的增長觀點。當我們進入 23 年和 25 年時，我們是——23 年到 24 年、25 年、26 年，我們希望找到新的方法來促進那裡的一些增長。但我們預計在未來幾年內，這將是一個低增長。希望這能為您提供更多背景信息。

Our next question comes from the line of Brian Bedell from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Maybe just one confirmation just on the divisional alignment program, the $115 million to $145 million. I just want to make sure that's -- those expenses are not included in the non-GAAP guidance. So just a clarification on that.

也許只是關於部門調整計劃的一個確認，即 1.15 億美元到 1.45 億美元。我只是想確保那是 - 這些費用不包括在非 GAAP 指南中。所以只是澄清一下。

And then more broadly, just in terms of the Solutions growth for this year. I realize 7% to 10% remains your longer-term target. But given the headwinds that you're describing this year from the elongated sales cycles and of course the pressure on index licensing, should we be thinking of a near-term 2023 as being sort of lower than that? And then the initiatives that you're investing in would potentially then raise that in '24? So kind of a slowdown and then a reramp of that Solutions revenue.

然後更廣泛地說，就今年的解決方案增長而言。我意識到 7% 到 10% 仍然是您的長期目標。但考慮到你今年描述的銷售週期延長帶來的不利因素，當然還有指數許可的壓力，我們是否應該認為近期的 2023 年會比這低一些？然後，您正在投資的計劃可能會在 24 世紀提高這一水平？如此放緩，然後是解決方案收入的重新增長。

Sure, Brian. So on the first part of your question, the divisional alignment program, the cost associated with those will be booked on the restructuring line, and they will not be included as part of -- they are not part of our non-GAAP expense guidance that we released for 2023.

當然，布賴恩。所以關於你問題的第一部分，部門調整計劃，與這些相關的成本將記在重組項目上，它們不會被包括在——它們不是我們非 GAAP 費用指南的一部分我們發布了 2023 年。

Yes. And then with regard to the overall outlook for the business, I think that -- I would say it this way. I think, Brian, that in general, we feel really good about how we're delivering on the growth of our Solutions businesses across, as you mentioned, AFC as well as the investment analytics, so Insights and Workflows for the corporates and in our Market Tech business. And I think we continue to see really good client demand.

是的。然後關於業務的整體前景，我認為 - 我會這樣說。我認為，布賴恩，總的來說，我們對如何實現我們的解決方案業務的增長感覺非常好，正如你提到的，AFC 以及投資分析，因此企業和我們的洞察力和工作流程市場技術業務。而且我認為我們繼續看到非常好的客戶需求。

There are some elongated sales cycles, and that could bring the growth down a little bit for the year. But I think the one area that we do have some dependence on the market backdrop is in our listings business and our Index business. And there, we are hopeful that we'll see some improvement across index values, market values, which will then of course support bringing more companies to market, and that will help us manage through the year and be consistent with how we are looking at our targets.

有一些延長的銷售週期，這可能會使今年的增長略有下降。但我認為我們確實對市場背景有一定依賴的一個領域是我們的上市業務和我們的指數業務。在那裡，我們希望我們會看到指數價值、市場價值有所改善，這當然會支持將更多公司推向市場，這將幫助我們管理好這一年並與我們的看法保持一致我們的目標。

But those areas could create more of a challenge if we don't see an improvement in the overall market environment for this year. I think that's why we like to keep those targets as kind of medium to long term as we look at an average over multiple years just because of the fact that there are years where you have a tougher market backdrop.

但如果我們看不到今年整體市場環境的改善，這些領域可能會帶來更多挑戰。我認為這就是為什麼我們喜歡將這些目標保持為中長期目標，因為我們看的是多年的平均水平，因為有些年你的市場背景更為艱難。

I would point out though, that even with the tough market backdrop that we had in 2022, we were able to deliver 10% organic growth across our Solutions businesses and we had 8% improvement -- increase in our ARR and 13% increase in our SaaS. So even with a really challenging market environment from last year, I think we were able to show a consistent story across Nasdaq.

不過，我要指出的是，即使我們在 2022 年遇到了艱難的市場背景，我們的解決方案業務仍能夠實現 10% 的有機增長，並且我們有 8% 的改善——我們的 ARR 增加了 13%軟件即服務。因此，即使去年的市場環境非常具有挑戰性，我認為我們也能夠在納斯達克展示一個一致的故事。

Our next question comes from the line of Gautam Sawant from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Gautam Sawant。

I wanted to just spend a second on Puro.earth and the long-term opportunity there. I know Puro.earth presented at COP27 and the trading certificates increased 250% in 2022. Can you talk about the potential earnings contribution from this business in the future? And is there an opportunity to sell Puro.earth directly to your corporate clients that are across the U.S. and Nordic businesses?

我只想花點時間了解一下 Puro.earth 以及那裡的長期機會。我知道 Puro.earth 在 COP27 上展示，2022 年交易證書增加了 250%。你能談談未來這項業務的潛在收益貢獻嗎？是否有機會將 Puro.earth 直接銷售給您在美國和北歐業務的企業客戶？

Sure, yes. Actually, we do. So what -- I love talking about Puro.earth. So just as a reminder, Puro.earth a carbon removal marketplace where we have a minority position in partnership with a company called Fortum in Finland.

當然，是的。實際上，我們有。那又怎樣——我喜歡談論 Puro.earth。提醒一下，Puro.earth 是一個碳去除市場，我們與芬蘭一家名為 Fortum 的公司合作，在其中佔有少數地位。

And we are really excited about the opportunity that Puro.earth provides to us, and frankly, to our clients. So we do already tap our corporate clients as clients. So they come in directly and buy carbon removal credits through the Puro.earth platform. And we leverage our corporate relationships to really continue to grow the demand for those credits.

我們對 Puro.earth 為我們提供的機會感到非常興奮，坦率地說，也為我們的客戶提供了機會。所以我們確實已經將我們的企業客戶作為客戶。所以他們直接進來，通過 Puro.earth 平台購買碳清除信用。我們利用我們的企業關係真正繼續增加對這些信貸的需求。

I think that what's holding that market back today, and it's very small, so I just want to enforce off on everyone that, that is a small business today. It did grow, as you said. Actually, I think it was like 250% to 300% year-over-year, but from a tiny base. It sits in our Market Platforms business. It supports our ESG strategy and that megatrend. But what's really holding that platform are all -- that whole marketplace back is supply.

我認為是什麼阻礙了今天的市場，而且規模很小，所以我只想對每個人強制執行，那是今天的小企業。正如你所說，它確實成長了。實際上，我認為同比增長 250% 到 300%，但基數很小。它屬於我們的市場平台業務。它支持我們的 ESG 戰略和這一大趨勢。但真正支撐這個平台的是——整個市場的背後是供應。

So we are really focused on high-quality industrial carbon removals. We do diligence on every supplier we put on the platform. We have -- we work with an advisory committee to determine which scientific methods we're willing even to put on the platform. We're very, very discerning in how we bring supply onto the platform. And given the fact that it's still a pretty nascent industry, we're really hamstrung by small supply today.

所以我們真正專注於高質量的工業碳清除。我們對平台上的每個供應商都進行盡職調查。我們已經 - 我們與一個諮詢委員會合作，以確定我們甚至願意將哪些科學方法放在平台上。我們對如何將供應帶到平台上非常非常挑剔。考慮到它仍然是一個新興行業，我們今天確實因供應不足而受阻。

So over the next 3 to 5 years, we actually expect a lot of investment to come into the carbon removal space. We think that will really bolster supply. We're replatforming Puro.earth to have a really advanced blockchain-based registry that we can then leverage across multiple trading venues. And we're working with some market makers to help create -- they're going to buy up some removals and start to create secondary markets so that we can also have trading activity start to develop on the platform.

因此，在未來 3 到 5 年內，我們實際上預計會有大量投資進入碳清除領域。我們認為這將真正增加供應。我們正在對 Puro.earth 進行平台改造，以擁有一個真正先進的基於區塊鏈的註冊中心，然後我們可以在多個交易場所利用它。我們正在與一些做市商合作來幫助創建——他們將購買一些移除產品並開始創建二級市場，這樣我們也可以在平台上開始開展交易活動。

But I want to say this. I think Puro.earth is kind of like a 5- to 10-year strategy. It's a very small investment for us as of right now. It's a small but mighty team. But we are really, really excited about what it can become, but just recognize it's a long-term strategy.

但我想說這個。我認為 Puro.earth 有點像一個 5 到 10 年的戰略。到目前為止，這對我們來說是一筆非常小的投資。這是一個小而強大的團隊。但我們真的對它能變成什麼樣感到非常興奮，但只是認識到這是一個長期戰略。

Our next question comes from the line of Alexander Blostein from Goldman Sachs.

我們的下一個問題來自高盛的 Alexander Blostein。

I was hoping we could dig into some of the interplays in the kind of legacy listings business and the Corporate Solutions business. I guess on the one hand, I was curious if you could help frame the revenues that could be at risk from stocks delisting over the course of this year, and then on the flip side, opportunities you guys might see from some of the discounts on the Corporate Solutions services that you provided to IPOs that listed over the last couple of years, those coming off and the probability of them starting to pay for the service.

我希望我們能夠深入了解傳統上市業務和企業解決方案業務之間的一些相互作用。我想一方面，我很好奇你是否可以幫助構建今年可能因股票退市而面臨風險的收入，然後在另一方面，你們可能會從一些折扣中看到機會您向過去幾年上市的 IPO 提供的企業解決方案服務，這些服務即將結束，以及他們開始為服務付費的可能性。

Great. Yes. Thanks, Alex. I mean, the SPAC revenue represents just over about 1% of total revenue for Nasdaq. So it's a small part of our revenue stream. We are seeing SPACs combine, but we're also seeing a number of SPAC decide to provide the money back to their shareholders.

偉大的。是的。謝謝，亞歷克斯。我的意思是，SPAC 收入僅佔納斯達克總收入的 1% 多一點。所以這只是我們收入流的一小部分。我們看到 SPAC 合併，但我們也看到許多 SPAC 決定將資金返還給股東。

So it's a small part of our revenue. And -- but we're -- but we also recognize that the environment's changed a lot for SPACs. And so we would anticipate some reduction in revenue coming from the back of SPACs ultimately not finding combinations. So I think that's something that will probably have more of an effect in 2024 than in 2023, but it's something we're watching pretty closely. But as I said, just to size it, it's a little more than just 1% of revenue.

所以這只是我們收入的一小部分。而且 - 但我們 - 但我們也認識到 SPAC 的環境發生了很大變化。因此，我們預計 SPAC 最終沒有找到組合，收入會有所減少。所以我認為這可能會在 2024 年產生比 2023 年更大的影響，但這是我們正在密切關注的事情。但正如我所說，只是為了確定規模，它只佔收入的 1% 多一點。

I think with regard to Corporate Services and Solutions, which is our IR and our ESG solutions to support corporates, you are right. We have a lot of clients who come on to our platform. We've been supporting them through the IPO package for the last 2 years. And so as we get, particularly into 2024, we're going to see the opportunity for us to turn them and convert them into paying clients. And so that is obviously -- that part of our outlook for that business is how we convert those clients to paying customers.

我認為關於企業服務和解決方案，即我們支持企業的 IR 和 ESG 解決方案，你是對的。我們有很多客戶來到我們的平台。在過去的 2 年裡，我們一直通過 IPO 一攬子計劃來支持他們。因此，隨著我們的到來，特別是到 2024 年，我們將看到我們有機會將他們轉變為付費客戶。所以這很明顯——我們對該業務的部分展望是我們如何將這些客戶轉化為付費客戶。

We've also upsold those clients even during the IPO package period, where we might sell them into some of our ESG package -- solutions and into a deeper set of IR solutions. So we do have them, some of them, as paying clients now. And I think that obviously even bolsters our view that they will continue to want to use our services beyond the IPO period.

即使在 IPO 套餐期間，我們也向這些客戶推銷，我們可能會將他們出售到我們的一些 ESG 套餐——解決方案和更深入的 IR 解決方案中。所以我們現在確實有他們，其中一些是付費客戶。而且我認為這顯然甚至支持了我們的觀點，即他們將在 IPO 期之後繼續使用我們的服務。

But I just want to say, I think that's more of a '24 opportunity than '23, but we're very optimistic about that. We have strong retention of clients as we convert them.

但我只想說，我認為這更像是 24 年的機會，而不是 23 年的機會，但我們對此非常樂觀。當我們轉換客戶時，我們有很強的客戶保留率。

Our last question comes from the line of Kyle Voigt from KBW.

我們的最後一個問題來自 KBW 的 Kyle Voigt。

Maybe a question on the BEC migration from your on-premise solution to your cloud-based platform. Could you just remind us of the revenue and margin impact for Nasdaq from this type of on-premise to cloud migration? I'm just trying to put some numbers around the impact so we have a better understanding of kind of the larger opportunity if we see more similar type announcements over the coming year or 2.

也許是關於 BEC 從您的內部部署解決方案遷移到基於雲的平台的問題。您能否提醒我們從這種內部部署到雲遷移對納斯達克的收入和利潤率的影響？我只是想圍繞影響給出一些數字，以便我們更好地了解如果我們在未來一年或兩年內看到更多類似類型的公告，就會有更大的機會。

Yes. I think that we'll probably need to come back to you to give you a little bit more of that view. I can't sit there and use one client and extrapolate it to the whole business.

是的。我認為我們可能需要回到你身邊，讓你更多地了解這種觀點。我不能坐在那裡使用一個客戶並將其推斷到整個業務。

But when we do sign a client on to more of a SaaS-based Market Tech contract, there are 2 benefits. One is just it becomes an annualized recurring revenue as opposed to an implementation revenue, which has much lower margins; followed by a service and maintenance and license agreement, which has a higher margin. So you have like more steady revenue and a more steady margin throughout the length of the contract.

但是，當我們確實與客戶簽訂更多基於 SaaS 的市場技術合同時，有兩個好處。一是它變成了年化經常性收入，而不是利潤率低得多的實施收入；其次是服務、維護和許可協議，利潤率更高。因此，在整個合同期限內，您希望獲得更穩定的收入和更穩定的利潤。

But I don't think we've given you a view yet into like what's the margin differential. And so I kind of feel like we probably need to come back and give a little bit more of an insight into that, specifically as we gain more traction in getting our clients to sign on to cloud-based -- particularly cloud-based solutions. So let's come back to you on that, but I just don't want to give you kind of a wrong answer right now.

但我認為我們還沒有給你一個關於利潤差異的看法。因此，我覺得我們可能需要回過頭來對此有更多的了解，特別是當我們在讓客戶簽署基於雲的——尤其是基於雲的解決方案方面獲得更多的吸引力時。所以讓我們回到你身邊，但我現在不想給你一個錯誤的答案。

Thank you. That concludes our Q&A session. At this time, I would like to turn the call back over to Adena Friedman for closing remarks.

謝謝你。我們的問答環節到此結束。此時，我想將電話轉回給 Adena Friedman 作結束語。

Great. Thank you very much. Well, as we conclude today's call, I want to reiterate that our leadership team remains very focused on executing our strategy to deliver for all of our stakeholders, and we look forward to continued discussions throughout the year on the progress we aim to make against our strategic priorities. So thank you very much, and have a great day.

偉大的。非常感謝你。好吧，在我們結束今天的電話會議時，我想重申，我們的領導團隊仍然非常專注於執行我們為所有利益相關者提供服務的戰略，我們期待在全年繼續討論我們旨在取得的進展戰略重點。非常感謝你，祝你有美好的一天。

Thank you. And this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。