納斯達克交易所 (NDAQ) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to Nasdaq fourth quarter and full year 2024 results conference call.

歡迎參加納斯達克 2024 年第四季和全年業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer.

現在，我想將會議交給第一位發言人，高級副總裁兼投資者關係官 Ato Garrett。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us today to discuss Nasdaq's fourth quarter and full year 2024 financial results.

大家早安，感謝您今天加入我們討論納斯達克 2024 年第四季和全年財務業績。

On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team.

電話連線者是我們的董事長兼執行長 Adena Friedman；我們的財務長 Sarah Youngwood；以及管理團隊的其他成員。

After prepared remarks, we will open the line for Q&A.

準備好發言後，我們將開通問答熱線。

The press release and earnings presentation accompanying this call can be found on our Investor Relations website.

本次電話會議的新聞稿和收益報告可在我們投資者關係網站上找到。

I would like to remind you that we will be making forward-looking statements on this call that involve risks.

我想提醒您，我們將在本次電話會議上做出涉及風險的前瞻性陳述。

A summary of these risks is contained in our press release and a more complete description in our annual report on Form 10-K.

這些風險的摘要包含在我們的新聞稿中，更完整的描述包含在我們的 10-K 表年度報告中。

We will discuss our financial performance on a non-GAAP basis and adjusted for the impact of acquisitions, FX, and the previously announced onetime revenue benefits in market services in the fourth quarter of 2023, and an index in the first quarter of 2024.

我們將在非 GAAP 基礎上討論我們的財務業績，並根據收購、外匯以及先前宣布的 2023 年第四季度市場服務一次性收入收益和 2024 年第一季指數的影響進行調整。

Definitions and reconciliations of US GAAP to non-GAAP plus statements can be found in our earnings presentation as well as in a file located in the financial section of our Investor Relations website at ir.nasdaq.com.

在我們的收益報告中以及我們投資者關係網站 ir.nasdaq.com 財務部分的文件中可以找到美國 GAAP 與非 GAAP 加報表的定義和對帳表。

The fourth quarter marks the one-year anniversary of the acquisition of AxiomSL and Calypso.

第四季是收購 AxiomSL 和 Calypso 一週年。

Going forward, we will report the financial performance of these businesses within the consolidated results of the respective subdivisions and will no longer disclose these revenues in an organic revenue growth reconciliation.

展望未來，我們將在各自細分部門的綜合業績中報告這些業務的財務業績，並且不再在有機收入成長對帳中揭露這些收入。

And with that, I will now turn the call over to Adena.

現在，我將把電話轉給阿德納 (Adena)。

Thank you, Ato, and good morning, everyone.

謝謝你，阿托，大家早安。

Thank you for joining us.

感謝您加入我們。

On the call this morning, I'll start with an overview of our 2024 financial and operational performance.

在今天上午的電話會議上，我將首先概述我們 2024 年的財務和營運表現。

I'll then discuss our strategic priorities and outlook for 2025, before handing the call to Sarah to walk through the financial results and outlook in more detail.

然後，我將討論我們的策略重點和 2025 年的展望，然後將電話交給莎拉，讓她更詳細地介紹財務結果和展望。

Reflecting on the last year, I am extremely proud of Nasdaq's progress towards becoming a scalable platform company and delivering on our vision to be the trusted fabric of the world's financial system.

回顧過去的一年，我為納斯達克在成為一家可擴展的平台公司和實現成為全球金融體系值得信賴的架構的願景方面取得的進展感到非常自豪。

Throughout 2024, we substantially completed the integration of Calypso and AxiomSL, further showcased the value of our solutions, delivered on our growth objectives, and achieved our initial expense synergies and delevering goals ahead of schedule.

在整個 2024 年，我們基本上完成了 Calypso 和 AxiomSL 的整合，進一步展示了我們解決方案的價值，實現了我們的成長目標，並提前實現了我們最初的費用協同效應和去槓桿目標。

The Nasdaq team's ability to execute our strategy and create value for our clients provides us with confidence in 2025, as evidenced by the strengthening of our competitive position and significant traction we are gaining with our new client wins, upsells, and cross-sells.

納斯達克團隊執行我們的策略和為客戶創造價值的能力使我們對 2025 年充滿信心，這從我們競爭地位的加強以及透過贏得新客戶、追加銷售和交叉銷售獲得的巨大吸引力中可見一斑。

Moving to our financial results for the year, Nasdaq's net revenues of $4.7 billion increased 9% from 2023.

回顧我們今年的財務業績，納斯達克的淨收入為 47 億美元，較 2023 年成長 9%。

Solutions delivered 10% revenue growth for the full year, with growth in each quarter within or above the range of our medium-term outlook.

解決方案全年實現了 10% 的收入成長，並且每個季度的成長都處於或超過了我們中期預期的範圍。

ARR ended the year at $2.8 billion, an increase of 7.5% year over year.

年底 ARR 為 28 億美元，年增 7.5%。

For the fourth quarter, we delivered net revenue growth of 10% year over year to $1.2 billion and Solutions revenue grew 9%.

第四季度，我們的淨收入年增 10%，達到 12 億美元，解決方案營收成長 9%。

Moving to the full year performance of our divisions.

轉向我們部門的全年業績。

Capital Access Platforms generated 3% ARR growth and 10% revenue growth in 2024, driven by an outstanding year of index performance.

由於指數表現的出色表現，資本准入平台在 2024 年實現了 3% 的 ARR 成長和 10% 的收入成長。

Financial Technology delivered 10% revenue growth for the year.

金融科技全年營收成長10%。

We delivered 12% ARR growth overall for the division, which included 23% growth in Financial Crime Management Technology, 11% growth for our Regulatory Technology, and 9% growth for Capital Markets Technology.

我們整個部門的 ARR 成長了 12%，其中包括金融犯罪管理技術成長了 23%，監管科技成長了 11%，資本市場技術成長了 9%。

Market Services achieved record full year revenue driven by higher volumes across the US equity derivatives as well as US and European cash equities.

由於美國股票衍生性商品以及美國和歐洲現金股票交易量的增加，市場服務部門實現了創紀錄的全年收入。

Turning to our operational highlights for 2024.

談談我們 2024 年的營運亮點。

The addition of AxiomSL and Calypso has greatly accelerated our journey as a platform company.

AxiomSL 和 Calypso 的加入大大加速了我們作為平台公司的進程。

In its first year, the Financial Technology division delivered strong financial and operational accomplishments, which resulted from deep and meaningful engagements with our clients.

在成立的第一年，金融科技部門就取得了強勁的財務和營運成就，這得益於我們與客戶的深入且有意義的合作。

Today, our Financial Technology division has emerged as a vital force of innovation as our more than 3,800 clients now see us as a complete partner in helping to solve their most critical challenges across risk, regulation, and trade infrastructure.

如今，我們的金融科技部門已成為創新的重要力量，我們的 3,800 多家客戶現在將我們視為全面的合作夥伴，幫助他們解決風險、監管和貿易基礎設施方面最關鍵的挑戰。

The financial system is at a point where transformation is technologically and culturally possible with greater confidence in the banking and capital markets industry to implement cloud-based solutions.

金融系統已經處於一個從技術和文化上實現轉型的階段，人們對銀行和資本市場產業實施基於雲端的解決方案的信心也越來越大。

For example, according to Nasdaq and BCG's recent complexity report, the level of comfort among global banks to deploy cloud-based solutions has increased from 57% just five years ago to 93% today.

例如，根據納斯達克和波士頓顧問集團最近發布的複雜性報告，全球銀行部署基於雲端的解決方案的舒適度從五年前的 57% 上升至今天的 93%。

Additionally, today, only 22% of banks prefer in-house built solutions for their regulatory appliance programs.

此外，目前只有 22% 的銀行傾向於為其監管設備程序採用內部建置的解決方案。

The large majority understand that internal solutions provide superior capabilities to solve common industry problems, and they are seeking strategic technology partners who can provide solutions across multiple disciplines.

大多數人明白內部解決方案提供了解決常見行業問題的卓越能力，他們正在尋求能夠提供跨多個學科解決方案的策略技術合作夥伴。

This sentiment is evident across the division as Nasdaq's enhanced product portfolio has strengthened our client relationships, which materialized through the signing of 263 new clients, 424 upsells, and 11 cross-sells this year.

這種情緒在整個部門都很明顯，因為納斯達克增強的產品組合加強了我們的客戶關係，今年我們透過簽約 263 個新客戶、424 次追加銷售和 11 次交叉銷售實現了這一目標。

Importantly, these collective wins represent our continued penetration across global financial institutions and our cross-sells highlight our success in Tier 1 and Tier 2 banks.

重要的是，這些集體勝利代表了我們在全球金融機構的持續滲透，而我們的交叉銷售凸顯了我們在一級和二級銀行的成功。

Notable examples include a major financial institution expanding from trade surveillance, AxiomSL and Calypso to include Nasdaq Verafin, and another Tier 1 bank adding Calypso to its existing AxiomSL solution.

值得注意的例子包括一家大型金融機構從貿易監控、AxiomSL 和 Calypso 擴展到納斯達克 Verafin，另一家一級銀行將 Calypso 添加到其現有的 AxiomSL 解決方案中。

As the division continues to mature, we're confident that we will deepen our strategic relations with our clients even further while delivering broad-based growth.

隨著部門不斷成熟，我們相信我們將進一步深化與客戶的策略關係，同時實現廣泛的成長。

Now I will turn to a review of our subdivisions within Financial Technology beginning with Nasdaq Verafin, where a growing number of financial institutions recognize our unique and differentiated capabilities in helping them root out financial crime.

現在，我將回顧我們金融科技領域的細分部門，首先是納斯達克 Verafin，越來越多的金融機構認識到我們在幫助他們根除金融犯罪方面的獨特和差異化能力。

Nasdaq's Financial Crime Management Technology business completed one new cross-sell with a Tier 1 bank for our wire fraud solution during the quarter.

納斯達克金融犯罪管理技術業務在本季度與一家一級銀行完成了新的電匯詐欺解決方案交叉銷售。

And today, Nasdaq Verafin serves over 2,600 financial institutions, representing nearly $10 trillion in assets, including five Tier 1 banks.

如今，納斯達克 Verafin 為超過 2,600 家金融機構提供服務，管理資產近 10 兆美元，其中包括五家一級銀行。

Building on the strengths of Nasdaq Verafin's industry-leading offerings in North America, we've announced our launch in Europe where we are engaging with clients across the region.

憑藉納斯達克 Verafin 在北美行業領先產品的優勢，我們宣佈在歐洲推出該產品，並與該地區的客戶合作。

Regulatory Technology and Capital Markets Technology are advancing the modernization of global markets as well as our clients to manage risk and compliance.

監管技術和資本市場技術正在推動全球市場和我們的客戶管理風險和合規性的現代化。

In 2024, we had several marquee deals, which underscores our right to win across our serviceable addressable market.

2024 年，我們達成了幾項重大交易，這凸顯了我們在可服務目標市場中獲勝的權利。

In the fourth quarter, Nasdaq signed a long-term agreement to provide a future-proof regulatory management solution through AxiomSL to AuRep, a collaborative joint venture of banks and financial services providers in Austria.

第四季度，納斯達克簽署了一項長期協議，透過 AxiomSL 向奧地利銀行和金融服務提供商的合作合資企業 AuRep 提供面向未來的監管管理解決方案。

We look forward to providing additional details on important partnerships in the coming weeks.

我們期待在未來幾週提供有關重要合作夥伴關係的更多細節。

AxiomSL also secured an upsell with Société Générale to manage its domestic regulatory reporting needs.

AxiomSL 也與法國興業銀行達成了追加銷售協議，以滿足其國內監管報告需求。

France, India, and the Philippines represent key regulatory technology international expansion opportunities that we've unlocked in 2024, and the strong progress that we've made positions us well to build momentum in these countries in 2025.

法國、印度和菲律賓代表著我們在 2024 年解鎖的關鍵監管技術國際擴張機會，而我們所取得的強勁進展使我們有能力在 2025 年在這些國家建立發展勢頭。

Surveillance signed 24 new clients during the year, including three new market regulators and our first Market Surveillance client in Taiwan.

監控部門在年內簽約了 24 個新客戶，其中包括三家新的市場監管機構和我們在台灣的第一位市場監控客戶。

Fourth quarter, 100% of new trade Surveillance clients were cloud customers.

第四季度，100% 的新貿易監控客戶都是雲端客戶。

And as of the fourth quarter, 68% of our clients are leveraging our cloud-based solution, up from 53% a year ago.

截至第四季度，68% 的客戶正在利用我們的基於雲端的解決方案，高於一年前的 53%。

Capital Markets Technology advanced its international strategy, expanding our client base in key markets, including Latin America, with notable wins across Brazil, Mexico, and Colombia.

資本市場技術推進了其國際策略，擴大了包括拉丁美洲在內的主要市場的客戶群，並在巴西、墨西哥和哥倫比亞取得了顯著的成功。

Calypso signed its 20th Central Bank, a major milestone in an e-client cohort, with additional momentum expected across 2025.

Calypso 簽署了第 20 家中央銀行協議，這是電子客戶群的一個重要里程碑，預計 2025 年將迎來更多發展勢頭。

Market Technology signed nine new commitment in 2024 with existing clients as they continue to modernize markets, and we expect this trend to continue this year.

市場技術公司在 2024 年與現有客戶簽署了 9 項新承諾，繼續推動市場現代化，我們預計這一趨勢今年將持續下去。

We also signed three new crypto clients in the fourth quarter.

我們也在第四季簽約了三位新的加密客戶。

As we look ahead, our digital asset strategy continues to focus on helping the industry mature through infrastructure that enhances market liquidity, transparency, and integrity through the integration of the asset class within financial institutions.

展望未來，我們的數位資產策略將繼續專注於透過金融機構內資產類別的整合，透過增強市場流動性、透明度和完整性的基礎設施來幫助產業成熟。

This is evident from the industry's adoption of our Market Technology Surveillance and Calypso solutions.

從業界採用我們的市場技術監控和 Calypso 解決方案就可以看出這一點。

More broadly, Nasdaq is already active in this asset class with the iShares Bitcoin Trust ETF and options for the CTF, as well as other listed crypto ETFs in our US and European markets.

更廣泛地說，納斯達克已經活躍於這個資產類別，擁有 iShares 比特幣信託 ETF 和 CTF 選擇權，以及在美國和歐洲市場上市的其他加密貨幣 ETF。

We see potential areas in Digital Assets Options product and Proprietary Index Options Benchmark to cryptocurrency indexes.

我們看到數位資產選擇權產品和專有指數選擇權基準加密貨幣指數具有潛在市場。

We expect additional opportunities to arise as new regulatory frameworks provide clearer guidance, and Nasdaq will continue to strategically assess and pursue them in this dynamic space.

我們預計，隨著新的監管框架提供更明確的指導，將會出現更多的機會，納斯達克將繼續在這個充滿活力的領域進行策略性評估和追求這些機會。

Turning to our Capital Access Platforms division, we continued our strong success in attracting new listings to Nasdaq as the world's preeminent market operator, supporting corporate and investor decision-making through valuable data and workflow tools, and driving even more liquidity into the market through our leading index franchise.

談到我們的資本准入平台部門，我們繼續取得巨大成功，吸引新公司在納斯達克作為全球卓越的市場運營商上市，透過有價值的數據和工作流工具支持企業和投資者的決策，並透過我們領先的指數特許經營權為市場注入更多流動性。

In 2024, Nasdaq extended our listings leadership to six consecutive years as the top US exchange by number of IPOs and proceeds raised.

2024 年，納斯達克將連續六年保持美國上市領先地位，以 IPO 數量和籌資額計算，位居第一。

For the year, Nasdaq had 180 IPOs, raising $23 billion in total proceeds.

今年，納斯達克共進行了 180 起 IPO，總融資額達 230 億美元。

This included 130 operating company IPOs headlined by Lineage, the largest IPO of the year.

其中包括以 Lineage 為首的 130 家營運公司 IPO，這是今年規模最大的 IPO。

Overall, Nasdaq achieved an 80% win rate among eligible operating company IPOs in the US for the year.

總體來看，納斯達克今年在美國符合資格的營運公司 IPO 的成功率達到了 80%。

In the third quarter, we celebrated the 500th listing transfer to Nasdaq, cumulatively representing nearly $3 trillion of market value measured as of the date of each transfer.

第三季度，我們慶祝了第 500 家公司轉入納斯達克，以每家公司轉入之日計算，累計市值接近 3 兆美元。

We continued our momentum in the fourth quarter with 14 new transfers, including Palantir, the largest exchange transfer on a US exchange in 2024, bringing the total market value of switches to Nasdaq to over $180 billion for the year.

我們在第四季度延續了強勁勢頭，新增 14 筆交易，包括 2024 年美國交易所最大的交易所交易 Palantir，使納斯達克交易所全年的總市值超過 1800 億美元。

And to start 2025, we welcome Domino's, which began on the Nasdaq Stock Exchange on January 2.

2025 年開始，我們迎來了達美樂，該公司於 1 月 2 日在納斯達克證券交易所上市。

2024 was also an exceptional year for our Index franchise, which delivered 31% revenue growth, ending the year with record AUM.

2024 年對於我們的 Index 特許經營權來說也是非凡的一年，該年的收入增長了 31%，並以創紀錄的 AUM 結束了這一年。

Innovation remains at the heart of this franchise as we launched 116 new products in the year with over half occurring outside the United States.

創新仍然是這個特許經營的核心，我們在今年推出了 116 種新產品，其中超過一半是在美國以外推出的。

Importantly, 27% -- 27, sorry, of these products were in the insurance annuity space and 30 were launched in partnership with new Index clients, delivering on our expansion pillars across innovation, globalization, and the institutional space.

重要的是，這些產品中有 27%（抱歉，是 27 種）屬於保險年金領域，30 種是與新的 Index 客戶合作推出的，實現了我們在創新、全球化和機構領域的擴張支柱。

Within Workflow and Insights, Analytics saw continued demand from asset managers and asset owners for our data and workflow solutions.

在工作流程和洞察方面，Analytics 發現資產經理和資產所有者對我們的資料和工作流程解決方案的需求持續存在。

This demand across the client ecosystem resulted in strong year-over-year growth.

整個客戶生態系統的需求導致了強勁的同比增長。

In Corporate Solutions, we focused on strengthening our offerings, while managing through beta challenges, as corporate buying cycles remained elongated out the year.

在企業解決方案方面，我們專注於加強我們的產品，同時應對測試挑戰，因為企業購買週期在今年持續延長。

We anticipate an improvement in this business as the IPO environment normalizes.

隨著 IPO 環境的正常化，我們預計該業務將會改善。

Finally, in our Market Services division, we demonstrated leadership across our US and European markets.

最後，在我們的市場服務部門，我們展示了在美國和歐洲市場的領導地位。

We experienced strong adoption of our index options and multi-listed options products, as index options revenue more than doubled year over year.

我們的指數選擇權和多上市選擇權產品得到了廣泛的採用，指數選擇權收入比去年同期成長了一倍以上。

In addition, we delivered a record volume of shares and notional value traded in the Closing Cross this year, including a record fourth quarter in terms of volume of shares traded.

此外，我們今年的收盤價交易量和名目價值創下了歷史新高，其中第四季的交易量創下了歷史新高。

We also made progress modernizing our markets with the migration of Nasdaq ISE to our next-generation derivatives platform, Fusion, in September.

9 月份，納斯達克 ISE 遷移至我們的下一代衍生性商品平台 Fusion，這也使我們的市場現代化取得了進展。

In addition, as part of our ongoing assessment of our business units portfolio and their alignment with our strategy, we announced that Nasdaq has entered into an agreement with Euronext to sell our Nordic Power Futures business.

此外，作為我們對業務部門組合及其與我們策略的一致性的持續評估的一部分，我們宣布納斯達克已與泛歐交易所達成協議，出售我們的北歐電力期貨業務。

This transaction will sharpen our focus on our strategic growth areas as we lead the European market.

在我們引領歐洲市場的同時，此交易將使我們更加專注於策略成長領域。

Moving forward, our European business is an integral part of our strategy as the combination of our US and European footprint is critical to our ability to serve clients globally.

展望未來，我們的歐洲業務是我們策略的重要組成部分，因為我們在美國和歐洲的業務結合對於我們服務全球客戶的能力至關重要。

Overall, Nasdaq delivered robust growth across our business, while achieving significant strategic and operational milestones.

總體而言，納斯達克實現了整個業務的強勁成長，同時實現了重要的策略和營運里程碑。

At our Investor Day in March, we introduced three strategic priorities, integrate, innovate, and execute, to deliver resilient and scalable growth.

在三月的投資者日上，我們提出了三大策略重點：整合、創新和執行，以實現有彈性、可擴展的成長。

We successfully executed on these priorities and are well positioned entering 2025.

我們成功執行了這些優先事項，並為進入 2025 年做好了準備。

Through our relentless execution of our integrate priority, our Financial Technology division has a well-structured and highly functioning operating model and we're deploying the One Nasdaq go-to-market approach to deliver holistically for our clients.

透過堅持不懈地執行我們的整合重點，我們的金融科技部門擁有了結構良好、功能齊全的營運模式，我們正在部署「一個納斯達克」的行銷方法，為客戶提供全面的服務。

In addition, our solid free cash flow enable Nasdaq to lower its gross leverage ratio from 4.3 times at the end of last year to 3.6 times at the end of 2024.

此外，我們穩健的自由現金流使納斯達克能夠將其總槓桿率從去年年底的 4.3 倍降低到 2024 年底的 3.6 倍。

Nasdaq exited 2024, having actioned over 100% of our net expense synergies target, and Sarah will discuss our incremental efforts to deliver additional cost synergies and efficiencies.

納斯達克在 2024 年退出，已實現超過 100% 的淨費用協同效應目標，莎拉將討論我們為實現額外的成本協同效應和效率而做出的漸進式努力。

Moving to our innovate priority.

轉向我們的創新重點。

We amplified innovation across Nasdaq, introducing and incorporating new AI-powered solutions and product offerings across each of our divisions in 2024.

我們擴大了納斯達克的創新，並於 2024 年在各個部門推出並整合了新的人工智慧解決方案和產品。

We've seen solid client adoption to date, and our product managers continue to work on delivering new AI features in their product road maps.

到目前為止，我們已經看到客戶的廣泛採用，我們的產品經理繼續致力於在他們的產品路線圖中提供新的 AI 功能。

Looking ahead, we have a strong innovation pipeline with various product launches expected over the course of the year.

展望未來，我們擁有強大的創新管道，預計今年將推出多款產品。

Within our internal business operations, our focus with AI adoption has shifted from exploration and experimentation in '23 and '24 to driving impact entering 2025.

在我們的內部業務營運中，我們對人工智慧應用的重點已經從2023年和2024年的探索和實驗轉變為推動2025年的影響。

Our team is engaged in scaling our use of AI to deliver efficiencies and productivity enhancements across the organization, which is also reflected in the expanded efficiency program that Sarah will describe.

我們的團隊致力於擴大人工智慧的使用，以提高整個組織的效率和生產力，這也反映在莎拉將描述的擴展效率計劃中。

And with our accelerate priority, we drove 17 cross-sells since the Adenza acquisition closed, including 11 in 2024 and 4 in the fourth quarter.

憑藉我們的加速優先事項，自 Adenza 收購完成以來，我們已推動了 17 次交叉銷售，其中包括 2024 年的 11 次和第四季度的 4 次。

Cross-sell opportunities now account for over 15% of Financial Technology division's pipeline, with several deals at advanced stages as we execute organized sales campaigns that showcase the cross-functionality of our solution suite and deepen relationships with senior decision makers across our clientele.

交叉銷售機會目前佔金融科技部門管道的 15% 以上，其中有幾筆交易處於後期階段，我們正在執行有組織的銷售活動，展示我們的解決方案套件的交叉功能並加深與客戶群高級決策者的關係。

Nasdaq remains on track to exceed $100 million in run rate revenue from cross-sells by the end of 2027.

到 2027 年底，納斯達克仍有望透過交叉銷售實現超過 1 億美元的營業收入。

Looking ahead to 2025, Nasdaq is well-positioned to build on our successful '24 and deliver durable revenue growth.

展望 2025 年，納斯達克已做好準備，在我們 24 年成功的基礎上再接再厲，實現持久的收入成長。

As we continue our journey to become a platform company, our transformation is built on four distinct strengths, a robust interconnected client network, purpose-built modern solutions that directly address our client-specific challenges, a scalable build once deployed a many approach across our technology and operational platforms, and standardized architectural principles and frameworks that unify our business and technology operations.

在我們繼續成為平台公司的旅程中，我們的轉型建立在四個不同的優勢之上，即強大的互聯客戶網絡、直接解決客戶特定挑戰的專用現代解決方案、一旦在我們的技術和運營平台上部署多種方法即可實現的可擴展構建，以及統一我們的業務和技術運營的標準化架構原則和框架。

These factors, coupled with our deep industry expertise, have elevated our conversations with current and prospective clients.

這些因素，加上我們深厚的行業專業知識，提升了我們與現有和潛在客戶的對話。

As our conversations continue to materialize into new client wins, upsells, and cross-sells, we're entering 2025 with strong momentum across our business.

隨著我們的對話不斷轉化為贏得新客戶、追加銷售和交叉銷售，我們將以強勁的業務勢頭進入 2025 年。

In addition, the solid economic backdrop bodes well for Nasdaq and our clients.

此外，強勁的經濟背景對納斯達克和我們的客戶來說是個好兆頭。

In the US, consumer spending and relatively low unemployment continue to support GDP growth.

在美國，消費支出和相對較低的失業率持續支撐GDP成長。

Further, inflation and interest rates have settled into a more predictable state than we experienced between 2022 and 2024, giving investors more confidence in their ability to deploy capital.

此外，通貨膨脹和利率已穩定在比 2022 年至 2024 年期間更可預測的狀態，讓投資者對其資本部署能力更有信心。

Overall, the global economy is expected to grow with help from strength in the US and other parts of the world, including South Asia.

整體而言，在美國和南亞等世界其他地區經濟強勁推動下，全球經濟可望實現成長。

These factors have contributed to creating a positive business environment to start the year.

這些因素為新年伊始創造了積極的商業環境。

For example, after several years of muted IPO activity, we expect more companies to list on public markets with an uptake beginning in the second quarter of 2025, setting up a strong half of the year.

例如，在經歷了數年 IPO 活動低迷之後，我們預計會有更多公司在公開市場上市，並將在 2025 年第二季度開始出現成長，從而奠定今年上半年的強勁表現。

We continue to have a healthy pipeline of companies that have filed to go public on Nasdaq.

我們繼續擁有一批已申請在納斯達克上市的公司。

As these companies become public, we look forward to helping them navigate the public markets from the initial listings process to cover governance, IR, and sustainability reporting needs.

隨著這些公司上市，我們期待幫助他們從最初的上市流程開始，引導他們進入公開市場，滿足治理、投資人關係和永續性報告需求。

Finally, financial institutions across the global economy face complex risks, changes in regulatory regimes, and new trading opportunities, which are driving strong demand for our Financial Technology division suite of solutions.

最後，全球經濟中的金融機構面臨複雜的風險、監管制度的變化和新的交易機會，這推動了對我們的金融科技部門解決方案套件的強勁需求。

Whether it's keeping up with rapid technological advancements, meeting the changing and divergent needs of regulators across the globe, or protecting the integrity of the financial institution systems against financial crime, clients will continue to turn to trusted partners to help them navigate complexity through technology-first solutions, and we remain well-positioned to be our partner for them throughout any environment.

無論是跟上快速的技術進步，滿足全球監管機構不斷變化和多樣化的需求，還是保護金融機構系統的完整性以防止金融犯罪，客戶將繼續求助於值得信賴的合作夥伴，以幫助他們透過技術優先的解決方案應對複雜情況，而我們在任何環境下始終能夠成為他們的合作夥伴。

The new administration entered the White House signaling a more business-friendly, pro-growth agenda in the US.

新政府入主白宮標誌著美國將採取更有利於商業、有利於成長的議程。

We believe this will unlock capital and liquidity to the benefit of companies, financial institutions, and markets.

我們相信這將釋放資本和流動性，使公司、金融機構和市場受益。

As it relates to the regulatory environment governing our clients, we're supportive of the traction that is gaining around smart well-calibrated regulation.

由於它與管理我們客戶的監管環境有關，因此我們支持圍繞智慧、精心校準的監管日益增強的吸引力。

To wrap up, 2024 was a strong year in which we further advanced the evolution of Nasdaq as a leading partner to the global financial system.

總而言之，2024 年是強勁的一年，我們進一步推動了納斯達克作為全球金融體系領先合作夥伴的發展。

Across the organization, we executed our strategic priorities, delivered on our key growth objectives, and achieved our synergy and deleveraging goals ahead of target.

在整個組織內，我們執行了我們的策略重點，實現了我們的關鍵成長目標，並提前實現了我們的協同效應和去槓桿目標。

As we enter 2025, we're delivering on our strategy and remain confident in our ability to achieve our medium-term outlook.

進入 2025 年，我們正在實施我們的策略，並對實現中期願景的能力充滿信心。

And with that, I will now turn the call over to Sarah to provide more details on our financial results and outlook for 2025.

現在，我將把電話轉給莎拉，讓她提供有關我們的財務表現和 2025 年展望的更多詳細資訊。

Thank you, Adena, and good morning, everyone.

謝謝你，阿德娜（Adena），大家早安。

Starting with annual results on slide 11 of the earnings presentation.

從收益報告第 11 張投影片上的年度業績開始。

Net revenue of $4.7 million was up 9%, with Solutions revenue of $3.6 billion, up 10% and representing 77% of total revenue, an increase of 1 percentage point.

淨營收 470 萬美元，成長 9%，其中解決方案營收 36 億美元，成長 10%，佔總營收的 77%，增加了 1 個百分點。

Full year divisional growth rates were consistent with our expectations.

全年部門成長率與我們的預期一致。

Operating expense was $2.162 billion, up 6%, in line with guidance for a 54% operating margin and 56% EBITDA margin, both of which were up by over 1 percentage point.

營業費用為 21.62 億美元，成長 6%，符合 54% 營業利潤率和 56% EBITDA 利潤率的預期，兩者均成長超過 1 個百分點。

This resulted in net income of $1.6 billion and diluted EPS of $2.82.

淨收入達到 16 億美元，稀釋每股收益達到 2.82 美元。

Moving to quarterly results on slide 12.

轉到第 12 張投影片上的季度業績。

We reported net revenue of $1.2 billion, up 10%, with Solutions revenue of $949 million, up 9%.

我們報告淨收入為 12 億美元，成長 10%，其中解決方案收入為 9.49 億美元，成長 9%。

Operating expense was $556 million, up 6%, resulting in an operating margin of 55%, up 2 percentage points; and an EBITDA margin of 57%, up by over 1 percentage point.

營業費用為5.56億美元，成長6%，導致營業利益率為55%，上升2個百分點； EBITDA利潤率達57%，較去年同期上升逾1個百分點。

This resulted in net income of $438 million and diluted EPS of $0.76.

淨收入為 4.38 億美元，稀釋每股收益為 0.76 美元。

Slide 13 shows the drivers of our 9% net revenue growth for the year and our 10% net revenue growth for the quarter.

投影片 13 展示了我們全年淨收入成長 9% 和本季淨收入成長 10% 的驅動因素。

We generated 7 percentage points of alpha for the year and 6 percentage points for the quarter, driven by new and existing clients, as well as product innovation, partially offset by lower market share in Market Services.

在新舊客戶和產品創新的推動下，我們今年的 Alpha 值提高了 7 個百分點，本季的 Alpha 值提高了 6 個百分點，但市場服務市場份額的下降部分抵消了這一影響。

Overall, beta factors contributed 2 percentage points of growth this year and 4 percentage points for the quarter, driven by higher valuations in Nasdaq indices and higher overall volumes in Market Services.

總體而言，受納斯達克指數估值上升和市場服務總體交易量上升的推動，貝塔因素今年貢獻了 2 個百分點的增長，本季度貢獻了 4 個百分點的增長。

Please note that our alpha analysis is contributed as it includes on and off exchange trading.

請注意，我們的 alpha 分析包括場內和場外交易。

If we had done the analysis with market share of on-exchange volumes only, alpha would have been 7% for the quarter and for the year.

如果我們僅根據交易所交易量的市場份額進行分析，則該季度和全年的 alpha 值將為 7%。

Lastly, and as shown on slide 14, we had ARR growth of 7.5%, with SaaS revenue growth of 14%.

最後，如投影片 14 所示，我們的 ARR 成長了 7.5%，SaaS 收入成長了 14%。

SaaS as a percentage of ARR also increased 2 percentage points to 37% compared to year-end 2023.

與 2023 年底相比，SaaS 佔 ARR 的百分比也增加了 2 個百分點，達到 37%。

Let's review division results, starting on slide 15.

讓我們回顧一下分工結果，從第 15 張投影片開始。

In Capital Access Platforms, we delivered full year revenue growth of 10% with quarterly revenue of $511 million, up 11%, and with ARR growth of 3%.

在資本准入平台方面，我們全年營收成長了 10%，季度營收為 5.11 億美元，成長了 11%，ARR 成長了 3%。

Data and Listings revenue growth for the year was 1%, with quarterly revenue up 2% and ARR up 1%.

全年數據和清單收入增長 1%，其中季度收入增長 2%，ARR 增長 1%。

Quarterly revenue was driven by higher data sales and usage, new listings, and pricing.

季度收入受到數據銷售和使用量的增加、新上市和定價的推動。

This was partially offset by de-listings and downgrade, and lower amortization of prior period initial listing fee.

這被退市和降級以及前期首次上市費用攤銷減少部分抵消。

As you recall, we expected a year-on-year revenue headwind of $3 million related to the amortization of prior period initial listing fees.

您還記得，我們​​預計與前期首次上市費用攤銷有關的同比收入逆差為 300 萬美元。

This started in the third quarter of 2024 and was expected to last for four quarters, two are done and we are in line with expectations.

這項工作於 2024 年第三季開始，預計將持續四個季度，目前已經完成兩個季度，並且符合預期。

We are on track for the next two quarters at $3 million.

我們預計未來兩季的營收將達到 300 萬美元。

After that, we expect the impact to fall to roughly $2 million in the third quarter and $1 million in the fourth quarter of 2025.

此後，我們預計影響將在 2025 年第三季降至約 200 萬美元，第四季降至 100 萬美元。

Separately, we saw an improvement in de-listings in 2024 versus 2023 and expect the related year-over-year revenue headwind to moderate from $10 million per quarter in 2024 to $8 million in each quarter of 2025.

另外，我們發現 2024 年的退市情況較 2023 年有所改善，預計相關的同比收入逆風將從 2024 年的每季度 1000 萬美元緩和至 2025 年每季度 800 萬美元。

Index revenue was up 31% for the full year and up 29% in the quarter, with more than half of the quarterly revenue growth driven by alpha factors, primarily from strong net inflows contributing to higher asset-based revenue.

指數收入全年增長 31%，本季增長 29%，其中超過一半的季度收入增長是由阿爾法因子推動的，主要來自強勁的淨流入帶來更高的資產收入。

ETP AUM included $80 billion of net inflows in the last 12 months, including $28 billion in the fourth quarter.

ETP AUM 在過去 12 個月內淨流入 800 億美元，其中第四季淨流入 280 億美元。

Net inflows together with market performance resulted in record average ETP AUM of $632 billion, up almost $200 billion year over year.

淨流入加上市場表現使得 ETP 平均 AUM 達到創紀錄的 6,320 億美元，年增近 2,000 億美元。

In Workflow and Insights, revenue was up 4% for the year and the quarter, with ARR growth of 4% as well.

在工作流程和洞察方面，今年和本季的營收成長了 4%，ARR 也成長了 4%。

The increase in the fourth quarter revenue was driven by Analytics, mainly investments, with continued growth in demand from asset managers, asset owners, and consultants.

第四季營收的成長主要得益於分析（主要是投資）的推動，資產管理人、資產所有者和顧問的需求持續成長。

New equipment sales were up 11% for the year, with full year gross retention up 2 percentage points.

新設備銷售額全年上漲11%，全年毛留存率上漲2個百分點。

The broader Corporate Solutions environment remains unchanged with revenue up 1% in the quarter.

更廣泛的企業解決方案環境保持不變，本季營收成長了 1%。

Full year operating margin was 58% with quarterly operating margin of 57%, both of which were up 3 percentage points.

全年營業利益率為58%，季度營業利益率為57%，均上漲3個百分點。

Excluding a one-time benefit of Index of $16 million from a legal settlement, full year operating margin would have been 57%, up 2 percentage points.

不計入 Index 從法律和解中獲得的 1,600 萬美元一次性收益，全年營業利潤率將達到 57%，上升 2 個百分點。

As a reminder, as we enter 2025, our contracted rate associated with trading of future contracts will be set as it does every year.

提醒一下，隨著我們進入 2025 年，我們與未來合約交易相關的合約利率將像每年一樣設定。

It will increase once we cross a specific volume threshold, which will likely occur sometime in the first half of the year.

一旦我們超過特定的交易量閾值，它就會增加，這很可能在今年上半年的某個時候發生。

Now looking ahead to 2025 performance more broadly across the Capital Access Platform division.

現在更廣泛地展望資本准入平台部門 2025 年的表現。

Our current expectation is portfolio revenue growth to be within its medium-term growth outlook range of 5% to 8%.

我們目前預計投資組合收入成長將在 5% 至 8% 的中期成長預期範圍內。

Within the division, Data and Listings activity is improving, but Listing revenue remains negatively impacted by de-listing and amortization factors.

在該部門內，數據和上市活動正在改善，但上市收入仍受到退市和攤銷因素的負面影響。

As such, we continue to expect Data and Listings to grow within our medium-term outlook of low single digits in 2025.

因此，我們繼續預期數據和清單數量將在 2025 年的中期展望範圍內實現低個位數成長。

Index continues to generate strong alpha, given its very favorable positioning and additional growth opportunities.

由於其非常有利的定位和額外的成長機會，該指數繼續產生強勁的阿爾法值。

We expect to grow above our medium-term outlook of mid to high single digits in 2025.

我們預計 2025 年的成長率將高於中期預測的中高個位數。

Recall that Index revenue in the first quarter of 2024 included a $16 million one-time revenue benefit related to a legal settlement.

回想一下，Index 在 2024 年第一季的收入包括與法律和解相關的 1,600 萬美元的一次性收入收益。

We exclude this item from our adjusted growth rate and we'll discuss our growth and any comparison to the medium-term outlook on that adjusted basis, excluding that item.

我們將此項排除在調整後的成長率之外，並將在排除該專案的調整基礎上討論我們的成長以及與中期前景的任何比較。

Finally, as a result of continued beta headwinds in Corporate Solutions, which will take time to ease even with stronger issuance environment, we expect Workflow and Insights growth to be below its medium-term outlook of high single to low double digits in 2025.

最後，由於企業解決方案持續面臨測試版阻力，即使發行環境更加強勁，也需要時間來緩解，我們預期工作流程和洞察的成長將低於 2025 年高個位數至低兩位數的中期預期。

Moving to Financial Technology on slide 16.

轉到第 16 張投影片上的金融科技。

Total division revenue for the year grew 10% and revenue for the quarter was up 7% to $438 million with ARR growth of 12%.

該部門全年總營收成長 10%，本季營收成長 7%，達到 4.38 億美元，ARR 成長 12%。

The difference between quarterly revenue growth and ARR growth in FinTech is driven by professional services fees and the impact of lower Calypso on-prem subscription revenue due to timing and a tough comp in the fourth quarter of 2023.

金融科技產業季度營收成長與 ARR 成長之間的差異是由專業服務費以及由於時機和 2023 年第四季的艱難競爭導致 Calypso 本地訂閱收入下降的影響所致。

Meanwhile, ARR growth remained solid across the subdivisions, with strong client momentum, including the benefit of 120 new clients, 127 upsells, and full cross sales in the quarter.

同時，各細分部門的 ARR 成長依然穩健，客戶發展勢頭強勁，本季新增 120 個客戶，追加銷售 127 次，並實現全面交叉銷售。

On cross-sells, our campaigns are resonating with clients as we achieved 11 cross-sells in 2024.

在交叉銷售方面，我們的活動引起了客戶的共鳴，因為我們在 2024 年實現了 11 筆交叉銷售。

Cross-sell opportunities now account for over 15% of the Financial Technology division's pipeline, including several deals in advanced stages.

交叉銷售機會目前佔金融科技部門管道的 15% 以上，其中包括幾筆處於後期階段的交易。

As we close this deal, we will no longer account them in our pipeline, which can create quarter-over-quarter viability in this metric.

當我們完成這筆交易時，我們將不再將它們計入我們的管道中，這可以在該指標上創造季度環比的可行性。

However, over the coming years, we expect our cross-sell pipeline mix generally to average at or above 10%, which is a level that positions us to exceed our $100 million run rate cross-sell revenue target by the end of 2027.

然而，在未來幾年，我們預計我們的交叉銷售管道組合通常平均達到或超過 10%，這一水平使我們在 2027 年底前超過 1 億美元的運行率交叉銷售收入目標。

Financial Crime Management Technology revenue increased 22% for both the year and the quarter, with ARR growth of 23% and with 102 new clients and 1 cross-sell with a Tier 1 client in the quarter.

金融犯罪管理技術收入全年和本季均成長了 22%，ARR 成長了 23%，本季新增了 102 個客戶，並向 1 個一級客戶進行了交叉銷售。

Net revenue retention was 114%, reflecting strong client engagement, stemming from new product enhancements, such as the GenAI Entity Research Copilot and targeted typology analytics.

淨收入保留率為 114%，反映了強大的客戶參與度，這源自於新產品的增強，例如 GenAI Entity Research Copilot 和有針對性的類型分析。

Regulatory Technology revenue increased 7% for the year and 6% for the quarter, with ARR growth of 11% as well as 9 new client wins and 64 upsells.

監管技術收入全年成長 7%，本季成長 6%，ARR 成長 11%，同時贏得 9 個新客戶並實現 64 次追加銷售。

AxiomSL revenue grew 7% for the year and 5% for the quarter with 2 new client wins and 28 upsells.

AxiomSL 全年營收成長 7%，本季營收成長 5%，贏得 2 個新客戶並實現 28 次追加銷售。

And Surveillance [grew] revenue 6% for the year and 7% for the quarter, aided by 7 new clients and 36 upsells.

在 7 位新客戶和 36 筆追加銷售的推動下，監控業務全年營收成長 6%，本季成長 7%。

The delta between ARR and revenue was due to softer Professional Services revenues, which should improve in 2025 based on signed deals in 2024.

ARR 和收入之間的差異是由於專業服務收入較弱所致，根據 2024 年簽署的協議，這一情況在 2025 年應該會有所改善。

Capital Markets Technology delivered 8% revenue growth for the year and 4% for the quarter.

資本市場技術全年營收成長 8%，本季營收成長 4%。

ARR grew 9% with 9 new clients, 63 upsells, and 3 cross-sells in the quarter, with the cross-sell activity driven by continued client demand for market modernization.

本季度，ARR 成長 9%，新增 9 名客戶，追加銷售 63 次，交叉銷售 3 次，交叉銷售活動受客戶對市場現代化的持續需求所推動。

Calypso full year revenue was up 17% and up 1% in the quarter, with 4 new client wins and 39 upsells, with the difference between the two revenue growth rates driven by deal timing.

Calypso 全年營收成長 17%，本季成長 1%，贏得 4 個新客戶並實現 39 次追加銷售，兩次營收成長率之間的差異受交易時機推動。

Together, Trade Management Services and Market Technology had 5 new clients, 24 upsells, and 3 cross-sells in the quarter.

貿易管理服務和市場技術部門在本季共新增 5 位客戶，追加銷售 24 筆，交叉銷售 3 筆。

Combined revenue was up 3% for the year and 7% for the quarter.

全年綜合收入成長 3%，本季綜合營收成長 7%。

The quarterly revenue growth was primarily driven by strong growth in Trade Management Services, mainly due to meeting additional capacity demand via our recent data center expansion.

季度營收成長主要得益於貿易管理服務的強勁成長，這主要得益於我們最近的資料中心擴建滿足了額外的容量需求。

Looking forward, we expect improved professional services revenue in 2025 due to new clients for Calypso and Market Technology implementation signed in 2024, and we are starting the year with a strong proportion of signed engagement.

展望未來，我們預計 2025 年的專業服務收入將有所提高，這得益於 2024 年為 Calypso 和市場技術實施簽約的新客戶，而且我們以強勁的簽約比例開啟了新的一年。

Combined AxiomSL and Calypso revenue increased 13% for the year and 2% for the quarter, with ARR growth of 12%.

AxiomSL 和 Calypso 的綜合收入全年成長 13%，本季成長 2%，ARR 成長 12%。

We continue to drive the cloud journey of this businesses forward with cloud bookings as a percentage of new [ACV] coming in at 52% for the year and 60% for the quarter.

我們繼續推動該業務的雲端之旅，雲端預訂量佔新業務 [ACV] 的百分比全年達到 52%，本季達到 60%。

As Ato noted in the opening remarks, we will be reporting AxiomSL and Calypso within the consolidated results of their respective subdivisions going forward, and we expect combined AxiomSL and Calypso to perform within the medium-term outlook for 2025.

正如 Ato 在開場白中指出的那樣，我們將在各自細分部門的綜合業績中報告 AxiomSL 和 Calypso，並且我們預計 AxiomSL 和 Calypso 的合併後業績將在 2025 年的中期展望中實現。

Full year Financial Technology operating margin was 47%, up 1 percentage point and with quarterly operating margin flat at 49%.

全年金融科技營業利益率為 47%，上升 1 個百分點，季度營業利益率持平於 49%。

Looking ahead at our growth expectations for Financial Technology for 2025, we expect the division to grow within its medium-term outlook of 10% to 14%, with Financial Crime Management Technology at the low end of its range of mid-20s, Regulatory Technology at the high end of its range of high single to low double digits, and with Capital Markets Technology within its range of high single to low double digits.

展望 2025 年金融科技的成長預期，我們預計該部門的中期成長率將在 10% 至 14% 之間，其中金融犯罪管理技術的成長率將處於 20% 左右的低端，監管技術的成長率將處於高個位數至低兩位數的高端，資本市場技術的成長率將處於高個位數至低兩位數的低端。

Wrapping up the divisions with Market Services on slide 17.

第 17 頁上是市場服務分工的總結。

We had net revenue growth of 4% for the year and 12% for the quarter at $268 million.

我們全年淨收入成長 4%，本季成長 12%，達到 2.68 億美元。

The strong quarterly net revenue growth benefited from an increase in US derivatives revenue primarily due to record volumes and strong index options revenue growth, higher US cash equities revenue from higher volume capture and market share available on exchange trading volume, as well as higher capture in European cash equities and derivatives, with these factors partially offset by a market-wide shift of US cash equities volumes of exchange and a decline in new state line revenue.

強勁的季度淨收入增長受益於美國衍生品收入的增長，這主要歸功於創紀錄的交易量和強勁的指數期權收入增長、美國現金股票收入因交易所交易量的增加和市場份額的增加而增加，以及歐洲現金股票和衍生品的增加，而這些因素被美國現金股票交易量的市場範圍轉變和新州線收入的下降部分抵消。

Full year Market Services operating margin was down 1 percentage point to 59%, with quarterly operating margin of 59%, up 1 percentage point.

全年市場服務營業利益率下降1個百分點至59%，季營業利益率為59%，上升1個百分點。

Excluding the one-time payment of roughly $7.5 million that benefited Market Services in the fourth quarter of 2023 and is excluded from the adjusted numbers, full year operating margin would have been flat and quarterly operating margin would have been up 2 percentage points.

不包括 2023 年第四季使市場服務部受益的約 750 萬美元的一次性付款（未計入調整後的數字），全年營業利潤率將保持持平，季度營業利潤率將上升 2 個百分點。

Moving to expenses on slide 18.

轉到第 18 張投影片上的費用。

We had operating expenses of $2.162 billion for the year, up 6%, driven by strong investments in technology and people to support revenue and drive innovation and growth, employee-related cost increases, other increases largely due to inflation, as well as close to 1 percentage point of regulatory and people-related costs, which we don't expect to reoccur.

我們全年的營運費用為 21.62 億美元，成長 6%，這得益於對技術和人員的大力投資，以支持收入並推動創新和成長，與員工相關的成本增加，其他成長主要由於通貨膨脹，以及接近 1 個百分點的監管和人員相關成本，我們預計這些成本不會再次出現。

This was partially offset by the benefit of Adenza-related synergies of 2 percentage points and additional efficiencies of 1 percentage point, half of which I will come back to in just a moment.

這部分被 Adenza 相關綜效（2 個百分點）和額外效率（1 個百分點）所抵消，稍後我將回顧其中的一半。

This resulted in an annual operating margin and EBITDA margin, both up more than 1 percentage point versus the prior year.

這使得年度營業利潤率和 EBITDA 利潤率均比上年增長了 1 個百分點以上。

Regarding net expense synergies, we have actioned over 100% of the $80 million target we announced in relation to the acquisition of Adenza.

關於淨費用綜效，我們已經實現了收購 Adenza 時宣布的 8,000 萬美元目標的 100% 以上。

We are now expanding this program to $140 million, including the $80 million already actioned.

現在我們正在將該計劃擴大到 1.4 億美元，其中包括已經投入的 8,000 萬美元。

This run rate cost reductions will be actioned by the end of 2025.

這項營運成本削減措施將於 2025 年底實施。

This is an increase of 75% in the same two-year time frame as we now include the entire firm and will capture all the run rate efficiencies, including the impact of AI.

由於我們現在涵蓋了整個公司，並將捕捉所有的運行率效率，包括人工智慧的影響，因此在同樣的兩年時間範圍內，這一數字增長了 75%。

As part of the expanded program, we expect related cost to achieve to be $140 million, with $72 million incurred to date through the end of the fourth quarter.

作為擴大計畫的一部分，我們預計相關成本將達到 1.4 億美元，截至第四季末已發生 7,200 萬美元。

The program has already reduced 2024 expense growth by 2.5 percentage points, 2 percentage points for Adenza and 50 basis points related to the program expansion.

該計劃已將 2024 年的費用增長降低了 2.5 個百分點，其中 Adenza 降低了 2 個百分點，與計劃擴展相關的費用增長降低了 50 個基點。

It is expected to reduce 2025 expense growth by 2 percentage points with a sale mostly in 2026.

預計 2025 年費用成長率將降低 2 個百分點，大部分銷售額將在 2026 年實現。

As always, you should expect that we will continue to reinvest a portion of these efficiencies into investments to support our growth.

像往常一樣，您應該期待我們將繼續將這些效率的一部分重新投資於投資以支持我們的成長。

With this in mind, we are introducing our non-GAAP expense guidance for the year of $2.245 billion to $2.325 billion.

考慮到這一點，我們推出了本年度非 GAAP 支出指引，為 22.45 億美元至 23.25 億美元。

This guidance range reflects a non-GAAP organic growth rate of 6% at the midpoint.

此指導範圍反映了中間值 6% 的非 GAAP 有機成長率。

And as mentioned, it includes a roughly 2 percentage point benefit from the expanded efficiency program.

如前文所提到的，它包含了擴大效率計畫帶來的約 2 個百分點的收益。

Our 2025 guidance uses average 2024 FX rates as its foundation and does not reflect the benefit from the recent post-election selection strengthening of the dollar that has partly retrenched over the last few days.

我們的 2025 年指引以 2024 年平均外匯匯率為基礎，並未反映近期選舉後美元走強帶來的好處，美元在過去幾天有所回落。

We expect the 2025 non-GAAP tax rate between 22.5% and 24.5% in line with the prior expectation we have set.

我們預計 2025 年非 GAAP 稅率在 22.5% 至 24.5% 之間，與我們先前設定的預期一致。

Turning to capital allocation on slide 19.

轉向第 19 張投影片上的資本配置。

Nasdaq generated free cash flow of approximately $1.6 billion in the year, including $439 million in the fourth quarter.

納斯達克全年產生了約 16 億美元的自由現金流，其中第四季為 4.39 億美元。

We repaid $815 million in debt in 2024, including about $180 million in the fourth quarter, which we repurchased opportunistically.

我們在 2024 年償還了 8.15 億美元的債務，其中包括第四季的約 1.8 億美元，是我們趁機回購的。

With that, we ended the year with a gross leverage of 3.6 times.

因此，我們今年底的總槓桿率為 3.6 倍。

In 2024, we paid dividends of $0.94 per share or $541 million, including $0.24or $138 million in 4Q, representing a 34% annualized payout ratio.

2024年，我們派發每股0.94美元或5.41億美元的股息，其中第四季派息0.24美元或1.38億美元，年化股息率為34%。

We repurchased 2.3 million shares of our common stock for roughly $145 million in the year offsetting employee issuance, with no repurchases in the fourth quarter.

我們今年回購了 230 萬股普通股，價值約 1.45 億美元，抵銷了員工發行的股票，第四季沒有回購。

We remain focused on reducing our leverage and expect to reach a 3.3 times gross leverage ratio before the end of 2025, while repurchasing shares to offset employee compensation related dilution.

我們仍致力於降低槓桿率，預計在 2025 年底之前達到 3.3 倍的總槓桿率，同時回購股票以抵消與員工薪酬相關的稀釋度。

We will remain opportunistic regarding any additional share or debt repurchases.

對於任何額外的股票或債務回購，我們仍將保持觀望態度。

In 2024, we set ambitious objectives and I want to thank the full Nasdaq team for executing against them.

2024 年，我們設定了雄心勃勃的目標，我要感謝納斯達克全體團隊為實現這些目標而努力。

I am proud of our accomplishments in the year.

我為我們今年所取得的成就感到自豪。

We delivered on our growth ambition.

我們實現了我們的成長目標。

We closed on a number of landmark client wins.

我們贏得了許多具有里程碑意義的客戶。

We made progress with our cross-sell target.

我們在交叉銷售目標方面取得了進展。

We identified incremental cost efficiencies and we executed against an accelerated deleveraging timeline.

我們確定了增量成本效率，並按照加速去槓桿的時間表執行。

All of this reinforces my confidence in our growth story and our ability to deliver value to our clients and shareholders in 2025 and beyond.

所有這些都增強了我對我們的成長故事以及我們在 2025 年及以後為客戶和股東創造價值的能力的信心。

With that, let's open the line for Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) Alexander Blostein, Goldman Sachs.

（操作員指示）亞歷山大‧布洛斯坦 (Alexander Blostein)，高盛。

I wanted to start with your outlook on Workflow and Insights.

我想從您對工作流程和見解的看法開始。

Obviously, it's a business that has been growing a little bit slower, presumably gets better with cross-selling once the Listings business starts to pick up a bit and there's sort of positive synergies with the rest of the franchise.

顯然，這是一個成長速度稍慢的業務，一旦 Listings 業務開始回暖，並與特許經營的其他部分產生某種積極的協同效應，交叉銷售可能會變得更好。

Can you help us maybe just bridge how you go from this kind of low to mid-single-digit range back to your targets, which would seem to be still kind of ways out?

您能否幫助我們，如何從這種低到中等個位數的範圍回到您的目標，這似乎仍然是一種出路？

Great.

偉大的。

Thanks, Alex.

謝謝，亞歷克斯。

Yeah, as you mentioned, the Corporate Solutions business has had a lot of effects from a slower issuance environment as well as, as we talked about, the delisting environment that we've been operating in over the last couple of years.

是的，正如您所說，企業解決方案業務受到發行環境放緩以及我們過去幾年一直處於的退市環境的很大影響。

And what we've been focused on is making sure that we're continuing to innovate within the suite, so that as the buying behaves become more normalized, we would expect that -- we have great products and we're very well positioned competitively.

我們一直關注的是確保我們在套件內繼續創新，以便隨著購買行為變得更加正常化，我們期望 - 我們擁有優質的產品並且在競爭中佔據非常有利的地位。

It's just a matter of making sure that we have an environment where the buyers are in a position to be able to purchase our solutions.

這只是為了確保我們擁有一個買家能夠購買我們的解決方案的環境。

So it's both the IPO environment, moderating of the delisting environment, and then also, as you've noticed the Index performance and the growth earnings across different sectors of the economy been more towards, I would say, larger companies.

因此，這既是 IPO 環境，也是退市環境的緩和，而且，正如你所注意到的，指數表現和經濟不同部門的成長收益更傾向於規模較大的公司。

And we have thousands of companies that use our solutions.

我們有數千家公司使用我們的解決方案。

So as a growth agenda and the US economy picks up, we do actually believe that, that also will drive more earnings potential for the broader economy, and that also will support more of the sales activity within that particular part of our business.

因此，隨著成長議程和美國經濟的回暖，我們確實相信，這也將為更廣泛的經濟帶來更多的獲利潛力，也將支持我們業務特定部分的更多銷售活動。

Now in Analytics, we're actually really excited about everything that's happened across the, what I would call, the investment side, the investor audience within our Workflow and Insight Solutions, and most notably, investment, which is our biggest product.

現在在分析方面，我們實際上對我所說的投資方面、工作流程和洞察解決方案中的投資者受眾以及最值得注意的是投資（這是我們最大的產品）所發生的一切感到非常興奮。

We had a couple of years where we were focused more on product enhancements and integrating some great data into the platform, we now have this incredible suite of solutions there and we're growing at the high single digits with the investment, and we expect that to continue to be a great grower for us.

有幾年我們更加重視產品的提升，並將一些優秀的數據整合到平台中，現在我們擁有一套令人難以置信的解決方案，而且我們的投資以高個位數成長，我們預計這將繼續為我們帶來巨大的成長。

So we do think that will be helpful also in driving the overall growth rate of that part of the division up in the coming years.

因此，我們確實認為這也將有助於在未來幾年推動該部門的整體成長率。

Craig Siegenthaler, Bank of America.

美國銀行的克雷格·西根塔勒（Craig Siegenthaler）。

So our question is on the potential for large-scale deregulation of the US financial services industry under the Trump administration.

所以我們的問題是川普政府是否有可能大規模放寬對美國金融服務業的管制。

And we understand you can't put the genie back in the bottle on many businesses like Prop and Merchant Banking.

我們知道，對於許多業務，如自營銀行和商業銀行來說，你無法將魔鬼放回瓶子裡。

But Axiom was seeing strong tailwinds from more regulations like Basel III Endgame.

但 Axiom 看到了來自《巴塞爾協議 III 終局之戰》等更多法規的強勁推動力。

So if there is a reversal in bank regulations, how should this impact client demand for Axiom's offering and your Regtech growth trajectory, just given its core clients are banks?

那麼，如果銀行監管法規出現逆轉，這會對客戶對 Axiom 產品的需求以及您的 Regtech 成長軌跡產生什麼影響，因為其核心客戶是銀行？

Yeah.

是的。

Well, first of all, I think we just remind everyone that our AxiomSL business is a global business.

嗯，首先，我想我們只是提醒大家，我們的 AxiomSL 業務是一項全球性業務。

It serves banks all over the world.

它為世界各地的銀行提供服務。

We've been opening new markets, as we mentioned, in India, France, Philippines, and other parts of the world.

正如我們所提到的，我們一直在印度、法國、菲律賓和世界其他地區開拓新市場。

We have a great pipeline of opportunities across AxiomSL in the global business.

我們在 AxiomSL 的全球業務中擁有大量的機會。

And as we've been engaging with US clients, they are dealing with a changing regulatory environment, but one that still is an environment that requires a lot of solutions to help them manage regulations.

在我們與美國客戶合作的過程中，我們發現他們面臨著不斷變化的監管環境，但這個環境仍然需要大量解決方案來幫助他們管理法規。

So we see really strong demand for the product.

因此我們看到該產品的需求非常強勁。

I think that we -- we gave you the Regulatory Technology subdivision within Financial Technology is at the -- we expect it to be at the high end of our range in 2025.

我認為，我們—我們為您提供的金融科技中的監管技術細分處於—我們預計它將在 2025 年達到我們範圍的高端。

And so I think that we just -- we feel highly confident that we have a solution that meets a lot of different needs across different regulatory landscapes.

因此我認為，我們非常有信心，我們有一個能夠滿足不同監管環境下許多不同需求的解決方案。

One thing, just a point of fact just to help you understand the nature of the business within AxiomSL. 69% of the revenue comes from non-US banks, 31% comes from US banks -- I'm sorry, that's across Adenza, that's both Calypso and AxiomSL.

一件事，只是一個事實，只是為了幫助您了解 AxiomSL 內部業務的性質。 69% 的收入來自非美國銀行，31% 來自美國銀行——抱歉，這是涵蓋 Adenza、Calypso 和 AxiomSL 的收入。

So let me say it again.

讓我再說一次。

The US clients represent 31% of the revenues of the Calypso and AxiomSL businesses and 69% come from non-US banks.

美國客戶佔 Calypso 和 AxiomSL 業務收入的 31%，69% 來自非美國銀行。

So we just feel very confident in the way that we see the engagements with our clients.

因此，我們對與客戶的合作方式非常有信心。

I would look also more broadly at Financial Technology.

我也會更廣泛地關注金融科技。

As we think about it, we think, okay, if you have an environment where more capital can be kept within the banks, they can then deploy that capital into the market.

當我們思考這個問題時，我們會想，好吧，如果你有一個環境，​​可以讓銀行保留更多的資本，那麼他們就可以將這些資本部署到市場上。

That drives liquidity across global markets.

這推動了全球市場的流動性。

It drives demand for our technology among global markets as they prepare for and are prepared to be able to accept that liquidity.

它推動了全球市場對我們技術的需求，因為全球市場已經準備好了並且能夠接受這種流動性。

We also -- if they are going -- banks are certainly in a growth mode, they're going to be going into new asset classes and new geographies, and that drives demand for our crypto solutions.

我們也認為——如果銀行要繼續發展的話——他們肯定處於成長模式，他們將進入新的資產類別和新的地區，這將推動對我們的加密解決方案的需求。

So we have a lot of opportunities for growth across the franchise in different regulatory environments.

因此，在不同的監管環境下，我們的整個特許經營業務都有很多成長機會。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Maybe just diving into Financial Technology again.

或許只是再次深入金融科技。

You gave an outlook for where you kind of expected to fall within the range of the three businesses within that segment.

您對於該領域三項業務範圍的預期是怎樣的？

So where do you think that leaves us for the full year in terms of the overall 10% to 14% growth rate for the full segment?

那麼，您認為，就整個產業 10% 至 14% 的整體成長率而言，全年的成長率會是多少呢？

And then on Financial Crime Management, I believe you said that you expected that to come in at the lower end, so maybe you could just talk about some of the drivers there.

然後關於金融犯罪管理，我相信您說過您預計該數字會處於較低水平，所以也許您可以談談其中的一些驅動因素。

Sure.

當然。

Yeah.

是的。

Actually, I'll start with that, and then I'll talk about the overall Fintech division.

實際上，我會從這個開始，然後再談論整個金融科技部門。

So within the Financial Crime Management business, we have -- we actually -- we did a great job again this year of expanding our client base.

因此，在金融犯罪管理業務中，我們——實際上——今年我們在擴大客戶群方面再次做得很好。

We had a 211 new clients sign up for the solution.

我們有 211 位新客戶註冊該解決方案。

We had another Tier 1 bank take our -- sign with us in the Q4.

我們在第四季與另一家一級銀行簽訂了協議。

We have a really nice pipeline of Tier 1 banks that are in stages of our sales cycle, including completing POCs and other things.

我們擁有一批非常好的一級銀行管道，它們正處於銷售週期的各個階段，包括完成 POC 和其他事項。

But as we've talked about in the past and we talked about this at Investor Day, the mid double-digit growth rate is supported by three pillars of growth.

但正如我們過去談到的以及在投資者日談到的，中等兩位數的成長率是由三大成長支柱所支撐的。

So the first is within the small to medium banks.

第一個是中小型銀行。

And again, we signed 210 of those.

我們再次簽署了 210 份。

So we're really, really excited about that -- or 211 for the year.

因此，我們對此感到非常非常興奮——或者說，今年的成績是 211 分。

And then -- and that's kind of the basis of our business today.

然後——這就是我們今天業務的基礎。

But as we expand, a growing part of our growth is going to come from those Tier 1 banks, Tier 2 banks.

但隨著我們的擴張，我們越來越大的成長將來自一級銀行和二級銀行。

We now have five of those clients.

我們現在有五個這樣的客戶。

We have an opportunity to expand those client relationships, and we are in talks with expansion plans.

我們有機會擴大這些客戶關係，並且我們正在商談擴張計劃。

We have, as I mentioned, a nice, healthy pipeline of additional clients there.

正如我所提到的那樣，我們在那裡擁有良好、健康的額外客戶管道。

But it takes time for those deals to manifest and show up in the financial performance.

但這些交易的實現並體現在財務績效中需要時間。

And so we're still very early innings there.

因此，我們仍處於非常早期的階段。

And then global expansion, so that's the third pillar.

然後是全球擴張，這是第三個支柱。

And we just announced our move into Europe.

我們剛剛宣布進軍歐洲。

We have several banks lining up for POCs with us in 2025.

已經有多家銀行與我們在 2025 年簽署了 POC 協議。

And so that, again, will play out to support that mid-double-digit growth rate.

因此，這將再次發揮作用，支持中等兩位數的成長率。

But those things are still in the early innings.

但這些事情仍處於初期階段。

I just want to remind everyone that half of the SAM, half of the serviceable addressable market, in Financial Crime Management is in this Tier 1 and Tier 2 banks.

我只是想提醒大家，金融犯罪管理中一半的 SAM，一半的可服務目標市場都在一級和二級銀行。

So as we expand there, that gives us a lot of opportunity to continue to have healthy growth, but we're still in early innings.

因此，隨著我們在那裡擴張，這為我們提供了許多機會來繼續實現健康成長，但我們仍處於早期階段。

And so as we look at 2025, similar to 2024, we see ourselves coming in at the low end of our outlook range, but we're extremely excited about all the progress in the business.

因此，當我們展望 2025 年時，與 2024 年類似，我們處於展望範圍的低端，但我們對業務的所有進展感到非常興奮。

And then more holistically for Fintech, we don't give you a specific view as to how we see the year playing out, but we do expect that Fintech will be within the range of the 10% to 14%.

更全面地來看，對於金融科技，我們無法給出對今年發展的具體看法，但我們預計金融科技的成長幅度將在 10% 到 14% 之間。

And obviously, we have a lot of -- I would have to say, we had a lot of great sales in 2024.

顯然，我們有很多——我不得不說，我們在 2024 年有很多出色的銷售業績。

We're going into the year with a really good line of sight into a large portion of our business growth.

進入新的一年，我們對大部分業務的成長有了很好的認識。

But the year changes as we go through the year.

但隨著時間的流逝，年份也在改變。

So we maintain our view that it will be within the outlook.

因此，我們堅持認為它將在前景之內。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Just following back up maybe on Alex's first question on Workflow and Insights.

也許只是跟進 Alex 關於工作流程和見解的第一個問題。

I guess given your sort of optimism in the IPO pipeline, can you talk a little bit about the kind of conversion rate or what the timing looks like in terms of getting new sort of listed companies using some of those software solutions?

鑑於您對 IPO 管道的樂觀態度，您能否談談轉換率或利用這些軟體解決方案讓新上市公司上市的時機？

And I'm just curious, it sounds like a lot of optimism around some of the policies from the new administration, but the tone is clearly more negative on things like ESG and sustainability.

我很好奇，聽起來新政府的一些政策讓人很樂觀，但在 ESG 和永續性等方面的語氣顯然更為負面。

And so as regards to your ESG solution, any sort of change in outlook there?

那麼，就您的 ESG 解決方案而言，前景有什麼改變嗎？

Yeah.

是的。

Great.

偉大的。

Thanks.

謝謝。

So I would say that the Corporate Solutions part of Workflow and Insights, which is a focus area of your question, that business is a bit of a lagging indicator, lagging behind the IPO environment.

所以我想說，工作流程和洞察中的企業解決方案部分（也就是你問題的重點領域）業務有點滯後，落後於 IPO 環境。

So when companies decide to go public, they do need solutions.

因此，當公司決定上市時，他們確實需要解決方案。

We provide them a package as part of their IPO to introduce them to our solutions, but also to help them mature public companies in IR and ESG reporting.

我們為他們提供一套作為其 IPO 一部分的方案，向他們介紹我們的解決方案，同時也幫助他們在 IR 和 ESG 報告方面完善上市公司。

And so we then have a period of time where we offer those solutions complementary, and then they will convert into -- hopefully, if we do a great job, convert into paying clients.

因此，我們會在一段時間內提供這些互補的解決方案，然後，如果我們做得很好，他們就會轉化為付費客戶。

But we also have the opportunity during that time to upsell them on additional solutions within our suite.

但在此期間，我們也有機會向他們推銷我們套件中的其他解決方案。

And so it does -- we'd like to see a nice, healthy, sustainable IPO environment.

事實確實如此——我們希望看到一個良好、健康、可持續的 IPO 環境。

We definitely are seeing a moderation of de-listings that will help.

我們確實看到，退市行為有所緩和，這將會有所幫助。

But it will take some time for that business to recover into a more normalized growth rate.

但該業務需要一段時間才能恢復到更正常的成長率。

And then looking at specifically into ESG, what we've seen is actually a change in the demand structure.

然後具體看一下 ESG，我們實際上看到的是需求結構的改變。

Those solutions still are small part of our overall Workflow and Insights business.

這些解決方案仍然只是我們整體工作流程和洞察業務的一小部分。

But we are seeing the demand more coming from Europe and other parts of the world as well as from global companies that operate in Europe because of the new disclosure obligations.

但由於新的揭露義務，我們看到來自歐洲和世界其他地區以及在歐洲運營的跨國公司的需求越來越多。

And so that just I would say the demand curve has changed a little bit more towards non-US companies and non-US operations.

因此，我想說的是，需求曲線已經稍微轉向非美國公司和非美國業務。

But that does mean we still have good opportunities across that business.

但這確實意味著我們在該業務領域仍有良好的機會。

And we'll continue to evaluate that as we see different policies developed in the United States.

隨著我們看到美國制定了不同的政策，我們將繼續評估這一點。

Michael Cho, J.P. Morgan.

摩根大通的 Michael Cho。

I want to just touch on the regulatory topic as well, which is kind of under a slightly different tone.

我也想談監管話題，這裡的語氣稍微不一樣。

Adena, you've kind of previously discussed in the past about lightening the burden or the regulatory burden on public companies and making that option much more attractive.

Adena，您以前曾經討論過減輕上市公司的負擔或監管負擔，並使這種選擇更具吸引力。

You've indicated some optimism in engaging the new administration around some of these efforts.

您表現出對新政府參與其中的一些努力的樂觀態度。

So just for our context, can you just remind us and talk through some of the areas where we might see some of your efforts or just kind of general progress first?

因此，僅就我們的背景而言，您能否提醒我們並談談我們可能看到您的一些努力或只是一般進展的一些領域？

Sure.

當然。

Well, we've actually had a pretty steady drumbeat of engagement with regulatory agencies, but we are actually quite optimistic that we have an administration that is listening and listening hard to what can they do to unlock growth in the country, what can they do to create sustainable growth in the country.

嗯，我們實際上一直與監管機構保持著相當穩定的接觸，但我們實際上非常樂觀地認為，我們的政府正在認真傾聽，考慮他們可以做些什麼來釋放國家的增長潛力，他們可以做些什麼來創造國家的可持續發展。

And part of that is making sure that the public markets are working really, really well.

其中一部分是確保公開市場運作良好。

I just want to remind everyone, we've been evaluating this.

我只是想提醒大家，我們一直在評估這件事。

But there's about $112 trillion of investable capital in public markets around the world, and that's as of the end of '23, about $15 trillion in the private market.

但全球公開市場的可投資資本約為 112 兆美元，而截至 23 年底，私人市場的可投資資本約為 15 兆美元。

So the public markets really do -- really drive the economies.

因此，公開市場確實能夠推動經濟發展。

And as we think about the life of a public company, there are elements of it that are persistent.

當我們思考一家上市公司的生命時，我們會發現其中的一些要素是持久的。

So you have early earnings, like we're having this morning.

因此，您有早期收益，就像我們今天早上所得到的一樣。

You have disclosures that are relevant and important for investors to understand.

您所揭露的資訊對於投資者來說都是相關且重要的。

But then you also have other elements.

但你還有其他元素。

And I would say if the proxy process has a lot of challenges in it that we think can be reformed that will make it, so that it's a better environment for companies and more balanced between companies and investors.

我想說，如果代理程式中存在著許多挑戰，我們認為可以進行改革，那麼它就會成功，從而為公司創造更好的環境，並在公司和投資者之間實現更加平衡。

We think that some of the accounting policies and PCAOB, they took a very draconian approach in the last administration and we see some opportunities there to make it more balanced.

我們認為，上屆政府制定的一些會計政策和美國上市公司會計監督委員會 (PCAOB) 採取了非常嚴厲的手段，而我們也看到了一些使其更加平衡的機會。

And then if we could have our way across everything, we would also look at litigation reform as a key element of improving the environment for public companies.

如果我們能夠解決所有問題，我們也會將訴訟改革視為改善上市公司環境的關鍵因素。

Those are three core things that we also would say.

這也是我們要說的三個核心內容。

And then the last thing I would say is making sure that there is disclosure to the public companies on what's happening in their stock.

我要說的最後一件事是確保向上市公司披露其股票的動態。

I think that -- we've got the 13Fs for long positions, but is there something similar for short positions in terms of giving companies better information and understanding of their investor base?

我認為——我們已經為多頭倉位制定了 13F，那麼在為公司提供更好的資訊和了解其投資者基礎方面，空頭倉位是否有類似的規定？

So all of those things are areas that we're going to be discussing, engaging with the government to see what their priorities are and see if we can make some progress.

所以，所有這些都是我們要討論的領域，與政府接觸，了解他們的優先事項是什麼，看看我們是否能夠取得一些進展。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Wanted to get a comment around professional service fees, what they were as a total within the financial -- within Fintech.

想聽聽關於專業服務費的評論，看看它們在金融——金融科技領域內的整體情況如何。

And then as you look going forward, you talked about, I think, momentum in the business, particularly in the Regtech in terms of new implementations.

然後，展望未來，我認為您談到了業務的發展勢頭，特別是在監管科技 (Regtech) 方面的新實施。

So could you talk about the outlook for professional service fees as we think about 2025?

那麼您能談談 2025 年專業服務費的前景嗎？

Yeah.

是的。

So I don't know if we give a specific breakout -- I'm looking at Sarah.

所以我不知道我們是否給了具體的突破——我正在看著莎拉。

We don't give a specific breakout of the professional services fees.

我們沒有給出專業服務費用的具體明細。

But just as a reminder, we're a software product business.

但要提醒的是，我們是一家軟體產品企業。

We want to deliver, we want to deliver those products, and we want them to deliver it well.

我們希望交付，我們希望交付這些產品，並且我們希望他們能夠很好地交付。

So we see professional services as more, I'd say, a means to an end, meaning we want to deliver them.

因此，我認為我們將專業服務視為一種達到目的的手段，這意味著我們想要提供這些服務。

We have obviously put a great deal of effort into delivering those, and we do also work with partners.

我們顯然為實現這些目標付出了巨大的努力，而且我們也與合作夥伴進行了合作。

But we also -- we want to get rewarded for the work we're doing to make sure those implementations go well.

但我們也希望因我們所做的工作而獲得回報，以確保這些實施順利進行。

As we think about 2024 and the dynamics in 2024, there are a few things.

當我們思考 2024 年以及 2024 年的動態時，有幾件事。

Oftentimes professional services revenues are solid sales if that makes sense.

如果有意義的話，專業服務收入通常就是穩定的銷售。

And I think that, in general, as we look at the sales that occurred in 2023 going into 2024, and then projects that were ongoing in 2023 and 2024, as we've been mentioning all year, we had some downward pressure in the professional services revenues in '24, both on the fact that we had a very large implementation in Market Tech in '23 that drove up revenues that did not repeat in '24 as we completed that deal.

我認為，總體而言，當我們回顧 2023 年到 2024 年發生的銷售情況，以及 2023 年和 2024 年正在進行的項目時，正如我們全年提到的那樣，我們的專業服務收入在 24 年面臨一些下行壓力，這既是因為我們在 23 年在市場技術領域進行了非常大規模的收入，從而重新完成了這筆

We had, I would say, a sales environment that had lower professional services revenues coming in, particularly for our AxiomSL solutions in '24.

我想說，我們的銷售環境是專業服務收入較低，特別是 24 年的 AxiomSL 解決方案。

But as we've seen the sales environment in 2024 manifests itself and going into 2025, both in Market Tech, with nine new commitments for existing clients and other new clients coming in, as well as for AxiomSL, really good sales here in AxiomSL.

但正如我們所看到的，2024 年的銷售環境將會顯現出來，進入 2025 年，無論是在 Market Tech，還是在 AxiomSL，都有 9 個新客戶承諾現有客戶和其他新客戶加入，AxiomSL 的銷售情況也非常好。

We actually see upward mobility or upward trajectory of professional services in 2025 that supports the outlook that Sarah gave you in terms of where the revenues will come out within the ranges that we mentioned.

我們實際上看到了 2025 年專業服務的向上流動性或向上軌跡，這支持了 Sarah 給出的關於收入將在我們提到的範圍內的前景。

And actually, we did give some disclosure about Adenza when we acquired Adenza saying that professional services fees were about 20% of the Adenza revenue and just over -- I would say, just over 10% of overall Fintech revenues, just so you know what the disclosures are.

實際上，我們在收購 Adenza 時確實披露了一些信息，稱專業服務費約佔 Adenza 收入的 20%，我想說，佔整體金融科技收入的 10% 多一點，這樣你就知道披露的內容了。

Owen Lau, Oppenheimer.

歐文劉、奧本海默。

So I have a question about your Cap Markets Tech ARR, it came down from 12% last quarter to 9%.

所以我對您的 Cap Markets Tech ARR 有一個疑問，它從上個季度的 12% 下降到了 9%。

It also drove your Fintech ARR down for the quarter.

這也導致您本季的金融科技 ARR 下降。

What was the driver of that decline?

造成這種下降的原因是什麼？

Is it the professional services fee we talk about?

這就是我們說的專業服務費嗎？

And then what does it take to reaccelerate that ARR in 2025?

那麼，如何才能在 2025 年重新加速 ARR 呢？

Yeah.

是的。

Thanks, Owen.

謝謝，歐文。

So with regards to ARR, there were some year-over-year comps on that just because fourth quarter of 2023 was a very strong sales quarter for Calypso in particular.

因此，就 ARR 而言，與去年同期相比有一些成長，因為 2023 年第四季對於 Calypso 來說是一個銷售非常強勁的季度。

And so we had some, I would just say, year-over-year comp differential.

因此，我只想說，我們有一些同比差異。

And then the second thing is just that we -- there's a lot of timing related to deal signings, deal closings that drive ARR.

第二件事是，我們 — — 有許多與交易簽署、交易結束相關的時間安排會影響 ARR。

And also, by the way, what we look at as an ARR itself does not include any sort of ramps that we have in contracts.

順便說一句，我們所看到的 ARR 本身並不包括合約中所規定的任何類型的坡道。

So that also would reflect just the ARR upon signing as opposed to the long-term ARR potential of a contract, and so it doesn't include ramp, and there are ramps in our contracts.

因此，這也只反映簽署時的 ARR，而不是合約的長期 ARR 潛力，因此它不包括坡道，而我們的合約中有坡道。

So I think some of that is also kind of reflected in the fact you had different growth rates.

所以我認為這也反映在你們有不同的成長率上。

But as we -- as Sarah mentioned, we do expect that the AxiomSL and Calypso combined ARR growth should be within the medium-term outlook range of the mid-teens.

但正如莎拉所提到的那樣，我們確實預計 AxiomSL 和 Calypso 的綜合 ARR 成長應該在中期展望範圍內，即十幾歲的水平。

And that overall for Fintech, that we should be within the range that we provided on ARR.

整體而言，對於金融科技而言，我們應該在 ARR 提供的範圍內。

So we do feel like we have a really strong opportunity for us to continue to drive growth across the franchise.

因此，我們確實覺得我們有一個非常好的機會來繼續推動整個特許經營的成長。

But in this quarter, we had some downward pressure.

但本季度，我們面臨一些下行壓力。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just wanted to ask about AI with the DeepSeek advancement.

只是想問一下有關 DeepSeek 進展的 AI 問題。

Just curious how you see that impacting your business in terms of potential for faster generative AI product innovation and development, potentially at a lower cost and how you see that potentially impacting the competitive landscape over time?

我只是好奇，您認為這會對您的業務產生什麼影響，例如更快的生成式人工智慧產品創新和開發潛力，以及可能以更低的成本，以及您認為這會隨著時間的推移對競爭格局產生什麼影響？

And more broadly, maybe you could just update us on some of the steps you're going to be taking here in '25 to move Nasdaq forward with generative AI advances?

更廣泛地說，也許您可以向我們介紹您將在 25 年採取哪些措施來推動納斯達克在生成式人工智慧方面的進步？

No, I love that question.

不，我喜歡這個問題。

So first of all, I would just say we've essentially put a platform together within Nasdaq leveraging our cloud providers that allow us to use multiple models.

首先，我想說的是，我們基本上在納斯達克內部建立了一個平台，利用我們的雲端供應商，讓我們能夠使用多種模型。

So we use both proprietary models and open source models today.

所以我們今天同時使用專有模型和開源模型。

What we do is when we think about a new capability we want to deliver through our products, we'll test out different models to see which ones provide us the best solutions at the most efficient cost structure.

我們的做法是，當我們考慮想要透過我們的產品提供新的功能時，我們會測試不同的模型，看看哪些模型能以最有效的成本結構為我們提供最佳的解決方案。

And so first and foremost it has to be which one's best at delivering what we're looking for, and then the second thing is then a cost consideration.

因此，首先最重要的是哪一個最能滿足我們的要求，然後第二件事就是成本考量。

But I would say the cost curve has come -- I mean, the cost of AI on generative AI has already come down a lot, it's been quite dramatic.

但我想說成本曲線已經到來——我的意思是，生成人工智慧的成本已經下降了很多，這是相當顯著的。

And so we already feel like there's a lot of efficiencies starting to come into the different models.

因此，我們已經感覺到不同模型開始出現許多效率。

The second thing is we do -- we are open to different models.

第二件事是，我們對不同的模式持開放態度。

We have a lot of governance around that, but we do approve models through our government structure and we have access to multiple models.

我們對此有很多治理，但我們確實透過政府結構來批准模型，並且我們可以使用多種模型。

And the third thing is we are really embedding AI, GenAI capabilities into our product road maps.

第三件事是，我們確實將 AI、GenAI 功能嵌入到我們的產品路線圖中。

And we're reviewing those product road maps very frequently, so that we know that we're bringing new capabilities to clients.

我們會頻繁檢視這些產品路線圖，以便了解我們為客戶帶來了新的功能。

So just a few to mention, and we've got the -- as you mentioned, the AI -- the GenAI research entity, Copilot, within Anti-Financial Crime business, but now we're implementing that in our surveillance business.

僅舉幾個例子，正如您所說，我們在反金融犯罪業務中擁有 GenAI 研究實體 Copilot，但現在我們正在將其應用於我們的監控業務。

We have actually the ability to do something similar in terms of auto generation of regulatory reports in Axiom.

實際上，我們有能力在 Axiom 中自動產生監管報告方面做類似的事情。

We have our Board Portal summary -- Board Summary -- Board Book Summaries within our Board Portal tool.

我們的董事會入口網站工具內有董事會入口網站摘要 - 董事會摘要 - 董事會帳簿摘要。

We have other capabilities we're bringing to investment in terms of summarizing Board minutes and other things from Pension Boards.

我們還有其他能力為投資帶來，例如總結董事會會議記錄和退休金委員會的其他事項。

So there's so many different ways that we're deploying the technology for the benefit of customers.

所以，我們透過很多不同的方式來部署這項技術，以造福客戶。

And for the most part, we're basically doing it in a way that really improves the value of the product overall, improves the return on investment that clients are getting, so that as we talk through different renewal cycles, we can show them that incremental value in terms of part of our contract value, and it's driving up retention, so that we are differentiating our solutions more successfully, which will drive up retention.

在大多數情況下，我們基本上都是以一種真正提高產品整體價值、提高客戶投資回報率的方式進行的，這樣，當我們討論不同的續約週期時，我們可以向他們展示我們合約價值部分的增量價值，並提高保留率，這樣我們就能更成功地區分我們的解決方案，從而提高保留率。

So we see it as a general list, and we are just getting started, I have to say.

因此我們將它視為一個總體清單，而且我必須說，我們才剛剛開始。

Now within Nasdaq, as Sarah mentioned, we're also doing the technology internally across our development teams, our client success teams, marketing, so that we can actually be more efficient and effective in product development and client success.

正如莎拉所提到的，現在在納斯達克內部，我們也在開發團隊、客戶成功團隊和行銷團隊內部實施這項技術，以便我們在產品開發和客戶成功方面能夠更有效率、更有效率。

So that's where that kind of upgraded program that Sarah mentioned does include some AI efficiencies that we expect to generate this year.

所以莎拉提到的升級計畫確實包括了我們預計今年將產生的一些人工智慧效率。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

On the Proprietary Index Options business revenues doubled during the year.

自營指數選擇權業務收入在年內翻了一番。

Could you discuss what your plans are for that business and sort of whether you're looking to increase investments and focus there over time?

您能否討論一下您對該業務的計劃，以及您是否希望增加投資並長期專注於該業務？

Yeah.

是的。

What's great about that business is it gets to leverage other exchange franchise that we have, obviously.

這項業務的優點顯然在於它可以利用我們擁有的其他交易特許經營權。

So we can be very efficient in investing in that business and driving return.

因此，我們可以非常有效地投資該業務並獲得回報。

But we are very focused on it.

但我們對此非常關注。

In fact, Tal and Kevin and Greg and team, we're meeting regularly to understand new ways that we can build new products, bring more capabilities to our clients, and grow the ecosystem because you've got both institutional investors that you really want to draw into those prop index products as well as retail.

事實上，Tal、Kevin、Greg 和團隊會定期開會，了解建立新產品、為客戶帶來更多功能以及發展生態系統的新方法，因為您既希望吸引機構投資者參與這些自營指數產品，也希望吸引散戶投資者。

We have gotten this -- our Prop Index products now on major retail investing platforms, including Robinhood.

我們已經實現了這一點——我們的 Prop Index 產品現在已登陸主要零售投資平台，包括 Robinhood。

But -- and then we also are driving institutional adoption of those products with different -- by integrating those products into different data tools that they use to make investment decisions.

但是 — — 然後我們還透過將這些產品整合到他們用於做出投資決策的不同數據工具中來推動機構採用這些產品。

So -- and then as our Index business goes more into the institutional audience in terms of insurance and other institutional clients, that then drives demand for options trading and hedging capabilities that we can use our products for.

因此 — — 隨著我們的指數業務在保險和其他機構客戶方面更多地進入機構受眾，這將推動對我們可以使用我們的產品的選擇權交易和對沖能力的需求。

So I have to say it's kind of a virtuous cycle that's developing there.

所以我必須說，那裡正在形成一個良性循環。

And we're really, really excited about how we continue to drive the NDX franchise, but then also bring new products into that business as well.

我們真的非常興奮，我們將繼續推動 NDX 特許經營，同時也為該業務帶來新產品。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

If I can ask just two clarifying modeling questions.

如果我可以問兩個澄清建模的問題。

One is on ARR versus revenue growth, we saw some differential there in '24, anything to be cognizant of as we get into '25?

一個是 ARR 與收入成長，我們在 24 年看到了一些差異，進入 25 年時有什麼需要注意的嗎？

And then just on the expense side with that expanded synergies, which gets actioned in 2025, how should we think about those benefiting '25 on a quarterly cadence basis?

然後僅在費用方面，隨著擴大的協同效應將在 2025 年發揮作用，我們應該如何考慮那些按季度節奏受益於 2025 年的人？

Any color there will be helpful.

任何顏色都會有幫助。

Okay.

好的。

I'll have Sarah answer the question on the expense side.

我會讓莎拉回答有關費用方面的問題。

And even on the ARR -- revenue versus ARR.

甚至在 ARR 方面——收入與 ARR。

Why don't you take that, Sarah?

莎拉，你為什麼不接受這個？

Yeah.

是的。

So on the ARR versus revenue, you have two things that are factored professional services fees scheme throughout Fintech, and that affects really all of the metrics especially in the fourth quarter.

因此，就 ARR 與收入而言，有兩個因素被納入了整個金融科技領域的專業服務費計劃，而這實際上影響了所有指標，尤其是在第四季度。

In terms of the second element, and that's specifically for the fourth quarter, you've got Calypso, which has both -- this is on-prem revenue recognition for Calypso where you have the combination of a tough comp in 4Q '23 and then the timing during the year being different in 2024 versus in 2023.

就第二個要素而言，特別是針對第四季度，您擁有 Calypso，它同時具有兩者 - 這是 Calypso 的內部收入確認，其中您在 23 年第四季度有一個艱難的比較，並且 2024 年與 2023 年的年內時間有所不同。

Those are the elements of the first question.

這些是第一個問題的要素。

In terms of like the second question, what I have mentioned is that we have benefits that already are growing very fast into the expenses.

關於第二個問題，我剛才提到，我們的福利已經快速成長到支出中。

So 2.5% of growth in 2024 coming from this expanded efficiency program, and that number becomes 2% that's contributing to lowering the growth rate 2025 versus 2024 for expense.

因此，2024 年的 2.5% 的成長來自這項擴大的效率計劃，而這個數字變成 2%，有助於降低 2025 年相對於 2024 年的費用成長率。

And then there is a tail that's mostly in 2026.

然後有一個尾巴，主要在 2026 年。

But we're not going to provide you a quarterly view into that.

但我們不會向您提供季度觀點。

I think it's something that we're going to continue to drive throughout 2025.

我認為這是我們將在 2025 年繼續推動的事情。

And I think you mentioned that there's a tail in '26.

我記得你提到 '26 有尾巴。

So it's largely a tail in '26.

因此，在 26 年，它基本上是一個尾巴。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Just wanted to come back to Fintech for a second here.

我只是想在這裡再次討論金融科技。

I know a lot of focus on the regulatory direction.

我知道很多重點是監理方向。

I think the one other thing people are talking about a lot of financial services changing is maybe a pickup in bank M&A.

我認為人們談論的金融服務變革的另一件事可能是銀行併購的回升。

So maybe you can just talk about that, obviously, a primary customer base for you.

所以也許您可以談談這一點，顯然，這是您的主要客戶群。

And I understand that maybe those banks get bigger and they actually get more sophisticated.

我知道這些銀行可能會變得更大，也變得更複雜。

So it could be longer term, but maybe add regulatory in this as well.

因此，這可能是一個長期過程，但也許也會增加監管。

But when you have a lot of these uncertainties, sometimes there's a little bit of paralysis.

但當你面臨很多不確定性時，有時就會出現一點癱瘓的感覺。

So just wondering if we should be expecting any sort of lengthening of sales cycles as it comes to selling into this end market just because these companies don't know what's going to happen next, both in regulatory and on the M&A side?

所以，我們想知道，在向這個終端市場銷售產品時，我們是否應該預期銷售週期會有所延長，只是因為這些公司不知道接下來會發生什麼，無論是在監管方面還是在併購方面？

Yeah.

是的。

Well, I think, first of all, bank M&A in the past, in prior in let's say decades past, has been relatively -- it's been -- I've heard, at least on average, somewhere around 4% banks kind of merged in the United States over a normalized period of time.

嗯，我認為，首先，在過去的幾十年裡，銀行併購相對來說是——我聽說，至少平均而言，在正常時期內，美國大約有 4% 的銀行進行合併。

But most of M&A occurs at the very low -- the small end of the spectrum of banks.

但大多數併購都發生在銀行規模極低的端——小端。

And so as we think about M&A in four banks going forward, if two smaller banks merge into, let's say, a midsized bank, that -- we are well-protected in terms of the way that we've constructed our Anti-Financial Crime Technology contract because that's really the bank -- that's the clientele that we serve with that particular solution.

因此，當我們考慮未來四家銀行的併購時，如果兩家小型銀行合併成一家中型銀行，那麼我們在建立反金融犯罪技術合約方面將受到很好的保護，因為那實際上是銀行，那是我們透過該特定解決方案服務的客戶。

The other solutions that we sell within Fintech tend to are geared more towards the Tier 1 through 3-sized banks.

我們在金融科技領域銷售的其他解決方案往往更面向一級到三級銀行。

But within Financial Crime Management, Verafin has built in moderators for their contract based on assets.

但在金融犯罪管理中，Verafin 已經根據資產建立了合約審核員。

So if two banks merge and they become bigger, then they have more assets and when they have more assets, they get to a different pricing tier within the contracts.

因此，如果兩家銀行合併並且規模擴大，那麼它們就會擁有更多資產，而當它們擁有更多資產時，它們就會在合約中獲得不同的定價層級。

And so that's kind of baked into the contractual structure of Verafin.

這在某種程度上已經融入了 Verafin 的合約結構中。

Let's say that also -- let's say, two banks merge and one is already a client and one is not, it gives us a huge opportunity to go in and make sure that they use our solution across the combined bank.

假設兩家銀行合併，一家已經是我們的客戶，而另一家不是，這給了我們一個巨大的機會，讓我們能夠介入並確保他們在合併後的銀行中使用我們的解決方案。

And I do think that our solution is very differentiated.

我確實認為我們的解決方案非常有差異化。

And so we feel very good about the ability to go and win that combined bank.

因此，我們對贏得合併後的銀行的能力感到非常滿意。

Now at the higher end, when you get like two midsized banks who become a bigger bank, that's just an opportunity for us.

現在，在高端市場，當兩家中型銀行變成一家大型銀行時，這對我們來說就是一個機會。

Because a lot of times, they may not in the same -- have the same regulatory obligations.

因為很多時候，他們可能不會有相同的監管義務。

And then suddenly, they do.

然後突然間，他們就這麼做了。

They have new regulatory obligations that obviously gives us an opportunity to come in with our regulatory reporting capabilities, more sophisticated risk management, including treasury risk management and capital risk management.

他們有新的監管義務，這顯然為我們提供了機會，可以發揮我們的監管報告能力以及更複雜的風險管理，包括財務風險管理和資本風險管理。

And so we do have -- we see that as a sales opportunity.

因此我們確實有——我們將此視為一個銷售機會。

I think at the largest end of the spectrum, that those will still be very unusual and not that frequent, and we'll manage those as we see them.

我認為，從最大範圍來看，這些情況仍然非常不尋常，而且不那麼頻繁，我們會根據情況進行管理。

But I think it's really that the general view is going to be small to mid and mid to large, and we see those as net opportunities.

但我認為，整體觀點實際上是從小型到中型，從中型到大型，我們將這些視為淨機會。

And in terms of paralysis though, we're -- first of all, as we know, sales cycles are always kind of long in this space because of its banks.

然而，就癱瘓而言，首先，正如我們所知，由於銀行的原因，這個領域的銷售週期總是比較長。

But I would say that we're seeing a very healthy dialogue.

但我想說，我們看到了非常健康的對話。

We have a lot of opportunities around the world.

我們在世界各地有很多機會。

And even if one or two sales get slowed down, we still have a lot of other opportunities to pursue.

即使有一兩家店的銷售放緩，我們仍然有很多其他機會可以追求。

So we're not concerned so much about that, Alex.

所以我們對此並不太擔心，亞歷克斯。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

Just wanted to go back to slide 8, the sales metrics within Fintech.

只是想回到第 8 張投影片，金融科技內的銷售指標。

They look very strong in the fourth quarter versus the 2024 trend -- quarterly trends and also versus the third quarter.

與 2024 年的季度趨勢以及第三季的趨勢相比，第四季的表現非常強勁。

Just trying to get a sense of to what extent that might be seasonal or you actually do see improving momentum in '25 on those metrics?

只是想了解這在多大程度上可能是季節性的，或者您確實看到這些指標在 25 年有改善的勢頭？

And then could that portend even a stronger ARR growth rate into '26?

那麼這是否預示著 26 年的 ARR 成長率將更加強勁？

Yeah.

是的。

So Q4 is always our seasonal high sales quarter.

因此，第四季始終是我們季節性的銷售旺季。

And so that is a consistent thing, both in Anti-Financial Crime as well as in Calypso and AxiomSL.

因此，這在反金融犯罪以及 Calypso 和 AxiomSL 中都是一致的事情。

I would say that Q4 is always going to be the biggest quarter.

我想說第四季永遠是最大的季度。

But we are also seeing strong trends.

但我們也看到了強勁的趨勢。

So the engagement with clients is excellent and it obviously carries us into 2025.

因此，與客戶的互動非常出色，顯然這將帶領我們邁向 2025 年。

But I would say you should expect that Q4 will always be the high quarter.

但我想說，你應該預料到第四季將永遠是一個高峰。

This concludes our Q&A session.

我們的問答環節到此結束。

At this time, I'd like to turn the call back over to Adena Friedman, President and CEO, for closing remarks.

現在，我想將電話轉回給總裁兼執行長 Adena Friedman，請她致最後一句話。

All right.

好的。

Well, thank you.

好吧，謝謝你。

As you heard this morning, Nasdaq continues to make progress on our strategic priorities.

正如大家今天早上所聽到的，納斯達克在我們的策略重點上繼續取得進展。

And through our complementary and integrated solutions, Nasdaq is delivering consistent growth and accelerating our evolution as a trusted technology partner to the financial ecosystem.

透過我們互補和整合的解決方案，納斯達克正在實現持續成長，並加速我們作為金融生態系統值得信賴的技術合作夥伴的發展。

We look forward to keeping you updated on our strategic progress, and thank you for joining, and have a great day.

我們期待向您通報我們的策略進展，感謝您的加入，祝您有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。