納斯達克交易所 (NDAQ) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Nasdaq first-quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加納斯達克 2025 年第一季業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would not like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.

我不想將會議交給你們的第一位發言人，高級副總裁兼投資者關係官 Ato Garrett。請繼續。

Good morning, everyone and thank you for joining us today to discuss Nasdaq's first quarter 2025 financial results. 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.

大家早安，感謝您今天加入我們討論納斯達克 2025 年第一季的財務表現。線上的是我們的董事長兼執行長 Adena Friedman；我們的財務長 Sarah Youngwood 和管理團隊的其他成員。

At your prepared remarks, we'll open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website. I would like to remind you that we will be making forward-looking statements on this call that involve risks.

在您準備好發言後，我們將開放問答環節。本次電話會議的新聞稿和收益報告可在我們的投資者關係網站上找到。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. We will discuss our financial performance on a non-GAAP basis and adjust it for the prior year impact on AxiomSL as if we recognize revenue ratably for on-prem contracts and excluding the impact of FX and the previously announced one-time revenue benefit and index in the first quarter of 2024.

我們的新聞稿中包含了這些風險的摘要，而我們的 10-K 表年度報告中則提供了更完整的描述。我們將在非 GAAP 基礎上討論我們的財務業績，並根據上一年對 AxiomSL 的影響進行調整，就好像我們按比例確認內部合約的收入，並排除外匯的影響以及之前宣布的 2024 年第一季度的一次性收入收益和指數。

Definitions and reconciliations of US GAAP to non-GAAPP plus adjustments 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 GAAPP 的定義和對帳以及調整。

I will now turn the call over to Adena.

現在我將把電話轉給阿德納。

Thank you, Ato, and good morning, everyone. Thank you for joining us. This morning, I will start with a review of Nasdaq's financial and operational performance for the quarter. I'll then provide an update on our outlook on the current operating environment before handing the call to Sarah to walk through the financial results in more detail.

謝謝你，阿托，大家早安。感謝您加入我們。今天上午，我將首先回顧納斯達克本季的財務和營運表現。然後，我將提供有關當前營運環境展望的最新信息，然後再將電話交給莎拉，讓她更詳細地介紹財務結果。

The year began with favorable business conditions as the global economy maintained solid performance. However, as the quarter progressed, we experienced a marked increase in uncertainty driven by changing trade policies and heightened geopolitical tensions.

由於全球經濟維持穩健表現，今年的經營環境良好。然而，隨著本季的進展，我們經歷了貿易政策變化和地緣政治緊張局勢加劇導致的不確定性明顯增加。

Nasdaq entered the year in a position of strength, and we remained laser focused on delivering for our clients despite the dynamic nature of the operating environment. The trust that we have built with our clients, the mission critical nature of our solutions, and the diversification of our platform has served us well in these times of heightened uncertainty and volatility.

納斯達克以強勁的勢頭進入了新的一年，儘管經營環境瞬息萬變，我們仍然專注於為客戶提供服務。我們與客戶建立的信任、我們解決方案的關鍵任務性質以及我們平台的多樣化，在當今充滿不確定性和波動性的時期發揮了重要作用。

As a result, we've been able to enhance our competitive position, execute our strategy and create value for our clients and for our shareholders. We delivered double digit growth across all three divisions with net revenues of $1.2 billion representing a 12.5% increase from the prior year period.

因此，我們能夠增強我們的競爭地位，執行我們的策略並為我們的客戶和股東創造價值。我們三個部門均實現了兩位數成長，淨收入達 12 億美元，較去年同期成長 12.5%。

Solutions revenues were $947 million, representing 11% growth year over year, and ARR rose to $2.8 billion, up 9% year over year. First quarter operating income rose 17%, and EPS grew 24%, benefiting from strong revenue performance and expense management while we continue to invest in our products and capabilities to serve our clients over the long term.

解決方案營收為 9.47 億美元，年增 11%，ARR 成長至 28 億美元，年增 9%。第一季營業收入成長 17%，每股盈餘成長 24%，這得益於強勁的收入表現和費用管理，同時我們繼續投資於我們的產品和能力，以便長期為客戶服務。

At the divisional level, Capital Access Platforms generated 5% ARR growth and 11% revenue growth driven by continued strength in both net inflows and new product innovation in our index business. Financial technology delivered 10% revenue growth. ARR growth was 12%, which included 21% growth for financial crime management technology, 11% growth for Regulatory Technology, and 9% growth for capital markets technology.

在部門層面，由於指數業務淨流入和新產品創新的持續強勁，資本准入平台實現了 5% 的 ARR 成長和 11% 的收入成長。金融科技實現了10%的收入成長。ARR 成長率為 12%，其中金融犯罪管理技術成長 21%，監管技術成長 11%，資本市場技術成長 9%。

Market Services delivered 19% net revenue growth driven by record US cash equities and derivatives revenue and growth in European equity derivatives volumes and capture. Beyond our excellent financial results, we continue to make progress on our strategic priorities.

市場服務部門淨收入成長 19%，這得益於創紀錄的美國現金股票和衍生性商品收入以及歐洲股票衍生性商品交易量和捕獲量的成長。除了優秀的財務表現外，我們還在策略重點方面不斷取得進展。

After achieving our target of $80 million in net synergies from the Adenza transaction, we expanded our efficiency program to target $140 million inclusive of our original synergy program, and we're on pace to achieve it by year end, with over $100 million actioned as of the end of the first quarter.

在透過 Adenza 交易實現了 8000 萬美元淨協同效應的目標後，我們將效率計劃擴大到 1.4 億美元（包括我們最初的協同效應計劃），並且我們預計在年底前實現這一目標，截至第一季末已採取行動超過 1 億美元。

Our strong free cash flow of $674 million in the first quarter supported continued deleveraging and share repurchases to offset dilution from employee vesting.

我們第一季的強勁自由現金流達到 6.74 億美元，支持了持續的去槓桿和股票回購，以抵消員工歸屬帶來的稀釋。

Finally, we remain on track to surpass $100 million in run rate revenue from cross sales by the end of 2027, as we've delivered 19 cross sales since the Adenza acquisition, including two in the first quarter.

最後，我們仍有望在 2027 年底前實現超過 1 億美元的交叉銷售收入，因為自收購 Adenza 以來我們已經實現了 19 筆交叉銷售，其中包括第一季的兩筆。

Turning to our operational highlights, starting with Capital Access Platforms. We continue to execute on the growing opportunity in front of us as we build new products to help our clients navigate market complexity. Our solutions take on increasing importance in periods of uncertainty and market volatility.

談談我們的營運亮點，首先是資本准入平台。我們將繼續抓住眼前日益增長的機遇，開發新產品來幫助我們的客戶應對複雜的市場。在不確定和市場波動的時期，我們的解決方案變得越來越重要。

For example, our analytics platform provides actionable portfolio and fund level insights to help institutional investment clients manage their investment strategies and dynamic markets.

例如，我們的分析平台提供可操作的投資組合和基金層級洞察，以幫助機構投資客戶管理他們的投資策略和動態市場。

In addition, our IR and governance solutions provide market-driven analysis to help corporate clients connect more successfully with their boards and investors as they manage their businesses through a fast-changing environment.

此外，我們的投資者關係和治理解決方案提供市場驅動的分析，幫助企業客戶在快速變化的環境中管理業務時更成功地與董事會和投資者建立聯繫。

Moving down to a review of the Capital Access Platform subdivisions, starting with the data and listings in the first quarter, Nasdaq welcomed 45 operating companies, raising approximately $5 billion in total proceeds. Overall, Nasdaq had an 82% win rate for Nasdaq eligible operating companies, featuring three of the top five largest IPOs in CoreWeave, SailPoint, and Smithfield Foods.

回顧資本准入平台各部門，從第一季的數據和上市情況來看，納斯達克迎來了 45 家營運公司，總融資額約為 50 億美元。總體而言，納斯達克合格營運公司的勝率為 82%，其中前五大 IPO 中有三家是 CoreWeave、SailPoint 和 Smithfield Foods。

Beyond IPOs, we've sustained our listing transfers momentum with several marquee switches in the first quarter, including Shopify, Thomson Reuters and Domino's Pizza. After celebrating our 500th switch last year, during the first quarter, we officially crossed the $3 trillion threshold in combined market value for listing transfers to Nasdaq since we first launched our switch program in 2005.

除了 IPO 之外，我們在第一季還透過幾家大型企業轉換保持了上市轉讓勢頭，其中包括 Shopify、湯森路透和達美樂披薩。在去年慶祝了第 500 次轉換之後，今年第一季度，自 2005 年首次啟動轉換計劃以來，我們正式突破了向納斯達克上市轉移的總市值 3 兆美元的門檻。

This tremendous milestone further reinforces our role as the premier venue for listings in the United States. Building on our listings leadership, we launched a new research and advocacy program to engage the new US administration on a set of policy recommendations that promote capital formation, enhance the public company model, and ultimately reinforce the position of the US capital markets.

這一重大里程碑進一步鞏固了我們作為美國首要上市場所的地位。憑藉我們在上市領域的領導地位，我們啟動了一項新的研究和宣傳計劃，旨在向美國新政府提出一系列政策建議，以促進資本形成、加強上市公司模式並最終鞏固美國資本市場的地位。

In our data business, we benefited from new sales, upgrades and higher usage across the business, as well as strong traction across our new products and geographies.

在我們的數據業務中，我們受益於新的銷售、升級和整個業務的更高使用率，以及我們新產品和新地區的強勁吸引力。

The Index business delivered another outstanding quarter as we achieved 26% revenue growth and a record and average ETP AUM for the quarter. Net inflows remained robust, and we continued to see strong increase in derivatives volumes, including a record quarter. Nasdaq's Index franchise has multiple vectors for growth, and Index's performance reflects the ongoing execution of our growth strategy of new product innovation, international diversification and institutional client expansion.

指數業務又一個季度表現出色，本季我們的營收成長了 26%，而 ETP AUM 的平均值創下了歷史新高。淨流入依然強勁，衍生性商品交易量持續強勁成長，其中一個季度創下了紀錄。納斯達克指數特許經營權具有多種成長方向，指數的表現反映了我們正在持續執行的新產品創新、國際多元化和機構客戶擴張的成長策略。

In fact, the new products that we've launched since 2020 have accounted for 33% of net inflows over the last five years. We built on this success in the first quarter as we launched 30 new Index products, including 10 outside the United States and seven insurance annuity vehicles.

事實上，我們自 2020 年以來推出的新產品佔過去五年淨流入量的 33%。我們在第一季的基礎上又推出了 30 款新指數產品，其中包括 10 款美國以外的產品和 7 款保險年金工具。

Within workflow and insights, analytics experience solid growth among the investor community as we continue to engage our data more deeply in -- I'm sorry, integrate our data more deeply in client workflows and applications.

在工作流程和洞察力方面，隨著我們繼續更深入地利用我們的數據，分析在投資者群體中經歷了穩健的成長——抱歉，我們將數據更深入地整合到客戶工作流程和應用程式中。

In Corporate Solutions, we continue to focus on strengthening our offerings through product enhancements, including AI features, while we manage our corporate clientele for a continued period of elongated sales cycles.

在企業解決方案方面，我們繼續專注於透過產品增強（包括人工智慧功能）來加強我們的服務，同時我們管理我們的企業客戶以持續延長銷售週期。

Turning to our Financial Technology division, we signed 40 new clients, 92 upsells and two cross sells. In today's environment of heightened market activity and complexity, financial institutions and market operators face an increasing range of challenges that Nasdaq is uniquely positioned to help solve.

談到我們的金融科技部門，我們簽了 40 個新客戶、92 個追加銷售和 2 個交叉銷售。在當今市場活動日益活躍、複雜程度不斷提高的環境下，金融機構和市場運營商面臨越來越多的挑戰，而納斯達克擁有獨特的優勢，可以幫助解決這些挑戰。

Our trade life cycle solutions are designed to support our market operator clients around the world during significant bursts in trading activity while maintaining a hyper resilient infrastructure. We also provide mission critical trading and regulatory reporting infrastructure to banks and brokers worldwide, which help them manage heightened trading and capital risks.

我們的交易生命週期解決方案旨在在交易活動激增期間為世界各地的市場運營商客戶提供支持，同時保持超彈性的基礎設施。我們也為全球的銀行和經紀商提供關鍵任務交易和監管報告基礎設施，幫助他們管理日益加劇的交易和資本風險。

As we partner with banks to fight financial crime, a shifting macroeconomic and global political conditions tend to motivate an increase in criminal behavior. We are also focused on advancing Nasdaq's vision to be the trusted fabric of the world's financial system. This morning, we announced an enhanced partnership with AWS that is designed to benefit both our market services and financial technology divisions.

當我們與銀行合作打擊金融犯罪時，不斷變化的宏觀經濟和全球政治條件往往會刺激犯罪行為的增加。我們也致力於推動納斯達克成為世界金融體系值得信賴的機構的願景。今天上午，我們宣布與 AWS 加強合作夥伴關係，旨在使我們的市場服務和金融技術部門受益。

Across our own markets, Nasdaq's move to the cloud has enhanced our ability to navigate the current environment successfully due to the increased and instant scalability of our market infrastructure, including our matching engines, resulting in enhanced resiliency and efficiency across our markets.

在我們自己的市場中，納斯達克向雲端的轉變增強了我們成功駕馭當前環境的能力，因為我們的市場基礎設施​​（包括我們的匹配引擎）的可擴展性增強了，並且具有即時性，從而提高了我們整個市場的彈性和效率。

Through our expanded partnership with AWS, we plan to leverage the learnings and expertise gained from our transition as we continue to modernize the global financial ecosystem. Over the coming years, AWS and Nasdaq intend to progress in phases to serve the full range of our financial services clients.

透過擴大與 AWS 的合作夥伴關係，我們計劃利用從轉型中獲得的經驗和專業知識，繼續實現全球金融生態系統的現代化。未來幾年，AWS 和納斯達克計劃分階段推進，為我們的全方位金融服務客戶提供服務。

It will start with a focus on our market operator clientele through packaged public cloud and hybrid cloud infrastructure software and services that build on Nasdaq's successful modernization of its own options markets.

它將首先透過打包的公共雲和混合雲基礎設施軟體和服務來關注我們的市場運營商客戶，這些軟體和服務建立在納斯達克對其自身期權市場成功現代化的基礎上。

The combined power of AWS and Nasdaq will enable market operators to modernize in a cost-effective manner while mitigating transformation risk, retaining data sovereignty and maintaining the highest levels of performance, security and resilience.

AWS 和納斯達克的強大聯手將使市場營運商能夠以經濟高效的方式現代化，同時降低轉型風險、保留資料主權並保持最高水準的效能、安全性和彈性。

Now turning to a review of our fintech subdivisions, beginning with financial crime management technology. Nasdaq Verafin continued to see robust demand during the first quarter, and we delivered a new cross-sell with the Tier 2 bank. We also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter.

現在來回顧我們的金融科技細分領域，首先是金融犯罪管理技術。納斯達克 Verafin 在第一季繼續看到強勁的需求，我們與二級銀行進行了新的交叉銷售。我們還在第一季增加了 35 個新的中小企業客戶，新客戶簽約數量比去年同期增加了 25%。

Nasdaq Verafin's ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets. The business has also made progress on its land and expand strategy, signing an expansion deal with an existing Tier 2 Nasdaq Verafin clients.

納斯達克 Verafin 的客戶持續成長促進了其數據聯盟的成長和實力，該聯盟的客戶目前持有的總資產超過 10 兆美元。該公司還在土地和擴張策略方面取得了進展，並與現有的二級納斯達克 Verafin 客戶簽署了擴張協議。

The upsell is negotiated and signed in six months. marking approximately a 50% reduction in sales cycle when compared to the original contract. More broadly, we continue to drive enhanced product functionality across the financial crime portfolio.

追加銷售的談判和簽署將在六個月內完成。與原始合約相比，銷售週期縮短了約 50%。更廣泛地說，我們將繼續推動整個金融犯罪組合的產品功能增強。

Nasdaq Verafin's Gen AI-powered entity research Copilot has seen a 20% increase in client usage compared to the fourth quarter, showcasing the value and efficiencies that this platform delivers for our clients. Currently, more than 1,200 clients are leveraging the Copilot to expedite their alert reviews.

納斯達克 Verafin 的 Gen AI 驅動的實體研究 Copilot 與第四季度相比客戶使用量增加了 20%，展示了該平台為我們的客戶帶來的價值和效率。目前，超過 1,200 名客戶正在利用 Copilot 來加快他們的警報審查速度。

Building on this success, we plan to launch a new copilot feature in our case management module. This feature, which is currently in beta with clients will help automate and expedite case investigations and documentation.

基於這項成功，我們計劃在案例管理模組中推出新的副駕駛功能。此功能目前正在與客戶進行測試，將有助於自動化和加快案件調查和記錄。

Looking forward to the rest of 2025, we expect to introduce new capabilities that go beyond task automation with the use of Agentic AI, which will enable banks to automate entire workloads allowing for significant efficiency gains in compliance operations like due diligence and sanction screening.

展望 2025 年剩餘時間，我們期望透過使用 Agentic AI 推出超越任務自動化的新功能，這將使銀行能夠自動化整個工作負載，從而顯著提高盡職調查和製裁篩選等合規操作的效率。

Turning next to Regulatory Technology. AxiomSL signed a large digital bank as a new client and delivered 22 upsells, including a deal with a large Tier 1 US financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing US, European and Asian reporting modules.

接下來討論監管技術。AxiomSL 與一家大型數位銀行簽約成為新客戶，並進行了 22 次追加銷售，其中包括與一家大型一級美國金融機構達成的交易。一級客戶透過在其現有的美國、歐洲和亞洲報告模組中整合經紀交易商解決方案，擴展了其 AxiomSL 服務套件。

Surveillance signed four new clients during the quarter, including a regulator in Europe, a crypto marketplace, an energy trading firm and a broker-dealer, representing the diverse client set that our solutions serve. Surveillance continues to see strong demand as clients seek to reduce operational complexity, particularly in the midst of elevated market activity.

Surveillance 在本季簽約了四家新客戶，其中包括一家歐洲監管機構、一家加密貨幣市場、一家能源交易公司和一家經紀交易商，代表了我們的解決方案所服務的多元化客戶群。由於客戶尋求降低營運複雜性，尤其是在市場活動活躍的情況下，監控的需求持續強勁。

Moving to the Capital Markets Technology subdivision. Our Market Technology business continued to advance its international strategy, helping to modernize capital markets infrastructure across emerging economies with 17 upsells. Nasdaq delivered an upsell with an Asian exchange and a cross-sell with nuam, the consolidation of the marketplaces across Peru, Chile and Colombia.

轉向資本市場技術部門。我們的市場技術業務持續推動其國際策略，透過 17 項追加銷售有助於實現新興經濟體資本市場基礎設施​​的現代化。納斯達克與亞洲交易所進行了追加銷售，並與 nuam 進行了交叉銷售，整合了秘魯、智利和哥倫比亞的市場。

Importantly, the nuam deal demonstrates how we have become a trusted partner to an existing client that signed on for two additional solutions since its initial signing in 2023. In the first quarter, Calypso delivered 25 upsells, which reflect broad-based momentum across our client base, including a significant expansion with the European clients.

重要的是，nuam 交易表明我們已成為現有客戶值得信賴的合作夥伴，自 2023 年首次簽約以來，該客戶又簽署了另外兩項解決方案。第一季度，Calypso 實現了 25 次追加銷售，這反映了我們整個客戶群的廣泛發展勢頭，包括歐洲客戶的顯著擴張。

Now turning to our Market Services division. The volatile market conditions across the first quarter showcased the depth and quality of our markets. Nasdaq is the leading platform across the US and European markets, and we delivered another quarter of double-digit growth with record net revenues and volumes.

現在轉向我們的市場服務部門。第一季動盪的市場狀況展示了我們市場的深度和品質。納斯達克是美國和歐洲市場的領先平台，我們本季再次實現兩位數成長，淨收入和交易量創歷史新高。

In the US, we generated record net revenues for US options, including index options and US cash equities, and we were pleased to increase our on-exchange market share in US cash equities in the first quarter.

在美國，我們為美國期權（包括指數期權和美國現金股票）創造了創紀錄的淨收入，並且我們很高興在第一季增加了我們在美國現金股票的場內交易市場份額。

These results represent the exceptional performance of our systems, supported by the consistent investments that we have made over the years, the strength of our Closing Cross, our superior liquidity and the trust we've built with our clients.

這些結果代表了我們系統的卓越性能，這得益於我們多年來的持續投資、我們的 Closing Cross 的實力、我們卓越的流動性以及我們與客戶建立的信任。

In Europe, we saw strong results across both cash equities and equity derivatives. Within equity derivatives, we saw a year-over-year increase in both volumes and capture. At the start of the second quarter, we experienced unprecedented levels of message traffic and volumes.

在歐洲，我們看到現金股票和股票衍生性商品均取得了強勁的業績。在股票衍生品中，我們看到交易量和捕獲量同比增長。第二季初，我們的資訊流量和數量達到了前所未有的水平。

The US cash equities markets experienced five of the six highest trading days in industry history, and the US options market had four of the six highest trading days. During this period, Nasdaq's markets performed extremely well as we managed enormous volumes in inbound and outbound message traffic, including Nasdaq's most active day ever, on April 7, which exceeded 550 billion messages.

美國現貨股票市場經歷了該行業歷史上六個最高交易日中的五個，美國期權市場經歷了六個最高交易日中的四個。在此期間，納斯達克市場表現非常出色，因為我們管理了巨大的入站和出站訊息流量，其中 4 月 7 日是納斯達克有史以來最活躍的一天，當天消息量超過 5500 億條。

Marrying our US markets, European cash equity saw unprecedented activity in the first two weeks of April, delivering the seven highest better traffic days on record. I'm proud to say that our team seamlessly navigated this heightened demand and remain prepared for an environment marked by elevated volatility.

與美國市場結合，歐洲現金股票在四月的前兩週出現了前所未有的活躍度，創下了有史以來七天的最高交易量。我很自豪地說，我們的團隊無縫應對了這種日益增長的需求，並為波動性增加的環境做好了準備。

Now, I'd like to take a moment to discuss the current macro environment. Recent policy shifts and ongoing talks about potential tariffs have created significant short-term volatility, and that uncertainty is at this point, weighing on global GDP growth expectations. Entering the second quarter, this is creating modest impacts on the timing of corporate decision-making, although without a meaningful change in overall demand.

現在，我想花點時間討論一下當前的宏觀環境。最近的政策變化和正在進行的潛在關稅談判造成了巨大的短期波動，而這種不確定性目前正在影響全球 GDP 成長預期。進入第二季度，儘管整體需求沒有顯著變化，但這對企業決策時機的影響不大。

Across our economic cycles -- across all economic cycles, our clients rely on Nasdaq as a trusted partner. Our global markets enable capital formation and provide investors with certainty of execution. We provide corporate issuers with critical access to funding, while providing banks brokers and investors with transparent and efficient mechanisms to adjust their strategies and comprehensively manage risk.

在我們的經濟週期中—在所有經濟週期中，我們的客戶都依賴納斯達克作為值得信賴的合作夥伴。我們的全球市場促進資本形成並為投資者提供執行的確定性。我們為企業發行人提供關鍵的融資管道，同時為銀行、券商和投資者提供透明且有效率的策略調整機制，全面管理風險。

Further, the current volatility in US trading has illustrated the critical nature of our markets, and the resilience of their underlying infrastructure. Nasdaq is a global business, and we have teams across the world that serve our clients at a local and regional level, which allows us to understand the specific dynamics our clients face and ensures Nasdaq's position to help them solve their problems as they evolve.

此外，當前美國交易的波動表明了我們市場的關鍵性質及其基礎設施的彈性。納斯達克是一家全球性企業，我們在世界各地設有團隊，為當地和區域客戶提供服務，這使我們能夠了解客戶面臨的具體動態，並確保納斯達克能夠幫助他們解決不斷發展的問題。

Against this backdrop, the power of Nasdaq's platform and diversified business positions us for resilient growth as demonstrated by our outstanding first quarter performance.

在此背景下，納斯達克平台的強大功能和多元化業務使我們實現了強勁增長，我們第一季的出色表現證明了這一點。

With that, I will now turn the call over to Sarah to provide more details on our financial results.

說完這些，我現在將電話轉給莎拉，讓她提供更多關於我們財務表現的細節。

Thank you, Adena, and good morning, everyone. In the first quarter of 2025, Nasdaq delivered one of our strongest quarters on record with 24% EPS growth and record free cash flow. Starting with quarterly results on slide 11.

謝謝你，阿德娜，大家早安。2025 年第一季度，納斯達克創下了有史以來最強勁的季度之一，每股收益成長 24%，自由現金流創歷史新高。從第 11 張投影片上的季度業績開始。

We reported net revenue of $1.2 billion, up 12.5% with solutions revenue of $947 million, up 11%. Operating expense was $555 million, up 7%, leading to an operating margin of 55% and EBITDA margin of 58%, both up 2 percentage points.This resulted in net income of $456 million and diluted EPS of $0.79, up 24%.

我們報告的淨收入為 12 億美元，成長 12.5%，其中解決方案收入為 9.47 億美元，成長 11%。營業費用為 5.55 億美元，成長 7%，導致營業利潤率為 55%，EBITDA 利潤率為 58%，均成長 2 個百分點。這導致淨收入為 4.56 億美元，稀釋每股收益為 0.79 美元，成長 24%。

Slide 12 shows the drivers of our 12.5% net revenue growth for the quarter. We generated 9.5 percentage points of alpha driven by new and existing clients, product innovation, as well as excellent market services execution in this volatile market.

投影片 12 展示了本季淨收入成長 12.5% 的驅動因素。在動盪的市場中，我們透過新舊客戶、產品創新以及出色的市場服務執行，創造了 9.5 個百分點的阿爾法收益。

Meanwhile, beta factors contributed 3 percentage points of growth this quarter, driven by higher valuation in NASDAQ indices and higher overall volumes in both index derivatives and market services.

同時，受納斯達克指數估值上升以及指數衍生性商品和市場服務總體交易量上升的推動，貝塔因素本季貢獻了 3 個百分點的成長。

As shown on slide 13m we had ARR growth of 9% and above all quarters of last year, which were between 7% and 8%. This quarter's 9% included 12% ARR growth in fintech and SaaS revenue growth of 14%. SaaS as a percentage of ARR increased 2 percentage points to 37% compared to the first quarter of 2024.

如投影片 13m 所示，我們的 ARR 成長率為 9%，高於去年所有季度的 7% 至 8% 之間的成長率。本季的 9% 包括金融科技的 12% ARR 成長和 14% 的 SaaS 營收成長。與 2024 年第一季相比，SaaS 佔 ARR 的百分比增加了 2 個百分點，達到 37%。

Let's review division results, starting on slide 14. In Capital Access Platforms, we delivered revenue of $515 million, up 11% and with ARR growth of 5%. Data and listings revenue was up 4% with ARR up 6%. Revenue growth was primarily driven by data due to the positive impact of new sales, higher usage and pricing.

讓我們回顧一下除法結果，從第 14 張投影片開始。在資本准入平台方面，我們的營收達到 5.15 億美元，成長 11%，ARR 成長 5%。數據和清單收入成長 4%，ARR 成長 6%。收入成長主要受數據推動，這得益於新銷售、更高的使用量和定價的正面影響。

Within listing, the benefit of new listings and pricing was offset by delistings and lower amortization of prior period initial listing fees. The revenue headwind from delistings and amortization of initial listing fees in the first quarter was consistent with our previous comments.

在上市過程中，新上市和定價帶來的好處被下市和前期首次上市費用攤提減少所抵銷。第一季退市和首次上市費用攤提帶來的收入逆風與我們先前的評論一致。

Index revenue was up 26% in the quarter, mainly driven by record average ETP AUM of $662 billion. This is due in large part to strong net inflows with more than half of the quarterly revenue growth driven by alpha factors. ETP AUM included $86 billion of net inflows in the last 12 months, including $27 billion in the first quarter, which reflects tremendous recognition and resiliency in the context of the Nasdaq 100 market performance down 8% during the first quarter.

本季指數營收成長了 26%，主要得益於創紀錄的 6,620 億美元平均 ETP AUM。這在很大程度上歸功於強勁的淨流入，其中超過一半的季度收入成長是由阿爾法因素推動的。ETP AUM 在過去 12 個月內淨流入 860 億美元，其中第一季淨流入 270 億美元，這反映出在納斯達克 100 指數第一季市場表現下跌 8% 的背景下，ETP 獲得了巨大的認可，並且具有極強的韌性。

Volume-based license revenue was also a strong contributor to revenue growth, given the high level of volatility with record derivative contract volumes, up 28%. And we surpassed the revenue share threshold we have in place with our partner CME in March, earlier in the year than we have historically.

由於波動性較高且衍生性合約交易量創歷史新高，成長了 28%，基於交易量的授權收入也是收入成長的重要貢獻者。今年 3 月份，我們與合作夥伴 CME 達成的營收分成門檻就超過了預期，比歷史上任何時候都更早。

In Workflow & Insights, revenue and ARR growth were both up 4% for the quarter. The increase was driven primarily by analytics, mainly investment and data link with continued demand from hedge funds, asset managers, asset owners and consultants and a focus on differentiated data as our clients seek alpha.

在工作流程和洞察方面，本季營收和 ARR 成長率均上漲了 4%。這一增長主要得益於分析，主要是投資和數據鏈接，對沖基金、資產管理公司、資產所有者和顧問的需求持續增長，並且隨著我們的客戶尋求阿爾法，我們關注差異化數據。

Corporate Solutions also grew modestly due to the pricing and improved gross retention. Quarterly operating margin for the division was 60%, up 2 percentage points. As we look to the full year 2025, we continue to expect Capital Access Platforms to deliver 2025 revenue growth within its medium-term growth outlook range of 5% to 8%, with subdivision revenue growth expected to be consistent with our prior comments provided in January.

由於定價和總保留率的提高，企業解決方案也實現了小幅成長。該部門季度營業利潤率為 60%，上升了 2 個百分點。展望 2025 年全年，我們繼續預計資本准入平台將在 5% 至 8% 的中期增長預期範圍內實現 2025 年收入增長，預計細分部門收入增長將與我們 1 月份做出的評論一致。

Moving to Financial Technology on slide 15. Revenue was $432 million, up 10% with ARR growth of 12%. The difference between quarterly revenue growth and ARR growth in fintech and capital markets technology is driven by the impact of lower Calypso on-prem subscription revenue due to the tough comp of 23% revenue growth in the first quarter of 2024.

轉到第 15 張投影片上的金融科技。營收為 4.32 億美元，成長 10%，ARR 成長 12%。金融科技和資本市場技術領域的季度收入成長與 ARR 成長之間的差異是由於 2024 年第一季營收成長 23% 的艱難競爭導致 Calypso 本地訂閱收入下降的影響。

Meanwhile, ARR growth remains solid across the subdivisions with the benefit of 40 new clients, 92 upsells and two cross-sells in the quarter. While we closed two cross-sell deals this quarter, cross sales continue to represent over 15% of the Financial Technology divisions pipeline, with strength across all three subdivisions.

同時，各部門的 ARR 成長依然穩健，本季新增了 40 個客戶，追加銷售 92 次，交叉銷售 2 次。雖然我們本季完成了兩筆交叉銷售交易，但交叉銷售仍佔金融科技部門銷售管道的 15% 以上，三個細分部門都表現強勁。

Financial client management technology revenue and ARR growth both increased 21% for the quarter, with 35 new SME clients and one cross-sell with a Tier 2 client as well as an upsell with an existing Tier 2 client.

本季金融客戶管理技術收入和 ARR 成長均成長了 21%，新增了 35 個中小企業客戶，與二級客戶進行了一次交叉銷售，同時與現有的二級客戶進行了追加銷售。

Net revenue retention was 113%, reflecting strong client engagement, including the continued adoption of the Gen AI entity research Copilot and targeted typology analytics. Regulatory Technology revenue increased 10% for the quarter with ARR growth of 11% as well as five new clients and 49 upsells.

淨收入保留率為 113%，反映了強大的客戶參與度，包括持續採用 Gen AI 實體研究 Copilot 和有針對性的類型分析。本季監管技術收入成長 10%，ARR 成長 11%，同時新增 5 個客戶並實現 49 次追加銷售。

Capital Markets Technology delivered 7% revenue growth for the quarter, with ARR up 9%. And with 42 upsells and one crosssell in the quarter. Financial Technology operating margin was 46%, flat versus the prior year quarter.

資本市場技術本季營收成長 7%，ARR 成長 9%。本季有 42 筆追加銷售和 1 筆交叉銷售。金融科技營業利益率為 46%，與去年同期持平。

Looking ahead to our 2025 revenue growth expectations for Financial Technology. The uncertainty in the global macro and regulatory environment is causing some delays in large decisions and client readiness. These delays will likely have some effect on revenue and ARR growth in Q2.

展望我們對 2025 年金融科技收入成長的預期。全球宏觀和監管環境的不確定性導致重大決策和客戶準備出現一些延遲。這些延遲可能會對第二季的營收和 ARR 成長產生一定影響。

Additionally, as a reminder, Calypso benefited from a strategic renewal in 2Q '24, which created a difficult growth comparison for the upcoming quarter. That being said, we are seeing continued strong demand for our FinTech solutions, which is showing up in a solid 2025 pipeline. Clients continue to engage with us, underscoring the mission-critical nature of our solutions, and we continue to be the partner of choice in competitive situation.

此外，需要提醒的是，Calypso 受益於 2024 年第二季的策略更新，這為下一季的成長帶來了困難。話雖如此，我們看到市場對金融科技解決方案的需求持續強勁，這在 2025 年的穩健發展中得到體現。客戶繼續與我們合作，強調我們解決方案的關鍵任務性質，並且我們繼續成為競爭情況下的首選合作夥伴。

Therefore, we remain confident in our ability to deliver full year 2025 revenue growth within the medium-term outlook for both the division and the subdivision with Financial Client Management Tech and Capital Markets Tech at the low end of their ranges and with Regtech well within its range.

因此，我們仍然有信心在中期展望中實現該部門和細分部門 2025 年全年收入增長，其中金融客戶管理技術和資本市場技術處於其範圍的低端，而監管科技則處於其範圍內。

Wrapping up the division with Market Services on slide 16. We had record net revenue of $281 million, reflecting growth of 19%. This included record quarterly net revenues in US options, including index options as well as in US cash equities.

第 16 張投影片上是市場服務分部的總結。我們的淨收入創紀錄地達到 2.81 億美元，成長了 19%。其中包括美國期權（包括指數期權）和美國現金股票創紀錄的季度淨收入。

Growth was primarily driven by the increase in market-wide volumes across all asset classes but also included higher capture in both US cash equities and European equity derivatives, higher market share in available on-exchange trading volumes in US cash equities and higher US state plan revenue.

成長主要得益於所有資產類別的市場交易量增加，但也包括美國現金股票和歐洲股票衍生品的持有量增加、美國現金股票場內交易量市場份額增加以及美國州計劃收入增加。

Our trading businesses have executed well during this period of significant market activity. In North America, we reached a record of more than 430 billion messages in the second day in Q1. This compares to around 200 billion messages per day, which we referenced at Investor Day in early 2024.

在市場活動活躍的時期，我們的交易業務表現良好。在北美，我們在第一季的第二天就創下了超過 4,300 億則訊息的紀錄。相較之下，我們在 2024 年初的投資者日上提到，每天會有約 2,000 億則訊息。

Our clients increasingly rely on us during periods of extraordinary market conditions and as such, give us persistent market share leadership and premium capture. This is only possible because of the major investments we've made to modernize and scale our trading infrastructure.

在異常市場條件下，我們的客戶越來越依賴我們，並因此給予我們持續的市場份額領先地位和溢價能力。這之所以能夠實現，是因為我們對交易基礎設施的現代化和規模進行了大量的投資。

To normalize Alpha/Beta computations for market volatility in US equity options and US cash equities, we're including an average daily volume provision to our methodology, in which half of the net revenue generated from above threshold volume is attributed to Alpha. These thresholds are set 10% above the trailing three-year industry average daily volume.

為了使美國股票選擇權和美國現金股票市場波動的 Alpha/Beta 計算標準化，我們在方法中加入了平均每日交易量規定，其中超過門檻交易量產生的淨收入的一半歸因於 Alpha。這些門檻設定為比過去三年行業平均每日交易量高出 10%。

As noted on page 12, the addition of this new provision to Alpha/Beta methodology would not have materially changed any alpha, beta splits in the projects we have reported. Market Services operating margin was 62%, up 5 percentage points highlighting the strong operating leverage of this platform.

如第 12 頁所述，在 Alpha/Beta 方法論中加入此新規定不會實質地改變我們所報告的項目中的任何 alpha、beta 分割。市場服務營業利益率為62%，上升5個百分點，凸顯了該平台強大的營運槓桿。

Moving to expenses on slide 17. We had operating expenses of $555 million, up 7%, driven by strong investments in technology and people to support revenue and drive innovation and growth, employee-related cost increases and other increases largely due to inflation.

轉到第 17 張投影片上的費用。我們的營運費用為 5.55 億美元，成長 7%，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以及主要由於通貨膨脹導致的其他增加。

This resulted in an operating margin and EBITDA margin both up 2 percentage points at 55% and 58%, respectively. We are narrowing our non-GAAP expense guidance for the year to a range of $2.265 billion to $2.325 billion from $2.245 billion to $2.325 billion. FX was a very small benefit this quarter. But given current volatility in FX rates, we are once again treating it as a neutral versus 2024 rates in the narrowed guidance range.

這使得營業利潤率和 EBITDA 利潤率均上升 2 個百分點，分別達到 55% 和 58%。我們將本年度非公認會計準則支出預期從 22.45 億美元至 23.25 億美元縮小至 22.65 億美元至 23.25 億美元之間。特效本季的收益非常小。但鑑於目前外匯匯率的波動性，我們再次將其視為中性，而非縮小指導範圍內的 2024 年匯率。

As Adena noted, we have actioned over $100 million of our efficiency programs at the end of the first quarter and we remain on track to action the $440 million by the end of the year as well as realize a 2 percentage point benefit to our full year 2025 expense growth. As we look to Q2, we expect slightly higher expense growth than the first quarter due to the timing of our annual compensation cycle. We maintain our 2025 non-GAAP tax rate guidance of 22.5% to 24.5%.

正如 Adena 所指出的，我們在第一季末已經啟動了超過 1 億美元的效率計劃，並且我們仍有望在年底前啟動 4.4 億美元的效率計劃，並為 2025 年全年費用增長帶來 2 個百分點的收益。展望第二季度，由於年度薪資週期的時間安排，我們預期費用成長將略高於第一季。我們維持 2025 年非公認會計準則稅率指引 22.5% 至 24.5%。

Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $674 million in the first quarter. This high level of cash flow enabled us to support deleveraging our dividend and share repurchases. We paid a dividend of $0.24 per share or $138 million in the quarter, representing a 32% annualized payout ratio.

轉向投影片 18 上的資本配置。納斯達克第一季產生了6.74億美元的自由現金流。這種高水準的現金流使我們能夠支持去槓桿化股利和股票回購。我們在本季支付了每股 0.24 美元或 1.38 億美元的股息，相當於 32% 的年化股息率。

And this morning, we announced a 13% increase to our quarterly dividend to $0.27 per share, which will be payable in June. In our continued commitment towards deleveraging, we repurchased $279 million in notional value of debt for a net cash purchase price of $257 million, resulting in a gross leverage ratio of 3.4 times at the end of the quarter, down from 3.6 times at the end of 2024.

今天上午，我們宣布將季度股息提高 13% 至每股 0.27 美元，並將於 6 月支付。在我們繼續致力於去槓桿的過程中，我們以 2.57 億美元的淨現金購買價回購了名義價值 2.79 億美元的債務，導致本季末的總槓桿率為 3.4 倍，低於 2024 年底的 3.6 倍。

As a result of our focused deleveraging, we recently received a one notch upgrade to our credit rating by Moody's to Baa1. Given the attractive buying opportunity in our stock, we repurchased 1.6 million shares of our common stock for roughly $115 million in the first quarter, and we have since completed the employee-related repurchases in April.

由於我們重點去槓桿，穆迪最近將我們的信用評級上調一級至 Baa1。鑑於我們股票具有誘人的購買機會，我們在第一季以約 1.15 億美元回購了 160 萬股普通股，我們已於 4 月完成了與員工相關的回購。

As we continue to execute against our compelling organic growth strategy, we remain focused on reducing our leverage and now expect to reach a 3.3 times gross leverage ratio in 2Q or 3Q, depending on FX. We intend to pay down the $400 million remaining on the June 2025 bonds at maturity primarily with cash on hand.

隨著我們繼續執行引人注目的有機成長策略，我們仍然專注於降低槓桿率，目前預計第二季或第三季的總槓桿率將達到 3.3 倍，具體取決於外匯情況。我們打算主要以庫存現金償還 2025 年 6 月到期債券剩餘的 4 億美元。

Beyond that, we will remain opportunistic regarding any additional debt or share repurchases. Our capital priorities remain unchanged since the close of the Adenza transaction. We are focused on delivering what we committed to shareholders, which is investing for organic growth, delevering, expanding the dividend and repurchasing shares. We have an incredible organic growth path in front of us, and that is where we are focused.

除此之外，我們仍將積極考慮任何額外的債務或股票回購。自 Adenza 交易結束以來，我們的資本優先事項保持不變。我們專注於兌現對股東的承諾，即投資於有機成長、去槓桿、擴大股利和回購股票。我們面前有一條令人難以置信的有機成長之路，而這正是我們關注的重點。

In closing, Nasdaq delivered a standout first quarter marked by double-digit revenue growth across all three divisions and our highest year-over-year ARR increase since the first quarter of 2022. We demonstrated strong operating leverage and made meaningful progress on our capital strategy, including reinvesting in the business, reducing debt and buying back shares.

最後，納斯達克第一季表現出色，三個部門的營收均達到兩位數成長，ARR 年成長率創下 2022 年第一季以來的最高水準。我們展示了強大的經營槓桿，並在資本策略上取得了有意義的進展，包括對業務進行再投資、減少債務和回購股票。

As we move into Q2, I echo Adena's comments on the dynamic macroenvironment and a critical role Nasdaq played in sustaining market resilience. In times like this, financial institutions around the world rely on us for our mission-critical technology and actionable insights. Our central role in the global financial ecosystem and the trust our clients place in us, reinforce our ability to continue delivering sustainable growth and long-term shareholder value.

隨著我們進入第二季度，我同意阿德納對動態宏觀環境以及納斯達克在維持市場彈性方面發揮的關鍵作用的評論。在這樣的時期，世界各地的金融機構都依賴我們的關鍵任務技術和可行的見解。我們在全球金融生態系統中的核心作用以及客戶對我們的信任增強了我們繼續實現永續成長和長期股東價值的能力。

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

現在，讓我們開始問答環節。

(Operator Instructions) Simon Clinch, Redburn Atlantic.

（操作員指示）西蒙·克林奇（Simon Clinch），雷德伯恩大西洋公司（Redburn Atlantic）。

Hi everyone, thanks for taking my question. Maybe, Adena, I was wondering if you could reflect on the strength that you've seen in the index business you have and with the sort of building of this next-generation platform. And if you could perhaps talk about how the business and the structural drivers are different today versus the last time we went through a market downturn in 2022 when your growth was still very resilient. I was just kind of curious as what differences might be this time around and how you might therefore think about the resiliency of the business of that index segment today versus that last period.

大家好，感謝你們回答我的問題。也許，阿德娜，我想知道您是否可以反思您在指數業務中所看到的優勢以及這種下一代平台的構建。您是否可以談談今天的業務和結構性驅動因素與上次 2022 年經歷市場低迷時相比有何不同，當時您的成長仍然非常有彈性。我只是有點好奇，這次可能會有什麼不同，以及您如何看待今天與上一時期相比該指數部分業務的彈性。

Great. Thanks, Simon. Yes, just as a reminder to everyone, in 2022, we saw a decline in market values of the Nasdaq 100 of around 33%, but the index business in that year grew 6%. So it does really -- I think that year was a good testament, as you said, to the resilience of the business.

偉大的。謝謝，西蒙。是的，提醒一下大家，2022年，我們看到納斯達克100指數的市值下跌了約33%，但當年的指數業務增長了6%。所以確實如此——正如你所說，我認為那一年很好地證明了企業的韌性。

But as we look at how we've expanded that business since then, I mean, we've really executed against a very defined strategy of bringing new products to market and really expanding the index franchise beyond the Nasdaq 100, which I think we're continuing to do quite successfully growing our international clientele and also expanding into the institutional clientele.

但當我們回顧自那時以來我們是如何擴展業務的，我的意思是，我們確實執行了一項非常明確的策略，即將新產品推向市場，並真正將指數特許經營權擴展到納斯達克 100 指數之外，我認為我們將繼續非常成功地擴大我們的國際客戶群，並擴展到機構客戶群。

And that, I think, is continuing to accrue to our benefit. So Simon, I think it's a great question because 50% of the inflows in the quarter, the $27 billion of inflows in the quarter were from non-Nasdaq 100 products. So -- or I should say we're into non-Nasdaq 100 products. And I think that shows that we're really continuing to diversify the business.

我認為這將繼續為我們帶來利益。所以西蒙，我認為這是一個很好的問題，因為本季 50% 的流入資金（即 270 億美元的流入資金）來自非納斯達克 100 產品。所以——或者我應該說我們進入了非納斯達克 100 產品。我認為這表明我們確實在繼續實現業務多元化。

And as we also talked about, there are three really key levers that you should look at in the index business. There is, of course, market values. And I think that does create basically as one of the key drivers, and that's really kind of shows up in the beta that we show in our alpha beta comparison.

正如我們所討論的，在指數業務中有三個真正關鍵的槓桿值得關注。當然，還有市場價值。我認為這確實是關鍵驅動因素之一，而且這確實在我們在 alpha beta 比較中展示的 beta 版本中有所體現。

But we also have new product launches and inflows into those products as well as our derivatives volumes as well as data revenue. So I think that because of the fact we do have multiple vectors of performance and drivers in the business, it allows us to continue to perform even when market values might be swinging one way or the other.

但我們也有新產品推出，這些產品的資金流入，以及我們的衍生性商品交易量和數據收入。因此我認為，由於我們的業務確實擁有多種績效載體和驅動因素，因此即使在市場價值可能出現波動的情況下，我們也能繼續保持良好的業績。

And so that obviously showed up on the 26% growth in the business even with an 8% decline in market values in the first quarter. But of course, as we go forward, it is a very dynamic environment. We are still seeing inflows in April, so we're very excited about that. But the market will perform, and we'll have to see how that drives the business forward. But the balance that we have there now and the size and scale of it is really exciting to us.

儘管第一季市值下降了 8%，但業務仍大幅成長了 26%。但當然，隨著我們不斷前進，這是一個非常有活力的環境。四月我們仍然看到資金流入，所以我們對此感到非常興奮。但市場將會表現，我們必須看看這將如何推動業務向前發展。但我們目前所擁有的平衡以及它的規模和範圍確實令我們感到興奮。

That's great. Thank you very much.

那太棒了。非常感謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Adena, Sarah. Hope everyone is doing well. So we saw the announcement last month that Nasdaq plans to open an office where I think effectively our regional headquarters in Dallas, Texas. This looks like a reaction to the BlackRock Citadel back Texas Stock Exchange and a similar announcement from ICE, which I think already went live three weeks ago.

早安，阿德娜，莎拉。希望大家都一切順利。因此，我們看到上個月納斯達克宣布計劃在德克薩斯州達拉斯開設一個辦事處，我認為該辦事處實際上是我們的地區總部。這看起來像是對貝萊德城堡支持德克薩斯證券交易所以及 ICE 類似公告的反應，我認為該公告已於三週前上線。

So I'm really curious what do you expect to accomplish from this move? How will this link up also with your Nasdaq exchanges in New York or actually Secaucus and Carteret. Thank you.

所以我真的很好奇您希望透過這項舉措實現什麼目標？這將如何與紐約的納斯達克交易所或實際上是錫考卡斯和卡特雷特交易所聯繫起來？謝謝。

Sure. Thanks, Craig. Well, first of all, just to ground everyone, we have 700 clients across Nasdaq in Texas. And that includes banks, brokers, investors, corporate clients. That does include 200 or so listed clients.

當然。謝謝，克雷格。嗯，首先，為了讓大家了解情況，我們在德州的納斯達克有 700 個客戶。其中包括銀行、經紀人、投資者、企業客戶。其中包括 200 個左右的上市客戶。

So as we are thinking about expanding our presence in Texas, it's really because, frankly, the clientele we have has really expanded through all the work that we've done in the fintech division and the growth of that business. in addition to, of course, our listings business. So the regional headquarters is really a reflection of making sure we have a great local presence in Texas to serve that broad base of clientele.

因此，當我們考慮擴大我們在德克薩斯州的業務時，坦白說，這是因為我們的客戶群確實透過我們在金融科技部門所做的所有工作和該業務的成長而擴大了。當然，除了我們的上市業務。因此，區域總部實際上體現了我們在德克薩斯州擁有強大的本地影響力，可以為廣泛的客戶群提供服務。

And when we think about our listed companies there, we have -- I mean, just amazing companies that really they want to have, of course, a local presence that they can come to and people that they can interact with in Texas, and we have a great team in Texas to support them. but they also want to have access to global capital flows, and they want to have access to the really unique benefits that we provide as a listing exchange.

當我們考慮在那裡上市的公司時，我們擁有——我的意思是，只有令人驚嘆的公司，他們真正想要的當然是他們可以來到的當地業務以及他們可以在德克薩斯州互動的人們，我們在德克薩斯州擁有一支優秀的團隊來支持他們。但他們也希望能夠獲得全球資本流動，並且希望獲得我們作為上市交易所所提供的真正獨特的優勢。

And I think those unique benefits are really driving the fact we have an overall win rate of over 80%, and we've continued to really expand our switch program, 7 switches in the quarter. So our view is that that companies that are public companies that are based in Texas, they want to have that great local presence, they also want to have access to a global market, and we can provide both. And so that's really the driver of our decision to expand our presence there.

我認為這些獨特的優勢確實推動了我們的整體成功率超過 80%，我們繼續真正擴大我們的轉換計劃，本季進行了 7 次轉換。因此，我們的觀點是，總部位於德州的上市公司希望擁有強大的在地影響力，同時也希望能夠進入全球市場，而我們可以同時提供這兩種服務。這確實是我們決定擴大在那裡的業務的驅動力。

But at the end of the day, we take every competitor seriously, but we do think we have an incredible value proposition to offer any company, including all of our clients in Texas.

但最終，我們會認真對待每一位競爭對手，但我們確實認為我們可以為任何公司（包括我們在德克薩斯州的所有客戶）提供令人難以置信的價值主張。

Thank you.

謝謝。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

Hey, good morning. Thank you for the question as well. I was hoping we can touch on your acquisition priorities from here. The balance sheet is deleveraging really nicely. You guys made great progress since the Adenza acquisition. I think in one of the recent conferences you talked about, maybe a little bit more openness to pursuing growth inorganically again. So maybe expand on that a bit. What is the probability of deals you're seeing out there obviously, macro uncertainty could present pretty compelling valuation opportunities, but the balance is still relatively levered relative to kind of where you guys want to be.

嘿，早安。也感謝您的提問。我希望我們可以從這裡討論您的收購重點。資產負債表的去槓桿效果非常好。自從收購 Adenza 以來，你們取得了巨大的進步。我認為在您談到的最近一次會議上，也許人們對於再次以無機方式追求成長的態度會更加開放一些。所以也許可以稍微擴充一下。顯然，您看到的交易的可能性有多大，宏觀不確定性可能會帶來相當引人注目的估值機會，但相對於您想要達到的水平，平衡仍然相對較高。

So just a broader question on M&A. And as part of that, just remind us your sort of earnings accretion targets when you're pursuing deals. Thanks.

所以這只是一個關於併購的更廣泛的問題。作為其中的一部分，當您尋求交易時，請提醒我們您的獲利成長目標。謝謝。

Sure. Well, so Alex, we're not evaluating deals. We're really focusing on organic growth. I think that as Sarah said, we have an incredible growth story. We have great opportunities for continued to sustain organic growth within the business. We have work to do to continue to drive to the returns and the accretion that we committed to our shareholders with the Adenza deal.

當然。好吧，亞歷克斯，我們不評估交易。我們真正關注的是有機成長。我認為正如莎拉所說，我們有一個令人難以置信的成長故事。我們有很大機會繼續保持業務的有機成長。我們需要繼續努力，以實現我們透過 Adenza 交易向股東承諾的回報和增值。

So the deleveraging, the share buybacks, those are things that we're going to be committed to doing in our capital plan in addition to continuing to increase our dividend as we did announce today as well. So I think that, that's really our focus. I mean, our team is laser-focused on delivering for our clients, laser-focused on driving the organic growth, and we really haven't been evaluating M&A.

因此，去槓桿、股票回購，這些都是我們將致力於在資本計劃中做的事情，此外，我們將繼續增加股息，正如我們今天宣布的那樣。所以我認為這確實是我們的重點。我的意思是，我們的團隊專注於為客戶提供服務，專注於推動有機成長，我們實際上並沒有評估併購。

Lound and clear. Thank you.

頻響且清淨。謝謝。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Yes, good morning, thanks for taking the question. So I just had one on the overall sales cycle environment. You mentioned the macro headwinds that you're seeing and how that's driving delays in customer decision-making, but you did not adjust down any of the revenue guidance ranges, particularly in financial technology.

是的，早上好，感謝您回答這個問題。所以我剛剛了解了整體銷售週期環境。您提到了您所看到的宏觀逆風以及它如何導致客戶決策延遲，但您並沒有下調任何收入預期範圍，特別是在金融科技領域。

So just hoping you can walk us through the dynamic there and what specifically you're seeing that gives you confidence that you're going to be able to come in within the guidance ranges that you laid out at the beginning of the year? Thanks.

所以只是希望您能向我們介紹那裡的動態，以及您看到的具體情況，讓您有信心能夠進入您在年初制定的指導範圍？謝謝。

Sure, sure. I'll take it by each of the subdivisions within fintech. Starting with financial crime management technology, we're really -- we're having great robust conversations with clients. We actually showed an acceleration of sales to the SMB clientele in the first quarter this year versus last year. We're not seeing any changes in the way that our clients are engaging with us as they're considering our solutions.

當然，當然。我將按照金融科技中的每個細分領域來進行討論。從金融犯罪管理技術開始，我們確實正在與客戶進行非常深入的對話。事實上，與去年相比，今年第一季我們針對中小企業客戶的銷售額已加速。當客戶考慮我們的解決方案時，我們沒有看到他們與我們合作的方式發生任何變化。

And as we are -- and we're continuing to move up market, we're definitely -- we're just having a lot of progress there in driving towards deals and concluding those deals. So that business remains very robust, and it feels very, very healthy. I think within the RegTech business, the surveillance products, honestly, are very high demand with four new clients in the quarter.

而且隨著我們——我們正在繼續向高端市場邁進，我們肯定——我們在推動交易和達成交易方面取得了很大進展。因此，業務仍然非常強勁，而且感覺非常非常健康。我認為在監管科技業務中，監控​​產品的需求非常高，本季有四個新客戶。

But generally, we've had really good sales for the last year there, and we're continuing to have a lot of active dialogue. If you think about it, higher activity levels and, frankly, more regulatory scrutiny on market performance, and I would say, making sure that we are helping our clients manage through any sort of market risks from a market manipulation perspective is really accruing to the benefit of that business globally.

但總體而言，去年我們在那裡的銷售情況非常好，我們將繼續進行大量積極的對話。如果你仔細想想，更高的活動水平，坦白說，對市場表現的監管審查也更加嚴格，我想說，確保我們從市場操縱的角度幫助客戶管理任何類型的市場風險，確實會給全球業務帶來利益。

And I think within AxiomSL, we are seeing some changes in how clients are implementing the technology, how quickly they're doing it just because some regulatory requirements are shifting back in time. And -- but we continue to have a lot of opportunities. Our pipeline continues to be very, very healthy as we've been engaging with clients on the needs that they have to expand their regulatory needs over time.

我認為在 AxiomSL 內部，我們看到客戶在實施技術的方式上發生了一些變化，他們實施技術的速度也發生了變化，因為一些監管要求正在及時轉變。而且——但我們仍然有很多機會。我們的管道一直非常非常健康，因為我們一直在與客戶溝通，並了解他們隨著時間的推移擴大監管需求的需求。

I think within the capital markets tech, that market modernization megatrend is something that is really driving a lot of benefit to us. We've really been able to show the scalability of our platform, the modern way that people can implement that platform. And we just announced an expansion of our AWS partnership today to really drive our clients into that modernization for a complete suite of infrastructure capabilities to support that modernization. So that trend feels very strong.

我認為，在資本市場技術中，市場現代化大趨勢確實為我們帶來了許多利益。我們確實能夠展示我們平台的可擴展性，以及人們實現該平台的現代方式。我們今天剛剛宣布擴大與 AWS 的合作夥伴關係，以真正推動我們的客戶現代化，並提供一整套基礎設施功能來支援這種現代化。所以這種趨勢非常強勁。

And then with trade management services in terms of connectivity services, that business because of all the market activities has continued to be a great grower. And we did double the size of our data center last year, which is also helping us grow there.

然後，就連接服務而言，透過貿易管理服務，由於所有的市場活動，該業務持續保持強勁成長。去年，我們的資料中心規模擴大了一倍，這也有助於我們在那裡發展。

And then within Calypso, I think we mentioned back in early March, we're seeing some decisions have to go further up the chain inside the companies and it's causing some delays, but the overall demand characteristics within Calypso remains strong. And just a reminder, I mean, some of the things we do within that platform are incredibly important especially during times like this one, like our collateral management module, which we really believe is like the best in the world is something that is of such high demand. I mean everyone needs to be able to move collateral as efficiently and effectively as possible, manage risk. The risk calculations are so important within that platform.

然後在 Calypso 內部，我想我們在 3 月初提到過，我們看到一些決策必須在公司內部進一步向上層推進，這造成了一些延誤，但 Calypso 內部的整體需求特徵仍然強勁。需要提醒的是，我們在該平台內所做的一些事情非常重要，尤其是在這樣的時期，例如我們的抵押品管理模組，我們確實相信它是世界上最好的，並且需求量很大。我的意思是每個人都需要能夠盡可能有效率、有效地轉移抵押品，管理風險。在該平台中，風險計算非常重要。

So I think clients really understand why Calypso is a differentiated solution, why they really need to have that kind of technology to manage risk. It's just a matter of sometimes the larger decisions have to go further up the chain, and that's what we've been experiencing with our clients.

所以我認為客戶真正理解為什麼 Calypso 是一個差異化的解決方案，為什麼他們真正需要這種技術來管理風險。有時候，更大的決策必須經過更高層次的考量，而這正是我們與客戶所經歷的。

So at the end of the day, kind of the diversification of our fintech business, the breadth of our clients, our client relationships, the strategic nature of what we do, I think, is really keeping that ballast really strong as we're managing through these uncertain times.

所以說到底，我認為，我們金融科技業務的多樣化、客戶的廣度、客戶關係以及我們所做工作的策略性，確實在我們度過這些不確定的時期時保持了強勁的支撐。

Okay, thank you.

好的，謝謝。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi, good morning and thank you for taking the question. I wanted to ask about the Verafin growth algorithm. During the prepared remarks, you talked about expanded use of AI features, I think, co-pilot features. In the presentation you talked about prices partly a driver. Just curious as we think through the next year or two, how much of the growth is coming from SMB sales moving up market?

大家好，早安，謝謝您回答這個問題。我想問 Verafin 成長演算法。在準備好的發言中，您談到了擴大使用人工智慧功能，我認為是副駕駛功能。在演示中您談到價格是部分驅動因素。我們很好奇，當我們考慮未來一兩年時，有多少成長來自中小企業銷售的高端市場？

And can you comment on the European opportunity? Any signs of anti-US sentiment, anything like that? Just curious how those pieces fit in price in terms of the next few years?

您能評論一下歐洲的機會嗎？有任何反美情緒的跡象嗎？類似這樣的事嗎？只是好奇未來幾年這些作品的價格如何？

Sure. Yes. So the AI features are really helping us show how valuable the platform is to our clients. We don't specifically charge for those features. They're embedded in the solution, but they really just add to the value and ROI that we can deliver to our clients. So as we talk to them about the value of the solution or the increased value of the solution as they do contract renewals, we definitely will demonstrate that the automation that they're going to be able to bring to their workflows helps them be able to solve these problems with fewer resources over time.

當然。是的。因此，人工智慧功能確實幫助我們展示了該平台對客戶的價值。我們不會專門針對這些功能收取費用。它們嵌入在解決方案中，但實際上只是增加了我們可以為客戶提供的價值和投資回報率。因此，當我們與他們談論解決方案的價值或在續約合約時解決方案的增加價值時，我們肯定會證明他們能夠帶入工作流程的自動化可以幫助他們隨著時間的推移以更少的資源解決這些問題。

That's really kind of the way that we would communicate that to them. And in general, though, if we think about the business and the growth drivers of the business, the strongest part of our business has always been the SMB space, where we're really gaining strength is in the Tier 1 and Tier 2 clients, and we're continuing to show progress there.

這確實是我們與他們溝通的方式。但總的來說，如果我們考慮業務和業務的成長動力，我們業務中最強大的部分一直是中小企業領域，我們真正獲得實力的是一級和二級客戶，而且我們正在繼續在那裡取得進展。

Really happy to see the upsell that we gave to -- we were able to secure with one of our Tier 2 clients because I think it just shows that, that land and expand strategy is something that we really believe is something that will accrue to our benefit over time. But that upsell movement will continue to be a slow-moving train just because the sales cycles are generally longer. And we also don't start showing the ARR until we actually implement and the implementation cycles or longer, but it has been -- the demand there continues to be very, very high.

真的很高興看到我們給予的追加銷售——我們能夠與我們的一位二級客戶達成協議，因為我認為這表明，我們確實相信，土地和擴張戰略將隨著時間的推移為我們帶來利益。但由於銷售週期通常較長，追加銷售運動將繼續緩慢推進。而且，直到我們實際實施並且實施週期或更長時間後，我們才會開始顯示 ARR，但事實是 - 那裡的需求仍然非常非常高。

As we move to Europe, we are engaging very constructively. We've had engagements with our clients throughout the first quarter and in April, or I should say, client prospects, and they are signing up with us to start to run POC so we can show that our solution is differentiated. We have found that they're as interested as ever, frankly, in just finding a solution that works I think that -- and that really can drive down their criminal behaviors, but also deliver the ROI that I mentioned. And so the engagement has been really healthy.

當我們移師歐洲時，我們的參與非常有建設性。我們在第一季和四月一直與客戶保持聯繫，或者我應該說是潛在客戶，他們正在與我們簽約開始運行 POC，以便我們能夠展示我們的解決方案的差異化。我們發現，坦白說，他們一如既往地對找到一個有效的解決方案感興趣，我認為這確實可以減少他們的犯罪行為，同時也能帶來我提到的投資報酬率。因此，雙方的合作一直都非常健康。

But that's going to take time. I do want to say, again, sales cycles are long, -- so we don't anticipate that being a real contributor this year, but we're hoping that we can start to show some contribution from our global expansion next year and the year after that starts to be another lever of growth for us over time.

但這需要時間。我想再次強調，銷售週期很長，所以我們預計今年這不會成為真正的貢獻者，但我們希望明年我們的全球擴張能夠開始帶來一些貢獻，而後年則將成為我們隨著時間的推移的另一個增長槓桿。

Great, thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Thanks for taking my question. I just wanted to drill down further on the prior comments around delays. And I was just wondering how should we think about like the impact to revenues in 2Q, if you could provide any further detail by segment. And then in terms of trajectory, should we expect growth to improvement to 3Q or is it going to be more back-end loaded? Thanks.

感謝您回答我的問題。我只是想進一步深入了解之前有關延遲的評論。我只是想知道我們應該如何看待對第二季收入的影響，您是否可以提供更多按細分市場的詳細資訊。然後就軌跡而言，我們是否應該預期第三季的成長會有所改善，還是會有更多的後端負載？謝謝。

Sure. Well, we don't provide specific outlook by quarter. I think we wanted to make sure though that we just reminded people that we had a very strong growth in our capital markets technology and particularly in Eclipse to last year because of some strategic renewals, particularly a large strategic renewal in the second quarter of last year that's creating kind of a year-over-year comp concern or changing in the comp -- I would say, challenging comp for Q2.

當然。嗯，我們沒有提供按季度劃分的具體展望。我想我們想確保的是，我們只是提醒人們，由於一些戰略更新，我們的資本市場技術，特別是 Eclipse，去年實現了非常強勁的增長，特別是去年第二季度的一次大規模戰略更新，這產生了一種同比競爭擔憂或競爭變化——我想說，這對第二季度的競爭構成了挑戰。

And then as we're looking at the way that we've been engaging with clients, the clients because they're going up -- particularly for larger decisions because they're going up further up the chain and getting approval of some of those sales are taking a bit longer. So we think that, that could impact some growth in Q2.

然後，當我們審視與客戶互動的方式時，由於客戶不斷提升——特別是對於較大的決策，因為他們在鏈條中的位置更高，獲得部分銷售的批准需要更長的時間。因此我們認為這可能會對第二季的成長產生一定影響。

But generally speaking, for the year, as we said, we continue to believe that -- and feel strongly that we have great growth levers across the FinTech division, that we're confident in our medium-term outlook and being able to achieve that within the year. And we also believe that the clients at the end of the day, they need us to help them manage through these uncertain times, and they trust us to be a partner to them through all economic cycles. And so we continue to have very, very healthy engagement with our clients.

但總體而言，正如我們所說，對於今年而言，我們仍然相信——並且強烈感覺到，我們在整個金融科技部門擁有巨大的成長槓桿，我們對我們的中期前景充滿信心，並能夠在年內實現這一目標。我們也相信，客戶最終需要我們幫助他們度過這些不確定的時期，他們相信我們會成為他們在所有經濟週期中的合作夥伴。因此，我們繼續與客戶保持非常非常健康的合作關係。

That's very helpful color. Thank you.

這是非常有用的顏色。謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi, good morning. So you mentioned it a few times on the call already, but wondering if you could expand upon the AWS partnership or enhanced partnership, I guess, that was announced this morning. And hoping you could help us understand if your infrastructure users migrate to this newer offering over time, what that would functionally mean for the composition of your marketplace technology revenues, the length of sales cycles and the kind of overall revenue pie or addressable market that you're targeting?

嗨，早安。所以您已經在電話會議上提到過幾次了，但我想知道您是否可以擴大今天早上宣布的 AWS 合作夥伴關係或增強合作夥伴關係。希望您能幫助我們了解，如果您的基礎設施用戶隨著時間的推移遷移到這個較新的產品，這對您的市場技術收入的構成、銷售週期的長度以及您所針對的總體收入類型或可尋址市場意味著什麼？

Great, thank you. This is as you're pointing out, it is a long-term relationship. And as we're working with market infrastructure providers around the world, they have a few challenges -- they have a few challenges they're really trying to address. One is the fact that they have to have incredible scalability, right. Obviously, the market volumes have come up across many markets around the world. So that scalability is something that they're really focused on.

太好了，謝謝。正如您所指出的，這是一種長期關係。當我們與世界各地的市場基礎設施​​供應商合作時，他們面臨一些挑戰——他們面臨著一些他們真正想要解決的挑戰。一是它們必須具有令人難以置信的可擴展性，對吧。顯然，全球許多市場的市場容量都已上升。因此，他們真正關注的是可擴展性。

Second, they want to be able to organize their data in a way that allows them to bring more functionality and AI capabilities into their markets over time. And they know that that's going to be a driver of growth for them. I think third, they obviously have to maintain hyper-resilient, hypersecure infrastructure. And they want to be able to be adaptable, right?

其次，他們希望能夠以一種方式組織他們的數據，以便隨著時間的推移為他們的市場帶來更多的功能和人工智慧能力。他們知道這將成為他們成長的動力。我認為第三點，他們顯然必須維護超彈性、超安全的基礎設施。他們希望能夠適應，對嗎？

So -- and they want to be able to bring in foreign investors, so they have to be adaptable in terms of their technology and the way that their markets work, having it be more standardized, having connectivity be more streamlined and being more adaptable and being able to bring new products or new asset classes or new capabilities into their market.

所以——他們希望能夠吸引外國投資者，所以他們必須在技術和市場運作方式方面具有適應性，使其更加標準化，使連接更加簡化，更具適應性，並能夠將新產品或新資產類別或新功能引入他們的市場。

So we can help them from a solutions provider in that adaptability in the modernization and also in driving more standardization across markets. AWS, as a partner to us can then drive work with them together to kind of create modern infrastructure that underpins all of that. So that means that they want to be able to have the benefits of cloud, the security benefits, the scalability benefits, the modern data capabilities and they want to have a really highly functional system, but they also have data sovereignty needs. They're highly regulated, and they have to really think about that resilience.

因此，我們可以從解決方案提供者的角度幫助他們提高現代化的適應能力，並推動整個市場的標準化。作為我們的合作夥伴，AWS 可以與他們共同努力，創造支撐所有這些的現代化基礎設施。這意味著他們希望能夠擁有雲端的優勢、安全性優勢、可擴展性優勢、現代資料功能，並且他們希望擁有一個真正強大的系統，但他們也有資料主權需求。他們受到嚴格監管，必須認真考慮這種彈性。

So what we're working with AWS on is really creating an infrastructure that has a hybrid cloud component for those latency-sensitive, data-sensitive workloads where they can bring AWS into their existing data centers through a hybrid cloud capability with high-speed connectivity to an availability zone that allows them then to do a lot of the other workloads outside their data centers in a much more scalable, much more efficient and effective infrastructure.

因此，我們與 AWS 合作的實際上是創建一個具有混合雲組件的基礎設施，用於處理那些對延遲敏感、資料敏感的工作負載，他們可以透過混合雲功能將 AWS 引入其現有的資料中心，並高速連接到可用區，從而使他們能夠在資料中心外的可擴展性更強、效率更高、效果更好的基礎設施中完成許多其他工作負載。

And then have also connectivity across markets. So we're going to be working with AWS to create connectivity across markets to allow for investors to be able to spend capital flows more efficiently and effectively and faster across markets. So it really creates a much more of an interwoven market ecosystem over the long term. And that really becomes more of like kind of a managed service offering to our clients as opposed to a deployed software solution, which is what we primarily provide today.

然後也實現了跨市場的連通性。因此，我們將與 AWS 合作，建立跨市場的連接，以便投資者能夠更有效率、更快速地跨市場使用資本流。因此，從長遠來看，它確實創造了一個更交織的市場生態系統。這實際上更像是一種向我們的客戶提供的託管服務，而不是我們目前主要提供的部署軟體解決方案。

But it will take time. These are big decisions. These are big moves. And we are engaged and we announced this part of our announcement this morning that we have two clients already with Johannesburg Exchange and BMV in Mexico, engaging with us on how to install and implement this technology as fast as they can to really get the benefits of the connectivity, the scalability, the security, et cetera.

但這需要時間。這些都是重大的決定。這些都是大舉措。我們正致力於此，並在今天早上的公告中宣布，我們已經有兩個客戶，約翰內斯堡交易所和墨西哥的 BMV，正在與我們合作，討論如何盡快安裝和實施這項技術，以真正獲得連接性、可擴展性、安全性等方面的好處。

And so we are very excited about that. And we're also going to be moving our Nordic markets into this infrastructure subject to regulatory approval as kind of a first market to go in this kind of new construct. So excited about it long term, though, and it is a partnership. So we are looking at this as how do we -- as everyone win as we are implementing it from a financial perspective as well.

因此我們對此感到非常興奮。我們也將把北歐市場遷移到該基礎設施中，但需獲得監管部門的批准，作為首個採用此類新架構的市場。不過，從長遠來看，我對此感到非常興奮，這是一種合作關係。因此，我們正在考慮如何從財務角度實施這項計劃，使每個人都受益。

Dan Fannon, Jeffreys LLC.

丹‧範農（Dan Fannon），Jeffreys LLC。

Thanks. Good morning. A question on expenses. So you raised the low end of the guide after I think first quarter came in better than expected. I'm curious as what drove the change. I think you mentioned FX, but just other things that might have driven the low end to move up that amount?

謝謝。早安.關於費用的問題。因此，我認為第一季的表現好於預期，因此您提高了指南的低端。我很好奇是什麼導致了這種改變。我想您提到了 FX，但還有其他因素可能導致低端價格上漲嗎？

It's exactly what you said. We had a very strong first quarter revenue and we actually are continuing to have a very strong rigor on expense. But as you know, we continue to also recognize that we have very strong performance in the first quarter. And therefore, we certainly yielded a lot to the shareholders there, but there was a little piece there that was added to the expense.

正是你所說的。我們第一季的營收非常強勁，而且我們實際上繼續嚴格控制開支。但正如您所知，我們也繼續認識到我們在第一季的表現非常強勁。因此，我們確實為股東帶來了許多利益，但也增加了一小部分成本。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Oh great, thanks. Good morning. Thanks for taking my question. Maybe just go back to the question on the uncertainty and the delay in decision making. Maybe just focusing though on Axiom. And I think, Adena, you mentioned obviously, on the US regulatory side, some potential rollback of regulations. But if you can talk about to what extent your global business on the global nature of Axiom is maybe potentially offsetting some of those headwinds.

噢，太好了，謝謝。早安.感謝您回答我的問題。也許只是回到關於決策的不確定性和延遲的問題。也許只是關注 Axiom。阿德納，我認為，您顯然提到了美國監管方面可能會放鬆一些監管。但是，如果您可以談談您的全球業務在多大程度上能夠利用 Axiom 的全球性質來抵消其中的一些不利因素。

And also maybe just pivoting on beyond the RegTech, but just your view on crypto market growth globally. And to what extent you see that as an incremental growth driver for both RegTech and Calypso and also Verafin versus where your views were before the change in the administration and potentially a higher regulatory backdrop on crypto?

也許只是超越監管科技，但這只是您對全球加密市場成長的看法。與政府更迭和加密貨幣監管環境可能更加嚴格之前您的觀點相比，您在多大程度上認為這將成為 RegTech、Calypso 和 Verafin 的增量成長動力？

Okay, great, thanks. Yeah. So I'll start with the first question on AxiomSL. So as you said, it is really a global business. And I was talking to the team and I said, well, how many changes do we -- regulatory changes that we process within the system every year. And they say it's literally thousands of regulatory changes we process, meaning that we are so diversified and so broad, and we manage across more than 100 regulators and thousands of rules, it's incredible, actually.

好的，太好了，謝謝。是的。因此，我將從 AxiomSL 的第一個問題開始。正如您所說，這確實是一項全球性的業務。我和團隊進行了交談，我說，好吧，我們每年在系統內要處理多少監管變化。他們說，我們處理的監管變化實際上有數千項，這意味著我們的工作非常多樣化和廣泛，我們管理著 100 多個監管機構和數千條規則，這實際上是令人難以置信的。

But you're right that within -- there are some changes to the timing of certain regulations, new regulations that are coming out. There is still some indecision on Basel III end game here in the United States. And so those are the types of things where we have clients who signed up to make sure that they're ready for Basel outside the United States, but some of those have have pushed out their requirements to push out in time. So they're taking a little longer to do the implementation themselves.

但您說得對，某些法規的時間安排確實發生了一些變化，新法規即將出台。美國對於巴塞爾協議 III 的最終結果仍存在一些猶豫。因此，我們的客戶已經簽約以確保他們為美國以外的巴塞爾做好準備，但其中一些客戶已經推遲了他們的要求以便及時推出。因此他們自己需要花更長的時間來完成實施。

But generally, I would say every client knows they have to get ready for this regulatory change, whether they're here or outside the United States, it's just they're waiting to see some of what the clarity is here in the US as we're working with them. But beyond that one regulation, that one regulatory change, it is a consistent engagement with clients in a few ways.

但總的來說，我想說每個客戶都知道他們必須為這種監管變化做好準備，無論他們在美國還是在美國以外，他們只是在等待我們與他們合作時看看美國的明確情況。但除了那一項法規、那一項監管變化之外，它還在某些方面與客戶保持著持續的互動。

One, they might be expanding their businesses or changing their businesses. They might be looking at making sure that they also -- what we're finding is the upsells are driven by more and more of the regulatory reporting going into AxiomSL, meaning, they might use us for some of their markets or some of the geographies, but not all of them, and we've been able to work with them just to expand across all their geographies.

一是他們可能正在擴大業務或改變業務。他們可能正在考慮確保他們也——我們發現追加銷售是由越來越多的進入 AxiomSL 的監管報告推動的，這意味著，他們可能會在部分市場或部分地區使用我們的產品，但不是全部，而我們已經能夠與他們合作，以擴展到他們所有的地區。

And also, as you said, moving over to crypto. As we think about a new regulatory paradigm for crypto, it really is an interesting opportunity for us. We already provide market tech to crypto markets, right, to trading, clearing, salmon technology, surveillance. I mentioned that we had a crypto market, take (inaudible) but crypto is definitely a growth driver for surveillance. And as we get into more of a regulated market and banks potentially having crypto be bankable, that becomes an opportunity, as you mentioned, for Verafin, it becomes an opportunity for AxiomSL, Calypso.

而且，正如你所說，轉向加密。當我們考慮加密貨幣的新監管模式時，這對我們來說確實是一個有趣的機會。我們已經為加密市場提供市場技術，包括交易、清算、鮭魚技術、監控。我提到我們有一個加密市場，（聽不清楚）但加密絕對是監控的成長動力。隨著我們進入更受監管的市場，銀行可能將加密貨幣變為銀行可融資的資產，正如您所說，這對 Verafin 來說是一個機會，對 AxiomSL、Calypso 來說也是一個機會。

One thing that we really are thinking about is how do we actually also create even more efficiency and collateral management with using new tokenized capabilities to move collateral more seamlessly across the system. So there is a lot of interesting opportunities that exist in an environment where crypto becomes a regulated asset that can be actually adopted by more of the industry. And we do see that as a good potential for us. But that's still something that still needs to play out in the US regulatory landscape here.

我們真正思考的一件事是，我們如何透過使用新的標記化功能在整個系統中更無縫地轉移抵押品，從而實際上創造更高的效率和抵押品管理。因此，在加密貨幣成為受監管資產並可被更多行業採用的環境中，存在著許多有趣的機會。我們確實認為這對我們來說是一個很好的潛力。但這仍然是需要在美國監管環境中解決的問題。

That's great color. Thank you.

顏色真棒。謝謝。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yeah, hey, good morning, everyone. Just a quick one on Capital Markets specifically in the first quarter. Obviously, you had made those comments in March about Calypso. But if I look at the ARR additions from 4Q to 1Q, $25 million, I think, still pretty respectable and definitely better than what we thought.

是的，嘿，大家早安。我只想簡單介紹一下第一季的資本市場。顯然，您在三月就對 Calypso 發表了這些評論。但如果我看一下第四季到第一季的 ARR 增加量，我認為 2500 萬美元仍然相當可觀，而且肯定比我們想像的要好。

So just maybe flesh out a little bit what else happened in the quarter? Was it really strength in the legacy businesses? Or did Calypso actually still have a pretty good showing and you're more worried about what's to come versus what actually happened in the 1Q. So maybe just a little bit more color there. Thank you.

那麼能否稍微詳細解釋一下本季還發生了什麼事？這真的是傳統業務的優勢嗎？或者 Calypso 實際上仍然表現得相當不錯，而您更擔心未來會發生什麼，而不是第一季實際發生的情況。所以也許那裡的顏色更多一點。謝謝。

Yeah. I think the comments that we made at the beginning of March were really about ongoing sales conversations with clients that wouldn't have had a big effect on Q1. And really more of effect on kind of looking at timing of signings of certain deals that are really getting close to getting signed. But also remember, as you said, I don't like calling on legacy businesses, but our market tech and our TMS, our trade management services businesses are really leaning into two different trends, right?

是的。我認為我們在三月初發表的評論實際上是關於與客戶正在進行的銷售對話，這不會對第一季產生重大影響。而實際上，對於某些即將簽署的協議，簽署時機的影響更大。但也請記住，正如您所說，我不喜歡呼籲傳統業務，但我們的市場技術和我們的 TMS，我們的貿易管理服務業務確實傾向於兩種不同的趨勢，對嗎？

One trend is just the modernization markets that I've been mentioning. And the second trend more acute trend is really the need for connectivity services, connections, cabinets, capabilities that our market participants have as they're managing their experience here in the US markets. And so I think both of those were good growth drivers. Also, as I mentioned, we expanded our data center in the middle of last year. So that's also given us a chance to meet some latent demand that has been sitting with our clients for quite some time and just expanding their presence with us.

一個趨勢就是我一直提到的現代化市場。第二個更明顯的趨勢是，我們的市場參與者在管理美國市場經驗時，確實需要連結服務、連結、機櫃和能力。所以我認為這兩者都是良好的成長動力。另外，正如我所提到的，我們在去年年中擴大了我們的資料中心。因此，這也使我們有機會滿足客戶長期以來的一些潛在需求，並擴大他們在我們這裡的業務。

And so I think that's also helping. But frankly, we feel good, Alex, that the pipeline for Calypso -- the pipeline for our market tech businesses remains very robust. And we're very excited about the fact that they see us as a great partner, but there has been some -- a small number of conversations where people are just taking longer to make decisions.

所以我認為這也有幫助。但坦白說，亞歷克斯，我們感覺很好，Calypso 的管道——我們的市場技術業務的管道仍然非常強勁。我們很高興他們將我們視為優秀的合作夥伴，但在少數對話中，人們需要更長的時間來做出決定。

Thank you.

謝謝。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Hi, good morning. Thank you for taking my question. Could you please give us more color on the IPO environment so far. Additionally, have you started hearing that foreign companies are more inclined to list on foreign exchanges versus US exchanges, given what's going on with tariffs and some of the recent capital flight to non-US markets. Thanks.

嗨，早安。感謝您回答我的問題。您能否向我們詳細介紹一下迄今為止的 IPO 環境？此外，考慮到關稅情勢以及近期部分資本外逃至非美國市場，您是否聽說外國公司更傾向於在外國交易所上市而不是美國交易所上市？謝謝。

Great, thanks, Owen. Well, first of all, we did have -- we had more -- I think it was like double the number of IPOs in the first quarter as we had compared to last year. But it is still an environment where people are -- the larger deals, in particular, where there were some companies that were really looking for coming out in the second quarter are now waiting for good reasons. There's a lot of volatility and investors need to have an appetite for risk in order to be able to underwrite the risk of a new listing.

太好了，謝謝，歐文。嗯，首先，我們確實有——我們有更多——我認為第一季的 IPO 數量是去年的兩倍。但在目前的環境下，人們——尤其是那些規模較大的交易，一些原本希望在第二季上市的公司，現在正在等待充分的理由。市場波動很大，投資人需要有一定的風險承受能力，才能承擔新上市的風險。

So I think that we are seeing a lot of companies ready. We continue to have a lot of pitches, a lot of great conversations. But at the same time, I think companies will be patient to make sure they're walking into the right market environment.

所以我認為我們看到很多公司已經準備好了。我們繼續進行大量的推介，進行大量精彩的對話。但同時，我認為公司會耐心確保他們進入正確的市場環境。

So we're hopeful that if we can see a more uncertain -- I mean, some of this uncertainty be resolved and have a little bit more of a certain environment going into the second half of the year that we could have those companies feel more confident coming out.

因此，我們希望，如果我們能夠看到更多的不確定性——我的意思是，其中一些不確定性得到解決，並且在進入下半年時擁有更多的確定性環境，我們就可以讓這些公司更有信心地走出困境。

In terms of the global companies, we're not seeing changes in the conversations with global companies, Owen. I do think they understand the power of the US markets, the power of US retail in the long run in terms of thinking about how they want to have an opportunity at least to maximize the market values.

就跨國公司而言，我們沒有看到與跨國公司的對話發生變化，歐文。我確實認為他們了解美國市場的力量，美國零售業的長期力量，並思考如何至少有機會最大化市場價值。

But those conversations, it's not like we're having those conversations with hundreds of companies. It's really with a small number of companies that are thinking about diversifying or thinking about coming to market in the US instead of elsewhere.

但這些對話，並不像我們與數百家公司進行過這樣的對話。事實上，只有少數公司正在考慮多元化發展或考慮進入美國市場而不是其他地方。

But I also want to point out that our Swedish market and our Nordic markets are also experiencing really good demand. And we had a good quarter in terms of new listings in our Nordic markets as well. So I think that every market has a unique value proposition, it's really going to be up to the companies to say, where are clients? How does our brand resonate around the world? How do we want to think about the US investor base and they're making those decisions for over the long term, not the short term.

但我也想指出，我們的瑞典市場和北歐市場的需求也非常好。就北歐市場的新上市而言，本季我們的表現也不錯。所以我認為每個市場都有其獨特的價值主張，這實際上取決於公司，客戶在哪裡？我們的品牌在世界各地產生什麼樣的共鳴？我們應該如何看待美國投資者群體，他們所做的決策是著眼於長期，而不是短期。

Got it. Thanks a lot.

知道了。多謝。

Thank you. That concludes our Q&A session. I would now like to turn the conference back to Adena Friedman, Chair and CEO, for closing remarks.

謝謝。我們的問答環節到此結束。現在，我想請會議主席兼執行長 Adena Friedman 致閉幕詞。

Great. Thank you. Well, as we continue to execute in a dynamic environment, our diversified business model, the role we play with our -- to our clients as a trusted partner and the mission-critical nature of our solutions positions us well to deliver growth, profitability, and free cash flow generation.

偉大的。謝謝。好吧，隨著我們繼續在動態環境中執行，我們多元化的業務模式、我們作為客戶值得信賴的合作夥伴所扮演的角色以及我們解決方案的關鍵任務性質使我們能夠實現成長、盈利和自由現金流的產生。

Well, thank you all very much for joining, and have a great day.

好吧，非常感謝大家的加入，祝大家有個愉快的一天。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。