Q1 2025 Intercontinental Exchange Inc Earnings Call

May 1, 2025

Today.

After the prepared remarks, there'll be an opportunity to ask questions.

Like to participate in the Q&A you can do so by pressing star followed by one on your telephone keypad.

Speaker Change: I'll now hand, you over to the cockpit controllers manager of Investor Relations to begin. Please go ahead.

Speaker Change: Good morning, Ice's first quarter 2025 earnings release and presentation can be found in the investors section of <unk> com.

Speaker Change: These items will be archived and our call will be available for replay.

Speaker Change: Today's call May contain forward looking statements. These statements, which we undertake no obligation to update represent our current judgment and are subject to risks assumptions and uncertainties.

Speaker Change: For a description of the risks that could cause our results to differ materially from those described in forward looking statements.

Speaker Change: Refer to our 2024 Form 10-K, 2025 first quarter Form 10-Q, and other filings with the SEC.

Speaker Change: In our earnings supplement we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance, you'll find a reconciliation to the equivalent GAAP terms in the earnings materials. When used on this call net revenue refers to revenue net of transaction based expenses and adjusted earnings reverse towards us.

Speaker Change: Diluted earnings per share.

Speaker Change: Throughout this presentation unless otherwise indicated references to revenue growth are on a constant currency basis.

Speaker Change: Please see the exploratory notes on the second page of the earnings supplement for additional details regarding the definition of certain items.

Speaker Change: With us on the call today are Jeff Sprecher Chair and CEO.

Frank: We're in Gardner Chief Financial Officer Frank.

Ben Jackson: Ben Jackson President.

Ben Jackson: Lynn Martin rather than all the NYSE and Chris Edmonds President of fixed income and data services I'll now turn the call over to Warren. Thanks.

Speaker Change: Thanks Scott.

Warren: Good morning, everyone and thank you for joining us today I'll.

Warren: I'll begin on slide four with a summary of our record first quarter results.

Warren: <unk> first quarter earnings per share of $1 72 were up 16% year over year. These strong results were led by an 8% increase in net revenue to a record $2 $5 billion.

Warren: Accordingly against the backdrop of macroeconomic uncertainty we saw growth across all three of our operating segments.

Warren: First quarter adjusted operating expenses totaled $964 million slightly below the low end of our guidance range driven in part by better than anticipated savings in synergies primarily related to technology spend.

Warren: As a result of this strong performance adjusted operating income increased by double digits up 11% versus the prior year and reached a record $1 5 billion.

Warren: The strong business performance allowed us to return $519 million of capital to our shareholders during the quarter, including $241 million of share repurchases.

Warren: And we did this while also investing on our business and reducing leverage which ended the first quarter under three two times EBITDA.

Warren: Before I move to our segment results I'll note a few guidance items.

Warren: As we look to the second quarter, we expect adjusted operating expenses to be in the range of $980 million to $990 million with the increase versus the first quarter largely driven by weaker dollar relative to the pound and euro a dynamic that is more than offset by higher revenues a full quarter of merit increases and an accrual for awards related to our strong.

Warren: Year to date performance.

Warren: Second quarter non operating expenses are expected to be between $175 million and $180 million with slightly lower interest expense from reduced leverage offset by the refinancing of our one in a quarter $1 billion maturity coming due in may.

Warren: Now, let's move to slide five where I'll provide an overview of the performance of our exchange segment.

Warren: First quarter net revenues totaled a record $1 4 billion.

Warren: Up 12% year over year.

Warren: Record transaction revenues of nearly $1 billion were up 16% driven by an 18% increase in our interest rate business, 21% growth in NYSE cash equities and options revenues and.

Warren: And another quarter of record energy revenues, which grew 23% year over year.

Warren: In addition volumes accelerated in April with energy Adv up 39% interest rate Adv up nearly 60% our cash equity Adv up 68% and our equity option and <unk> to be up 11% and <unk>.

Warren: Importantly, amidst rising volatility open interest continues to build up 8% year over year, including 21% growth in global interest rates and 7% growth in our energy markets.

Warren: Shifting to recurring revenues, which include our exchange data services and our NYSE listings business revenues totaled $368 million up 3% year over year.

Warren: Underpinning growth in our recurring revenues with a broader exchange data and connectivity services, which grew 5% as once again led by futures data services.

Warren: In our listings business the NYSE helped to raise over $4 billion of new proceeds in the first quarter, including venture global to largest IPO year to date.

Lydia: My name's Lydia and I'll be your operator today. After the prepared remarks, there will be an opportunity to ask questions. If you'd like to participate in the Q&A, you can do so by pressing star followed by 1 on your telephone keypad.

Warren: It's worth noting that less than 40% of IPO has met the NYSE listing standards in the first quarter and these high standards remain a critical component of our 99% plus retention rate.

Volumes accelerated in April with energy Adv up 39% interest rate Adv up nearly 60% our cash equity Adv up 68% and our equity options need to be up 11% and importantly, amidst rising volatility open interest continues to build up 8% year over year, including 21% growth in global interest rates.

Warren: Additionally, the backlog for new Ipos remains strong with a variety of companies seeking to raise capital when volatility abates.

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

Warren: Turning now to slide six I'll discuss our fixed income and data services segment.

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

And 7% growth in our energy markets.

Warren: First quarter revenues totaled a record $596 million, including transaction revenues of $125 million.

Shifting to recurring revenues, which include our exchange data services and our NYSE listings business revenues totaled $368 million up 3% year over year.

On a year over year basis revenue at ice bonds increased by 16% driven by 18% growth in our muni business and 30% growth in corporate bond trading.

Katia Gonzalez: Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions, and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2024 Form 10-K, 2025 First Quarter Form 10-Q, and other filings with the SEC.

Underpinning growth in our recurring revenues with a broader exchange data and connectivity services, which grew 5% as once again led by futures data services.

Warren: Within our Cvs business revenues increased year over year with lower member's interest offset by clearing revenue, which increased 27% year over year amidst increasing macroeconomic uncertainty.

In our listings business the NYSE helped to raise over $4 billion in new proceeds in the first quarter, including venture global the largest IPO year to date.

It's worth noting that less than 40% of IPO has met the NYSE listing standards in the first quarter and these high standards remain a critical component of our 99% plus retention rate.

Warren: Recurring revenues totaled a record $471 million and grew by 5% year over year.

Katia Gonzalez: In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You'll find a reconciliation to the cooling GAAP terms in the earnings materials. When used on this call, net revenue refers to revenue net of transaction-based expenses, and adjusted earnings refers to adjusted diluted earnings per share. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis.

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

Additionally, the backlog for new Ipos remains strong with a variety of companies seeking to raise capital when volatility abates.

Turning now to slide six I'll discuss our fixed income and data services segment.

Warren: Data and network technology, which we previously referred to as other data and network services increased by 7% in the first quarter, an acceleration from 5% growth in 2024.

First quarter revenues totaled a record $596 million, including transaction revenues of $125 million.

On a year over year basis revenue at ice bonds increased by 16% driven by 18% growth in our muni business and 30% growth in corporate bond trading.

Warren: Growth was driven by the by the return on various datacenter investments. We've recently made in our ice global network as well as continued growth in our consolidated feeds business and strong performance across our desktop solutions driven in part by cross sell opportunities sourced from both our energy and NYSE customer basis.

Katia Gonzalez: Please see the explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items. With us on the call today are Jeff Sprecher, Chair and CEO. Warren Gardner, Chief Financial Officer, Ben Jackson, President. Lynn Martin, President of the NYSE, and Chris Edmonds, President of Fixed Income and Data Services.

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

Warren: Please flip to slide seven where I will discuss our mortgage technology results.

Recurring revenues totaled a record $471 million and grew by 5% year over year.

Warren: First quarter revenues totaled $510 million.

Warren Gardner: I'll now turn the call over to Warren. Thanks, Katia. Good morning, everyone, and thank you for joining us today. I'll begin on slide four with a summary of our record first quarter results. First quarter earnings per share of $1.72 were up 16% year-over-year. These strong results were led by an 8% increase in net revenue to a record $2.5 billion. Importantly, against the backdrop of macroeconomic uncertainty, we saw growth across all three of our operating segments. First quarter adjusted operating expenses totaled $964 million, slightly below the low end of our guidance range, driven in part by better than anticipated savings and synergies primarily related to technology.

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

Warren: Recurring revenues totaled $397 million up both sequentially and year over year.

Warren: Our year over year basis, the improvement was largely driven by our servicing business.

Warren: And while we benefited from a few million dollars of one time revenue that we do not anticipate will repeat growth was also driven by new customers implementing on MSP.

Data and network technology, which we previously referred to as other data and network services increased by 7% in the first quarter.

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

An acceleration from 5% growth in 2020 for.

Growth was driven by the by the return on various datacenter investments. We've recently made in our ice global network as well as continued growth in our consolidated feeds business and strong performance across our desktop solutions driven in part by cross sell opportunities sourced from both our energy and NYSE customer basis.

Warren: In summary, we delivered record first quarter results included record revenues operating income and adjusted EPS building upon our record 2024.

Warren Gardner: As a result of this strong performance, adjusted operating income increased by double digits of 11% versus the prior year and reached a record $1.5 billion. This strong business performance allowed us to return $519 million of capital to our shareholders during the quarter, including $241 million of share repurchase. And we did this while also investing in our business and reducing leverage, which ended the first quarter under 3.2 times EBITDA.

Please flip to slide seven where I will discuss our mortgage technology results.

Warren: Macroeconomic and geopolitical uncertainty, we are uniquely positioned to invest across our business.

First quarter revenues totaled $510 million recurring.

Recurring revenues totaled $397 million up both sequentially and year over year.

Warren: The needs of our customers and continue to deliver consistent and compounding growth for our shareholders I'll be happy to take your questions during Q&A, but for now handed to them.

On a year over year basis, the improvement was largely driven by our servicing business and while we benefited from a $2 million of one time revenue that we do not anticipate will repeat growth was also driven by new customers implementing on MSP.

Speaker Change: Thank you Lauren and thank you all for joining US. This morning, please turn to slide eight.

Speaker Change: The dynamic macroeconomic and geopolitical environment, our customers continue to rely on our leading technology mission critical data and transparent and accessible markets to navigate uncertainty while managing risk.

Warren Gardner: Before I move to our segment results, I'll now note a few guidance items. As we look to the second quarter, we expect adjusted operating expenses to be in the range of $980 million to $990 million, with the increase versus the first quarter largely driven by a weaker dollar relative to the pound and euro, a dynamic that is more than offset by higher revenues, a full quarter of merit increases, and an accrual for awards related to our strong year-to-date performance. Second quarter non-operating expenses expected to be between $175 million and $180 million with slightly lower interest expense from reduced leverage offset by the refinancing of our $1.25 billion maturity coming due in May.

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

Speaker Change: Across our global futures markets total average daily volumes increased 23% to a record $10 million lots in the first quarter, including records across energy and interest rates.

In summary, we delivered record first quarter results included record revenues operating income and adjusted EPS building upon our record 2024.

Speaker Change: This strong performance drove record futures and options revenues, which grew 18% versus prior year.

Amidst macroeconomic and geopolitical uncertainty, we are uniquely positioned to invest across our business.

Speaker Change: Building on the momentum of a strong first quarter Adv into April was up 43% year over year led by continued strength in our energy and interest rate franchise up 39% and 59% respectively.

To meet the needs of our customers and continue to deliver consistent and compounding growth for our shareholders.

Be happy to take your questions during Q&A, but for now handed to them.

Warren Gardner: Now let's move to slide five, where I'll provide an overview of the performance of our exchange segment. First quarter net revenues totaled a record $1.4 billion, a 12% year Record transaction revenues of nearly $1 billion were up 16%, driven by an 18% increase in our interest rate business, 21% growth in NYSE cash equities and options revenues. and another quarter of record energy revenues, which grew 23% year over year. In addition, volumes accelerated in April with Energy ADB up 39%, Interest Rate ADB up nearly 60%, our Cash Equity ADB up 68%, and our Equity Option ADB up 11%.

Speaker Change: More importantly, open interest continues to trend higher up 8% year over year.

Lauren: Thank you Lauren and thank you all for joining US. This morning, please turn to slide eight.

Speaker Change: As we have consistently said open interest is a helpful guide to gauging the health of our markets and proves to be a leading indicator of volume growth during volatile periods.

Lauren: And that's the dynamic macroeconomic and geopolitical environment, our customers continue to rely on our leading technology mission critical data and transparent and accessible markets to navigate uncertainty while managing risk.

Speaker Change: For over two decades, we've worked closely with our customers to develop a diverse liquid and globally interconnected energy network.

Lauren: Across our global futures markets total average daily volumes increased 23% to a record $10 million lots in the first quarter.

Speaker Change: Day as trade dynamics evolve and become increasingly complex. Our network provides the critical feedback loop required to address near term supply and demand imbalances as well as the long term price signals needed to efficiently allocate the capital necessary to meet forward looking demand.

Lauren: Including records across energy and interest rates.

Lauren: This strong performance drove record futures and options revenues, which grew 18% versus prior year.

Lauren: Building on the momentum of a strong first quarter Adv into April was up 43% year over year led by continued strength in our energy and interest rate franchise up 39% and 59% respectively.

Warren Gardner: Importantly, amidst rising volatility, open interest continues to build up 8% year-over-year, including 21% growth in global interest rates and 7% growth in our energy market.

Speaker Change: This deliberate and long term strategic direction contributed to our eighth consecutive quarter of record energy revenues, which increased 23% year over year and that is on top of 32% growth achieved in last year's first quarter.

Warren Gardner: Shifting to recurring revenues, which include our exchange-dated services and our NYC listings business, revenues total $368 million, up 3% year-over-year. Underpinning growth in our recurring revenues was our broader exchange data and connectivity services, which grew 5% as once again, led by futures data. In our listings business, the NYC helped to raise over $4 billion in new proceeds in the first quarter, including Venture Global, the largest IPO year to date. It's worth noting that less than 40% of IPOs met the NYC's listing standards in the first quarter, and these high standards remain a critical component of our 99% plus retention rate.

Lauren: More importantly, open interest continues to trend higher up 8% year over year.

Speaker Change: This strong performance is a testament to customers continued confidence in ice has the global energy hedging venue of choice.

Lauren: As we have consistently said open interest is a helpful guide to gauging the health of our markets and proves to be a leading indicator of volume growth during volatile periods.

Speaker Change: In our oil markets through constant innovation, Brent is firmly cemented itself as the global benchmark for crude oil pricing roughly three quarters of the world's internationally traded crude and from which prices are discovered in the U S Gulf coast by Isis <unk>.

Lauren: For over two decades, we've worked closely with our customers to develop a diverse liquid and globally interconnected energy network today.

Lauren: Today as trade dynamics evolve and become increasingly complex. Our network provides the critical feedback loop required to address near term supply and demand imbalances.

Speaker Change: And in the end in the Middle East and in Asia via Ices, Mervyn and Dubai markets.

Lauren: As well as the long term price signals needed to efficiently allocate the capital necessary to meet forward looking demand.

Speaker Change: In the first quarter record volume in our oil complex increased 18% year over year, including records across Brent <unk>, Midland Ti Mervyn and Platts Dubai.

Warren Gardner: Additionally, the backlog for new IPOs remains strong, with a variety of companies seeking to raise capital when volatility abates.

Lauren: This deliberate and long term strategic direction contributed to our eighth consecutive quarter of record energy revenues, which increased 23% year over year and that is on top of 32% growth achieved in last year's first quarter.

Warren Gardner: Turning now to slide 6, I'll discuss our Fixed Income and Data Services Segment. First quarter revenues totaled a record $596 million, including transaction revenues of $125 million. On a year-over-year basis, revenue at ICE bonds increased by 16%, driven by 18% growth in our muni business and 30% growth in corporate bond trade. Within our CDS business, revenues increased year-over-year with lower members' interest offset by clearing revenue, which increased 27% year-over-year amidst increasing macroeconomic uncertainty.

Speaker Change: Collectively this strong performance drove record oil revenues, which grew 17% year over year.

Speaker Change: In addition, as a leading indicator of ongoing interest in our markets open interest across the complex set a series of records in April.

Lauren: This strong performance is a testament to customers continued confidence in ice as the global energy hedging venue of choice.

Speaker Change: This growth signals that customers are managing more risk amid heightened volatility.

Lauren: In our oil markets through constant innovation, Brent is firmly cemented itself as the global benchmark for crude oil pricing roughly three quarters of the world's internationally traded crude and from which prices are discovered in the U S Gulf coast by Isis <unk>.

Speaker Change: In our natural gas markets, we followed a similar playbook building a platform that offers the broadest range of natural gas benchmarks across the U S, Canada, Europe, and Asia underpinned by our liquid markets and Henry hub in North American basis, Pts and GKN.

Warren Gardner: The current revenues total a record $471 million and grew by 5% year-over-year. In our fixed income data and analytics business, revenues increased 4% year-over-year driven by growth in pricing and reference data and 14% growth in our index business, which reached a record $684 billion in ETF AUM as of the end of the first quarter. Data and Network Technology, which we previously referred to as other data and network services, increased by 7% in the first quarter, an acceleration from 5% growth in 2024. Growth was driven by the return on various data center investments we have recently made in our ICE global network, as well as continued growth in our consolidated feeds business and strong performance across our desktop solutions, driven in part by cross-sell opportunities sourced from both our energy and NYSE customer base.

Lauren: And in the end in the Middle East and in Asia via Ics, Mervyn and Dubai markets.

Speaker Change: A thoughtful approach that uniquely positioned ice to continue to benefit from both the near term volatility and long term growth trends occurring across these markets.

Lauren: In the first quarter record volume in our oil complex increased 18% year over year, including records across Brent <unk>, Midland Ti Mervyn and Platts Dubai.

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

Lauren: Collectively this strong performance drove record oil revenues, which grew 17% year over year.

Speaker Change: In North America, we began preparing for the evolution of gas markets beyond the Henry hub benchmark several years ago.

Lauren: In addition, as a leading indicator of ongoing interest in our markets open interest across the complex set a series of records in April.

Speaker Change: Through close collaboration with our customers, we created our exclusive U S and Canadian basis markets, a suite of precise risk management tools that reflect the commercially relevant supply and demand dynamics of 70 distinct north American gas hubs.

Lauren: This growth signals that customers are managing more risks amid heightened volatility.

Lauren: In our natural gas markets, we followed a similar playbook building a platform that offers the broadest range of natural gas benchmarks across the U S, Canada, Europe and Asia.

Warren Gardner: Please switch to slide 7, where I will discuss our mortgage technology results. First quarter revenues totaled $510 million. Recurring revenues total $397 million, up both sequentially and year over year.

Speaker Change: In the first quarter volumes in our Henry hub contract grew 26% year over year, while record volumes in our basis markets increased 52%.

Lauren: Underpinned by our liquid markets and Henry hub in North American basis.

Speaker Change: TFS and Jacob.

Speaker Change: The first quarter also included nine of our top 10, all time highest volume days.

Speaker Change: A thoughtful approach that uniquely positioned ice to continue to benefit from both the near term volatility and long term growth trends occurring across these markets.

Warren Gardner: On a year-over-year basis, the improvement was largely driven by our servicing And while we benefited from a few million dollars of one-time revenue that we do not anticipate will repeat, growth was also driven by new customers implementing on MSP. Transaction revenues totaled $113 million, up slightly year over year, driven by revenue growth related to encompass closed loans and applications, an increase in closing solution fees, and higher default management revenues as foreclosure starts within our servicing business have begun to tick higher from historic lows.

Speaker Change: Collectively this strong performance drove a 30% growth in our north American gas complex, including record options volumes.

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

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

Speaker Change: In North America, we began preparing for the evolution of gas markets beyond the Henry hub benchmark several years ago.

Speaker Change: In more recent years geopolitical shifts and a tight LNG market have intensified market globalization and increase the need for risk management.

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

Speaker Change: As a result, our TTS benchmark has asserted itself its position as the Brent of natural gas markets and continues to be relied on by an increasing number of market participants.

Speaker Change: In the first quarter volumes in our Henry hub contract grew 26% year over year, while record volumes in our basis markets increased 52%.

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

Speaker Change: The first quarter also included nine of our top 10, all time highest volume days.

Ben Jackson: I'll be happy to take your questions during Q&A, but for now, I'll hand it to Ben. Thank you, Warren, and thank you all for joining us this morning. Please turn to slide eight. Amidst the dynamic macroeconomic and geopolitical environment, our customers continue to rely on our leading technology, mission-critical data, and transparent and accessible markets to navigate uncertainty while managing risk. Across our global futures markets, total average daily volumes increased 23% to a record 10 million lots in the first quarter, including records across energy and interest rates. The strong performance drove record futures and options revenues, which grew 18% versus prior year.

Speaker Change: Collectively this strong performance drove a 30% growth in our north American gas complex, including record options volumes.

Speaker Change: At the same time, the global transition to less carbon intensive fuels supports demand growth for natural gas, particularly for developing economies, which prioritize reliable affordable fuel.

Speaker Change: For example, in Asia, where coal still accounts for roughly half of the region's energy supply R. J Cam contract serves as the price benchmark for Asian natural gas and continues to reach important milestones with record volumes increasing 28%.

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

Speaker Change: As policy discussions regarding sustainability objectives continued to evolve our leading environmental markets work with our oil natural gas coal and power markets to provide the price transparency across the energy spectrum.

Ben Jackson: Building on the momentum of a strong first quarter, ADV into April was up 43% year-over-year, led by continued strength in our energy and interest rate franchise up 39% and 59% respectively. More importantly, open interest continues to trend higher, up 8% year over year. As we have consistently said, open interest is a helpful guide to gauging the health of our markets and proves to be a leading indicator of volume growth during volatile periods. For over two decades, we've worked closely with our customers to develop a diverse, liquid, and globally interconnected energy network. Today, as trade dynamics evolve and become increasingly complex, our network provides the critical feedback loop required to address near-term supply and demand imbalances.

Speaker Change: Yes.

Speaker Change: At the same time, our TGF contract delivered another record setting quarter across volume revenues and open interest with each growing double digits versus prior year. This.

Speaker Change: Transparency that is critical in navigating this multi layered in non linear progression.

Speaker Change: This record performance underscores TTS deep liquidity and the critical role it plays in providing daily global natural gas price signals.

Speaker Change: In the first quarter, our North American environmental markets traded again at record levels contributing to a 15% volume growth in our environmental portfolio.

Speaker Change: At the same time, the global transition to less carbon intensive fuels supports demand growth for natural gas.

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

Speaker Change: Particularly for developing economies, which prioritize reliable affordable fuel.

Speaker Change: Turning now to our fixed income and data services business on slide nine.

Ben Jackson: as well as the long-term price signals needed to efficiently allocate the capital necessary to meet forward-looking demands. This deliberate and long-term strategic direction contributed to our eighth consecutive quarter of record energy revenues, which increased 23% year-over-year, and that is on top of 32% growth achieved in last year's first quarter. The strong performance is a testament to customers' continued confidence in ICE as the global energy hedging venue of choice. In our oil markets, through constant innovation, Brent has firmly cemented itself as the global benchmark for crude oil, pricing roughly three quarters of the world's internationally traded crude, and from which prices are discovered in the U.S.

Speaker Change: As fixed income markets automate in passive investing grows our comprehensive platform continues to generate compounding revenue growth delivering another quarter of record revenues, which grew 5% year over year.

Speaker Change: As policy discussions regarding sustainability objectives continue to evolve our leading environmental markets work with our oil natural gas coal and power markets to provide the price transparency across the energy spectrum.

Speaker Change: Our decades long position as a leading provider of price and reference data has served as the foundation for ice to become one of the largest providers of fixed income indices globally.

Speaker Change: Transparency that is critical in navigating this multi layered in non linear progression.

Speaker Change: In the first quarter, our North American environmental markets traded again at record levels contributing to a 15% volume growth in our environmental portfolio.

Speaker Change: <unk> growth continues to be fueled by growing demand for Etfs in their expanded role in markets with assets under management Benchmarked to ice indices growing to a record of $684 billion.

Speaker Change: Through the end of the first quarter.

Speaker Change: This strength once again drove double digit revenue growth in our index business. We also signed two additional licensing deals in the quarters with large global asset managers, one will move existing AUM to our index family and the other will launch a completely new ETF against our index solution.

Ben Jackson: Gulf Coast via ISIS WTI and in the Middle East and in Asia via ISIS Mervin and Dubai markets. In the first quarter, record volume in our oil complex increased 18% year-over-year, including records across Brent, WTI, Midland PI, Mervin, and Platts-Dubai. Collectively, this strong performance drove record oil revenues, which grew 17% year-over-year. In addition, as a leading indicator of ongoing interest in our markets, open interest across the complex set a series of records in April. This growth signals that customers are managing more risk amid heightened volatility. In our natural gas markets, we followed a similar playbook, building a platform that offers the broadest range of natural gas benchmarks across the US, Canada, Europe, and Asia, underpinned by our liquid markets in Henry Hub and North American Basis, PTF, and JKM.

Speaker Change: Turning now to our fixed income and data services business on slide nine.

Speaker Change: And our data and network technology business revenues increased 7% year over year, driven by continued demand of our desktop as well as our ice global network and feeds offerings as customers continue to modernize workflows and his past investments we've made continue to pay dividends.

Speaker Change: Within our desktop business.

Speaker Change: Revenues grew double digits in the quarter, including robust growth in our ice chat offering here, we continue to innovate to reduce friction across the workflow.

Speaker Change: A recent example of this innovation is the launch of ice voice the cloud based audio solution integrated directly with ice chat providing market participants with real time voice communication capabilities alongside chat functionality.

Speaker Change: This strength once again drove double digit revenue growth in our index business. We also signed two additional licensing deals in the quarters with large global asset managers.

Speaker Change: Similarly growth in our ice global network reflects ongoing data and technology investments, we've made in that business cementing its position as the gold standard for an ultra secure highly resilient network.

Speaker Change: And we'll move existing AUM to our index family and the other will launch a completely new ETF against our index solution.

Ben Jackson: A thoughtful approach that uniquely positions ICE to continue to benefit from both the near-term volatility and long-term growth trends occurring across these markets. Reflecting this dynamic, volumes and revenues in our global gas portfolio set records in the first quarter, both increasing 33% year over year. In North America, we began preparing for the evolution of gas markets beyond the Henry Hub benchmark several years ago. Through close collaboration with our customers, we created our exclusive U.S. and Canadian basis market. This is a suite of precise risk management tools that reflect the commercially relevant supply and demand dynamics of 70 distinct North American gas hubs.

Speaker Change: Across ice bonds, which provides state of the art execution technologies and round out our broader fixed income offering providing solutions across the pre trade trade and post trade workflow revenues increased 16% versus prior year.

Speaker Change: Within our desktop business revenues grew double digits in the quarter, including robust growth in our ice chat offering.

Speaker Change: Along with macroeconomic factors. This growth was also driven by past investments we've made to expand the number of participants accessing our trading platforms.

Speaker Change: Here, we continue to innovate to reduce friction across the workflow a.

Speaker Change: Driving liquidity to our markets. Similarly in our credit default swap clearing business broad market volatility drove increased demand for credit protection with Cds notional cleared increasing nearly 40% in the first quarter versus prior year.

Speaker Change: A recent example of this innovation is the launch of ice voice and cloud based audio solution integrated directly with ice chat providing market participants with real time voice communication capabilities alongside chat functionality.

Ben Jackson: In the first quarter, volumes in our Henry Hub contract grew 26% year-over-year, while record volumes in our basis markets increased 52%. The first quarter also included nine of our top ten all-time highest volume days. Collectively, this strong performance drove a 30% growth in our North American gas complex, including record options volume. Similarly, the globalization of gas and the rise of LNG are secular trends we began investing in more than a decade ago through our acquisition of ENDEX, an investment that positions us as a leader in European trading via our TTF contract. In more recent years, geopolitical shifts and a tight LNG market have intensified market globalization and increased the need for risk management.

Speaker Change: As we move forward, we will continue to expand and evolve the products and services that are the foundation of our fixed income and data services segment. Another all whether part of our business.

Speaker Change: Shifting now to our mortgage business on slide 10.

Speaker Change: For nearly a decade, we've been building a life of loan platform and end to end network built and operated by a trusted neutral third party and nice.

Speaker Change: Across ice bonds, which provides state of the our execution technologies and rounds out our broader fixed income offering providing solutions across the pre trade trade and post trade workflow revenues increased 16% versus prior year.

Speaker Change: Spans from customer acquisition, all the way through to the secondary capital markets, including enhancing transparency for the over 12 trillion dollar mortgage backed securities market.

Speaker Change: Along with macroeconomic factors. This growth was also driven by past investments we've made to expand the number of participants accessing our trading platforms driving liquidity to our markets.

Speaker Change: Our neutral platform continues to attract the trust of significant customers across the mortgage landscape and as evidenced to this 20, new encompass clients were signed in Q1 alone and a significant new MSP client was signed in United wholesale mortgage.

Speaker Change: Similarly in our credit default swap clearing business broad market volatility drove increased demand for credit protection with Cds notional cleared increasing nearly 40% in the first quarter versus prior year.

Ben Jackson: As a result, our TTF benchmark has asserted its position as the Brent of natural gas markets and continues to be relied on by an increasing number of market participants. At the same time, our TTF contract delivered another record-setting quarter across volume, revenues, and open interest, with each growing double digits versus prior year. This record performance underscores TTF's deep liquidity and the critical role it plays in providing daily global natural gas price signal. At the same time, the global transition to less carbon-intensive fuels supports demand growth for natural gas. particularly for developing economies which prioritize reliable, affordable fuel.

Speaker Change: This end to end mortgage journey begins with our industry, leading customer engagement suite, which helps lenders identify new customers, while also reducing customer acquisition costs seamlessly integrated within our industry, leading loan underwriting platform, our comprehensive suite of sales marketing and borrower engagement solutions Leverages data.

Speaker Change: As we move forward, we will continue to expand and evolve our products and services that are the foundation of our fixed income and data services segment. Another all whether part of our business shifting.

Speaker Change: Shifting now to our mortgage business on slide 10.

Speaker Change: For nearly a decade, we've been building a life of loan platform and end to end network built and operated by a trusted neutral third party and ice.

Speaker Change: And artificial intelligence to create effective marketing campaigns. These campaigns enabled mortgage lenders to target borrowers with the right products at the right time and to educate and inform their customers throughout the origination process, reducing the time and cost to originate.

Speaker Change: That spans from customer acquisition, all the way through to the secondary capital markets, including enhancing transparency for the over 12 trillion dollar mortgage backed securities market.

Speaker Change: Our neutral platform continues to attract the trust of significant customers across the mortgage landscape and as evidence to this 20, new encompass clients were signed in Q1 alone and a significant new MSP client was signed and United wholesale mortgage.

Speaker Change: The process, then moves into a leading loan underwriting platform, which provides significant operational efficiencies collecting borrower data in any form such as a portal mobile phone E mail or scan.

Ben Jackson: For example, in Asia, where coal still accounts for roughly half of the region's energy supply, our JKM contract serves as the price benchmark for Asian natural gas and continues to reach important milestones, with record volumes increasing 28%. As policy discussions regarding sustainability objectives continue to evolve, our leading environmental markets work with our oil, natural gas, coal, and power markets to provide the price transparency across the energy spectrum. Transparency that is critical in navigating this multilayered and nonlinear progression. In the first quarter, our North American environmental markets traded again at record levels, contributing to a 15% volume growth in our environmental portfolio.

Speaker Change: And then digitizing and normalizing the raw data.

Speaker Change: Once these raw data sets have been harnessed it enables lenders to leverage our AI tools to quickly and efficiently verify credit income and collateral as well as manage critical disclosures and underwriting requirements.

Speaker Change: Here, we've also integrated our leading property tax flood closing fee in compliance related information for borrowers and lenders, providing customers with a complete and automated underwriting experience.

Speaker Change: As data and artificial intelligence to create effective marketing campaigns. These campaigns enable mortgage lenders to target borrowers with the right products at the right time and to educate and inform their customers throughout the origination process, reducing the time and cost to originate.

Speaker Change: At the same time, our robust and automated quality control and audit capabilities improves both the quality of the loan package and as a result its value.

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

Speaker Change: The process, then moves into our leading loan underwriting platform, which provides significant operational efficiencies collecting borrower data in any form such as a portal mobile phone E mail or scan.

Once originated lenders can seamlessly transfer loans to our servicing technology functionality that has been enabled by the complete integration of our loan servicing technology with our underwriting system.

Chris Edmonds: Turning now to our fixed income and data services business on slide nine. As fixed income markets automate and passive investing grows, our comprehensive platform continues to generate compounding revenue growth, delivering another quarter of record revenues, which grew 5% year over year. Our decades-long position as a leading provider of price and reference data has served as the foundation for ICE to become one of the largest providers of fixed income indices globally. Here, growth continues to be fueled by growing demand for ETFs and their expanded role in markets, with assets under management benchmarked to ICE indices growing to a record of $684 billion to the end of the first quarter.

Speaker Change: Our quality control and audit capabilities to assist customers in the rapid identification and remedy of critical information that may be missing from a loan file for servicing reducing costs, while continuing to produce a higher quality asset.

Speaker Change: And then digitizing and normalizing the raw data.

Speaker Change: Once these broad datasets have been harnessed it enables lenders to leverage our AI tools to quickly and efficiently verify credit income and collateral as well as manage critical disclosures and underwriting requirements.

Speaker Change: And as loans mature or interest rates fluctuate transmit near real time data to the lender that owns the mortgage servicing right, enabling them to quickly and efficiently compete for recapture business.

Speaker Change: Lastly by combining these rich datasets with Isis technology and data services expertise, we have developed tools that increase transparency for lenders servicers in the capital markets here were improving data quality and centralizing access with the goal of providing better pricing and prepayment modeling in the MBS market.

Speaker Change: At the same time, our robust and automated quality control and audit capabilities improves both the quality of the loan package and as a result its value.

Chris Edmonds: This strength, once again, drove double-digit revenue growth in our index business. We also signed two additional licensing deals in the quarters with large global asset managers. One will move existing AUM to our index family and the other will launch a completely new ETF against our index solution. In our data and network technology business, revenues increase 7% year-over-year, driven by continued demand of our desktop, as well as our ICE global network and feeds offerings, as customers continue to modernize workflows, and as past investments we've made continue to pay dividends. Within our desktop business, revenues grew double digits in the quarter, including robust growth in our ice chat offering.

Speaker Change: Once originated lenders can seamlessly transfer loans to our servicing technology or functionality. That's been enabled by the complete integration of our loan servicing technology with our underwriting system.

Speaker Change: Central to this vision is a deep and broad footprint in mortgage data to support representative modeling.

Speaker Change: Our quality control and audit capability to assist customers in the rapid identification and remedy of critical information that may be missing from a loan file for servicing reducing costs, while continuing to produce a higher quality asset.

Speaker Change: Our <unk> loan level data for example is driven by contributions from roughly two thirds of all mortgage servicing firms.

Speaker Change: Over time access to high quality mortgage data should bolster confidence investment decision, making increasing sector participation boosting liquidity and ultimately leading to lower cost for borrowers in this vein. We're pleased to have signed on a large global asset manager onto our mctavish data offering in the first quarter.

Chris Edmonds: Here we continue to innovate to reduce friction across the workflow.

Speaker Change: And our data is being implemented to drive their risk models.

Speaker Change: On behalf of our clients were assembling integrating and expanding our customer engagement suite underwriting tools pricing systems closing tools registration tools servicing systems, and the resulting data all within a single end to end platform.

Chris Edmonds: A recent example of this innovation is the launch of ICE Voice, a cloud-based audio solution integrated directly with ICE Chat, providing market participants with real-time voice communication capabilities alongside chat functionality. Similarly, growth in our ICE global network reflects ongoing data and technology investments we've made in that business, cementing its position as the gold standard for an ultra-secure, highly resilient network. Cross-Sized Bonds, which provides state-of-the-art execution technologies and rounds out a broader fixed income offering, providing solutions across the pre-trade, trade, and post-trade workflow. Revenues increased 16% versus prior years. Along with macroeconomic factors, this growth was also driven by past investments we've made to expand the number of participants accessing our trading platforms, driving liquidity to our market.

Speaker Change: Improving data quality and centralizing access with the goal of providing better pricing and prepayment modeling in the MBS market.

Speaker Change: Central to this vision is a deep and broad footprint and mortgage data to support representative modeling.

Speaker Change: By using <unk> technology mortgage lenders can lower mortgage origination costs, while also relieving pain points across the workflow.

Speaker Change: Our <unk> loan level data for example is driven by contributions from roughly two thirds of all mortgage servicing firms.

Speaker Change: All while helping lenders and servicers better recapture and identified new business opportunities.

Speaker Change: Overtime access to high quality mortgage data should bolster confidence investment decision, making increasing sector participation boosting liquidity and ultimately leading to lower cost for borrowers in this vein. We're pleased to have signed on a large global asset manager onto our <unk> data offering in the first quarter.

Speaker Change: We are seamlessly connecting our customers and these services so that they can now communicate with one another by a common data standard on a robust network operated by a neutral trusted third party and ice.

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

Speaker Change: And our data is being implemented to drive their risk models.

Speaker Change: On behalf of our clients were assembling integrating and expanding our customer engagement suite underwriting tools pricing systems closing tools.

Chris Edmonds: Similarly, in our credit default swap clearing business, broad market volatility drove increased demand for credit protection with CDS notional cleared increasing nearly 40% in the first quarter versus prior year.

Speaker Change: The end consumer.

Speaker Change: Servicing systems, and the resulting data all within a single end to end platform.

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

Chris Edmonds: As we move forward, we will continue to expand and evolve the products and services that are the foundation of our Fixed Income and Data Services segment, another all-weather part of our business.

Thank you Ben Please turn to slide 11.

Speaker Change: By using <unk> technology mortgage lenders can lower mortgage origination costs, while also relieving pain points across the workflow.

Jeff Sprecher: In the first quarter, we delivered record revenues record adjusted operating income and record adjusted earnings per share, marking the very best quarter in <unk> history.

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

Speaker Change: All while helping lenders and servicers better recapture and identified new business opportunities.

Jeff Sprecher: Our record results underscore the quality of our all weather business model and the value of our products, leading technology and mission critical data.

Speaker Change: And we are seamlessly connecting our customers and these services so that they can now communicate with one another via a common data standards on a robust network operated by a neutral trusted third party and ice.

Jeff Sprecher: We've deliberately positioned the company to have a mix of transaction and compounding subscription revenues to give revenue upside exposure to investors, while hedging our downside risk we placed the company at the center of some of the largest markets undergoing analog to digital conversions.

Ben Jackson: Our neutral platform continues to attract the trust of significant customers across the mortgage landscape, and as evidence to this, 20 new Encompass clients were signed in Q1 alone, and a significant new MSP client was signed in United Wholesale Mortgage. This end-to-end mortgage journey begins with our industry-leading customer engagement suite, which helps lenders identify new customers while also reducing customer acquisition costs. Seamlessly integrated within our industry-leading loan underwriting platform, our comprehensive suite of sales, marketing, and borrower engagement solutions leverages data and artificial intelligence to create effective marketing campaigns. These campaigns enable mortgage lenders to target borrowers with the right products at the right time and to educate and inform their customers throughout the origination process, reducing the time and cost to originate.

Jeff Sprecher: <unk> mixed our footprint between financial markets, which react to central bank apps of man and.

Speaker Change: This results in lower cost to originate and service loans for our clients, who can then pass those savings on to the end consumer.

Jeff Sprecher: Physical markets, which react to disrupted supply chain acts of God.

Speaker Change: That I will hand, it over to Jeff.

Jeff: Thank you Ben Please turn to slide 11 and.

Jeff Sprecher: We've diversified our global footprint because at all times somewhere in the world. There are risks that our customers and our potential customers need to manage.

Speaker Change: In the first quarter, we delivered record revenues record adjusted operating income and record adjusted earnings per share.

Jeff Sprecher: We believe the combination of these factors is what makes ice and all weather name that generates growth on top of growth.

Jeff: The very best quarter in <unk> history.

Our record results underscore the quality of our all weather business model and the value of our products, leading technology and mission critical data.

Jeff Sprecher: Across our futures and options markets first quarter volume and revenue represented the highest quarter in <unk> history with volume, increasing 23% to deliver 18% revenue growth over the prior year.

Jeff: We've deliberately positioned the company to have a mix of transaction and compounding subscription revenues to give revenue upside exposure to investors, while hedging our downside risks.

Jeff Sprecher: This record performance is strong evidence of the ever growing need for global risk management as our customers continued to turn to ice to manage risk across the thousands of contracts offered on our platform.

Ben Jackson: The process then moves into our leading loan underwriting platform, which provides significant operational efficiency. Collecting borrower data in any form, such as a portal, mobile phone, email, or scan. and then digitizing and normalizing the raw data. Once these raw data sets have been harnessed, it enables lenders to leverage our AI tools to quickly and efficiently verify credit, income, and collateral, as well as manage critical disclosures and underwriting requirements. Here, we've also integrated our leading property tax, flood, closing fee, and compliance-related information for borrowers and lenders, providing customers with a complete and automated underwriting experience. At the same time, our robust and automated quality control and audit capabilities improves both the quality of the loan package and, as a result, its value.

Jeff: We placed the company at the center of some of the largest markets undergoing analog to digital conversions.

Jeff: Mixed our footprint between financial markets, which react to central bank apps of man and physical markets, which react to disrupted supply chain acts of God.

Jeff Sprecher: Our open interest is up 8% year over year. These results illustrate that during recent high levels of market volatility market participants are managing risk by adding to their positions and not leaving.

Jeff: We've diversified our global footprint because at all times somewhere in the world. There are risks that our customers and our potential customers need to manage.

Jeff Sprecher: As the world's leading energy marketplace, the breadth and the diversity of our global platform drives an important network effect producing capital efficiencies for our customer base.

Jeff: We believe the combination of these factors is what makes ice and all weather name that generates growth on top of growth.

Jeff Sprecher: Our record first quarter operating results underscore the significance of our energy offering marking our eighth consecutive quarter of record energy revenues, which increased 23% versus the prior year.

Jeff: Across our futures and options markets first quarter volume and revenue represented the highest quarter in <unk> history with volume, increasing 23% to deliver 18% revenue growth over the prior year. This.

Jeff Sprecher: We continue to see strong energy trading volumes to start the second quarter as market participants look to hedge exposure to geopolitical dynamics. This includes the single highest energy trading day ever experienced on ice with nearly 10 million energy contracts traded on April 4th.

Jeff: This record performance is strong evidence of the ever growing need for global risk management as our customers continued to turn to ice to manage risk across the thousands of contracts offered on our platform.

Ben Jackson: Once originated, lenders can seamlessly transfer loans to our servicing technology, a functionality that has been enabled by the complete integration of our loan servicing technology with our underwriting system. Our quality control and audit capabilities assist customers in the rapid identification and remedy of critical information that may be missing from a loan file for servicing, reducing costs while continuing to produce a higher quality asset. And, as loans mature or interest rates fluctuate, transmit near real-time data to the lender that owns the mortgage servicing right, enabling them to quickly and efficiently compete for recapture business. Lastly, by combining these rich data sets with ISIS technology and data services expertise, we have developed tools that increase transparency for lenders, servicers, and the capital market.

Jeff: Our open interest is up 8% year over year. These results illustrate that during recent high levels of market volatility market participants are managing risk by adding to their positions and not leaving.

Jeff Sprecher: Yielding records across our total oil business and our Brent benchmark contract.

Jeff Sprecher: At the same time total energy open interest is up 7% year over year with our oil complex setting a series of records in April.

Jeff: As the world's leading energy marketplace, the breadth and the diversity of our global platform drives an important network effect producing capital efficiencies for our customer base.

Jeff Sprecher: We see strong open interest trends in our Brent benchmark contract highlighting its deep liquidity and diverse global participant base, which becomes particularly important in times of market stress.

Jeff: Our record first quarter operating results underscore the significance of our energy offering marking our eighth consecutive quarter of record energy revenues, which increased 23% versus the prior year.

Jeff Sprecher: Going forward the new U S administration has pledged to increased energy production, which could further reorder the global energy supply chain and thereby the global risk that may need to be managed on our platform.

Jeff: We continue to see strong energy trading volumes to start the second quarter as market participants look to hedge exposure to geopolitical dynamics. This includes the single highest energy trading day ever experienced on ice with nearly $10 million energy contracts traded on April 4th.

Ben Jackson: Here we're improving data quality and centralizing access with the goal of providing better pricing and prepayment modeling in the MBS market. Central to this vision is a deep and broad footprint in mortgage data to support representative modeling. Our McDash loan level data, for example, is driven by contributions from roughly two-thirds of all mortgage servicing firms. Over time, access to high-quality mortgage data should bolster confidence in investment decision-making, increasing sector participation, boosting liquidity, and ultimately leading to lower costs for borrowers.

Jeff Sprecher: Across <unk> interest rate markets are mixed inflation picture ongoing political tensions and shifting trade policies are driving demand for interest rate risk management.

Jeff: Yielding records across our total oil business and our Brent benchmark contract.

Jeff Sprecher: As a result, we captured the highest quarterly volume in our company's history, which increased 31% versus the prior year and included records across our Euribor and Sonya markets. The most liquid benchmarks for European and UK interest rates respectively.

Jeff: At the same time total energy open interest is up 7% year over year with our oil complex setting a series of records in April.

Jeff: We see strong open interest trends in our Brent benchmark contract highlighting its deep liquidity and diverse global participant base, which becomes particularly important in times of market stress.

Jeff Sprecher: In addition across our <unk> market, which is the benchmark for the UK government bond yield curve volume increased 8% in the first quarter, including 12% growth in March.

Ben Jackson: In this vein, we're pleased to have signed on a large global asset manager onto our McBash data offering in the first quarter, and our data is being implemented to drive their risk models. On behalf of our clients, we're assembling, integrating, and expanding a customer engagement suite, underwriting tools, pricing systems, closing tools, registration tools, servicing systems, and the resulting data all within a single end-to-end platform. By using ISIS technology, mortgage lenders can lower mortgage origination costs while also relieving pain points across the workflow, all while helping lenders and servicers better recapture and identify new business opportunities.

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

Jeff Sprecher: Our gilts open interest is up 62% year over year.

Jeff Sprecher: Collectively these results highlight the strength of our multi currency interest rate franchise with overall open interest building to a 21% year over year increase.

Jeff: Across <unk> interest rate markets are mixed inflation picture ongoing political tensions and shifting trade policies are driving demand for interest rate risk management.

Jeff Sprecher: At the New York Stock exchange, our cash equity trading volumes increased 20% year over year, and our equity options volumes increased 8% year over year.

Jeff: As a result, we captured the highest quarterly volume in our company's history, which increased 31% versus the prior year and included records across our Euribor and Sonya markets. The most liquid benchmarks for European and UK interest rates respectively.

Jeff Sprecher: Collectively this strength provided 21% growth in our equity trading revenues.

Ben Jackson: and we are seamlessly connecting our customers and these services so that they can now communicate with one another via a common data standard on a robust network operated by a neutral, trusted third party in ICE.

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

In addition across our gilts market, which is the benchmark for the UK government bond yield curve volume increased 8% in the first quarter, including 12% growth in March.

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

Jeff Sprecher: We saw equity an equity option trades execute more efficiently in this period than during the volatile COVID-19 outbreak.

Jeff: Our gilts open interest is up 62% year over year.

Jeff Sprecher: Emlen, all time high volumes and messaging rates, our technology systems rose to the occasion twice processing more than one trillion messages in a single day with a median processing time of roughly 30 microseconds.

Jeff: Collectively these results highlight the strength of our multi currency interest rate franchise with overall open interest building to a 21% year over year increase.

Jeff Sprecher: With that, I'll hand it over to Jeff. Thank you, Ben. Please turn to slide 11.

Jeff: At the New York Stock exchange, our cash equity trading volumes increased 20% year over year, and our equity options volumes increased 8% year over year.

Jeff Sprecher: The New York Stock Exchange is opening and closing options grew more than 20% the handle over $37 billion in trading activity per day.

Jeff Sprecher: In the first quarter, we delivered record revenues, record-adjusted operating income, and record-adjusted earnings per share, marking the very best quarter in ISIS history. Our record results underscore the quality of our all-weather business model and the value of our products, leading technology, and mission-critical data. We've deliberately positioned the company to have a mix of transaction and compounding subscription revenues to give revenue upside exposure to investors while hedging our downside risk. We've placed the company at the center of some of the largest markets undergoing analog-to-digital conversion. We've mixed our footprint between financial markets, which react to central bank acts of man, and physical markets, which react to disrupted supply chain acts of God.

Jeff: Collectively this strength provided 21% growth in our equity trading revenues.

Jeff Sprecher: When combined with our designated market maker model, we provide a differentiated execution experience for our issuers that reduces volatility provides tighter bid offer spreads and offers an all in cost of capital that is significantly lower than average.

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

Jeff Sprecher: This flexibility, which is unique to our model has fostered great engagement from the market participants and it further solidifies the New York stock exchange as the trusted risk management source during times of market volatility.

Jeff: We saw equity an equity option trades execute more efficiently in this period than during the volatile COVID-19 outbreak.

Jeff: Handling all time high volumes and messaging rates, our technology systems rose to the occasion twice processing more than one trillion messages in a single day with a median processing time of roughly 30 microseconds.

Jeff Sprecher: And we're pleased to extend our footprint to the state of Texas with our newly launched Texas Exchange, which has been incredibly well received by our issuer community.

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

Jeff Sprecher: We've diversified our global footprint because at all times, somewhere in the world, there are risks that our customers and our potential customers need to manage. We believe the combination of these factors is what makes ICE an all-weather name that generates growth on top of growth. Across our futures and options markets, first quarter volume and revenue represented the highest quarter in ISIS history, with volume increasing 23% to deliver 18% revenue growth over the prior year. This record performance is strong evidence of the ever-growing need for global risk management as our customers continue to turn to ICE to manage risk across the thousands of contracts offered on our platform.

Jeff: The New York stock exchanges opening and closing auctions grew more than 20% the handle over $37 billion in trading activity per day.

Jeff: When combined with our designated market maker model, we provide a differentiated execution experience for our issuers that reduces volatility provides tighter bid offer spreads and offers an all in cost of capital that is significantly lower than average.

Jeff Sprecher: I'd like to thank our customers for their business.

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

Jeff: This flexibility, which is unique to our model has fostered great engagement from the market participants and it further solidifies the New York stock exchange as the trusted risk management source during times of market volatility and.

Jeff Sprecher: I'd like to now turn the call back to our moderator Lydia and will conduct a question and answer session, which will go until 930, a M eastern time.

Jeff: And we're pleased to extend our footprint to the state of Texas with our newly launched Texas Exchange, which has been incredibly well received by our issuer community.

Jeff Sprecher: Thank you.

Jeff Sprecher: Please press star followed by the number one if you'd like to ask a question and ensure your devices Amit likely limit your attention.

Jeff Sprecher: Our open interest is up 8% year over year. These results illustrate that during recent high levels of market volatility, market participants are managing risk by adding to their positions and not leaving. As the world's leading energy marketplace, the breadth and the diversity of our global platform drives an important network effect, producing capital efficiencies for our customer base.

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

Jeff Sprecher: We kindly ask that you limit yourself to one question.

Speaker Change: Thank you we have Ken Worthington with Jpmorgan.

Jeff Sprecher: Please go ahead your line is open.

Speaker Change: Hi, good morning, Thanks for all the color in your prepared remarks, I was hoping you could address investor interest and the rocket purchase of Mr. Cooper.

Jeff: I'd like to thank our customers for their business. Their continued trust in this company and I wish to thank my colleagues at ice for their remarkable efforts in contributing to the very best quarter in our company's history, and importantly for supporting our customers, who now more than ever place trust in our people and technology to manage risk across <unk>.

Jeff Sprecher: Our record first quarter operating results underscore the significance of our energy offering, marking our eighth consecutive quarter of record energy revenues, which increased 23% versus the prior year. We continue to see strong energy trading volumes to start the second quarter as market participants look to hedge exposures to geopolitical dynamics. This includes the single highest energy trading day ever experienced on ice, with nearly 10 million energy contracts traded on April 4th, yielding records across our total oil business and our Brent benchmark contract. At the same time, total energy open interest is up 7% year over year, with our oil complex setting a series of records in April.

Speaker Change: Clearly in the context of its acquisition of Flagstar, So given rockets prominence in the mortgage market. How do you see rockets business strategy comparing to what ice is putting together in mortgage and where does <unk> compete in where it is rocket use ice and then maybe secondly, if we look at flagstar and Cooper how much business.

Jeff: Asset classes around the world.

Jeff: I'd like to now turn the call back to our moderator Lydia and will conduct a question and answer session, which will go until 930, a M eastern time.

Speaker Change: <unk> is at risk of transitioning away from ice over time and to what extent to your recent wins.

Lydia: Thank you.

Jeff: Please press star followed by the number one if you'd like to ask a question and ensure your devices Amit.

Speaker Change: Offset the potential loss of flagging Cooper.

Jeff: We kindly ask that you limit yourself to one question.

Ben Jackson: Hi, Ken it's Ben.

Ben Jackson: A lot in there and I'll try to hit it all in.

Speaker Change: Thank you we have Ken Worthington with JP Morgan.

Ben Jackson: They also chime in on the latter.

Speaker Change: Please go ahead your line is open.

Ben Jackson: Your question there.

Speaker Change: Hi, good morning, Thanks for all the color in your prepared remarks, I was hoping you could address investor interest and the rocket purchase of Mr. Cooper, particularly in the context of its acquisition of Flagstar. So given rockets prominence in the mortgage market, how do you see rockets business strategy.

Ben Jackson: So I think the headline is that it's a validation of our strategy. We have been working now for many years to build out a complete end to end life of loan platform.

Jeff Sprecher: We see strong open interest trends in our Brent benchmark contract, highlighting its deep liquidity and diverse global participant base, which becomes particularly important in times of market stress.

Ben Jackson: On behalf of our clients and remember we're doing this on behalf of 3000 clients that we have within our ecosystem.

Jeff Sprecher: Going forward, the new U.S. administration has pledged to increase energy production, which could further reorder the global energy supply chain, and thereby the global risk that may need to be managed on our platform. Across ICE's interest rate markets, a mixed inflation picture, ongoing political tensions, and shifting trade policies are driving demand for interest rate risk management. As a result, we captured the highest quarterly volume in our company's history, which increased 31% versus the prior year, and included records across our Euribor and Sonia markets, the most liquid benchmarks for European and UK interest rates, respectively. In addition, across our GILTS market, which is the benchmark for the UK government bond yield curve, volume increased 8% in the first quarter, including 12% growth in March.

Speaker Change: Caring to what ice is putting together in mortgage and where does <unk> compete in where it is rocket use ice and then maybe secondly, if we look at flagstar and Cooper, how much business is at risk of transitioning away from ice over time and to what extent to your recent wins.

Some utilizing parts of our <unk> platform and some utilizing all of it.

Ben Jackson: We also as I said I've been doing this for a number of years now and we have approximately 2500.

Ben Jackson: Engineers.

Speaker Change: Offset.

Speaker Change: The potential loss of flagging Cooper.

Ben Jackson: Experts and AI experts that have been evolving enhancing and innovating our platform now for many years all within a single truck.

Speaker Change: Hi, Ken it's Ben.

Ken Worthington: A lot in there and I'll try to hit it all in.

Ken Worthington: They also chime in on the latter part of your question there.

Speaker Change: Front tabak ecosystem and again its on behalf.

Ken Worthington: So I think the headline is that it's a validation of our strategy. We have been working now for many years to build out a complete end to end life of loan platform.

Speaker Change: Of our clients and a key thing to highlight there is that we're a neutral independent third party.

Speaker Change: We're also leveraging our AI expertise across all device to mind things as an example, like our servicing data to help the client that actually owns the MSR to efficiently market.

Ken Worthington: On behalf of our clients.

Jeff Sprecher: Our GILTS open interest is up 62% year over year. Collectively, these results highlight the strength of our multi-currency interest rate franchise, with overall open interest building to a 21% year-over-year increase. At the New York Stock Exchange, our cash equity trading volumes increased 20% year-over-year, and our equity options volumes increased 8% year-over-year. Collectively, this strength provided 21% growth in our equity trading revenue. Importantly, and against the backdrop of economic volatility, our state-of-the-art technology provided investors with efficient venues to digest global events, make investment decisions, and execute trades with unrivaled speed and accuracy. We saw equity and equity option trades execute more efficiently in this period than during the volatile COVID outbreak, handling all-time high volumes and messaging rates.

Ken Worthington: And remember we're doing this on behalf of 3000 clients that we have within our ecosystem.

Speaker Change: A refi opportunity to their client at the right time with the right product.

Ken Worthington: Utilizing parts of our <unk> platform and some utilizing all of it.

Speaker Change: To help enhance their ability to recapture loans.

Ken Worthington: We also as I said I've been doing this for a number of years now and we have approximately 2500.

Speaker Change: Another benefit as I mentioned is that we're an independent mutual provider of technology, and we put simply we don't compete with our customers.

Ken Worthington: Engineers.

Product experts and AI experts that have been evolving enhancing and innovating our platform now for many years all within a single.

Speaker Change: And evidence to this is to the success that we have and growing out this ecosystem in attracting new clients to come to it is all the successes that I've mentioned quarter over quarter that we've had bringing in some marquee name clients onto our ecosystem. We also as I said in my prepared.

Ken Worthington: Front to back ecosystem and again its on behalf.

Ken Worthington: Of our clients and a key thing to highlight there is that we're a neutral independent third party.

Speaker Change: Remarks, we signed 20, new encompass clients in Q1, and we also signed a significant new MSP client and United wholesale mortgage if you saw the press release.

Ken Worthington: We're also leveraging our AI expertise across all device to mind things as an example, like our servicing data to help the client that actually owns the MSR to efficiently market.

Speaker Change: That came out yesterday as well as articles that came out around that youll see that you'd have VM, specifically selected our servicing system and our client portal to help curate homeowner and lender experiences that help improve their recapture rates and referrals and the specifically highlight as well that another reason.

Jeff Sprecher: Our technology systems rose to the occasion, twice processing more than 1 trillion messages in a single day, with a median processing time of roughly 30 microseconds. The New York Stock Exchange's opening and closing auctions grew more than 20 percent. They handle over $37 billion in trading activity per day. When combined with our designated market maker model, we provide a differentiated execution experience for our issuers that reduces volatility, provides tighter bid-offer spreads, and offers an all-in cost of capital that is significantly lower than average. This flexibility, which is unique to our model, has fostered great engagement from the market participants and it further solidifies the New York Stock Exchange as the trusted risk management source during times of market volatility.

Ken Worthington: A refi opportunity to their client at the right time with the right products.

Ken Worthington: To help enhance their ability to recapture loans.

Ken Worthington: Another benefit as I mentioned is that we're an independent mutual provider of technology, and we put simply we don't compete with our customers.

Speaker Change: It came to us it's not only the technology expertise, but the fact that we are a neutral independent provider. So when I look at.

Ken Worthington: And evidence to this is to the success that we have in growing out this ecosystem in attracting new clients to come to it is all the successes that I've mentioned quarter over quarter that we've had bringing in some marquee name clients onto our ecosystem.

Speaker Change: Attracting a client like that into our ecosystem one of the largest.

Speaker Change: Originators.

Speaker Change: In the United States mortgage business.

Speaker Change: And then coming onto our platform and then look at the funnel behind that of clients that are engaging sub servicers that are on MSP as well as us directly to move loans to us we feel great about our our overall positioning.

Ken Worthington: We also as I said in my prepared remarks, we signed 20, new encompass clients in Q1, and we also signed a significant new MSP clients and United wholesale mortgage.

Speaker Change: And then Ken just to give you some of the numbers around that so I think we previously we had said at flagstar was around on an annualized basis around 1% of the IMTT revenues.

Ken Worthington: You saw the press release.

Ken Worthington: That came out yesterday as well as articles that came out around that youll see that <unk>, specifically selected our servicing system and our client portal to help curate homeowner and lender experiences that help improve their recapture rates and referrals and the specifically highlight as well that another reason.

Jeff Sprecher: And we're pleased to extend our footprint to the state of Texas with our newly launched Texas Exchange, which has been incredibly well received by our issuer community. As we move through the balance of the year and beyond, we remain focused on continuing to enhance the scale, resiliency, and reliability of the ecosystem surrounding our market-leading platforms and risk management products.

Speaker Change: And then rocket Cooper has a little less than 3%.

Speaker Change: Importantly, there are a lot of that is going to be the servicing.

Speaker Change: <unk> in particular, and then actually just recently signed a multiyear contract. So during the event they even do choose to move off of that MSP I'll just be clear that it's going to take a couple of years and there is no change to this year's guidance as a result of any of that we will we will start to see some impact from flagstar as you know towards the end of this year, but in terms of rocket Cooper, there's no <unk>.

Ken Worthington: They came to us as not only the technology expertise, but the fact that we are a neutral independent provider. So when I look at.

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

Ken Worthington: Attracting a client like that into our ecosystem one of the largest.

Ken Worthington: Originators.

Ken Worthington: In the United States mortgage business and.

Speaker Change: Packed on 'twenty.

Ken Worthington: And then coming onto our platform and then look at the funnel behind that of clients that are engaging sub servicers that are on MSP as well as us directly to move loans to us we feel great about our our overall position.

Speaker Change: Our next question comes from Kyle Voigt with K B W. P.

Speaker Change: Please go ahead.

Lydia: I'd like to now turn the call back to our moderator, Lydia, and we'll conduct a question and answer session, which will go until 930 a.m. Eastern time. Thank you.

Kyle Voigt: Hi, good morning, everyone.

Kyle Voigt: Given the balance sheet deleveraging and now I'll return to capital.

Ken Worthington: And then Ken just to give you some of the numbers around that so I think we previously we had said flagstar was around on an annualized basis around 1% of the IMT revenues.

Speaker Change: Our return to buybacks just wondering if we get your updated thoughts on M&A and as we think about areas of focus for ice most of your inorganic capital deployment over the past five years.

Lydia: Please press star followed by the number one if you'd like to ask a question and ensure your devices are muted locally when it's your turn. We kindly ask that you limit yourself to one question.

Ken Worthington: And then rocket Cooper has a little less than 3%.

Ken Worthington: Importantly, there are a lot of that is going to be the servicing.

Speaker Change: <unk> been into the mortgage Tech segment, I guess, given what you've built there and the assets that are remaining in the ecosystem do you think there is still a sizable consolidation.

Ken Worthington: MSP in particular and they actually just recently signed a multiyear contract. So during the event they even do choose to move off of that MSP deal just to be clear that it's going to take a couple of years.

Ken Worthington: First in queue we have Ken Worthington with J.P. Morgan.

Jason: Please go ahead to your line, Jason. Hi, good morning. Thanks for all the color in your prepared remarks.

Speaker Change: Left in that in that segment or should investors be thinking about maybe a return towards inorganic inorganic capital deployment in other segments of the business.

Ken Worthington: And there is no change to this year's guidance as a result of any of that we will we will start to see some impact from flagstar as you know towards the end of this year, but in terms of rocket Cooper Theres no impact on 2025.

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

Speaker Change: This is Jeff that's a great question.

Speaker Change: We have been.

Speaker Change: Really diligent about delevering after our.

Kyle Voigt: Our next question comes from Kyle Voigt with <unk>. Please go ahead.

Speaker Change: Most recent acquisitions in order to be able to return capital through share buybacks, which as you've mentioned, we've now been able to start and and.

Kyle Voigt: Hi, good morning, everyone.

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

Kyle Voigt: Just given the balance sheet deleveraging and now I'll return to capital.

Speaker Change: And we've been pretty diligent about.

Speaker Change: Delevering to try to hit a target.

Speaker Change: At least three times.

Speaker Change: Or less and and we're making good headway, there, which which would then free up.

Kyle Voigt: He has been into the mortgage Tech segment, I guess, given what you've built there.

Jeff Sprecher: All right, Ken, it's been a lot in there, and I'll try to hit it all, and Warren may also chime in on the latter part of your question there. So I think the headline is that it's a validation of our strategy. We have been working now for many years to build out a complete end-to-end life of loan platform on behalf of our clients. And remember, we're doing this on behalf of 3,000 clients that we have within our ecosystem, some utilizing parts of our end-to-end platform and some utilizing all of it. We also, as I said, have been doing this for a number of years now, and we have approximately 2,500 engineers.

Speaker Change: Tremendous amount of cash flow, which we could use.

Kyle Voigt: And the assets that are remaining in the ecosystem do you think there is still a sizable consolidation that's.

Speaker Change: We returned to shareholders I think if you listen to our prepared remarks, what Youre hearing is all three segments of our.

Kyle Voigt: That's left in that in that segment or should investors be thinking about maybe a return towards inorganic inorganic capital deployment in other segments of the business.

Speaker Change: <unk> business are doing really well and so we've been.

Kyle Voigt: Okay.

Speaker Change: Knock on wood, particularly.

Jeff: This is Jeff.

Kyle Voigt: Great question.

Speaker Change: Accretive add at our share buyback policies, they've had great returns for our shareholders and so.

Kyle Voigt: We have been.

Kyle Voigt: Really diligent about.

Levering after our.

Kyle Voigt: Most recent acquisitions in order to be able to return capital through share buybacks, which as you've mentioned, we've now been able to start and and.

Speaker Change: Given how well the company is doing and given how we're starting to free up cash flow. It just feels right to western lean into those share buybacks at this point in terms of M&A, we always look for opportunities and we judge those opportunities against.

Kyle Voigt: And we've been pretty diligent about.

Kyle Voigt: Sure.

Kyle Voigt: Delevering to try to hit a target.

Kyle Voigt: At least three times.

Speaker Change: The opportunity to own our own company through share buybacks.

Jeff Sprecher: product experts, and AI experts that have been evolving, enhancing, and innovating our platform now, for many years, all within a single front to back ecosystem. And again, it's on behalf of our clients. And a key thing to highlight there is that we're a neutral, independent third party. We're also leveraging our AI. across all of ICE to mine things, as an example, like our servicing data, to help the client that actually owns the MSR to efficiently market a refi opportunity to their client at the right time with the right product. to help enhance their ability to recapture loans.

Kyle Voigt: Or less and and we're making good headway, there, which which would then free up.

Speaker Change: Sure.

Speaker Change: And we will continue to do that Youre right in that.

Kyle Voigt: Tremendous amount of cash flow, which we could use.

Speaker Change: Through.

Kyle Voigt: We returned to shareholders I think if you listen to our prepared remarks, what Youre hearing is all three segments of our.

Speaker Change: Organic and inorganic.

Speaker Change: Work really built out an amazing end to end platform.

Speaker Change: Our mortgage and and.

Kyle Voigt: <unk> business are doing really well and so we've been.

Speaker Change: And the major pieces are seemingly there.

We do get offered all kinds of bolt on things that.

Kyle Voigt: Knock on wood, particularly.

Kyle Voigt: Accretive add at our share buyback policies.

Speaker Change: Then on that network, but again, we always run them through that same lens of.

Kyle Voigt: Had great returns for our shareholders and so.

Kyle Voigt: Given how well the company is doing and given how we're starting to free up cash flow. It just feels right to us lean into those share buybacks at this point in terms of M&A, we always look for opportunities and we judge those opportunities against.

Speaker Change: Is it a better ROI to just continue to invest in in our own shares win with a company that is really highly performing right now.

Jeff Sprecher: Another benefit, as I mentioned, is that we're an independent, neutral provider of technology, and we, put simply, we don't compete with our customers. And evidence to this is to the success that we have in growing out this ecosystem and attracting new clients to come to it is all the successes that I've mentioned quarter over quarter that we've had bringing in some marquee name clients onto our ecosystem. We also, as I said in my prepared remarks, we signed 20 new Encompass clients in Q1, and we also signed a significant new MSP client in United Wholesale Mortgage.

Speaker Change: The next question comes from Alex Blanton with Goldman Sachs. Your.

Kyle Voigt: The opportunity to own our own company through share buybacks.

Speaker Change: Your line is open.

Speaker Change: Okay.

Speaker Change: Hey, good morning, everybody. Thank you for the question I wanted to dig in a little more in into dynamics and energy markets today.

Kyle Voigt: And we'll continue.

Speaker Change: To do that Youre right in that.

Kyle Voigt: Through.

Kyle Voigt: Organic and inorganic.

Speaker Change: Obviously incredibly strong results in April.

Kyle Voigt: Work really built out an amazing end to end platform.

Speaker Change: Obvious regions continues to be quite quite robust as well as you look a little bit forward and if we are in a more uncertain macro backdrop and in fact, we will see slower economic growth et cetera, and to an extent that weighs on oil prices and a more sustainable way can you help us sort of thing how that could impact the customers need.

Kyle Voigt: For mortgage and.

Speaker Change: And the major pieces are seemingly there.

Speaker Change: We do get offered all kinds of bolt on things that could bid on that network, but again, we always run them through that same lens of.

Jeff Sprecher: If you saw the press release... that came out yesterday, as well as articles that came out around that, you'll see that UWM We specifically selected our servicing system and our client portal to help curate homeowner and lender experiences that help improve their recapture rates and referrals. I want to specifically highlight as well that another reason they came to us is not only the technology expertise, but the fact that we're a neutral, independent provider. So when I look at attracting a client like that into our ecosystem, one of the largest originators in the United States mortgage business.

Speaker Change: To hedge and just sort of the broader activity in your energy markets, how different could that be from set of prior periods of lower oil prices and subdued volatility. So I'm just kind of trying to better understand the durability of the franchise today versus maybe prior periods when oil prices settle down at a lower base.

Speaker Change: Is it a better ROI to just continue to invest in our own shares.

Speaker Change: With a company that is really highly performing right now.

Speaker Change: The next question comes from Alex Blanton with Goldman Sachs.

Speaker Change: Your line is open.

Ben Jackson: Thanks for the question Alex It's Ben.

Alex Blanton: Hey, good morning, everybody. Thank you for the question I wanted to dig in a little more in into dynamics and energy markets today.

Ben Jackson: So as you know and can appreciate we're in the business of helping clients.

Ben Jackson: Managed risk exposures to commodities.

Speaker Change: Obviously incredibly strong results in April.

Ben Jackson: And capital.

Ben Jackson: <unk> our futures franchise.

Alex Blanton: For obvious reasons continues to be quite quite robust as well.

Ben Jackson: And when you look at today's environment.

Jeff Sprecher: and them coming onto our platform and then look at the funnel behind that of clients that are engaging subservicers that are on MSP as well as us directly to move loans to us. We feel great about our overall position. And then, Ken, just to give you some of the numbers around that, so I think we previously had said Flagstar was around, on an annualized basis, around 1% of IMT revenues, and then Rocket Cooper is a little less than 3%. Importantly there, a lot of that's going to be the servicing MSP in particular, and they actually just recently signed a multi-year contract.

Alex Blanton: As you look a little bit forward and if we are in a more uncertain macro backdrop and in fact, we will see slower economic growth et cetera, and to an extent that weighs on oil prices and a more sustainable way can you help us sort of thing how that could impact.

Ben Jackson: There is more and more risks that people have to have to manage and new risks that people need to manage.

Ben Jackson: Just rattling off a few you've got the trade tariffs situations, you've got the potential for recession, you've got concerns around energy supply you've got concerns around energy supply security you've got the transition over a long period of time towards cleaner cleaner fuel sources.

Alex Blanton: The customers need to hedge and just sort of the broader activity in your energy markets, how different could that be from set of prior periods of lower oil prices and subdued volatility. So I'm just kind of trying to better understand the durability of the franchise today versus maybe prior periods when oil prices settle down at a lower price.

Ben Jackson: Got regional and global Interconnectivity of supply chains, as well as demand dynamics that can impact.

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

Alex Blanton: Okay.

Ben Jackson: Across regions and becoming more of an interconnected world supply chains are continuing to evolve.

Ben: Thanks for the question Alex It's Ben.

Alex Blanton: So as you know and can appreciate we're in the business of helping clients manage.

Ben: Managing risk exposures to commodities.

Ben Jackson: Just naming naming a few so all of this means that there is more and more risks for people to manage and we're in a unique position having a truly global platform that provides people the ability to manage these risks across the energy spectrum, including environmental we have thousands of contracts around the world.

Alex Blanton: And in capital across our futures franchise.

Ben: When you look at today's environment.

Ben: There is more and more risks that people have to have to manage and new risks that people need to manage.

Kyle Voigt: Our next question comes from Kyle Voigt with KPW. Please go ahead. Hi, good morning, everyone.

Ben: Just rattling off a few you've got the trade and tariff situations, you've got the potential for recession, you've got concerns around energy supply you've got concerns around energy supply security you've got the transition over a long period of time towards cleaner cleaner fuel sources.

Ben Jackson: With deep liquid markets that enable clients to do this and what we're seeing right now is that more people are coming to our markets to manage risks. So not only are we hitting records and throughout the.

Jeff Sprecher: Just given the balance sheet deleveraging and now return to capital, or return to buybacks, just wondering if we get your updated thoughts on M&A. And as we think about areas of focus for ICE, most of your inorganic capital deployment over the past five been into the mortgage tech segment. I guess given what you've built there and the assets that are remaining in the ecosystem, do you think there's still a sizable consolidation? left in that segment? Or should investors be thinking about maybe a return towards inorganic capital deployment?

Speaker Change: The prepared remarks that all three of US had today you heard record after record in product after product, but also across across each of these it's important to highlight that open interest is growing at the same time, which means that people arent, leaving the market they are actually coming to it.

Got regional and global Interconnectivity of supply chains, as well as demand dynamics that can impact.

Ben: Across regions and becoming more of an interconnected world supply chains are continuing to evolve.

Speaker Change: Even more so to manage risk in these times of heightened volatility and Thats. What we look at we have looked at for since since the inception of the company.

Ben: And Thats just naming naming a few so all of this means that there is more and more risks for people to manage and we're in a unique position having a truly global platform that provides people the ability to manage these risks across the energy spectrum, including environmental we have thousands of contracts around the <unk>.

Jeff Sprecher: This is Jeff. That's a great question. We've been really diligent about de-levering after our most recent acquisitions in order to be able to return capital through share buybacks. We've been pretty diligent about de-levering to try to hit a target of at least three times or less, and we're making good headway there, which would then free up a tremendous amount of cash flow, which we could use. for Return to Shareholders. I think if you listen to our prepared remarks, what you're hearing is all three segments of our business are doing really well. So, we've been, you know, knock on wood, particularly accretive at our share buyback policies.

Speaker Change: And continue to look forward for on a forward basis as being the main barometer for the health of the market in a forward looking indicator of volumes to comps. So we feel great that on the back of a 30% growth in energy on top of a fantastic year last year that open interest is up 8% at the same time.

Ben: World with deep liquid markets that enable clients to do this and what we're seeing right now is that more people are coming to our markets to manage risks. So not only are we hitting records and throughout.

Speaker Change: The next question comes from Dan Fannon with Jefferies.

Ben: The prepared remarks that all three of US had today you heard record after record in product after product.

Speaker Change: Your line is open.

Speaker Change: Thanks, Good morning my.

Speaker Change: My question is on fixed income data you guys highlighted a couple of index wins could you put some numbers or context around the size of those and also just how you think about that potential opportunity on a longer term basis.

Ben: But also across across each of these it's important to highlight that open interest is growing at the same time, which means that people arent, leaving the market they are actually coming to it.

Ben: Even more so to manage risk in these times of heightened volatility.

Chris Edmonds: And its Chris.

Ben: And Thats, what we look at we have looked at for us.

Chris Edmonds: I'll, let more and so let's talk about the numbers in a second but I would tell you that that business.

Ben: Since the inception of the company.

Ben: And continue to look forward for on a forward basis as being the main barometer for the health of the market in a forward looking indicator of volume should comps. So we feel great that on the back of a 30% growth in energy on top of a fantastic year last year that open interest is up 8% at the same time.

Chris Edmonds: To perform incredibly well.

Jeff Sprecher: They've had great returns for our shareholders. And so, given how well the company's doing and given how we're starting to free up cash flow, it just feels right to us to lean into those share buybacks at this point. In terms of M&A, we always look for opportunities, and we judge those opportunities against the opportunity to own our own company through share buybacks, and we'll continue to do that. You're right in that we've, through organic and inorganic... work really built out an amazing end-to-end platform for mortgage, and the major pieces are seemingly there. do get offered all kinds of bolt-on things that...

Chris Edmonds: And it's really on the back of investments we've made around our ability to quickly customize certain indices.

Chris Edmonds: That are meeting the needs of the clients as they're coming up with new investment strategies, along the way so the more opportunities that we can create.

Chris Edmonds: Create for them and they then take that to their end users and investors, that's really where the conversations have been going over the last year and really starting to bear some fruit on that.

Dan Fannon: The next question comes from Dan Fannon with Jefferies.

Dan Fannon: Your line is open.

Speaker Change: Thanks, Good morning.

Speaker Change: We haven't talked about who those.

Speaker Change: Index provider, so I'm, sorry, ETF issuers are around that one.

Speaker Change: Moving it's about 10 billion of AUM that will be coming over at this time.

Chris: And its Chris.

Speaker Change: Our next question comes from Benjamin <unk> with Barclays.

Chris: I'll, let Warren and can let's talk about the numbers in a second but I would tell you that that business.

Speaker Change: Please go ahead.

Jeff Sprecher: been on that network. But again, we always run them through that same lens of Is it a better ROI to just continue to invest in our own shares with a company that is really highly performing right now?

Speaker Change: Hi, good morning, and thanks for taking the question.

Chris: To perform incredibly well.

Chris: And it's really on the back of investments we've made around our ability to quickly customize certain indices.

Speaker Change: I'm wondering if you could unpack the IMT guide a little bit I know the guidance is unchanged versus prior but certainly some changes in the environment it sounded like from <unk>.

Chris: That are meeting the needs of their clients as they are coming out with new investment strategies, along the way so the more opportunities that we can create.

Speaker Change: Some of the other companies that have reported there are things like delays in bank implementations and decision, making there are some worries about the consumer even though we've seen rates come down a little bit. So just curious are there any sort of moving parts under the surface anything going better or anything going worse or is it really still everything is the status quo and then Warren.

Chris: Create for them and they then take that to their end users and investors, that's really where the conversations have been going over the last year and really starting to bear some fruit on that.

Alex Blostein: The next question comes from Alex Blostein with Goldman Sachs. Your line is open. Hey, good morning, everybody. Thank you for the question. I wanted to dig in a little more in into dynamics in energy markets today. Obviously, incredibly strong results and April, for obvious reasons, continues to be quite, quite robust as well. As you look a little bit forward, and if we are in a more uncertain macro backdrop, and in fact, we'll see slower economic growth, etc. And to an extent that weighs on oil prices in a more sustainable way. Can you help us sort of think how that could impact the customers need to hedge and just sort of the broader activity in your energy markets?

Speaker Change: If you don't mind could you, maybe just kind of quantify the.

Speaker Change: We haven't talked about who those.

Speaker Change: The onetime revenues in does that are there typically one time revenues or was this a little bit out of the ordinary this quarter. Thank you.

Speaker Change: Index provider, so I'm, sorry, ETF issuers are around that but one.

Speaker Change: Sure let me start with that one first just a quick one so yes. It was just a it was a few million dollars. We don't typically have them read some credits. So I just wanted to point that as we kind of think about taking out call it $2 million to $3 million of the kind of from the run rate as we kind of move forward.

Speaker Change: Moving it's about 10 billion of AUM that will be coming over at this time.

Benjamin <unk>: Our next question comes from Benjamin <unk> with Barclays.

Speaker Change: Please go ahead.

Speaker Change: Hi, good morning, and thanks for taking the question.

Speaker Change: On the servicing side in particular, so in terms of the guidance certainly things changed around the margin, but nothing significant and such that we would be adjusting our guidance that we gave last last quarter, which were at the high end was expecting.

Speaker Change: I was wondering if you could unpack the IMT guide a little bit I know the guidance is unchanged versus prior but definitely some changes in the environment It sounds like from.

Alex Blostein: How different could that be from sort of prior periods of lower oil prices and subdued volatility?

Speaker Change: Some some of the other companies that have reported there are things like delays in bank implementations and decision, making this is more about the consumer even though we've seen rates come down a little bit. So just curious are there any sort of moving parts under the surface anything going better or anything going worse or is it really still everything is the status quo and then.

Ben Jackson: So I'm just kind of trying to better understand the durability of the franchise today, versus maybe prior periods when oil prices settle down at a lower Thanks for the question, Alex. It's Ben. So as you know, and can appreciate we're in the business of helping clients. manage risk exposures to commodities and capital across our futures franchise. And when you look at today's environment, there is more and more risks that people have to have to manage and new risks that people need to manage. Just rattling off a few, you've got the trade and tariff situation, you've got the potential for recession, you've got concerns around energy supply, you've got concerns around energy supply security, you've got the transition over a long period of time towards cleaner fuel sources.

Speaker Change: Sort of a mid teens growth in origination volumes in towards the lower end more flattish and so certainly out of the gates. It was a good first quarter.

Speaker Change: A ways to go we will see how origination volumes trend I mean, obviously, the 10 year is actually a little bit lower than where it was when we gave that guidance not necessarily materially obviously, there's been some some movement of course in between.

Speaker Change: If you don't mind could you, maybe just kind of quantify the.

Speaker Change: The onetime revenues and is that are there typically one time revenues or was this a little bit out of the ordinary this quarter. Thank you.

Speaker Change: But everything is kind of moving I think in the right direction on that front and we feel very good about that guidance as we kind of head into the second quarter and the rest of the year and so ultimately really enables us to focus on executing on the investments that Ben spoke to in.

Speaker Change: Sure let me start with that one first just a quick one so yes. It was just a it was a few million dollars. We don't typically have them read some credit. So I just wanted to point that as you kind of think about taking out call it $2 million to $3 million of the kind of from the run rate as you kind of move forward.

Speaker Change: And really stitching together this neutral neutral third party ecosystem that can really I think bring some efficiency to the industry and homeowners are over time, so feel good about our position as we head into the rest of the year.

On the servicing side in particular, so in terms of the guidance certainly things changed around the margin, but nothing significant and such that we would be adjusting our guidance that we gave last last quarter, which are at the high end was expecting.

Our next question comes from Patrick <unk> with Piper Sandler your.

Speaker Change: Your line is open.

Speaker Change: Sort of a mid teens growth in origination volumes in towards the lower end more flattish and so certainly out of the gate, but it was a <unk>.

Ben Jackson: We've got regional and global interconnectivity of supply chains as well as demand dynamics that can impact across regions and becoming more of an interconnected world. Supply chains are continuing to evolve. That's just naming a few. All this means that there's more and more risks for people to manage. We're in a unique position having a truly global platform that provides people the ability to manage these risks across the energy spectrum, including environmentals. We have thousands of contracts around the world with deep liquid markets that enable clients to do this. What we're seeing right now is that more people are coming to our markets to manage risk.

Yes. Good morning, Thanks for taking my question I have one on the launch of New York Stock Exchange, Texas in the first quarter, we've seen an increasing focus on the state.

Speaker Change: Good first quarter.

Speaker Change: Ways to go we will see how origination volumes trend I mean, obviously, the 10 year is actually a little bit lower than where it was when we gave that guidance not necessarily materially obviously, there's been some movement of course in between.

Speaker Change: Stock exchange planning to launch next year, NASDAQ said that they're going to open up a regional headquarters in Dallas. So just wanted to get your thoughts on what drove the decision to shift resources into the state of Texas and then.

Speaker Change: But everything is kind of moving I think in the right direction on that front and we feel very good about that guidance as we kind of head into the second quarter and the rest of the year and so ultimately it really enables us to focus on executing on the investments that Ben spoke to in <unk>.

Speaker Change: More broadly.

Speaker Change: How are you thinking about the potential for capital markets.

Speaker Change: Stitching together this neutral neutral third party ecosystem that can really I think bring some efficiency to the industry and homeowners are overtime. So feel good about our position as we head into the rest of the year.

Speaker Change: To shift into the state.

Speaker Change: Many years thanks.

Speaker Change: Yeah.

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

Ben Jackson: Not only are we hitting records and throughout the prepared remarks that all three of us had today, you heard record after record in product after product, but also across each of these, it's important to highlight that open interest is growing at the same time, which means that people aren't leaving the market. They're actually coming to it even more so to manage risk in these times of heightened volatility. And that's what we look at. We have looked at for since the inception of the company and continue to look forward on a forward basis as being the main barometer for the health of the market and a forward looking indicator of volumes to come.

Speaker Change: Our next question comes from Patrick <unk> with Piper Sandler.

Speaker Change: Your line is open.

Speaker Change: Yes. Good morning, Thanks for taking the question I have one on the launch of New York Stock Exchange, Texas in the first quarter, we've seen an increasing focus on the state taking stock exchange planning to launch next year, NASDAQ said that they're going to open up.

Speaker Change: Weeks later, NYSE, Texas, when a zoom out Texas is an incredibly important state to us across ice we've had offices in the state of Texas and Houston in particular for more than two decades, given our roots as an energy company in an energy exchange and if I look at.

Speaker Change: Headquarters to Dallas, So I just wanted to get your thoughts on what drove the decision to shift resources into the state of Texas and then.

Speaker Change: At the New York Stock Exchange.

Speaker Change: Is the largest state in terms of issuers with combined market cap of around four trillion dollars. So this is nothing more than us dealing with the latest in our continuous playbook up staying close to our customers. We were really excited that we were.

Speaker Change: More broadly.

Speaker Change: How are you thinking about the potential for capital markets.

Speaker Change: To shift into the state and.

Ben Jackson: So we feel great that on the back of a 30% growth in energy on top of a fantastic year last year, that open interest is up 8% at the same time.

Speaker Change: In the coming years.

Speaker Change: Yeah.

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

Speaker Change: April to announce our first listing alongside opening the exchange that being trumped media and technology group and we've had incredibly positive dialogue with our issuers down there. So I would expect to be able to announce some additional listings in the near future.

Dan Fannon: The next question comes from Dan Fannon with Jeffrey. Your line's open. Thanks. Good morning. My question is on fixed income data. You guys highlighted a couple of index wins. Can you put some numbers or context around the size of those? And also just how you think about that potential opportunity on a longer term basis?

Speaker Change: Six weeks later NYSE, Texas.

Speaker Change: When a zoom out Texas.

Speaker Change: Really important state to us across ice we've had offices in the state of Texas and Houston in particular for more than two decades.

Speaker Change: <unk>, we're in the process of bringing live the functionality around lifting the ETP exchange traded products, which we expect will go live in Q2.

Speaker Change: Our roots as an energy company in an energy exchange and if I look at the New York Stock Exchange is the largest state in terms of issuers with combined market cap of around four trillion dollars. So this is nothing more than us.

Chris Edmonds: And it's Chris. I'll let Warren and Tim talk about the numbers in a second. But I would tell you that that business continues to perform incredibly well. And it's really on the back of investments we've made around our ability to quickly customize certain indices that are meeting the needs of the clients as they're coming up with new investment strategies along the way. So the more opportunities that we can create for them. And they then take that to their end users or end investors. That's really where the conversation's been going over the last year and really starting to bear some fruit on that.

Speaker Change: So the way we really think about this is the next evolution in the way that we stay close to our customers incredibly important state, where we have more than 3000 customers across our entire ecosystem.

Speaker Change: In the latest in our continuous playbook staying close to our customers. We were really excited that we were able to announce our first listing alongside opening the exchange that being trumped media and technology group and we've had incredibly positive dialogue.

Speaker Change: Our next question comes from Craig Siegenthaler with Bank of America.

Speaker Change: Your line is open.

Good morning, everyone. We have a question on mortgage check originations. So we saw transaction based revenues were up 5% year over year. Despite a drop in originations. So can you help us reconcile those results and we're also curious if you started to see the elevated volume bookings from last.

Chris Edmonds: The We haven't talked about who those index providers are, I'm sorry, ETF issuers are around that, but one that we're moving, it's about 10 billion of AUM that'll be coming over at this time.

Speaker Change: Our issuers down there so I would expect to be able to announce some additional listings in the near future. Additionally, we're in the process of bringing live the functionality around lifting the <unk> exchange traded products, which we expect will go live in.

Benjamin Budish: Our next question comes from Benjamin Budish with Barclays. Please go ahead. Hi, good morning and thanks.

Speaker Change: <unk> revenues and if so what.

Speaker Change: What could the revenue ramp in those new implementations look like from here. Thank you.

Speaker Change: Q tip.

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

Speaker Change: Hey, Craig I'll start and then more may chime in after so.

Speaker Change: As I've mentioned, we've continued to have great.

Speaker Change: <unk> success with our clients and as we alluded to on the last call.

Speaker Change: 25 is when a lot of those deals that we closed over the last couple of years.

Warren Gardner: So, just curious, are there any sort of moving parts under the surface, anything going better, anything going worse, or is it really still everything is the status quo?

Craig Siegenthaler: Our next question comes from Craig Siegenthaler with Bank of America.

Speaker Change: A number of them are going to start to go lives because it does take 12 to 18 months.

Speaker Change: Your line is open.

Warren Gardner: And then, Warren, if you don't mind, could you maybe just kind of quantify the one-time revenues? And is that, are there typically one-time revenues, or was this a little bit out of? Sure, let me start with that one first, just because it's a quick one. So yeah, it was just, it was a few million dollars, we don't typically have them on the regs and credits. So that I just wanted to point that as you kind of think about taking out call two, $3 million of the kind of the from the run rate as you kind of move forward on the servicing side in particular.

Speaker Change: To get some of these customers in particular large customers to make these types of transitions.

Craig Siegenthaler: Good morning, everyone. We have a question on mortgage check originations. So we saw transaction based revenues were up 5% year over year. Despite a drop in originations. So can you help us reconcile those results and we're also curious if you started to see the elevated volume bookings.

Speaker Change: This year is one where we have a number of large clients that are going to start to start to go live.

Speaker Change: And then some of the clients that we've mentioned in the past are things like J P. Morgan Chase, you've got <unk> Bank.

Last year start to hit revenues and if so.

Speaker Change: Fifth third is going to start going live through some of their some of their channels as well.

Craig Siegenthaler: What could the revenue ramp on those new implementations look like from here. Thank you.

Speaker Change: Citizens Bank Webster Bank and then just go on down the list.

Warren Gardner: So in terms of the guidance, like it's certainly things change around the margin, but nothing significant such that we would be adjusting our guidance that we gave last, last quarter, which, you know, at the high end was expecting, you know, sort of a mid-teens growth and origination volumes and towards the lower end more flattish. And so, you know, certainly out of the gates, it was a good first quarter, you know, ways to go, we'll see how, you know, origination volumes trend. I mean, obviously, the 10-year is actually a little bit lower than where it was when we gave that guidance, not necessarily materially, obviously, there's been some, some movement, of course, in between.

Speaker Change: So we're.

Craig Siegenthaler: Hey, Craig I'll start and then more may chime in after so.

Speaker Change: As this year plays out we're going to continue to see a benefit from that.

Speaker Change: As I've mentioned, we continue to have great.

Speaker Change: And then on your transaction fee.

Craig Siegenthaler: <unk> success with our clients and as we alluded to on the last call.

Speaker Change: Question, Craig So one thing that you've heard US talk about last couple of quarters was around customer renewals and minimums on encompass and particularly in <unk>.

Craig Siegenthaler: 25 is when a lot of those deals that we closed over the last couple of years.

With those lower minimums as the incoming has been paired with higher transaction fees price per closed loans.

Craig Siegenthaler: A number of them are going to start to go live because it does take 12 to 18 months.

Craig Siegenthaler: To get some of these customers in particular large customers to make these types of transitions.

Speaker Change: And one thing I think we saw during this quarter those minimums would come down we've seen.

Warren Gardner: But, but everything's kind of moving, you know, I think, in the right direction on that front. And we feel very good about that guidance as we kind of head into the second quarter and the rest of the year. And so, ultimately, it really enables us to focus on you know, executing on the investments that Ben spoke to, and really stitching together, you know, this neutral, neutral third-party ecosystem that can really, I think, bring some efficiency to the industry and homeowners over time. So feel good about our position as we head into the rest of the year.

Speaker Change: Loans and customers go over those minimums.

Craig Siegenthaler: This year is one where we have a number of large clients that are going to start to start to go live.

Speaker Change: And a higher transaction fees. So so we did have pretty good results in terms of closed loans relative to what the industry had but we also got a little bit of help from the higher PCL or the transaction fee. If you will on encompass side.

Craig Siegenthaler: And then some of the clients that we've mentioned in the past are things like J P. Morgan Chase, you've got <unk> Bank.

Craig Siegenthaler: Fifth third is going to start going live through some of their some of their channels as well.

Speaker Change: And that was part of what you saw in terms of the outperformance there.

Speaker Change: Spank Webster Bank and then just go on down the list.

Speaker Change: Next question is from Alex Kramm with UBS. Please go ahead.

Craig Siegenthaler: So we're.

Craig Siegenthaler: As this year plays out we're going to continue to see a benefit from that.

Alex Kramm: Yes, hi, good morning, just coming back to fixed income and data for a minute here.

Patrick Moley: Our next question comes from Patrick Moley with Piper Sandler. Your line's open. Yeah, good morning. Thanks for taking the question.

Craig Siegenthaler: And then on the transaction fee.

Speaker Change: And Craig So one thing that you've heard US talk about last couple of quarters was around customer renewals and minimums on encompass and particularly in <unk>.

Alex Kramm: Think listening to other financial services companies as clearly sales cycles are lengthening in some parts. So just wondering whats your seeing they are.

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

Speaker Change: With those lower minimums has been coming has been paired with higher transaction fees price per closed loans.

Alex Kramm: I think if I look at your <unk> number it may have been the biggest quarter over quarter additions. So it seems like the <unk> was still pretty good but any updated thoughts on that and maybe also why.

Speaker Change: And one thing I think we saw during this quarter as those minimums would come down we've seen.

Speaker Change: <unk> loans and customers go over those minimums.

Alex Kramm: Fixed income data line was actually down quarter over quarter, we don't see that too often on a dollar basis. So maybe just a little bit more color what's going on there. Thanks.

Alex Kramm: Yeah, Alex it's Chris I'll start with.

Speaker Change: And that was part of what you saw in terms of the outperformance there.

Alex Kramm: On the sales cycle I think the way I would.

Lynn Martin: Hi, this is Lynn. Thank you so much for the question. Our move with NYSE Texas is sort of a continuation of a trend that we've always adopted at ICE, which is we see an opportunity, we stay close to our customers, and we execute on it quickly. It's why we were able to announce and then launch six weeks later, NYSE Texas. When I zoom out, though, Texas has always been an incredibly important state to us across ICE. We've had offices in the state of Texas, in Houston in particular, for more than two decades, given our roots as an energy company and an energy exchange.

Alex Kramm: Let me think about that is if youre looking at the individual product I don't see any lengthening in the sales cycle itself. They take about the same amount of time I think if you have things that are more complex, where youre, putting multiple items together.

Speaker Change: Next question is from Alex Kramm with UBS. Please go ahead.

Alex Kramm: Yes, hi, good morning, just coming back to fixed income data for a minute here.

Alex Kramm: I think listening to other financial services companies as clearly sales cycles are lengthening in some parts. So just wondering what you're seeing there.

That can take a little bit longer because the implementation side of that on the client side when they decided to have multifactor implementation.

Alex Kramm: If I look at your <unk> number it may have been the biggest quarter over quarter additions. So it seems like the <unk> was still pretty good but any updated thoughts on that and maybe also why.

Alex Kramm: It takes more time for that to schedule. So you can see that impact being a little bit longer when it comes to pass there, but generally speaking on a one off product that is off the shelf. If you want to think about it that way I don't see a lengthening sales cycle at the moment.

Alex Kramm: Fixed income data.

Lynn Martin: And if I look at the New York Stock Exchange, it is the largest state in terms of issuers with combined market cap of around 4 trillion dollars. So, this is nothing more than us doing the latest in our continuous playbook of staying close to our customers. We were really excited that we were able to announce our first listing alongside opening the exchange, that being Trump Media and Technology Group. And we've had incredibly positive dialogue with our issuers down there. So, I would expect to be able to announce some additional listings in the near future. Additionally, we're in the process of bringing live the functionality around listing of ETPs, Exchange Traded Products, which we expect will go live in Q2.

Alex Kramm: <unk> was actually down quarter over quarter, we don't see that too often on a dollar basis. So maybe just a little bit more color what's going on there. Thanks.

Alex Kramm: And I'll turn it over again for the question you had so Alex in terms of just the sequential.

Alex Kramm: Yeah, Alex it's Chris I'll start with on.

Alex Kramm: Decline in those revenues that was three things really there was there was one fewer day in the quarter, which will have an impact on how we accrue for revenue.

Alex Kramm: The sales cycle I think the way I would.

Speaker Change: Let me think about that is if youre looking at the individual product I don't see any lengthening in the sales cycle.

Alex Kramm: There was also a fewer one times in the quarter and then we're really.

Speaker Change: They take about the same amount of time I think if you have things that are more complex, where youre, putting multiple items together.

Alex Kramm: Sorry to column, one times, because we always have them theyre kind of big bulky dataset sales, but.

Alex Kramm: So we have that a little bit relative to the fourth quarter and then the equity markets were of course down a little bit and we do have some equity exposure in our index business, it's probably about a quarter of it.

Speaker Change: That can take a little bit longer because the implementation side of that on the client side when they decided to have multifactor implementation.

Alex Kramm: But that also put a little bit of sequential pressure on results. So there's those things the things that drove it in terms of the ASB.

Speaker Change: It takes more time for that to schedule. So you can see that impact being a little bit longer when it comes from surpassed there, but generally speaking on a one off product that is off the shelf. If you want to think about it that way I don't see a lengthening sales cycle at the moment.

Alex Kramm: I think it's important to note that this was actually one of the better quarters in a while for net new business for us.

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

Alex Kramm: We saw improving sales on a year over year basis, as well as improved retention.

Speaker Change: And we're kind of again for the question.

Speaker Change: Question, you had so Alex in terms of just the sequential.

Alex Kramm: So I think those two things were an important part of why you saw some some better results on that front relative to what you saw in the in the fourth quarter, maybe on his feet from.

Speaker Change: Decline in those revenues that was three things really there was there was one fewer day in the quarter, which will have an impact on how we approve revenue.

Speaker Change: Thank you. Our next question comes from Ashish <unk> with RBC capital markets.

Speaker Change: There was also a fewer one times in the quarter and then we're really.

Craig Siegenthaler: Our next question comes from Craig Siegenthaler with Bank of America. Your line fades. Good morning, everyone.

Alex Kramm: Please go ahead.

Speaker Change: It's hard to call them, one times, because we always have them. They are kind of big bulky dataset sales, but.

ashish: Thanks for taking my question I was wondering if it's possible to parse what percentage of the energy Oi growth over the last several years is driven by commercial customers with some financials and then just maybe a quick follow up on that earlier question on the energy would be how would it change and geopolitical environment such as like a <unk>.

Speaker Change: So we have that a little bit relative to the fourth quarter and then the equity markets were of course down a little bit and we do have some equity exposure in our index business, it's probably about a quarter of it.

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

Speaker Change: But that also put a little bit of sequential pressure on the results. So as those things that things that drove it in terms of the ASB.

Alex Kramm: <unk> influence the volume going forward. Thanks.

Speaker Change: I think it's important too to note that this was actually one of the better quarters in a while for net new business for us.

Alex Kramm: Hi, This is Ben.

Ben Jackson: I think the way to think about our Oi growth is that since the inception of the company.

Speaker Change: We saw improving sales on a year over year basis, as well as improved retention.

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

Speaker Change: So I think those two things were an important part of why you saw some some better results on that front relative to what you saw in the in the fourth quarter, maybe on AFC from.

Alex Kramm: We built this business.

Alex Kramm: Very heavily focused on the commercial user in mind.

Alex Kramm: And.

Alex Kramm: In fact, a lot of these markets. Many of them are physically settled products, where people actually have to add the capability to make or take delivery of the end product.

Speaker Change: Thank you. Our next question comes from Ashish <unk> with RBC capital markets.

Speaker Change: Please go ahead.

Alex Kramm: As we even create new innovations and I'll give you. An example in our Midland WTS product <unk> that we've launched that's growing very nicely for us grew.

Speaker Change: Thanks for taking my question I was wondering if it's possible to parse what percentage of the energy Oi growth over the last several years driven by commercial customers with some financials and then just maybe a quick follow up on that earlier question on the energy would be how would it change and geopolitical environment, such as like a UK and Russia.

Alex Kramm: 200% on a year over year basis pricing Midland Ti that that's basis Houston hits, the water and is now going into the Brent complex that contracts physically delivered and we're seeing two times the amount of actual physical deliveries on that contract than our peer does on there.

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

Speaker Change: <unk> influence the volume going forward. Thanks.

Ben: Hi. This is this is Ben.

Ben: I think the way to think about our Oi growth is that since the inception of the company.

Alex Kramm: Corp, Wty contract.

Alex Kramm: So that just gives you a sense that the people that are in there trading our products and the people that we focus on really growing the health of our ROI across all of our energy products that is heavily.

Ben: We built this business.

Ben: Very heavily focused on the commercial user in mind.

Warren Gardner: And now on your transaction fee question, Craig, so one thing you've heard us talk about last couple quarters was around customer renewals and minimums and on Encompass and particularly, and, you know, with those lower minimums has been coming, has been paired with higher transaction fees, price for closed loans. And one thing I think we saw during this quarter is those minimums have come down. We've seen loans and customers go over those minimums and add up in a higher transaction fee. So, so we did have pretty good results in terms of closed loans relative to what the industry had, but we also got a little bit of help from the higher PCL or the transaction fee, if you will, on the Encompass side.

Ben: And.

Ben: In fact, a lot of these markets. Many of them are physically settled products, where people actually have to add the capability to make or take delivery of the <unk> products.

Alex Kramm: Based on.

Alex Kramm: The commercial end user and on your question around the geopolitical situation.

Ben: And as we even create new innovations and I'll give you. An example in our Midland WTS product <unk> that we've launched that's growing very nicely for us grew.

Alex Kramm: As salt, which we all hope it is.

Alex Kramm: At some point here soon.

Alex Kramm: Is that going to change anything we don't see it changing anything because of all the other risk factors that I've mentioned and that I mentioned in the answer to Alex's question earlier that there are so many other risks around the world that that people are faced with more than probably any time in history, and especially some newer risks.

Ben: 200% on a year over year basis pricing Midland Ti that that's basis Houston hits, the water and is now going into the Brent complex that contracts physically delivered and we're seeing two times the amount of actual physical deliveries on that contract than our peer does on there.

Warren Gardner: And that was part of what you saw in terms of the performance there.

Alex Kramm: And at the same time, you've got energy demand growing for growing to support new innovations around the world like AI.

Alex Kramm: Next, our question is from Alex Kramm with UBS. Please go ahead. Yes, hey, good morning. Just coming back to fixed income and data for a minute here. I think listening to other financial services companies, there's clearly sales cycles are lengthening in some parts, so just wondering what you're seeing there. I think if I look at your ASV number, it may have been the biggest quarter-over-quarter addition, so it seems like the 1Q was still pretty good, but any updated thoughts on that, and maybe also why the fixed income data line was actually down quarter-over-quarter. We don't see that too often on a dollar basis, so maybe just a little bit more color what's going on there.

Ben: <unk> Corp, Wty contract.

Ben: So that just gives you a sense that the people that are in there trading our products and the people that we focus on really growing the health of our ROI across all of our energy products that is heavily.

Alex Kramm: That's a topic that consumes.

Alex Kramm: A ton of power. So we see the other factors that are out there.

Alex Kramm: <unk> to drive demand for our markets and the fact that supply chains have reset where U S is a major oil and LNG gas exporter.

Ben: Based on.

Ben: On the commercial end user.

Ben: And on your question around the geopolitical situation.

Ben: As salt, which we all hope it is.

Alex Kramm: In particular to Europe on the on the LNG side as the supply chain reset like that and also a focus on energy security and the supply of that and the security of that supply that's coming into Europe.

Ben: At some point here soon.

Ben: Is that going to change anything we don't see it changing anything because of all the other risk factors that I've mentioned in terms that I mentioned in the answer to Alex's question earlier that there are so many other risks around the world that people are faced with more than probably any time in history, and especially some newer rich.

Alex Kramm: Those things changing would.

Alex Kramm: I would take a long time if ever.

Chris Edmonds: Yeah, let's just Chris, I'll start with on the cell cycle thing. I think the way I would would let me think about that is, if you're looking at an individual product, I don't see any linking in the sales cycle itself. They take about the same amount of time. I think if you have things that are more complex, where you're putting multiple items together, That can take a little bit longer because the implementation side of that on the client side, when they decide to have a multi-factor implementation, it takes more time for that to schedule. So you can see that impact being a little bit longer when it comes to pass there.

Simon: Our next question comes from Simon Thank you Matt.

And at the same time, you've got energy demand growing for growing support new innovations around the world like AI.

Alex Kramm: Jake.

Alex Kramm: Please go ahead.

Alex Kramm: Alright, Thanks for taking my question.

Speaker Change: I was wondering if I could just take a step back on the mortgage business and just go back to the $14 billion Tam that you originally sort of set out for this business. So I was wondering if you could update us on your thinking around that particularly after your recent 2025 experience.

That's a topic that consumes a a ton of power. So we see the other factors that are out there continuing to drive demand for our markets and the fact that supply chains have reset where U S is a major oil and LNG gas exports.

Speaker Change: If the if there is any sort of evolution of that time. If you if it's perhaps bigger than you expected or how to think about any sort of changes on that going forward. Thanks.

Ben: <unk>.

Ben: In particular to Europe on the on the LNG side as the supply chain reset like that and also a focus on energy security and the supply of that and the security of that supply that's coming into Europe that those things changing with.

Chris Edmonds: But generally speaking, on a one-off product that is off the shelf, if you want to think about it that way, I don't see anything in that cell cyclotamol.

Speaker Change: So our thinking has not changed on the opportunity around the Tam that we announced in that expanded Tam that we announced when we did the did the black Knight deal.

Ben: We take a long time if ever.

Warren Gardner: I'll turn it over to Warren for the other questions you had. So, Alex, in terms of just the sequential... But that also put a little bit of sequential pressure on the results. So it was those things that drove it. In terms of the ASV, you know, I think it's important, too, to note that this was actually one of the better quarters in a while for net-use business for us. You know, we saw improving sales on a year-over-year basis, as well as improved retention. And so I think those two things were an important part of why you saw some, you know, some better results on that front relative to what you saw in the fourth quarter, maybe on ASV.

Speaker Change: Our next question comes from Simon <unk> with Beckman Atlantic.

Speaker Change: And what we've been focusing on is really executing against the revenue synergies.

Speaker Change: Please go ahead.

Speaker Change: In addition to the expense synergies that we talked about last time of last quarter is executing against delivering on those revenue synergies and a lot of them have to do with.

Speaker Change: Alright, Thanks for taking my question.

Speaker Change: Was wondering if I could just take a step back on the mortgage business and just go back to the $14 billion Tam that you originally sort of set out for this business. So I was wondering if you could update us on your thinking around that particularly after your recent 2025 experience.

Speaker Change: The fact that we have a front to back complete ecosystem that enables lenders from the point of customer acquisition, all the way through to the capital markets executing on that vision and our ability to be in a great position because we provide services to just about everybody in the mortgage space in some way shape or form.

Speaker Change: Just.

Speaker Change: There is any sort of evolution of that time, if you if it's perhaps bigger than you expected or how to think about any sort of changes on that going forward. Thanks.

Speaker Change: That front to back ecosystem and to cross sell and whether its the success. We've had that we've mentioned on many of these calls of cross selling encompass MSP clients or the reverse selling.

Speaker Change: So our thinking has not changed.

Speaker Change: The opportunity around the Tam that we announced in that expanded Tam that we announced when we did the when we did the black Knight deal.

Speaker Change: P to clients that are within the IMT ecosystem. Great example, that I brought up with United wholesale mortgage they're already in our ecosystem and it was a cross sell to bring them onto the MSP platform and then last but not least is that that third area that I've talked about around.

Speaker Change: And what we've been focusing on is really executing against the revenue synergies.

Speaker Change: In addition to the expense synergies that we talked about last time of last quarter is executing against delivering on those revenue synergies and a lot of them have to do with.

Ashish Sabadra: Thank you. Our next question comes from Ashish Sabadra with RBC Capital Markets. Please go ahead. Thanks for taking my question. I was wondering if it's possible to parse what percentage of the energy OI growth over the last several years is driven by commercial customers versus financials? And then just maybe a quick follow up on that earlier question on energy would be how would a change in geopolitical environment such as like a Ukraine-Russia peace influence the volume going forward?

Speaker Change: The investments we've made in our consumer acquisition suite of CRM and lead management solutions to cross selling data that proprietary data that we've put now onto the encompass network that we've been able to sell to our clients that we had 100 cross sells of that to our client base.

Speaker Change: Last quarter.

Speaker Change: Last quarter alone and then continued investments that we're making also on the capital market side to take some of these rich datasets and introduce them for the first time to our fixed income and data services segment to cross sell those rich datasets in there and we're having some great.

Speaker Change: That front to back ecosystem and to cross sell and whether its the success. We've had that we've mentioned on many of these calls of cross selling encompassed MSP clients or the reverse selling.

Ben Jackson: Hi, this is Ben. I think the way to think about our OI growth is that since the inception of the company, we built this business very heavily focused on the commercial user in mind. And in fact, in a lot of these markets, many of them are physically settled products where people actually have to have the capability to make or take delivery of the end product. And as we even create new innovations, I'll give you an example in our Midland WTI product, HOU, that we've launched that's been growing very nicely for us, grew 200% on a year-over-year basis, pricing Midland TI that's, you know, basis Houston, hits the water, and is now going into the Brent complex.

Speaker Change: Great success, there that I alluded to as well in my prepared remarks.

Speaker Change: <unk> to clients that are within the IMT ecosystem. Great example, that I brought up of United wholesale mortgage they're already in our ecosystem and it was a cross sell to bring them onto the MSP platform and then last but not least is that that third area that I've talked about around.

Speaker Change: Thank you, we'll now time for further questions. So I'll hand, you back later, Jeff Sprecher for any closing comments.

Speaker Change: Okay.

Speaker Change: Well. Thank you Lydia Thank you all for joining us.

Speaker Change: The investments we've made in our consumer acquisition suite of CRM and lead management solutions to cross selling data that rytary data that we've put now onto the encompass network that we've been able to sell to our clients that we had 100 cross sells of that to our client base.

Speaker Change: As we.

Speaker Change: Celebrate our 20 <unk> anniversary of our founding hopefully you can see from our results that we continue to build innovative solutions and we're working hard to advanced markets and are delivering compounding growth to our shareholders. So with that I hope you have a great Mayday and we'll talk to you next quarter.

Speaker Change: Last quarter.

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

Ben Jackson: That contract physically delivered, and we're seeing two times the amount of actual physical deliveries on that contract than our peer does on their core WTI contract. So that just gives you a sense that the people that are in there trading our products and the people that we focus on really growing the health of ROI across all of our energy products, that it's heavily based on the commercial end user.

Speaker Change: Great success, there that I alluded to as well in my prepared remarks.

Speaker Change: Thank you, we'll now time for further questions. So I'll hand, you back later, Jeff Sprecher for any closing comments.

Speaker Change: Okay.

Speaker Change: Well. Thank you Lydia Thank you all for joining us.

Speaker Change: As we celebrate.

Speaker Change: Celebrate our 20 <unk> anniversary of our founding hopefully you can see from our results that we continue to build innovative solutions and we're working hard to advance markets and are delivering compounding growth to our shareholders. So with that I hope you have a great Mayday and we'll talk to you next quarter.

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

Speaker Change: This concludes today's call. Thank you very much for joining you may.

Speaker Change: Now disconnect your lines.

Speaker Change: [music].

Speaker Change: Yeah.

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

Speaker Change: [music].

Simon Clinch: Our next question comes from Simon Clinch with Redline Atlantic. Please go ahead. Hi, thanks for taking my question.

Ben Jackson: I was wondering if I could just take a step back on the mortgage business and just go back to the $14 billion TAM that you originally sort of set out for this business. And I was wondering if you could update us on your thinking around that, particularly after your recent ICE 2025 experience, just if there's any sort of evolution of that TAM, if it's perhaps bigger than you expected or how to think about any sort of changes on that going forward. Thanks. So, our thinking has not changed on the opportunity around the TAM that we announced and that expanded TAM that we announced when we did the Black Knight deal.

Ben Jackson: And what, you know, we've been focusing on is really executing against the revenue synergies in addition to the expense synergies that we talked about last time and last quarter is executing against delivering on those revenue synergies. And a lot of them have to do with the fact that we have a front-to-back complete ecosystem that enables, you know, lenders from the point of customer acquisition all the way through to the capital markets executing on that vision. And our ability to be in a great position because we provide services to just about everybody in the mortgage space.

Ben Jackson: In some way, shape, or form on that front-to-back ecosystem and to cross-sell. Whether it's the success we've had that we've mentioned on many of these calls of cross-selling encompass MSP clients or the reverse-selling MSP to clients that are within the IMT ecosystem. A great example that I brought up of United Wholesale Mortgage, they're already in our ecosystem and it was a cross-sell to bring them onto the MSP platform. Last but not least is that third area that I've talked about around the investments we've made in our consumer acquisition suite of CRM and lead management solutions to cross-selling data, that proprietary data that we've put now onto the Encompass network that we've been able to sell to our clients and we have 100 cross-sells of that to our client base.

Ben Jackson: Last quarter, last quarter alone, and then continued investments that we're making also on the capital markets side to take some of these rich data sets and introduce them for the first time to our fixed income and data services segment to cross sell those rich data sets in there and we're having Great success there that I alluded to as well in my prepared remarks. Thank you.

Jeff Sprecher: We're now out of time for further questions, so I'll hand you back over to Jeff Sprecher for any closing comments. Well, thank you, Lydia. Thank you all for joining us. As we celebrate our 25th anniversary of our founding, hopefully you can see from our results that we continue to build innovative solutions, and we're working hard to advance markets and are delivering compounding growth to our shareholders.

Lydia: So with that, I hope you have a great May Day, and we'll talk to you next quarter.

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

Q1 2025 Intercontinental Exchange Inc Earnings Call

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