Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the Nasdaq First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

hand Investor over Relations. to Senior Ato like President, Vice now the to conference Garrett, I'd Please, ahead. go

Ato Garrett

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

Chair open On are prepared management Dennison, Chief Q&A. and Risk Officer; the Financial team. other up remarks, to Legal Executive Zecca, Chief Regulatory Adena our After our our line John the and Officer; line and Friedman, members Ann will Chief we Officer; the of

on and our website SEC are We disclosure press intend of the presentation The release under use website. as disclosing to and obligations FD. Regulation material, complying means a non-public information with

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

call will I Adena. the to now over turn

Adena Friedman

joining you, morning, Thank good Thanks everyone. and for Ato, us.

Ato start, know Investor Garrett Before to very our to you soon. looking the like I meeting as I forward Relations Nasdaq team would he's to I welcome new Officer. each of

financial remarks my will progress review on call focus I results. our will turn to the Nasdaq's performance which strategic now to making for we're solid over today, deliver and turn a quarter will the to on of I then Ann objectives. first our

dynamic the environment, was Nasdaq happening macro current an banking clearly already with continued a Let's a to perform market to the well, landscape. begin backdrop. uncertain amid sector shock what operating very with

operating this across strategic momentum of period, delivered demonstrating while and we solid each challenging our performance, divisions. financial During

assets for over anti-financial reporting a well checks, in detection our as in across management fraud and first our including the as with client crime X with for functionality. the achieved solutions, division $X case We comprehensive Tier signing milestone our capabilities new ACH trillion of April wires, fraud and

We derivatives trading, demand uncertain solutions. seeing SaaS-based Overall, our highlights mission-critical ESG the the maintained and our services for our cash technology equities market strong diverse our value financial platform and position current US leading equity solutions. in while backdrop both of of

In the new with the saw artificial breakthrough AI. generational tools generative quarter, first called we also emergence technology of intelligence a

technologies, learning needs is While of the that to debate of companies AI surrounding deployment, to cloud APIs era and modern including machine it modern technological advancement. and clear cases use time evolve, new that take us generative for architecture in this advantage invested to poised have are

the businesses, we've Nasdaq, to to At in therefore, focused we're across advanced positioned future. technology AI and more capabilities investments modernize our been on our incorporate well

evolving technological remained this Against for on delivering economic our hyper-focused team backdrop, clients. our and

Our amid and economy. of market our dynamic results that on improve platforms liquidity, integrity our underscore ability long-term environment a the to to to world-leading commitment navigate and global the provide transparency successfully deliver

excluding an net for million acquisition year the an increase very turn quarter increase period, XXXX. X% report and compared Nasdaq's $XXX organic first results. FX achieved to pleased financial performance prior of Now let's the revenues, changes an to X% of I'm to impact in our divestiture. on We solid of of in basis, an the

by of up X% impact the of from Revenues partially period, offset across prior growth our in FX. Solutions businesses organic driven the X%, were year $XXX million, changes by

backdrop, continued businesses our by revenues weak Excluding period. XX% due Solutions compared to in beta prior the increased business, year a organically Index to X% which the declined

million SaaS growth for totaled an quarter, rate XX%. X% increased $XXX $X Our revenues Annualized to annual total of which annualized recurring revenue, first or the ARR, billion. represents

well well ARR. during flat and for year-over-year. data, Across the now Capital million Our capital Despite in XX% growth revenue in the as access revenues businesses In Access we quarter. Platforms quarter. total company $XXX we workflow in organic resulted delivered our revenue division, in comprise insights, first of for delivered clients divisions, of SaaS each Listings our headwinds total platforms in as and across Index our our

a experienced decline year-over-year. Listings and was Index stable revenue XX%

level last fourth year-over-year index we the If continue year, While experience the we AUM show our of in as last quarter Index to from some experience from should market performance we levels higher did decline improvement business markets first the start continues due an to of average the improving through X% XXXX. year, year-over-year XXXX. of to at during a demonstrate quarter, recovery continue

X% Data and period. higher proprietary revenues data our for demand Services international the grew by Listing organically, largely driven during

X% which Our and organically, dynamic IR, grew continued Insights ESG Workflow challenging a business our for market clients demand analytics navigate reflects solutions, revenue and as environment. and

Amid Market We during prior Turning in revenues revenues, lower trading a markets declines core our European partially due organic capital in reflecting performance quarter, total in to experienced the in X% next $XXX softer a strong to services value American million our period. increase from volume we saw markets primarily a our Platforms division. volatile markets, and double-digit traded North growth, business decline delivered environment, a year market by revenue environment. where equities offset first cash

while driven with Technology, both listed technology. and optimizing equity growth, multiply mix cash our results we both continue premier revenue In clients trade delivered revenue US trading by services for we to the strong and equities and market in XX% capture In US, management experience, options. the the provide Marketplace

quarter, Marketplace new a marketplace sorry, we a as America, modeling Latin innovative the signed platform well as risk in customer. -- trading European agreement Services platform with in an During carbon carbon trading

multiyear with our for and platform. a expansion X We trading bank a extension also Tier signed

[indiscernible] we our XX% first prior Finally, of turning XX% and deferred the or during XX% delivered of in what XXXX XX Revenues of Crime ASC the quarter impact first in anti-money year revenue the The $XX in new the Anti-Financial overall division, period. impact in organic deferred and total our to write-down. business saw excluding the revenue solutions to the with period continued excluding of laundering crime an XXXX. the solutions, a our growth million clients increase, the first detection XX% the increase fraud quarter write-down we from revenue anti-financial quarter, compared call or grew

Our system. first on we've made growth to opportunities believe also progress with the are performance illustrates that capitalize financial quarter trends financial aligned certain we that key shaping three the are

world's and First, powers the deliver modernization market economies can that of markets the innovation where we enhances infrastructure. underlying the

and for ecosystem, or help ESG the sustainability of we of objectives. integrity frameworks, where system their the cloud net successfully with increasingly development can enhance technologies, investors more advanced and capital clients. the complex including access solutions we third, coupled through companies the workflow and to crime navigate where seamless achieve for technology, increasing zero roots And reporting Second, the our end-to-end financial need emerging anti-financial AI,

In this like two regard, I'd to for the provide quarter. highlights

XXXX. continues to enhances MRX, cloud underlying on the the announced liquidity to powers infrastructure focus in infrastructure modernization options six the second fourth which of the during Cloud of plans by end of to the deliver options and our AWS, the partnership market our is Edge quarter to quarter our From markets the AWS innovation we the first that of in our last the market economies. migration migrate one Nasdaq year markets with world's that First, successful

management X Second, financial in to regulatory pleased fight solution, we with Tier April, reporting financial and crime, checks are sign well as capabilities across as in case to very first early ACH make fraud over to wires, including our as institutions and global $X investments our fraud comprehensive assets technologies client detect in functionality. and trillion detection

period. Additionally, signings another cloud-based our ability These X the enterprise to further to during processes demonstrate our we displace providers signed manual legacy through laundering our Tier solution and market-proven solutions. client and anti-money

applicability to in in ahead, more the intelligence, detail a moment to businesses and impact. of across which here all look have we field the developments discuss want concerning As industries captivated artificial take I breakthrough its

through with AI of responsible in a within to our anti-financial our of cloud a of in solutions, to business, analytics the positioned uniquely our believe coupled I products crime and to meaningful applications, years architected market of role As deployment SaaS cloud-based and drive sector clients. is leading technology recent acquisitions with the impact our solutions this investment result our Nasdaq advanced investment and future play

migrating To-date, this capabilities modern critical environment client functionality. workloads and across APIs connectivity We've our intentional to in are various generational areas and of with into to also the Both we've business. to sets in data a leverage cloud foundational support ability very technology. been unique built our shift

the divisions of our opportunities the predictive liquidity, to across we're ideas the control generative our lever AI see financial reinforcement we of evaluating While enhance to including and deep for ecosystem. business compelling broader to across products use operations, AI strategic efforts in business our our models, and learning, support integrity vision transparency the beginning and just computer process of specific

of This our business is elements already happening today. in various

and their example, since learning For crime into model the has business, Verafin XX in false for stop differentiator laundering, in This achieved detect as banking processes key as across improves their a our solutions and machine combined learning of industry's anti-financial to of and AI in sets the to well fraud product. the with and The market advanced reduce compliance machine is and AI the efficiency a combination ago. money capabilities ability their years capabilities self-learning the data change the networks their integrated positives. abuse founding and daily step

including advanced stages new product developments order of types our Platforms fill that incorporate Market in In clients' dynamic minimizing our rates that AI, division, improve new market impact. while we're

order our a that real-time we've regulatory conditions order designed approval, market submitted which fact, market for basis. is context AI-based it first aware, awareness In is type, on to of incorporate meaning or market

leverage intend to a out As for purpose. more business, seek we right principled our parts the we AI across generative AI leveraging take approach of ways other to to

will markets deploy and and develop fight that to regulated more teams maintain development crime. fairness technology their agile and businesses and this responsibly, research across and so unregulated our solutions can advanced scientists data Our to continue development create

fabric to updating our to as to come opportunities become with system. global financial quarters continue on the the progress journey trusted look these our we We the forward you of in

we uncertainty turn I'd economy. to XXXX. for related beginning gathered of discussed we global the environment in When to to some January the impacts call over and are the we Ann, market see further the call, Before headwinds into fourth to that some we and like our quarter operating I in offer environment as driven market results move the

rates quarter. in the winning put start as company operating year, expected, record interest track our and slower pause quarter, first on new and inflation the their for we the our prior year operating European number through period, as monitored progressed IPO IPOs decrease markets versus we a in the figures. total company saw while the investors we closely first we US maintained Despite correlated to across As plans listings the of companies

a for proceeds period US, welcomed seven win we XX XX% operating company the IPOs the IPOs In new raised. top by the rate, XX bringing during of

In XXX increase significant addition, period. operating prior a and go public XX% with there's versus of the versus which with a increase XXXX a XX% year of file Nasdaq, quarter active operating backlog to the committed to is on pipeline in the the fourth companies and SEC companies

be and are that Our team with the continues activity to listing to reopens. future once in contact we well-positioned believe companies, IPO we window capture close these

Workflow cycles Beyond Insights our listings, in we're still businesses. seeing elongated sales and

to as previously solutions through As approval. solutions solutions taking buying clients for client overall decisions anti-financial Demand market stage. strategic for Insight longer by largely our of our our in unaffected levels observed, more the environment the strong areas, Workflow established focus be this ESG they and process we market healthy, for solutions, remains while crime at demand our some including for and for continues interest is modern escalate our exchanges corporates and

with us on fortunate our we're clients to environments. complex who during Overall, trusted operating even rely have relationships deep very more and

need analytics swift our real-time. periods reliance public in For their portfolios, Investor of insights solutions. for these their example, which endowments decisions activity Relations often pensions during can drive seek for to to our Similarly, and shareholder demand company asset allocation leaders company heightened clients, increase as volatility, manage our make can cycles on solutions

and infrastructure to markets. As sustained volatility, the focused improving modernizing and their are agility their on of addressing – the technology improving improve also demonstrate client market market needs while global scalability our clients resiliency markets their

of mission-critical monitor banks These our pattern of us patterns our – anti-financial and unprecedented in has within caused business, to strength changes. consortium data and clients has models, during the through we've in disruption underscore helping our solutions at – dynamic And our caused our instrumental moving deposits cloud-based uncertainty the are diverse crime by Because resulted platform allows how of periods like our rates. fraud AML banking competitive the crisis payments diverse behavioral quarter. solutions experienced maintain

With our client for investments revenue engagement, growth our we're in our Solutions with future, our remain medium-term continued making coupled businesses. outlook in we the long-term confident

over the I to review call turn with over details. -- it now will the Ann, that, And to turn financial

Ann Dennison

a and everyone. be Adena, My our to morning, results, non-GAAP will as want I commentary also Thank on year comparisons unless you, warm Investor Garrett good Relations otherwise and will period prior primarily Nasdaq's to welcome Ato Officer. extend the to noted. focus all

can non-GAAP the a as Financials release in Reconciliations be our found our located of as U.S. to well in press results section at Investor Relations website ir.nasdaq.com. GAAP file of in

changes a offset start Solutions FX and of will from the net revenue net in the in increase growth including beginning organic a is and presentation. performance divestitures. increase X%, XXXX impact X% slide rates X% reviewing of by and million acquisitions by I reported first businesses partially in X% a quarter The of in negative result the increase net of Services, Trading XX on X% organic organic $XXX

Moving to to diluted increased share, Non-GAAP profit from of was was while share margins. $X.XX to in the $XXX $X.XX prior period. the Nasdaq or year the operating and million per year X%, compared diluted million operating income income margin attributable net unchanged $XXX operating Non-GAAP or period. per XX% prior non-GAAP

XX. slide Turning to

revenues Adena billion, increase As mentioned prior annualized year the while million, an ARR of totaled increase of from SaaS earlier, totaled XX%. an period, $X $XXX X%

of revenues slides an quarterly million X%. results I with $XX -- increase division will X%, Platforms Market the through now XX. with Platform Starting Market review organic or on XX division, increased

from and capture plan organics X%, to totaled Trading and U.S. market increase lower tape industry with U.S. capture the usage. due derivatives to to volumes equities primarily due volumes European revenues lower offset and rate higher collections revenues cash due lower equity partially and higher growth equity Services lower rates, U.S. share by underreported cash

strong testing revenue the Services XX% during results we project Trade and quarter. Technology, both Technology, a growth, large Marketplace in delivered by revenue Market In driven and Management benefited from which delivery

margin totaled $XXX an increase year the the XXXX a period. of XX% the period. one million, prior point increase in of prior operating percentage from division ARR year compared X% to first quarter reflects The

decline the overall to significantly the the Capital X%, due FX organic Index the revenue million revenues with quarter $X with $X Access in or impact in of mixed decreased rates primarily platforms revenue million. Growth the negative changes growth division. for from was of a in division impacting growth

were first revenue Specifically, levels by pricing Index quarter the AUM declined decline by licensing favorable per last by linked to year. an was a in primarily XX% XX% to in of XXXX, in Nasdaq XX% mix. driven contracts the index compared as average trading revenues futures decline higher and record from flat XXX offset near Transactional contract volumes

Additionally, billion. we trailing saw XX inflows $XX net months over of the

the of million by quarter the companies. first with well In Listings, rate position welcomed proceeds a raised in leadership market $XXX largest we stock win XX% raise in our including NEXTracker, company spin-switch seven GE over as of US maintained operating Healthcare. which for IPO as XXXX, the IPOs capital operating Nasdaq The US XX of

In division The higher in an a compared compared ARR year from and seen XXXX, and $X.X our point demand. proprietary data to billion, for one data, platforms have totaled of an increase the quarter increased of the revenues, driven international operating period. the period. X% prior to X% first by first the quarter XXXX, increase prior XX% organically was percentage Capital of Workflow year businesses. Access IR margin in decrease Analytics of Insights reflecting revenue growth ESG, in we largely

XXXX. excluding quarter impact demand period the XX% or prior million the laundering detection anti-money Organic or revenue SaaS-based surveillance XX% Crime fraud our deferred year in of The solutions. to as $X in was write-down of growth healthy well when for solutions Anti-Financial the million revenue XX% first growth the as of period. the compared $XX increased and reflects

offset excluding quarter as deferred the the fraud the compared XXXX, fees. our revenues quarter of Specifically, subscription modestly by first to growth the lower of revenue AML in XXXX, grew was write-down. first revenues to XX% compared solutions professional revenues detection partially and Surveillance impact of grew

totaled the quarter not Anti-Financial Signed ARR prior Crime $XXX Anti-Financial also for million, period. ARR margin which versus for ARR, contracts the to signed, yet year totaled XX% first million, commenced, includes an of division compared period. in but year of period. increase XX% increase XXXX new was The an the operating XX% prior of the in Crime XX% versus prior $XXX year

$X by offset the changes both expenses from to The $XXX review organic Turning operating in to million. increased million partially increase, guidance. to expense Non-GAAP increase increase $XX of decrease a XX reflects page in benefits and operations growth. primarily and in compensation impact expense expense data a $XX million investment FX million and organic drive The our largely The driven businesses. to reflects our higher XXXX rates. long-term invest higher employees by and new we primarily compensation is computer as expenses

Compared which professional marketing, due activity to quarter fourth the primarily to expense. declined featured XXXX, to expenses and the year, services finish travel higher lower of sales

phase a improvements. estate due quarter, and the the footprint our recorded leasehold charge reduced requirements new and our related and During lease assets million we of our of our capacity and $XX evolving related work completed an to first models. of real facility to review impairment We

midpoint continued our of still represents range operating updating digital of to expense guidance drive non-GAAP ESG, anti-financial The primarily a reflects our across modernization. X% range to our the crime investments including strategy. increase $X.XX billion are asset expense X%, market over unchanged to of an is XXXX billion. just guidance We $X.XX growth and increase to The and related

first increase to about The therefore, merit of expect $XX equity annual million adjustments will our reflect and and the expenses XXXX. from second quarter we quarter grants

range. the XXXX be and rates, exchange expect near of the currently expenses to middle Assuming guidance stable performance we

decreased due paydown Turning book a primarily versus XXXX a to by of commercial million Eurobond XX. by $XX XQ partially a to million $XXX stronger of euro. increase Debt caused values paper, by million in Slide $XXX net offset

Our cash there ended from are growth sheet basis, variety no debt EBITDA the times continue fourth total months cash strong and backdrops. to $X.X billion our be long-term non-GAAP XXXX, quarter times the until in of ratio to flow trailing down X.X debt a generation, positioned balance to With trailing period at XX of X.X macroeconomic maturities support and on a XXXX. XX-month of including flow in free well we

During the million offset the company shares for and $XXX $XX to the complete stock paid dilution of our first of The repurchased objective XXXX, for quarter common in aggregate dividends the million. employee repurchases year. share

As XX, the there XXXX, Board authorized aggregate remaining of March was share program. $XXX an repurchase million under

announcing today the share. dividend are a increase we quarterly Additionally, XX% $X.XX in per to

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

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

Operator

I show Piper And Thank from our you. first ahead. the comes Sandler. Please question line [Operator Instructions] of Repetto go Rich from

Rich Repetto

Yes. I Good morning, Adena. -- And Good guess morning, Ann.

Adena Friedman

Hey, Rich.

And AFC Adena, you, you to cycle the Has was info you I what's lot outlook that the the Tier more sales on I market at for talked the the to deposit the But guess X deposit of businesses, infrastructure. color, lot that bit But sort and on is a guess, been I volatility? are movement. of all, in of appeared in the I for a in Thank go the by just little market was crime How the cycle doing? zone to with a sales banks. outlook movement that if -- prepared large And impacted remarks. the the to banks? infrastructure, market with sort outlook the guess, going -- anti-financial there in the business about giving of of that -- us on

Adena Friedman

Rich. Thanks, Sure.

we with seeing generally a a normal to So AFC regard our cycle are continuation of sales solutions, environment.

our solutions actually first sign at what do to As of pipeline XX we with time of did we I like? our does all look our into close, the -- clients look work normal engage said, to to we do is what how our our clients, new business a And in across lot AFC quarter.

of Tech cycles which in of environment. segment, a our seeing we've think Workflow we're Analytics Solutions as and that elongated as sales and Where been other parts more Insights as AFC are And really our businesses, and well looking Market our IR, relatively businesses. cover normalized kind we across Governance I finding are

healthy Tier But and banks. and really within sign both our pleased bank actually in AFC, We're really another of pipeline first opportunities Tier Tier April, X in we have X bank, easily to as the X signed a we in what X finding solutions March, of and prove think when Tier we mentioned our value we're do our that clients. can with is that proof-of-concepts very really we I we

did with And we with they capabilities. Tier So improvement a bad cases, value our their a or actors, AML bad our saw capabilities. false reducing X fraud ability and AML. of X client, in a the proof-of-concept we the both both -- in client, Tier And action improving cases, in real positives proof-of-concept significant in terms to fraud in very find it's whether did

really strong the that easier prove to out, so And I can frankly, the have it environment. economic make we this on any makes because it in, investment banks that thesis buying we return decision for think

we continue there. to And therefore, really strong see demand so

quarter the demand to Surveillance But certain year-over-year of for And continues last helped did amplify within clients Trade quite as be our healthy. also year first our overall we wasn't revenues in well, revenue, the as surveillance the the the have growth that same business strong. so

trade say, surveillance, firm, bank our because we're And X brokerage did learning on I And our down in -- that sign the Tier Verafin first market quarter. should X fact, moving to surveillance been to our with from solutions we've first our way. in focused actually we Tier

very exchanges. healthy across see When we it demand Market to Tech, comes actually established

for -- new started. COVID thought reporting since on in And as definitely been the not where us think COVID growth characteristics really we're of markets. new as seen the been before have a change for much of beginning demand that opportunity have markets we a we I we've

good real demand, both particularly been in a seen Post-trade for market risk as well management we're has healthy really tools seeing for of And infrastructure actually modernization exchanges honestly, focus brokers. pipeline opportunity. established where a as really that's and But the we've exchanges, post-trade. really,

And we've revenues. demonstrate strong in first did the quarter. been Market growth we in have Again, some to Tech able

overall but the grew grew quarter. our think itself ARR X%, I in XX% business the

there. So demand we continue to see really healthy

Rich Repetto

Thank Thanks. you.

Adena Friedman

Sure.

Operator

show of from And go question Cho JPMorgan. the our I next line ahead. Michael comes you. Thank from Please

Michael Cho

Hi. Good morning, Adena and Ann.

Adena Friedman

Hi.

Michael Cho

better just focus Thanks for is my And from is if Verafin's question. just just in on meaning, Xs the given SMB business? normal and the business term, going touch be are But again, kind current wanted I taking as I longer-term normal increased US of know in of that just Xs, that from Bank, there of business. seeing given to of a most about AFC you Tier kind to here? kind I'm a the situation still longer sales mean, cycle I Tier of on changing talked well. clients still and get to banking curious, course business just a Verafin trying the focus -- you're kind the of an sense or AFC

between in And of if you the margins of quarter-for-quarter, kind there's businesses? to just maybe margins took then the can seasonal I'm interplay nuances. a in quarter, AFC the Verafin just accelerated kind of to surveillance step business, and kind any Thanks. us back just but revenues of remind curious that, And related

Adena Friedman

regard Canada. banks just and US rely With credit across I'll would with of think, and I that unions first say, the unions first the we there I second are focus X,XXX on credit the and opening answer the to Well, overall Ann all, environment today, question the but Sure. have banks, and of about one. will over us banks X,XXX overall on

growth So clients. new have for and still of and we lots find land to opportunity

so managing even like plenty if operating to we have banks the expand there environment, are very unfortunate continue business. in grow as to they're change feel and we of the situations really do with And opportunity some a through big

environment a in sales far, so the of terms they're to in have team and normalized very that medium renewals. terms seeing both an And new small amazing of banks, supports and we

in of So in that we're disruption not seeing the cadence a business our regard.

And XX before, quarter mentioned we this and year. the as in new had clients we did last first -- I year XX of

to So there's Xs there. just Tier focus show strong Xs, a characteristics on Tier whole we're team But and continuing some on focused that. demand the really

So done of a nice -- we've we've teams. really kind of the job segmenting

team enterprise banks, supports we really obviously, supports I supports to mentioned, medium Tier cetera. on Xs, one the have Tier is banks, and the which banks; surveillance, X pipeline larger then a strong. the as One are small and team team, et the And the

So an moving focus the I SMBs the say, any equal don't grow Ann? I if continuing have on would to of market. we know have we margin kind focus, quarter-over-quarter, on comments, while in up And terms of you

Ann Dennison

at of sure. the you look quarter-over-quarter, the Yes, mean come there's I margins if timing how expenses in.

is look full year I margins. think the at at better sort of look it the way to

XXXX we that consistent XXXX, full full roughly evolve If can for were you XXXX margins full XX% the year and sort as year of year about is will and you XX%, roughly at think XXXX. over the look how with

Adena Friedman

that optimizing said also on business this we've we think growth. focused I And in are for Yes. really

that sure to as -- in continue of to the And taking we're revenue, make we're reinvesting more amplify so to revenue business. that growth the want we're we really

the margin something So our wonderful, -- also there. investing on that we're is are in but it's making sure really we growth we're focused

Michael Cho

much. Great. you Okay. Thank so

Operator

from Alex ahead. question UBS. I Thank comes you. go Kramm of show next line our the Please from And

Alex Kramm

everyone. morning, good Hey,

on potential scope a I Just of staying detail selling? can but how X how more of much gave capabilities guess, win, is? of I up-sell terms you expand you much Verafin, I mentioned in a lot Adena, little potentially of much surprise, the the the bit Tier -- you solution but providing already, maybe think, you're is there Like on the how are that that you mean, surprise,

obviously color us time? little it you're the firm some didn't marketing Can like And like again, seen in a this grow a -- you is you disclose give the win, opportunity. deal? big us how the of like once this you but you what as using that win gets this, past over we've could give a on a of can then bit size And

I think one just them guess you finally other. changed maybe have just the do conversations have all each how banks how because you those that talk of big of obviously, or already So now to

should acceleration So the drive here? Thanks. from that potentially

Adena Friedman

Alex. Thanks, Great.

So the to see actually, here. it is opportunity interesting

they we having once on they a plug look say, And capabilities of started detection, or so platform, the actually do with fraud fraud 'Let's their workflow to they everything actually did said, they of collection in that they Verafin then as payment POC quality specifically smaller a So they and means the that. saw the with we at detection outcomes, with we have had all So solution.' platform.' types platforms. replace fraud solutions. and on the as have that went us 'Well, And to the take their of well a the across detection let's rest our into didn't they conversations it just collection And of

management So reporting as well our our tool. case investigations, as tools tools, our regulatory

So for portion it with bank. of But it a US only was that, the opportunity. ended up being even the bigger

-- AML we capabilities opportunity an move have to time any actually they over internationally. they're not that using And do we So don't have. the of

on anti-fin with to take continue as our So work about broadly to we ability we crime they capabilities as also more to to their of think an more continue expand have them. needs

are will already as be they and We think having can use implementation case. how about we've far to that about conversations have and we we're ourselves points. broader been we But great prove a show so key obviously have the that able those proof to a them as with smooth great really

Tier We're actually platform, like really exciting see Xs Both us needs show larger we they the that engage clear with in as and are that's modules into banks. can And them their about ROI, the -- but Tier more. Xs with start can that expensive. about to going start we and very they to think going use what's they is broader how

so good can that And really is approach a take there care. we land-and-expand

And milestone solution.' here, has as for it because about there, Tier can make to I'm other win it you us said, not a say, a barrier. right ourselves through important to a prove do that other. actually taking you're they breaking 'Okay, first will that talk been the we X each Getting easier proven And for now very taking to risk banks I'm

see we conversations. other a as help way to So do it accelerate

to say, think it's to – regular every have that will single we going we're cadence the we're go announcement. are to as up going of just where a a really starting have not pipeline that we a quarter, further. us more would have big something good I have to a But we -- I great lining give though, have that

in the signed ARR in would it lastly, because remind in size, of not disclose I that. don't And was But included April. QX everyone terms it that is signed we

QX. So be it will in included

Alex Kramm

Thank you. good. Very

Adena Friedman

Thank you.

Operator

I you. comes Thank And show from our ahead. go question the Owen Lau of from Please next Oppenheimer. line

Owen Lau

I my there you AFC, questions of to thank a AI. for maybe morning mean, switch taking lot I are but question. already, and too to but Good would can about gears ask want little we bit

importantly, you So any for you areas. market talk And different AFC this Adena, than I many bank there about leverage Maybe been other maybe AI using regulations can more can modernization are additional please about, benefits accountable technology? this -- leveraging can Nasdaq of some need talk many about you how around AI? also of think we technology and actors in the do and that of area are talked you. Thank further talk kind then AI so has you

Adena Friedman

we've see been internally. the it at the learning AI like fun had conversation of ChatGPT serious big topic It's Yes. time we across way, it. same But a time, terms some leverage a We've in opportunities Sure. the is had by where the to with -- business. quite internally, good with about of so

that's us. So leveraging and known case AFC, very use mentioned, already for a are as we and AI I

real also of that to have capabilities. more our surveillance into opportunities bring We

a been and And collaboration so that's the fun really across Verafin team. surveillance

also work with AI We and mentioned markets. -- to that have we in our are I starting

And couple of point I to things. a would

doing tools our really infrastructure thinking general. First, that's capacity infrastructure. actually, market servers just our a managing -- I in managing and some really the AI of on been our be We're that to our using infrastructure sure to just in make planning about really, think helpful way. And we're managing dynamic to predictive team managing able in

file the which our Extended with order we Dynamic on markets also in Midpoint and the have that Melo, SEC. is But on AI-driven we Order, type, called the Life have markets,

So, -- options strike already. also machine and in our use we optimization then markets learning for

strikes growing it's helps in used production a programs optimized. that of known being because actually a about the -- strikes already that's manage market pile the of think to and options So, across have manage and kind and ones you which are

and provide to of we Capital in been where information their and the business. in characteristics them ESG bring use doing to starting is for business into -- other technology corporates more We've the some cases data and insights what to help leverage area we're the the more scraping call Access But our just find to ESG Platforms them intelligent peers. the

just set and all have incredibly of insights across also our data workflow rich tools. We an

And to their ways want to insights help so that them find to manage and new can corporates provide we business. we investors

processing out figure then use just reports can for And natural we analysts that write there. use we're how to do So, starting to language already we help our clients.

for area that using it we've been time. an that's quite So, some

we they Lastly, on of regulation, people create people see that are say even -- a tool does. bad for as next don't for criminals to It's subject really to themselves or not regulators. -- regulation. actors know, personality subject and the good It -- the a you these point the think bad. is the it's though a generation AI have least this doesn't the has just They're And tools opportunity who have to don't like personality at AI use they use it of technology, I tool. definitely

and the here. regulators so advanced And system that we make think good actually to to the to that protect access use technology sure really smart is like do that to tools most and can that have we the actors that same Nasdaq So, protect are the available system. protect financial regulation those the it's also the appropriate important market trying the

about for this right point on the But legislators I starting purposes, also think, proactively is regulators for topic. engaging it we're embracing already technology thinking right and the the just with really regulators to and and use,

Owen Lau

you it. very Got Thank much.

Adena Friedman

you. Thank

Operator

show I line And you. next Morgan our Michael from comes ahead. of question Please the go from Stanley. Thank Cyprys

Michael Cyprys

the Thanks sounded on us and was maybe I It question. your like markets hoping partnership. the AWS the to moving morning. market the migration just cloud. good can options to looking you another you're Maybe move the on for Hey taking update progress cloud there, year-end. by

on coming so could maybe bit from in lessons the about to expenses? benefits of much, and some the you So, you not looking so at Maybe a and far, years? elaborate revenues you're learned milestones just anticipate sort do you're of that, months? the what the next of you could over far if journey talk XX, XX some the seeing what And

Adena Friedman

pleased well. Sure. Great. to is Michael. with our really extremely MRx going we've market, first going The the AWS And is partnership Thanks which cloud. with been

what improvement we latency moved So, we cloud. MRx in experience did as is XX% a

see implementation. in on so And can And that in that -- we Fusion, can latency a -- our options we on XX% And but have at platform, direct have we our comparison there's one of and then look then we Fusion. trading on-prem. the And but call AWS. AWS we as market second already markets a because next-gen options which improvement it's on a

that. with pleased really So

one exchanges. across we because AWS, we have onto deterministic both more in fact that those are as the that But them that of trading and I to it with the have market actually as technology And good Fusion the better share so a seen that, markets, -- both a into move platforms. of them is. share is these we market highly think is as we fact then growth of across seeing And of experience related those

are really, encouraged. we so And really

then moving years we into the gave several continue moving direction, us a that engaged over are and that plan have we're market the highly -- it our next with to our -- confidence we're giving to then progress. now it's the It third and also moving clients second on us. So market in Fusion right cloud. us And our

feel very about we good it. So

will new of that more or, pointed this that as We're server market but revenue over out, we time, specific capabilities show do well modernization some like we opens So bring And scalable to refreshes, to cloud. up as trying as the into markets right? it, we infrastructure. not not to opportunities continue cost as types, savings new have to start will a the over kind us ascribe time real order to to knowing rather

Michael Cyprys

you. Great. Thank

Operator

Deutsche Bedell our And Brian comes Bank. you. next ahead. Thank from Please question the from go of line

Brian Bedell

of Insights, bit the the of rest It in of year Marketplace outlook sales little single-digit at to through think just businesses. and the low that we like taking least move double-digit. recurring it's Great. three medium-term my the year XQ going But time, is on revenue of to mid that target, at obviously, Thanks pace. below of for question. I year-over-year in Tech to Maybe slower in high well zoom the cycles, sort growth as the sounds next remain to with single-digit low into well above sort Workflow a same this

be and and And of end similarly you could there tracking Crime that X whether that this Tier now Tier that year getting given implementations the had how might of term Tech, and XX% about well XQ? and including then Anti-Financial the back its are it into move this is, target to segment into you and talk -- you're maybe medium work all we'll in X new lower rate medium-term Verafin stream with Marketplace is that at we question the way growth the in but or other view Tier the XX% you're year? if we'll for medium that target, X revenue business in that momentum your So right to ahead going or sort of target that

Adena Friedman

in-year know, you guidance, give you color you, so we Brian. specifics I don't commentary. can as but -- Well, Thank give some

a we in as we've longer think that seeing, comes Workflow there are environment when of before, think mixed definitely that I I cycles. it to Insights business, kind the and a said sales

particularly engaged we through that go to governance are many And is have get the find but opportunities to We fact IPOs. as don't clients, more of they sales we our really in with gates approvals. area good do where course, with have IPOs, very

some across the growth is also that governance. of hindering So

to IPO continuing the gives start improve are as engage. continuing more manage pipeline. the bit, hopeful there. opportunity improve we're markets say, cycle gets to sales We're environment That And that also healthy. we start would I us and to a to the But the more hopefully,

hope, some have now right to but recognize we're have a to we calibrating we fact different also environment that. it and that So is the

With Marketplace are that growth the that some the are mention that very that with opportunities. would happy happening in two I are things that we regard in to are the are demonstrating quarter. there creating Tech, first we business

growth overall Management X% that some Market testing that's mentioned ARR really I in Trade delivery business the the XX% business. delta growth reflects we comes in Tech business. from we Solutions got in revenue and our in a our So we XX%, had Marketplace got Platforms, fee whereas, really Tech, And which that Market

calibrate on a year. would about the I little you kind bit the of that So as rest of think

fact market, are the move higher. our that And gives TAM last after, quarter growth bit we is the well of prospects. overall do were There's then as feel every contract single values but different higher us as very Clearly, bigger a we think the going we as going be it a – AFC, on that up good a I that about answer, we're little right? to TAM,

So to give does to continue a us really strong growth there going demonstrate it chance forward.

Brian Bedell

That’s you. great color. Thank

Adena Friedman

Sure.

Operator

of line Please you. Kyle go And from the from Thank our ahead. comes question next Voigt KBW.

Kyle Voigt

Hi, good morning.

delevered you could sheet to announced M&A? where I'm constructive And if just balance at M&A guess seller most you on the getting year? or have speaking, an where to environment expectations done you're to provide flexibility. wondering challenging it interesting given a last that, I in we the macro the or now certain were are volatility. just given seeing you amount opportunities come deals broadly on you the of now? all, normalize be color turning seems can I to see versus significantly, in then of more update right is business fair But You've segments And starting second just deals the feel still any half do of get guess, provide

Adena Friedman

I'll start actually last the question. with

of you to we I continued organic we're been the way think of of the on speaking, that about And generally across show growth. as focus, first all, our performance the world. spend stronger thinking that know, think, majority we've business. able time Well, I vast because the

focused we ways and markets. our key modernization business, to banks do we're market to on; have technology capital more we how three as bring in and that really themes the brokers to expand we can exchanges, activity consider But support those advanced their

manage is area And area continue at I area. and to we wonderful that ESG investors think we the a an such offer anti-financial third capabilities we're always looking corporates then and the that's expand it's as second in to them an the grow in helping and the crime. landscape. high-growth business, expand the ESG of a And is to

premium. But great in with regard to will always environment always say just would overall assets come it this, around M&A, a -- I

in to also in well capital and great are market market. look a the I want for businesses think profiles make create money gone that that acquisition of assets mean, costs the But higher calibrates reflect I at how of expectations. our some on calibrating basis. would our tempering we're bad, always I M&A to our calibrating we thinking financial to we where sure world cost as the we And will cost and up. of on money Obviously, can do think that targets that that. the capital just we and times of evaluate we recognize expectations has also good

have balance we -- a also great sheet. I But

our We've done got a manage -- great cash debt. lot really to good flows. really have We

and are we particularly we that M&A to something in a if find we find when compelling. consider strong So position

Kyle Voigt

Thanks Adena.

Operator

I comes Craig Bank America. of ahead. the And from line Siegenthaler you. show question Thank of next from Please our go

Craig Siegenthaler

Hey, the but X Tier on all have been congrats asked. guys. questions bank Actually, signing, my Adena,

think I'm now. right I So good

Adena Friedman

Great. Craig. Okay. Thanks,

Operator

Alexander of question from And ahead. Sachs. Blostein Please next you. comes go Thank our the line from Goldman

Alexander Blostein

muscle board. are maybe time on exchange to bit persistent side, trying can. pricing Hi. a your been And expenses rising number obviously flex the Good I morning, a but also across data where was a period have of talk side the the about We've pricing. for seen little could now, peers hoping of inflation everybody. they we on the

the to you're, below could the value to you call you're months sort across the you you the Are on market to pricing months? XX next, where the are of, what that price where clients, feel So providing it, there over enterprise? XX your increase relative see that areas opportunities proposition

Adena Friedman

Sure.

So as and first we we manage take to view all, do of capabilities our solutions. prices the how a of long-term

to also businesses, way. time, we ability particularly leverage do And we But at have around increase inflationary think And have that. our do overall price our so we same within reflect environment with the to non-regulated we that do us. the contracts, the

the -- tend to have there's end effective if to price it's type the year. annual also of but an at at look of get increases we of then the we year the of a beginning So those tend -- where that kind at cadence, we service

going XXXX. so you're -- for that to And you're already the seeing financials flowing through

because I that to think want environment regulatory we also it's paid a our value, businesses, regulated not only get through have do the in sure a bit that but do it's that. make of for different to little go process we a to just we

a little dynamic. And bit different of just so a that's

have the that it over ability as doing -- the to reflect not about that we're I where Alex we it, we to because We're would as to feel it. can long-term decisions making sure possibly the we're we're up make the overdoing we thinking not that we we're value and not being price we're short-term. but there aggressive want the doing right say, serving,

Alexander Blostein

got Thanks. I you.

Operator

And ahead. you. of Simon question Atlantic from Please comes Clinch show go Thank the our from Equities. I next line

Simon Clinch

across was thanks the could forward? just explore of, of you're outside straight just And Hi. opportunities And think the where my sense taking real for how Adena. well? of the what in terms guess, about seeing And I'm maybe quarter in things we this if QQQs the and wondering give us going different a could product Hi, I to business you franchise lines, I interested as lie? the then question. flows Index particularly

Adena Friedman

Thank an at Great. on we aggregate do flows Sure. information level. Well, you. provide

end the the last billion $X year end quarter So the we inflows of of through versus from first have the did the -- quarter. in of

billion year-over-year. also $XX of We inflows had

smart from index seeing we strong just Index good for demand definitely are and So indexes, investors thematic our products, that's franchise. other our QQQs, also the not beta but

market what's So overall client we revenues. the obviously, good But really been driven the the have feel interest, downward really dynamics trend interest. about in investor

creating be think in mean I launching industry. on leaning we're trends into that product. focused leaning still things thematic also really there the innovative primarily product, specific which technologies, indexes, into out could We're

of and been like to our And too, have for we the Momentum time on beta of so attention put thematic some tend us indexes an where I but franchise kind product smart put of right we we Index development have area our beta of a and a lot areas. other new product new those And would smart focus also definitely the more say then there now. indexes, focus environment

Simon Clinch

Okay. you. Thank Great.

Adena Friedman

Sure.

Operator

line comes from Rosenblatt And Securities. you. Thank go Bond from next I our Andrew ahead. show, the question of Please

Andrew Bond

Hey, good morning.

from the you any in impact see crisis terms Did potential the from seems to about broader business. thinking and there space, of the banking in crypto currently number a players it in commoditization some Just terms to recent interest regard customers? be pricing. are of of And there

still offering does terms in of custody? Thanks. finally, how planned the in its Nasdaq So, And differentiate this for is launch quarter?

Adena Friedman

Thanks, Great. Andrew.

with starting again, the question timing. last first, So on

want is Finance. to we're Department of conversations think way we ourselves that the York I -- approval, regulatory and constructive get of we're having that with New the Department that positioning

that And the we'll want quarter. end get quarter. this of product the to by hopeful we're so And get we ready approval

moving And curating we'll end-to-end which our to be production, on helpful mean, in with user be May, really I going is prospects. our an client we'll of kind that, we're able moving testing demo -- be I I show to think think by platform. to into

going we or to we the -- whether the we're launch a really grow but whether making about or so to not dependent whether feel definitely regulatory how that business not And time. have on product engage and is good And clients, go. not that so going is over the also or sure be more just we we approval

not a parts matter the in And stone. so set that of first. making is more other It's launch are ready sure

fair, I in In Nasdaq space and interesting the client come in institutional lot a market, the think the has solution. generally into regulation and in certainly, think more crypto, I of to of we to the engaged do terms win ability getting have do the scalable to come a with just starts interest, a terms engaged as as a in right regulators more resilient get and an engagement crypto here an very

say, would we actually, real a in is custody crypto Our technology. the improvement

that we're We we using rather also hot are cold techniques this available, of have but hypersecure. kind make don't continuous interesting using so hard wallet MPC, really some construct, to but wallet it but that's

feel say, that we I And inaccessible to like their that really XX-hour they value will think lot of let's make to a in that's users attractive more stored for, so don't be have it institutional a period. somewhere

think are great very having environment. it unique have kind really mean, with value I dynamic dynamic. do And is But so of we to And that a clients. a engagement offer. proposition it we is we

environment. offer. in we we expectations to expenses prudent that this our that. being how have we're making quite sure So to about We're managing very calibrating our what But are excited we're we're in

excited to be launch it. able we're So to

Andrew Bond

Thanks. Great.

Operator

our Dan you. the line from from go Jefferies. I Please Fannon of next Thank show And question ahead. comes

Unidentified Analyst

is just taking quickly to June of [ph] ask for I Thanks wanted This Dan. my question. on ESG. about behalf

you strategies, ESG are some all? that the of impact for from on investment any given the Just service demand seeing slowdown the ESG in at

Adena Friedman

No.

services right offered really our seeing from corporates. ESG corporates. engagement So, the to very in we offer area there, most now continued are of we're And that

program, the How they're how practice, they're they're We communicating their so very demand they that's and for have doing. on that HD and compliant can with program credit different overall healthy. to reporting it being about for an how work that they're helps which to taxonomies, -- investors. get is And companies making that the sure sure thinking their make advise both they're advisory that

out map the nice have tools also all then agencies, to then And we all of to to container. in information engagement. client And really our cetera. put continues that we we and growth them reporting and that allow And et also all have go it that rating to taxonomies one the

So, wanting make are the way. there investors that that right they are engage -- with sure they the corporates to to the

do generation returns going is not and terms to only getting of it those in flows those going companies change that, mean are think, to I investment and lasting ESG while in, investors, the companies are care find what though, in they're ebbs the it overall, sits a generating that of of think with a decisions. but say investors making trend. that about environment how lasting investors returns. how kind And would think that I I have engaging is, next that's we're I how

very So, continue clients can about optimistic engage we to how in area. very, this we be

Unidentified Analyst

thank Helpful, you.

Adena Friedman

Sure.

Operator

next And from Alex from line the Kramm of question comes UBS. Please our you. Thank go show I ahead.

Alex Kramm

Hi. Thanks.

of follow-ups couple since here over went wanted Just to we squeeze a time.

for thanks me So letting begin.

we metric, I I So have giving is you've signed only limited million a Crime. into it is net think I was one were think can mean and triple. use two things. quick it so million ARR almost that One this and for which back the Financial year history, Ann, on quarter, been you but I to think sales, back obviously, $X a ago, $XX

I'm first it foot maybe quarter so think slow bigger. signed But the was So actually are. clients. big, that X, it's the sure because sounds how like meaningful I less seasonally not why Tier that how numbers you like number those is Verafin Maybe a quarter. is just But how --

help maybe understand the little bit a numbers. So us

just And then bigger picture.

thing questions and out operating You the bulge looking didn't go there's clearly, some one you touch to sizable bracket around But environment that, a answered have what's away. firm upon is the there.

their ton clearly, that client, yours. exposure how think just because Suisse, businesses there of you different of So, wondering Credit across about a

Thanks. should we how about wondering just that? be So thinking

Adena Friedman

Okay.

we remember on QX XX. actually a have of than was last did side, So ASC but for the have normal a -- This ASC, then. did XX say, have we the clients year slower quarter particularly, new we would I year, I

signing be higher. said, is with year. going to the up do we more And year new clients as clients than associated this last have you larger So ARR

we think bridge I think have I engage But complete a clients look as continue and go -- to from and I also. with We're speaking, seeing that, new customers. and can't we give we to the upsell going helps tailwinds, you have that, So revenue X% are that. generally back to that XX%. to strong at sell some

that's renewal. recognize contracts to really think actually don't also I also clients, we don't opportunity us clients. that on the do So we engaged charge And [ph]. with annual And increases, we upsell an that when -- gives but we do renew charge

that as this So pretty that's been a environment active on year. well

So hopefully, color you, some I think there. gives that more Alex,

it's to for first all, of the organizations Suisse, Suisse, fully the us take to while understand come and Credit Credit to On how impact going together a how are going two to business. it our if has Credit Suisse that I it's would as Credit see trading away say -- what going on kind Suisse, from of we that somewhere. markets moving capital impact But

flow. that, help And And it's those sure we're to of probably will matter making other so volume a move we volumes, players get were us healthy then with the that to It's the engaging to liquidity. just players. see continuing

areas this right of going We I Ann? Suisse that we our themselves With to Anti-Financial Crime to into how our our to And those now, exposure think that Credit regard Solutions, contract to manage at will that probably how solutions a continue will line point. solutions, be sight right, other have understand Surveillance up organize forward. they to like of bigger are don't namely

Ann Dennison

Great. Yes.

Alex Kramm

you Excellent. very much. Thank

Adena Friedman

Okay. Great. Thank you.

Operator

Bank. you. Thank comes show last the Brian Bedell I question our from Deutsche go from And Please line ahead. of

Brian Bedell

Great. over And longer-term. Thanks sounds great, really also, and my great AI here. a the going on follow-up compelling appreciate time the for on It's you strategy. comments taking Adena,

it or And Is you the How understand economic Just is charge something wanted AI. you perspective? that that on for therefore, do the enhances can internally it efficiencies? the AI on more better of capability? creating really similarly, the expense do view you fact actually it innovation are an -- across businesses that to cycle the as view from product and, or the side, sales improves expense

Adena Friedman

I above. all Yes. the of take kind of

on So depends that kind the of solution.

better areas areas like AFC, we be might offer there just that do we very a better be a -- where sales a AFC at us bespoke price. premium creates of where we solutions our able going it that. There a specific be where on are with might focused solution provider with to -- being some and are gives product, And to life opportunities. we premium So

of the value see is we higher. fact our and that -- because proposition So

So into service. of we price kind overall of embed the the that

it internally, have we've in to had scale business, particularly of sessions AI with of And AI, clients early. of operations. at some both the products and say terms generative in then we And how then in in to more a AI terms see efficiency, ways in into business but and generative generate our it's start looking efficiency, on and offered you meaning we and brainstorm our create also we -- -- in to manage lot the opportunities we so

So and have we putting we it also feel allows and data. safe to our make in and allowing that we that us that and ring-fencing kind sure we're make manage secure into our sure an technology environment that to is of us IP

that's So to premium it some it that right our ways how more do time the to also efficient, product now. on right take to And we'll can we're focused way clients. be but provide find we and

We committee that and inside a of the we also should have use all really I governance important. do cases I think AI vets governance that's a -- mention, Nasdaq, have

thinking we're in the way We doing have we're that sure through to the well make responsible this as a risks as benefits.

a governance And also and Legal as but sure to we're it our of is doing our by responsible committee parts members from who our includes so technology John Officer, way. organization is well Regulatory Risk in led other Zecca, make as Chief

Brian Bedell

great. helpful. Super Yes. That's you. Thank

Adena Friedman

you. Thank

Operator

time, Thank Friedman like session. would this Q&A in for concludes the questions This At showing I to closing further no Adena queue. I'm you. remarks. conference turn the our to back

Adena Friedman

to aim make Great. the your discussions our the your to And progress year time our on to we we priorities. today, that for lot questions. a you later. and Talk Have much continuing day. look forward thanks very great you Well, strategic a for against thank throughout

Operator

you This you. Thank for concludes attending. conference. today's Thank

disconnect. You may all

Nasdaq (NDAQ) 19 Apr 232023 Q1 Earnings call transcript