Forge Global (FRGE) 7 Nov 232023 Q3 Earnings call transcript

Company Profile

Participants

Dominic Paschel	executive
Kelly Rodriques	executive
Mark Lee	executive
Y. Cho	analyst
Alex Kramm	analyst
Devin Ryan	analyst
Kwun Sum Lau	analyst
Jeffrey Schmitt	analyst

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Afternoon. My name is Kayla, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Forge Global Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Thank you, and I will now turn the call over to Dominic Paschel, SCP. Don, you may begin your conference.

Dominic Paschel

Awesome. thank Quarter for XXXX and for us Kayla, Third Forge's Earnings you, you joining all today Thank Call.

regarding will Joining Forge's me at prepared the They your CEO; Rodriguez, results remarks share and Mark end. then today Lee, Forge's questions are take the quarter's Kelly and CFO.

our Investor release available the discussion page Just results of Relations after press today market is on press will website. quarter third is There we webcast be today, Forge's closed download. investor to release, IR our is which XXXX the a complementary being available issued an announcing you days. recommend our supplemental also conference XX results. of page This A call would live that PDF on for and replay is I accompanying for

call, actual various may current our factors are website uncertainties, date. Any statements. factors website. filings, important the statements based conference and as be Relations We make this on SEC we risks cause that to that could included SEC forward-looking in the Form we are our of on outcomes projections discussed make subject including in the and found forward-looking from differ today's report forecasts expectations, there During and which can these on Investor XX-Q, soon to filings and quarterly those materially statements

are presentation which In As measures, performance. noted, a be reminder, meaningful we measures forward-looking adjusted when to today, believe unless are financial our otherwise Forge's update are statements. not required that will evaluating discussing our we we non-GAAP

to contained which you financial measures on refer disclosures reconciliations, within is the to press site. data these detailed our For IR release, should also closer GAAP the and

discussion same on the on the I will XXXX XXXX third results. have supplemental quarter we page. posted, as sorry, -- mentioned, focus Additionally, the information Today's

both turn over control. can are quarterly performance, to that, As I'll unexpected annual always, for affected picture full Porges it be With encourage that outside to results our which of the and by value you we events Kelly.

Kelly Rodriques

was expenses was up again QX. less million that million These in over $X.X to XX% Forge's we transaction-based activity improving XX% great up of effects Forge before benefited everyone, over reset, the the the Thanks, Mark by downturn. witnessed $XX.X fee continued then still of our investors In a to QX, open window rates to the which with in This overview are some for investment QX spread for Placement Tom. as have private cautious that, turning and QX, private QX. business. believe we improvement market than $XX.X higher revenue quick drove business a a it improved, less to remains conditions joining. continued for to in since I'll into today and the as summarizing QX we're saw the believe seen Though and our our we we're a In in quarter both for market. the encouraging that narrower transaction-based million to the seeing market continued QX. September. that financials, in the conflicts geopolitical dive expenses total close start We of returning in improved closed, ongoing. is the quarter signs and we'll compared we market, revenue a of of observed market With Thanks, return markets bid-ask results this the modestly existing of IPO from third QX. of are to mostly served softer and highlights what and revenue, deeper due seeing over backdrop volumes the interest even was concern compared quarter amid QX markets in the for traction which

to compared transaction volume, in $XXX million encouraging was rise Another the increased to QX. indicator which XX%

year. including narrowed Forge's intentional and million strategy, and in revenue burn for our million, fees interest straight deliberate cost cost from a of Custody QX $XX.X adjusted environment. million disciplined acted $XX.X we're commitment $XX.X prior quarters, management higher last benefiting and administration reiterating QX, and and to EBITDA continued the than in loss reflects in last to QX our cutting loss both loss quarter $XX.X XXXX. of in This XXXX better to growth quarter's million lowering rise the and rate to for seventh a again

the expanding financial the market development, we're making as we're our technology by the private to we're participants needs can In investing the meet in and and addition that universe to we progress of platform rebounds. highlights, strategically of encouraged ensure market

build to also sophisticated institutional scale more drive our efficiency continuing bring product to continue the capabilities we more we're develop investors. to institutional suite to to and While to market,

intend those over expanded to the currently and trading our of the have data it general that, to include new are Mark. that product combine turn market power With We index-related to products proprietary new and debut efforts We innovations in me strategy to index testing XXXX. related market data enhanced development capabilities. to with let our

Mark Lee

while with X.X% to volume of net less at QX, for million, XX% total in from million, trades expenses larger Transaction The quarter. $X.X fee last mix $XX.X Total reached a rate from by our transaction-based executed increased This proportion rates. was Thank $XXX.X block driven million million transaction-based up a In change million, less quarter X%. XX% Kelly. quarter. revenue. revenue Forge's was by placement the last driven take increase last up you, $XX.X $X.X placement net take largely was fee expenses declined largely overall lower XX% higher rate take quarter totaled revenues, from

fluctuates from we take $XX.X cost million will rate supply the types issuer-specific rate such trading increased the trades, indicated QX offset up $XX size order have turnover. lower be quarter. higher custodian rose long and We efficiency, to million, automation standardization, as as fees and of in by administration take that X% Total last demand volumes In due and believe to many that net dynamics. in previously and declines factors, run,

provide continues Our business to our custodian revenue and balance streams. to stability

cash Fed However, as rate has fees. impact increases, this the paused may its administration our

at million from $XXX end is for of end the of totaled believe and down balances million QX, cash the cash return We declines and yield. quarter. these custodial sorting the of at Forge's search last driver primary $XXX

this last $X As decrease by Total was in offset the fees. cash flat increase essentially Fed from in quarter. the accounts past, in the approximately QX, our and rate were administration funds custody million

QX Assets versus the billion under last custody end $XX.X billion of were $XX.X quarter. at

mentioned, Kelly we costs. and manage control continue actively As our to

end as at EBITDA In $XX.X a headcount the EBITDA improved and at revenues to Our invest million the end of movers QX the compared improved driven to to market. the tight of quarter. XXX as last was continue quarter, $XX.X XXX, improved quarter, down adjusted European in we million loss strategically last from early controls. even loss of private by cost third

$XX million fiscal bonuses include in was loss as corporate and second last improvement million quarter. compared million recur activities in was do of of net activities the to favorable a the to a in noncash change which in operating largely our years of compared This the cash quarter by expenses, value net million increase And insurance, the payout decreased to half. not the in operating result used a timing-driven Net such half in of cash largely liabilities. used million and million driven quarter. decrease $X.X flows, $X.X $XX.X $XX.X Third revenue in reminder, warrant last improvement our quarter, the annual the as first cash $X.X an of fair

perspective, at share diluted excess quarter XX $XXX.X XX, approximately of XXX used shares. compute corporate as cash to fully count deposits days weighted our outstanding compared number ended term million to the last a and in was basic Our was XXX shares housekeeping and of of net including $XXX.X loss average million cash million From equivalents, million our shares quarter. September

For purposes. for XXX average weighted QX, modeling we estimate basic EPS common shares million

stewards geopolitical overall the brief and overview sentiment We and our it in continue over turn lowering of rate through private as the of use we remain Kelly good capital we market lean in we interest to hand before direction to as committed to investor environment, through to for for And we fed cash monitor continue back QX. a growth. I'll move being questions. invest meantime, both it

Kelly Rodriques

XX% some the quarter narrowed level the spread to the market. reversal that ending XX% a in the marked close low trends weighed QX X in of The a in has at Mark. April. in private broader been meaningfully the market lowest on since spread in with August and bid-ask since insights its XXXX. peaked of at it on The XX%, Thanks, trending the have several I'll downward of quarters. beginning quarter

the since and Market the As posting shown X-month the Meanwhile, steep the both off positive the S&P in for first period the QX leveling have some to gain signs declines X.X% XXXX. a early since and Private of compared XXX trended Index Forge valuations performance outperforming NASDAQ. downturn,

invest a a the unclear volatility East. may interest But and us had as will observed, the market issuers the close ultimate believe year, we a continue has reached up out XXX right the the the growing to the and efficiency sell-side to delivered the a new may market number we of scale on we've prior Forge that that mind, manage improvements in what to are every cost observed and the in this in of QX. to about keep the to actively greater access, unique what our we and the of recovery state the quarter even QX periods closed amid and platform are capture geopolitical which private As in not be not transactions structure and with uncertainty linear. the broke quarter, number private about quarter breadth with longer. X from we valuations improvement the With high that and And liquidity QX remained that of have Middle share of the last data, technology of steadied, pleased growing reflects an impact in trended market. August of on to began given product to pent-up QX. be of on and market. we allow seen rate drive XX% quarters, up we instability falling war will and Though number issuers as demand we through more unique The innovations staying all-time compared the environment and interest for be signs eye the companies more continued It's high a continued in

we forward the market recovery, to class optimistic look about leader and market its inevitable position Thank our accelerate we of asset a As as about to this the point. you. future towards continuing remain tipping business privileged the

Operator

Our first JPMorgan. comes Worthington with Instructions] Ken line of question [Operator from the

Y. Cho

in Cho Ken. Michael is This for

just institutional just then how suing improvement I was when I'm And retail paper curious think you Kelly, my realize you that improvement Just versus kind market that I'm outside as cautious also environment might through But sequential talked -- in how going question, We kind first wondering impact could of you if of been peel provide I'm if the bit. quarter. talked through side there rates take we the little you that, color. about that versus But curious the well? improvement on institutional very retail some trends. the movement I a talk in about can has kind kind the And of quarter-over-quarter. some forward think and the back of of improvement just helpful side.

Kelly Rodriques

bit know to and on about and that we and its previous back calls, and that believe rate saw some definitely really I start the composition the I'd I'll combination about spread in about improvement jump of and public our choppy. a the this discovery the be started And market. covered the markets, institutions we of we a in which positive to between term into take at finding institutions come of this with specifically QX reported then seeing but talked Mark's you're equilibrium institutional earnings continues we've the relationship comment me market, this we've blocks the off let Let little in comments that point In in. a the still it shifts. Mark here footing. price participating say bid-ask not in the is the market sign, we used

like But are all people that around of feeling East, actual and us the the we hoping break a we're on numbers it we've improving, that lot to was continues a But catch here," another we the telling said, because the in show think was you're seeing? like was Mark, emerging you and to got geopolitical with challenge board data and what's "We on on we it improvement, improve. going can sat would anything add get Middle market So and seeing there.

Mark Lee

data add points few more Michael, of kind for you. a Yes, I'll

sell our side historically, of a transactions tend think the side, founders, we've lot family to said be more forth. sell you net be tend buyers, side the be office always of that than but to not early I on so buy investors the as the often and know, the tend right? transaction high investors, to institutional worth employees, of And individual

And on past that interest months issuers buy in of the you is in what sell-side breadth that's from described of have months, the we've to the to that the come expansion represented the number months, the describe in the XX or so the what while the we sellers terms we've record you've of that and really sellers seen XX number has seen sell of last of us levels, our whether been even by interest, right, during XX IIs side. on side raw problem

Now volume And rate And decline. QX, track of constituted we is how large and you compares probably net a full lower the our that's the the first block the of in XX% XX% of year number QX, XXXX That saw in in half in things they one XXXX. quarter, to total right? for in take the volume trades.

see could starting the think that institutional QX, to of I right? remark really the And be important. we're So that's here positive return the buyer, in

number IOIs issuers stats Some represented seen of highest since came well buy-side the as QX buy-side of also that we've total of in number as of in the IOIs QX the can buy-side the on were interest, terms in share XXXX. of that I that

some So encouraging seeing it's continues. are I hoping obviously, we signs. think trend we're And that -- this

Y. Cho

quick guess point, that great. that's No, follow-up I a Okay. just on Mark.

But area I kind think meaningful think there's things in you to the of influx need we've of for we level about of realize of sense about happening in world if kind a a a ex-spread, volumes come here. more kind think how your meaningful lot in area today. guess, spread think might historically, before and of you've XX%-ish be just historically, think talked long you I I volumes I the to area from clearing maybe bid-ask back. more seen trend the this

Mark Lee

numbers Look, Yes. they're share here, median that the we Michael, numbers.

XX% I range. spreads bid-ask to as downturn, in think they're I fairly said, typically to prior representative we XX% the mean, And more though. you the saw past, in the

bid-ask bit So than higher like obviously, is in we'd obviously, from see, XXXX. where XX% a but little improvements to still significant spreads we saw the

increase mean direction. probably we're of So balance I to buy we're -- in to the get that mix. headed it's on valuation, stabilization the right, we'd mentioned, around I XX-XX and that direction, more think see heading as between if buy-side I side investment I seeing. buy in Forge terms right IOIs, to The we in Ideally, IOIs PMU the think the right of and reporting relative spread continue sentiment today. the sell-side the bid-ask improve -- the a balanced read the the it's outlook, But XX% that think right? Kelly you like our and side

are indicators these that give some think encouragement. positive us level I of all

Operator

Your next of Alex comes from question Kramm UBS. the with line

Alex Kramm

Like things the changed you a is your seemingly bit a of But maybe result of with switching better? cost for burn, cost getting you're Just focused bit can focus where particular, to you want in action on little Kelly, just how little give on maybe a continue easing in reduce it. update the are, as maybe make of second. a still to comment an did you environment. better a to of here us Are the that again, a you side there? you terms kind

Kelly Rodriques

movement think today that we serious critical We're continue need more. as have, believe if a investments the like as making the to I that we the myself reducing I between about to not well state prioritized. the is in balancing markets markets a that strike of our institutional part commitment We think lower ever here. not we're to continue in And public got are. running to But do the be make to that efforts let strategically and we things that of not to I think the burn over we're act cash going expect with consistent And positioned like we data it direction, balance we've us priority to wanted to time public just and that because we've burn.

on team make leadership would that in up there's to continue priority. a it. let lighten to if knows And burn, our we're me be suggest just any the to So everybody emphasis really We're indication that clear. going going

sound to and that other want point. But add anything anything you as committed there? come don't specifics on I Mark, or strong the would So off than to

Mark Lee

we just remain July. will about as headcount, came cost turnover fluctuates Alex, in. see as we talk took higher kind committed, Kelly tightly actions a we're we in and headcount ongoing in down, said, managing during environment that operating I increase reflecting mean headcount our you and but replacements, No, to current remain quarter-to-quarter, the slightly of that

Alex Kramm

All more all to but so again. actually you earlier, a just missed sounded maybe what Michael's right. you've you in sorry the question coming same if happening talk little bit then it, far think the at good. here, macroeconomic about back positive, And little but bit I the Kelly, can cautious quarter? fourth things Very seen a and with maybe time, I

all you've maybe specifically important seen in October balance just that what the trends the far, X track. we So in of so terms

Kelly Rodriques

Yes.

the QX in as a saw time reported and of same data these At some all So signals we we that look, the QX here's well. within this on really the about breadth the institutions is market quarter, watching in reflection what I'll you, looking on going positive tell week-to-week of here. in the forward we've observations We're coming And expanding. with the made even fluctuations market. of about We're some of broader pipeline. choppy what's back

optimistic trends And view out, that a of to institutions volatility points And still it's we're going It's and we there's way that not spread. or recovery. observation And I'd several pointing thing anything not to anything asked a good companies raised market But have that play in thing. of now that sell. the time. so in It's you gone back. because still an reality quarter, little optimistic, face about of quarters. there valuations bit given points forward, looking fully composition just talk I composition of companies if out whether more lot the data their more guys some when have we that you It's say haven't would about. the could say feel early hoping feel some this really me not if just waiting come positive that previous is to to of say that back. it our will mean any coming over several combination buy for are bid-ask I a that And reset degree change back happen capital. the there's sort this and broke and it's the cautious. out that of great we're I'd that ongoing resetting data about, of needing now that war we see but say one pretty is the we It's It's too would a heard I'd

Operator

from line JMP your And question Ryan the Devin Securities. of comes next with

Devin Ryan

of trying the we're time the I is to story kind know of think the bigger at color. business. really all the But time, Appreciate in I point secular all picture. here kind same inflection the near-term

them flavor the more a kind on around stories of of just Anything are you backdrop. bringing the just guys helping around you so of them platform And onto share get or trends. can market getting success just of with guys, amidst to of kind that want intermediate private corporates, bringing And kind anything wins platform. share traction you the term of investors just maybe that navigate Forge more I kind little markets maybe you just the the kind of from kind of kind can and to

Kelly Rodriques

Yes.

a hoped really the about bundling move strategy we're a And of is other So impact something excited data see couple out the had us. we're some expanding a the and data a sort ago in the about of to in breaks one that before our we the things broadening with data for solution data could we future. strategic But on I'd broader going do to cover data offering. relationship the point, for of this XXXX its This specifics to is business, up Mark, business. would the and strategy we our of not-too-distant there? the say and about few went years we're tap data we we're be seeing that purposely is starting to opportunities are between talked want things you talk what point, big about that this of until at of strategy us. of a committed couple now parts We the

Mark Lee

lot hear market and words would we're outlook that the the mean get I the is receive just about mean, thing -- we high. prospective investment the like the through I and with been one start our information, Devin, Yes. private to the put tremendous. super a we research be world-class. just has of I our update I people, on customers mean that mean out boy, core feedback excitement customers data is I

start that. of kind So with

the data did this get more a a become it's us I help As Kelly win-win lot when all transact before. give to show key with to us about, allow would what they strategy, than there they data they trading data that evidence them of around. is confidence, up And a a are information more as customer our that talked of of think to subscriber a that seen a couple signs expansion product, with do We've after testament that enhanced them they data our points.

I help trading are addition, do in And capability out we're a just that our had high price, we Forge leadership have So then strategy that we and the which bringing includes with the Forge product in expect we thing in the derived to And said, really opportunity data outlook. with now forward. And about Market to the that product this Kelly Index we Forge last roll talk is And bundle in our we XXXX. in data the data. as solutions Private mean new enhanced set testing products. drive investment that this and to proprietary conditions start

data in kind So a you that it's the highlight prioritizing. things the to developments one and feedback talk be spotlight we're quarter about continues that. of that And of we're getting, I would

Devin Ryan

just great. And That's just on then a follow-up custody. here

Forge We fee of some the you cash just which the XQ have custody? because using to XQ. through of pretty sense. nice kind potentially pressure growth just of So onto sorting, you coming Forge to Mark, ports from in that that And in mentioned partners then, to Is customers of custodial Or to continue growth model the are of from have some cash kind platform? makes that for in is your kind accounts. decline external balances

assumption more still floating the other rates The that part the peaking that's are you behind us. are you the of question from feel of the is interest majority kind if is, seeing of like cash kind if that of Or here?

Kelly Rodriques

the I'll though. with accounts start

I on have of I'd kind offering the custodial of we look, years couple accounts. and say, focus a high-quality growth So upgrading, been say to trying journey platform. we've the -- really the with been for And would on last

because bit weren't or were either where a precessors Micotil investments. just accounts that little business, shed our the trend adding older that of had we weren't a [ new with collecting we accounts up ] or so now on customer new cash making accounts there's time until been And

custody now take reached really think improvements And really accounts around where technology point get of where or other forward. foundational start couple we and of custody needed to about cross-sell a excited we I we're moving areas forward. and integration to some the we've going onboarding

we a is model business with is part a ago cyclical, in the Certainly, in until even story expect, anybody the a But it's rate think would last of going that year, been years terms the in of environment. now came of like the hell we're rates. X cycle and beneficiary XXXX. up that So where from we now, in least right at of we've improve to

and let to environment. of hope see is I'll that we're down And kind markets we from speak think never we relative more that in gotten. come hope the rate that loss that be to rates revenue going market at period of data. that our volatility. as expected Mark in will we point settle business sequential this that in But that revenue, transactional get how that custody we would balancing we're starts some to in So a will composition We the thinking about the future, find our point about down that growth the improve of business the we've

contributors markets like future excited hope is our and 'XX in So revenue what and the I business data, to beyond. we're to our and where see index growth in have it. clearly, other But think account we is is growth

Mark Lee

is customer we've break have our Yes. know, our add. versus we is been which putty through which much as Devin, what accounts service, CAS I too self-directed base. IRA I to partners out you mean, don't a don't business, as our calling our between

improved follow what on you mean, the sorting research I So put the is terms out and playing of I Schwab trying tell watch accounts, I look What follow year spread our has of that concentration across the obviously, to is would the customer out cash, out at cash, would you as tell to is guys you year. industry. across like all which their and in concentration it's customer of from I but when we cash others

a the amount of cash highest sorting from impacts ago, look year cash. our obviously, with at the If the you concentration accounts

but that, very improved, cash concentrations can the think we So I further don't sorting. on we kind that exposure something of forecast a I put is there to mean closely. watch

for the the growing business, our custody we're us key that's the going business and new adding think is Kelly continue at on accounts, to focused be custodian. I way indicated, as to to improve the going

Operator

Oppenheimer. Owen question line next the your from comes Lau of with And

Kwun Sum Lau

volume trading be in but a Could your quarter? little number, the fourth to on so Would a may to understand expectation flat, of you you not please October that down compared volume the what's bit about bit? talk specific I little far? trading provide a that color up the want quarter third more or

Mark Lee

this Mark. Owen, is

I If in we were calls, making X recall, quarterly comments. last think you the earnings comfortable

don't can were months fact, throughout as the coming quarter right? when in the comfortable the public significantly look first this for quarter provide are making the as has a closely.But quarter, a QX. stuff trading kind guidance, comments follow half. kind Typically, very very us and patterns in the time slow of we And see, when of year. you markets historically recall, performed you we at volume obviously, been volume a slows about in you you While down. summer increased strongly And But third guys

important probably this. companies. talks One we've funding that I I Labor the July. war main can indicated market kind rates in hit the of with the Owen, return of see with the S&P watch factors the private as of and you Russell private we track track companies for indices, QX, QX, activity the and higher X,XXX Fed's longer their we our companies the Day, markets. breaking public is And Nasdaq But see environment saw that of of the post companies XX% that we're also and about carrying September, About This of those momentum very mention, kind that reset. Kelly kind we round that as macro-economic of roughly our mentioned, of discussion a for grade balance into think If peaks that X% in course, outlook. that the X% is we this it's capital basis. so year-to-date happened markets that other the information And Kelly interest. terms raised very closely, indicators October, said, there's of forward in would IOIs private in X and companies about investment right? aware in buy-side we of positive things But and October. in what's out in the track of the about for yet, of to and on we tenuous in And

do next it new IPOs that that then to funding mixture kind data have the between are has right? waiting XX% can raised with minority, kind companies that those XX IPOs, that seen the a months number XX% last premium Those are There's of so of a says an the of still in raise still of recently round rounds in of that the FIO And been that's that a of and not to while now companies over a results. So at you've it's raise the positive, round. capital with round. increased shows XXXX. we a capital over many still the raise There's premium track time average

of successful exits I price think they're private through reset. start give and the and go They that high of part right? valuations rounds that kind have can we companies IPO funding believe because the important to important that great a those kind discovery, are have great primary reset, private particularly an the to also confidence companies investors that important drivers reset of show the of market are markets and return to

some other of factors those we that's And watch that So helpful. closely. I hopefully, think are the

Kwun Sum Lau

go theme, you your is Could then trend. an longer-term which international on to Got another your update it. please give sense? strategy And maybe us

Kelly Rodriques

Yes.

we previously in But about was senior venture do and and market been believe ability in announced we XXXX. us. think that for European the Europe. Vapen that has the the days at we're X we last community we're of have volumes. and for our out to regions poses I'd we've of the X at optimistic recently level that receptivity there's the as begin probably years XX the capital building in, the our issuer that Forge European and I'd in been getting that deal it's great level within team probably both I welcome and behind the U.S. refreshing. a operating or say are So And opportunity in X we real attitude about had the Berlin team there, trading application a market we of say really

and are that IPO attitude the really last And up liquidity that great attain retain we've and the been have we've their people in that staffed sense message investors team the since we to for our X before has get the a of capitalists there. received to really been and and trying a about a ability about position in venture proven started think talent giving flexibility I to to there staffing months an sell really region. got

for lot So it, revenue expecting and we're Mark? know, about I XXXX. us reasons there's of don't excited be add a to contributions in would you anything,

Mark Lee

very and of the the Owen, just mean, I kind continent, opportunity U.K. the much being right, very, on movers first in in It's No. Europe, excited very about

Operator

your comes of Blair. Schmitt William with the line next question And Jeff from

Jeffrey Schmitt

what sort competitive Are rate historical below you just remain trade is know you on down, rates, the on but mentioned transaction competitive given brought curious volumes any take block environment. seeing that your read the I levels? just pressures of the

Mark Lee

some you views what I to close anecdotal by What is and we we reasonably to are other top dialogue competitors. people give to regular the seeing. check-in that and see try stay just a have I'll mean

to you the say probably seeing rate if there we're is a And market that the rest not are is market, incredibly saw us. pressure that an anything, in the is fragmented. be of anybody indication And is We rate quarter the what of rate fact seeing back I'd pressure. that take indication if going applying out X X.X% most to an still it's

the consistently. struggled same we believe set And that competitive So we don't capital. see our raise anything, names has if to

we've the their of And some staff cases, really and had competitors to our been in so up of most have that. beneficiary skinny

if our this cash are And about so mentality burn Most we competitively, comments balance important. competitor investing. mode. the periods it, in is our a a time not terms have My cash really But of competitors volume. doesn't is a is sheet at is about lens and think somebody of of you preservation of that look own are market them struggling prospects through as in is difficulty where who

of staffing that out in nervous competition is cash. is and investments lot being their there extremely terms a or anything think burns conservative in the of I

many to a our better rate continue that as to I'd and competitors try afloat. haven't and speaking. and that we're seen entrants trying going to looking for we always over going concern any period, harvest we I seriously. inventory But be take stay anything, So really everybody to new But forge is taking are to think, relatively although our But can us, of if perfected coming that shoulder say trades in at order who's compete. the they highest take

Kelly Rodriques

as in I Jeff, space. know we're that company but want reminder, a the to is I would know just public a things, this these one you company add,

we competitors. of all think most than have a sheet our balance I stronger

scale. So we the have

much had lending for movers -- share we that's competitors, I know about I'm competitors in us the think private about advertisement, the them, everyone, think that our support product. about were early we mean I but for that you for versus our difficult months where data I and than like team, last probably compliance the field, I space. I feel it For built, solutions, we specialist more I would say And sounds team the our in this situated. product, And but we're think costs think when market and Forge. XX when good to an operations our think the we've difficult legal just really team, put that out the you have the and the types custody playing technology

Jeffrey Schmitt

it, those write how they remain I think then I levels? but the and they mentioned how bit at to think but And look? Okay. are first Or you first in trends a trending? quarters, did don't they quite refusal jumped a second

Mark Lee

slightly reporting of what ROFR elevated number Jeff, current And both in are Fortune and XX%, in stays the the QX. still issuers that outlook, is been number investment QX a -- have done quarter. the specifically that relatively So in that over we've the in

of the the seen what highs still compared in are at historic number So past. is that we've ROFRs of issuers doing to kind

Operator

Alex line UBS. question from final with comes of Your Kramm the

Alex Kramm

of if may. I follow-ups from discussions, prior Just couple a

On turn are little bit are. mean, I the around a question, little competitors your some that not competitive of a maybe you surprisingly, struggling bit. to environment question more probably than

in as that's that in you space right are maybe are sort some that space. So competition wondering the degree to a that Does wide general? appetite make others? now? more in increasing direct still just of Or becoming Or have other your you're sense any versus firepower the in to for interested little bid-ask bit outside there what still areas consolidation of

Kelly Rodriques

and We the And right now our anybody the carefully love selectively within to tables their looked of not we money. our different consolidation. the reason is was are with idea. went struggling raise only no competitors scale valuations public to part their consider market to space like own base, own in that that's I'd use reality the cap in and currency for ability and of what but the have customer private their than say the else

we focus organic some say I'd believe that really that watching, and it's we performance consider and that we're So clearly like, companies we today, out see own we important but there on also our we're that demonstrate support community, to consolidation. broader look our our market currency and support a and we long as to as company the use getting broader to Forge the shareholders from to that investment is will

has price improvement last I performance some we've and years seen us XXXX. in will Now But to quarters, we're at for say I'd think quarter-over-quarter, continued X.X think a obviously, as it in reality on modest our become inbounds. also the open been tough. look the focus I last share to couple And

are there there's But we first, and careful, going XXXX. on had have that and move "Hey, say think into we're prove We do really and incremental as I'd deliver to we opportunities. to out stay call say, first there very companies can the investment market," But focused some opportunities selective. us going improvement us things quarter-over-quarter in we're banks call but I be

about careful but optimistic, that. we're So

Mark Lee

the to to our and investment which, marketing with and products want just have PMU, data. to I for mentioned use index our about out should to team, this competitive our answer moment think together drive Jeff's my analytics Alex, drive put our research question outlook, I that add I team, advantages, our when

team. I didn't But of our side think explicitly the surpass kind side have out the of think analytics and call there capabilities I and marketing that people we our far competitors. we

to So answer. my I wanted to add that earlier

Kelly Rodriques

Forge, in to be inbound, for I sold one clarify meant any else. me When meant inbound I let I to not anything And interest Yes. made. point interest

careful potential So part and way my future. at institutional of are being to we're this strategic us as the market looking place up really our and competitors going about which their saying core priorities, think, view I a that our and be on is, of data. end And to focused as liquidity

Alex Kramm

Great. so a one much how and terms customer hard just you discussion. in one the balances said look, just out have the you it notable follow-up, anything follow-ups. it's break that? forward data the past, just mean, index to sorting I to to but base again, reacting And how could one trended in -- quarter of I point run what terms I of rates the of think then One, live in the know a the for how rate trying out can other maybe Okay. last that changed, to as in for cash on maybe the is anything the is picture. figure outlook And then revenues in couple yet revenues, rate you've the

Kelly Rodriques

And of that sorting then question, point first question. to down is really and it we what was... any don't have I if but happening on mean think to really closely. I have understand other response we at great can We it sorry, Yes. formulate, we detail, I else anything detail try don't add. the unfortunately, question I was what we think break Alex, very cash can additional share kind in this I your track do can the

Alex Kramm

of I talk should it data have or made yet break you a run in index, question. can to rate The out? terms notable double revenue that anything about

Kelly Rodriques

out not Yes. the business. We're our to break at point data still

at think of it's will I at time, data And talked the that annual think on, basis we business. provide qualitatively, business what our on of of that this focusing I in we on kind about the information we're Alex. do point an least side part a think probably

disclosure of the that's our kind at point. this extent think that So I

Mark Lee

all Alex. to Thank engaging call. forward working before you you, we're and the I us Thank comes. you Kaila, we look joining with conference ready think to for and XXXX today, end

Operator

today's concludes call. this conference And

You may now disconnect.

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.