Ladies and gentlemen, thank you for standing by and welcome to the Nasdaq First Quarter 2020 Results Call. At this time, all participants' lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Ed Ditmire, Vice President of Investor Relations. Please, go ahead, sir.

Good morning, everyone and thank you for joining us today to discuss Nasdaq's first quarter 2020 financial results. On the line are Adena Friedman, our CEO; Michael Ptasznik, our CFO; John Zecca, our Chief Legal and Regulatory Officer; and other members of the management team. After prepared remarks, we'll open up to Q&A. The press release and presentation are on our website. We intend to use the website as a means of disclosing material, non-public information and complying with disclosure obligations under SEC Regulation FD. I'd like to remind you that certain statements in this presentation and during Q&A may relate to future events and expectations and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from these projections. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our press release and periodic reports filed with the SEC. I will now turn the call over to Adena.

Thank you, Ed, and good morning, everyone. Thank you for joining us. My remarks today will focus on three areas: I will review Nasdaq's start to the year, in particular how we are adapting to the challenges of the COVID-19 pandemic and our results for the first quarter of 2020. I will discuss how we are seeing the potential for our business in 2020 to be impacted by the pandemic and I will discuss the secular trends that have informed our long-term strategy and how we see them developing through and after the current pandemic crisis. I would like to begin by acknowledging that we are all navigating through an unprecedented moment in history as our global community fights the spread of COVID-19 and prepares for what will be a lasting impact on our daily life. I speak for the entire Nasdaq family when I say our thoughts are with those who are battling this virus, the families who have lost loved ones and those who are on the front lines of our economy and our society putting themselves at risk every day to care for us and our well-being. They include the millions of people who work extremely hard to make sure that we have food, power and other necessities. They are the many who are keeping critical stores open and shipping goods to our homes. They are the healthcare workers, who are putting their health and their family's health at risk to care for the sick and handle the heartbreaking loss of life. There are not enough words that can express our deep gratitude to the millions around the world who are enabling us to stay home and stay safe. The crisis has highlighted how the human spirit manifests itself and it has been truly awe-inspiring. To provide…

Thank You Adena. Good morning everyone. My commentary will primarily focus on our non-GAAP results and all comparisons will be to the prior year period unless otherwise noted. Reconciliations of U.S. GAAP to non-GAAP results can be found in the attachments to our press release and in the presentation that's available on our website at ir.nasdaq.com. I will start by reviewing first quarter revenue performance as shown on page 3 of the presentation and organic revenue growth on pages 4 and 14. The $67 million increase in reported net revenue of $701 million is the net result for organic growth of $81 million including a 22% organic increase in market services and an 8% organic growth in the non-trading segments. An $8 million net negative impacts from acquisitions and divestitures and a $6 million unfavorable impacts from changes in foreign exchange rates. I will now review the quarterly highlights within each of our reporting segments. I'll start with Information Services revenues which as reflected on pages 5 and 14 increased $18 million or 9%. Organic revenue growth during the period was also 9% reflecting growth in the index and investment data and analytics businesses. Included in index revenues is a $5 million collection of previously unpaid license usage fees. Market Technology revenue as shown on pages 6 and 14 increased $4 million or 5% with organic growth of $5 million or 6%. The organic increase was partially offset by a negative $2 million impact from unfavorable changes in foreign exchange rates. Organic growth during the period primarily reflects an increase in software-as-a-service surveillance revenues and an increase in software delivery and support projects. As Adena mentioned annualized recurring revenue or ARR rose 9% compared to the prior year period. This increase was the net of an adverse impact from changes…

Thank you. [Operator Instructions] Our first question comes from Richard Repetto with Piper Sandler. Your line is open.

Good morning Adena and good morning Michael and Adena thanks for the review of the business segments and I guess the sensitivities to this, I guess changing and challenging environment. The one – and it helped very much. One question I'm getting from investors and sort of jumped out at me too was the new order intake in market technology. So it came down from the elevated levels for my 4Q but the ARR didn't materially change quarter-over-quarter. So I'm just trying to see that big number that you put up in 4Q. Could you review again how that could flow through and how you could see benefits in the market tech segment?

Sure. Yes. Thanks Rich. So we did have a high level of order intake in the fourth quarter and that obviously then had some impact on the amount of order intake we took in on the first quarter but as a reminder the order intake can come in three different groups. So one is renewing and in some cases expanding existing clients, the contracts so that's both extending out of the contract term and in some cases expanding the services they offer. The second is new client acquisitions for trading solutions and what I will call marketplace solutions and the third is the more staffs oriented revenue that's more immediately SaaS in our surveillance business and what you're finding is the order intake that took place in Q4 the way that it flows through ARR is in the SaaS, is kind of surveillance business that's currently SaaS and any new markets that are truly SaaS that can come in pretty quickly into the ARR in the following quarter but the vast majority of the order intake either is an expanding out of contracts so that it will then start to flow into ARR as our contracts are extended or with new clients where we have to develop the solution and then deploy it, the ARR will not -- it won't show up on ARR until we've deployed the solution because we don't count the billed on costs and the billed revenue oriented revenue as ARR. So in the vast majority of the cases for the fourth-quarter order intake it is requiring us to build out the solutions first before that'll show up in ARR so there is a delay.

Got it, thank you very much and again thanks for the review of the business segments.

Sure. Thanks a lot Rich.

Thank you. Our next question comes from Dan Fannon with Jefferies. Your line is open.

Thanks and just a question again on market tech, thinking about some of the forward-looking implications you highlighted. The 1Q results were slightly below, we were looking for, so curious if you started to already see that play out in margin in the 1Q revenues? Are there other things that may be impacted that kind of potential first quarter results in terms of the slowdown and then also last quarter you mentioned margins improving on a year-over-year basis and that segment going forward given the forward look for revenues, I assume that's maybe not a doable but maybe talk about the margin profile for that segment given the changes you've been implementing for a while and the transition to SaaS and those things and how that might still play out from a margin perspective?

Okay. Great. Thanks. So with regard to the 1Q results and looking at how they are developing as we go through the year, I think that we -- I would say that we didn't see a lot of impact of the COVID-19 situation on our 1Q results but some because remember a lot of our clients are in Asia and so they were earlier, hit much earlier by the virus than the rest of the world and so some of the works that we were doing in that region got delayed. So I would say that there was some impact in Q1. I think that now that it's become more of a global situation, we wanted to make sure we did give you a view into what we are seeing so that you can understand were there might be delays in work that we're working on. We are still for instance doing design studies but if they're doing, if we're doing design study remotely it just takes longer to get the design studies done. And so and we are still doing them. It's actually been really great to work with our clients that way but it does take longer to get through the design work when you're having to log in on Zoom together. And then in terms of some of the new enhancements that we are working on for our clients or frankly upgrades of their trading systems or other systems. They've asked for some short-term delays while they're managing through a remote working environment and so those are the types of things that we're starting to see. We're not seeing general underlying weakness in our clients or client relationships. It's really just showing that there are other diversions of their attention right now and that will have some short-term impact on how we can recognize revenue against project related work, a short-term change requests as well as new deliveries that we're working on. In terms of the margin we are as focus as you guys are on managing the margin in the business and so the way that we're looking at that balance is we wanted to be able to continue to develop and deploy our next gen technology stack and there's work that we're doing to really fill out our SaaS capabilities against that technology and we will, our goal is to continue to do that work. We also have to make sure we're managing to our client expectations in terms of managing workload we do have but we also have the ability to look at that in terms of making sure that we're making the right decisions around building out the teams and managing the teams so that we can try to manage to the shorter term margin issues. So we are still working towards showing an expansion of margin there but as you said it will be harder with lower growth this year.

Thank you.

Thank you. Our next question comes from Brian Bedell with Deutsche Bank. Your line is open.

Great. Thanks. Thanks very much for your comments also Adena. Very helpful course of businesses. Maybe just to circle back on that in terms of that sounds like it's mostly from within the market tech segment in terms of the COVID-19 related slowdown but maybe if you can just sort of characterize what you think, the base revenue run rate is on a quarterly basis that would be -- that is guaranteed effectively through this period and then also if you can just comment on the index data that looked like it was very strong related in relation to the actual metrics. So just wondering how that the index data might play out in the second quarter given where the markets have been had turned?

Sure. So we don't communicate kind of that base revenue that you're looking for. We try to provide enough context for you to understand that we have a very broad and secure base of clients both across all of our businesses. So whether it's market technology, corporate solutions, information services and our markets business. We have active and engaged conversations and we have a very broad base of clients. So we have that the benefit of diversity and when I gave my comments I wanted you to see either what we're starting to see or what we could see as we understand this pandemic and its potential impact on our clients. But we don't provide a specific kind of revenue base number that you're looking for. We're just trying to make sure you understand how our growth could be impacted going forward through the year. In terms of our index business, the index business was impacted by three things. First, as Michael mentioned we did have a collection of unpaid invoices that we were able to secure in the quarter and that had a positive impact of $5 million but even without that we did have double-digit growth in the index business and that was driven by the fact that our AUM is up. So that's one. And that volumes in the futures of business as you know we have an agreement with CME on the futures volumes in the Nasdaq-100 index futures and those volumes were very, very high during the quarter which obviously helped supplement the growth in the business.

Got it. That makes sense. Okay. Thank you very much.

Thank you. Our next question comes from Alex Kramm with UBS. Your line is open.

Yes. Hey, thanks. Sorry to jump back into the index business real quick but can you actually be a little bit more specific and maybe this is for Michael then, on the pieces on the quarter-to-quarter basis because I feel like there's still something missing. So AUM, I think average AUM was up 5% quarter-over-quarter in ETPs and I think the volumes you mentioned on CME I think we're up 109% quarter-over-quarter. So maybe just in terms of dollars what the contributions were and also maybe on the subscription side if there was a big increase there? It just seems like there's, you're either doing a lot better than we thought or something else going on. So just curious if you can flesh out the pieces looks better.

Sure. So I think that a couple things and I'll also send it over to Michael to see if I miss anything. So the first thing is recognizing that the AUM is 5% growth in AUM but then also depends on where the AUM is coming from and in this particular case we saw strong, pretty strong reflection of AUM in our benchmark indices that tend to carry a slightly higher fee rate. So that's one to consider and then the second thing is on the futures volumes when I looked at last year, I looked at like all of last year and the future is volume revenue contributed about 12% of the overall revenue -- 12.5% of the overall revenue in the index business whereas in the first quarter it was 19%. So hopefully that will give you a sense of the scale of the change in the futures revenue but I don't know Michael if you have anything else.

No, I think it's primarily within that futures revenue is -- we do have a new contract with CME and so when you look at it on a year-over-year basis, any additional volumes, plus e-mini micros that they have when you take that all into account with the mix, etc. It adds up in the results that we're seeing plus in addition to $5 million Adena mentioned earlier and that I mentioned in my remarks.

Yes. Thanks. Those numbers from Adena were great. Thank you.

Okay. Thank you.

Thank you. Our next question comes from Chris Allen with Compass Point. Your line is open.

Yes. Morning everyone. I guess, I just want to ask quickly just on the taking down the revolver and maintaining the cash buffer. I get that you have to repay the CP in the second quarter, if the CP markets do not improve. I'm just wondering why you think it’s necessary to maintain a notable cash buffer right now, just given the cash generation capabilities of your businesses and just where you are from a kind of leverage standpoint at present.

Yes. Thanks Chris. I think the simple answer is it's really built in suspenders as we're going through an unprecedented time something that comes along once every hundred years and you're in a situation when we were in March with the markets were very volatile. The short term funding markets obviously had have tightened up substantially and honestly in a position like this it's just a matter of having liquidity is a very good thing to have and it just allows us to sleep well at night. So there was no immediate need for that additional buffer. It honestly was just putting some additional cash on the balance sheet so that we had some protection for unforeseen circumstances again given just the uncertainty around the events. And as things settle down and things now with the government stimulus and the markets returning to normal we will take a look to see whether we need to maintain that additional $300 million or so and will pay down the revolver when we feel comfortable but it was really just like I said it built-in suspenders approach.

Thank you.

Thank you. Our next question comes from Mike Carrier with Bank of America. Your line is open.

Good morning and thanks for your update and taking the questions. Questions around the organic growth and I think for all the updates I think that was helpful and would be cautious this year but when you think about the low end of the range like in terms of determining that is it like kind of the depth of the recession and the impact from the pandemic or is it more the duration meaning if it lasts a long time? And then Michael just on the expenses related to the non-transaction and the non-trading part of the business, like how flexible is that and Adena, I think you mentioned on the organic growth like the longer term but like you go through like if you like this and a lot of customers kind of rethink businesses. So are there any parts of the business that you think you can actually see more demand for outsourcing and some of the services that you provide to your customers?

Great. Thanks a lot. So I'll start with the organic growth range. I think that we've been really evaluating 2020 and we also have been looking at it long term as I mentioned, so it's kind of like what's the immediate impact and how should we make sure that we're communicating at least what we're seeing and what we know about a great unknown right now. And then also looking longer-term, are we still playing into the right trends. Are we seeing those trends either develop as they have been or even accelerate. So taking both in order on 2020 I think that, we are trying to make sure that we recognize that if things kind of are able to return to a “new normal” I'm going to call it that relatively in a sustainable way as we get through the first half of this year and into the second half of the year then I think that will find that IPO has come back in albeit slower than what we had experienced last year in the first quarter. We will also expect that we will continue to have great ability to provide intelligence solutions to our investment management clients and our corporate clients and then we also have a lot of projects and a lot of opportunities within market tech that we would expect that our clients will want to hop right back to it and get those going as they see their own worlds normalized to a degree. We do think there will be a new normal though. We don't expect all of our employees to come back to the office right away. We don't expect our clients employees to come back to the office right away and so it will be a hopefully a steady improvement in…

Yes. Thank Adena. The answer on the expenses and whether it's a trading or the non-trading expenses. I think Nasdaq has historically shown that it's very efficiency focused organization and we do look at our expenses on a very detailed basis across our different segments and depending on what's happening with respect to the nature of the business we do have some levers that we can affect. We obviously have some discretionary spend across our different programs. Number one we'll take a look at those and that includes things like marketing and travel and entertainment and other types of opportunities. In addition to that we do have our initiatives and there's – these initiatives that Adena referred to earlier in our R&D program but there's also a number of other underlying initiatives that as an organization you have the opportunity to either do faster or slow down depending on the nature of the environment that we're facing and then you can always continue to look at other elements within the cost space. We now have much more flexibility with respect to our working environment and so we'll take those things into account. So I think will be very cost-conscious and we will obviously observe the environment and adjust our expenses accordingly.

Thanks a lot.

Thank you.

Thank you. Our next question comes from Ari Ghosh with Credit Suisse. Your line is open.

Hey good morning everyone. Assuming this one for Adena, I appreciate all the color that you provided and apologies again but back to your comments around potential risk of hitting that 5% range in 2020. Just based on your early assessment and I know you've hit on this a little bit but again apologies if I missed it. Could you just talk about specific areas and segments that might be driving that? Because if I think about the trends that you saw early this quarter, info services, the solid friends there and then just overall in the business by those analytics surveillance, tech infrastructure those are sort of more essential and I imagine would be a little more sticky in the near term as well. So maybe can you just drill down by maybe high-level business and then specific either client segments or regions that you see right now that could potentially drive some of this weakness in the near term that could just help maybe sort of bring fences and brands for us to think about sort of how long this could last in terms of whether it's more near-term concern with the particular sub-client segment or maybe longer term nature? Thank you.

Sure. Okay. So I'll try to be brief but it's a big question. So the first thing I would say is you are correct that we have a sticky client base and I think that we should recognize that and I hopefully I conveyed that in my prepared remarks that we have, we do provide critical services, critical technologies, critical information that allow our clients to navigate the capital markets or operate capital markets successfully. So you are very correct we have a sticky client base and so that gives us great confidence in the overall base and foundation of our business. But when we look at growth it's driven by obviously in upgrading or even increasing the relationships we have a certain customers or finding new customers or making changes in pricing. And I think we've made our normal course changes in prices this year and those are already being reflected and through the results but when we look at the other two, I think that when it comes to our current client base whether it's corporate clients, investment management clients, broker-dealer clients or exchanges they're very busy right now. So they will look for us, to us for immediate needs and we will be able to provide them to them like we help them through the surge and traffic and volumes through their systems. We've helped corporate clients really try to understand and do some new targeting work to help them understand how to attract new investors into their names. We certainly have done a lot of work with our investment management clients and we're doing a lot of analysis now on, business continuity planning and other things that help our investment management clients. So we have a lot of really interesting short-term work and I think some…

Great. Thank you very much.

Thank you. And our next question comes from Ken Hill with Rosenblatt. Your line is open.

Great. Yes. Thanks and good morning everyone. I wanted to ask yesterday you guys announced the launch of Nasdaq cloud data services. I was hoping you provide a little bit more detail on kind of what the enhanced flexibility does there? I mean obviously it seems like it allows you to kind of update the product more often, have a more tailored data set but is there anything tangible we should be thinking about from maybe an expense footprint perspective or the ability on the revenue side maybe that's happened to new customers or new clients who might not use the legacy products in the past. So just kind of wondering how to think about that candidly? Thanks.

So you nailed it. So we are looking at that cloud data service first of all it's not for the ultra-low latency clients but it is for the broader investor base out there in the world and for clients who tailor to investors around the world and because it's delivered in a millisecond environment. So it is truly real-time and that's pretty exciting to be able to deliver that out through a cloud infrastructure and that's some engineering work we did with our cloud partner. The second thing is that it's a really light touch in terms of what the client needs to do to take it. It's a very easy API for them to ingest and to build out front-end capabilities against. So it's got this, it's a very modern language. It's very simple and it makes it so that they can ingest it and develop front-ends very quickly against it. So it's like a light, think of it as like a light development kit that allows them to take in the data a lot faster and have a lot less cost associated with managing the data and recognizing that since it is in a cloud infrastructure they're not having to take the data into and ingest it into their data centers. They can just ping it through and it'll flow through into their systems from the cloud and they can store it and they can manage it in the cloud. So our view is that it's a much lighter infrastructure as well and I would say that we are expecting to be able to see new customers. That's kind of one of the main reasons for doing it is to continue to expand our client base but we also are working with customers that we've had who might take it as a new feed like maybe they took our basic feed before and now they want to take our depth because it's a lot easier to take in. so for all those reasons we're excited but it's new. So we just launched it yesterday and we have a lot of work to do to make sure we build up that pipeline and make it a reality for us.

Okay. Great. Thanks for the detail there.

Thank you. And we have a question from Chris Harris with Wells Fargo. Your line is open.

How does COVID-19 change how you guys are thinking about acquisitions, you want to potentially be a bit more opportunistic because I presume evaluations have come down or you want to be more cautious because we just don't know what the revenue outlook is going to look like?

A great question. So the first thing I would say is, I think it's a little early for companies to necessarily admit to themselves that their valuations have come down. So while I do think we are in, we have our resilient business, we have a strong cash orientation to our business, we have a lot of opportunities to grow and continue to manage our growth organically in the context of what I've been discussing this morning. And so we were there to be a really great opportunity out there that we really think is a great strategic fit and delivers a really good financial result and we have line of sight into the future of that business because that's the big thing that everyone's trying to grapple with. Then we may choose to continue to take that opportunistic approach but I think that will be more cautious in a couple areas. One is certainly making sure we're thinking about in the context of our own balance sheet and making sure we continue to have a very strong position there. And two is we really need to be able to model it successfully. And so these businesses they have to be able to see through the cycle and know it's on the other end and know that they're also growing into or managing into a trend that we believe in and so for that reason I think you're going to find that it's, I would say we're being more cautious but it certainly is something that we have, we will continue to evaluate. I think as we've said before the vast majority of our time and attention is focused on organic growth. We have the engines going and well some of them may have a little bit of a slower roll this year. I think we still feel highly excited about everything that we have going on organically. So we don't spend every minute thinking about that question but that is something that we'll consider if the opportunity is right.

Thank you. And our next question comes from Kyle Voigt with KBW. Your line is open.

Hi, good morning. Thank you for taking the question. Just on the investment data business, the slowdown in organic growth there to 5% year-over-year, just wondering if you could comment on what that was related to specifically was that, with any type of early impact or should we be expecting some down from that growth rate? And then also just regarding that investment data business it was good to hear that you haven't seen much change in client behavior yet and you kind of won over the stickiness across a number of your non-transaction businesses but there specifically related to eVestment market [indiscernible] mission critical that really interesting other [indiscernible] into 2021.

Okay. Great. I think I quite catch the end of that question. You mind, I just I heard -- I heard you want to talk about eVestment but I didn't quite catch the whole question. Do you mind asking it again?

Yes. Sorry. Just wondering --

Okay. How about this. I'll answer your first question and then okay. I'll try to give you just color into eVestment. So in terms of the growth rate investment data and analytics it's comprised of a few things. So we've got eVestment which is definitely the largest revenue driver there. We also have Quandl and the Nasdaq Fund Network included in there. So just want to make sure everyone knows that it's not just eVestment but when we look at the growth rate of eVestment what we chose to do going into 2020 and coming through 2019 is actually try to focus on deepening our relationships with our clients which frankly is -- I think paying dividends right now. So we actually made a change in the way that we price eVestment to remove the per user charge and make it more of an enterprise charge per client, which has made it so that we've actually significantly increased usage of eVestment within the clients, but it also means that we don't have as many kind of smaller increases in per user revenues that would come in in any given period. But it does also mean that it gives us more of an opportunity to a scale eVestment across the clients, create even more stickiness with our customers and really work with them on developing and delivering new capabilities as this technology and the data it's more propagated within our customers meaning it's not just in the marketing group it's in the senior management office. It's in the fund management office now and so it gives us more of a chance to grow through new capabilities and so on the back of that that did moderate some of the growth that the near-term growth that we saw in the revenues this quarter but it also gives us a lot of stickiness and a great foundation for us to continue to grow and then I think that in general we are doing a lot of investing in eVestment in the private market space. So we've built out a really eight capability to be able to do the same thing for private investors as we can do for public market investors and that has been an area of growth but that I think will start to show up as we get through 2020 and into 2021. And so those areas, I think those are all the things that I think will drive us and continue to have very sticky and success relationships with our customers expand into private markets, continue the global expansion of the business but it did result in some slightly slower growth as we've transitioned our clients to a new pricing scheme.

Thanks for the color. Sorry for the connectivity issues.

That's okay.

Thank you. Our next question comes from Alex Blostein with Goldman Sachs. Your line is open.

Great. Good morning. Thanks for taking the question. So back to the outlook for non-transaction business growth. Just slower growth dynamics in current environment obviously make a lot of sense but I was hoping you could talk a little bit about areas where we could see actual costs rationalization from some of your clients? So I think you talked about corporate solutions as one of the areas and early responses you just talked about investments but any others that we need to be mindful of is obviously clients potentially might have to respond to their own revenue challenges and if you get hit on the kind of typical contract structure for those relationships are these annual renewals, could there be more near-term terminations just to kind of help us think about the path over the next couple of quarters? Thanks.

Sure. So if I take it by group, so in Corporate Services business as I mentioned to the extent that some of our corporate clients are facing more near term expense challenges they may come to us and try to work with us to change some of the fees that we charge or they may have to make a decision not to take our service but those are -- I mean we have a thousands of customers who take our services. So it's still not going to be a large swath of our client base and in those cases what we have been able to do to the few that we've been working with so far is really just focusing on what are the services they really need and so we've actually been able to retune the conversation towards. So let's actually work on something that's needs more immediate needs and then we'll get back to let's say a perception study later. So they maintain their relationship with us we do a different kind of work for them and that's more relevant to the time that they're dealing with but keeps them as a customer and that's been highly successful so far. But those contracts are anywhere from one to three years generally and they generally roll, auto roll, but it does give them an opportunity to have a conversation with us every one or two or three years. In terms of the data and index business, well as you know index is a little different. So I'm going to put them to the side when it comes to our investment data analytics and some of the groups there in our data business are they, they tend to be either one-year or multi-year contracts with an eVestment but our data…

Great. Yes. Thanks very much.

And we have a question from Owen Lau with Oppenheimer. Your line is open.

Yes. Good morning. Thank you for taking my question. I have a question related to the Skytra trading venue and then more broadly how does the conversation change with other non-financial industries which may see the need to hedge revenue risk. So for Skytra it may be a little bit hard to gauge but how effective the Skytra exchange could have spread the risk from the travel industry to capital markets and then more broadly do you have more discussions about developing similar trading venue with other non-financial industries to hedge revenue risk? Thank you.

Thank you. So I don't have any special knowledge of Skytra beyond the work that we're doing with them to develop their trading and clearing solutions. I think that they've actually made statements around that. So I would -- I can work with that to see if that's something that we can get more clarity on from them. I think that they are excited about being able to launch this and they want to be able to provide that hedging capability and I think that they continue to target this year for their launch. So I would say that they continue to see this as being highly relevant but I think that they would have to answer your specific question there. In terms of the broader new markets landscape it definitely has opened our minds to working with clients on that kind of hedging type of capability. But the key to Skytra's success and I think or what they expect to have as great success is the data. So of course it's our trading solution too, but the data they have is very comprehensive. They are getting data from an industry source that allows them to see into the vast majority of tickets sold in the industry and that then gives them a very strong foundation for an index that then can serve as the foundation for the futures instrument. If you think about other industries, other parts of our economy where there is this kind of vast amount of data that allows you to aggregate selling and buying behaviors and understanding the pricing of certain goods and services being sold in a very large percentage of them being sold then I think you could argue that this is a relevant strategy for a lot of industries and that's something that we've been thinking about a lot. We did a fun internal program where we asked our internal teams to come up with new markets ideas and then we had judges come and judge the different ideas and some of them were based specifically on what you just said as to how we think about leveraging our technology to help other industries. So that work that was ongoing and obviously I agree that there's opportunity to take that model and apply it elsewhere.

Okay. Thank you.

Thank you. And there's no other questions in the queue. I like it turned it back to CEO Adena Friedman for closing remarks.

All right. Well, thank you very much. I just want to say that we are really a fortunate to have a particularly resilient operating and financial model at Nasdaq and that provides essential technology information and services across a diverse set of clients across the global capital markets. We also greatly benefit from our trading franchise which provides an increased revenue opportunities in times of uncertainty, while the balance of our non-trading segments prepares us well to manage our business successfully of a range of macroeconomic environments and we remain fully committed to our new long-term strategy. If anything recent events have bolstered our belief that continuing our journey as a leading technology and information services provider that operates world leading marketplaces is the best way to serve our clients and deliver returns to our shareholders over the long term. So I look forward to continuing our discussions throughout the year on our progress and what we continue to see as the situation evolves. And with that I want to thank you very much for your time today. Thank you.

Ladies and gentlemen this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone have a great day.