Nasdaq, Inc. (NASDAQ:NDAQ) This autumn 2022 Earnings Name Transcript
Nasdaq, Inc. (NASDAQ:NDAQ) This autumn 2022 Earnings Name Transcript January 25, 2023
Operator: Good day, and thanks for standing by. Welcome to the Nasdaq Fourth Quarter 2022 Outcomes Convention Name. At the moment, all members are in a listen-only mode. After the speaker presentation, there will probably be a question-and-answer session. Please be suggested that at the moment’s convention is being recorded. I might now like at hand the convention over to your first speaker at the moment, Neil Stratton, Investor Relations. Please go forward.
Neil Stratton: Good morning, everybody, and thanks for becoming a member of us at the moment to debate Nasdaq’s fourth quarter and full 12 months 2022 monetary outcomes. On the road are Adena Friedman, our Chair and Chief Government Officer; Ann Dennison, our Chief Monetary Officer; John Zecca, our Chief Authorized Danger and Regulatory Officer; and different members of the administration workforce. After ready remarks, we’ll open the road as much as Q&A. The press launch and presentation are on our web site. We intend to make use of the web site as a method of revealing materials, private data and complying with disclosure obligations underneath SEC Regulation FD. I want to remind you that sure statements on this presentation and through Q&A could relate to future occasions and expectations and as such, represent forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995.
Precise outcomes could differ materially from these projections. Data regarding components that might trigger precise outcomes to vary from forward-looking statements is contained in our press launch and periodic reviews filed with the SEC. I’ll now flip the decision over to Adena.
Adena Friedman: Thanks, Neil, and good morning, everybody. Thanks for becoming a member of us. My remarks at the moment will give attention to the next areas: Nasdaq’s fourth quarter and full 12 months 2022 monetary and enterprise efficiency. The progress we’ve made to advance Nasdaq alongside our strategic journey, and our enterprise-wide ambitions and priorities for 2023 and past. I may also present feedback on the present market and regulatory atmosphere earlier than turning the decision over to Ann for a deeper have a look at our monetary outcomes. We proceed to ship strong progress in 2022, even with an unsure macroeconomic backdrop and following a really robust 2021. 2022 was additionally a 12 months of milestones, strategic firsts and market-leading innovation for Nasdaq.
I am pleased with the Nasdaq workforce and the resiliency of our enterprise in addition to the trusted relationships we’ve with our purchasers. Earlier than I flip to our monetary efficiency, I wish to remind everybody about our new company construction that we applied in the course of the fourth quarter. Once we gathered at our Investor Day in November, we famous how the alignment of our enterprise throughout three new divisions, Market Platforms, Capital Entry Platforms and Anti-Monetary Crime, permits us to capitalize on mega tendencies shaping the monetary system to unlock new progress alternatives for our firm. These tendencies embody the modernization of markets the place we proceed to ship innovation that powers the world’s economies and enhances the underlying infrastructure, the event of the ESG ecosystem the place we assist corporations and buyers efficiently navigate more and more advanced reporting frameworks, entry extra seamless roots to capital and obtain their internet zero or sustainability goals, and the growing want for superior anti-financial crime expertise, the place we will improve the integrity of the monetary system by means of rising applied sciences, together with cloud and AI.
Our monetary outcomes at the moment mirror the brand new divisional alignment, and we stay up for persevering with our journey as we ship world-leading platforms that enhance the liquidity, transparency and integrity of the worldwide economic system with our long-term aim of turning into the trusted material of the worldwide monetary system. Now let’s flip to our outcomes. I am very happy to report Nasdaq’s monetary efficiency for the fourth quarter and full 12 months of 2022. First, concerning the fourth quarter, Nasdaq achieved $906 million in internet revenues, a 2% improve in comparison with the prior 12 months interval and a 5% improve on an natural foundation, excluding the impression of adjustments in FX charges and acquisitions and divestitures. Within the quarter, we delivered 5% natural progress throughout our Options companies even with an 11% drop in our Index revenues.
We additionally delivered 4% natural progress in our Buying and selling Providers enterprise within the fourth quarter on prime of a really robust buying and selling efficiency within the fourth quarter of 2021. For the complete 12 months of 2022, internet revenues of $3.58 billion elevated 5% from 2021 and seven% on an natural foundation. Our Options companies generated 10% annual natural income progress regardless of a fast-changing market atmosphere, and our Buying and selling Providers revenues elevated 1% on the again of very robust efficiency in 2021. Our annualized recurring income, or ARR, ended the 12 months at $2 billion, a rise of 8% year-over-year. Annualized SaaS revenues elevated 13% to $725 million within the fourth quarter of 2022, representing 36% of complete firm ARR. For the complete 12 months, non-GAAP earnings per share of $2.66 elevated 6% from 2021.
Our robust efficiency in 2022 in opposition to a difficult macroeconomic backdrop illustrates the energy of our diversified enterprise and our means to ship in opposition to our longer-term goals. Subsequent, I will flip to particular divisional highlights, which mirror the brand new company construction, focusing primarily on the fourth quarter outcomes. In our Capital Entry Platforms enterprise — division, we delivered $420 million in complete income within the fourth quarter, a 2% improve in natural progress. Income in our Information and Itemizing Providers enterprise elevated by 3% from the prior 12 months interval and 6% natural progress. primarily because of a rise in annual itemizing charges and progress in proprietary knowledge revenues pushed by increased worldwide demand, partially offset by a lower in preliminary itemizing payment revenues.
In 2022, Nasdaq maintained its place because the main U.S. change for IPOs for the tenth consecutive 12 months with 87 working firm listings for a 92% annual win charge. In Europe, our Baltic, Nordic and First North exchanges mixed welcomed 63 new listings in 2022, together with 38 IPOs. For the second consecutive 12 months, Nasdaq Stockholm stays essentially the most profitable itemizing venue in Europe. In our Index enterprise, we noticed income lower by 11% versus the prior 12 months interval, primarily because of decrease common AUM and exchange-traded merchandise linked to Nasdaq indices, partially offset by increased revenues associated to futures buying and selling linked to the NASDAQ 100 Index. 12 months-over-year common AUM for the fourth quarter declined by 19%. The fourth quarter introduced a very difficult market backdrop on each a year-over-year and quarter-over-quarter foundation.
Ann will present extra particulars on the AUM and buying and selling dynamics that drove the fourth quarter income decline. Specializing in the complete 12 months efficiency, our Index revenues for the complete 12 months of 2022 elevated 6% versus 2021 because of increased internet inflows and futures volumes. Internet inflows into exchange-traded merchandise totaled $34 billion in 2022, and we noticed demand develop for our new choices with 44 ETPs monitoring Nasdaq indexes, accumulating $3.5 billion in AUM in the course of the 12 months. In our Workload Insights enterprise, which embody our Company Options in addition to our Funding Analytics enterprise, our fourth quarter revenues elevated 8% from the prior 12 months interval or 10% organically, reflecting deepened consumer engagement and powerful consumer retention. Turning subsequent to our Market Platforms division.
We delivered $403 million in complete revenues within the fourth quarter, a 3% improve from the prior 12 months interval or 5% natural progress. Our Buying and selling Providers enterprise, which incorporates our transactional and U.S. paid plan knowledge companies, delivered mixed complete income of $253 million for the fourth quarter, a rise of 4% organically from the prior 12 months interval. That is primarily because of increased U.S. fairness derivatives buying and selling revenues, reflecting increased income seize versus the prior 12 months interval and better trade volumes. Money equities buying and selling revenues have been decrease year-over-year, primarily pushed by decrease European money equities income, partially offset by modest progress within the U.S. money equities enterprise. Through the fourth quarter, we have been extremely happy to announce the migration of Nasdaq MRX, 1 of our 6 U.S. choices exchanges, to the cloud in partnership with Amazon Internet Providers.
The brand new cloud-enabled system delivers — continues to ship ultra-resiliency to our market members whereas enhancing latency efficiency by 10%. As the primary change to place a significant market within the cloud, this marks a big milestone in our journey to construct the next-generation expertise infrastructure for the world’s capital markets. This success has additionally strengthened our credibility with our expertise purchasers. As illustrated by Bolsa Electronica de Chile’s settlement earlier this month emigrate their present on-premise Nasdaq buying and selling expertise to our cloud-based market companies platform. We’re thrilled that BEC has chosen us to assist handle this subsequent part of their cloud journey. And lastly, in our Market Expertise enterprise, we delivered $150 million in revenues in the course of the fourth quarter, of 5% improve versus the prior 12 months interval.
Progress in income was primarily because of elevated demand for connectivity, driving a document 12 months for our Commerce Administration Providers enterprise in addition to increased SaaS-based market expertise revenues. Order consumption in our Market Expertise enterprise totaled $106 million for the quarter and $264 million for the complete 12 months, which compares to a document of $304 million in 2021. We had robust order consumption throughout each current and new purchasers with over 90% of our new purchasers signing up for SaaS options, an encouraging indicator of progress returning to the expertise enterprise publish pandemic. We signed 12 new expertise purchasers and accomplished 5 implementations in our Market Expertise enterprise in 2022. We proceed to make good progress with our post-trade implementations, taking two of our largest purchasers into dwell operation in the course of the 12 months.
Over the previous 18 months, we have seen elevated demand for our expertise options with many present and new consumer conversations targeted on market modernization initiatives encompassing each cloud supply and SaaS. Earlier than I conclude my remarks concerning our Market Platforms division, I wish to supply temporary feedback right here on the SEC’s fairness market construction proposals, which the fee printed in December of 2022. We’re inspired that the proposals tackle lots of our suggestions from a paper that we printed final 12 months on optimizing markets. Whereas we consider that the fairness markets work nicely now, we acknowledge that there are all the time alternatives for enhancements. Accordingly, we help the SEC’s efforts to modernize and improve fairness market construction to enhance buying and selling effectivity, bolster competitors, improve market transparency, strengthen greatest obligations and in the end, obtain higher outcomes for buyers.
In proposing to introduce vital adjustments to markets which are already extremely advanced and interconnected, we expect it’s crucial for the fee to try to keep away from unintended penalties by continuing incrementally, methodically and collaboratively. There are additionally just a few areas the place we differ with the SEC’s strategy, and we plan to suggest enhancements, modifications and or alternate options in the course of the remark interval. Lastly, turning to our Anti-Monetary Crime division. We delivered $82 million in complete income in the course of the fourth quarter, a 21% natural improve from the prior 12 months interval and 14% when adjusting for the impression of the deferred income write-down. The income improve was pushed by robust demand for our fraud detection and anti-money laundering options or what we name our FRAML options along with modest progress in our surveillance options.
Concerning our FRAML options particularly, income grew 23% when adjusting for the impression of deferred income within the prior 12 months interval. The enterprise noticed continued progress in new purchasers throughout small to medium banks with 98 new SMB purchasers signed in the course of the quarter. As well as, the enterprise signed its first two purchasers to its crypto anti-financial crime platform in 2022. That is an thrilling providing that permits crypto corporations to determine crime, guarantee regulatory compliance and stop losses. We additionally proceed to see momentum following a number of proofs of ideas with quite a lot of Tier 1 and Tier 2 banks, together with signing a Tier 2 financial institution for our enterprise fraud answer in the course of the fourth quarter. Suggestions on the proof-of-concept outcomes has been very constructive, and we anticipate signing extra purchasers in 2023.
I wish to take a second right here to acknowledge our management appointment that came about this month in our Anti-Monetary Crime division. Brendan Brothers, a co-founder of Verafin and the division’s Head of Technique, has been appointed interim Head of our AFC division. He succeeds Jamie King, who’s retiring from Nasdaq. We’re grateful for Jamie’s large contributions to Verafin, and we want him very nicely in his subsequent chapter. And we’re excited to have Brendan step in to his function as we proceed to execute in opposition to our AFC highway map. As I discussed at first of my remarks at the moment, Nasdaq has made notable progress in opposition to our broader strategic journey. With the 12 months forward now in focus, I might prefer to share our enterprise priorities for 2023 and past.
First, we’ll try to appreciate the advantages of our new divisional alignment. We goal to unlock the expansion alternatives that our new construction supplies us. We intend to ship an enhanced consumer expertise by delivering extra unified options by means of a One Nasdaq strategy to our purchasers. We can have a targeted capital allocation technique throughout our three divisions, and we’ll improve our go-to-market agility by integrating associated software program improvement and advertising and marketing expertise into every division, which might facilitate streamlined decision-making. Second, we wish to stay positioned for fulfillment amid a dynamic market atmosphere. With macroeconomic uncertainty more likely to persist as we proceed into 2023, we wish to show the worth of our mission-critical options in an atmosphere the place companies know that they should maintain investing however are more and more targeted on fast time to worth and powerful return on invested capital.
And third, we wish to proceed advancing our long-term cloud and AI technique throughout the Nasdaq franchise by optimizing our agile improvement and leveraging machine intelligence throughout our options to unlock extra alternatives to ship innovation to our purchasers. Inside market platforms, as we deploy our new data-centric system structure, mixed with the scalability and the analytics engines which are provided by means of the cloud infrastructure, we consider we’ll have the ability to develop new AI-based order sorts and we’ll supply extra superior capabilities to our market members related into our ecosystem. These capabilities may also turn into accessible to our change expertise purchasers as we work collaboratively with them to deploy cloud-based market infrastructures of their dwelling markets.
Past market platforms, we’re already nicely positioned with our cloud-based SaaS options throughout lots of our options companies, and we’re on our journey to carry extra of our options into the cloud. In 2023, we’re at present migrating our purchasers onto our next-gen cloud-based governance platform and commerce surveillance platform. As our anti-financial crime options show, having a cloud-based knowledge lake unlocks monumental potential in making use of superior AI algorithms and self-reinforcement studying engines to our options. And with new step perform enhancements in AI which are coming to market, we’re extraordinarily excited to use these applied sciences to extra of our options in 2023 and past. We stay up for updating you on our progress on these priorities within the quarters to come back.
Earlier than I wrap up, I want to tackle the present market atmosphere. Uncertainty nonetheless lingers throughout the worldwide economic system and market-driven headwinds. And in the event that they persist all year long, that might impression our near-term progress outlook throughout listings and index in 2023. We’re additionally seeing a modest elongation of gross sales cycles for sure of our options, notably our IR options and our asset proprietor options, which is a part of our Analytics enterprise. We’re seen by our IR and asset proprietor purchasers as a trusted accomplice to assist them handle by means of the challenges that the markets have introduced. However we’re discovering, significantly in additional hard-hit sectors, that purchasers are going by means of extra inside gates to approve investments in IR and portfolio administration options.
Extra typically, throughout our broader Nasdaq platform, consumer demand stays robust. Regardless of the macro uncertainty, we consider 2023 will probably be marked by how nicely companies proceed to adapt to the digital transformation of the economic system by means of investments in expertise. Nasdaq advantages from that digital transformation given our vary of expertise and analytics options. Constructing on our basis of strong consumer retention, aggressive success and deepened engagement with purchasers, we’ve confidence that our purchasers’ investments in expertise and cloud-based SaaS options will proceed to be a precedence. Subsequently, we preserve our conviction within the investments we’re making to ship trendy world-class options to our purchasers. Now we have a really resilient and diversified worth proposition and are nicely ready to information our purchasers and our corporations by means of this dynamic atmosphere.
We’re getting into the 12 months with a continued give attention to reaching our income progress outlook over the medium time period as we navigate a posh 2023, and we stay assured that our longer-term investments throughout market modernization, ESG options and anti-financial crime expertise will create worth for our purchasers and shareholders alike. As I wrap up, I’ll summarize by saying that our fourth quarter produced strong outcomes for Nasdaq, finishing a really profitable 2022 for our firm. Trying forward in 2023, we enter the 12 months targeted on realizing the advantages of our new company construction to amplify progress throughout our key pillars of liquidity, transparency and integrity as we glance to advance in direction of our aim of turning into the trusted material of the worldwide monetary system.
And with that, I will now flip the decision over to Ann to overview the monetary particulars.
Ann Dennison: Thanks, Adena, and good morning, everybody. My commentary will primarily give attention to our non-GAAP outcomes and all comparisons will probably be to the prior 12 months interval until in any other case famous. Reconciliations of U.S. GAAP to non-GAAP outcomes could be present in our press launch in addition to within the file positioned within the Financials part of our Investor Relations web site at ir.nasdaq.com. As a reminder, on Slide 4, our monetary reporting displays the brand new company construction that we introduced final quarter. Moreover, to be able to higher align our monetary reporting with our inside administration construction, we additionally recast the U.S. money fairness and choices tape plan revenues into the Buying and selling Providers enterprise inside Market Platforms division from the Information and Itemizing Providers enterprise inside the Capital Entry Platforms division.
Buyers can overview an up to date complement on the IR web site with historic time durations reflecting this transformation. I’ll begin by reviewing fourth quarter 2022 efficiency starting on Slide 11 of the presentation. The two% improve in reported internet income of $906 million is the web results of natural progress of 5%, together with a 5% natural improve within the Options companies and a 4% natural improve in Buying and selling Providers, partially offset by a 3% destructive impression from adjustments in FX charges and the web impression of an acquisition and divestitures. Shifting to working revenue and margins. Non-GAAP working revenue decreased 1% whereas the non-GAAP working margin of 49% was down from 51% within the prior 12 months interval. For the complete 12 months 2022, the non-GAAP working margin totaled 52%, a lower of 1 proportion level from 2021.
Non-GAAP internet revenue attributable to Nasdaq was $317 million or $0.64 per diluted share in comparison with $328 million or $0.64 per diluted share within the prior 12 months interval. Turning to Slide 12. As Adena talked about earlier, ARR totaled $2 billion, a rise of 8% from the prior 12 months interval, whereas annualized SaaS revenues totaled $725 million, a rise of 13%. I’ll now overview quarterly division outcomes on Slides 13 by means of 15, beginning with the Market Platforms division. Revenues elevated $10 million or 3%. The natural improve was 5%, and there was a 2% destructive impression from adjustments in FX charges. Buying and selling Providers’ natural progress totaled 4% with the rise primarily because of increased U.S. fairness derivatives and U.S. money fairness revenues because of increased seize and better trade volumes, partially offset by decrease European money fairness revenues because of decrease trade volumes.
Inside market expertise, we had robust efficiency in our Commerce Administration Providers enterprise and delivered one other quarter of natural progress within the Market Expertise enterprise, pushed by increased SaaS revenues and powerful order consumption in the course of the interval. This builds on the constructive natural income progress within the third quarter of 2022 and, is an additional encouraging proof level that the applications and initiatives applied by the management workforce are transferring the enterprise ahead. ARR totaled $503 million, a rise of 5% in comparison with the prior 12 months interval. The division working margin of 52% within the fourth quarter of 2022 and 54% within the full 12 months of 2022 each decreased 2 proportion factors from the prior 12 months interval. The change primarily displays elevated bills related to the continued funding in our folks and our companies, together with our digital asset technique.
Capital Entry Platform revenues have been unchanged, reflecting natural income progress of $7 million or 2% in addition to a 2% destructive impression of adjustments in FX charges. Natural income progress in the course of the interval displays constructive contributions from the Workflow and Insights and Information and Itemizing Providers companies, partially offset by an natural decline in Index revenues. Spending a second on Index. Total Index income declined by 11% in comparison with the fourth quarter of 2022. When analyzing the important thing drivers of the monetary efficiency, our asset-based licensing revenues declined 21% in comparison with the prior 12 months interval, partially offset by a 25% improve in futures-related revenues linked to the NASDAQ 100 Index. Common AUM in the course of the interval, which is used to calculate our asset-based revenues every quarter, decreased 19% from the prior 12 months interval and buying and selling volumes in futures linked to the NASDAQ 100 index elevated 21% from the prior 12 months quarter.
Picture by MayoFi from Pixabay
To help analysts and buyers going ahead, we’re updating our public disclosures to supply common AUM every quarter along with the tip of the interval, which will probably be — which is able to higher align our key disclosures with our key income drivers for the enterprise. One extra observe trying ahead to the primary quarter of 2023. Buying and selling exercise of devices linked to our indexes achieved sure annual thresholds in the course of the second quarter of ’22 that resulted in a rise in licensing economics in the course of the the rest of the 12 months. As we start 2023, the economics of sure agreements reset for the brand new 12 months. We estimate that it will result in roughly $9 million of decrease income within the first quarter of 2023 in comparison with the fourth quarter of 2022, assuming comparable buying and selling exercise and product combine within the two durations.
ARR for Capital Entry Platforms totaled $1.19 billion, a rise of seven% in comparison with the prior 12 months interval. The division working margin of fifty% within the fourth quarter decreased — the fourth quarter of 2022 decreased 3 proportion factors from the prior 12 months interval. The working margin for the complete 12 months 2022 was 54.4%, up 60 foundation factors from 53.8% in 2021. Anti-Monetary Crime income elevated $14 million or 21%, with $4 million of the rise because of the impression of the deferred income write-down on Verafin in 4Q ’21. Natural progress was 21% within the interval or 14% when excluding the impression of deferred income, reflecting wholesome demand for fraud detection and anti-money laundering options in addition to SaaS-based surveillance options. Fraud detection and AML options revenues grew 23% in comparison with 4Q ’21, excluding the impression of the deferred income write-down.
ARR for Anti-Monetary Crime totaled $312 million, a rise of 16% in comparison with the prior 12 months interval. Signed ARR, which additionally contains ARR for brand new contracts signed however not but commenced, totaled $338 million, a rise of 17% versus the prior 12 months interval. The Anti-Monetary Crime division working margin was 32% within the fourth quarter of ’22 and 26% within the full 12 months of ’22. Turning to Web page 16 to overview each bills and steering. Non-GAAP working bills elevated $26 million to $460 million. The rise displays a $45 million natural improve, partially offset by a $20 million lower from the impression of adjustments in FX charges and a $1 million lower from the web impression of an acquisition and divestitures. The natural expense improve is primarily pushed by increased compensation and advantages expense and common and administrative expense.
The upper compensation displays our continued funding in new workers to drive progress, together with a ten% improve within the workforce over the previous 12 months; and annual benefit will increase, which have been increased than prior years because of inflationary pressures on compensation. The upper common and administrative expense primarily displays increased journey versus the prior 12 months interval as we returned to a extra normalized stage of journey in 2022. Through the fourth quarter of 2022, we initiated a divisional alignment program with a give attention to realizing the complete potential of our new company construction. As a reminder, we did this to focus our enterprise extra sharply on three megatrends: modernizing markets, ESG and anti-financial crime. The construction change not solely will increase our focus however may also carry business groups nearer collectively, put expertise and advertising and marketing sources nearer to our merchandise and redefine how we interact, appeal to and retain purchasers throughout merchandise.
In consequence, we count on to incur $115 million to $145 million in pretax expenses, roughly 40% of which will probably be non-cash expenses. This system will probably be open for 2 years and has three fundamental elements: one, asset impairments and contract terminations; two, employee-related prices to help the divisional realignment; and three, onetime consulting and different spend designed to assist us unlock income synergies. We’re concentrating on advantages within the type of mixed annual run charge working efficiencies and income synergies of not less than $30 million by 2025. Prices associated to the divisional alignment program will probably be recorded as restructuring expense. We’re initiating our 2023 non-GAAP working expense steering to a spread of $1.77 billion to $1.85 billion.
The midpoint of the expense steering vary displays a rise of simply over 5%, together with a rise of 1% associated to our digital asset technique and primarily displays our continued investments to drive progress throughout ESG, anti-financial crime and market modernization. We count on the 2023 non-GAAP tax charge to be within the vary of 24% to 26%. Turning to Slide 17. Debt elevated by $27 million versus 3Q ’22, primarily because of internet issuances of $465 million of business paper and $164 million improve in Eurobond guide values brought on by a stronger euro, partially offset by compensation of $600 million of 0.445% senior unsecured notes at maturity. Our complete debt to trailing 12 months non-GAAP EBITDA ratio stays at 2.7 occasions as in comparison with the third quarter of 2022.
With document free money move, excluding Part 31 charges of $1.5 billion in 2022, our weighted common money value of debt of two.2% and no long-term debt maturities till 2026, we’ve positioned the corporate to attenuate the impression of rising charges and to supply flexibility to help our progress technique. Through the fourth quarter of 2022, the corporate paid frequent inventory dividends within the combination of $98 million. As of December 31, 2022, there was an combination $650 million remaining underneath the Board-authorized share repurchase program, reflecting a rise in authorization permitted by the Board in December. Turning to Web page 18 of the presentation. I want to spotlight a few of the vital progress we’ve made, executing on our sustainable technique.
For the seventh consecutive 12 months, we have been named to the Dow Jones Sustainability North America Index, one of the crucial prestigious environmental, social and governance rating benchmarks. Nasdaq was 1 of 8 diversified monetary companies corporations chosen for inclusion within the 2022 index. As well as, we have been solely — 1 of solely 283 corporations out of 15,000 evaluated and named to CDP’s 2022 Local weather Change An inventory. In closing at the moment, Nasdaq’s fourth quarter of 2022 outcomes mirror a continuation of the corporate’s means to persistently carry out nicely throughout a variety of working environments. Thanks on your time, and I’ll flip it again over to the operator for Q&A.
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