Data and connectivity services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.

Mortgage technology revenues increased 2% for the three months ended March 31, 2025 from the comparable period in 2024. Origination technology revenues increased 1% and closing solutions revenues increased 9%.

The company continues to explore and pursue various potential acquisitions and other strategic opportunities to strengthen our competitive position and support our growth. As a result, we may incur acquisition-related transaction costs in future periods.

Employee headcount decreased from the comparable period in 2024 primarily due to headcount reductions in conjunction with realizing synergies from the Black Knight acquisition. Compensation and benefits expense increased $19 million for the three months ended March 31, 2025 from the comparable period in 2024.

The company is focused on cost efficiencies and integration efforts, as evidenced by the decrease in rent and occupancy expenses due to the consolidation of and exit from certain of our London and New York leased offices in 2024.

Technology and communications expenses increased $8 million for the three months ended March 31, 2025 from the comparable period in 2024 primarily due to increases in hosting, security, customer network and data services expenses, combined with rising revenues on certain products causing an increase in our revenue share license expenses.

The company acknowledges that its results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy.

The company highlights the global impact of the introduction of, or any changes to, laws, regulations, rules or government policies with respect to, among other things, financial markets and climate change, as well as increased regulatory scrutiny or enforcement actions.

The company notes the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks, cyberterrorism or other disruptions.

The company acknowledges the globalization of marketplaces, customers, and competitors as a factor influencing its business environment. Consolidation and increasing competition among global markets for trading, clearing and listings.

The company highlights customers' preference to manage risk in markets demonstrating the greatest depth of liquidity and product diversity as a factor influencing its business environment.

The company is pursuing emerging technology initiatives and offerings in our markets, including the use of artificial intelligence and machine learning.

The company is increasing focus on capital and cost efficiencies. The company is focused on cost efficiencies and integration efforts, as evidenced by the decrease in rent and occupancy expenses due to the consolidation of and exit from certain of our London and New York leased offices in 2024.

Technology and communications expenses increased $8 million for the three months ended March 31, 2025 from the comparable period in 2024 primarily due to increases in hosting, security, customer network and data services expenses, combined with rising revenues on certain products causing an increase in our revenue share license expenses.

Selling, general and administrative expenses decreased $2 million for the three months ended March 31, 2025 from the comparable period in 2024. The decrease was primarily due to lower customer acquisition costs at the NYSE and the release of non-income tax reserves.

The company is pursuing emerging technology initiatives and offerings in our markets, including the use of artificial intelligence and machine learning. Rising demand for speed, data, data capacity and connectivity by market participants, necessitating increased investment in technology.

We currently expect to incur capital expenditures (including operational and real estate capital expenditures) and to incur software development costs that are eligible for capitalization ranging in the aggregate between $730 million and $780 million in 2025, which we believe will support the enhancement of our technology, business integration and the continued growth of our businesses.

Data and connectivity services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.

We resumed share repurchases during the three months ended March 31, 2025 and repurchased $241 million of shares with cash during the quarter.

During the three months ended March 31, 2025, we paid a quarterly dividend of $0.48 per share of our common stock for an aggregate payout of $278 million, which includes the payment of dividend equivalents on vested employee restricted stock units.

We currently expect to incur capital expenditures (including operational and real estate capital expenditures) and to incur software development costs that are eligible for capitalization ranging in the aggregate between $730 million and $780 million in 2025, which we believe will support the enhancement of our technology, business integration and the continued growth of our businesses.

In April 2025, President Trump signed an Executive Order aimed at securing U.S. energy dominance which requires the U.S. Attorney General to identify state and local regulations which are unconstitutional or pre-empted by federal law and burden the development and production of energy resources.

The company acknowledges that its results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy.

In March 2025, the EU Council adopted amendments to the EU Benchmarks Regulation, or EU BMR, which reduces the scope to only include benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks.

In January 2025, the European Commission adopted a new equivalence decision that allows continued access by EU firms to clear trades at U.K. central counterparties until June 30, 2028.