Ladies and gentlemen, thank you for standing by. Welcome to the Tel-Aviv Stock Exchange Q4 2024 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the Q&A session. For operator assistance during the conference, please press *0. As a reminder, this conference is being recorded March 4th, 2025. The recording will be publicly available on TASE's website. With us on the line today are Mr. Ittai Ben-Zeev, CEO, Mr. Yehuda Ben Ezra, CFO. Before I turn the call over to Mr. Ittai Ben-Zeev, I would like to remind everyone that this conference is not a substitute for reviewing the company's annual financial statements, quarterly financial statements, and interim report for the fourth quarter of 2024, in which full and precise information is presented and may contain inter alia forward-looking statements in accordance to Section 32A of Securities Law 1968. In addition to IFRS reporting, we might mention certain financial measures that do not conform to generally accepted accounting principles. Such non-GAAP measures are not intended in any manner to serve as a substitute for our financial results. However, we believe that they provide additional insight for better understanding of our business performance. Reconciliations between these non-GAAP measures and the most comparable related GAAP measures are included in tables that can be found in our earnings press release and in the slide presentation accompanying this call. Both can be accessed on the English MAYA site and in the investor relations portion of our website at ir.tase.co.il/en. Mr. Ben-Zeev, would you like to begin? Good evening, Yehuda, everyone, and thank you for joining us today. I'm happy to host you in our earnings call. I'm pleased to announce another record quarter and full year for TASE, with revenue growth topping 12% year-on-year and 14% quarter-on-quarter. Our Adjusted EBITDA for the year was up 18% from the prior year, and our Adjusted EBITDA margin reached 42.6%. Adjusted net profit was 22% higher than in 2023. All this was achieved while continuing to maintain organic growth across all TASE core activities despite the ongoing October war. Yehuda Ben Ezra, our CFO, will discuss the financial statements in detail later in this call. Trading on TASE took place in 2024 against the backdrop of the ongoing war, with high volatility a dominant feature. Despite the war, the Israeli capital market has exhibited remarkable resilience, and in the last few months of 2024, we saw yields on the TASE indices reach a turning point and a positive change in market trends such that for the year as a whole, the leading TASE equity indices outperformed the leading global indices. At the end of 2024, TASE equity market cap reached ILS 1.4 trillion, a 30% increase from the year-end 2023, largely due to the impact of the rise in TASE equity indices. Compared to 2023, trading volumes in TASE markets increased significantly in 2024, with the equities ADV reaching ILS 2.2 billion, up 10% over the ADV in 2023. During 2024, eight new companies completed an IPO on TASE, with an aggregated value of ILS 8.3 billion. Since the beginning of 2025, we have seen a resurgence in the insurance market, and already five new companies have completed an IPO, and other companies are in the pipeline with IPOs scheduled in the coming months. During 2024, the TASE bond market displayed increased strength as a major source for raising debt, both for listed companies and also for the Israeli government. Corporate bond issuances totaled ILS 123.5 billion in 2024, compared to ILS 100 billion in the previous year. The Ministry of Finance raised ILS 186 billion in Israel during 2024, more than double the amount raised in 2023. The strong demand in Israel and abroad for Israeli government bonds is a powerful sign of confidence in the Israeli economy, particularly as the war was still being fought throughout the year. As for our strategic core activities, we continue to work on implementing our strategic plan to strengthen business activity. Last year, we announced our plan to change TASE trading week to Mondays/Fridays, which is intended to strengthen Israel's position on the international financial stage, increase the Israeli capital markets' liquidity and accessibility for foreign investors by bringing the trading days into line with international markets. I'm pleased to inform you that the Ministry of Finance recently announced its support for this measure that we are promoting together with the ISA and the Bank of Israel. We are planning to implement this change at the beginning of 2026. As part of the preparations for the change in trading days, we recently announced that we are intending, in coordination with the ISA, to use AI to translate immediate and annual reports into English in cooperation with the Israeli fintech company TipRanks. Initially, the reports of the companies included in the TA-125 index will be published on TASE English website, allowing foreign investors to receive reports in English in real time. We continue to expand the number of TASE members and trading firms. In 2024, Jump Trading Europe B.V. joined as a remote member, and Altshuler Shaham Trade began operating as a TASE and clearinghouse member. Additionally, Clearstream Banking S.A. joined as a custodian member. Alongside the growth in the number of new TASE members, we have also witnessed a 12% increase in the volume of trading by new retail investors trading on TASE. This positive development is also part of the continued cooperation between the financial regulators that are working together to make the Israeli capital market more accessible to the public. Responding to strong demand in the last quarter of the year, we increased our colocation capacity in our main hosting site with an additional 11 cabinets. We also continued to develop the communication hubs outside of Israel. In addition to the first PoP in London, we began to provide connectivity services through the second new PoP we established in Frankfurt several months ago, and we have already recruited our first customers for this service. In 2024, we continued to invest resources in developing our index business. Overall, during 2024, we launched 21 new equity and bond indices. Consequently, we plan to increase and diversify the products as part of our strategic plan to improve and develop more investment products for investors. At the end of December 2024, the total amount of AUM over indices exceeded ILS 100 billion, representing an 18% increase over 2023. Additionally, at the beginning of November, we launched a block trade facility for large clearance and protected transactions that ensure real-time transparency to the market. In addition, we completed at the end of October 2024 the main phase in the reform of the OTC trading system, adopting it for use by foreign investors and aligning it with international standards. Moreover, further to the ISA approval last August for non-bank TASE members to trade in cryptocurrencies for the customers. In January this year, we published a draft for public comments on the basis of which we will, for the first time, allow the registration of ETFs on digital assets such as Bitcoin. In the derivatives market, in September, we launched for the first time futures contracts on three leading indices. We also appointed a market maker to ensure liquidity and trade volume in this market and to enable the public to invest at more competitive prices. In addition, following the measure we began in June 2024 to reduce the multipliers in the derivatives market on the options in certain equity indices and foreign exchange indices, we have seen average daily trading volumes on these options grow by 25% compared to the same period last year. In January 2024, as part of the continued restructuring of TASE, a deal took place for the sale of the bank's legacy arrangement shares. Within the framework of this deal, 18.5% of the company's shares were sold. In December 2024, an additional consideration of ILS 10.1 million was received from a TASE member that is another shareholder of legacy arrangement shares. TASE has now received a total of ILS 317 million from the sale of the legacy arrangement shares. The proceeds received by TASE for the legacy arrangement shares have been credited directly to TASE Shareholders' Equity and are earmarked for developing investments in TASE technological infrastructure. Further to the buyback plans that were implemented in 2022 and 2023, which resulted in the purchase of 10.2 million shares for a consideration of ILS 186 million. On January 9, 2025, a buyback transaction took place with Manikay Partners fund that held 19.2% of TASE equity at that time. The buyback transaction comprised the purchase of 4.6 million ordinary shares, constituting 4.82% of TASE issued share capital at a price of ILS 43.79 per share for a total consideration of ILS 202.4 million. The transaction was carried out as an OTC transaction, and following its execution, and to the best of the TASE knowledge, the Manikay Partners currently holds 15.2% of TASE shares. I would like now to provide you with information regarding TASE capital return to our shareholders. The dividend distribution policy adopted for 2024 to 2026 requires the distribution of 50% of the annual profits. In accordance with our declared policy, I'm pleased to announce the TASE Board of Directors has approved the distribution of a dividend totaling ILS 51 million, representing ILS 0.52 per ordinary share that will be paid on March 20, 2025. In total, over the 14-month period from January 2024 to March 2025, TASE will have made ILS 526 million in distributions to its shareholders, comprising ILS 324 million through dividends and ILS 202 million through share buyback. In conclusion, the 2024 financial statements show that even in this challenging year of war in Israel, we are still witnessing the strength and resilience of TASE, which rests on the strong foundation of the Israeli economy. We have continued to invest in developing the TASE infrastructure and in developing new and diverse products for the benefit of investors so that we can continue to achieve the goals we have set for ourselves in accordance with our strategic plan for the coming years. And now, I'd like to hand over Mr. Yehuda Ben Ezra, who will continue with the review of the yearly and Q4 results. Thank you, Ittai. As I have already mentioned, TASE has once again posted strong financial results for both the whole of 2024 and for the fourth quarter, demonstrating resilience despite the ongoing war. These results serve as a testament to the economic strength of Israel and the robustness of its capital market. Some of the main financial metrics are shown in slide number four. Our revenue of 2024 reached a new high of ILS 437.8 billion, increasing by a record 12% compared to the previous year. Adjusted EBITDA for 2024 improved significantly by 18% to a record of ILS 186.3 million, while the adjusted EBITDA margin also improved from 40.4% to 42.6%. Adjusted Net Profit displayed substantial growth of 24.5% and increased to a new record of ILS 107.2 million. Our basic earnings per share in 2024 reached a new high of ILS 1.093, increasing by a record 27% compared to the previous year. I will continue with slide 11, which shows some of the key highlights from our results for the fourth quarter. Revenues amounted to ILS 115.4 million compared to ILS 101.4 million in the corresponding quarter last year, a 14% increase. This is the highest quarterly revenues since TASE's IPO, and growth was evident across all operations. Our revenue from non-professional services increased by 4% to 63% of the total revenues. Expenses totaled ILS 84.2 million compared to ILS 76.9 million in the corresponding quarter last year, a 9% increase. The increase in expenses was due mainly to higher employee benefit expenses and marketing expenses. Adjusted EBITDA totaled ILS 46.8 million compared to ILS 40.1 million in the corresponding quarter last year, a 17% increase. The increase was due to higher revenues. Adjusted Net Profit amounted to ILS 26.5 million compared to ILS 22.7 million in the corresponding quarter last year, a 16% increase. The increase was due mainly to higher revenue from services, although this was partly offset by the increase in the cost and tax expenses. Let's go now to slide number 12, where we can take a deeper look into the composition of our revenue in the fourth quarter. Revenue from trading and clearing commissions increased by 5% compared to the corresponding quarter last year, a total of ILS 43 million. And increased trading volumes, particularly in shares and derivatives, was the main factor behind this. This increase was contributed by a reduction of six trading days between the quarters. Revenue from listing fees and annual levies increased by 11% compared to the corresponding quarter of last year and totaled ILS 22.3 million. The increase was mainly due to higher revenues from listing fees, levies, and to an increase in revenues from the examination and listing fees, largely as a result of more companies applying for listing and offerings. Revenues from clearing services increased by 25% compared to the corresponding quarter last year and totaled ILS 26.1 million. The increase is mainly due to higher revenues from clearing services to members, particularly following the completion of regulation measures in relation to the OTC transactions and from custodian fees as a result of an increase in the value of assets that are held in custodianship. Revenues from data distribution and connectivity services increased by 24% compared to the corresponding quarter of last year and totaled ILS 23.1 million. The increase is mainly due to updating the index usage fees and to the increase in value and greater use of TASE indices. I would like now to discuss our expenses in the fourth quarter of 2024, so please refer to slide number 15. Employee benefit expenses increased by 12% compared to the corresponding quarter last year and totaled ILS 45.2 million. The increase was due to an increase in wages and share-based compensation. Compared to computer and communication expenses, increased by 1% and totaled ILS 10.5 million. Marketing expenses increased by 81% compared to the corresponding quarter last year and totaled ILS 2.9 million. The expenses in the period include the cost of new advertising campaigns launched at the end of the third quarter. Depreciation and amortization expenses increased by 7% compared to the corresponding quarter last year and totaled ILS 14.4 million. The increase in depreciation and expenses was due mainly to the upgrading of infrastructure and the launch of new products. Net financing income totaled ILS 2.6 million compared to net financing income of ILS 3.2 million in the corresponding quarter last year, a 20% decrease. Net financing income in the period decreased to the higher financing expenses as a result of a bank loan taken at the end of 2023. This was partially offset by interest income from deposits and profit of part of billed securities. Financial position. I would like now to review our financial position highlighted at the year-end 2024, as shown in slide number 16. Our equity totaled ILS 721.3 million and comprised 80% of the balance sheet, excluding open derivatives position balance and totaled the sales income for listing fees. We had ILS 531.4 million in cash and investment financial assets. The balance of bank loan totaled ILS 100 million. The surplus equity over regulatory requirements at year-end 2024 totaled 627 million ILS compared to 380 million ILS at the year-end 2023. The increase was mainly due to 452.5 million ILS in proceeds received from the sale of the arrangement shares. The consideration received by TASE was carried directly to equity and is being invested in TASE technological infrastructures. The surplus liquidity over the regulatory requirements at year-end 2024 totaled 172 million ILS compared to 145 million ILS at year-end 2023. On January 9, 2025, the company entered a business transaction with Manikay Partners for a buyback of company shares for a total consideration of 202.4 million ILS, which will reduce the company equity by a corresponding amount. Furthermore, despite having sufficient liquidity reserves, we have entered into an agreement with the bank to receive a three-year ILS 130 million loan, which was used to repay the ILS 100 million bank loan that existed in the year-end 2024. The terms of the new loan are better than the previous loan, with the new loan bearing an annual interest at a rate of 5% + 0.2%. The ILS 30 million difference between the two loans increased TASE liquid funds. The agreement also includes the guarantee of a ILS 120 million credit line for a period of one year. I would like now to go to slide number 17 to review our cash flow highlights for 2024. Cash flow from financing activities resulted in negative cash flow of ILS 79.7 million compared to negative cash flow of ILS 1.4 million in the previous year. The higher negative cash flow are due mainly to dividend payments in 2024 of ILS 272 million and the bank loan repayment of ILS 50 million that were offset by the ILS 252 million in proceeds received from the sale of the arrangement shares. Cash flow from investing activities resulted in negative cash flow of ILS 55.7 million compared to positive cash flow of ILS 57 million in the previous year, and conversely, cash flow is due mainly to the consideration received from the realization of market-based securities in the previous year. TASE free cash flow amounted to ILS 100.8 million compared to ILS 100.9 million in the previous year. Also, the board of directors approved today the payment of dividends of ILS 50.7 million, representing 0.52 ILS per ordinary share to be distributed on March 2025. With that, I will return the call to our moderator to conduct the Q&A. Thank you. Ladies and gentlemen, at this time, we will begin the Q&A session. If you have a question, please press *1. If you wish to cancel your request, please press *2. If you're using speaker equipment, kindly lift the handset before pressing the numbers. Your questions will be polled in the order they are received. The first question is from Dan Fannon of Jefferies. Please go ahead. Good evening, gentlemen. This is actually Rick on for Dan. Well, I hope you guys are well. And if I could get started with the 2025 budgeting process, if an understanding how expenses look like or the trajectory for expenses look like going into next year. Particularly interested as well in the marketing expense line, understanding that you are getting to a more normalized level of activity there and how that might look going into next year along with the rest of the expenses. And maybe also tying in a comment related to the lower margins we've seen in the past two quarters and how that might look going into next year? Okay. Hi, Rick. So with respect to 2025 budget, I can tell you that most likely in the way we see it in terms of our marketing expense, we will not make an expense that will be higher than the one we did in 2024. So this is one thing. Another thing in terms of the margins, I think that going forward, as we stated in the past, we believe that we will continue to see double-digit growth in our revenues. And in terms of our cost structure, in terms of compensation, as we stated when we signed the union agreement that is due until the end of 2028, the way that the bonus calculation is being calculated to the employees has a cap, which has a limit tied to the annual salaries of the employees. There is a chance that in 2025, this cap will actually be reached. So this will give another leverage to increasing our margin going forward. Because as for 2024, because the company made more profit compared to 2023, it means that the employees got a higher bonus than in 2023. Understood. That's all helpful context. And then I guess staying on expenses, maybe not on operating expenses, with the new loan related to the Manikay repurchase, how should we, understanding it's at a better rate, how should we think about run rate, I guess, net financing income on a dollar basis? The loan is in a better condition than the old loan, of course. I mentioned it before. We are going to repay this loan in a period of two to three years. We use ILS 200 million from our cash to do this buy. Of course, it will decrease some of our interest income in the coming years. But we still have more than ILS 300 million. So I believe that we will continue to see also a positive income from interest rate and net financing income. Understood. That is helpful as well. And then maybe then moving on to the revenue side of things, just on good volumes, I would say, and then especially in the equity franchise. But just on the fee rate generated from equities, it was a low point over a few years there, if I'm not mistaken. And is that related to the block trading initiative, or how should we think about, I guess, the commission rate on the equity franchise? No, no. The block trade is a relatively new product. I think that in general, because I mean, as you've seen it in the fourth quarter, once volumes are higher, it means that we generate a higher income. That's the way it is. And part of everything that we invested and did in our market, we are now seeing higher volumes. By the way, January and February, also public data, you can see that what we have seen in November, December continued in the first two months of 2025. So as long as volumes are higher, we will see higher revenues with respect to our equity. And I think the fact that we are adding more, I would say, features, and we are getting more and more value proposition, which is similar to what the large exchanges are offering to the clients, it helps us in giving more flexibility to our clients, even though the actual incremental income out of the new product that we do is not material to the business. Got it. And that is helpful. And then moving away from trading revenues into non-transactional, specifically with data revenues, now, if I'm not mistaken, this is kind of the end of the period, the one-year period post the pricing changes. So how should we think about the new effective growth rate in data distribution revenues, or is it similar to, I guess, the 12%-15% CAGR you guys have laid out for non-transactionals? I mean, you are right that the two-year actually ended at the end of 2024. We continue to launch various features of all of the data products. We still have a few years to close the gap in terms of what we can do because at the end of the day, we have market participants, and they also need time to digest the products that we give them. And also, you have an effect. You have more clients on the colocation. You have more trading. You have more people that want to get data. So this is an ongoing effect, and this is part of the, I would say, correlated things that we have in all of the assets that we run. On top of it, bear in mind that, as I mentioned, our AUM in the indices that we run has accelerated in a nice figure in 2024, and it is continuing to grow at the beginning of 2025. So this is also a positive factor. So I would say that I expect that we will continue to grow, but clearly not at the same pace that we have grown over the past two years. But as you mentioned, double-digit growth, this is what we expect from our data businesses going forward. Perfect. Well, thank you so much for your time, gentlemen. That's all I have. Okay. Thank you very much. If there are any additional questions, please press *1.