Everyone, why don't we get started here. My name is Jeff Schmitt. I cover wealth management and capital markets stocks at William Blair. I'd like to introduce Miami International. They're an emerging derivatives exchange, and they really have probably the best growth profile among the exchanges. We have with us today the Chairman and CEO, Tom Gallagher. Thank you for joining us. He'll discuss the business, and then we'll do breakouts afterwards. Again, before we begin, please go to williamblair.com for a full list of disclosures. Tom, I'll let you take it away. Great. Thanks, mate. Good morning. Can you guys all hear me enough, and ladies? I'm Tom Gallagher, Chairman and Chief Executive Officer of Miami International Holdings, and I'm joined today by Lance Emmons, our Chief Financial Officer. I'm going to cover a few of the slides this morning, but try to give you, because I think there's a fair amount of generalists. Maybe a show of hands, how many folks are not really deep into the exchange market structure space? Okay. I'll try to make it understandable at all levels. I'm just going to go to our first slide. Again, for those of you that have invested in a lot of Silicon Valley opportunities and things like that, I'm here to tell you that at age 54, there's still opportunities to do some things that are really interesting in the financial space, because that's when I started Miami International Holdings. We launched our first exchange at age 54, having practiced securities law for 30 years. I think I slept through the Exchange Act when I was in law school. A deep learning curve here, but we're very proud of where we are today. If you look at this first slide, why we launched MIAX. We're a founder-led company serving multiple asset classes with the technology first and customer-centric approach to building innovative marketplaces. What does that all mean? What it means is that we didn't start this exchange by a group of market participants that came together like has happened in the last 20-25 years. Bats was a consortium of market participants. 85% of the stock was held by them. By the time the Philadelphia Stock Exchange sold to Nasdaq, 85% of the equity was not owned by the seat holders. It was owned by various investment banks, trading firms, Morgan Stanley, Citadel, Susquehanna, things like that. We did the opposite. One of the biggest things that that gave us was the opportunity to make some key decisions on our own. We could decide if we wanted to build our own technology infrastructure as opposed to license it from a third party. When you're not beholden to nine different groups in a consortium deal trying to solve for the common denominator, it's amazing what you can do when you're not being dictated in terms of your market structure. We weren't controlled by a consortium of banks, and we decided to build the arena in a way that we thought the true market participants would be able to take advantage. From that first day when we started the exchange, our whole business strategy was building market share. How do you build market share when you're a brand-new entrant, 2008, go into 2012, all kinds of crises in the financial space. No fees, cheap fees, equity rights programs. The rocket fuel for an exchange is market share, and you have to find a way to become relevant. We used our equity, we had low fees, no fees, got people in the door, got them to look at the experience and feel comfortable in trading in a brand-new exchange group. For the first 10 years, the whole strategy was to build market share. After that, now it's about monetizing what we built, the infrastructure. Once you have six, seven, eight, nine, we're 17% of NVIDIA today. Over 17% of the national volume in multi-listed options is traded on one of the MIAX four electronic exchanges or on the floor. Once you get that market penetration, then you can start charging people to access your data. You can sell your data. You can do a lot of things. In short, by being founder-led, we could be more nimble, make quicker decisions, and take the time to build our exchanges with a clean whiteboard, and we could take a technology first and customer-centric approach. Next slide. Who are we? Who are we today? Lance, keep me honest with the time so we make sure we can cover everything. We're now truly an international exchange operator. If you see here in the orange, we have four U.S. options exchanges. Through Q1, we're 17.3% of the national volume. We didn't exist on December 6, 2012. Today, we are the 14th largest global exchange operator in the world. I don't say that boastfully. I say it proudly. You got to be doing something right when just from 2016 Q1 to Q1 of this year, we've increased our market share by over 1,100 basis points, 11% market share. Four U.S. options exchanges, a cash equities exchange called MIAX Pearl, a U.S. futures exchange called MIAX Futures, Dorman Trading, a full-service futures brokerage firm, and international. We have two acquisitions we did, the Bermuda Stock Exchange and The International Stock Exchange Group Limited. We also owned LedgerX. We did a transaction with Robinhood and Susquehanna earlier this year, where we sold our majority stake, over 90%, to them. Why? Because we have a full plate, as you'll hear over the next 20 minutes, in building out our futures exchanges and our futures platform with Bloomberg. This gave us immediate access into the events-based prediction markets without having to build all this and bring it to market. Next slide, please. Okay. What you see here is about our history. We started in December of 2012. The startup and the scaling phase was becoming relevant. If you look at this slide here, from our first exchange December of 2012 through the scaling period all the way to 2023, we launched four U.S. options exchanges. In August of 2024, you see in the green going across the slide, we launched MIAX Sapphire, our fourth exchange, and then we launched MIAX Sapphire Electronic in September of 2025. A trading floor, rather, not an electronic exchange, a trading floor in the Wynwood section of Miami. Most of the people working for me spent their lives getting off of trading floors and electronifying the exchange space. Why the heck would you go and sign up for the most expensive real estate in the U.S. during the pandemic and launch a trading floor? In 1988, there was two phone companies, Nokia and Motorola. Fast-forward 20 years later, did anybody think we needed a new phone after having those phones in place for 20 years? Same thing with the trading floor. There hasn't really been any technology upgrades, even in a trading floor, in the past 40 years. I put people on the trading floors for a number of years and see if we could electronify some of the back office things that were done. Reduce overhead, lower costs, we located it in a very tax-friendly jurisdiction and a very friendly jurisdiction for purposes of government support in Miami. We originally came down there in 2008. We built our first office there. We launched our trading floor in September of 2025 because our customers asked us to do it, and the floor brokers have been in places like Philadelphia, Chicago, and New York, and they love the opportunity that a brand-new trading floor presents. Also during this period, if you look in the bottom of the slide, in addition to the organic growth, building four options exchanges, a trading floor, and equities exchange, we did five acquisitions. Why? Because we wanted to leverage the expertise in multi-listed options and the partnerships with firms like Citadel, Susquehanna, Morgan Stanley, Interactive Brokers. We wanted to leverage these into new asset classes. We weren't just going to be dependent on multi-listed options. We did some acquisitions. We acquired the Minneapolis Grain Exchange in December of 2020. We acquired the Bermuda Stock Exchange also in December of 2020. We acquired a full-service brokerage firm called Dorman Trading. Out of the bankruptcy of FTX in May of 2023, we bought a futures exchange that was predominantly doing crypto futures owned by FTX. About 90 people went in the data room. We came out with the asset for $35 million and gave us additional optionality, owning both MIAX Futures and LedgerX. We did the deal with Robinhood and Susquehanna. We still have a full-service MIAX Futures Exchange. Lastly, we did a deal with Bloomberg, which we'll talk about in a few minutes. Next slide. We'll just talk about Let me see where we are here. The tailwinds. Our markets have really benefited from secular tailwinds. If you look at this slide, the U.S. options average volume in 2012 was about 15 million contracts a day. The volume through Q1 2026 was 63 million contracts and growing still in double digits. You look at the futures, similar situation. 13 million contracts in 2012 to 42 million contracts through Q1. These secular tailwinds, in my opinion, are going to continue, and they're going to continue to grow robust growth in both retail access to futures and additional retail access in the options business. The SEC had a roundtable recently. Lance, how many unique customers are there in the equities exchanges from the SEC data? From the SEC data, there's about 70 million customer accounts that trade equities and about 5 million that trade equities and options. We still think there's some room to grow there in options penetration. With these secular tailwinds, the proliferation of retail. These retail firms that have a whole strategy for low cost of execution were the perfect place to be a partner with firms like Robinhood, Webull, NinjaTrader, where they are trying to lure their customers from equities to options to futures, and one of their big selling points is low cost of execution. We have a complete whiteboard, and I'm going to be extremely aggressive working with market participants to reduce their fees dramatically, be really aggressive with the retail firms coming in to trade our financial futures. What better time to launch a series of financial futures products than now with the possibility of three major IPOs starting this month with SpaceX and then two or three other high-tech IPOs. When I look at the trading today in stocks like the SPY ETF, they're doing about 12.5% of the industry volume. You take a stock like SpaceX or potentially Anthropic or OpenAI, I think they have the ability on their own to dwarf the market share from symbols like SPY and NVIDIA. When you put an option contract on that, as people are trying to hedge it, I think you're going to see that $63 million daily volume that you saw in the Q1 continue to grow by double digits as a factor of just these three or four AI-related IPOs. Very good tailwinds, and they're going to continue. Next slide I'm going to throw up here. When you think about our company, I think we have four key differentiators. In order to do what we do, you have to have the licenses. You have to have the licenses, the regulatory licenses. We've spent 17 years convincing the regulators, the SEC, the CFTC, to give us the medallions. Today, we have them all. We could be in event-based contracts on the Minneapolis Grain Exchange, now called MIAX Futures. We can be in financial futures. We can be in agricultural futures. We have the various licenses with the CFTC, and we have four U.S. options exchanges, a trading floor, and an SEC-regulated equities exchange. You got to have the medallions if you're in the exchange space. We have them. Check that box. The next box is having purpose-built technology. I can't express to you how important it is to have purpose-built technology. We started this business in options. There's about 1.5 million different securities that trade on an options exchange on any given moment. There's 10,000 to 15,000 securities that trade on an equities exchange, like the New York Stock Exchange or AMEX or PHLX. When you take 1,500 securities that 10 market makers want to refresh their prices at the same time, it's a major technology lift. It's a whole lot easier to go from building options platforms to equities and then taking this technology and moving it into futures. We have the purpose-built technology. Products. You can have the best technology in the world, you can have all the licenses in the world, but you have to have something to sell. I spent three years with the team getting a relationship with Bloomberg. We now have a 10-year exclusive agreement with Bloomberg, first starting with the B100 Complex, then the B500 Complex. We launched these products, mini versions of these, in the last two or three weeks. Bloomberg has over 5,000 indices. We bought the asset, the MIAX Futures Exchange, or the old Minneapolis Grain Exchange, not just to trade wheat, although we love the product. It's to get that medallion, to morph that organization from a 140-year-old clearing operation trading one product to a multifaceted, multi-futures asset class exchange. We built a brand-new trading system, moved off of the CME platform, built our own clearing technology, and launching our first product literally in the last 30 days. The last thing, you have to have customers. Got to have customers. Over the last 10 years, we built a relationship with some of the biggest market participants in the world. Not only are they interested in what we're doing in options, which are our most mature business, and in cash equities, they want to support us in futures. They want choice. No disrespect to my brethren here in Chicago that have had futures exchanges for a long time. Our market participants want choice. They want to see robust technology. They want to see predictable low latency. They also want to be able to have new products that come out that can excite their membership. These are the four pillars that we built our company on, and I think that it'll serve us well. The last thing I want to just say is, many people say, "Well, Tom, you don't have the resources maybe of a Nasdaq, a Cboe, or CME." It's not just about the capital. It's about having people that have worked together. I think having a culture of commitment in a company is the most important approach to business. You have companies that have rockstar cultures, like a Tesla. Nothing wrong with that, you have bureaucratic cultures, autocratic cultures, techno-centric cultures. I think the most successful companies are the companies that are built around a commitment culture to the employees. Our technology team has been with me for 15 years. They were together for 10 before that. It's amazing what people do when they stay together and they don't leave and take other job opportunities. With that's a little high level of how we got here, and I'm going to turn it over to you, Lance, right now. Yeah. Why don't we just jump right ahead a few slides, just in the interest of time. Thanks, Jeff. Yeah, just a few highlights of our financials here. Again, given that some of us are not as deep in the exchange space as we've been for the last couple decades. About 60% of our revenue comes from transaction fees. That's basically a function of both industry volumes, whether it be in options, equities, or futures, our market share in each of those asset classes, as well as the fee, the spread, basically the capture we make on each of those trades. In the options business, it's about $0.10 or $0.11 per contract. On the equities business, it's basically about zero. In equities, we make money more on the lines of market data and non-transaction fees. In futures right now with our ag product, we make over $2 a contract. With some of the financial futures, it'll be less than that. Again, we expect that would be higher than what we're making in multi-listed options. In terms of market data, we generate about 9% of our revenue from market data. That's earned from basically a share of consolidated tape plans and options and equities, as well as direct subscriptions we have in each of our asset classes, monthly subscriptions of our own data with our membership. Then about 25% of our revenue is access fees. This is a nice recurring revenue-type model. Monthly fees, we charge essentially a membership to use our technology. It covers costs for things like connectivity, permits, ports, and the like. Then the balance, about 6%, is all other revenue. The bulk of that is our listings business, both in the Bermuda Stock Exchange and the International Stock Exchange that we acquired in June of last year. Turning the page. Tom talked about this a little bit, but again, just our market share over the last, since we launched. Not always a straight line, but certainly prolonged growth going from 0% to 17.3% in the Q1 of this year. From quarter- to- quarter, you do see some ebbs and flows, member activity, some pricing changes that we make that either focus on more higher capture business or to go after different segments, but nice sustained growth over time. The right side is just a little picture of our trading floor down in Wynwood. We love to have many people down there. We love showing it off. In terms of our financial performance, just quickly, our adjusted net revenue grew from 2022 to 2025, grew at a CAGR there you see of 29%. In the Q1, sorry, grew at 29% CAGR, reaching $431 million at the end of 2025. The orange bar represents our options business. Again, it's mostly an options business at this point in time, but we do have new products coming out in futures that we think will grow that mix of the non-options business. I think one key point I think for investors to pick up as well is 2022 to 2024, we really focused on building out our infrastructure, expanding into asset classes, as Tom mentioned, going into both equities, upgrading the technology at the Bermuda Stock Exchange, and really upgrading the technology in our futures business, MIAX Futures. Getting it off green screen technology and clearing and developing our own trading platform. You can really see the leverage in the business, right, with the margins increasing from the 30% range to 46% in 2025, and reaching 51% in Q1 of 2026. Maybe just a quick highlights on the Q1 financial performance. Again, hope many of you listened to our earnings release. The growth continues, 40% year-over-year growth in revenue, going from $92 million- $129 million. The organic growth was 35%. Again, strong growth with the balance being the acquisition of TISE, which was in June of last year. We're very proud also as well of the continued margin expansion. As you can see, margin went from 43% to 51% in the Q1, up 800 basis points and 66% growth year-over-year. We're continuing to invest in our business as we mentioned, with the launch of products like Bloomberg and additional products in futures. The incremental margin year-over-year for the Q1 was about 70%, very similar to trends we saw last year. Adjusted earnings grew similar rates as well. Let me just talk about adjusted OpEx for a minute. Adjusted OpEx grew about 20% year-over-year. As I said, we're still continuing to grow. Obviously, we have some public company costs now that we're public in the Q1 of this year, reaching about $63 million. The bulk of our expenses are comp and benefits. We have 431 employees as well as technology and communications. Again, we're an infrastructure tech, a market infrastructure company at heart. A lot of spend obviously on servers and storage and the like. We do provide annual expense guidance. Being an exchange group, it's very hard to predict market volumes. Given that 60% of our revenues relate to transaction volumes, it's difficult to predict that. We do provide adjusted OpEx and expense guidance. You can see we reaffirmed that guidance in the Q1 with our earnings release, $265 million- $275 million. An increase from the Q1 run rate, that's really as we continue to roll out some branding initiatives, both around MIAX overall, and then as well as related to our futures product roll-outs. Share-based comp, $27 million- $30 million. CapEx, $40 million- $45 million. We did spend a lot of our, or procure a lot of our CapEx in the Q1 of this year, seeing that we did see some product shortages, AI-driven shortages. Luckily, we were able to get most of that, or all the equipment we needed in-house before that. D&A of $33 million- $38 million. In terms of adjusted tax rate, 27%-29% on a go-forward basis. In the Q1, we did have a release of a valuation allowance reflecting valuation allowance on deferred tax assets, mainly historical NOL balances. I think we have time for a few questions. I think we have a few more minutes left or a few questions to take from the audience. Could you discuss the 10% ownership that we have with Robinhood and predictions on it? Can everybody hear me okay in the back? We have a retained interest of 10%. Robinhood and Susquehanna have the other 90%. We are a passive investor, I want to make that very clear. It is not an exclusive arrangement, so we have MIAX Futures Exchange and clearinghouse that we can put up other event-based contracts on our other venue. We have a 10% stake, and the partnership is called Rothera, and they are launching their first sports-related contracts this month in anticipation of the World Cup. They will be initially predominantly based upon sports events contracts, but then they're going to also look at other events, particularly weather-related, things like that may impact a retail user who maybe have a flight canceled, is hedging some of the travel expenses. We're a passive investor, 10% stake. The events business, that's an understatement. It's growing very rapidly. There's also some risks associated with it, as a result of the various litigation between whether these are true futures contracts or whether they're state-regulated gaming contracts. Thank you. Next. Yes, sir. We have a 10% retained stake, so obviously, the dividend income, things like that. It's a 10% stake, so it's not equity accounting if and when distributions are made. The reason why we went after that, again, looking at time to market, looking at the partners, Robinhood and Susquehanna, we felt owning a small piece of that was our fastest exposure to that market versus everything else that was on our technology roadmap. Nothing prevents us or them from offering competing products on a go-forward basis. When you think about getting into the event space, Susquehanna's had a reputation of being in the bookmaking business in Europe, when you look at the retail might of a Robinhood, it was a very logical choice to accelerate our access. Keeping that 10% stake, I think we're positioned well. Anybody else? We have about four minutes. Yes, sir. Can you talk more about how you're taking share from the incumbents into the futures contracts in the regulated by asset class? In the futures world, we just started. Okay? We just launched our first financial futures products, and just like in the options exchange, it has to start somewhere. You don't have a grand opening in a restaurant the first week. You got to get used to the menu. We started with the B 100 Mini and the B 500, and those are such enormous markets that we're going after. The S&P franchise at CME, the VIX franchise at Cboe. It doesn't take a lot of market share penetration to start to realize some interesting gains there. Question, anybody else? Well, I really appreciate, very grateful for your time today. This is the first time I actually did a public conference, so I'm a bit of a newbie at it, but I hope that you enjoyed our story and look forward to staying engaged with all of you. Thank you very much. Thank you.