Full Year 2022 London Stock Exchange Group PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Enrico Bolzoni - JPMorgan Chase & Co, Research Division - Analyst : Enrico Bolzoni, JPMorgan. Sorry, just one clarification. Going back to when we're going to see the economic benefit of that, clearly, you say the clients will start to see a benefit between 18 and 24 months, but then the monetary benefit to you is going to be a bit further delayed. Can you give some color why is that? Is it because you -- like kind of a hook, so you first give the new product, and then once it's rolled out, you can start charging them? I'd be just curious to get some color on how the -- actually is going to be monetized. Second question, I just wanted to ask, clearly, the integration, some of the acquisitions you've done like MayStreet, for example, looks like it's going very, very well. I think when you announced it, you said that in 2021, MayStreet has about GBP 15 million revenues. I was just curious to know what kind of synergies, for example, from a revenue point of view you expect from that specific acquisition. Or in -- more in general, if I think about the bolt-on deals that you can do, do you have internal guidelines in terms of what kind of, I don't know, return on invested capital you usually aim to achieve or synergies or EPS accretion to make them work, basically? David A. Schwimmer - London Stock Exchange Group plc - Group Head of Data and Analytics, Group CEO & Executive Director Sure. So maybe I'll touch on each of these, and you should feel free to add in as well because this touch on both of our areas, if I can put it that way. First of all, in terms of how the Microsoft partnership is going to be monetized, I wouldn't read too much into the difference between the 18- to 24-month time frame and 2025 revenue. So will we be rolling out some product capability on that 18-month time frame, which will basically be the second half of '24? Yes, and our customers will start to see that then. But again, given that time frame, 18 to 24 months, it basically takes us into 2025. So that's how you should think about that. Anything you would add on, on that?