Miami International Holdings, Inc.

Thank you for standing by. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc. Third Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Please note, this event is being recorded. It is now my pleasure to turn the call over to John T. Williams, Senior Vice President and Head of Investor Relations. You may begin your conference.

Thank you, Gary. Good afternoon, and thank you for joining us for MIAC's third quarter 2026 earnings conference call. I'm John T. Williams, Head of Investor Relations. With us today are Thomas P. Gallagher, Chairman and Chief Executive Officer, and Lance Emmons, Chief Financial Officer. We will also have Douglas Schafer, Jr., Chief Information Officer, and Shelly Brown, Chief Executive Officer of MIAC Futures and Chief Strategy Officer of MIH, joining us for the Q&A session following our prepared remarks. Our earnings announcement was released prior to this call, and we have published an accompanying slide presentation on our investor relations website at ir.miacsglobal.com. In addition, this call is being webcast, and an archived version will be available there shortly after the conclusion of the call. Our discussion today includes forward-looking statements that are based on the expectations, estimates, and projections regarding the company's future performance, anticipated events or trends, and other matters that are not historical facts. The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties, and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore you should not place undue reliance on them. We refer you to our earnings press release and filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of MIACs. We do not intend to update any forward-looking statements made on this conference call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. During today's call, we will refer to non-GAAP measures as defined and reconciled in our earnings materials. With that, I'll now turn the call over to Tom.

Thanks, John, and good afternoon, everyone. Thanks for joining us. We had a solid third quarter. Net revenue grew 20% year over year. We gained market share, and we meaningfully expanded margins while investing in the business. We also made real progress on the futures side, including getting retail distribution for our Bloomberg products underway. Three things stood out this quarter. First, our options business continued to grow. Net revenue was $131 million, up 20% year over year, and options market share increased to 17.4%. Second, we continued to operate the business efficiently. Adjusted EBITDA was $71 million, and adjusted EBITDA margin was 54%. Up more than 1,000 basis points, year over year. Notably, we made that progress while continuing to invest in our options business and our Bloomberg Financial Futures suite. Third, we continue to execute our futures business strategy. In mid-October, we announced NinjaTrader as the first retail broker distributing our Bloomberg Financial Futures products, an exciting initial milestone. And last week, We launched four new physically settled futures contracts on MyExFutures. Let me frame how we're thinking about recent industry trends. Three things are reshaping our industry. Growing retail investor interest in derivatives, a pipeline of large IPOs that expands the opportunity for options, and a regulatory environment that continues to evolve. All three should reward a company that stays disciplined and ready to move. Lance, can you maybe go to yours real quick? I'm just having a little allergy here.