Nasdaq is a global technology company that provides platforms to enhance liquidity, transparency, and integrity in the global economy, serving corporate clients, investment managers, banks, brokers, and exchange operators **[0001120193-24-000019_ndaq-20240930.htm:46]** **[0001120193-24-000006_ndaq-20231231.htm:7]** **[0001120193-24-000006_ndaq-20231231.htm:136]**. The company operates through three main business segments, offering a range of services and solutions that cater to different aspects of the financial markets **[0001120193-24-000019_ndaq-20240930.htm:46]** **[0001120193-24-000006_ndaq-20231231.htm:7]** **[0001120193-24-000006_ndaq-20231231.htm:136]**. These segments include Capital Access Platforms, Financial Technology, and Market Services, each contributing significantly to Nasdaq's overall revenue **[0001193125-24-125189_d791683ds3asr.htm:5]** **[0001120193-24-000006_ndaq-20231231.htm:187]**.

1. **Market Services** - Provides trading and clearing services across various asset classes, ensuring efficient and secure transactions.
2. **Capital Access Platforms** - Enhances liquidity, transparency, and integrity for corporate issuers and the investment community, including Data & Listing Services, Index, and Workflow & Insights.
3. **Financial Technology** - Offers risk management, regulatory reporting, and capital markets software solutions, including AxiomSL and Calypso, to meet the growing demand for financial technology services.

1edc38fd60f7e6e00f8df3bb17d1023e06fbaa989e2cfd510eae509193358689

6b1464d335f2f694ba8e1e9da93c48e0684e44418f286ce1be9360c305b040b9

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Total Industry Average Daily Share Volume (billion shares) | 11.2 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 11.8 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000019_ndaq-20240930.htm:54]** | 10.8 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 10.4 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.2 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 11.8 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.8 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.5 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Matched Share Volume (billion shares) | 121.7 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 121.8 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000019_ndaq-20240930.htm:54]** | 113.7 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 106.7 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 113.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 116.7 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 119.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 117.4 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000019_ndaq-20240930.htm:54]** |
| Nasdaq Stock Market Matched Market Share (%) | 16.1 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 15.8 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000019_ndaq-20240930.htm:54]** | 16.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 15.5 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 15.4 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 15.7 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000019_ndaq-20240930.htm:54]** | 15.6 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 15.6 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Total Matched Market Share on Nasdaq's Exchanges (%) | 17.3 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 16.7 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 17.1 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 16.2 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 16.1 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 16.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 16.1 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 16.1 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Market Share Reported to FINRA/Nasdaq TRF (%) | 36.6 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 31.6 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 34.2 **[0001120193-24-000014_ndaq-20240630.htm:53]****[0001120193-24-000010_ndaq-20240331.htm:47]** | 40.2 **[0001193125-24-020225_d169716dex991.htm:14]** | 40.9 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 41.4 **[0001193125-24-020225_d169716dex991.htm:14]** | 42.9 **[0001120193-24-000010_ndaq-20240331.htm:47]** | 44.7 **[0001120193-24-000010_ndaq-20240331.htm:47]** |
| Total Market Share (%) | 53.9 **[0001120193-24-000010_ndaq-20240331.htm:47]** | 48.3 **[0001120193-23-000031_ndaq-20230930.htm:51]** | 51.3 **[0001120193-24-000010_ndaq-20240331.htm:47]****[0001120193-23-000022_ndaq-20230630.htm:48]** | 56.4 **[0001120193-24-000010_ndaq-20240331.htm:47]** | 57.0 **[0001193125-23-105683_d458927dex991.htm:11]****[0001120193-23-000017_ndaq-20230331.htm:41]** | 57.7 **[0001120193-23-000031_ndaq-20230930.htm:51]** | 59.0 **[0001193125-24-020225_d169716dex991.htm:14]** | 60.8 **[0001120193-24-000010_ndaq-20240331.htm:47]** |
| Average Daily Number of Equity Trades | 778,057 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 787,715 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 687,158 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 556,257 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 637,403 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 666,408 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 663,897 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 609,167 **[0001120193-24-000019_ndaq-20240930.htm:54]** |
| Total Average Daily Value of Shares Traded ($ billion) | 4.6 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.3 **[0001120193-24-000014_ndaq-20240630.htm:53]****[0001120193-24-000010_ndaq-20240331.htm:47]** | 4.7 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 3.6 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 4.5 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 4.7 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000010_ndaq-20240331.htm:47]** | 4.7 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 4.1 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Total Average Daily Volume of Options and Futures Contracts (Nasdaq Nordic and Baltic) | 277,521 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 344,141 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 307,754 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 245,986 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 327,680 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 241,665 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 251,677 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 213,911 **[0001120193-24-000019_ndaq-20240930.htm:54]** |
| Nasdaq PHLX Matched Market Share (%) | 12.0 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 11.1 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.5 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.0 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 11.5 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 10.3 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 9.9 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 9.4 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| The Nasdaq Options Market Matched Market Share (%) | 7.0 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 7.1 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 6.4 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.6 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.5 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 5.4 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.5 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.8 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Nasdaq BX Options Matched Market Share (%) | 3.3 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 3.3 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 3.0 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 4.4 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 3.3 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 2.2 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.3 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Nasdaq ISE Options Matched Market Share (%) | 6.0 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 5.8 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 6.0 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 5.7 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 6.3 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 6.9 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 6.8 **[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Nasdaq GEMX Options Matched Market Share (%) | 2.2 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 2.0 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 2.2 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 3.0 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 2.5 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.6 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.7 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Nasdaq MRX Options Matched Market Share (%) | 1.4 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 1.5 **[0001120193-24-000019_ndaq-20240930.htm:54]** | 1.6 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.0 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.5 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 2.1 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 3.2 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** |
| Total New Listings on Nasdaq Stock Market | 74 **[0001193125-24-020225_d169716dex991.htm:14]** | 81 **[0001120193-24-000010_ndaq-20240331.htm:47]****[0001120193-24-000019_ndaq-20240930.htm:54]****[0001193125-24-242283_d846576dex991.htm:16]** | 62 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 87 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 100 **[0001120193-24-000014_ndaq-20240630.htm:53]** | 79 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 84 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** | 138 **[0001120193-24-000019_ndaq-20240930.htm:54]****[0001120193-24-000014_ndaq-20240630.htm:53]** |

319f25cb571da8e3017254b7d95919cb32cb0670a49cc83c5d784a2b4279682e

99bcdce236e74200f8c97d31c058d3985105d68736e2a6ef4252424364fbeeea

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

7e9fc547b953eae4ee7321d3eb35ab8ff1bcc829f6ec7ebc8e14c8670b50d38b

| Segment/Metric [Unit: USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Market Platforms**               | **403**  **[NDAQ_3159529_1]**  | **1,032**  **[0001120193-23-000017_ndaq-20230331.htm:34]**  | **N/A** | **892**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | **N/A** | **N/A** | **N/A** | **N/A** |
| Trading Services                   | N/A     | **267**  **[0001120193-23-000017_ndaq-20230331.htm:12]**  | **250**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **236**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | N/A     | N/A     | N/A     |
| Marketplace Technology             | N/A     | **146**  **[0001120193-23-000017_ndaq-20230331.htm:12]**  | **147**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **145**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | N/A     | N/A     | N/A     |
| **Capital Access Platforms**       | **420**  **[NDAQ_3159529_1]**  | **416**  **[0001120193-23-000017_ndaq-20230331.htm:34]**  | **N/A** | **456**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | **N/A** | **479**  **[0001120193-24-000010_ndaq-20240331.htm:38]**  | **481**  **[0001120193-24-000014_ndaq-20240630.htm:47]**  | **501**  **[0001120193-24-000019_ndaq-20240930.htm:41]**  |
| Data & Listing Services            | N/A     | **186**  **[0001120193-23-000017_ndaq-20230331.htm:12]**  | **187**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **188**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | **186**  **[0001120193-24-000010_ndaq-20240331.htm:14]**  | **187**  **[0001120193-24-000014_ndaq-20240630.htm:47]**  | **190**  **[0001120193-24-000019_ndaq-20240930.htm:15]**  |
| Index                              | N/A     | **110**  **[0001120193-23-000017_ndaq-20230331.htm:12]**  | **129**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **144**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | **168**  **[0001120193-24-000010_ndaq-20240331.htm:14]**  | **167**  **[0001120193-24-000014_ndaq-20240630.htm:47]**  | **182**  **[0001120193-24-000019_ndaq-20240930.htm:15]**  |
| Workflow & Insights                | N/A     | **120**  **[0001120193-23-000017_ndaq-20230331.htm:12]**  | **122**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **124**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | **125**  **[0001120193-24-000010_ndaq-20240331.htm:14]**  | **127**  **[0001120193-24-000014_ndaq-20240630.htm:47]**  | **129**  **[0001120193-24-000019_ndaq-20240930.htm:15]**  |
| **Anti-Financial Crime**           | **82**  **[NDAQ_3159529_2]**  | **84**  **[0001120193-23-000017_ndaq-20230331.htm:34]**  | **89**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **93**  **[0001120193-23-000031_ndaq-20230930.htm:40]**  | N/A     | **N/A** | **N/A** | **N/A** |
| **Financial Technology**           | N/A     | **N/A** | **N/A** | **N/A** | **N/A** | **392**  **[0001120193-24-000010_ndaq-20240331.htm:38]**  | **420**  **[0001120193-24-000014_ndaq-20240630.htm:49]**  | **405**  **[0001120193-24-000019_ndaq-20240930.htm:41]**  |
| Financial Crime Management Tech.   | N/A     | N/A     | N/A     | N/A     | N/A     | **64**  **[0001120193-24-000010_ndaq-20240331.htm:44]**  | **67**  **[0001120193-24-000014_ndaq-20240630.htm:49]**  | **69**  **[0001120193-24-000019_ndaq-20240930.htm:50]**  |
| Regulatory Technology              | N/A     | N/A     | N/A     | N/A     | N/A     | **90**  **[0001120193-24-000010_ndaq-20240331.htm:44]**  | **95**  **[0001120193-24-000014_ndaq-20240630.htm:49]**  | **68**  **[0001120193-24-000019_ndaq-20240930.htm:50]**  |
| Capital Markets Technology         | N/A     | N/A     | N/A     | N/A     | N/A     | **238**  **[0001120193-24-000010_ndaq-20240331.htm:44]**  | **258**  **[0001120193-24-000014_ndaq-20240630.htm:49]**  | **234**  **[0001120193-24-000019_ndaq-20240930.htm:50]**  |
| **Market Services, net**           | N/A     | **237**  **[0001120193-24-000010_ndaq-20240331.htm:38]**  | **250**  **[0001120193-24-000014_ndaq-20240630.htm:50]**  | **N/A** | **247**  **[0001193125-24-020225_d169716dex991.htm:1]**  | **N/A** | **N/A** | **266**  **[0001120193-24-000019_ndaq-20240930.htm:51]**  |
| **Other Revenues**                 | N/A     | **1**  **[0001120193-23-000017_ndaq-20230331.htm:34]**  | **1**  **[0001120193-23-000022_ndaq-20230630.htm:13]**  | **10**  **[0001120193-23-000031_ndaq-20230930.htm:14]**  | N/A     | **9**  **[0001193125-24-111540_d806601dex991.htm:0]**  | **8**  **[0001193125-24-184292_d779391dex991.htm:0]**  | N/A     |

a2014f61b7e3052c312832932587d7082b29e2772679a492e5f855442853f44f

1. With the significant decrease in professional services revenue following the completion of a major client project last year, how do you plan to sustain and grow revenue in the Market Technology segment, especially considering the tough year-over-year comparisons and potential roll-off of certain contracts?
2. The pushout of a key Calypso client's renewal by up to two quarters has impacted your revenue recognition this quarter; does this indicate potential challenges in the renewal environment for your fintech solutions, and how might this affect your revenue expectations in the near term?
3. Despite generating strong free cash flow, your leverage ratio remains relatively high at 3.8x; how does this elevated leverage impact your ability to invest in growth opportunities or return capital to shareholders, and what are your plans to deleverage more aggressively?
4. Given the decline in listings revenue due to lower listings activity and prior year delistings, what specific strategies are you implementing to rejuvenate growth in your listings business, especially in the face of competitive pressures and a modest uptick in U.S. listings?
5. While you've seen some success in upselling Verafin solutions to Tier 1 and Tier 2 clients, lengthy sales cycles pose a challenge; how are you addressing these challenges to accelerate revenue growth in your anti-financial crime technology offerings?

da20245bdf758f25dbc9f498d283f7ab1d70855bbde7dc82298da65e6d607f02

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Capital Access Platforms Revenue Growth**: Expected to exceed medium-term growth outlook range, with Index above its range, Data flat year-on-year, and Workflow and Insights below its range  **[NDAQ_3403615_7]** .
  2. **Financial Technology Division**:
     - AxiomSL and Calypso growth within medium-term outlook  **[NDAQ_3403615_8]** .
     - Financial Crime Management Technology below 23% revenue growth  **[NDAQ_3403615_8]** .
     - Regulatory Technology towards the low end of medium-term growth outlook  **[NDAQ_3403615_8]** .
     - Capital Market Technology towards the low end due to timing shift of Calypso renewal  **[NDAQ_3403615_8]** .
  3. **Non-GAAP Expense Guidance**: $2.150 billion to $2.180 billion  **[NDAQ_3403615_8]** .
  4. **Non-GAAP Tax Rate**: 23.5% to 24.5%  **[NDAQ_3403615_8]** .
  5. **Cross-Sell Revenue Target**: Exceed $100 million by end of 2027  **[NDAQ_3403615_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Non-GAAP Operating Expense**: $2.145 billion to $2.185 billion  **[NDAQ_3394279_7]** .
  2. **Full Year Tax Rate**: 24.5% to 26.5%  **[NDAQ_3394279_7]** .
  3. **Expense Growth Moderation**: Synergies to moderate expense growth by 1.5 percentage points  **[NDAQ_3394279_7]** .
  4. **Revenue Growth for Capital Access Platforms**: Expected to exceed medium-term outlook, with Index above its range, Workflow and Insights below, and Data and Listings flat  **[NDAQ_3394279_5]** .
  5. **Capital Markets Technology Revenue Growth**: In line with medium-term outlook  **[NDAQ_3394279_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Non-GAAP Operating Expense Guidance**: $2.125 billion to $2.185 billion  **[NDAQ_3380743_9]** .
  2. **Expense Increase Expectation**: Increase of just under $20 million in Q2 2024  **[NDAQ_3380743_9]** .
  3. **Net Expense Synergies**: 40% of $80 million actioned by end of Q1 2024, 70% by end of 2024  **[NDAQ_3380743_9]** .
  4. **Tax Rate**: 24.5% to 26.5%  **[NDAQ_3380743_9]** .
  5. **Gross Leverage Ratio**: Below 4x, ahead of initial goal  **[NDAQ_3380743_9]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Non-GAAP Operating Expense Guidance for 2024**: $2.105 billion to $2.185 billion  **[NDAQ_3371357_7]** .
  2. **Full Year Tax Rate**: 24.5% to 26.5%  **[NDAQ_3371357_7]** .
  3. **Synergies from Adenza Acquisition**: $80 million synergy target by end of 2025  **[NDAQ_3371357_7]** .

0394dc8112f9c92d9718e6b6dffe51f36ef42496b998459ec961318516f3cf88

- **Cboe Global Markets, Inc. (Cboe)** - Competitor in U.S. options markets and cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Miami International Holdings, Inc. (MIAX)** - Competitor in U.S. options markets and cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Intercontinental Exchange, Inc. (ICE)** - Competitor in U.S. options markets and cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Members Exchange (MEMX)** - Competitor in U.S. options markets and cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **BOX Options Market** - Competitor in U.S. options markets  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **The Investors Exchange** - Competitor in U.S. cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Long Term Stock Exchange** - Competitor in U.S. cash equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Toronto Stock Exchange (TSX)** - Principal competitor in Canadian cash equities exchange  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Euronext N.V.** - Competitor in European cash equities markets  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Deutsche Börse AG** - Competitor in European cash equities markets  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **London Stock Exchange (LSE)** - Competitor in European cash equities markets  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Cboe** - Competitor in European Multilateral Trading Facilities (MTFs)  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Turquoise** - Competitor in European Multilateral Trading Facilities (MTFs)  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Aquis** - Competitor in European Multilateral Trading Facilities (MTFs)  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Eurex** - Competitor in trading and clearing of options and futures on European equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **ICE Futures Europe** - Competitor in trading and clearing of options and futures on European equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **London Clearing House (LCH)** - Competitor in trading and clearing of options and futures on European equities  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Systematic Internalizers (SIs)** - Competitors in European equities markets  **[0001120193-24-000006_ndaq-20231231.htm:27]** .
- **Core banking solution providers** - Competitors in Financial Crime Management Technology and trade and market surveillance businesses  **[0001120193-24-000006_ndaq-20231231.htm:26]** .
- **FinTech start-ups** - Competitors in Financial Crime Management Technology and trade and market surveillance businesses  **[0001120193-24-000006_ndaq-20231231.htm:26]** .
- **Enterprise solution providers** - Competitors in Financial Crime Management Technology and trade and market surveillance businesses  **[0001120193-24-000006_ndaq-20231231.htm:26]** .
- **Point solution providers** - Competitors in Financial Crime Management Technology and trade and market surveillance businesses  **[0001120193-24-000006_ndaq-20231231.htm:26]** .
- **AWS** - Partner in cloud-based exchanges and market technology offerings  **[0001120193-24-000006_ndaq-20231231.htm:26]** .

bec31b03209ff7784f42650887936e21a7bb08ffe630316882e32bb8e623c500

Matched Share Volume (billion shares)

Nasdaq Stock Market Matched Market Share (%)

Market Share Reported to FINRA/Nasdaq TRF (%)

Average Daily Number of Equity Trades

Nasdaq PHLX Matched Market Share (%)

The Nasdaq Options Market Matched Market Share (%)

Nasdaq BX Options Matched Market Share (%)

Nasdaq ISE Options Matched Market Share (%)

Nasdaq GEMX Options Matched Market Share (%)

Nasdaq MRX Options Matched Market Share (%)

1776441d032307e18bffe62a5d1ae4a70a8fbd2ca524d6cb070071c0bfd0e58c

4d7a90c35d6059bcc76bacde8350230b9fca113279780d488bfe6b52313e96f1

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                     |
|---------------------|--------------------------------------------------------------------------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Adena T. Friedman   | Chair and CEO                                                            | January 1, 2017    | Adena T. Friedman has been serving as the CEO of Nasdaq since January 1, 2017, and became the Chair of the Board on January 1, 2023. She has held various leadership positions at Nasdaq, including President and COO  **[0001193125-24-118183_d739414ddef14a.htm:17]** **[0001193125-23-127255_d418886ddef14a.htm:18]** . |
| Bradley J. Peterson | EVP and CIO/CTO                                                          | February 2013      | Bradley J. Peterson has served as EVP and CIO/CTO at Nasdaq since February 2013. Previously, he was EVP and CIO at Charles Schwab, Inc. and CIO at eBay  **[0001193125-24-118183_d739414ddef14a.htm:107]** **[0001193125-23-127255_d418886ddef14a.htm:126]** .                                                               |
| Brendan Brothers    | Senior Strategic Advisor (transitioning from EVP, Head of Financial Crime Management Technology) | September 2023     | Brendan Brothers was appointed as EVP and Head of Financial Crime Management Technology in September 2023. He transitioned to Senior Strategic Advisor on September 6, 2024  **[0001193125-24-118183_d739414ddef14a.htm:106]** **[0001193125-24-215181_d855658d8k.htm:1]** **[0001193125-24-215181_d855658dex991.htm:0]** .                                      |
| Tal Cohen           | President                                                                | April 2023         | Tal Cohen was appointed as President of Nasdaq in April 2023. He leads Nasdaq's Market Services and Financial Technology divisions  **[0001193125-24-118183_d739414ddef14a.htm:106]** **[0001193125-23-127255_d418886ddef14a.htm:125]** .                                                                                    |
| Michelle L. Daly    | SVP, Controller, and Principal Accounting Officer                        | May 2021           | Michelle L. Daly has served as SVP, Controller, and Principal Accounting Officer at Nasdaq since May 2021. She previously held senior leadership positions at BlackRock and Goldman Sachs  **[0001193125-24-118183_d739414ddef14a.htm:106]** **[0001193125-23-127255_d418886ddef14a.htm:125]** .                             |
| P.C. Nelson Griggs  | President                                                                | April 18, 2023     | P.C. Nelson Griggs was appointed as President of Nasdaq effective April 18, 2023. He has been with Nasdaq since 2001, holding various roles including EVP, Corporate Platforms  **[0001193125-24-118183_d739414ddef14a.htm:107]** **[0001193125-23-127255_d418886ddef14a.htm:126]** .                                        |
| Jeremy Skule        | EVP, Chief Strategy Officer, and Executive Chair of Financial Crime Management Technology | January 2021       | Jeremy Skule has served as EVP and Chief Strategy Officer at Nasdaq since January 2021. He also serves as the Executive Chair of Financial Crime Management Technology  **[0001193125-24-118183_d739414ddef14a.htm:107]** **[0001193125-23-127255_d418886ddef14a.htm:127]** **[0001193125-24-215181_d855658dex991.htm:0]** .                                            |
| Sarah Youngwood     | EVP and CFO                                                              | December 1, 2023   | Sarah Youngwood has been serving as EVP and CFO at Nasdaq since December 1, 2023. She was previously the Group CFO at UBS and held various roles at JPMorgan Chase  **[0001193125-24-118183_d739414ddef14a.htm:108]** **[0001193125-24-118183_d739414ddef14a.htm:61]** .                                                    |
| John A. Zecca       | EVP and Chief Legal, Risk and Regulatory Officer                         | October 2019       | John A. Zecca has served as EVP and Chief Legal and Regulatory Officer since October 2019 and took on the role of Chief Risk Officer in April 2022  **[0001193125-24-118183_d739414ddef14a.htm:108]** **[0001193125-23-127255_d418886ddef14a.htm:127]** .                                                                    |
| Stephanie Champion  | EVP and Head of Nasdaq Verafin                                           | September 6, 2024  | Stephanie Champion was appointed as EVP and Head of Nasdaq Verafin on September 6, 2024. She has been with Verafin for 13 years, holding several key leadership roles  **[0001193125-24-215181_d855658dex991.htm:0]** **[0001193125-24-215181_d855658dex991.htm:1]** .                                              |

a2f2e6443c919ded45eec886059fa359b18da292bfff055fb99477c6f2c57239

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | September 2023  **[0001120193-23-000031_ndaq-20230930.htm:27]** **[0001120193-24-000006_ndaq-20231231.htm:173]**  |
| End Date/Duration        | No defined expiration date  **[0001120193-24-000019_ndaq-20240930.htm:29]**  |
| Total additional amount  | **$2.0 billion**  **[0001120193-23-000031_ndaq-20230930.htm:27]** **[0001120193-24-000006_ndaq-20231231.htm:173]**  |
| Remaining authorization amount | **$1.7 billion** as of September 30, 2024  **[0001120193-24-000019_ndaq-20240930.htm:29]**  |
| Details                  | Repurchases can be made through various methods such as open market purchases, privately-negotiated transactions, block purchase techniques, or an accelerated share repurchase program. The program can be suspended, modified, or discontinued at any time.  **[0001120193-24-000019_ndaq-20240930.htm:29]** **[0001120193-23-000031_ndaq-20230930.htm:27]** **[0001120193-24-000006_ndaq-20231231.htm:173]**  |

0f533ced80bfd0e22b872fcc7a78f256613bb289a8b6976d76515e4788c2963c

United States

All other countries

Total Revenue

baf99b3e092affdc193e0e166498c1cde3cdcd939f7083c2580fbd5cab02258e

**Annual guidance for FY 2024:**
- **Capital Access Platforms Revenue Growth**: Expected to exceed medium-term growth outlook range, with Index above its range, Data flat year-on-year, and Workflow and Insights below its range  **[NDAQ_3403615_7]**  (no change from prior guidance: expected to exceed medium-term outlook with Index above its range, Workflow & Insights below, and Data & Listings flat  **[NDAQ_3394279_5]** )  
- **Non-GAAP Expense Guidance**: $2.150B to $2.180B  **[NDAQ_3403615_8]**  (no change from $2.145B to $2.185B  **[NDAQ_3394279_7]** )  
- **Non-GAAP Tax Rate**: 23.5% to 24.5%  **[NDAQ_3403615_8]**  (lowered from 24.5% to 26.5%  **[NDAQ_3394279_7]** )  
- **Capital Market Technology**: Towards the low end of medium-term growth outlook  **[NDAQ_3403615_8]**  (lowered from in line with medium-term outlook  **[NDAQ_3394279_6]** )  
- **AxiomSL and Calypso Growth**: Within medium-term outlook  **[NDAQ_3403615_8]**  (no prior guidance)  
- **Financial Crime Management Technology**: Below 23% revenue growth  **[NDAQ_3403615_8]**  (no prior guidance)  
- **Regulatory Technology**: Towards the low end of medium-term growth outlook  **[NDAQ_3403615_8]**  (no prior guidance)  
- **Cross-Sell Revenue Target**: Exceed $100 million by end of 2027  **[NDAQ_3403615_5]**  (no prior guidance)  

d50732f4f358026860dec6af48c81b3f30b6c271f4c072c8c72ee35c1ca79411

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1986  **[0001120193-24-000006_ndaq-20231231.htm:131]**  | Present  | Current auditor   |

e0d397b300f32bf5566142654bc74b5cea5325842379dae76c2be9362110f73a

7fafcfe680178eeccfc2835b9df8ee0b395e94f17fea86a7b0c6aef60c99cf4e

00f9e53d571bf6e03fde0b6d6daa23da9f3b239cd585de5ea4d928b9579bae9f

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

dd61d36afdd9dc63419cc9e590d2db573a74ac512e86cf6af0e55abab7a7bbbe

407b486b6713a7f8982cddf554c35f5adda7e3083637407d3c0b7e2557f8f775

06c206fa20969171f549df7ebba09ce69505921daef950b31e0ab0d36d89d83c

1b80a0e15247fdf81cc2c2fae24263302616275a48eadf63e298b334dcd88f4f

- **Strong growth in the Financial Crime Management Technology business**, with **211 new clients signed** in 2024, including another **Tier 1 bank in Q4**, bringing the total to **5 Tier 1 banks**. The company has a **healthy pipeline of Tier 1 and Tier 2 banks** and is **expanding globally** with a move into Europe, where several banks are lining up for POCs in 2025. This expansion taps into the **50% of the serviceable addressable market** represented by Tier 1 and Tier 2 banks, offering significant growth opportunities.  **[NDAQ_3413528_14]**
- **Proprietary Index Options business revenues doubled during the year**, leveraging Nasdaq's exchange franchise efficiently. The company is expanding proprietary index products onto major retail investing platforms, including **Robinhood**, and is driving **institutional adoption** by integrating products into data tools used for investment decisions. This creates a **virtuous cycle** driving growth in the **NDX franchise** and enabling new product offerings.  **[NDAQ_3413528_10]**
- **Strong client engagement and trends in the Financial Technology division**, with excellent client engagement carrying into 2025. Despite Q4 being the seasonal high sales quarter, the company is seeing **strong trends beyond seasonal patterns**, indicating potential for continued growth in ARR into 2026.  **[NDAQ_3413528_23]**

251374100e87f92a5c18110a1431ec474bd64102ee9c7e39d331bb4d1add1cf5

- The **Financial Crime Management Technology** business is expected to come in at the **low end of their outlook range** in 2025 due to being in the early stages of expanding into Tier 1 and Tier 2 banks and entering European markets, indicating potential **slower-than-anticipated growth**.  **[NDAQ_3413528_14]**
- The **Corporate Solutions** segment has been affected by a **slower IPO and delisting environment**, which may persist and continue to impact growth in the **Workflow and Insights** division, making it challenging to achieve target growth rates in the near future.  **[NDAQ_3413528_12]**
- **Professional services revenues** experienced **downward pressure in 2024** due to non-repeating large implementations and lower sales in certain solutions like AxiomSL, suggesting potential **revenue volatility** and dependence on large deals that may not recur consistently.  **[NDAQ_3413528_17]**

92d909bba4d2ee5aff79b47a6ac929a06606161088cc942c915717600f2e252c

1. **Regulatory Changes Impact on RegTech Growth**  
   **Q:** How would deregulation affect Axiom's client demand and RegTech growth?  
   **A:** AxiomSL is a global business serving banks worldwide, with **69%** of revenue from non-U.S. banks.  **[NDAQ_3413528_13]**  We see strong demand for our products despite regulatory changes.  **[NDAQ_3413528_13]**  We expect our Regulatory Technology subdivision to be at the high end of our range in **2025**.  **[NDAQ_3413528_13]**  Banks deploying more capital drives liquidity and demand for our technology.  **[NDAQ_3413528_13]** 

2. **Decline in Capital Markets Tech ARR**  
   **Q:** What caused Cap Markets Tech ARR to decline from 12% to 9%, and how will you reaccelerate ARR in 2025?  
   **A:** The decline was due to year-over-year comps, as Q4 **2023** was a very strong sales quarter for Calypso.  **[NDAQ_3413528_18]**  Timing of deal signings affects ARR, and ARR upon signing doesn't include contract ramps.  **[NDAQ_3413528_18]**  We expect AxiomSL and Calypso combined ARR growth to be within the mid-teens outlook.  **[NDAQ_3413528_18]**  Overall, we have strong growth opportunities despite this quarter's downward pressure.  **[NDAQ_3413528_18]** 

3. **Professional Service Fees Outlook**  
   **Q:** What's the outlook for professional service fees in Fintech for 2025?  
   **A:** While we don't break out professional service fees specifically, they are about **20%** of Adenza revenue and over **10%** of overall Fintech revenues.  **[NDAQ_3413528_17]**  In 2024, we had downward pressure due to non-repeating large implementations in **2023**.  **[NDAQ_3413528_17]**  For 2025, with **9 new commitments** in Market Tech and strong sales in AxiomSL, we see an upward trajectory in professional services supporting our revenue outlook.  **[NDAQ_3413528_17]** 

4. **Proprietary Index Options Growth Plans**  
   **Q:** With revenues doubling, what are your plans for the Proprietary Index Options business?  
   **A:** This business efficiently leverages our exchange franchise.  **[NDAQ_3413528_20]**  We're focused on building new products, enhancing capabilities, and growing the ecosystem.  **[NDAQ_3413528_20]**  Our prop index products are now on major retail platforms like **Robinhood**, and we're driving institutional adoption by integrating into investment decision tools.  **[NDAQ_3413528_20]**  As our Index business expands among institutional clients, it boosts demand for options trading.  **[NDAQ_3413528_20]** 

5. **AI Advancements and Initiatives**  
   **Q:** How are AI advancements impacting your business, and what steps are you taking with generative AI in 2025?  
   **A:** We've developed a platform using multiple AI models, both proprietary and open source.  **[NDAQ_3413528_19]**  We test models for best solutions and cost efficiency, with AI costs decreasing dramatically.  **[NDAQ_3413528_19]**  We're embedding generative AI into product roadmaps, including in Anti-Financial Crime (**Copilot**), surveillance, and AxiomSL's auto-generation of regulatory reports.  **[NDAQ_3413528_19]**  These enhancements improve product value and client ROI, increasing retention.  **[NDAQ_3413528_19]**  Internally, we're using AI to improve efficiency in development and client success.  **[NDAQ_3413528_19]** 

6. **Financial Crime Management Growth Outlook**  
   **Q:** Given your outlook, where will the FinTech segment's growth fall, and what are drivers for Financial Crime Management's lower-end growth?  
   **A:** In Financial Crime Management, we added **211 new clients** in 2024 and signed another Tier 1 bank in Q4.  **[NDAQ_3413528_14]**  Growth is driven by small to medium banks, expansion into Tier 1 and Tier 2 banks (now have **5 clients**), and global expansion into Europe.  **[NDAQ_3413528_14]**  We expect Financial Crime Management to come in at the low end of our outlook range in 2025.  **[NDAQ_3413528_14]**  FinTech overall is expected to grow within the **10% to 14%** range.  **[NDAQ_3413528_14]** 

7. **Workflow and Insights Growth Outlook**  
   **Q:** How will you return Workflow and Insights to target growth levels?  
   **A:** The Corporate Solutions business has been affected by a slower issuance and delisting environment.  **[NDAQ_3413528_12]**  We are innovating within our suite and expect growth as buying behavior normalizes.  **[NDAQ_3413528_12]**  The IPO environment and moderation of delistings will help drive sales.  **[NDAQ_3413528_12]**  In Analytics, our **Invest** product is growing at high single digits, and we expect it to continue contributing to division growth.  **[NDAQ_3413528_12]** 

8. **Reducing Regulatory Burden on Public Companies**  
   **Q:** Can you discuss efforts to lighten the regulatory burden on public companies and areas of potential progress?  
   **A:** We're engaging with the new administration to unlock growth by improving the public market environment.  **[NDAQ_3413528_16]**  Key focus areas include reforming the proxy process, balancing accounting policies and PCAOB approach, and pursuing litigation reform.  **[NDAQ_3413528_16]**  Additionally, we aim for better disclosure to companies on stock activity, including short positions.  **[NDAQ_3413528_16]** 

9. **Impact of Bank M&A on Sales Cycles**  
   **Q:** Could bank M&A lead to longer sales cycles due to uncertainties in regulatory and M&A activity?  
   **A:** Most bank M&A occurs among small banks; our Anti-Financial Crime contracts are structured to adjust pricing when banks merge.  **[NDAQ_3413528_22]**  Mergers present opportunities to win new clients or expand solutions to combined banks.  **[NDAQ_3413528_22]**  At higher levels, mergers can introduce new regulatory obligations, creating sales opportunities.  **[NDAQ_3413528_22]**  Sales cycles are always lengthy, but we're seeing healthy dialogue and many opportunities globally.  **[NDAQ_3413528_22]**  We're not concerned about significant impacts.  **[NDAQ_3413528_22]** 

10. **Strong Fintech Sales Metrics and Future Outlook**  
    **Q:** Are strong Q4 Fintech sales metrics seasonal, or do you see improving momentum in '25 and potential for stronger ARR growth into '26?  
    **A:** Q4 is always our seasonal high sales quarter across Fintech.  **[NDAQ_3413528_23]**  While Q4 will always be the big quarter, we're also seeing strong trends and excellent client engagement carrying into 2025.  **[NDAQ_3413528_23]**  This may support future growth, but expect Q4 to remain the high quarter.  **[NDAQ_3413528_23]** 

11. **ARR vs Revenue Growth and Expense Synergies**  
    **Q:** There's differential between ARR and revenue growth in '24; what should we expect in '25? How will expense synergies benefit '25 quarterly?  
    **A:** ARR vs revenue differences are due to professional services fees impacting metrics, and Calypso's on-prem revenue recognition with tough comps and timing differences.  **[NDAQ_3413528_21]**  On expenses, benefits from our expanded efficiency program contribute **2%** to lowering expense growth rate in **2025 vs 2024**, with a tail mostly in 2026.  **[NDAQ_3413528_21]**  We're continuing to drive these efficiencies throughout 2025.  **[NDAQ_3413528_21]** 

12. **Conversion of New Listings and ESG Outlook**  
    **Q:** How quickly are new listings adopting your software solutions, and has negative tone on ESG affected your ESG solution outlook?  
    **A:** Corporate Solutions, part of Workflow and Insights, lags the IPO environment.  **[NDAQ_3413528_15]**  We introduce solutions to companies during IPOs and convert them to paying clients over time.  **[NDAQ_3413528_15]**  Moderation of delistings will help, but recovery to normalized growth will take time.  **[NDAQ_3413528_15]**  For ESG solutions, demand has shifted towards Europe due to new disclosure obligations.  **[NDAQ_3413528_15]**  We still have opportunities but will monitor policy developments in the U.S..  **[NDAQ_3413528_15]** 

6d3bd1ee6177760d5c43f4a31d7fe60a00d25eab86303c5999f2cb05458cfd1e

Nasdaq’s Q4 shows robust growth in FinCrime Tech with 211 new clients in ’24 (5 Tier 1 banks), while proprietary index options revenues doubled. Global expansion, especially in Europe, is fueling new Tier 1/2 deals—positioning NDAQ for sustained mid-teens ARR.

3b7c1cafc3798b84c0103964c28420879e6636ea6b31eb57eba2b92c5d409da3

**Annual guidance for FY 2025:**  
- **Non-GAAP Expense Guidance**: $2.245B to $2.325B  **[NDAQ_3413528_10]**  (raised from $2.150B to $2.180B  **[NDAQ_3403615_8]** )  
- **Non-GAAP Tax Rate**: 22.5% to 24.5%  **[NDAQ_3413528_10]**  (lowered from 23.5% to 24.5%  **[NDAQ_3403615_8]** )  
- **Capital Access Platforms revenue growth**: 5% to 8%  **[NDAQ_3413528_8]**  (lowered from “expected to exceed the 5% to 8% range”  **[NDAQ_3403615_7]** )  
- **Data & Listings revenue growth**: low single digits  **[NDAQ_3413528_8]**  (raised from “flat year-on-year”  **[NDAQ_3403615_7]** )  
- **Index revenue growth**: above mid- to high single digits  **[NDAQ_3413528_8]**  (no change from “Index above its range”  **[NDAQ_3403615_7]** )  
- **Workflow and Insights revenue growth**: below high single to low double digits  **[NDAQ_3413528_8]**  (no change from “below its range”  **[NDAQ_3403615_7]** )  
- **Financial Crime Management Technology**: at the low end of mid-20s  **[NDAQ_3413528_9]**  (raised from “below 23%”  **[NDAQ_3403615_8]** )  
- **Regulatory Technology**: at the high end of high single to low double digits  **[NDAQ_3413528_9]**  (raised from “towards the low end”  **[NDAQ_3403615_8]** )  
- **Capital Market Technology**: within high single to low double digits  **[NDAQ_3413528_9]**  (raised from “towards the low end”  **[NDAQ_3403615_8]** )  
- **Expense Synergies from Adenza Acquisition**: $140M in run-rate cost reductions by end of 2025  **[NDAQ_3413528_10]**  (no prior guidance)  
- **Professional Services Revenue**: improvement in 2025  **[NDAQ_3413528_9]**  (no prior guidance)  

5780a58677adb19839d3bb1585a81cde845af3e4135912da6bfab3a3409d48ff

40a5d9c972e9525f900b1d73b4f90b7ec439b10a0659373702e72c96738161eb

- **Total Revenue**: -$685 million (**-141%** YoY)  **[0001193125-25-014912_d927353dex991.htm:12]** **[0001120193-24-000006_ndaq-20231231.htm:187]** **[0001120193-24-000006_ndaq-20231231.htm:156]** **[0001120193-24-000006_ndaq-20231231.htm:81]** **[0001120193-24-000006_ndaq-20231231.htm:82]**   
- **Capital Access Platforms**: $511 million (**+1011%** YoY)  **[0001193125-25-014912_d927353dex991.htm:9]** **[0001120193-24-000006_ndaq-20231231.htm:187]** **[0001120193-24-000006_ndaq-20231231.htm:156]** **[0001120193-24-000006_ndaq-20231231.htm:81]** **[0001120193-24-000006_ndaq-20231231.htm:82]**   
- Market Services: -$1,679 million (**-614%** YoY)  **[0001193125-25-014912_d927353dex991.htm:9]** **[0001120193-24-000006_ndaq-20231231.htm:187]** **[0001120193-24-000006_ndaq-20231231.htm:156]** **[0001120193-24-000006_ndaq-20231231.htm:81]** **[0001120193-24-000006_ndaq-20231231.htm:82]**   

65a14a2a37bcad18ef9fa0b7267d5f555707c47529a9de59054ffdfaeb228a53

| Year | Amount Due (in millions) | Debt Type                              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | $499                         | 2025 Notes                                 | 5.650                 | 5.1% = (499 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2026     | $500                         | 3.850% senior unsecured notes (2026 Notes) | 3.850                 | 5.1% = (500 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2028     | $1,000                       | 5.350% senior unsecured notes (2028 Notes) | 5.350                 | 10.1% = (1,000 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                     |
| 2029     | €600 ($665)                  | 1.750% senior unsecured notes (2029 Notes) | 1.750                 | 6.7% = (665 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2030     | €600 ($664)                  | 0.875% senior unsecured notes (2030 Notes) | 0.875                 | 6.7% = (664 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2031     | $650                         | 1.650% senior unsecured notes (2031 Notes) | 1.650                 | 6.6% = (650 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2032     | €750 ($827)                  | 4.500% senior unsecured notes (2032 Notes) | 4.500                 | 8.4% = (827 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2033     | €615 ($681)                  | 0.900% senior unsecured notes (2033 Notes) | 0.900                 | 6.9% = (681 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2034     | $1,240                       | 5.550% senior unsecured notes (2034 Notes) | 5.550                 | 12.6% = (1,240 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                     |
| 2040     | $644                         | 2.500% senior unsecured notes (2040 Notes) | 2.500                 | 6.5% = (644 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2050     | $487                         | 3.250% senior unsecured notes (2050 Notes) | 3.250                 | 4.9% = (487 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2052     | $541                         | 3.950% senior unsecured notes (2052 Notes) | 3.950                 | 5.5% = (541 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2053     | $738                         | 5.950% senior unsecured notes (2053 Notes) | 5.950                 | 7.5% = (738 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |
| 2063     | $738                         | 6.100% senior unsecured notes (2063 Notes) | 6.100                 | 7.5% = (738 / 9,858) * 100 **[0001120193-24-000019_ndaq-20240930.htm:22]** **[0001120193-24-000019_ndaq-20240930.htm:67]**                                        |

7f8a12cfbbd6c8763c48e20f7d1dd2f6edbda9b807c6668181fccd2a672d7dcf

- **Nasdaq's strong revenue growth in Capital Markets Technology this quarter was partly driven by a strategic early renewal**, and management expects more normalized growth in the second half, indicating potential slowdown in revenue growth.  **[NDAQ_3394279_15]** **[NDAQ_3394279_20]**
- **Data and Listings segment faces headwinds due to lower amortization of prior listing fees**, which is expected to increase from **$1 million in Q2** to about **$3 million in each of the next four quarters**, potentially impacting revenue growth in this segment.  **[NDAQ_3394279_5]** **[NDAQ_3394279_13]**
- **Verafin's expansion into Tier 1 international banks will take time**, with implementations ranging from **6 months to a year**, and current revenue contribution is still **very small**, delaying expected revenue growth from these initiatives.  **[NDAQ_3394279_11]**

712e5eeac41554dc7ba311fe283e94eaa3a64053015645f7dfeb81d8db967571

7e5db36cfec3a49a41b05bd45aa94366d224304f210d4d2334b22846f409be80

1. **Verafin's Growth with Tier 1 Clients**  
   **Q:** What is the growth outlook for Verafin, especially with Tier 1 clients?  
   **A:** Verafin has signed a Tier 1 international bank in July, highlighting growing interest from large clients.  **[NDAQ_3394279_10]**  Although revenue contribution from Tier 1 and Tier 2 banks is currently small due to implementation times of 6 to 12 months, the company expects increased momentum and more regular signings in the coming years.  **[NDAQ_3394279_10]** **[NDAQ_3394279_14]** 

2. **Pricing Strategy in Fintech Growth**  
   **Q:** How are price increases contributing to fintech growth?  
   **A:** Approximately half of the revenue growth for AxiomSL and Calypso comes from upgrades and upsells, while the other half is from new sales and price increases.  **[NDAQ_3394279_8]**  Price adjustments vary by product; some contracts include CPI increases, while others implement price changes upon renewal based on added value.  **[NDAQ_3394279_8]** 

3. **Cross-Selling Opportunities and Pipeline**  
   **Q:** How is Nasdaq leveraging cross-sell opportunities?  
   **A:** Cross-selling constitutes 10% of Nasdaq's pipeline.  **[NDAQ_3394279_9]**  In the quarter, they completed four cross-sells, including selling AxiomSL to Calypso clients, facilitated by data API connectors between the products.  **[NDAQ_3394279_9]**  They are also promoting Verafin solutions to existing clients, with a Tier 1 client adopting Verafin in July.  **[NDAQ_3394279_9]** 

4. **Capital Allocation and Deleveraging Plans**  
   **Q:** What are the plans for deleveraging and capital allocation?  
   **A:** Nasdaq is prioritizing deleveraging by repaying approximately **$50 million** in commercial paper.  **[NDAQ_3394279_12]**  Following this, they plan to be opportunistic with capital allocation, including share repurchases to offset employee dilution.  **[NDAQ_3394279_12]** 

5. **IPO Market Outlook and Financial Impact**  
   **Q:** When will improvement in the IPO market impact financials?  
   **A:** Despite strong market performance, the IPO environment remains muted, with modest year-over-year improvement.  **[NDAQ_3394279_16]**  Many companies are targeting IPOs in the first half of **2025**, so significant financial impact is expected then.  **[NDAQ_3394279_16]** 

6. **Growth in Capital Markets Technology**  
   **Q:** What's driving growth in Capital Markets Technology?  
   **A:** Growth is driven by broad momentum, including a strategic early renewal, five new clients, and 29 upsells.  **[NDAQ_3394279_15]**  The company anticipates more normalized growth in the second half compared to the strong first half.  **[NDAQ_3394279_15]** 

7. **Index Options Performance and Pricing**  
   **Q:** How is the index options business performing, and what's the pricing approach?  
   **A:** Nasdaq's index options revenue has doubled, with volumes up **50%** year-over-year.  **[NDAQ_3394279_17]**  Demand remains strong despite premium pricing due to the value in hedging index exposure.  **[NDAQ_3394279_17]**  The company is considering adding more indexes to this offering.  **[NDAQ_3394279_19]** 

8. **Impact of AI Initiatives like Dynamic M-ELO**  
   **Q:** How will AI innovations affect market share and financials?  
   **A:** The Dynamic M-ELO order type, enhanced by AI, has increased volumes and fill rates by **20%**.  **[NDAQ_3394279_22]**  While it doesn't significantly impact market share, it contributes positively to revenues as a premium product.  **[NDAQ_3394279_22]**  Replicating this technology is complex due to proprietary AI algorithms.  **[NDAQ_3394279_22]** 

9. **Macroeconomic Effects on Verafin's Growth**  
   **Q:** How might macro conditions affect Verafin's growth?  
   **A:** Verafin provides mission-critical technology for risk management and regulatory compliance, which remains essential across economic cycles.  **[NDAQ_3394279_23]**  Therefore, macroeconomic conditions are unlikely to significantly impact its growth trajectory.  **[NDAQ_3394279_23]** 

10. **Listings Amortization Headwind Details**  
    **Q:** What's the expected impact of listings amortization on revenues?  
    **A:** There was a **$1 million** year-over-year headwind in Q2 due to initial listings amortization, which will increase to **$3 million** in Q3 and continue for the next three quarters.  **[NDAQ_3394279_13]** 

11. **Strategic Business Review and Potential Divestitures**  
    **Q:** Is Nasdaq considering selling any businesses like Solovis?  
    **A:** While not commenting on specific rumors, Nasdaq regularly assesses its portfolio for strategic fit.  **[NDAQ_3394279_18]**  The company emphasizes that the Nordic Exchange is strategic and integral to its operations.  **[NDAQ_3394279_18]** 

12. **Investor Relations Solutions Amid Delistings**  
    **Q:** Are there upsell opportunities in IR solutions despite delistings?  
    **A:** Nasdaq continues to convert clients to paying customers as IPO packages expire.  **[NDAQ_3394279_21]**  However, delistings and budget constraints are headwinds, affecting conversion rates and the uptake of additional services.  **[NDAQ_3394279_21]** 

f8675741ac396faccac9ae715b9a462b04626797f883a34dbfb1b5550803d984

- **Nasdaq is rolling out a new version of Calypso, driving renewal activity among clients; additionally, Basel III and Basel IV regulations are increasing revenue growth and demand for both Calypso and AxiomSL products as clients sign up to be prepared.**  **[NDAQ_3380743_28]**
- **The company is enhancing its products with cloud-delivered solutions and modern data management capabilities, adding more value for clients, which supports Nasdaq's strategic priorities to "Integrate, Innovate, and Accelerate," positioning the company for resilient and scalable growth.**  **[NDAQ_3380743_28]**
- **Verafin has a strong pipeline with Tier 1 and Tier 2 banks, is introducing best-in-class check fraud capabilities, and has launched a new entity research and copilot tool that reduces investigative time by 90%, enhancing engagement with larger banks and supporting international expansion in Canada and the U.K.**  **[NDAQ_3380743_11]**

d689267c9faa027a00e18ec117263d1bf711199d953f46860f4fc831797701df

- Nasdaq's cloud migration is progressing slowly, with only **14% of revenue** currently from cloud services and the transition expected to be a "slow-moving train," potentially delaying revenue and margin improvements from cloud adoption.  **[NDAQ_3371357_15]**
- Growth in the Surveillance segment was only **6%** in the quarter, significantly lower than previous periods, which may indicate a slowdown in that business line.  **[NDAQ_3371357_22]**
- The company has **paused share buybacks** to focus on deleveraging after the Adenza acquisition, maintaining a leverage ratio of **4.3x**, which could limit financial flexibility and shareholder returns.  **[NDAQ_3371357_18]**

5b8ac76c012bf036986c3d143c9b1ee3f57e3f52719231d8da760feab7a6238b

1. **Verafin Growth Outlook**  
   **Q:** Why did financial client management tech grow below target?  
   **A:** The growth was impacted by lower professional services revenue due to completed implementations with Tier 1 and Tier 2 clients, shifting revenue from implementation to **ARR**. As we scale our upmarket business, this creates timing variability. However, we're confident in our **mid-20% medium-term revenue outlook** for financial management technology, with strong demand from SMBs and larger banks.  **[NDAQ_3403615_10]** 

2. **Cross-Sell Campaigns Progress**  
   **Q:** How are cross-sell campaigns contributing to revenue goals?  
   **A:** Year-to-date, we've had **seven cross-sells**, including Verafin sales to AxiomSL or Calypso clients. We're launching new campaigns, such as offering our **Nasdaq Risk platform** to Calypso clients and AxiomSL's global shareholder disclosures to broker-dealer clients. While still early, more than **10% of our pipeline** is cross-sell opportunities, and we expect momentum to build towards exceeding our **$100 million** cross-sell revenue target by 2027.  **[NDAQ_3403615_12]** **[NDAQ_3403615_14]** 

3. **Market Technology Revenue Growth**  
   **Q:** What's the outlook for Market Tech revenue growth?  
   **A:** Despite a tough comparison due to **$27 million** in professional services fees last year, we see strong momentum with several new sales and **13 upsells** this year. Clients are modernizing their markets and adopting our cloud-ready solutions, particularly in clearing and trading. We expect to return to growth in professional services revenue as the year-over-year comparison eases in Q4.  **[NDAQ_3403615_17]** 

4. **Adenza Revenue Expectations**  
   **Q:** What are the revenue growth expectations for Adenza?  
   **A:** We anticipate **mid-teens ARR growth** and **low to mid-teens revenue growth** for Adenza businesses, including AxiomSL and Calypso. Sales momentum is strong, and the integration is progressing well, aligning with our medium-term outlook.  **[NDAQ_3403615_18]** 

5. **IPO Market Outlook**  
   **Q:** What's the outlook for the IPO market?  
   **A:** We're seeing early signs of recovery with **33 IPOs** in the quarter and a **75% win rate** year-to-date. There's pent-up demand, but we don't expect significant activity for the rest of the year due to other market factors. We anticipate more momentum starting in **Q2 next year** as conditions improve.  **[NDAQ_3403615_13]** 

6. **International Expansion of AxiomSL**  
   **Q:** How is AxiomSL expanding internationally?  
   **A:** AxiomSL is entering new markets like India and the Philippines by leveraging Nasdaq's strong presence. We're converting clients from using our solutions for international reporting to also covering domestic reporting, potentially opening significant opportunities, especially in India. In Latin America, we have over **10 market operators** and about **50 bank and broker-dealer clients**, reflecting our solid presence built over the past decade.  **[NDAQ_3403615_15]** 

7. **Impact of SEC Tick Rule**  
   **Q:** How does the new SEC tick rule affect Nasdaq?  
   **A:** While we don't anticipate a material impact on our revenues, we have concerns about the reduction of access fees by **two-thirds**. This change may hinder our ability to incentivize liquidity providers in lit markets, potentially widening spreads and negatively affecting investors. We're assessing the implications to determine our next steps.  **[NDAQ_3403615_20]** 

8. **Pricing and Upgrades in Fintech Products**  
   **Q:** Are there opportunities to enhance pricing with new upgrades?  
   **A:** We generally engage in **3-5 year contracts** with **CPI escalation** clauses. While we're not explicitly charging for new AI features like the **entity research Copilot**, which is used by **half of our clients**, these enhancements add value and support pricing discussions upon renewal. Additionally, we offer paid modules like the **sustainability lens** in IR Insight, providing upsell opportunities.  **[NDAQ_3403615_16]** 

9. **Renewal Environment**  
   **Q:** Any issues with client renewals?  
   **A:** The renewal environment remains strong with high retention rates across our fintech solutions. A specific delay in a Calypso client renewal is due to the client's timing preferences and does not reflect any broader trend. Our mission-critical technologies and active client engagement support a positive renewal outlook.  **[NDAQ_3403615_21]** 

10. **Index Options Business Growth**  
    **Q:** How is the index options business performing?  
    **A:** The index options business is growing nicely, though it remains a small revenue contributor. We're marketing to retail platforms and international investors, aiming to increase its contribution significantly. Inclusion in ETFs and engagement with online broker platforms present growth opportunities.  **[NDAQ_3403615_22]** 

8b94cc65d97f31dcc49bf7187bde39a725eeb9a24a9acc1acc37b9c298d6c76a

- **The SEC's tick rule reduces access fees by two-thirds**, making it harder for Nasdaq to incentivize market makers to provide liquidity in lit markets, which could **widen spreads** and negatively impact investors.  **[NDAQ_3403615_20]**
- **Long sales cycles for Tier 1 and Tier 2 clients** in Verafin, with only one Tier 1 client confirmed, could delay revenue growth in this segment.  **[NDAQ_3403615_11]**
- **Cross-selling campaigns** between AxiomSL and Calypso are progressing slowly, with only **7 cross-sells year-to-date** and sales cycles that "take time," potentially delaying anticipated synergies and revenue benefits.  **[NDAQ_3403615_12]**

b481dbd9b21737f0cffe22a32962e9734746eb3e542f7b5de707e73a1b1536e4

- **Nasdaq is experiencing strong growth in its index options business**, focusing on expanding into retail platforms and attracting international investors, which is expected to become a significant revenue contributor in the future.  **[NDAQ_3403615_22]**
- **The company is successfully executing cross-selling strategies among its Financial Technology platforms**, with seven cross-sells year-to-date and new campaigns launching, indicating potential for increased revenues and synergies from its acquisitions of AxiomSL and Calypso.  **[NDAQ_3403615_12]**
- **Nasdaq is expanding internationally by leveraging its strong presence to grow AxiomSL and Calypso in new markets**, signing new clients in India, the Philippines, and Latin America, which opens up significant growth opportunities.  **[NDAQ_3403615_15]**

c5c8e2c75a18ca651dcdfaa962d6987e24bd6db94d4c9925d683a5943567aee2

- Nasdaq's Fintech solutions, particularly in Financial Crime Management Technology (Verafin), are experiencing **robust demand**, with momentum in signing **new Tier 1 international banks**, highlighting the **durability and growth potential** of the business across different macro environments.  **[NDAQ_3394279_23]**
- The company is **ahead of schedule** in deleveraging, reducing its leverage ratio to **3.9x**, and generating **strong free cash flow**, enabling continued **share repurchases** and signaling **strong capital management**.  **[NDAQ_3394279_23]**
- Nasdaq is successfully implementing **price increases**, **upselling existing clients**, and achieving **early strategic renewals**, contributing to strong revenue and **ARR growth** in its Fintech segment, particularly in **Capital Markets Technology**.  **[NDAQ_3394279_23]**

cff481931a578fb1491f190cc021b8881d421cb3bffa65ecc20a875049550fa2

1. **Integration of Adenza and Synergies**  
   **Q:** Can you update on Adenza integration and synergies?  
   **A:** Nasdaq closed the Adenza acquisition on **November 1**.  **[NDAQ_3371357_9]**  They combined teams under Tal, aligning sales, client delivery, operations, and technology.  **[NDAQ_3371357_9]**  A clear synergy plan is in place, and early client conversations are **extremely encouraging**, though revenue synergies will take time to materialize.  **[NDAQ_3371357_9]** 

2. **Adenza Revenue Growth Outlook**  
   **Q:** What's the expectation for Adenza's revenue growth in 2024?  
   **A:** Nasdaq anticipates **mid-teens ARR growth** for Adenza, consistent with their medium-term outlook.  **[NDAQ_3371357_11]**  Revenue dynamics may fluctuate due to timing of bookings and renewals, but demand drivers remain strong.  **[NDAQ_3371357_11]** 

3. **Verafin Strategy and Growth**  
   **Q:** What's Verafin's strategy for 2024 and areas of client wins?  
   **A:** Verafin aims to expand in **real-time payments** for small to medium banks and enhance **AML solutions** for Tier 1 and Tier 2 banks.  **[NDAQ_3371357_10]**  They've signed another Tier 1 bank in Q4 and are focusing on the **UK market** for future growth.  **[NDAQ_3371357_10]** 

4. **Capital Allocation and Buybacks**  
   **Q:** How is Nasdaq allocating capital post-Adenza deal, especially regarding buybacks?  
   **A:** Nasdaq maintains a balanced capital allocation strategy, including dividends, share repurchases, and deleveraging.  **[NDAQ_3371357_18]**  The pause on buybacks continues in Q1 to prioritize deleveraging, but they plan to resume offsetting dilution with share repurchases over time.  **[NDAQ_3371357_18]** 

5. **Expense Outlook for 2024**  
   **Q:** Can you elaborate on the 5% pro forma expense growth for 2024?  
   **A:** The midpoint reflects expense discipline, Adenza synergies, and targeted investments.  **[NDAQ_3371357_19]**  Expenses could exceed 5% with higher growth and revenue-related costs, but they remain focused on efficiency.  **[NDAQ_3371357_19]** 

6. **Retention Ratios for Adenza**  
   **Q:** Why did Adenza's retention ratios underperform, and what's expected ahead?  
   **A:** Retention ratios declined due to specific client bankruptcies and banking events in 2023.  **[NDAQ_3371357_17]**  Excluding the bankruptcy, **gross retention was flat at 97%**.  **[NDAQ_3371357_17]**  There's no systemic issue, and retention is expected to remain solid.  **[NDAQ_3371357_17]** 

7. **Sales Cycles Normalization**  
   **Q:** Can you discuss signs of sales cycle normalization?  
   **A:** In Q4, Nasdaq saw a more normalized sales environment for corporate clients in **IR solutions**, with increased demand and signings.  **[NDAQ_3371357_14]**  Asset owner solutions also experienced an uptick, but revenue impact will take time due to SaaS recognition.  **[NDAQ_3371357_14]** 

8. **Digital Assets Strategy**  
   **Q:** What are Nasdaq's plans in digital assets after halting custody services?  
   **A:** Nasdaq continues to provide technology for cryptocurrency exchanges, supporting digital assets in trading, clearing, settlement, and surveillance.  **[NDAQ_3371357_20]**  They've built a custody solution to offer globally but chose not to launch as a custodian themselves.  **[NDAQ_3371357_20]** 

9. **Operating Leverage and ARR vs. Revenue**  
   **Q:** How does Adenza's ARR influence operating leverage management?  
   **A:** Nasdaq focuses on operating margin and leverage on a GAAP basis but recognizes that **ARR provides a better economic view**.  **[NDAQ_3371357_23]**  They continue to manage operating leverage against reported revenue while considering ARR dynamics.  **[NDAQ_3371357_23]** 

10. **CapEx Expectations for Adenza**  
    **Q:** Any CapEx needs for Adenza's tech improvements?  
    **A:** Adenza's technology foundation is strong, with ongoing R&D investments.  **[NDAQ_3371357_21]**  No significant CapEx is expected; efforts focus on optimizing cloud implementation without major capital expenditure.  **[NDAQ_3371357_21]** 

acef0294596b047f4864587a06692c59c593eab98dc8edde97bd91a531e87b77

- **Verafin did not sign any new Tier 1 or Tier 2 banks in the quarter** for its Financial Crime Management Technology business, which could impact future growth expectations.  **[NDAQ_3380743_11]**
- **Marketplace Technology revenue growth is expected to be muted in the second quarter**, with growth being back-ended, indicating potential near-term revenue weakness.  **[NDAQ_3380743_17]**
- **Calypso experienced slower cloud bookings this quarter**, which may suggest challenges in transitioning clients to cloud-based solutions, potentially affecting revenue stability.  **[NDAQ_3380743_16]**

561fe27ecac2619aac5d7f71501f2f75655199e57ad6dbf2ba03ecf7f368a511

- **Adenza acquisition boosts growth prospects**, with expected **mid-teens ARR growth** and strong cloud adoption, as **50% of new ACV bookings are cloud-based**, enhancing growth and efficiencies  **[NDAQ_3371357_15]** **[NDAQ_3371357_11]** .
- **Verafin shows strong momentum**, signing **Tier 1 and Tier 2 banks**, leveraging a **consortium data lake of 2,500 banks representing $6 trillion in assets** to fight financial crime, with plans to expand into **real-time payments** and the **UK market** in 2024.  **[NDAQ_3371357_10]**
- **Nasdaq's leadership in digital assets**, partnering with major players like **BlackRock** on ETFs, and providing technology solutions to exchanges and custodians, positions it well for growth in the evolving digital asset space.  **[NDAQ_3371357_20]**

0eaf5a6c3c7af87aee8158e87816a46f148ba6088fbf371fe9a1640f8d429b49

1. **Adenza Growth Drivers**  
   **Q:** What is driving Adenza's strong growth, especially Calypso?  
   **A:** Adenza is experiencing mid-teens ARR growth for both Calypso and AxiomSL, reflecting strong demand for risk management, treasury, and capital risk solutions. Calypso's growth is driven by timing of renewals, with a good renewal quarter, particularly in on-premise deliveries, and consistent demand from Tier 2 and Tier 3 banks globally. AxiomSL benefits from new regulations, with ESG modules sold into G-SIBs and ongoing signings around Basel requirements. Overall, both products show consistent demand cycles and excite clients.  **[NDAQ_3380743_12]** 

2. **Verafin Pipeline and Expansion**  
   **Q:** What is the pipeline for Verafin with Tier 1 and 2 banks and international expansion?  
   **A:** Although no new Tier 1 or Tier 2 bank clients were signed this quarter, Verafin is implementing clients signed last year and has a strong pipeline, including proofs of concept and contracts in progress. The focus is on fraud detection and check fraud capabilities that offer clear ROI by reducing false positives and increasing fraud found. International expansion efforts are concentrated in Canada and the U.K., with progress in some areas and early conversations in others.  **[NDAQ_3380743_11]** 

3. **Cross-Selling Initiatives**  
   **Q:** How are cross-selling campaigns progressing towards the $100 million target?  
   **A:** Cross-sell campaigns across the fintech division involve introducing Calypso's risk management into market operators, bringing AxiomSL to capital markets firms, and offering Calypso's treasury management to Verafin's Tier 3 bank clients. Early conversations with clients are encouraging, with holistic discussions leading from one product to another, though it will take time to convert opportunities into contracts due to long banking sales cycles.  **[NDAQ_3380743_10]** **[NDAQ_3380743_23]** 

4. **Market Technology Revenue Outlook**  
   **Q:** What's the outlook for Market Technology revenue growth this year?  
   **A:** Market Technology is expected to achieve growth within the **3% to 5%** range, with a muted second quarter but stronger growth back-end loaded in the fourth quarter. Delivery of some projects partway through the year will turn on license revenues, and a good pipeline of growth and new clients supports confidence in achieving these targets.  **[NDAQ_3380743_18]** **[NDAQ_3380743_13]** 

5. **Capital Access and Listings Impact**  
   **Q:** How do delistings and IPO environment affect revenues and growth?  
   **A:** The company faces headwinds from **$10 million** in delistings and downgrades from last year, impacting quarterly revenues. Additionally, the amortization of initial listing fees from prior years presents a headwind for the rest of the year. While an improved IPO environment would help, it's a slow process to offset these effects. The Corporate Solutions business also feels the impact, with fewer new customers in a tough environment, typically growing at low to mid-single digits in normal markets.  **[NDAQ_3380743_15]** **[NDAQ_3380743_25]** 

6. **Index Business Growth and CME Tiering**  
   **Q:** When might CME tiering occur, and how is the Index business performing?  
   **A:** Tiering with CME generally occurs in the second quarter. The Index business has a very strong start to the year, with expectations to exceed the annual outlook. Inflows are coming from both the Nasdaq-100 and innovative indexes like AI, cloud, and cyber, with consistent inflows regardless of market conditions, reflecting investor optimism about the economy's future.  **[NDAQ_3380743_16]** **[NDAQ_3380743_24]** 

7. **ARR vs Revenue Dynamics**  
   **Q:** How does transitioning to cloud affect ARR and revenue differences?  
   **A:** As the company moves towards cloud solutions, the delta between ARR and revenue should decrease over time, but it's a long transition. On-premise solutions like AxiomSL, Calypso, and Market Technology still show differences due to license and professional services revenues. Cloud-based businesses like financial crime management and SaaS offerings show ARR closer to total revenue. The focus on ARR provides a better reflection of underlying client demand.  **[NDAQ_3380743_20]** **[NDAQ_3380743_21]** 

8. **Capital Priorities and Deleveraging**  
   **Q:** Are there plans to restart buybacks amid deleveraging efforts?  
   **A:** The primary capital priority remains deleveraging, with a commitment to timelines given at Investor Day. Flexibility is maintained to consider share repurchases if it makes sense, particularly to offset employee issuance. Overall, the focus is on deleveraging due to attractive returns from repaying higher-cost debt and improving cash flow accretion.  **[NDAQ_3380743_26]** 

9. **Verafin Growth and Copilot Impact**  
   **Q:** How will the Copilot tool affect Verafin's revenue growth?  
   **A:** Verafin continues strong growth in the mid-20% range. The Copilot tool is introduced to small and medium bank clients as part of the platform, enhancing ROI and becoming part of renewal discussions but not sold separately. For Tier 1 and Tier 2 banks, Copilot adds value to anti-money laundering solutions by reducing investigative time, aiding sales, retention, and upselling efforts.  **[NDAQ_3380743_27]** 

10. **Adenza's Competitive Advantages**  
    **Q:** What are Adenza's strengths and areas for moat improvement?  
    **A:** AxiomSL's global reach, connecting to over **100 regulators** in more than **50 countries**, and its proactive regulatory expertise create a strong moat. Calypso excels in collateral management, clearing and trading risk management, and treasury tools for both brokerage and buy-side clients, unlocking liquidity and capital efficiency. Ongoing upgrades, new regulations like Basel III and IV, and data transfer capabilities between Calypso and AxiomSL strengthen their competitive positions.  **[NDAQ_3380743_28]** 

686e9356ca2bc21afb59f7ed4765d0c8f7cb66069b6268e8a3573911d94074dc

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