The following is a summary of the Nasdaq, Inc. (NDAQ) Q1 2024 Earnings Call Transcript:
Financial Performance:
Nasdaq reported Q1 2024 net revenues of $1.1 billion, a 7% increase year-over-year on a pro forma basis.
Solutions revenues saw a 13% uptick, and the annualized recurring revenue witnessed a 7% increase year-over-year, standing at $2.6 billion.
Operating margins were at 53%, a 1 percentage point increase from the previous year.
A decrease in revenue of 9% was noted within the Market Services division.
Financial Technology division reported $392 million in revenues, marking a 10% growth.
ARR stood at $1.4 billion, marking a 12% increase with contributions from all subdivisions.
The company achieved a gross leverage ratio of 4.1 at the end of Q1 2024, down from 4.3 year-end.
Business Progress:
Nasdaq's Capital Access Platform division reported 15% growth, particularly in the Index business, crossing the $500 billion threshold in Exchange Traded Product (ETP) AUM.
The company announced a 4% growth in the Workflow and Insights business, with progress made in customer acquisition and product innovation.
Financial Technology Division experienced a 10% growth, boosted by strong client responses across the new division.
A new feature creating executive summaries for board members has been launched in a beta release, and Dynamic M-ELO was introduced in Market Services.
Nasdaq reported specific financial headwinds including an impact of $10 million from de-listings from the previous year and company downgrades.
The integration between AxiomSL and Calypso, with 50% of AxiomSL's new bookings being in the cloud ensures more predictable revenue streams.
The focus on developing an enterprise sales organization and improving client data management along with a more cloud-based approach in the future.
Projects focusing on upgrading Calypso to ensure clients move to the new version and continued modernization of cloud-delivered solutions, indicating toward their goal of integrating, innovating, and accelerating.
More details: Nasdaq IR
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