Summary of NASDAQ's Q1 2025 Conference Call Company Overview - **Company**: NASDAQ - **Quarter**: Q1 2025 - **Key Financials**: - Net revenues: $1.2 billion, up 12.5% year-over-year [2] - Operating income: Increased by 17% [2] - EPS: Grew by 24% [2] - Free cash flow: $674 million [3] Core Financial Performance - **Revenue Breakdown**: - Solutions revenues: $947 million, up 11% year-over-year [2] - Annual Recurring Revenue (ARR): $2.8 billion, up 9% year-over-year [2] - **Divisional Performance**: - Capital Access Platforms: 5% ARR growth, 11% revenue growth [2] - Financial Technology: 10% revenue growth, 12% ARR growth [2] - Market Services: 19% net revenue growth [2] Strategic Initiatives - **Efficiency Programs**: Targeting $140 million in net synergies from the Advanta transaction, with over $100 million actions completed by the end of Q1 [3] - **Cross-Selling**: 19 cross-sells delivered since the acquisition, with a target to surpass $100 million in run rate revenue by the end of 2027 [3] - **New Product Launches**: 30 new index products launched in Q1, contributing to 33% of net inflows over the last five years [5] Market Dynamics - **IPO Activity**: Welcomed 45 operating companies, raising approximately $5 billion [4] - **Listing Transfers**: Continued momentum with marquee switches, including Shopify and Thompson Reuters [4] - **Market Volatility**: Experienced record trading volumes, with five of the six highest trading days in U.S. cash equities history occurring in Q1 [8] Technology and Innovation - **Cloud Transition**: Enhanced ability to navigate market conditions through cloud infrastructure, improving scalability and resiliency [6] - **Partnership with AWS**: Focus on modernizing financial services infrastructure, with plans to serve market operators through hybrid cloud solutions [6] Regulatory and Compliance - **Financial Crime Management**: Robust demand for solutions, with a 25% increase in new client signings [6] - **Regulatory Technology**: Axiom SL signed a large digital bank as a new client, with strong demand for surveillance solutions [7] Capital Allocation and Shareholder Returns - **Dividends**: Paid a dividend of $0.24 per share, with a 13% increase announced to $0.27 per share [15] - **Debt Repurchases**: Repurchased $279 million in debt, reducing gross leverage ratio to 3.4 times [15] Outlook and Challenges - **Macro Environment**: Ongoing policy shifts and potential tariffs creating short-term volatility, impacting corporate decision-making [9] - **Sales Cycle Delays**: Noted delays in client decision-making due to macroeconomic uncertainties, particularly in the financial technology segment [22] Key Takeaways - NASDAQ demonstrated strong financial performance in Q1 2025, with double-digit growth across all divisions and significant free cash flow generation [2][3] - The company is focused on strategic initiatives to enhance efficiency, drive innovation, and expand its product offerings [3][5] - Market conditions remain volatile, but NASDAQ's diversified business model positions it well for continued growth [9][10]

U.S. Stock Market - U.S. stocks traded mixed, with the Nasdaq gaining over 100 points, while the Dow decreased by 0.57% to 44,204.33 and the S&P 500 rose by 0.01% to 6,269.15 [1] - Information technology shares increased by 1.6%, while materials stocks dipped by 0.9% [1] Wells Fargo Financial Results - Wells Fargo reported adjusted earnings of $1.54 per share, exceeding market estimates of $1.40 per share [2] - The company reported net interest income of $11.71 billion, down 2% year over year for Q2 2025 [2] Commodity Market - Oil prices fell by 0.5% to $66.66, gold decreased by 0.1% to $3,355.90, silver dropped by 1.2% to $38.280, and copper fell by 0.3% to $5.5320 [5] European Market Performance - European shares were lower, with the eurozone's STOXX 600 slipping by 0.09% and Spain's IBEX 35 Index falling by 1.16% [6] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei gaining 0.55% and Hong Kong's Hang Seng rising by 1.60%, while China's Shanghai Composite fell by 0.42% [7] Notable Stock Movements - Longevity Health Holdings, Inc. shares surged by 143% to $6.43 after a merger announcement [9] - Kairos Pharma, Ltd. shares increased by 87% to $1.2808 following positive trial results [9] - BloomZ Inc. shares rose by 57% to $0.2366 due to a partnership announcement [9] - Ryvyl Inc. shares dropped by 45% to $0.3552 after announcing a $6 million offering [9] - Rani Therapeutics Holdings, Inc. shares fell by 42% to $0.4058 after a direct offering announcement [9] - Simulations Plus, Inc. shares decreased by 19% to $14.15 following disappointing quarterly sales and a downgrade from Keybanc [9] Economic Indicator - The New York Empire State Manufacturing Index increased to 5.5 in July, compared to -16.0 in June, surpassing market estimates of -9.0 [10]

Market Performance - The Dow closed up +88 points (+0.20%), the S&P 500 increased by +8 points (+0.14%), the Nasdaq rose by +54 points (+0.27%) reaching a new all-time closing high, and the Russell 2000 gained +14 points (+0.67%) [1] Economic Reports and Earnings - No major economic reports or significant Q2 earnings results were released on Monday, with expectations set for Tuesday [2] - Consumer Price Index (CPI) numbers for June are anticipated, with a consensus expecting a rise to +2.7%, the highest since February [5] - Q2 earnings results are expected from JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC), with JPM and WFC projected to report a -0.2% year-over-year decline, while Citi is expected to show a +0.1% increase [6] Company Developments - Meta Platforms (META) is significantly expanding its AI data center operations with investments in multiple multi-gigawatt clusters, including the "Prometheus" and "Hyperion" data centers, which could scale up to 5 gigawatts over the coming years [2] - Occidental Petroleum (OXY) has noted that lowered production and falling oil prices may negatively impact its Q2 earnings, which will be reported in about four weeks [4] Cryptocurrency Market - Bitcoin reached a record high of $122.7K before settling at $119.9K, driven by expectations of future Federal Reserve rate cuts [3]

Mergers and Acquisitions - Monogram Technologies Inc. will be acquired by Zimmer Biomet Holdings, Inc. for $4.04 per share, totaling an equity value of approximately $177 million and an enterprise value of about $168 million. Shareholders may also receive a contingent value right worth up to $12.37 per share if certain milestones are met by 2030 [2] - Veritex Holdings, Inc. is set to be acquired by Huntington Bancshares Incorporated in a stock transaction where HBI will issue 1.95 shares for each Veritex share, implying a value of $33.91 per share and an aggregate transaction value of $1.9 billion [4] - ESSA Pharma Inc. will be acquired by XenoTherapeutics, Inc. for approximately $1.91 in cash per share, along with a contingent value right that could yield up to $0.06 per share within 18 months post-transaction [6] - Waters Corporation will merge with Becton, Dickinson and Company, with BD's shareholders expected to own about 39.2% and Waters' shareholders approximately 60.8% of the combined entity [8] Investigations - Investigations are ongoing regarding whether the boards of Monogram, Veritex, ESSA, and Waters breached their fiduciary duties by failing to conduct fair processes in their respective transactions and whether the deal considerations provide fair value to shareholders [2][4][6][8]

Group 1 - At the end of the settlement date of June 30, 2025, short interest in 3,257 Nasdaq Global Market securities totaled 14,138,758,851 shares, an increase from 13,689,191,607 shares reported for the prior settlement date of June 13, 2025 [1] - Short interest in 1,636 securities on The Nasdaq Capital Market totaled 2,790,159,938 shares at the end of the settlement date of June 30, 2025, compared to 2,687,331,325 shares in the previous reporting period [2] - Overall, short interest in all 4,893 Nasdaq securities totaled 16,928,918,789 shares at the June 30, 2025 settlement date, up from 16,376,522,932 shares at the end of the previous reporting period [3] Group 2 - The mid-June short interest represents 2.59 days compared to 2.32 days for the prior reporting period [1] - The average daily volume for the Nasdaq Capital Market was 1.00 day for both the current and previous reporting periods [2] - The overall average daily volume for all Nasdaq securities was 1.72 days, unchanged from the prior reporting period [3] Group 3 - The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations [4] - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Core Insights - Nasdaq, Inc. (NDAQ) shares have increased by 45.8% over the past year, outperforming the Finance sector and the Zacks S&P 500 composite, which grew by 18.8% and 10.1% respectively [1] - NDAQ's market capitalization stands at $51.57 billion, with an average trading volume of 3.4 million shares over the last three months [2] - The company is trading above its 50-day and 200-day simple moving averages, indicating strong upward momentum [3] Financial Performance - NDAQ's growth in the past year is significantly higher than the industry average of 25% [6] - The Zacks Consensus Estimate for NDAQ's 2025 earnings per share indicates a year-over-year increase of 13.4%, with revenues projected at $5.05 billion, reflecting an 8.7% improvement [9] - The long-term earnings growth expectation for NDAQ is 12.1%, surpassing the industry average of 10% [10] Analyst Sentiment - Recent analyst activity shows two out of twelve analysts have raised their earnings estimates for 2025, leading to a 0.3% increase in the consensus estimate for 2025 earnings [7] Valuation Metrics - NDAQ is currently trading at a forward 12-month price-to-book ratio of 26.5X, which is above the industry average of 26.32X [8] Return on Capital - The return on equity for NDAQ in the trailing 12 months is 15.3%, exceeding the industry average of 14.1% [12] - The return on invested capital (ROIC) for NDAQ is 6.8%, also better than the industry average of 5.7% [13] Growth Strategy - Nasdaq's growth strategy focuses on increasing revenues from high-growth segments such as Market Technology and Investment Intelligence, along with expanding its Anti-Financial Crime clientele [14] - The company anticipates strong growth from its index and analytics businesses, with Capital Access Platforms expected to deliver revenue growth of 5% to 8% [15] Inorganic Growth - NDAQ's inorganic growth strategy includes expanding its technology offerings and enhancing market surveillance techniques, with a total addressable market in the anti-financial crime space estimated at $12.5 billion [16] Dividend Policy - Nasdaq has consistently increased its dividend each year and aims for a payout ratio of 35-38% by 2027 [17]

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on financial markets, aiming to represent a new generation of analysts [1] - He has a background in IT, having worked as an analyst for Fortune 500 companies, which has informed his approach to equities research [1] - In 2021, he launched his own equities research firm, Albert Anthony & Company, which operates remotely [1] Company Overview - Albert Anthony & Company is a sole proprietorship registered in Austin, Texas, focusing on general market commentary and research based on publicly available data [1] - The firm does not provide personalized financial advisory services or manage client funds, emphasizing a data-driven and process-oriented approach [1] Media Presence - Albert Anthony has over 1,000 followers on Seeking Alpha and contributes to platforms like Investing.com [1] - He is set to launch a book titled "Financial Markets: The Next Generation" on Amazon in 2025 and a YouTube show called "Financial Markets with Albert Anthony" [1] - His media activities include participation in business and innovation conferences in Croatia, enhancing his visibility in the European market [1]

Group 1 - Nasdaq reported monthly volumes for June 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2025 [1] - A data sheet with detailed information is available on Nasdaq's Investor Relations website [1] Group 2 - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity in the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services [2]

NEW YORK, July 02, 2025 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the American Depositary Shares of Advanced Health Intelligence Ltd. Advanced Health Intelligence Ltd.’s security was suspended on July 30, 2024 and has not traded on Nasdaq since that time. Nasdaq also announced today that it will delist the ordinary shares and warrants of noco-noco Inc. noco-noco Inc.’s securities were suspended on November 25, 2024 and have not traded on Nasdaq since that time. Nasdaq a ...

Core Insights - Nasdaq achieved the highest volume of listings and capital raised in the first half of 2025 since 2021, with 142 IPOs raising a total of $19.2 billion [1][5] - The exchange maintained a strong leadership position, achieving an 86% win-rate for Nasdaq-eligible listings in the U.S. market, marking 46 consecutive quarters of leadership [1][5] - Nasdaq's market value transferred from exchange transfers since 2005 has crossed $3 trillion, with 11 companies transferring their listings in the first half of 2025 [1][5] Listings and Capital Raise - In the first half of 2025, Nasdaq welcomed 142 IPOs, including marquee listings such as CoreWeave, Chime, and Galaxy Digital [5] - The total capital raised through these IPOs was $19.2 billion, the highest for the first half of the year since 2021 [5] - Nasdaq also facilitated 20 SPAC business combinations, achieving a 95% win-rate in the U.S. for SPAC listings [5] Sector Performance - Nasdaq maintained a 100% win-rate for consumer IPOs and an 89% win-rate for healthcare IPOs, with notable listings including Smithfield Foods and Metsera [5] - The exchange continues to be the leading choice for companies in the financial technology, digital assets, and biotech sectors [2][5] Regulatory Environment - Nasdaq is advocating for smart regulatory reforms to enhance the operating environment for public companies and drive capital formation [5] - A new white paper has been published by Nasdaq calling for modernization of the regulatory environment to support public markets and wealth creation [5] Listing Anniversaries - Nasdaq celebrated significant listing anniversaries for several companies, including Huntington Bancshares Inc (40 years) and Cisco Systems, Inc. (35 years) [5]