Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Insights - Tomas Riba is an economist and former CFO who focuses on investing in high-quality companies that can compound cash flow over the long term [1] - His investment journey began in 2007, and he has a background in accounting and finance [1] - Riba emphasizes a long-term investment approach, seeking companies with strong competitive advantages, growing industries, expanding margins, low debt, and aligned management [1] Company and Industry Focus - Riba has experience in various industries including pharma, medical devices, textiles, food, and real estate [1] - He currently teaches courses on "Derivatives for risk management" and "Investment analysis" at a Master's Degree program in Financial Management [1] - The focus on companies with strong fundamentals suggests a preference for sectors that demonstrate resilience and growth potential [1]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to consider their financial situation and needs before relying on the information provided [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to perform their own research and understand the risks involved before making investment decisions [1].

Core Points - PicoCELA Inc. has received a Notification Letter from Nasdaq indicating non-compliance with the minimum bid price requirement of US$1.00 per share [1][2] - The company has until October 20, 2025, to regain compliance by maintaining a closing bid price of at least US$1.00 for 10 consecutive business days [3] - The Notification Letter does not currently affect the company's listing status on the Nasdaq Capital Market [3] Company Operations - PicoCELA specializes in enterprise wireless mesh solutions, including the manufacturing and installation of mesh Wi-Fi access point devices [5] - The company's proprietary technology, PicoCELA Backhaul Engine, facilitates flexible installation of Wi-Fi networks without extensive cabling [5] - PicoCELA also offers a cloud portal service, PicoManager, for monitoring connectivity and communication traffic [5]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Viewpoint - Nasdaq reported strong first-quarter 2025 results with adjusted earnings per share of 79 cents, exceeding estimates and showing a year-over-year improvement of 25.4% driven by higher revenues and organic growth [1] Financial Performance - Nasdaq's net revenues reached $1.2 billion, marking a 12.5% increase year over year and slightly surpassing estimates by 0.1% [2] - Annualized Recurring Revenue (ARR) grew by 8% year over year to $2.8 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 14%, accounting for 37% of ARR [2] - Capital Access Platforms' revenues were $479 million, up 11%, driven by growth across all business lines [2] - Financial Technology revenues were $395 million, reflecting a 10% increase [3] - Solutions business revenues rose 11% year over year to $947 million, supported by strong growth in Index and Financial Technology [3] - Market Services net revenues increased by 19% year over year to $281 million, exceeding estimates [3] Operating Expenses and Income - Adjusted operating expenses were $555 million, up 5.9% year over year, reflecting higher investments in technology and personnel [4] - Adjusted operating income increased by 15% year over year to $682 million, with an operating margin of 55%, expanding by 200 basis points [4] Market Activity - Nasdaq welcomed 170 new company listings in the quarter, including 63 initial public offerings, bringing the total number of listed companies to 4,139 [5] Financial Position - As of March 31, 2025, Nasdaq had cash and cash equivalents of $708 million, a 17% increase from the end of 2024 [6] - Long-term debt decreased by 1.7% to $8.9 billion [6] - Cash flow from operations for the quarter was $663 million [6] Capital Deployment - Nasdaq returned $138 million to shareholders through dividends and $115 million through stock repurchases in the first quarter [7] - The board approved a dividend of 27 cents per share, a 13% increase, to be paid on June 27, 2025 [7] - $1.6 billion remains under the board-authorized share repurchase program as of March 31, 2025 [8] Guidance - Nasdaq expects 2025 non-GAAP operating expenses to be between $2,265 million and $2,325 million, slightly adjusted from previous guidance [9] - The forecasted non-GAAP tax rate for 2025 is projected to be between 22.5% and 24.5% [9]

Financial Data and Key Metrics Changes - Nasdaq reported net revenues of $1.2 billion, representing a 12.5% increase year-over-year [9][42] - Solutions revenues were $947 million, reflecting an 11% growth year-over-year [9][42] - Annual Recurring Revenue (ARR) rose to $2.8 billion, up 9% year-over-year [9][42] - Operating income increased by 17%, and earnings per share (EPS) grew by 24% [10][42] - Free cash flow for the first quarter was $674 million, supporting deleveraging and share repurchases [12][66] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 5% ARR growth and 11% revenue growth, driven by net inflows and product innovation [10][45] - Financial Technology delivered 10% revenue growth, with ARR growth of 12%, including 21% growth in Financial Crime Management Technology [11][52] - Market Services achieved 19% net revenue growth, driven by record U.S. cash equities and derivatives revenue [11][58] Market Data and Key Metrics Changes - Nasdaq welcomed 45 operating companies, raising approximately $5 billion in total proceeds [15] - The index business achieved 26% revenue growth, with record average ETP AUM of $662 billion [47] - U.S. cash equities markets experienced five of the six highest trading days in industry history [35][36] Company Strategy and Development Direction - Nasdaq is focused on enhancing its competitive position and executing its strategy amid market volatility [8] - The company aims to surpass $100 million in run rate revenue from cross-sells by the end of 2027 [12] - Nasdaq is expanding its efficiency program target to $140 million, building on the success of the Edenta transaction [12] Management's Comments on Operating Environment and Future Outlook - The management noted that the global economy maintained solid performance at the beginning of the year, but uncertainty increased due to changing trade policies and geopolitical tensions [7][37] - Nasdaq's diversified business model positions it for resilient growth despite market fluctuations [40] - The management expressed confidence in achieving full-year 2025 revenue growth within the medium-term outlook [56][70] Other Important Information - Nasdaq announced an enhanced partnership with AWS to modernize its market infrastructure [22][131] - The company repurchased $279 million in notional value of debt and $115 million in common stock during the first quarter [66][68] Q&A Session Summary Question: Strength in the index business and differences from the last downturn - Management highlighted that the index business grew 6% during the 2022 downturn and has since expanded its product offerings and client base, leading to 26% growth despite an 8% decline in market values [78][81] Question: Opening a regional headquarters in Texas - The decision to open a regional headquarters in Texas is driven by the need to serve a growing client base in the area, including banks and corporate clients [88][90] Question: Acquisition priorities and M&A outlook - Management stated that the focus remains on organic growth rather than pursuing acquisitions, emphasizing the importance of deleveraging and share buybacks [96][97] Question: Impact of macro headwinds on sales cycles - Management noted that while there are delays in larger decisions, the overall demand remains strong across various segments, particularly in Financial Crime Management Technology [102][110] Question: Growth from Verifen and European opportunities - Management indicated that growth is driven by SMB sales moving upmarket, with ongoing engagement in Europe, although significant contributions are expected in the following years [120][121] Question: Further details on delays and revenue impact - Management acknowledged that delays in decision-making could impact growth in Q2 but remains confident in achieving medium-term growth targets [126][128] Question: Enhanced partnership with AWS - Management explained that the partnership with AWS aims to provide scalable, resilient infrastructure solutions for market operators, enhancing overall market technology revenues [135]

Financial Highlights - Nasdaq's net revenue reached $1.237 billion, an increase of 11% year-over-year[18] - Solutions revenue grew to $947 million, representing a 9% increase year-over-year[18] - Operating income increased by 15% year-over-year to $682 million[18] - Diluted EPS increased by 24% year-over-year to $0.79[18] - Annualized Recurring Revenue (ARR) increased by 8% year-over-year to $2.831 billion[18] - Annualized SaaS revenue increased by 14% year-over-year to $1.061 billion[18] Segment Performance - Capital Access Platforms revenue increased by 11% adjusted year-over-year, with Index revenue up by 26% and Data & Listing revenue up by 4%[40] - Financial Technology revenue increased by 10% adjusted year-over-year, driven by a 21% increase in Financial Crime Management Technology revenue[40] - Market Services revenue increased by 19% adjusted year-over-year, driven by record volumes in U.S cash equities and derivatives[40] Operational Highlights - Index average ETP AUM increased year-over-year to $662 billion[24] - Nasdaq listed 45 operating companies, raising nearly $5 billion in proceeds[13]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Financial Data and Key Metrics Changes - Nasdaq reported net revenues of $1.2 billion, representing a 12.5% increase from the prior year period [9][42] - Operating income rose 17% and EPS grew 24%, benefiting from strong revenue performance and expense management [10][42] - Free cash flow for the first quarter was $674 million, supporting deleveraging and share repurchases [12][66] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 5% ARR growth and 11% revenue growth, driven by strength in net inflows and new product innovation [10][45] - Financial Technology delivered 10% revenue growth, with ARR growth of 12%, including 21% growth for Financial Crime Management Technology [11][52] - Market Services achieved 19% net revenue growth, driven by record U.S. Cash equities and derivatives revenue [11][58] Market Data and Key Metrics Changes - Nasdaq welcomed 45 operating companies, raising approximately $5 billion in total proceeds, with an 82% win rate for eligible operating companies [15][16] - The Index business achieved 26% revenue growth, with record average ETP AUM of $662 billion [17][47] - U.S. Cash equities markets experienced five of the six highest trading days in industry history [35][36] Company Strategy and Development Direction - Nasdaq is focused on delivering for clients despite market volatility, enhancing competitive position through diversification [8][10] - The company aims to surpass $100 million in run rate revenue from cross-sells by the end of 2027 [12] - Nasdaq is expanding its efficiency program target to $140 million, with over $100 million actioned as of the end of the first quarter [12][65] Management's Comments on Operating Environment and Future Outlook - The current operating environment is marked by market uncertainty due to changing trade policies and geopolitical tensions [7][37] - Nasdaq remains confident in its ability to deliver sustainable growth and long-term shareholder value despite macroeconomic challenges [72] - The company expects continued strong demand for its FinTech solutions, with a healthy pipeline for 2025 [57][128] Other Important Information - Nasdaq announced an enhanced partnership with AWS to modernize the global financial ecosystem [22][131] - The company repurchased $279 million in notional value of debt and $115 million in common stock during the first quarter [66][68] - Nasdaq's gross leverage ratio improved to 3.4 times at the end of the quarter, down from 3.6 times at the end of 2024 [67] Q&A Session Summary Question: Strength in the index business and structural drivers compared to 2022 - Management highlighted that the index business grew 6% during a market downturn in 2022 and has since expanded its product offerings and clientele, leading to continued growth despite market volatility [78][81] Question: Opening a regional headquarters in Texas - The decision to open a regional headquarters in Texas is driven by the need to serve a growing client base in the area, providing local presence while accessing global capital flows [88][90] Question: Acquisition priorities and M&A outlook - Management stated that the focus remains on organic growth rather than pursuing M&A opportunities, emphasizing the importance of deleveraging and shareholder returns [95][96] Question: Impact of macro headwinds on sales cycles and revenue guidance - Management acknowledged delays in client decision-making but expressed confidence in achieving revenue guidance due to strong demand across various segments [100][128] Question: Growth from SMB sales and European opportunities - The company is seeing strong demand in the SMB space and is engaging with European clients, although sales cycles are expected to be long before significant contributions are realized [114][120]