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]

Nasdaq, Inc. (NDAQ) is slated to report first-quarter 2025 earnings on April 24, before the opening bell. The company delivered an earnings surprise in three of the last four reported quarters while missing in one.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Factors to ConsiderContinued organic revenue growth, new sales, an increase in Financial Crime Management Technology revenues and contributions from the Adenza acquisition are likely to have aided Nasdaq’s fourth-quarter perfor ...