Q4 2024 Nasdaq Inc Earnings Call Transcript
Key Points
- Nasdaq Inc (NDAQ) reported a 9% increase in net revenues for 2024, reaching $4.7 billion, with Solutions revenue growing by 10%.
- The company achieved significant client engagement, signing 263 new clients, 424 upsells, and 11 cross-sells in 2024.
- Nasdaq's Financial Technology division delivered strong performance, with 12% ARR growth and notable expansion in Financial Crime Management Technology.
- The company successfully integrated acquisitions like AxiomSL and Calypso, enhancing its platform capabilities and achieving expense synergies ahead of schedule.
- Nasdaq maintained its leadership in listings, with 180 IPOs in 2024, raising $23 billion in total proceeds, and achieved an 80% win rate among eligible operating company IPOs in the US.
- The Workflow and Insights business has been growing slower than expected, impacted by a slower issuance environment and delistings.
- Nasdaq faces challenges in the Corporate Solutions segment due to elongated corporate buying cycles and beta headwinds.
- There is potential uncertainty in client demand for AxiomSL's offerings if there is a reversal in bank regulations under the new US administration.
- The ARR growth for Capital Markets Technology decreased from 12% to 9%, driven by year-over-year comp differentials and timing of deal signings.
- Professional services revenue faced downward pressure in 2024, particularly impacting AxiomSL solutions, though improvement is expected in 2025.
Good day, and thank you for standing by. Welcome to Nasdaq fourth quarter and full year 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.
Good morning, everyone, and thank you for joining us today to discuss Nasdaq's fourth quarter and full year 2024 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team. After prepared remarks, we will open the line for Q&A.
The press release and earnings presentation accompanying this call can be found on our Investor Relations website. I would like to remind you that we will be making forward-looking statements on this call that involve risks.
A summary of these risks is contained in our
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