Nasdaq (Nasdaq: NDAQ) today will host its Investor Day at 8:00 AM
ET, where Adena Friedman, Chair and CEO, Sarah Youngwood, Executive
Vice President and CFO, and other members of the senior leadership
team will detail the company’s plans to deliver its next phase of
resilient and scalable growth.
Nasdaq has reaffirmed its medium-term financial outlook and will
outline its key 2024 priorities. Additionally, the company will
discuss its financial framework and capital allocation strategy as
well as highlight the benefits of its divisional structure, unified
with a One Nasdaq go-to-market approach.
“Nasdaq is the trusted fabric of the global financial system,
providing market-leading platforms that enhance the liquidity,
transparency, and integrity of the global economy. Over the past
several years, we have continuously invested to create an
integrated and durable growth platform with mission-critical
capabilities to serve our clients even more holistically,” said
Adena Friedman, Chair and CEO. “Across our
divisions, we are uniquely positioned to grow our share of a $31
billion serviceable addressable market opportunity and further
reinforce our position as a trusted partner to the industry. We are
confident this will unlock a new chapter of scalable, durable, and
profitable growth that delivers significant value for our clients
and shareholders.”
Executing 2024 Strategic Priorities
Nasdaq will discuss its 2024 strategic priorities, which are
designed to deliver performance in line with its medium-term
outlook target ranges. The three key priorities are:
Integrate: Execute Adenza Integration
Following the completion of the acquisition, Adenza has already
accelerated Nasdaq’s growth story by expanding Nasdaq’s total pro
forma revenue, Solutions revenue, and non-GAAP operating margin.
Nasdaq will continue to successfully integrate Adenza to expand its
growth opportunities, unlock synergies, and drive operating
leverage. The company expects to action approximately 70% of the
targeted $80 million in net expense synergies ahead of plan, by the
end of 2024, with a portion realized in 2024 and fully realized in
2025.
Innovate: Leverage Technology Infrastructure to Drive
Innovation
Nasdaq’s longstanding focus on embracing cloud workflows
throughout its market infrastructure and software solutions,
coupled with years of investment in AI, positions the company to
benefit from the next wave of technology innovation. Nasdaq’s
modern, cloud-native applications and its unique, proprietary data,
create a strong foundation to introduce generative AI capabilities
that will enhance the value that the company can provide to its
clients and can further Nasdaq’s competitive position.
Accelerate: Unlock the Value of the Divisional Structure
to Drive Incremental Revenue
The company will continue to accelerate the impact of its
divisional structure and leverage its One Nasdaq strategy to create
and deliver on new growth and revenue opportunities. Within its
Financial Technology division, Nasdaq expects to achieve at least
$100 million in incremental revenue through cross-sell
opportunities by year-end 2027.
Enhancing Shareholder Value via a Disciplined Capital
Allocation Strategy
Nasdaq will also provide details on its financial framework and
capital allocation strategy. This strategy, which is fueled by
strong free cash flow generation and capital discipline, will focus
on four key actions:
- Utilizing a disciplined ROIC-based framework to allocate
investment capital to drive organic growth.
- Accelerating its deleveraging plan, now targeting an estimated
leverage ratio of 4.0x, nine to twelve months before Nasdaq’s
previously stated goal. Nasdaq expects to reach 3.3x, at least six
months ahead of its previously stated goal.
- Growing the dividend and progressing towards an annualized
payout ratio of 35% to 38% by 2027. This includes raising the 2024
quarterly dividend by $0.02 per share, to $0.24 per share, which
will be reflected in the June 2024 dividend payment.
- Offsetting dilution from employee vesting and mitigating
dilution from the Adenza acquisition equity issuance over time,
both through the company’s previously announced Board authorized
share repurchase program.
Reiterating Medium-Term Financial Outlook
Nasdaq will reaffirm its previously stated medium-term financial
outlook:
- Capital Access Platforms Revenue growth of 5% to 8%.
- Financial Technology Revenue growth of 10% to 14%.
- Total Solutions Revenue growth of 8% to 11%.
- Non-GAAP Operating Expense growth of 5% to 8%.
This outlook reflects a three-to-five-year period and assumes a
stable market backdrop. The company will also reaffirm its 2024
non-GAAP operating expense guidance with a range of $2,105 million
to $2,185 million and its 2024 non-GAAP tax rate guidance with a
range of 24.5% to 26.5%.
Reconciliations of U.S. GAAP to non-GAAP operating expense and
tax rate guidance are not provided due to the inherent difficulty
in quantifying certain amounts due to a variety of factors
including the unpredictability in the movement in foreign currency
rates, as well as future charges or reversals outside of the normal
course of business.
Webcast and Materials
The agenda, slide presentation, and a live webcast are available
on Nasdaq’s investor relations website: http://ir.nasdaq.com.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company
serving corporate clients, investment managers, banks, brokers, and
exchange operators as they navigate and interact with the global
capital markets and the broader financial system. We aspire to
deliver world-leading platforms that improve the liquidity,
transparency, and integrity of the global economy. Our diverse
offering of data, analytics, software, exchange capabilities, and
client-centric services enables clients to optimize and execute
their business vision with confidence. To learn more about the
company, technology solutions, and career opportunities, visit us
on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Information set forth in this press release contains
forward-looking statements that involve a number of risks and
uncertainties. Nasdaq cautions readers that any forward-looking
information is not a guarantee of future performance and that
actual results could differ materially from those contained in the
forward-looking information. These forward-looking statements can
often be identified by the use of words such as "will," "expect,"
"designed," "outlook," "target," "plan," "estimate," and "can," as
well as variations of such words and similar expressions. Such
forward-looking statements include, but are not limited to (i)
management’s vision for the future of Nasdaq, projections relating
to our future financial results, growth, dividend program, products
and services, ability to transition to new business models or
implement our new corporate structure, taxes and achievement of
synergy targets related to the acquisition of Adenza, (ii)
statements about the benefits of certain acquisitions and other
strategic, restructuring, technology, de-leveraging, share
repurchase and capital allocation commitments and initiatives,
(iii) statements about the integration of our recent Adenza
acquisition, (iv) our medium-term growth outlook and (v) other
statements that are not historical facts. Forward-looking
statements involve a number of risks, uncertainties or other
factors beyond Nasdaq’s control. These factors include, but are not
limited to, Nasdaq’s ability to implement its strategic
initiatives, economic, political and market conditions and
fluctuations, geopolitical instability, government and industry
regulation, interest rate risk, U.S. and global
competition.
Further information on these and other factors are detailed in
Nasdaq’s filings with the U.S. Securities and Exchange
Commission, including its annual reports on Form 10-K and quarterly
reports on Form 10-Q, which are available on Nasdaq’s investor
relations website at http://ir.nasdaq.com and the SEC’s
website at www.sec.gov. Nasdaq undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise. The forward-looking
statements in this release do not include the potential impact of
any acquisitions or divestitures that may be announced and/or
completed after the date hereof.
WEBSITE DISCLOSURE
Nasdaq intends to use its website, ir.nasdaq.com, as a
means for disclosing material non-public information and for
complying with SEC Regulation FD and other disclosure
obligations.
Nasdaq Media Relations Contact:
David Lurie+1.914.538.0533David.Lurie@Nasdaq.com
Nick Jannuzzi+1.973.760.1741Nicholas.Jannuzzi@Nasdaq.com
Nasdaq Investor Relations Contact:
Ato Garrett+1.212.401.8737Ato.Garrett@Nasdaq.com
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