Nasdaq Inc at Jefferies Global FinTech Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Daniel Fannon - Jefferies - Analyst : I guess to start, your -- the integration of Adenza is clearly top of mind and the top priority. So if we could talk about how that's going and where that sits in terms of the early stages of that integration.

Question: Daniel Fannon - Jefferies - Analyst : That's great. I guess to expand upon that cross-sell, because that's clearly some of the strategic opportunity with this and some of the other businesses, maybe land and expand is the theme that your firm has talked about a lot. So I guess, where do you -- what do you see as the top opportunities for that cross-sell opportunity as you think about both the Adenza business, but also everything else that's under the solutions set?

Question: Daniel Fannon - Jefferies - Analyst : Right. So I guess when you mentioned campaign, this is targeted areas where you can find growth. Are you changing incentives and comp for the teams to prioritize these campaigns? And then again, elongating sales -- not elongated, but just the sales cycles here are long. And is there differences within some of those businesses, where sales cycles might be a little shorter versus that 18-month time period or longer?

Question: Daniel Fannon - Jefferies - Analyst : Right. Makes sense. So the first quarter solutions growth was above your 8% to 11% medium-term target. I guess when we think about the quarterly fluctuations of the timing of business, maybe talk through the seasonality and also, just thinking about the rest of this year, maybe how that -- the momentum in that business is trending just broadly in the context of that.

Question: Daniel Fannon - Jefferies - Analyst : That's great. I guess on the anti-fin crime, Verafin has been one of the fastest-growing segments. As you look at that business, where the opportunity is, in terms of addressing -- we all know that these markets are growing. Banks are being regulated more. Where do you think you are in the cycle of moving up tiers and really penetrating what you think is the true addressable market for that business?

Question: Daniel Fannon - Jefferies - Analyst : Great. And just to clarify, so the non-US business is something that's very nascent for you for that.

Question: Daniel Fannon - Jefferies - Analyst : Right. Makes sense. So going back just to the listings business, I think you and Adena both talked about just the environment which we're in. IPOs are slower. You're seeing some delistings. You've seen still M&A. So can you talk about the knock-on effects of what that means for other parts of your business, workflow and insights and others? I think you've mentioned already elongated sales cycles. But as we look forward, what could -- if we do see a more capital-friendly fundraising environment, what that means for other parts of your business outside of maybe listings and how that can transpire into more growth? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 13, 2024 / 1:00PM, NDAQ.OQ - Nasdaq Inc at Jefferies Global FinTech Conference

Question: Daniel Fannon - Jefferies - Analyst : Right, right. I did want to go back to the AI conversation. You mentioned it a few times with regards to improvement in data and other things. But maybe at a high level, could you talk about how you think about integrating it more broadly? Was it more of an expense kind of efficiency dynamic? Or I think the points you made earlier were a little bit more on could accelerate revenue growth and productivity, but maybe broadly talk about that opportunity.

Question: Daniel Fannon - Jefferies - Analyst : Great. A few weeks ago, there were some headlines around Nasdaq exploring the sale of a small business, Solovis, which you bought a couple of years ago. Without commenting specifically on that, I guess, as you think about the portfolio of assets you have today and the businesses you're in, do you think this is where -- what it will look like in two to three years? Or is there more things to exit and/or add as you think about the longer-term opportunity?

Question: Daniel Fannon - Jefferies - Analyst : Makes sense. Going back to your initial comments around leverage and pulling forward the targets in terms of the time frame of achieving them. So if we fast forward to getting there, as we -- what would be the capital priorities on a prospective basis? Is it -- do buybacks move up the priority list once you reach your targets? And or other -- is M&A still going to be part of the thesis on -- which it has been historically?

Question: Daniel Fannon - Jefferies - Analyst : Great. Well, with only a couple of minutes left, I wasts curious as, what has surprised you most since joining the Nasdaq management team just over six months ago?

Question: Daniel Fannon - Jefferies - Analyst : Great. All right. Well, thank you. I appreciate all the insights, and thanks for joining us today.