Nasdaq Inc at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference Transcript

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

Question: Ashish Sabadra - RBC Capital Markets - Analyst : So I'll start off with a broad question. Nasdaq has been on a big transformation journey over the last several years. And last year, you acquired Adenza. You've done several other strategic acquisitions over the last several years. Can you talk about where you see the most strategic opportunities for Nasdaq going forward?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's a great overview. And we'll drill down into all the topics that you mentioned. We definitely want to talk about cloud, AI. But maybe we can start off with the first pillar, the integrity pillar. In fintech, particularly, you've had a really strong momentum with new wins, cross-sells, upsells. So I was just curious what's driving that momentum? And how do you think about that going forward?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's very helpful color. Maybe if you can just talk about the pipeline, what do you see in the pipeline in terms of the demand environment going forward?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's very helpful color. So it looks like a lot of growth drivers across all businesses. You emphasized GenAI a couple of times. I just wanted to drill down further on GenAI, and maybe this is more broader across your company. You talked about how it's helping drive better retention, and although you're giving -- you're not necessarily charging for it. I was just curious, as you think about monetizing GenAI going forward over the midterm, how do you think about monetizing it? But also in the same vein, if you can talk about how you're using GenAI internally to drive improved efficiency?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great color. So you talked about retention, cross-sell, upsell, but also greater pricing power with GenAI. That's very helpful color. Maybe just switching around a bit, but within the fintech itself, there was a difference between the ARR growth and revenue growth in the quarter. So maybe if you can talk about what's driving that difference? And how do we think about revenues catching up to ARR?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : Anything -- any puts and takes that we need to be cognizant of 4Q -- in the 4Q?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's very helpful color. Maybe if you can talk about the synergy -- sorry, the expense synergies. So can you just help us understand where you are in terms of the expense synergies for the Adenza acquisition? And how should we think about the benefit to the margins this year, but also over the midterm? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 2:20PM, NDAQ.OQ - Nasdaq Inc at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great color. And maybe taking a step back, like how should we think on a more normalized basis, the spread between revenue growth and expense growth or margin expansion opportunities over the midterm?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : Yes. That was very helpful color. And maybe one more question on fintech. The guidance was $400 million of cross-sell opportunities by 2027. I was just wondering if you could -- obviously, you --

Question: Ashish Sabadra - RBC Capital Markets - Analyst : $100 million, sorry. You obviously talked about a lot of strong momentum on new wins, upsell, cross-sell. But I was just wondering if you could talk about how should we think about this $100 million of synergies in terms of timing? Is it ratable or back-end loaded?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great. That's great. Moving on to the second pillar and the Capital Access Platform. You mentioned a very strong growth profile in the Index business. I was just wondering how do you see the opportunity to grow the Index business going forward?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great color. Maybe switching gears a bit within the segment itself. Can you comment on the IPO pipeline? What do you see there? And on a related note, there have been some very high-profile switching. What's driving those switching?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great color. So as the IPO picks up the data and listing revenues, as you mentioned, there are some headwinds from prior delisting and amortization. But as we start to see the pickup, we should -- that should be a tailwind over the midterm?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : That's great. And maybe I was just wondering within the Capital Access, if you could also address some of the weakness we've seen in Corporate Solution. How do we think about the inflection there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 2:20PM, NDAQ.OQ - Nasdaq Inc at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Ashish Sabadra - RBC Capital Markets - Analyst : Okay. No, that's very helpful color. Maybe a quick question on market services. How do you think about like these current macro environment, like the macro factors, election, rate volatility, how does that influence the Market Services business?

Question: Ashish Sabadra - RBC Capital Markets - Analyst : Yeah. We are at the top of 30 minutes. Again, really appreciate this opportunity. Thank you. Thanks, everyone.