Nasdaq, Inc.

- No explicit mention of new fundraising through debt or equity on page 14 or surrounding pages. - Capital allocation details on page 6 note Nasdaq ended the quarter with a gross leverage ratio of 2.8x, within their target range. - They repurchased $548 million in shares in Q1 2026, showing strong share buybacks rather than raising new equity. - Dividend increase approved to $0.31 per share, indicating steady return of capital to shareholders. - No announcements or plans mentioned about issuing new debt or equity in the near term. - The company appears focused on disciplined capital management and returning capital to shareholders rather than raising new capital at this time.

- Nasdaq expanded its data center two years ago, enhancing capacity to offer more connectivity and support new trading strategies (Page 8). - Ongoing investments in the data center include innovations like improved cooling systems to support client needs and market strategies (Page 8). - Nasdaq is making investments in AI technologies—both internally and client-facing—to drive automation, operational efficiencies, and new product capabilities (Pages 7, 3). - The company is focused on cloud-based solutions, with about 90% of AxiomSL ACV bookings in Q1 being cloud-enabled, reflecting investment in cloud infrastructure and AI-enabled regulatory products (Pages 3, 5). - Nasdaq is continuing strategic partnerships, such as with FIS, to expand AI-driven financial crime management solutions (Page 3). - Investments tied to client implementations and professional services, especially in SMB and enterprise segments, are ongoing but timing affects revenue recognition (Page 13).

- Strong momentum across all segments, including Capital Markets Tech, Financial Technology, Market Services, and Data & Listings. - Anticipated growth from 23/5 trading launch in December 2026, expanding trading hours and investor access globally. - Expectation of increasing ARR growth in Financial Technology as client implementations progress through the year. - Continued strong demand for enterprise license agreements internationally, especially in Asia and the Middle East. - Growth driven by product innovation, pricing increases, and expanding partnerships (e.g., Nasdaq-100 index with BlackRock and State Street). - High levels of client engagement with AI capabilities and data solutions fueling analytics and workflow products. - Steady expansion in market volumes including U.S. equities, options, and European markets, supported by market volatility. - Positive outlook for IPO activity and listing pipeline with strong issuer engagement entering Q2. - Ongoing investment in infrastructure and client education to support market growth and new trading capabilities.

- Nasdaq reported strong Q1 2026 results with 21% diluted EPS growth and 17% operating income increase. - Momentum is expected to continue, supported by expanding client engagement and platform capabilities. - Financial Technology division saw record revenue growth of 18% and ARR growth of 16%, indicating durable growth potential. - Nasdaq emphasizes disciplined execution and expects profitable, durable growth across macro cycles. - Investments in AI and modernization, along with expansion into always-on markets and tokenized securities, are expected to drive long-term value. - Operating margin improved to 57%, with EBITDA margin at 60%, both up 2 percentage points year-over-year. - Expense guidance updated upward slightly due to higher revenue performance but maintains margin expectations. - Nasdaq remains confident in achieving ambitious strategic objectives and long-term shareholder value creation.

The transcript does not provide specific details about the current, expected order book, or pending orders. However, related insights include: - Nasdaq reported strong demand across multiple segments, including capital markets technology, financial technology, data, and listings. - In Financial Technology, there was record ACV bookings growth of over 50% year-over-year, reflecting strong client engagement. - Capital access platforms saw revenue growth and continued momentum in the IPO pipeline, with companies preparing for market entry. - Market Services experienced record volumes in U.S. equities and options, with elevated volumes in European markets. - Nasdaq’s expansions in tokenized trading and 23/5 market operations expected to drive future activity. - No explicit mention of pending orders or order book volumes in the excerpts. If you need precise order book or pending orders data, it is not available in the provided transcript.