NEW YORK - Nasdaq (NASDAQ:NDAQ) today announced its strategic priorities for 2024, focusing on the integration of Adenza, leveraging technology to drive innovation, and unlocking the value of its divisional structure to enhance revenue.
During its Investor Day, the company also detailed its accelerated deleveraging plan, aiming to reach a 4.0x leverage ratio and a 3.3x leverage ratio ahead of previously announced targets.
The company is set to achieve approximately 70% of the targeted $80 million in net expense synergies by the end of 2024, which is ahead of schedule. These synergies are part of the integration process following Nasdaq's acquisition of Adenza.
Nasdaq's Chair and CEO, Adena Friedman, highlighted the company's position to grow within a $31 billion serviceable addressable market opportunity, which is expected to contribute to a new phase of scalable and profitable growth.
The financial framework and capital allocation strategy presented by Nasdaq includes a disciplined investment capital allocation to drive organic growth, an accelerated deleveraging plan, an increase in the quarterly dividend to $0.24 per share starting in June 2024, and a share repurchase program to offset dilution.
In terms of financial outlook, Nasdaq reaffirmed its medium-term financial outlook, including revenue growth targets across its Capital Access Platforms, Financial Technology, and Total Solutions divisions. The company also reiterated its 2024 non-GAAP operating expense guidance ranging from $2,105 million to $2,185 million and a non-GAAP tax rate guidance of 24.5% to 26.5%.
This news is based on a press release statement from Nasdaq.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.