Thank everyone. you, morning, Adena. And good
to of not I like the on announced our business strategic divestiture include getting quarter. all and expect in Before Corporate comment in open our historical $XX on $XX company. this to starting our for and transferred, material recently million annual sale $XX the Starting next sale million, interest across to we the financials, revenues we power a results to do second financials activities Other and is business quarter approximately of by expenses -- would expect reduce Europe, plan impact with the portion to trading results, business we of Once and the our the have and million respectively.
Turning now to Adenza.
its seen customer strong customer with past expansions wins double-digit each over high and execution growth Adenza, solid Axiom both growth cross-selling ARR year-over-year ARR These activity. and Adenza the continue We new have delivering wins contributed and year. teens across to achieving in both Calypso new the
that to illustrate supplemental includes recent help information continued momentum. further a strong provided about performance have deck Adenza's We and information business Adenza's
progress deliver into we divisional related to expense in confident the the synergies provide order one-time our the by our of we separately related Adenza with achieving synergies, our to related existing As program realignment. in we post-closing. XXXX million disclose cost that $XX our we year net Adenza In in embark to announced to achieving at ability our planning on our start from end the on shareholders transparency our the costs restructuring team, our to integration remain will of synergies
us prior To the issuing year of deleveraging we a and dollar as in through $X.XX debt proceeds are carrying well transaction we bonds. the as we secured finance the closing, as the bond minimize closing, investing component we X.X%. be of June, prior commercial transaction non-GAAP successful for of result. enable the of the bond to remainder just just weighted the XX, two, under million market plan issue XX fund be debt expect US denominated five, year issuance acquisition, to term cost to The carry paper. at and financing is across points liquid in as in XX, estimated the cash XX euro with net debt EURXXX million issuances highly To we $XXX denominated cost the our to billion Adenza to that a investments, than to current plan low-risk terms, well will which the our loan expect from basis and rates, of manage less excluded eight average To have
Adenza be to forward, acquisition With focused allocation our as shareholders. full work regards closing, and to will benefits business the optimize the to moving our on we capital the after integrate to our free-cash using priorities generate achieve of our we flow return for
in for Nasdaq activities. us offset back looking flow approximately in use to with and operating $X.XX was $XXX million approximately flow expended Specifically, billion free-cash. That which $XXX approximately cash In left million of free-cash employee-related we free XXXX and investor to returned XXXX, $XXX to XX% Nasdaq other in million strategic return generated over dividends, dilution.
$X.XX increase current acquire to approximately Adenza, With the stays addition million payout payment be the that issued dividend of at of will annually. to our $XXX else share per same, the if the shares all will
to XX% the to or our which dividend four payout a to increase have dividend also over years, in next XX% the the achieve ratio CAGR over period. three XX% the stated payout an implies We approximately ratio plans
expect approximately $XXX in We pre-tax in generate Adenza unlevered cash to million XXXX. flow
current Adenza’s the more million, payment debt expect acquisition result $XXX in which is of Adenza approximately free-cash than for planned interest We of our annual to financing flow.
as free-cash Adenza However, flow of we pay-down from incremental grows debt repayment incremental to buybacks. as share debt, and addition we fund the and Adenza expect
to commensurately we years. $XXX the free-cash over expect on employee annual dividends estimates beyond results grow with year that earnings our in million will amount XXXX buybacks and for the XXXX approximately growth our with and flow next full have we three related combined Adenza, Based the excess
to With remainder the XX the of to within and years, ratio bring X.X times our over free-cash the flows times years. delever three priority is within and X.X months next our three leverage
well in we as The drive schedule. the a EBITDA, pay-down [G&A] increases Therefore, will as not specific combination reflects (ph) of business that growth provide debt pay-downs. ratios
million and debt we year-end our based without restrictions. and approximately now our However, prepayment penalties between the $X to on any nature or flexibility other the pay-down profile debt, have maturity XXXX of will
that don't to the we support expectations have of path best the pay-down anticipate want to is we exceed if amount we drive needing shareholder flexibility our full capital to to our to accelerate While times, use believe and/or returns. X.X
free-cash using We help will to also issuance remaining execute the of share our to buybacks acquisition-related and debt accretion. offset focus will share share majority support on buybacks. EPS the the we execute pay-down, flows After vast
client Our Adenza we anticipate acquisition-related received stock would Adena making coming we focus allocation earlier, us as decisions significant do Therefore that to the benefit deter over the over the capital shareholder will be years. any mentioned coming buybacks sizable from the maximize acquisition. years not and from
on prior Turning all otherwise primarily non-GAAP in in results ir.nasdaq.com. US noted. focus results. results My Relations website to can year release, a quarter's section GAAP be will Investor press unless our will as as file our the comparisons commentary be and found non-GAAP this to the our of to in well Reconciliations at located of period, Financials
including an acquisition X% I of will negative the the X% Services Trading Solutions Slide net and impact in the stable second of businesses reported in XXXX organic net million The beginning revenue of reviewing a and increase presentation. rates $X revenue and increase FX growth from of by million organic start X%, changes divestiture. performance, of result quarter is XX and $XXX in net on
or per million period. while diluted down year of was approximately net compared and points million prior operating income Non-GAAP basis was year share, margins. increased Nasdaq per attributable margin share diluted Non-GAAP income or Moving to from $X.XX to $X.XX the XXX in $XXX operating $XXX period. the the profit prior X%, XX% to non-GAAP operating
XX. to Slide Turning
an $X.X X.X% the SaaS revenues annualized earlier, increase of $XXX mentioned XX%. totaled prior while year billion, increase an Adena from of ARR As period, totaled million,
are elongated of in volumes which the had certain ARR the growth areas delivering despite We cycles Capital sales this and SaaS IPO a solid low performance Platforms rate modest impact division, of and quarter. Access on
deliver growth We as capital revenue normalize improving are positioned increases. well to sales cycles activity and market
division of -- review increased offset better options Services revenues million by with capture with higher to will revenue was XX through I strong X%, lower XX. and organic despite flat, the Platforms on an now or due revenues by division, organic increase quarterly Market volumes Trading equity revenues driven trading Slides results X%. Starting trading share. with US volumes, lower revenue US continued European $X
we X% In results Marketplace driven strong delivered Technology, Technology. both Management Services revenue and in growth by Trade Market
As growth of in the testing expect half from benefited to do year a Management the the reminder, revenue we Trade in half Services the that year. first revenue second of not recur
we And at as the Marketplace for growth we outlook. will back continue face growth the strong of medium-term cycle comps tougher year. XQ therefore, through in Additionally, had to revenue half Technology our the of year year expect end full to upper XQ revenue last we and we in be
migrating growth due cloud lower lower opportunities increase the the in technology. million, marketplace X% prior division totaled to the European quarter second year with of an decrease XX% $XXX operating new margin from investments related reflects to ARR to trading the to The prior activity, of from basis a XXX US period year period. compared ongoing in investments and of in XXXX point resulting markets revenue
million X%, to increased related for growth acquisition. revenues Access quarter. the $XX revenue division organic an with Platforms in million, Growth was excluding or broad-based Capital $XX million the $X of
driven for the revenue a XX% a returned XXXX, Nasdaq by volumes, year. growth, the AUM contracts second higher increase in average in Specifically, trading pricing over to was delivering declined revenues compared reflecting linked decline the future XXX per offset quarter Index X%, by increase of Licensing to X% primarily last partially which Index X% a to contract.
from the also revenue share Second quarter meeting benefited improving revenues related contractual milestones in to futures certain quarter.
strong $XX net in grew driving sales revenue In customer Additionally, strategies, in saw the solid continued and Data, including XX of growth. enterprise demand data $XX months million international the revenue trailing recurring due over quarter. with by growth inflows we to X% from billion,
reflecting due businesses delistings, organically the revenue slightly with of SPAC. & elevated ESG, quarter asset year-over-year to in Workflow compared weak cycles IR continued revenue across sales Listings growth was and second IPO environment, our despite second Analytics and XXXX, flat coupled including among owners ongoing growth to quarter. increased X% corporates elongated affecting Insights the revenue
totaled Access a The impact prior cycles. increase an of the for from $X.X compared continuing significant operating of XXX of Platforms ARR billion, sales the reflected the period. decrease points margin elongated year quarter second a X% new in in the basis XX% to year period, was slowdown and prior division Capital which XXXX, listings of
the for was growth as million and Anti-Financial solutions or robust fraud to surveillance well Organic XXXX. growth SaaS-based $XX detection period. Crime increased second quarter XX% in our revenue of as The the solutions. anti-money compared laundering demand XX% reflects
the of AML growth our Surveillance XXXX. solid quarter of fees. offset compared Specifically, revenues new XX% existing second by quarter grew and partially to Fraud XXXX, customers, professional to with in Detection solutions subscription compared and softer from second the revenues grew XX% revenues
incentive period. Crime $XXX compared period. to an for $XXX Anti-Financial prior for The an XX% ARR which Crime but program. increase totaled onetime second totaled division the period, not ARR, versus of the of year in margin approximately a of compensation year XX% signed the also half million, Anti-Financial yet growth of one includes prior contracts in the new the margin expenses in adjustment Signed quarter XX% commenced our increase was year prior to with ARR benefit resulting million, versus the to from operating XXXX a XX% due
rates. investments and in expense continue and X%, partially compensation increase reflecting Turning higher growth million technology impact reflects review operating guidance. organic increased million primarily organic increase expense as to $X driven the by changes expenses to expenses is Non-GAAP spend headcount of higher offset to a benefits The decrease making Page from $XX increase and The $XX XX $XXX a the million by across million. or primarily FX we both platform.
timing XXXX, merit of expenses increased equity our annual first quarter and due grants. the adjustments the to of to Compared
the mentioned client program, this lower-than-expected than as we to expected increase the compensation to was spend. well ASC sequential However, adjustment marketing due less incentive incentive as onetime previously hiring and
are narrowing of midpoint XXXX. now expense just non-GAAP decrease XXXX expense growth of range $X.XXX related our our a $X.XXX assets in increase impact our guidance the We $XX of guidance an expense below annual to billion. million billion The by represents range operating to expense primarily incentive the as adjustment for digital to well The the to expectations of reflects X% program. of our compensation decision as redesign offering the the ASC
Assuming rates, stable we updated expect XXXX the the of range. performance currently exchange middle guidance be and near expenses to
of Additionally, we a the expenses due fourth the timing than quarter in sequential greater the to expenses, expected quarter. expect increase in in third
be full rate to year to XX% XX%. in range expected non-GAAP Our of the tax is
Turning to XX. Slide
Excluding EBITDA continue XX trailing be period generation, and ratio quarter including debt flow billion Adenza of With XXXX. of in positioned our maturities a X.X our non-GAAP trailing to of total XXXX, long-term times, basis, free cash we months sheet on flow variety consistent the to with a debt, macroeconomic growth until cash adjusted the well there debt $X.X backdrop. first ended are XX-month balance strong at related no and support to
dividends the company paid million. $XXX the of common XXXX, aggregate in the quarter During of stock second
there share XX, Board million an the was remaining As program. repurchase of June XXXX authorized $XXX under aggregate
quarter second the reflect Nasdaq's range consistently operating today, closing, environments. In to wide perform well company's the across ability continuation of of a results
back it operator turn for will Q&A. to I the and time, your over for you Thank
