Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for
the third quarter of 2022.
- Third quarter 2022 net revenues1 increased 6% compared to the
third quarter of 2021. Solutions segments2 revenues increased 8%,
including 10% organic growth, partially offset by a negative 2% FX
impact.
- Annualized Recurring Revenue (ARR)3 increased 8% compared to
the third quarter of 2021. Annualized SaaS revenues increased 13%
and represented 35% of ARR.
- Third quarter 2022 GAAP diluted earnings per share increased 5%
compared to the third quarter of 2021. Third quarter 2022 non-GAAP4
diluted earnings per share increased 15% compared to the third
quarter of 2021.
- In September, the company announced it will be implementing a
new corporate structure in the fourth quarter of 2022. Supplemental
recast segment financial information is now available on the Nasdaq
IR website, and the company will update investors on its strategy
and objectives at the November 8, 2022 Investor Day.
Third Quarter 2022 Highlights
(US$ millions, except per share) |
3Q22 |
% Change (YoY) |
Solutions Segments Revenues |
$584 |
8% |
Market Services Net Revenues |
$305 |
4% |
Net Revenues* |
$890 |
6% |
ARR |
$1,970 |
8% |
GAAP Diluted EPS |
$0.59 |
5% |
Non-GAAP Diluted EPS |
$0.68 |
15% |
*Net revenues in the third quarter of 2022 include $1 million other
revenues. |
Adena Friedman, President and
CEO, said, “Nasdaq’s strong third quarter results, and in
particular the sustained organic growth against a turbulent capital
markets backdrop, are a testament to the effective competitive
position of the company today. The new corporate structure
announced last month is designed to further advance our strategy,
enhance our client focus and better position the organization to
capture the dynamic opportunities inherent in our growth
pillars.”
Ann Dennison, Executive Vice President and
CFO, said, “Our third quarter results reflect the
carefully calibrated investments in our largest growth
opportunities. With our deep client relationships and our resilient
business model, we expect to continue to respond effectively to a
wide range of operating environments. We have also positioned the
balance sheet to minimize the impact of rising rates and to
maintain flexibility to support our growth strategy.”
FINANCIAL REVIEW
- Third quarter 2022 net revenues were $890 million, an increase
of $52 million, or 6%, from $838 million in the prior year period.
Net revenues reflected a $77 million, or 9%, positive impact from
organic growth, including positive contributions from all segments,
partially offset by a $22 million decrease from the impact of
changes in FX rates and a $3 million decrease from the net impact
of an acquisition and divestitures.
- Solutions segments revenues were $584 million in the third
quarter of 2022, an increase of $43 million, or 8%. The increase
reflects a $53 million, or 10%, positive impact from organic
growth, and a $1 million increase from acquisitions, partially
offset by a $11 million decrease from the impact of changes in FX
rates.
- Market Services net revenues were $305 million in the third
quarter of 2022, an increase of $13 million, or 4%. The increase
reflects a $24 million, or 8%, positive impact from organic growth,
partially offset by a $11 million decrease from the impact of
changes in FX rates.
- Third quarter 2022 GAAP operating expenses increased $10
million, or 2%, versus the prior year period. The increase
primarily reflects higher compensation and benefits expense due to
continued investment in our people, higher computer operations and
data communications expense, partially offset by lower general,
administrative and other expense due to lower capital markets
activity and lower depreciation and amortization expense.
- Third quarter 2022 non-GAAP operating expenses increased $20
million, or 5% versus the prior year period. The increase reflects
a $40 million, or 10%, organic increase over the prior year period,
partially offset by a $19 million decrease from the impact of
changes in FX rates and a $1 million decrease from the net impact
of acquisition and divestitures. The organic increase primarily
reflects higher compensation and benefits expense due to continued
investment in our people, higher general, administrative and other
expense reflecting increased travel, and higher computer operations
and data communications expense, partially offset by lower
marketing and advertising expense due to lower capital markets
activity.
- The company repurchased $633 million in shares of its common
stock during the first nine months of 2022. As of
September 30, 2022, there was $293 million remaining under the
board authorized share repurchase program.
2022 EXPENSE AND TAX GUIDANCE
UPDATE5
- The company is narrowing its 2022 non-GAAP operating expense
guidance to a range of $1,700 to $1,720 million. Nasdaq expects its
2022 non-GAAP tax rate to be in the range of 24% to 25%.
STRATEGIC AND BUSINESS
UPDATES
- Nasdaq announces new corporate structure to amplify
strategy. On September 28, 2022, Nasdaq announced that it
is organizing its business units into three divisions: Market
Platforms, Capital Access Platforms, and Anti-Financial Crime. This
new structure will align the company more closely to the
foundational shifts that are driving the evolution of the global
financial system and evolving client needs. The new structure will
take effect by the end of the fourth quarter of 2022 with the
corresponding executive appointments taking effect on January 1,
2023.
- Nasdaq establishes new Digital Assets business to power
the digital asset ecosystem. The planned launch underpins
Nasdaq’s ambition to facilitate broader institutional participation
in digital assets by providing trusted and institutional-grade
solutions, focused on custody, liquidity and integrity. Nasdaq
Digital Assets will initially develop an advanced custody solution.
Additionally, Nasdaq has expanded its anti-financial crime
technology with new coverage for the cryptocurrency ecosystem,
including a comprehensive suite of crypto-specific detection
capabilities.
- Nasdaq’s annualized SaaS revenues in the
third quarter of
2022 increased
13% year over year. Annualized
SaaS revenues totaled $699 million in the third quarter of 2022,
representing 35% of total company ARR, up from 34% in the third
quarter of 2021. The 13% year over year increase in annualized SaaS
revenues primarily reflects strong growth in our Anti-Financial
Crime and Analytics businesses.
- Corporate Platforms delivered year over year growth
from both IR and ESG Services and Listing Services. IR
& ESG Services revenues in the third quarter of 2022 increased
13% reflecting higher adoption and stronger retention across the
breadth of investor relations and ESG advisory offerings. Listing
Services revenues in the third quarter of 2022 increased 6% to $105
million.
- Investment Intelligence continues to deliver strong
revenue growth led by Analytics and
Index. The Analytics business,
led by eVestment, saw continued strong user adoption across both
asset owners and asset managers as annualized SaaS revenues
increased 10% to $218 million. In our Index business, revenues
increased 5% year over year and the business experienced strong net
inflows of $56 billion over the last 12 months, partially
offsetting the impact of market depreciation. Additionally, the
number of contracts traded on futures and other derivatives
tracking Nasdaq indexes increased 53% year over year.
- Nasdaq led all exchanges in total multiply-listed
options traded, and Trade Management Services set a quarterly
record for revenues. In the third quarter and first nine
months of 2022, Nasdaq led all exchanges during the period in total
volume traded for multiply-listed equity options. In our Trade
Management Business, revenues increased 10% in the third quarter of
2022 versus the prior year period due to increased demand for
connectivity and infrastructure services.
____________
1 Represents revenues less transaction-based
expenses.2 Constitutes revenues from Market Technology, Investment
Intelligence and Corporate Platforms segments.3
Annualized Recurring Revenue (ARR) for a given
period is the annualized revenue derived from subscription
contracts with a defined contract value. This excludes contracts
that are not recurring, are one-time in nature or where the
contract value fluctuates based on defined metrics. ARR is
currently one of our key performance metrics to assess the health
and trajectory of our recurring business. ARR does not have any
standardized definition and is therefore unlikely to be comparable
to similarly titled measures presented by other companies. ARR
should be viewed independently of revenue and deferred revenue and
is not intended to be combined with or to replace either of those
items. ARR is not a forecast and the active contracts at the end of
a reporting period used in calculating ARR may or may not be
extended or renewed by our customers.4 Refer to our reconciliations
of U.S. GAAP to non-GAAP net income, diluted earnings per share,
operating income and operating expenses, included in the attached
schedules.5 U.S. GAAP operating expense and tax rate guidance are
not provided due to the inherent difficulty in quantifying certain
amounts due to a variety of factors including the unpredictability
in the movement in foreign currency rates, as well as future
charges or reversals outside of the normal course of
business.
ABOUT NASDAQ
Nasdaq (Nasdaq: NDAQ) is a global technology
company serving the capital markets and other industries. Our
diverse offering of data, analytics, software and services enables
clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions
and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq,
or at www.nasdaq.com.
NON-GAAP INFORMATION
In addition to disclosing results determined in
accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP
results of operations, including, but not limited to, non-GAAP net
income attributable to Nasdaq, non-GAAP diluted earnings per share,
non-GAAP operating income, and non-GAAP operating expenses, that
include certain adjustments or exclude certain charges and gains
that are described in the reconciliation table of U.S. GAAP to
non-GAAP information provided at the end of this release.
Management uses this non-GAAP information internally, along with
U.S. GAAP information, in evaluating our performance and in making
financial and operational decisions. We believe our presentation of
these measures provides investors with greater transparency and
supplemental data relating to our financial condition and results
of operations. In addition, we believe the presentation of these
measures is useful to investors for period-to-period comparisons of
results as the items described below in the reconciliation tables
do not reflect ongoing operating performance.
These measures are not in accordance with, or an
alternative to, U.S. GAAP, and may be different from non-GAAP
measures used by other companies. In addition, other companies,
including companies in our industry, may calculate such measures
differently, which reduces their usefulness as a comparative
measure. Investors should not rely on any single financial measure
when evaluating our business. This information should be considered
as supplemental in nature and is not meant as a substitute for our
operating results in accordance with U.S. GAAP. We recommend
investors review the U.S. GAAP financial measures included in this
earnings release. When viewed in conjunction with our U.S. GAAP
results and the accompanying reconciliations, we believe these
non-GAAP measures provide greater transparency and a more complete
understanding of factors affecting our business than U.S. GAAP
measures alone.
We understand that analysts and investors
regularly rely on non-GAAP financial measures, such as those noted
above, to assess operating performance. We use these measures
because they highlight trends more clearly in our business that may
not otherwise be apparent when relying solely on U.S. GAAP
financial measures, since these measures eliminate from our results
specific financial items that have less bearing on our ongoing
operating performance.
Organic revenue and expense growth, organic change
and organic impact are non-GAAP measures that reflect adjustments
for: (i) the impact of period-over-period changes in foreign
currency exchange rates, and (ii) the revenues, expenses and
operating income associated with acquisitions and divestitures for
the twelve month period following the date of the acquisition or
divestiture. Reconciliations of these measures are described within
the body of this release.
Foreign exchange impact: In countries with
currencies other than the U.S. dollar, revenues and expenses are
translated using monthly average exchange rates. Certain
discussions in this release isolate the impact of year-over-year
foreign currency fluctuations to better measure the comparability
of operating results between periods. Operating results excluding
the impact of foreign currency fluctuations are calculated by
translating the current period’s results by the prior period’s
exchange rates.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Information set forth in this communication
contains forward-looking statements that involve a number of risks
and uncertainties. Nasdaq cautions readers that any forward-looking
information is not a guarantee of future performance and that
actual results could differ materially from those contained in the
forward-looking information. Such forward-looking statements
include, but are not limited to (i) projections relating to our
future financial results, total shareholder returns, growth,
trading volumes, products and services, ability to transition to
new business models, taxes and achievement of synergy targets, (ii)
statements about the closing or implementation dates and benefits
of certain acquisitions, divestitures and other strategic,
restructuring, technology, de-leveraging and capital allocation
initiatives, including the proposed stock split, (iii) statements
about our integrations of our recent acquisitions, (iv) statements
relating to any litigation or regulatory or government
investigation or action to which we are or could become a party,
and (v) other statements that are not historical facts.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond Nasdaq’s control. These factors include,
but are not limited to, Nasdaq’s ability to implement its strategic
initiatives, economic, political and market conditions and
fluctuations, geopolitical instability arising from the Russian
invasion of Ukraine, government and industry regulation, interest
rate risk, U.S. and global competition, and other factors detailed
in Nasdaq’s filings with the U.S. Securities and Exchange
Commission, including its annual reports on Form 10-K and quarterly
reports on Form 10-Q which are available on Nasdaq’s investor
relations website at http://ir.nasdaq.com and the SEC’s website at
www.sec.gov. Nasdaq undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
WEBSITE DISCLOSURE
Nasdaq intends to use its website, ir.nasdaq.com,
as a means for disclosing material non-public information and for
complying with SEC Regulation FD and other disclosure
obligations.
Nasdaq Media Relations
Contact:
Will Briganti +1.646.964.8169
william.briganti@nasdaq.com
Nasdaq Investor Relations
Contact:
Ed Ditmire, CFA +1.212.401.8737
ed.ditmire@nasdaq.com
-NDAQF-
|
|
Nasdaq, Inc. |
|
Condensed Consolidated Statements of Income |
|
(in millions, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Market Technology |
$ |
132 |
|
|
$ |
114 |
|
|
$ |
387 |
|
|
$ |
332 |
|
|
Investment Intelligence |
|
284 |
|
|
|
272 |
|
|
|
851 |
|
|
|
787 |
|
|
Corporate Platforms |
|
168 |
|
|
|
155 |
|
|
|
504 |
|
|
|
451 |
|
|
Market Services |
|
972 |
|
|
|
811 |
|
|
|
2,892 |
|
|
|
2,813 |
|
|
Other Revenues |
|
1 |
|
|
|
5 |
|
|
|
10 |
|
|
|
36 |
|
|
|
Total revenues |
|
1,557 |
|
|
|
1,357 |
|
|
|
4,644 |
|
|
|
4,419 |
|
|
Transaction-based expenses: |
|
|
|
|
|
|
|
|
Transaction rebates |
|
(494 |
) |
|
|
(472 |
) |
|
|
(1,605 |
) |
|
|
(1,642 |
) |
|
Brokerage, clearance and exchange fees |
|
(173 |
) |
|
|
(47 |
) |
|
|
(364 |
) |
|
|
(243 |
) |
|
Revenues less transaction-based expenses |
|
890 |
|
|
|
838 |
|
|
|
2,675 |
|
|
|
2,534 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
Compensation and benefits |
|
249 |
|
|
|
230 |
|
|
|
750 |
|
|
|
700 |
|
|
Professional and contract services |
|
34 |
|
|
|
36 |
|
|
|
97 |
|
|
|
101 |
|
|
Computer operations and data communications |
|
50 |
|
|
|
47 |
|
|
|
150 |
|
|
|
137 |
|
|
Occupancy |
|
25 |
|
|
|
27 |
|
|
|
78 |
|
|
|
81 |
|
|
General, administrative and other |
|
38 |
|
|
|
42 |
|
|
|
94 |
|
|
|
66 |
|
|
Marketing and advertising |
|
10 |
|
|
|
12 |
|
|
|
31 |
|
|
|
32 |
|
|
Depreciation and amortization |
|
63 |
|
|
|
67 |
|
|
|
195 |
|
|
|
197 |
|
|
Regulatory |
|
9 |
|
|
|
8 |
|
|
|
24 |
|
|
|
22 |
|
|
Merger and strategic initiatives |
|
14 |
|
|
|
13 |
|
|
|
41 |
|
|
|
70 |
|
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31 |
|
|
|
Total operating
expenses |
|
492 |
|
|
|
482 |
|
|
|
1,460 |
|
|
|
1,437 |
|
|
Operating income |
|
398 |
|
|
|
356 |
|
|
|
1,215 |
|
|
|
1,097 |
|
|
Interest income |
|
2 |
|
|
|
— |
|
|
|
3 |
|
|
|
1 |
|
|
Interest expense |
|
(32 |
) |
|
|
(33 |
) |
|
|
(96 |
) |
|
|
(95 |
) |
|
Net gain on divestiture of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
|
Other income |
|
6 |
|
|
|
42 |
|
|
|
8 |
|
|
|
43 |
|
|
Net income from unconsolidated investees |
|
8 |
|
|
|
6 |
|
|
|
23 |
|
|
|
90 |
|
|
Income before income taxes |
|
382 |
|
|
|
371 |
|
|
|
1,153 |
|
|
|
1,220 |
|
|
Income tax provision |
|
88 |
|
|
|
83 |
|
|
|
270 |
|
|
|
292 |
|
|
Net income |
|
294 |
|
|
|
288 |
|
|
|
883 |
|
|
|
928 |
|
|
Net loss attributable to noncontrolling interests |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
Net income attributable to Nasdaq |
$ |
294 |
|
|
$ |
288 |
|
|
$ |
884 |
|
|
$ |
928 |
|
|
|
|
|
|
|
|
|
|
|
Per share information: |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.60 |
|
|
$ |
0.57 |
|
|
$ |
1.79 |
|
|
$ |
1.87 |
|
|
Diluted earnings per share |
$ |
0.59 |
|
|
$ |
0.56 |
|
|
$ |
1.77 |
|
|
$ |
1.84 |
|
|
Cash dividends declared per common share |
$ |
0.20 |
|
|
$ |
0.18 |
|
|
$ |
0.58 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
for earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
491.2 |
|
|
|
503.1 |
|
|
|
492.8 |
|
|
|
496.5 |
|
|
Diluted |
|
496.3 |
|
|
|
510.5 |
|
|
|
498.2 |
|
|
|
503.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq, Inc. |
|
Revenue Detail |
|
(in millions) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET TECHNOLOGY REVENUES |
|
|
|
|
|
|
|
|
|
Anti Financial Crime Technology revenues |
$ |
77 |
|
|
$ |
62 |
|
|
$ |
224 |
|
|
$ |
163 |
|
|
|
Market Infrastructure Technology revenues |
|
55 |
|
|
|
52 |
|
|
|
163 |
|
|
|
169 |
|
|
|
|
Total Market Technology revenues |
|
132 |
|
|
|
114 |
|
|
|
387 |
|
|
|
332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT INTELLIGENCE REVENUES |
|
|
|
|
|
|
|
|
|
Market Data revenues |
|
104 |
|
|
|
102 |
|
|
|
318 |
|
|
|
310 |
|
|
|
Index revenues |
|
125 |
|
|
|
119 |
|
|
|
370 |
|
|
|
328 |
|
|
|
Analytics revenues |
|
55 |
|
|
|
51 |
|
|
|
163 |
|
|
|
149 |
|
|
|
|
Total Investment Intelligence revenues |
|
284 |
|
|
|
272 |
|
|
|
851 |
|
|
|
787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE PLATFORMS REVENUES |
|
|
|
|
|
|
|
|
|
Listings Services revenues |
|
105 |
|
|
|
99 |
|
|
|
320 |
|
|
|
282 |
|
|
|
IR & ESG Services revenues |
|
63 |
|
|
|
56 |
|
|
|
184 |
|
|
|
169 |
|
|
|
|
Total Corporate Platforms revenues |
|
168 |
|
|
|
155 |
|
|
|
504 |
|
|
|
451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET SERVICES REVENUES |
|
|
|
|
|
|
|
|
|
Equity Derivative Trading and Clearing
revenues |
|
357 |
|
|
|
330 |
|
|
|
1,032 |
|
|
|
1,114 |
|
|
|
Transaction-based expenses: |
|
|
|
|
|
|
|
|
|
|
|
Transaction rebates |
|
(222 |
) |
|
|
(220 |
) |
|
|
(660 |
) |
|
|
(770 |
) |
|
|
|
|
Brokerage, clearance and exchange fees |
|
(28 |
) |
|
|
(5 |
) |
|
|
(49 |
) |
|
|
(31 |
) |
|
|
|
Total net equity derivative trading and clearing
revenues |
|
107 |
|
|
|
105 |
|
|
|
323 |
|
|
|
313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equity Trading revenues |
|
514 |
|
|
|
390 |
|
|
|
1,570 |
|
|
|
1,423 |
|
|
|
Transaction-based expenses: |
|
|
|
|
|
|
|
|
|
|
|
Transaction rebates |
|
(272 |
) |
|
|
(252 |
) |
|
|
(945 |
) |
|
|
(872 |
) |
|
|
|
|
Brokerage, clearance and exchange fees |
|
(145 |
) |
|
|
(42 |
) |
|
|
(315 |
) |
|
|
(212 |
) |
|
|
|
Total net cash equity trading revenues |
|
97 |
|
|
|
96 |
|
|
|
310 |
|
|
|
339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income and Commodities Trading and Clearing
revenues |
|
15 |
|
|
|
13 |
|
|
|
41 |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade Management Services revenues |
|
86 |
|
|
|
78 |
|
|
|
249 |
|
|
|
232 |
|
|
|
|
Total Net Market Services revenues |
|
305 |
|
|
|
292 |
|
|
|
923 |
|
|
|
928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REVENUES |
|
1 |
|
|
|
5 |
|
|
|
10 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES LESS TRANSACTION-BASED EXPENSES |
$ |
890 |
|
|
$ |
838 |
|
|
$ |
2,675 |
|
|
$ |
2,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq, Inc. |
|
Condensed Consolidated Balance Sheets |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
2022 |
|
2021 |
|
Assets |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
301 |
|
|
$ |
393 |
|
|
|
Restricted cash and cash equivalents |
|
|
51 |
|
|
|
29 |
|
|
|
Default funds and margin deposits |
|
|
9,507 |
|
|
|
5,911 |
|
|
|
Financial investments |
|
|
129 |
|
|
|
208 |
|
|
|
Receivables, net |
|
|
638 |
|
|
|
588 |
|
|
|
Other current assets |
|
|
225 |
|
|
|
294 |
|
|
Total current assets |
|
|
10,851 |
|
|
|
7,423 |
|
|
Property and equipment, net |
|
|
518 |
|
|
|
509 |
|
|
Goodwill |
|
|
7,946 |
|
|
|
8,433 |
|
|
Intangible assets, net |
|
|
2,583 |
|
|
|
2,813 |
|
|
Operating lease assets |
|
|
448 |
|
|
|
366 |
|
|
Other non-current assets |
|
|
595 |
|
|
|
571 |
|
|
Total assets |
|
$ |
22,941 |
|
|
$ |
20,115 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
189 |
|
|
$ |
185 |
|
|
|
Section 31 fees payable to SEC |
|
|
62 |
|
|
|
62 |
|
|
|
Accrued personnel costs |
|
|
205 |
|
|
|
252 |
|
|
|
Deferred revenue |
|
|
415 |
|
|
|
329 |
|
|
|
Other current liabilities |
|
|
158 |
|
|
|
115 |
|
|
|
Default funds and margin deposits |
|
|
9,507 |
|
|
|
5,911 |
|
|
|
Short-term debt |
|
|
799 |
|
|
|
1,018 |
|
|
Total current liabilities |
|
|
11,335 |
|
|
|
7,872 |
|
|
Long-term debt |
|
|
4,573 |
|
|
|
4,812 |
|
|
Deferred tax liabilities, net |
|
|
470 |
|
|
|
406 |
|
|
Operating lease liabilities |
|
|
456 |
|
|
|
386 |
|
|
Other non-current liabilities |
|
|
223 |
|
|
|
234 |
|
|
Total liabilities |
|
|
17,057 |
|
|
|
13,710 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
Equity |
|
|
|
|
|
Nasdaq stockholders' equity: |
|
|
|
|
|
|
Common stock |
|
|
5 |
|
|
|
5 |
|
|
|
Additional paid-in capital |
|
|
1,408 |
|
|
|
1,949 |
|
|
|
Common stock in treasury, at cost |
|
|
(510 |
) |
|
|
(437 |
) |
|
|
Accumulated other comprehensive loss |
|
|
(2,092 |
) |
|
|
(1,587 |
) |
|
|
Retained earnings |
|
|
7,064 |
|
|
|
6,465 |
|
|
Total Nasdaq stockholders' equity |
|
|
5,875 |
|
|
|
6,395 |
|
|
|
Noncontrolling interests |
|
|
9 |
|
|
|
10 |
|
|
Total equity |
|
|
5,884 |
|
|
|
6,405 |
|
|
Total liabilities and equity |
|
$ |
22,941 |
|
|
$ |
20,115 |
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq, Inc. |
|
Reconciliation of U.S. GAAP Net Income, Diluted Earnings
Per Share, Operating Income and |
|
Operating Expenses to Non-GAAP Net Income, Diluted Earnings
Per Share, Operating Income, and Operating Expenses |
|
(in millions, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP net income attributable to Nasdaq |
|
$ |
294 |
|
|
$ |
288 |
|
|
$ |
884 |
|
|
$ |
928 |
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
38 |
|
|
|
40 |
|
|
|
116 |
|
|
|
116 |
|
|
|
Merger and strategic initiatives expense (2) |
|
|
14 |
|
|
|
13 |
|
|
|
41 |
|
|
|
70 |
|
|
|
Restructuring charges (3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31 |
|
|
|
Net gain on divestiture of business (4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(84 |
) |
|
|
Net income from unconsolidated investees (5) |
|
|
(8 |
) |
|
|
(6 |
) |
|
|
(23 |
) |
|
|
(88 |
) |
|
|
Extinguishment of debt (6) |
|
|
— |
|
|
|
33 |
|
|
|
16 |
|
|
|
33 |
|
|
|
Other (7) |
|
|
17 |
|
|
|
(42 |
) |
|
|
19 |
|
|
|
(37 |
) |
|
|
Total non-GAAP adjustments |
|
|
61 |
|
|
|
38 |
|
|
|
169 |
|
|
|
41 |
|
|
|
Non-GAAP adjustment to the income tax provision (8) |
|
|
(20 |
) |
|
|
(23 |
) |
|
|
(48 |
) |
|
|
(24 |
) |
|
|
Total non-GAAP adjustments, net of tax |
|
|
41 |
|
|
|
15 |
|
|
|
121 |
|
|
|
17 |
|
|
Non-GAAP net income attributable to Nasdaq |
|
$ |
335 |
|
|
$ |
303 |
|
|
$ |
1,005 |
|
|
$ |
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP diluted earnings per share |
|
$ |
0.59 |
|
|
$ |
0.56 |
|
|
$ |
1.77 |
|
|
$ |
1.84 |
|
|
|
Total adjustments from non-GAAP net income above |
|
|
0.09 |
|
|
|
0.03 |
|
|
|
0.25 |
|
|
|
0.04 |
|
|
Non-GAAP diluted earnings per share |
|
$ |
0.68 |
|
|
$ |
0.59 |
|
|
$ |
2.02 |
|
|
$ |
1.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted common shares outstanding for
earnings per share: |
|
|
496.3 |
|
|
|
510.5 |
|
|
|
498.2 |
|
|
|
503.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We amortize
intangible assets acquired in connection with various acquisitions.
Intangible asset amortization expense can vary from period to
period due to episodic acquisitions completed, rather than from our
ongoing business operations. |
|
|
|
|
|
|
(2) We have pursued
various strategic initiatives and completed acquisitions and
divestitures in recent years which have resulted in expenses which
would not have otherwise been incurred. These expenses generally
include integration costs, as well as legal, due diligence and
other third party transaction costs. The frequency and amount of
such expenses vary significantly based on the size, timing and
complexity of the transaction. |
|
|
|
|
|
|
|
|
|
|
|
|
(3) In September 2019,
we initiated the transition of certain technology platforms to
advance the company’s strategic opportunities as a technology and
analytics provider and continue the realignment of certain business
areas. Charges associated with this plan represented a fundamental
shift in our strategy and technology as well as executive
realignment and were excluded for purposes of calculating non-GAAP
measures as they are not reflective of ongoing operating
performance or comparisons in Nasdaq’s performance between periods.
The restructuring charges primarily consisted of non-cash items
such as asset impairment charges primarily related to capitalized
software that was retired, and accelerated depreciation expense on
certain assets as a result of a decrease in their useful life as
well as third party consulting costs. The restructuring program
ended as of June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
(4) For the nine
months ended September 30, 2021, we recorded a pre-tax net gain of
$84 million on the sale of our U.S. Fixed Income business, which is
included in net gain on divestiture of business in the Condensed
Consolidated Statements of Income. |
|
|
|
|
|
|
|
|
|
|
|
|
(5) Represents the
earnings recognized from our equity interest in the Options
Clearing Corporation, or OCC. We will continue to exclude the
earnings and losses related to our share of OCC's earnings for
purposes of calculating non-GAAP measures as our income on this
investment may vary significantly period to period. This provides a
more meaningful analysis of Nasdaq's ongoing operating performance
or comparisons in Nasdaq's performance between periods. |
|
|
|
|
|
|
|
|
|
|
|
|
(6) For the nine
months ended September 30, 2022 and three and nine months ended
September 30, 2021, we recorded a loss on early extinguishment of
debt. The charge for all periods is recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income. |
|
|
|
|
|
|
|
|
|
|
|
|
(7) We have excluded
certain other charges or gains, including certain tax items, that
are the result of other non-comparable events to measure operating
performance. For the three and nine months ended September 30,
2022, these significant items primarily included an accrual related
to a legal matter recorded in general, administrative and other
expense in our Condensed Consolidated Statements of Income. For the
three and nine months ended September 30, 2021, these significant
items primarily relate to gains from strategic investments entered
into through our corporate venture program recorded in other income
in our Condensed Consolidated Statements of Income. |
|
|
|
|
|
|
|
|
|
|
|
|
(8) The non-GAAP
adjustment to the income tax provision for the three and nine
months ended September 30, 2022 and 2021 includes the tax impact of
each non-GAAP adjustment. In addition, for the three and nine
months ended September 30, 2021, the non-GAAP adjustment to the
income tax provision includes adjustments related to
return-to-provision. |
|
|
|
Nasdaq, Inc. |
Reconciliation of U.S. GAAP Net Income, Diluted Earnings
Per Share, Operating Income and |
Operating Expenses to Non-GAAP Net Income, Diluted Earnings
Per Share, Operating Income, and Operating Expenses |
(in millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
U.S. GAAP
operating income |
|
$ |
398 |
|
|
$ |
356 |
|
|
$ |
1,215 |
|
|
$ |
1,097 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
38 |
|
|
|
40 |
|
|
|
116 |
|
|
|
116 |
|
|
Merger and strategic initiatives expense (2) |
|
|
14 |
|
|
|
13 |
|
|
|
41 |
|
|
|
70 |
|
|
Restructuring charges (3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31 |
|
|
Extinguishment of debt (4) |
|
|
— |
|
|
|
33 |
|
|
|
16 |
|
|
|
33 |
|
|
Other (5) |
|
|
23 |
|
|
|
(1 |
) |
|
|
28 |
|
|
|
5 |
|
|
Total non-GAAP adjustments |
|
|
75 |
|
|
|
85 |
|
|
|
201 |
|
|
|
255 |
|
Non-GAAP operating income |
|
$ |
473 |
|
|
$ |
441 |
|
|
$ |
1,416 |
|
|
$ |
1,352 |
|
|
|
|
|
|
|
|
|
|
Revenues less transaction-based expenses |
|
$ |
890 |
|
|
$ |
838 |
|
|
$ |
2,675 |
|
|
$ |
2,534 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP operating margin
(6) |
|
|
45 |
% |
|
|
42 |
% |
|
|
45 |
% |
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
(7) |
|
|
53 |
% |
|
|
53 |
% |
|
|
53 |
% |
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
|
(1) We amortize
intangible assets acquired in connection with various acquisitions.
Intangible asset amortization expense can vary from period to
period due to episodic acquisitions completed, rather than from our
ongoing business operations. |
|
|
|
|
(2) We have pursued
various strategic initiatives and completed acquisitions and
divestitures in recent years which have resulted in expenses which
would not have otherwise been incurred. These expenses generally
include integration costs, as well as legal, due diligence and
other third party transaction costs. The frequency and amount of
such expenses vary significantly based on the size, timing and
complexity of the transaction. |
|
|
|
|
|
|
|
|
|
|
(3) In September 2019,
we initiated the transition of certain technology platforms to
advance the company’s strategic opportunities as a technology and
analytics provider and continue the realignment of certain business
areas. Charges associated with this plan represented a fundamental
shift in our strategy and technology as well as executive
realignment and were excluded for purposes of calculating non-GAAP
measures as they are not reflective of ongoing operating
performance or comparisons in Nasdaq’s performance between periods.
The restructuring charges primarily consisted of non-cash items
such as asset impairment charges primarily related to capitalized
software that was retired, and accelerated depreciation expense on
certain assets as a result of a decrease in their useful life as
well as third party consulting costs. The restructuring program
ended as of June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
(4) For the nine
months ended September 30, 2022 and three and nine months ended
September 30, 2021, we recorded a loss on early extinguishment of
debt. The charge for all periods is recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income. |
|
|
|
|
|
|
|
|
|
|
(5) We have excluded
certain other charges or gains, including certain tax items, that
are the result of other non-comparable events to measure operating
performance. For the three and nine months ended September 30,
2022, these significant items primarily included an accrual related
to a legal matter recorded in general, administrative and other
expense in our Condensed Consolidated Statements of Income. |
|
|
|
|
|
|
|
|
|
|
(6) U.S. GAAP
operating margin equals U.S. GAAP operating income divided by
revenues less transaction-based expenses. |
|
|
|
|
|
|
|
|
|
|
(7) Non-GAAP operating
margin equals non-GAAP operating income divided by revenues less
transaction-based expenses. |
|
Nasdaq, Inc. |
Reconciliation of U.S. GAAP Net Income, Diluted Earnings
Per Share, Operating Income and |
Operating Expenses to Non-GAAP Net Income, Diluted Earnings
Per Share, Operating Income, and Operating Expenses |
(in millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
U.S. GAAP operating expenses |
|
$ |
492 |
|
|
$ |
482 |
|
|
$ |
1,460 |
|
|
$ |
1,437 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
(38 |
) |
|
|
(40 |
) |
|
|
(116 |
) |
|
|
(116 |
) |
|
Merger and strategic initiatives expense (2) |
|
|
(14 |
) |
|
|
(13 |
) |
|
|
(41 |
) |
|
|
(70 |
) |
|
Restructuring charges (3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31 |
) |
|
Extinguishment of debt (4) |
|
|
— |
|
|
|
(33 |
) |
|
|
(16 |
) |
|
|
(33 |
) |
|
Other (5) |
|
|
(23 |
) |
|
|
1 |
|
|
|
(28 |
) |
|
|
(5 |
) |
|
Total non-GAAP adjustments |
|
|
(75 |
) |
|
|
(85 |
) |
|
|
(201 |
) |
|
|
(255 |
) |
Non-GAAP operating expenses |
|
$ |
417 |
|
|
$ |
397 |
|
|
$ |
1,259 |
|
|
$ |
1,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We amortize
intangible assets acquired in connection with various acquisitions.
Intangible asset amortization expense can vary from period to
period due to episodic acquisitions completed, rather than from our
ongoing business operations. |
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|
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(2) We have pursued
various strategic initiatives and completed acquisitions and
divestitures in recent years which have resulted in expenses which
would not have otherwise been incurred. These expenses generally
include integration costs, as well as legal, due diligence and
other third party transaction costs. The frequency and amount of
such expenses vary significantly based on the size, timing and
complexity of the transaction. |
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(3) In September 2019,
we initiated the transition of certain technology platforms to
advance the company’s strategic opportunities as a technology and
analytics provider and continue the realignment of certain business
areas. Charges associated with this plan represented a fundamental
shift in our strategy and technology as well as executive
realignment and were excluded for purposes of calculating non-GAAP
measures as they are not reflective of ongoing operating
performance or comparisons in Nasdaq’s performance between periods.
The restructuring charges primarily consisted of non-cash items
such as asset impairment charges primarily related to capitalized
software that was retired, and accelerated depreciation expense on
certain assets as a result of a decrease in their useful life as
well as third party consulting costs. The restructuring program
ended as of June 30, 2021. |
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(4) For the nine
months ended September 30, 2022 and three and nine months ended
September 30, 2021, we recorded a loss on early extinguishment of
debt. The charge for all periods is recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income. |
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(5) We have excluded
certain other charges or gains, including certain tax items, that
are the result of other non-comparable events to measure operating
performance. For the three and nine months ended September 30,
2022, these significant items primarily included an accrual related
to a legal matter recorded in general, administrative and other
expense in our Condensed Consolidated Statements of Income. |
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Nasdaq, Inc. |
|
Quarterly Key Drivers Detail |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
2021 |
|
Market Technology |
|
|
|
|
|
|
|
|
Order intake (in millions) (1) |
$ |
59 |
|
|
$ |
76 |
|
|
$ |
208 |
|
$ |
236 |
|
|
|
Annualized recurring revenues (in millions) (2) |
$ |
456 |
|
|
$ |
428 |
|
|
$ |
456 |
|
$ |
428 |
|
|
|
|
|
|
|
|
|
|
|
Investment Intelligence |
|
|
|
|
|
|
|
|
Number of licensed exchange traded products (ETPs) |
|
374 |
|
|
|
347 |
|
|
|
374 |
|
|
347 |
|
|
|
Period end ETP assets under management (AUM) tracking Nasdaq
indexes (in billions) |
$ |
311 |
|
|
$ |
361 |
|
|
$ |
311 |
|
$ |
361 |
|
|
|
TTM (3) net inflows ETP AUM tracking Nasdaq indexes (in
billions) |
$ |
56 |
|
|
$ |
53 |
|
|
$ |
56 |
|
$ |
53 |
|
|
|
TTM (3) net (depreciation) / appreciation ETP AUM tracking Nasdaq
indexes (in billions) |
$ |
(106 |
) |
|
$ |
87 |
|
|
$ |
(106 |
) |
$ |
87 |
|
|
|
Annualized recurring revenues (in millions) (2) |
$ |
583 |
|
|
$ |
555 |
|
|
$ |
583 |
|
$ |
555 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Platforms |
|
|
|
|
|
|
|
|
Initial public offerings |
|
|
|
|
|
|
|
|
The Nasdaq Stock Market (4) |
|
35 |
|
|
|
147 |
|
|
|
143 |
|
|
557 |
|
|
|
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic |
|
3 |
|
|
|
25 |
|
|
|
33 |
|
|
111 |
|
|
|
Total new listings |
|
|
|
|
|
|
|
|
The Nasdaq Stock Market (4) |
|
98 |
|
|
|
223 |
|
|
|
292 |
|
|
734 |
|
|
|
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5) |
|
9 |
|
|
|
28 |
|
|
|
53 |
|
|
132 |
|
|
|
Number of listed companies |
|
|
|
|
|
|
|
|
The Nasdaq Stock Market (6) |
|
4,296 |
|
|
|
3,990 |
|
|
|
4,296 |
|
|
3,990 |
|
|
|
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (7) |
|
1,253 |
|
|
|
1,170 |
|
|
|
1,253 |
|
|
1,170 |
|
|
|
Annualized recurring revenues (in millions) (2) |
$ |
589 |
|
|
$ |
529 |
|
|
$ |
589 |
|
$ |
529 |
|
|
|
|
|
|
|
|
|
|
|
Market Services |
|
|
|
|
|
|
|
|
Equity Derivative Trading and Clearing |
|
|
|
|
|
|
|
|
U.S. equity options |
|
|
|
|
|
|
|
|
Total industry average daily volume (in millions) |
|
37.0 |
|
|
|
35.5 |
|
|
|
37.9 |
|
|
36.7 |
|
|
|
Nasdaq PHLX matched market share |
|
11.2 |
% |
|
|
12.1 |
% |
|
|
11.4 |
% |
|
12.6 |
% |
|
|
The Nasdaq Options Market matched market share |
|
8.3 |
% |
|
|
8.1 |
% |
|
|
8.3 |
% |
|
8.2 |
% |
|
|
Nasdaq BX Options matched market share |
|
3.9 |
% |
|
|
1.6 |
% |
|
|
2.7 |
% |
|
1.1 |
% |
|
|
Nasdaq ISE Options matched market share |
|
5.5 |
% |
|
|
6.0 |
% |
|
|
5.6 |
% |
|
6.6 |
% |
|
|
Nasdaq GEMX Options matched market share |
|
2.1 |
% |
|
|
2.7 |
% |
|
|
2.3 |
% |
|
4.9 |
% |
|
|
Nasdaq MRX Options matched market share |
|
1.6 |
% |
|
|
1.8 |
% |
|
|
1.7 |
% |
|
1.5 |
% |
|
|
Total matched market share executed on Nasdaq's exchanges |
|
32.6 |
% |
|
|
32.3 |
% |
|
|
32.0 |
% |
|
34.9 |
% |
|
|
Nasdaq Nordic and Nasdaq Baltic options and futures |
|
|
|
|
|
|
|
|
Total average daily volume of options and futures contracts
(8) |
|
267,137 |
|
|
|
241,653 |
|
|
|
303,095 |
|
|
286,794 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equity Trading |
|
|
|
|
|
|
|
|
Total U.S.-listed securities |
|
|
|
|
|
|
|
|
Total industry average daily share volume (in billions) |
|
10.9 |
|
|
|
9.8 |
|
|
|
12.1 |
|
|
11.6 |
|
|
|
Matched share volume (in billions) |
|
119.9 |
|
|
|
106.5 |
|
|
|
401.2 |
|
|
373.3 |
|
|
|
The Nasdaq Stock Market matched market share |
|
15.9 |
% |
|
|
15.9 |
% |
|
|
16.3 |
% |
|
15.8 |
% |
|
|
Nasdaq BX matched market share |
|
0.5 |
% |
|
|
0.5 |
% |
|
|
0.5 |
% |
|
0.6 |
% |
|
|
Nasdaq PSX matched market share |
|
0.8 |
% |
|
|
0.6 |
% |
|
|
0.8 |
% |
|
0.7 |
% |
|
|
Total matched market share executed on Nasdaq's exchanges |
|
17.2 |
% |
|
|
17.0 |
% |
|
|
17.6 |
% |
|
17.1 |
% |
|
|
Market share reported to the FINRA/Nasdaq Trade Reporting
Facility |
|
36.9 |
% |
|
|
34.3 |
% |
|
|
34.8 |
% |
|
35.0 |
% |
|
|
Total market share (9) |
|
54.1 |
% |
|
|
51.3 |
% |
|
|
52.4 |
% |
|
52.1 |
% |
|
|
Nasdaq Nordic and Nasdaq Baltic securities |
|
|
|
|
|
|
|
|
Average daily number of equity trades executed on Nasdaq's
exchanges |
|
784,672 |
|
|
|
989,688 |
|
|
|
953,090 |
|
|
1,033,316 |
|
|
|
Total average daily value of shares traded (in billions) |
$ |
4.3 |
|
|
$ |
5.7 |
|
|
$ |
5.6 |
|
$ |
6.4 |
|
|
|
Total market share executed on Nasdaq's exchanges |
|
71.1 |
% |
|
|
76.3 |
% |
|
|
72.1 |
% |
|
77.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Fixed Income and Commodities Trading and
Clearing |
|
|
|
|
|
|
|
|
Fixed Income |
|
|
|
|
|
|
|
|
Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed
income contracts |
|
101,088 |
|
|
|
96,155 |
|
|
|
116,810 |
|
|
113,807 |
|
|
|
Commodities |
|
|
|
|
|
|
|
|
Power contracts cleared (TWh) (10) |
|
87 |
|
|
|
177 |
|
|
|
337 |
|
|
632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total contract
value of orders signed during the period, excluding Verafin. |
|
|
(2) Annualized
Recurring Revenue, or ARR, for a given period is the annualized
revenue of support services and SaaS subscription contracts. ARR is
currently one of our key performance metrics to assess the health
and trajectory of our recurring business. ARR does not have any
standardized definition and is therefore unlikely to be comparable
to similarly titled measures presented by other companies. ARR
should be viewed independently of revenue and deferred revenue and
is not intended to be combined with or to replace either of those
items. ARR is not a forecast and the active contracts during the
reporting period used in calculating ARR may or may not be extended
or renewed by our customers. |
|
|
(3) Trailing
12-months. |
|
|
(4) New listings
include IPOs, including issuers that switched from other listing
venues, closed-end funds and separately listed ETPs. For the three
months ended September 30, 2022 and 2021, IPOs included 7 and 67
SPACs, respectively. For the nine months ended September 30, 2022
and 2021, IPOs included 66 and 310 SPACs, respectively. |
|
|
(5) New listings
include IPOs and represent companies listed on the Nasdaq Nordic
and Nasdaq Baltic exchanges and companies on the alternative
markets of Nasdaq First North. |
|
|
(6) Number of total
listings on The Nasdaq Stock Market at period end includes 501 ETPs
as of September 30, 2022 and 430 ETPs as of September 30,
2021. |
|
|
(7) Represents
companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges
and companies on the alternative markets of Nasdaq First
North. |
|
|
(8) Includes Finnish
option contracts traded on Eurex for which Nasdaq and Eurex have a
revenue sharing arrangement. |
|
|
(9) Includes
transactions executed on The Nasdaq Stock Market's, Nasdaq BX's and
Nasdaq PSX's systems plus trades reported through the Financial
Industry Regulatory Authority/Nasdaq Trade Reporting Facility. |
|
|
(10) Transactions
executed on Nasdaq Commodities or OTC and reported for clearing to
Nasdaq Commodities measured by Terawatt hours (TWh). |
|
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
Storico
Da Apr 2023 a Apr 2024