Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for
the first quarter of 2024.
- First quarter 2024 net revenues1 were $1.1
billion, an increase of 22% over
the first quarter of 2023, up 6% organically2 or
7% on a pro forma3 basis, including Adenza in the
first quarter of 2023 results for Nasdaq. This included Solutions4
revenue increasing 35%, with organic growth of
11% or 13% on a pro forma
basis.
- Annualized Recurring Revenue (ARR)5 of $2.6
billion increased 29% compared to the
first quarter of 2023, up 5% organically or up
7% on a pro forma basis.
- Financial Technology revenue of $392 million
increased 71% over the first quarter of 2023, up
4% organically or 10% on a pro
forma basis.
- Index revenue of $168 million increased
53% and experienced $46 billion
of net inflows over the trailing twelve months and $21
billion in the first quarter, with ETP AUM surpassing $500
billion in the quarter.
- GAAP diluted earnings per share decreased 34%
in the first quarter of 2024. Non-GAAP diluted earnings per share
decreased 9% in the first quarter of 2024, but
increased 6% organically.
- The company returned $127 million to
shareholders in the first quarter of 2024 through dividends and
repaid the $340 million remaining
balance of our term loan. There were no share repurchases in the
first quarter of 2024.
First Quarter 2024 Highlights
(US$ millions, except per share) |
1Q24 |
Change % (YoY) |
Organic Change %(YoY) |
Pro Forma Change %(YoY)* |
Solutions Revenues |
$871 |
35% |
|
11% |
|
13% |
|
Market ServicesNet Revenues |
$237 |
(9)% |
|
(9)% |
|
|
Net Revenues** |
$1,117 |
22% |
|
6% |
|
7% |
|
Operating income |
$410 |
—% |
|
|
|
Non-GAAPOperating income |
$593 |
24% |
|
7% |
|
10% |
|
ARR |
$2,612 |
29% |
|
5% |
|
7% |
|
Diluted EPS |
$0.40 |
(34)% |
|
|
|
Non-GAAP Diluted EPS |
$0.63 |
(9)% |
|
6% |
|
|
*Pro forma results are presented assuming AxiomSL and Calypso
were included in the prior year quarterly results. Pro forma growth
excludes the impacts of foreign currency except for AxiomSL and
Calypso, which are not yet calculated on an organic basis.**Net
revenues includes $9 million of Other Revenues which primarily
reflect revenues associated with the European power trading and
clearing business which is pending sale.
Adena Friedman, Chair and CEO said, “Nasdaq
delivered another quarter of solid results, with double digit
revenue growth in our Solutions businesses including strong
Financial Technology results and exceptional Index performance. We
continue to make progress on our Integrate, Innovate, and
Accelerate strategic priorities with ongoing momentum across our
integration work streams and the One Nasdaq go-to-market
strategy.
As we look toward the remainder of the year, we are well
positioned to deliver on our next phase of scalable, profitable,
and durable growth.”
Sarah Youngwood, Executive Vice President and
CFO said, “Nasdaq’s financial performance in the first
quarter underscores the growth profile and durability of our
business model. We are making disciplined investments while
achieving meaningful progress executing on our expense synergy
target and our deleveraging plan.”
FINANCIAL REVIEW
- First quarter 2024 net revenues were $1.1 billion, an increase
of $203 million, or 22%, versus the prior year period with 6%
organic growth or 7% growth on a pro forma basis. Revenue growth
includes a $150 million net benefit primarily related to the
acquisition of Adenza and a $2 million increase from the impact of
changes in FX rates.
- Solutions revenue was $871 million in the first quarter of
2024, an increase of $227 million, or 35%, versus the prior year
period with organic growth of 11% or 13% growth on a pro forma
basis, reflecting strong growth from Index and Financial
Technology.
- ARR grew 29% year over year, 5% organically, or 7% on a pro
forma basis in the first quarter with 12% pro forma ARR growth for
Financial Technology and 1% ARR growth for Capital Access
Platforms.
- Market Services net revenues were $237 million in the first
quarter of 2024, a decrease of $23 million, or 9%, versus the prior
year period. The $23 million organic decrease was primarily driven
by an $11 million decrease in U.S. equity derivatives revenue, an
$8 million decline in U.S. tape plan revenue, and a $3 million
decline in U.S. cash equities revenue.
- First quarter 2024 GAAP operating expenses were $707 million,
an increase of $205 million, or 41%, versus the prior year period.
The increase for the first quarter of 2024 is due to the inclusion
of $86 million in amortization expense of acquired intangible
assets, $68 million of other AxiomSL and Calypso operating
expenses, a one-time charge of $23 million associated with the
settlement of our pension plan, and organic growth driven by
increased investments in technology and our people to drive
innovation and long-term growth. The increase also reflected $8
million of restructuring charges associated with the programs we
initiated to optimize our efficiencies as a combined organization
as well as integrating the Adenza acquisition.
- First quarter 2024 non-GAAP operating expenses were $524
million, an increase of $88 million, or 20%, versus the prior year
period with 4% organic growth or 5% on a pro forma basis. The
increase for the first quarter of 2024 is primarily due to the
inclusion of $68 million of AxiomSL and Calypso non-GAAP operating
expenses. The organic and pro forma increases reflect growth driven
by increased investments in technology and our people to drive
innovation and long-term growth.
- First quarter 2024 cash flow from operations was $530 million,
enabling the company to continue to make meaningful progress on its
deleveraging plan. The company returned $127 million to
shareholders through dividends and repaid the remaining $340
million term loan balance and a net $67 million in commercial
paper. We did not repurchase shares during the first quarter of
2024. As of March 31, 2024, there was $1.9 billion remaining
under the board authorized share repurchase program.
2024 EXPENSE AND TAX GUIDANCE
UPDATE6
- The company is updating its 2024
non-GAAP operating expense guidance to a range of $2,125 million to
$2,185 million, and maintaining its 2024 non-GAAP tax rate guidance
to be in the range of 24.5% to 26.5%.
STRATEGIC AND BUSINESS UPDATES
- March 5th Investor Day
highlighted Nasdaq’s strategy to deliver its next phase of
resilient and scalable growth. Approximately 500 investors
and analysts participated in Nasdaq’s 2024 Investor Day, where
Nasdaq highlighted its strategic initiatives of Integrate,
Innovate, and Accelerate, introduced the One Nasdaq go-to-market
strategy, and outlined its capital allocation priorities to support
organic revenue growth and leverage reduction.
- AxiomSL and Calypso achieved
15% combined pro forma ARR growth. AxiomSL and Calypso had
45 upsells and signed 2 new clients. Combined gross revenue
retention7 was 96% and net revenue retention8 was 111%.
Excluding the impact of a significant 2023 bankruptcy first noted
last quarter, gross revenue retention was 98% and net revenue
retention was 113%.
- Verafin had solid growth in SMB
customers while launching a new AI-based copilot
capability. Within Financial Crime Management Technology,
Verafin had 24% ARR growth in the first quarter. This included the
addition of 28 new SMB clients, underscoring the continued growth
within its core client base. Additionally, after an extensive Beta
program, the business rolled out its first copilot feature, the
integrated Entity Research Copilot, to its customer base of more
than 2,500 financial institutions. Verafin’s solutions, combined
with the integrated copilot, significantly improve investigator
efficiency with up to a 90% reduction in alert review time compared
to legacy approaches.
- Exchange-traded product
(ETP) assets under management (AUM) linked to
Nasdaq indices reached record levels, surpassing $500 billion at
quarter-end, with growth in derivatives volumes. Market
performance and $46 billion in net inflows in the trailing
twelve-month period, including $21 billion in the first quarter,
resulted in record quarter-end ETP AUM linked to Nasdaq indices at
$519 billion. This quarter also marked the 25th anniversary of the
launch of the Invesco QQQ Exchange Traded Fund, which tracks the
Nasdaq-100, highlighting the longstanding relationship between
Nasdaq and Invesco. Nasdaq futures and options volumes increased 5%
year-over-year, also contributing to revenue growth.
- Launched Dynamic Midpoint
Extended Life Order (M-ELO) for U.S. cash equities on April
15th. Nasdaq launched Dynamic M-ELO, the first SEC
approved AI-powered order type designed to improve fill rates and
create greater efficiency in equities markets. This new order type
analyzes more than 140 data points every 30 seconds on a
symbol-by-symbol basis to detect market conditions and optimize the
holding period prior to which a trade is eligible to execute.
- Nasdaq maintained its
leadership among exchanges in U.S. multi-listed options.
In the first quarter of 2024, Nasdaq led all exchanges during the
period in total volume traded for U.S. multi-listed equity options.
Nasdaq also achieved record revenue in its proprietary index
options franchise, driven by record trading volumes.
- Investor demand underpinned the
success of the Borse Dubai secondary
offering. Nasdaq successfully coordinated the secondary
offering of 31 million shares offered by Borse Dubai. Borse Dubai
remains a strategic shareholder of Nasdaq with over 10% ownership
and representation on Nasdaq’s board. The transaction priced on
March 19th and closed on March 22nd with strong investor demand
resulting in an oversubscribed transaction.
____________1 Represents revenues less
transaction-based expenses. 2 Refer to our reconciliations of U.S.
GAAP to non-GAAP net income, diluted earnings per share, operating
income, operating expenses and organic impacts included in the
attached schedules.3 Pro forma results are presented assuming
AxiomSL and Calypso were included in the prior year quarterly
results. These results are not calculated in a manner consistent
with the pro forma requirements in Article 11 of Regulation S-X.
Pro forma growth excludes the impacts of foreign currency except
for AxiomSL and Calypso, which are not yet calculated on an organic
basis.4 Constitutes revenues from our Capital Access Platforms and
Financial Technology segments.5
Annualized Recurring Revenue (ARR) for a given
period is the current annualized value 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. For AxiomSL and Calypso recurring revenue contracts, the
amount included in ARR is consistent with the amount that we
invoice the customer during the current period. Additionally, for
AxiomSL and Calypso recurring revenue contracts that include annual
values that increase over time, we include in ARR only the
annualized value of components of the contract that are considered
active as of the date of the ARR calculation. We do not include the
future committed increases in the contract value as of the date of
the ARR calculation. 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.6 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.7 Gross Retention: As used herein for
AxiomSL and Calypso, ARR in the current period over ARR in the
prior year period for existing customers excluding price increases
and upsells and excluding new customers.8 Net Retention: As used
herein for AxiomSL and Calypso, ARR in the current period over ARR
in the prior year period for existing customers including price
increases and upsells and excluding new customers.
ABOUT NASDAQ
Nasdaq (Nasdaq: NDAQ) is a global technology company serving
corporate clients, investment managers, banks, brokers, and
exchange operators as they navigate and interact with the global
capital markets and the broader financial system. We aspire to
deliver world-leading platforms that improve the liquidity,
transparency, and integrity of the global economy. Our diverse
offering of data, analytics, software, exchange capabilities, and
client-centric 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 or in the reconciliation tables at the end 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.
Restructuring programs: In the fourth quarter of 2023, following
the closing of the Adenza acquisition, our management approved,
committed to and initiated a restructuring program, “Adenza
Restructuring” to optimize our efficiencies as a combined
organization. In connection with this program, we expect to incur
pre-tax charges principally related to employee-related costs,
contract terminations, real estate impairments and other related
costs. We expect to achieve benefits primarily in the form of
expense and revenue synergies. In October 2022, following our
September announcement to realign our segments and leadership, we
initiated a divisional alignment program with a focus on realizing
the full potential of this structure. In connection with the
program, we expect to incur pre-tax charges principally related to
employee-related costs, consulting, asset impairments and contract
terminations over a two-year period. We expect to achieve benefits
in the form of both increased customer engagement and operating
efficiencies. Costs related to the Adenza restructuring and the
divisional alignment programs will be recorded as “restructuring
charges” in our consolidated statements of income. We will exclude
charges associated with this program for purposes of calculating
non-GAAP measures as they are not reflective of ongoing operating
performance or comparisons in Nasdaq's performance between
periods.
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,
dividend program, trading volumes, products and services, ability
to transition to new business models or implement our new corporate
structure, 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, environmental, de-leveraging and capital
allocation initiatives, (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, government
and industry regulation, interest rate risk, U.S. and global
competition. Further information on these and other factors are
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.
Media Relations Contacts
Nick Jannuzzi+1.973.760.1741Nicholas.Jannuzzi@Nasdaq.com
David Lurie+1.914.538.0533David.Lurie@Nasdaq.com
Investor Relations Contact
Ato Garrett+1.212.401.8737Ato.Garrett@Nasdaq.com
NDAQF
Nasdaq,
Inc. |
Condensed
Consolidated Statements of Income |
(in
millions, except per share amounts) |
(unaudited) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
March 31, |
|
2024 |
|
2023 |
|
|
|
|
|
Revenues: |
|
|
|
Capital Access Platforms |
$ |
479 |
|
|
$ |
415 |
|
Financial Technology |
|
392 |
|
|
|
229 |
|
Market Services |
|
794 |
|
|
|
879 |
|
Other Revenues |
|
9 |
|
|
|
10 |
|
|
Total revenues |
|
1,674 |
|
|
|
1,533 |
|
Transaction-based expenses: |
|
|
|
Transaction rebates |
|
(481 |
) |
|
|
(487 |
) |
Brokerage, clearance and exchange fees |
|
(76 |
) |
|
|
(132 |
) |
Revenues less transaction-based expenses |
|
1,117 |
|
|
|
914 |
|
|
|
|
|
Operating Expenses: |
|
|
|
Compensation and benefits |
|
340 |
|
|
|
256 |
|
Professional and contract services |
|
34 |
|
|
|
32 |
|
Computer operations and data communications |
|
67 |
|
|
|
54 |
|
Occupancy |
|
28 |
|
|
|
39 |
|
General, administrative and other |
|
28 |
|
|
|
14 |
|
Marketing and advertising |
|
11 |
|
|
|
9 |
|
Depreciation and amortization |
|
155 |
|
|
|
69 |
|
Regulatory |
|
9 |
|
|
|
9 |
|
Merger and strategic initiatives |
|
9 |
|
|
|
2 |
|
Restructuring charges |
|
26 |
|
|
|
18 |
|
|
Total operating expenses |
|
707 |
|
|
|
502 |
|
Operating income |
|
410 |
|
|
|
412 |
|
Interest income |
|
6 |
|
|
|
6 |
|
Interest expense |
|
(108 |
) |
|
|
(36 |
) |
Other income |
|
1 |
|
|
|
— |
|
Net income from unconsolidated investees |
|
3 |
|
|
|
14 |
|
Income before income taxes |
|
312 |
|
|
|
396 |
|
Income tax provision |
|
79 |
|
|
|
95 |
|
Net income |
|
233 |
|
|
|
301 |
|
Net loss attributable to noncontrolling interests |
|
1 |
|
|
|
1 |
|
Net income attributable to Nasdaq |
$ |
234 |
|
|
$ |
302 |
|
|
|
|
|
Per share information: |
|
|
|
Basic earnings per share |
$ |
0.41 |
|
|
$ |
0.62 |
|
Diluted earnings per share |
$ |
0.40 |
|
|
$ |
0.61 |
|
Cash dividends declared per common share |
$ |
0.22 |
|
|
$ |
0.20 |
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
for earnings per share: |
|
|
|
Basic |
|
575.4 |
|
|
|
489.9 |
|
Diluted |
|
578.9 |
|
|
|
494.8 |
|
|
|
|
|
|
Nasdaq,
Inc. |
Revenue
Detail |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
CAPITAL ACCESS PLATFORMS |
|
|
|
|
Data and Listing Services revenues |
$ |
186 |
|
|
$ |
185 |
|
|
Index revenues |
|
168 |
|
|
|
110 |
|
|
Workflow and Insights revenues |
|
125 |
|
|
|
120 |
|
|
|
Total Capital Access Platforms revenues |
|
479 |
|
|
|
415 |
|
|
|
|
|
|
|
|
FINANCIAL TECHNOLOGY |
|
|
|
|
Financial Crime Management Technology revenues |
|
64 |
|
|
|
52 |
|
|
Regulatory Technology revenues |
|
90 |
|
|
|
32 |
|
|
Capital Markets Technology revenues |
|
238 |
|
|
|
145 |
|
|
|
Total Financial Technology revenues |
|
392 |
|
|
|
229 |
|
|
|
|
|
|
|
|
MARKET SERVICES |
|
|
|
|
Market Services revenues |
|
794 |
|
|
|
879 |
|
|
Transaction-based expenses: |
|
|
|
|
|
|
Transaction rebates |
|
(481 |
) |
|
|
(487 |
) |
|
|
|
Brokerage,
clearance and exchange fees |
|
(76 |
) |
|
|
(132 |
) |
|
|
Total Market Services revenues, net |
|
237 |
|
|
|
260 |
|
|
|
|
|
|
|
|
OTHER REVENUES |
|
9 |
|
|
|
10 |
|
|
|
|
|
|
|
|
REVENUES LESS TRANSACTION-BASED EXPENSES |
$ |
1,117 |
|
|
$ |
914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Condensed
Consolidated Balance Sheets |
(in
millions) |
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
2024 |
|
2023 |
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
388 |
|
|
$ |
453 |
|
|
Restricted
cash and cash equivalents |
|
|
21 |
|
|
|
20 |
|
|
Default
funds and margin deposits |
|
|
5,595 |
|
|
|
7,275 |
|
|
Financial
investments |
|
|
173 |
|
|
|
188 |
|
|
Receivables,
net |
|
|
925 |
|
|
|
929 |
|
|
Other
current assets |
|
|
219 |
|
|
|
231 |
|
Total current assets |
|
|
7,321 |
|
|
|
9,096 |
|
Property and equipment, net |
|
|
575 |
|
|
|
576 |
|
Goodwill |
|
|
13,974 |
|
|
|
14,112 |
|
Intangible assets, net |
|
|
7,291 |
|
|
|
7,443 |
|
Operating lease assets |
|
|
400 |
|
|
|
402 |
|
Other non-current assets |
|
|
706 |
|
|
|
665 |
|
Total assets |
|
$ |
30,267 |
|
|
$ |
32,294 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
266 |
|
|
$ |
332 |
|
|
Section 31
fees payable to SEC |
|
|
70 |
|
|
|
84 |
|
|
Accrued
personnel costs |
|
|
188 |
|
|
|
303 |
|
|
Deferred
revenue |
|
|
866 |
|
|
|
594 |
|
|
Other
current liabilities |
|
|
184 |
|
|
|
146 |
|
|
Default
funds and margin deposits |
|
|
5,595 |
|
|
|
7,275 |
|
|
Short-term
debt |
|
|
224 |
|
|
|
291 |
|
Total current liabilities |
|
|
7,393 |
|
|
|
9,025 |
|
Long-term debt |
|
|
9,765 |
|
|
|
10,163 |
|
Deferred tax liabilities, net |
|
|
1,655 |
|
|
|
1,642 |
|
Operating lease liabilities |
|
|
413 |
|
|
|
417 |
|
Other non-current liabilities |
|
|
222 |
|
|
|
220 |
|
Total liabilities |
|
|
19,448 |
|
|
|
21,467 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
Equity |
|
|
|
|
Nasdaq stockholders' equity: |
|
|
|
|
|
Common
stock |
|
|
6 |
|
|
|
6 |
|
|
Additional
paid-in capital |
|
|
5,526 |
|
|
|
5,496 |
|
|
Common stock
in treasury, at cost |
|
|
(611 |
) |
|
|
(587 |
) |
|
Accumulated
other comprehensive loss |
|
|
(2,044 |
) |
|
|
(1,924 |
) |
|
Retained
earnings |
|
|
7,932 |
|
|
|
7,825 |
|
Total Nasdaq stockholders' equity |
|
|
10,809 |
|
|
|
10,816 |
|
|
Noncontrolling interests |
|
|
10 |
|
|
|
11 |
|
Total equity |
|
|
10,819 |
|
|
|
10,827 |
|
Total liabilities and equity |
|
$ |
30,267 |
|
|
$ |
32,294 |
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Reconciliation of U.S. GAAP to Non-GAAP Net Income
Attributable to Nasdaq and Diluted Earnings Per Share |
(in
millions, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
March 31, |
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
U.S. GAAP net income attributable to Nasdaq |
|
$ |
234 |
|
|
$ |
302 |
|
Non-GAAP adjustments: |
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
123 |
|
|
|
38 |
|
|
Merger and
strategic initiatives expense (2) |
|
|
9 |
|
|
|
2 |
|
|
Restructuring charges (3) |
|
|
26 |
|
|
|
18 |
|
|
Lease asset
impairments (4) |
|
|
— |
|
|
|
17 |
|
|
Net income
from unconsolidated investees (5) |
|
|
(3 |
) |
|
|
(14 |
) |
|
Legal and
regulatory matters (6) |
|
|
2 |
|
|
|
(10 |
) |
|
Pension
settlement charge (7) |
|
|
23 |
|
|
|
— |
|
|
Other |
|
|
— |
|
|
|
1 |
|
|
Total
non-GAAP adjustments |
|
|
180 |
|
|
|
52 |
|
|
Non-GAAP
adjustment to the income tax provision (8) |
|
|
(47 |
) |
|
|
(15 |
) |
|
Total
non-GAAP adjustments, net of tax |
|
|
133 |
|
|
|
37 |
|
Non-GAAP net income attributable to Nasdaq |
|
$ |
367 |
|
|
$ |
339 |
|
|
|
|
|
|
|
U.S. GAAP diluted earnings per share |
|
$ |
0.40 |
|
|
$ |
0.61 |
|
|
Total
adjustments from non-GAAP net income above |
|
|
0.23 |
|
|
|
0.08 |
|
Non-GAAP diluted earnings per share |
|
$ |
0.63 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
Weighted-average diluted common shares outstanding for
earnings per share: |
|
|
578.9 |
|
|
|
494.8 |
|
|
|
|
|
|
|
(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. For the three months ended March 31,
2024, these costs primarily related to the Adenza acquisition. |
|
|
|
|
|
|
(3) In the fourth
quarter of 2023, following the closing of the Adenza acquisition,
our management approved, committed to and initiated a restructuring
program, “Adenza Restructuring” to optimize our efficiencies as a
combined organization. In connection with this program, we expect
to incur pre-tax charges principally related to employee-related
costs, contract terminations, real estate impairments and other
related costs. We expect to achieve benefits primarily in the form
of expense and revenue synergies. In October 2022, following our
September announcement to realign our segments and leadership, we
initiated a divisional alignment program with a focus on realizing
the full potential of this structure. In connection with the
program, we expect to incur pre-tax charges principally related to
employee-related costs, consulting, asset impairments and contract
terminations over a two-year period. |
|
|
|
|
|
|
(4) During the first
quarter of 2023, we initiated a review of our real estate and
facility capacity requirements due to our new and evolving work
models. As a result, for the three months ended March 31, 2023, we
recorded impairment charges of $17 million related to our operating
lease assets and leasehold improvements associated with vacating
certain leased office space, which are recorded in occupancy
expense and depreciation and amortization expense in our Condensed
Consolidated Statements of Income. |
|
|
|
|
|
|
(5) We exclude our
share of the earnings and losses of our equity method investments,
primarily our equity interest in the Options Clearing Corporation,
or OCC, and Nasdaq Private Market, LLC. This provides a more
meaningful analysis of Nasdaq’s ongoing operating performance or
comparisons in Nasdaq’s performance between periods. |
|
|
|
|
|
|
(6) For the three
months ended March 31, 2023, these items primarily included an
insurance recovery related to legal matters recorded in general,
administrative and other expense and professional and contract
services expense in our Condensed Consolidated Statements of
Income. |
|
|
|
|
|
|
(7) For the three
months ended March 31, 2024, we recorded a pre-tax loss as a result
of settling our U.S. pension plan. The plan was terminated and
partially settled in 2023, with final settlement occurring during
the first quarter of 2024. The pre-tax loss is recorded in
compensation and benefits in the Condensed Consolidated Statements
of Income. |
|
|
|
|
|
|
(8) The non-GAAP
adjustment to the income tax provision primarily includes the tax
impact of each non-GAAP adjustment. |
|
|
|
|
|
|
Nasdaq,
Inc. |
Reconciliation of U.S. GAAP to Non-GAAP Operating Income
and Operating Margin |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
March 31, |
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
U.S. GAAP operating income |
|
$ |
410 |
|
|
$ |
412 |
|
Non-GAAP adjustments: |
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
123 |
|
|
|
38 |
|
|
Merger and
strategic initiatives expense (2) |
|
|
9 |
|
|
|
2 |
|
|
Restructuring charges (3) |
|
|
26 |
|
|
|
18 |
|
|
Lease asset
impairments (4) |
|
|
— |
|
|
|
17 |
|
|
Legal and
regulatory matters (5) |
|
|
2 |
|
|
|
(10 |
) |
|
Pension
settlement charge (6) |
|
|
23 |
|
|
|
— |
|
|
Other |
|
|
— |
|
|
|
1 |
|
|
Total
non-GAAP adjustments |
|
|
183 |
|
|
|
66 |
|
Non-GAAP operating income |
|
$ |
593 |
|
|
$ |
478 |
|
|
|
|
|
|
Revenues less transaction-based expenses |
|
$ |
1,117 |
|
|
$ |
914 |
|
|
|
|
|
|
|
U.S. GAAP operating margin
(7) |
|
|
37 |
% |
|
|
45 |
% |
|
|
|
|
|
|
Non-GAAP operating margin
(8) |
|
|
53 |
% |
|
|
52 |
% |
|
|
|
|
|
|
(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. For the three months ended March 31,
2024, these costs primarily related to the Adenza acquisition. |
|
|
|
|
|
|
(3) In the fourth
quarter of 2023, following the closing of the Adenza acquisition,
our management approved, committed to and initiated a restructuring
program, “Adenza Restructuring” to optimize our efficiencies as a
combined organization. In connection with this program, we expect
to incur pre-tax charges principally related to employee-related
costs, contract terminations, real estate impairments and other
related costs. We expect to achieve benefits primarily in the form
of expense and revenue synergies. In October 2022, following our
September announcement to realign our segments and leadership, we
initiated a divisional alignment program with a focus on realizing
the full potential of this structure. In connection with the
program, we expect to incur pre-tax charges principally related to
employee-related costs, consulting, asset impairments and contract
terminations over a two-year period. |
|
|
|
|
|
|
(4) During the first
quarter of 2023, we initiated a review of our real estate and
facility capacity requirements due to our new and evolving work
models. As a result, for the three months ended March 31, 2023, we
recorded impairment charges of $17 million related to our operating
lease assets and leasehold improvements associated with vacating
certain leased office space, which are recorded in occupancy
expense and depreciation and amortization expense in our Condensed
Consolidated Statements of Income. |
|
|
|
|
|
|
(5) For the three
months ended March 31, 2023, these items primarily included an
insurance recovery related to legal matters recorded in general,
administrative and other expense and professional and contract
services expense in our Condensed Consolidated Statements of
Income. |
|
|
|
|
|
|
(6) For the three
months ended March 31, 2024, we recorded a pre-tax loss as a result
of settling our U.S. pension plan. The plan was terminated and
partially settled in 2023, with final settlement occurring during
the first quarter of 2024. The pre-tax loss is recorded in
compensation and benefits in the Condensed Consolidated Statements
of Income. |
|
|
|
|
|
|
(7) U.S. GAAP
operating margin equals U.S. GAAP operating income divided by
revenues less transaction-based expenses. |
|
|
|
|
|
|
(8) Non-GAAP operating
margin equals non-GAAP operating income divided by revenues less
transaction-based expenses. |
|
|
|
|
|
|
Nasdaq,
Inc. |
Reconciliation of U.S. GAAP to Non-GAAP Operating
Expenses |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
March 31, |
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
U.S. GAAP operating expenses |
|
$ |
707 |
|
|
$ |
502 |
|
Non-GAAP adjustments: |
|
|
|
|
|
Amortization expense of acquired intangible assets (1) |
|
|
(123 |
) |
|
|
(38 |
) |
|
Merger and
strategic initiatives expense (2) |
|
|
(9 |
) |
|
|
(2 |
) |
|
Restructuring charges (3) |
|
|
(26 |
) |
|
|
(18 |
) |
|
Lease asset
impairments (4) |
|
|
— |
|
|
|
(17 |
) |
|
Legal and
regulatory matters (5) |
|
|
(2 |
) |
|
|
10 |
|
|
Pension
settlement charge (6) |
|
|
(23 |
) |
|
|
— |
|
|
Other |
|
|
— |
|
|
|
(1 |
) |
|
Total
non-GAAP adjustments |
|
|
(183 |
) |
|
|
(66 |
) |
Non-GAAP operating expenses |
|
$ |
524 |
|
|
$ |
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. For the three months ended March 31,
2024, these costs primarily related to the Adenza acquisition. |
|
|
|
|
|
|
(3) In the fourth
quarter of 2023, following the closing of the Adenza acquisition,
our management approved, committed to and initiated a restructuring
program, “Adenza Restructuring” to optimize our efficiencies as a
combined organization. In connection with this program, we expect
to incur pre-tax charges principally related to employee-related
costs, contract terminations, real estate impairments and other
related costs. We expect to achieve benefits primarily in the form
of expense and revenue synergies. In October 2022, following our
September announcement to realign our segments and leadership, we
initiated a divisional alignment program with a focus on realizing
the full potential of this structure. In connection with the
program, we expect to incur pre-tax charges principally related to
employee-related costs, consulting, asset impairments and contract
terminations over a two-year period. |
|
|
|
|
|
|
(4) During the first
quarter of 2023, we initiated a review of our real estate and
facility capacity requirements due to our new and evolving work
models. As a result, for the three months ended March 31, 2023, we
recorded impairment charges of $17 million related to our operating
lease assets and leasehold improvements associated with vacating
certain leased office space, which are recorded in occupancy
expense and depreciation and amortization expense in our Condensed
Consolidated Statements of Income. |
|
|
|
|
|
|
(6) For the three
months ended March 31, 2023, these items primarily included an
insurance recovery related to legal matters recorded in general,
administrative and other expense and professional and contract
services expense in our Condensed Consolidated Statements of
Income. |
|
|
|
|
|
|
(6) For the three
months ended March 31, 2024, we recorded a pre-tax loss as a result
of settling our U.S. pension plan. The plan was terminated and
partially settled in 2023, with final settlement occurring during
the first quarter of 2024. The pre-tax loss is recorded in
compensation and benefits in the Condensed Consolidated Statements
of Income. |
|
|
|
|
|
|
Nasdaq,
Inc. |
Reconciliation of Pro Forma Impacts for U.S. GAAP to Pro
Forma Revenues less transaction-based expenses, Non-GAAP Operating
Expenses, |
Non-GAAP
Operating Income, and Non-GAAP Operating Margin |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adenza
(1) |
|
Pro Forma |
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
|
March 31, |
|
March 31, |
|
Total
Variance |
|
FX & Other
(2) |
|
Pro Forma Impacts |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
$ |
|
% |
|
$ |
|
$ |
% |
CAPITAL ACCESS PLATFORMS |
$ |
479 |
|
|
$ |
415 |
|
|
$ |
— |
|
|
$ |
415 |
|
|
$ |
64 |
|
|
15 |
% |
|
$ |
— |
|
|
$ |
64 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Crime Management Technology revenues |
|
64 |
|
|
|
52 |
|
|
|
— |
|
|
|
52 |
|
|
|
12 |
|
|
23 |
% |
|
|
— |
|
|
|
12 |
|
23 |
% |
Regulatory Technology revenues |
|
90 |
|
|
|
32 |
|
|
|
48 |
|
|
|
80 |
|
|
|
10 |
|
|
13 |
% |
|
|
1 |
|
|
|
9 |
|
11 |
% |
Capital Markets Technology revenues |
|
238 |
|
|
|
145 |
|
|
|
78 |
|
|
|
223 |
|
|
|
15 |
|
|
7 |
% |
|
|
1 |
|
|
|
14 |
|
6 |
% |
Total Financial Technology revenues |
|
392 |
|
|
|
229 |
|
|
|
126 |
|
|
|
355 |
|
|
|
37 |
|
|
10 |
% |
|
|
2 |
|
|
|
35 |
|
10 |
% |
SOLUTIONS REVENUES(3) |
|
871 |
|
|
|
644 |
|
|
|
126 |
|
|
|
770 |
|
|
|
101 |
|
|
13 |
% |
|
|
2 |
|
|
|
99 |
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET SERVICES |
|
237 |
|
|
|
260 |
|
|
|
— |
|
|
|
260 |
|
|
|
(23 |
) |
|
(9 |
)% |
|
|
— |
|
|
|
(23 |
) |
(9 |
)% |
OTHER REVENUES |
|
9 |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
|
|
(1 |
) |
|
(10 |
)% |
|
|
(1 |
) |
|
|
— |
|
— |
% |
REVENUES LESS TRANSACTION-BASED EXPENSES |
|
1,117 |
|
|
|
914 |
|
|
|
126 |
|
|
|
1,040 |
|
|
|
77 |
|
|
7 |
% |
|
|
1 |
|
|
|
76 |
|
7 |
% |
Non-GAAP operating expenses |
|
524 |
|
|
|
436 |
|
|
|
63 |
|
|
|
499 |
|
|
|
25 |
|
|
5 |
% |
|
|
1 |
|
|
|
24 |
|
5 |
% |
Non-GAAP operating income |
$ |
593 |
|
|
$ |
478 |
|
|
$ |
63 |
|
|
$ |
541 |
|
|
$ |
52 |
|
|
10 |
% |
|
$ |
— |
|
|
$ |
52 |
|
10 |
% |
Non-GAAP operating margin |
|
53 |
% |
|
|
52 |
% |
|
|
50 |
% |
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Adenza results
above are presented on a non-GAAP basis and have been adjusted for
certain items. We believe presenting these measures excluding these
items provides investors with greater transparency as they do not
represent ongoing operations. These adjustments include intangible
amortization of $39 million and other transaction and restructuring
related costs of $2 million for the first quarter of 2023. |
(2) Primarily reflects
the impacts from changes in FX rates. |
(3) Represents Capital
Access Platforms and Financial Technology Segments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Reconciliation of Organic Impacts for U.S. GAAP Revenues
less transaction-based expenses, Non-GAAP Operating
Expenses, |
Non-GAAP
Operating Income, and Non-GAAP Diluted Earnings Per
Share |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
|
Total Variance |
|
Organic Impact |
|
Other Impacts (1) |
|
2024 |
|
2023 |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
CAPITAL ACCESS PLATFORMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data and Listing Services revenues |
$ |
186 |
|
$ |
185 |
|
$ |
1 |
|
|
1 |
% |
|
$ |
1 |
|
|
1 |
% |
|
$ |
— |
|
|
— |
% |
Index revenues |
|
168 |
|
|
110 |
|
|
58 |
|
|
53 |
% |
|
|
58 |
|
|
53 |
% |
|
|
— |
|
|
— |
% |
Workflow and Insights revenues |
|
125 |
|
|
120 |
|
|
5 |
|
|
4 |
% |
|
|
5 |
|
|
4 |
% |
|
|
— |
|
|
— |
% |
Total Capital Access Platforms revenues |
|
479 |
|
|
415 |
|
|
64 |
|
|
15 |
% |
|
|
64 |
|
|
15 |
% |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Crime Management Technology revenues |
|
64 |
|
|
52 |
|
|
12 |
|
|
23 |
% |
|
|
12 |
|
|
23 |
% |
|
|
— |
|
|
— |
% |
Regulatory Technology revenues |
|
90 |
|
|
32 |
|
|
58 |
|
|
181 |
% |
|
|
2 |
|
|
6 |
% |
|
|
56 |
|
|
175 |
% |
Capital Markets Technology revenues |
|
238 |
|
|
145 |
|
|
93 |
|
|
64 |
% |
|
|
(4 |
) |
|
(3 |
)% |
|
|
97 |
|
|
67 |
% |
Total Financial Technology revenues |
|
392 |
|
|
229 |
|
|
163 |
|
|
71 |
% |
|
|
10 |
|
|
4 |
% |
|
|
153 |
|
|
67 |
% |
SOLUTIONS REVENUES (2) |
|
871 |
|
|
644 |
|
|
227 |
|
|
35 |
% |
|
|
74 |
|
|
11 |
% |
|
|
153 |
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET SERVICES |
|
237 |
|
|
260 |
|
|
(23 |
) |
|
(9 |
)% |
|
|
(23 |
) |
|
(9 |
)% |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REVENUES |
|
9 |
|
|
10 |
|
|
(1 |
) |
|
(10 |
)% |
|
|
— |
|
|
— |
% |
|
|
(1 |
) |
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES LESS TRANSACTION-BASED EXPENSES |
$ |
1,117 |
|
$ |
914 |
|
$ |
203 |
|
|
22 |
% |
|
$ |
51 |
|
|
6 |
% |
|
$ |
152 |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses |
$ |
524 |
|
$ |
436 |
|
$ |
88 |
|
|
20 |
% |
|
$ |
19 |
|
|
4 |
% |
|
$ |
69 |
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income |
$ |
593 |
|
$ |
478 |
|
$ |
115 |
|
|
24 |
% |
|
$ |
32 |
|
|
7 |
% |
|
$ |
83 |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share |
$ |
0.63 |
|
$ |
0.69 |
|
$ |
(0.06 |
) |
|
(9 |
)% |
|
$ |
0.04 |
|
|
6 |
% |
|
$ |
(0.10 |
) |
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The sum of the
percentage changes may not tie to the percentage change in total
variance due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Primarily includes the impacts of the Adenza acquisition and
changes in FX rates. |
(2) Represents Capital Access Platforms and Financial Technology
Segments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Quarterly
Key Drivers Detail |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2024 |
|
2023 |
Capital Access Platforms |
|
|
|
|
Annualized recurring revenues (in millions) (1) |
$ |
1,220 |
|
|
$ |
1,202 |
|
|
Initial
public offerings |
|
|
|
|
The Nasdaq
Stock Market (2) |
|
27 |
|
|
|
40 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic |
|
1 |
|
|
|
2 |
|
|
Total new
listings |
|
|
|
|
The Nasdaq
Stock Market (2) |
|
79 |
|
|
|
81 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic (3) |
|
2 |
|
|
|
7 |
|
|
Number of
listed companies |
|
|
|
|
The Nasdaq
Stock Market (4) |
|
4,020 |
|
|
|
4,163 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic (5) |
|
1,203 |
|
|
|
1,250 |
|
|
Index |
|
|
|
|
Number of
licensed exchange traded products (ETPs) |
|
361 |
|
|
|
387 |
|
|
Period end
ETP assets under management (AUM) tracking Nasdaq indexes (in
billions) |
$ |
519 |
|
|
$ |
366 |
|
|
Quarterly
average ETP AUM tracking Nasdaq indexes (in billions) |
$ |
492 |
|
|
$ |
341 |
|
|
TTM (6) net
inflows ETP AUM tracking Nasdaq indexes (in billions) |
$ |
46 |
|
|
$ |
23 |
|
|
TTM (6) net
appreciation (depreciation) ETP AUM tracking Nasdaq indexes (in
billions) |
$ |
124 |
|
|
$ |
(57 |
) |
|
|
|
|
|
Financial Technology |
|
|
|
|
Annualized
recurring revenues (in millions) (1) |
|
|
|
|
Financial Crime Management Technology |
$ |
243 |
|
|
$ |
196 |
|
|
Regulatory Technology |
|
328 |
|
|
|
125 |
|
|
Capital Markets Technology |
|
821 |
|
|
|
506 |
|
|
Total Financial Technology |
$ |
1,392 |
|
|
$ |
827 |
|
Market Services |
|
|
|
|
Equity Derivative Trading and Clearing |
|
|
|
|
U.S. equity
options |
|
|
|
|
Total
industry average daily volume (in millions) |
|
43.3 |
|
|
|
42.4 |
|
|
Nasdaq PHLX
matched market share |
|
10.3 |
% |
|
|
11.1 |
% |
|
The Nasdaq
Options Market matched market share |
|
5.4 |
% |
|
|
7.1 |
% |
|
Nasdaq BX
Options matched market share |
|
2.2 |
% |
|
|
3.3 |
% |
|
Nasdaq ISE
Options matched market share |
|
6.3 |
% |
|
|
5.8 |
% |
|
Nasdaq GEMX
Options matched market share |
|
2.5 |
% |
|
|
2.0 |
% |
|
Nasdaq MRX
Options matched market share |
|
2.5 |
% |
|
|
1.5 |
% |
|
Total
matched market share executed on Nasdaq's exchanges |
|
29.2 |
% |
|
|
30.8 |
% |
|
Nasdaq
Nordic and Nasdaq Baltic options and futures |
|
|
|
|
Total
average daily volume of options and futures contracts (7) |
|
241,665 |
|
|
|
344,141 |
|
|
|
|
|
|
|
Cash
Equity Trading |
|
|
|
|
Total
U.S.-listed securities |
|
|
|
|
Total
industry average daily share volume (in billions) |
|
11.8 |
|
|
|
11.8 |
|
|
Matched
share volume (in billions) |
|
116.7 |
|
|
|
121.8 |
|
|
The Nasdaq
Stock Market matched market share |
|
15.7 |
% |
|
|
15.8 |
% |
|
Nasdaq BX
matched market share |
|
0.4 |
% |
|
|
0.4 |
% |
|
Nasdaq PSX
matched market share |
|
0.2 |
% |
|
|
0.5 |
% |
|
Total
matched market share executed on Nasdaq's exchanges |
|
16.3 |
% |
|
|
16.7 |
% |
|
Market share
reported to the FINRA/Nasdaq Trade Reporting Facility |
|
41.4 |
% |
|
|
31.6 |
% |
|
Total market
share (8) |
|
57.7 |
% |
|
|
48.3 |
% |
|
Nasdaq
Nordic and Nasdaq Baltic securities |
|
|
|
|
Average
daily number of equity trades executed on Nasdaq's exchanges |
|
666,408 |
|
|
|
787,715 |
|
|
Total
average daily value of shares traded (in billions) |
$ |
4.7 |
|
|
$ |
5.3 |
|
|
Total market
share executed on Nasdaq's exchanges |
|
71.7 |
% |
|
|
68.9 |
% |
|
|
|
|
|
|
Fixed Income and Commodities Trading and
Clearing |
|
|
|
|
Fixed
Income |
|
|
|
|
Total
average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed
income contracts |
|
92,070 |
|
|
|
91,725 |
|
|
|
|
|
|
|
(1) Annualized Recurring Revenue (ARR) for a given
period is the current annualized value 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. For AxiomSL and Calypso recurring revenue contracts, the
amount included in ARR is consistent with the amount that we
invoice the customer during the current period. Additionally, for
AxiomSL and Calypso recurring revenue contracts that include annual
values that increase over time, we include in ARR only the
annualized value of components of the contract that are considered
active as of the date of the ARR calculation. We do not include the
future committed increases in the contract value as of the date of
the ARR calculation. 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. |
|
(2) New listings include IPOs, issuers that switched from other
listing venues, closed-end funds and separately listed ETPs. For
the three months ended March 31, 2024 and 2023, IPOs included 5 and
10 SPACs, respectively. |
|
(3) 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. |
|
(4) Number of total listings on The Nasdaq Stock Market at period
end includes 619 ETPs as of March 31, 2024 and 539 ETPs as of March
31, 2023. |
|
(5) Represents companies listed on the Nasdaq Nordic and Nasdaq
Baltic exchanges and companies listed on the alternative markets of
Nasdaq First North. |
|
(6) Trailing 12-months. |
|
(7) Includes Finnish option contracts traded on Eurex for which
Nasdaq and Eurex have a revenue sharing arrangement, which ended in
the fourth quarter of 2023. |
|
(8) 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. |
|
|
|
|
|
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
Storico
Da Mag 2023 a Mag 2024