NYSE Euronext (NYX) today reported net income of $87 million, or
$0.34 per diluted share, for the first quarter of 2012, compared to
net income of $155 million, or $0.59 per diluted share, for the
first quarter of 2011. Results for the first quarter of 2012 and
2011 include $31 million and $21 million, respectively, of pre-tax
merger expenses and exit costs. The $31 million in merger expenses
and exit costs in the first quarter of 2012 included $16 million
related to the terminated merger with Deutsche Boerse AG. In the
first quarter of 2012, the GAAP effective tax rate included the
release of a non-cash reserve related to a favorable settlement
with the UK tax authorities, which was more than offset by a
discrete, non-cash tax expense. Excluding merger expenses, exit
costs and discrete tax items, net income in the first quarter of
2012 was $121 million, or $0.47 per diluted share, compared to $177
million, or $0.68 per diluted share, in the first quarter of
2011.
“Our first quarter results reflect the challenging operating
environment which carried over into 2012 and will continue to
result in near-term headwinds,” said Duncan L. Niederauer, CEO,
NYSE Euronext. “Looking ahead into 2013 and 2014, we are focused on
creating value by enhancing the underlying earnings power of the
Company and solidly executing on the three core pillars of our
earnings growth strategy outlined at our investor day: capturing
growth opportunities in new markets and leveraging inter-asset
class opportunities; delivering efficiencies through
disciplined cost management and optimizing our shared services
infrastructure; and strategically deploying our capital.”
The table below summarizes the financial results1 for the first
quarter of 2012:
% Δ 1Q12 ($ in millions,
except EPS) 1Q12 4Q11
1Q11 vs. 1Q11 Total Revenues2
$952 $1,054 $1,148 (17%) Total
Revenues, Less Transaction-Based Expenses3 601
628 679 (11%) Other Operating
Expenses4 405 416 415 (2%)
Operating Income4 $196 $212 $264
(26%) Net Income4 $121 $130
$177 (32%) Diluted Earnings Per Share4
$0.47 $0.50 $0.68
(31%) Operating Margin 33% 34%
39% (6 ppts) Adjusted EBITDA Margin
44% 45% 49% (5
ppts)
1
A full reconciliation of our non-GAAP results to our GAAP
results is included in the attached tables. See also our statement
on non-GAAP financial measures at the end of this earnings release.
2
Includes activity assessment fees.
3
Transaction-based expenses include Section 31 fees, liquidity
payments and routing & clearing fees.
4
Excludes merger expenses, exit costs, the 4Q11 BlueNext tax
settlement and discrete tax items.
Michael S. Geltzeiler, Group Executive Vice President and CFO,
NYSE Euronext, commented, “Despite the tough quarter, we are
executing our earnings growth strategy. This quarter we made
progress with the build-out of clearing, reduced our shares
outstanding, unwound NYSE Blue and reported lower costs. These
efforts will provide greater operating leverage when macro trends
return to more historical norms.”
FIRST QUARTER 2012 CONSOLIDATED
RESULTS
Total revenues, less transaction-based expenses, which include
Section 31 fees, liquidity payments and routing and clearing fees
(net revenue), were $601 million in the first quarter of 2012, down
$78 million, or 11% compared to the first quarter of 2011 and
included a $9 million negative impact from foreign currency
fluctuations. The $78 million decrease in net revenue compared to
the first quarter of 2011 was primarily driven by lower average
daily volumes (“ADV”) across all trading venues.
Other operating expenses, excluding merger expenses and exit
costs, were $405 million in the first quarter of 2012, down $10
million, or 2% compared to the first quarter of 2011. Excluding the
impact of new business initiatives (“NBIs”) and a $5 million
positive impact attributable to foreign currency fluctuations,
other operating expenses were down $12 million, or 3%, compared to
the first quarter of 2011.
For the full-year 2012 core expenses, excluding NBIs, are
targeted to be between $1,580 million and $1,600 million compared
to $1,666 million for full-year 2011. Incremental expenses from
NBIs in 2012, including the build-out of clearing for European
derivatives ($15 million) and the investment in a new
contract-for-differences business in Europe ($12 million) as well
as variable costs related to increases in NYSE Technologies revenue
($20-$25 million) are expected to result in a full-year 2012
expense guidance range of $1,627 million to $1,652 million assuming
constant foreign currency rates of EURO / USD $1.35 and GBP / USD
$1.60.
Operating income, excluding merger expenses and exit costs, was
$196 million, down $68 million, or 26% compared to the first
quarter of 2011 and included a $4 million negative impact
attributable to foreign currency fluctuations.
Adjusted EBITDA, excluding merger expenses and exit costs was
$262 million, down $72 million, or 21% compared to the first
quarter of 2011. Adjusted EBITDA margin was 44% in the first
quarter of 2012, compared to 49% in the first quarter of 2011.
Non-operating income for the first quarter of 2012 and 2011
includes the impact of New York Portfolio Clearing (loss from
associates) and NYSE Liffe U.S. (net loss attributable to
non-controlling interest). NYSE Liffe U.S. is expected to achieve
profitability in 2013. The profit attributable to the
non-controlling interest related to NYSE Amex Options was $8
million in the first quarter of 2012, based on our partners’ 47.5%
stake in the business. The semi-mutualization of the NYSE Amex
Options business was closed late in the second quarter of 2011.
The effective tax rate for the first quarter of 2012, excluding
merger expenses, exit costs and discrete tax items, was
approximately 25% compared to approximately 26% for the first
quarter of 2011. The lower effective tax rate for the first quarter
of 2012 was principally driven by the reduction of the UK corporate
tax rate from 26% to 25%, a settlement with the UK tax authorities
resulting in a more favorable tax position in the UK and lower
taxes related to the reorganization of certain U.S. businesses.
The weighted average diluted shares outstanding in the first
quarter of 2012 was 259 million shares, down from 262 million
shares in first quarter of 2011. During the first quarter of 2012,
a total of 4.3 million shares were repurchased at an average price
of $29.73 per share. The current $552 million stock repurchase
authorization has $425 million remaining as of March 31, 2012.
At March 31, 2012, total debt of $2.1 billion was slightly above
December 31, 2011 levels. Cash, cash equivalents and short term
financial investments (including $67 million related to Section 31
fees collected from market participants and due to the SEC) were
$0.4 billion and net debt was $1.7 billion at the end of the first
quarter of 2012. The ratio of debt-to-EBITDA at the end of the
first quarter of 2012 was 2.0.
Total capital expenditures in the first quarter of 2012 were $43
million, compared to $35 million in the first quarter of 2011. For
the full-year 2012, capital expenditures are anticipated to be
approximately $200 million which is expected to include
approximately $30 million for the build-out of derivatives clearing
in Europe.
The Board of Directors declared a cash dividend of $0.30 per
share for the second quarter of 2012. The second quarter 2012
dividend is payable on June 29, 2012 to shareholders of record as
of the close of business on June 15, 2012. The anticipated ex-date
will be June 13, 2012.
FIRST QUARTER 2012 SEGMENT
RESULTS
Below is a summary of business segment results:
Derivatives Cash Trading
& Listings Info. Svcs. & Tech. Solutions
($ in millions) Net Operating
Adjusted Net Operating
Adjusted Operating
Adjusted Revenue1
Income2 EBITDA2
Revenue1 Income2,3
EBITDA2,3 Revenue
Income2 EBITDA2 1Q12
$176 $79 $89 $304 $119
$161 $121 $28 $42 4Q11
$186 $86 $96 $315 $125
$168 $127 $31 $46 1Q11
$236 $146 $161
$328 $125 $171
$116 $28 $37
1
Net revenue defined as total revenues less transaction-based
expenses including Section 31 fees, liquidity payments and routing
& clearing fees.
2
Excludes merger expenses and exit costs.
3
Excludes the 4Q11 BlueNext tax settlement.
DERIVATIVES
Derivatives net revenue of $176 million in the first quarter of
2012 decreased $60 million, or 25% compared to the first quarter of
2011 and included a $3 million negative impact from foreign
currency fluctuations. The $60 million decrease in derivatives net
revenue compared to the first quarter of 2011, was driven by lower
trading volumes as well as reduced pricing for individual equity
options and index futures and options on NYSE Liffe in Amsterdam
and Belgium.
- Global derivatives ADV in the first
quarter of 2012 of 7.6 million contracts decreased 17% compared to
the first quarter of 2011 and decreased 5% compared to fourth
quarter of 2011 levels.
- NYSE Euronext European derivatives
products ADV of 3.3 million contracts in the first quarter of 2012
decreased 28% compared to the first quarter of 2011 and decreased
8% from fourth quarter of 2011 levels. Excluding Bclear, European
derivatives products ADV in the first quarter of 2012 decreased 31%
compared to the first quarter of 2011 and decreased 3% from the
fourth quarter of 2011.
- While NYSE Liffe volumes in the first
quarter of 2012 were 28% down year-on-year, trading activity in
March 2012 was substantially stronger than in the first two months
of the year. Trading volumes were up 15% compared to February 2012,
making it the best month for trading since November 2011. The
flagship Euribor futures contract registered its strongest trading
volumes in 6 months.
- The Long Gilt futures contract has
shown strong growth, with trading volumes up 17% compared to the
first quarter of 2011 and the Bclear MSCI index futures were up 66%
compared to the first quarter of 2011. Open interest levels across
NYSE Liffe have continued to show some strengthening from the lows
recorded in December 2011.
- U.S. equity options ADV in the first
quarter of 2012 decreased 6% to 4.1 million contracts compared to
the first quarter of 2011 and decreased 4% from the fourth quarter
of 2011. U.S. consolidated equity options ADV of 15.9 million
contracts decreased 8% compared to the first quarter of 2011 and
decreased 3% from the fourth quarter of 2011. NYSE Euronext’s U.S.
equity options exchanges accounted for 26% of total consolidated
U.S. equity options trading in the first quarter of 2012, up from
25% in the first quarter of 2011, but down from 28% in the fourth
quarter of 2011.
- NYSE Liffe U.S. ADV in the first
quarter of 2012 was 96,300 contracts compared to 21,000 contracts
in the first quarter of 2011 and 91,200 contracts in the fourth
quarter of 2011. NYSE Liffe U.S. successfully launched options on
its mini-sized gold and mini-sized silver futures contracts. These
new options contracts are designed to meet growing customer demand
to trade and invest in the precious metals market.
- LCH.Clearnet, New York Portfolio
Clearing LLC (NYPC), The Depository Trust & Clearing
Corporation (DTCC) and NYSE Euronext have agreed to explore
expanding the existing combined "one-pot" cross-margining
arrangement to include interest rate swaps cleared by LCH.Clearnet.
The parties' goal, defined in a Memorandum of Understanding (MOU),
is to deliver greater capital efficiency to market participants by
combining NYSE Liffe U.S.-traded interest rate futures contracts
already cleared by NYPC, fixed income cash and repo trades cleared
by the DTCC's Fixed Income Clearing Corporation and interest rate
swaps cleared by LCH.Clearnet's SwapClear service into a single
portfolio for purposes of margin netting and offsetting.
CASH TRADING AND LISTINGS
Cash Trading and Listings net revenue of $304 million in the
first quarter of 2012 decreased $24 million, or 7% compared to the
first quarter of 2011 and included a $4 million negative impact
from foreign currency fluctuations. The $24 million decrease in net
revenue compared to the first quarter of 2011 was primarily driven
by lower trading volumes.
- European cash ADV of 1.6 million
transactions in the first quarter of 2012 decreased 12% from 1.8
million transactions in the first quarter of 2011 and decreased
slightly from fourth quarter of 2011 levels. European cash market
share (value traded) in NYSE Euronext’s four core markets was 65%
in the first quarter of 2012, down from 70% in the first quarter of
2011, but in-line with the fourth quarter of 2011.
- In the U.S., cash trading ADV in the
first quarter of 2012 decreased 23% to 1.8 billion shares traded
from 2.3 billion in the first quarter of 2011 and decreased 16%
from the fourth quarter of 2011. Tape A matched market share was
31% in the first quarter of 2012, down from 35% in the first
quarter of 2011 and down from 34% in the fourth quarter of
2011.
- NYSE Euronext led the global market for
listing initial public offerings (IPOs) year-to-date 2012 with $9.8
billion in total global proceeds raised from 45 IPOs on its
European and U.S. markets, more than any exchange group in the
world. In the U.S., NYSE leads the U.S. IPO market with 37 IPOs
raising $8.4 billion. In Europe, the largest cable operator in the
Netherlands, Ziggo, listed on Euronext Amsterdam raising €804M. The
listing of Ziggo is the largest IPO in Europe in almost a year and
marked the re-opening of the European IPO market. INSIDE Secure, a
leading player in the design and supply of semiconductors, and
Mobile Network Group, a leading contender in mobile marketing in
France, were also listed on NYSE Euronext and NYSE Alternext,
respectively, in Paris.
- NYSE has steadily captured share in
technology-based IPOs. NYSE listed 13 new tech IPOs
year-to-date 2012, representing 59% of all technology IPOs,
including Yelp Inc., Millennial Media Inc., Vantiv Inc., and
Guidewire Software.
- Year-to-date 2012, NYSE continues to
see increasing transfer momentum building off the 16 companies with
total market capitalization of $30.4 billion that transferred to
NYSE in 2011. A total of 7 companies with total market
capitalization of $54.1 billion have transferred or announced
intention to transfer year-to-date. Companies that have transferred
or announced include Teva Pharmaceuticals Industries Ltd., TD
Ameritrade Holding Corp., and Hercules Technology Growth Capital
Inc., among others.
- NYSE Euronext's fixed income trading
platform, NYSE Bonds, and Bloomberg Trade Order Management
Solutions (TOMS) now offer sell-side fixed income dealers an
integrated platform to access the U.S. corporate bond market.
Dealers using Bloomberg TOMS, the leading order management platform
for U.S. fixed income securities, can now trade on the NYSE Bonds
marketplace via the Bloomberg Professional® service, which is used
globally by more than 310,000 subscribers.
INFORMATION SERVICES AND TECHNOLOGY SOLUTIONS
Information Services and Technology Solutions revenue was $121
million in the first quarter of 2012, an increase of $5 million, or
4% compared to the first quarter of 2011 and included a $2 million
negative impact from foreign currency fluctuations. The $5 million
increase in revenue compared to the first quarter of 2011, was
driven by higher connectivity revenue related to our Mahwah data
center and incremental revenue from the Metabit acquisition. The
overall market for technology services is experiencing some
weakness, as the challenging environment for financial services has
delayed client decisions on purchases of software and connectivity
services. Furthermore, the first quarter of the year is
traditionally a slower quarter for technology services sales.
- NYSE Euronext agreed to purchase 25% of
Fixnetix Limited, a leading service provider of ultra-low latency
data provision, co-location, trading services and risk controls for
more than 50 markets worldwide. The agreement, which also includes
the option for NYSE Euronext to acquire the remainder of Fixnetix
at any time over the next three years, complements key areas of
NYSE Technologies’ diverse product portfolio to offer customers
integrated multi-asset market access and managed services.
- Hong Kong Exchanges and Clearing
Limited has selected NYSE Technologies' Exchange Data Publisher
(XDP)™ to drive the HKEx Orion Market Data Platform. XDP is an
ultra-low latency solution designed to collect, integrate and
disseminate real-time market data to local customers and, using
regional hubs, to customers around the globe.
- NYSE Technologies and
Koscom Corporation, the technology firm created by the Korean
Ministry of Finance and Korea Exchange, announced the signing of a
Memorandum of Understanding that formalizes a joint commitment to
continued technology cooperation and the creation of new
international business opportunities. The agreement also supports
NYSE Technologies’ core capital markets community strategy of
connecting a diverse range of key global vendors, market
participants and trading destinations to the Secure Financial
Transaction Infrastructure network.
- Muscat Securities Market (MSM) and NYSE
Technologies announced the successful migration of the MSM to NYSE
Technologies' NSC V900 trading platform. The innovative trading
infrastructure offers market participants the benefits of industry
leading performance and speed.
The accompanying tables include information integral to
assessing the Company’s financial performance.
Analyst/Investor/Media Call: April 30,
2012 at 8:00 a.m. (NY/ET)/2:00 p.m. (Paris/CEST)
A presentation and live audio webcast of the first quarter 2012
earnings conference call will be available on the Investor
Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to
listen to the live conference via telephone should dial-in at least
ten minutes before the call begins. An audio replay of the
conference call will be available approximately one hour after the
call on the Investor Relations section of NYSE Euronext’s website,
http://www.nyseeuronext.com/ir or by
dial-in beginning approximately two hours following the conclusion
of the live call.
Live Dial-in Information:
United States: 800.706.7748
International: 617.614.3473
Passcode: 29693964
Replay Dial-in Information:
United States: 888.286.8010
International: 617.801.6888
Passcode: 73811941
Non-GAAP Financial Measures
To supplement NYSE Euronext’s consolidated financial statements
prepared in accordance with GAAP and to better reflect
period-over-period comparisons, NYSE Euronext uses non-GAAP
financial measures of performance, financial position, or cash
flows that either exclude or include amounts that are not normally
excluded or included in the most directly comparable measure,
calculated and presented in accordance with GAAP. Non-GAAP
financial measures do not replace and are not superior to the
presentation of GAAP financial results, but are provided to (i)
present the effects of certain merger expenses, exit costs, the
BlueNext tax settlement, disposal activities and discrete tax
items, and (ii) improve overall understanding of NYSE Euronext’s
current financial performance and its prospects for the future.
Specifically, NYSE Euronext believes the non-GAAP financial results
provide useful information to both management and investors
regarding certain additional financial and business trends relating
to financial condition and operating results. In addition,
management uses these measures for reviewing financial results and
evaluating financial performance. The non-GAAP adjustments for all
periods presented are based upon information and assumptions
available as of the date of this release.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
approximately 8,000 listed issues (excluding European Structured
Products), NYSE Euronext's equities markets – the New York Stock
Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca –
represent one-third of the world's equities trading, the most
liquidity of any global exchange group. NYSE Euronext also operates
NYSE Liffe, one of the leading European derivatives businesses and
the world's second-largest derivatives business by value of
trading. The company offers comprehensive commercial technology,
connectivity and market data products and services through NYSE
Technologies. NYSE Euronext is in the S&P 500 index, and is the
only exchange operator in the Fortune 500. For more information,
please visit: http://www.nyx.com.
Disclaimer and Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward-looking statements,
including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning NYSE Euronext's plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on NYSE Euronext's current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause NYSE Euronext's results to differ
materially from current expectations include, but are not limited
to: NYSE Euronext's ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk and U.S. and
global competition, and other factors detailed in NYSE Euronext's
2011 Annual Report on Form 10-K and other periodic reports filed
with the U.S. Securities and Exchange Commission or the French
Autorité des Marchés Financiers. In addition, these statements are
based on a number of assumptions that are subject to change.
Accordingly, actual results may be materially higher or lower than
those projected. The inclusion of such projections herein should
not be regarded as a representation by NYSE Euronext that the
projections will prove to be correct. This press release speaks
only as of this date. NYSE Euronext disclaims any duty to update
the information herein.
NYSE Euronext Condensed consolidated statements of income
(unaudited) (in millions, except per share data)
Three months ended, March 31, 2012
December 31, 2011
March 31, 2011
Revenues Transaction and clearing fees $ 609 $ 701 $
815 Market data 91 90 96 Listing 110 112 109 Technology services 86
95 82 Other revenues
56
56 46 Total revenues
952 1,054 1,148 Transaction-based expenses: Section 31 fees 66 84
89 Liquidity payments, routing and clearing
285
342 380
Total revenues, less transaction-based expenses
601 628
679 Other operating expenses Compensation 160
159 161 Depreciation and amortization 66 68 70 Systems and
communications 45 45 52 Professional services 73 80 69 Selling,
general and administrative 61 106 63 Merger expenses and exit costs
31 46
21 Total other operating expenses
436 504
436 Operating income 165 124 243 Net
interest and investment income (loss) (28 ) (28 ) (29 ) Loss from
associates
(1 )
(4 ) (1
) Income before income taxes 136 92 213 Income tax
(provision) benefit
(45 )
4 (62 ) Net
income 91 96 151 Net (income) loss attributable to noncontrolling
interest (4 ) 14 4 Net income
attributable to NYSE Euronext $ 87 $ 110 $ 155
Basic earnings per share attributable to NYSE Euronext $
0.34 $ 0.43 $ 0.59 Diluted earnings per share attributable
to NYSE Euronext $ 0.34 $ 0.43 $ 0.59 Basic weighted average
shares outstanding 258 260 261 Diluted weighted average shares
outstanding 259 262
262
We use non-GAAP financial measures of
operating performance. Non-GAAP measures do not replace and are not
superior to the presentation of our GAAP financial results but are
provided to improve overall understanding of our current financial
performance and our prospects for the future.
Three months ended,
Non-GAAP
Reconciliation
March 31, 2012 December 31, 2011 March 31, 2011
Income (loss) before income taxes - GAAP $ 136 $ 92 $ 213
Excluding: Merger expenses and exit costs 31 46 21 Merger expenses
and exit costsBlueNext tax settlement
-
42 - Income
before income taxes - as adjusted 167 180 234 Income tax provision
(42 ) (47
) (61 ) Net income -
as adjusted 125 133 173 Net (income) loss attributable to
noncontrolling interest (4 ) 14 4 Excluding: Noncontrolling
interest impact on BlueNext tax settlement
-
(17 ) -
Net income attributable to NYSE Euronext - as adjusted $ 121
$ 130 $ 177 Diluted earnings per share
attributable to NYSE Euronext $ 0.47 $ 0.50 $ 0.68
NYSE Euronext Segment Results (unaudited) (in
millions)
Three
months ended Three months ended March 31, 2012 March 31, 2011
Derivatives
Cash Tradingand Listings
InformationServices
andTechnologySolutions
CorporateandEliminations
Consolidated Derivatives
Cash Tradingand Listings
InformationServices
andTechnologySolutions
Corporate andEliminations
Consolidated Revenues Transaction and clearing fees $
206 $ 403 $ - $ - $ 609 $ 286 $ 529 $ - $ - $ 815 Market data 11 45
35 - 91 12 50 34 - 96 Listing - 110 - - 110 - 109 - - 109
Technology services - - 86 - 86 - - 82 - 82 Other revenues
12 44 - -
56 9 38 -
(1 ) 46 Total revenues 229 602 121 - 952 307 726 116
(1 ) 1,148 Transaction-based expenses: Section 31 fees - 66 - - 66
- 89 -
- 89 Liquidity payments, routing and clearing 53
232 - - 285
71 309 - -
380 Total revenues, less transaction-based expenses
176 304 121 - 601 236 328 116 (1 ) 679 Depreciation and
amortization [a] 10 42 14 - 66 15 46 9 - 70 Merger expenses and
exit costs (M&E) [b] 1 6 6 18 31 1 3 1 16 21 Other operating
expenses 87 143 79
30 339 75 157
79 34 345 Operating
income - GAAP [c] $ 78 $ 113 $ 22 $ (48 ) $
165 $ 145 $ 122 $ 27 $ (51 ) $ 243
Operating income excluding M&E [c] + [b] $ 79 $
119 $ 28 $ (30 ) $ 196 $ 146 $ 125
$ 28 $ (35 ) $ 264 Adjusted EBITDA [c] + [a] +
[b] $ 89 $ 161 $ 42 $ (30
) $ 262 $ 161 $ 171 $ 37
$ (35 ) $ 334 Operating margin
excluding M&E 45 % 39 % 23 % N/M 33 % 62 % 38 % 24 % N/M 39 %
Adjusted EBITDA margin 51 % 53 % 35 % N/M 44 % 68 % 52 % 32 % N/M
49 %
We use non-GAAP financial measures of
operating performance. Non-GAAP measures do not replace and are not
superior to the presentation of our GAAP financial results but are
provided to improve overall understanding of our current financial
performance and our prospects for the future.
N/M = Not meaningful
NYSE Euronext Fixed operating expenses (unaudited)
(in millions) Fixed operating expenses for the
three months ended March 31, 2012 - GAAP $ 436 Less: Merger
expenses and exit costs (31 ) $ 405 Excluding the impact of:
Currency translation 5 New business initiatives (7 ) Fixed
operating expenses for the three months ended March 31, 2012 - as
adjusted $ 403 [a] Fixed operating expenses for the
three months ended March 31, 2011 - GAAP $ 436 Less: Merger
expenses and exit costs (21 ) $ 415 [b]
Variance ($) $ (12 ) [a] - [b] = [c] Variance (%) -3 % [c] /
[b]
We use non-GAAP financial measures of operating performance.
Non-GAAP measures do not replace and are not superior to the
presentation of our GAAP financial results but are provided to
improve overall understanding of our current financial performance
and our prospects for the future. NYSE Euronext
Condensed consolidated statements of financial condition
(unaudited) (in millions) March 31, 2012
December 31, 2011 Assets Current assets: Cash, cash
equivalents, and short term financial investments $ 401 $ 432
Accounts receivable, net 495 462 Deferred income taxes 67 108 Other
current assets 153 152 Total current assets 1,116
1,154 Property and equipment, net 965 963 Goodwill 4,144
4,027 Other intangible assets, net 5,827 5,697 Deferred income
taxes 544 594 Other assets 666 637 Total assets $
13,262 $ 13,072 Liabilities and equity Accounts payable and
accrued expenses $ 701 $ 957 Deferred revenue 393 130 Short term
debt 66 39 Deferred income taxes 21 23 Total current
liabilities 1,181 1,149 Long term debt 2,074 2,036 Deferred
income taxes 1,930 1,900 Accrued employee benefits 589 620 Deferred
revenue 377 371 Other liabilities 63 63 Total
liabilities 6,214 6,139 Redeemable
noncontrolling interest 303 295 Equity 6,745
6,638 Total liabilities and equity $ 13,262 $ 13,072
NYSE
Euronext
Selected
Statistical Data:
Volume
Summary
Average Daily Volume Total Volume
(Unaudited)
1Q12
4Q11
% ∆ 1Q12
vs.4Q11
1Q11
% ∆ 1Q12vs.
1Q11
1Q12 4Q11
% ∆ 1Q12vs.
4Q11
1Q11
% ∆ 1Q12vs.
1Q11
Number of Trading Days - European Markets 65 64 64 65 64 64
Number of Trading Days - U.S. Markets 62 63 62 62 63 62
European Derivatives Products (contracts in thousands)
3,332 3,616 -7.8 % 4,633
-28.1 % 216,595 231,383 -6.4
% 296,529 -27.0 % of which Bclear 673
868 -22.5 % 771 -12.7 % 43,730 55,525 -21.2 % 49,335 -11.4 % Avg.
Net Revenue Per Contract (ex. Bclear) $ 0.659 $ 0.698 -5.6 % $
0.692 -4.8 % $ 0.659 $ 0.698 -5.6 % $ 0.692 -4.8 % Avg. Net Revenue
Per Contract (ex. Bclear) - Currency Neutral $ 0.659 $ 0.697 -5.5 %
$ 0.679 -2.9 % $ 0.659 $ 0.697 -5.5 % $ 0.679 -2.9 %
Total Interest Rate Products1 1,774
1,802 -1.5 % 2,700 -34.3
% 115,327 115,305 0.0 %
172,792 -33.3 % Short Term Interest
Rate Products 1,622 1,668 -2.7 % 2,568 -36.8 % 105,438 106,737 -1.2
% 164,371 -35.9 % Medium and Long Term Interest Rate Products 152
134 13.6 % 132 15.6 % 9,889 8,568 15.4 % 8,421 17.4 %
Total Equity Products2 1,477 1,742
-15.2 % 1,845 -20.0 %
95,974 111,480 -13.9 % 118,110
-18.7 % Individual Equity Products 1,019 1,215
-16.1 % 1,266 -19.5 % 66,242 77,775 -14.8 % 81,011 -18.2 % Futures
510 707 -27.8 % 575 -11.2 % 33,175 45,273 -26.7 % 36,777 -9.8 %
Options 509 508 0.2 % 691 -26.4 % 33,068 32,503 1.7 % 44,234 -25.2
% Equity Index Products 457 527 -13.1 % 580 -21.1 % 29,732 33,705
-11.8 % 37,100 -19.9 % of which Bclear 673 868 -22.5 % 771
-12.7 % 43,730 55,525 -21.2 % 49,335 -11.4 % Individual Equity
Products 600 789 -24.0 % 690 -13.0 % 38,998 50,508 -22.8 % 44,152
-11.7 % Futures 502 698 -28.0 % 569 -11.7 % 32,660 44,658 -26.9 %
36,437 -10.4 % Options 98 91 6.7 % 121 -19.1 % 6,339 5,850 8.3 %
7,715 -17.8 % Equity Index Products 73 78 -7.1 % 81 -10.1 % 4,731
5,017 -5.7 % 5,183 -8.7 %
Commodity Products
81 72 13.4 % 88 -7.4
% 5,293 4,598 15.1 %
5,627 -5.9 % U.S. Derivatives
Products (contracts in thousands) Avg. Net Revenue Per
Contract (ex. Liffe U.S. volumes) $ 0.148 $ 0.148 0.0 % $ 0.165
-10.3 % $ 0.148 $ 0.148 0.0 % $ 0.165 -10.3 % Equity Options
Contracts3 4,128 4,286 -3.7 % 4,410 -6.4 % 255,922 270,024 -5.2 %
273,432 -6.4 % Total Consolidated Options Contracts 15,879 15,497
2.5 % 17,306 -8.2 % 984,508 976,280 0.8 % 1,072,961 -8.2 %
Share of Total Consolidated Options Contracts 26.0 % 27.7 % 25.5 %
26.0 % 27.7 % 25.5 %
NYSE Liffe U.S. Futures
and Futures Options Volume 96.3 91.2 5.5 % 21.0 358.3 % 6,161.3
5,837.8 5.5 % 1,344.5 358.3 %
European Cash Products
(trades in thousands) 1,583 1,585 -0.1
% 1,803 -12.2 % 102,927
101,450 1.5 %
115,377
-10.8
% Avg. Net Revenue Per Transaction $ 0.573 $ 0.582 -1.5 % $
0.667 -14.1 % $ 0.573 $ 0.582 -1.5 % $ 0.667 -14.1 % Avg. Net
Revenue Per Transaction - Currency Neutral $ 0.573 $ 0.566 1.2 % $
0.639 -10.3 % $ 0.573 $ 0.566 1.2 % $ 0.639 -10.3 % Equities
1,530 1,522 0.5 % 1,732 -11.7 % 99,439 97,434 2.1 % 82,696 20.2 %
Exchange-Traded Funds 14 20 -27.6 % 21 -29.5 % 942 1,281 -26.5 %
1,012 -6.9 % Structured Products 34 38 -9.3 % 45 -23.4 % 2,235
2,426 -7.9 % 2,115 5.7 % Bonds 5 5 -1.1 % 5 -12.0 % 311 309 0.4 %
401 -22.4 %
U.S. Cash Products (shares in millions)
1,783 2,133 -16.4 % 2,309
-22.8 % 110,557 134,373 -17.7
% 143,183 -22.8 % Avg. Net Revenue Per
100 Shares Handled $ 0.0425 $ 0.0394 7.9 % $ 0.0370 14.9 % $ 0.0425
$ 0.0394 7.9 % $ 0.0370 14.9 %
NYSE Listed (Tape A)
Issues 4 Handled Volume 5 1,275 1,490 -14.4 %
1,668 -23.6 % 79,022 93,849 -15.8 % 103,397 -23.6 % Matched Volume
6 1,202 1,412 -14.9 % 1,578 -23.8 % 74,531 88,942 -16.2 % 97,806
-23.8 % Total NYSE Listed Consolidated Volume 3,932 4,172 -5.8 %
4,568 -13.9 % 243,799 262,852 -7.2 % 283,211 -13.9 %
Share of Total Consolidated Volume Handled Volume 5 32.4 %
35.7 % 36.5 % 32.4 % 35.7 % 36.5 % Matched Volume 6 30.6 % 33.8 %
34.5 % 30.6 % 33.8 % 34.5 %
NYSE Arca & Amex (Tape B)
Listed Issues Handled Volume 5 265 372 -28.8 % 347 -23.5
% 16,441 23,458 -29.9 % 21,491 -23.5 % Matched Volume 6 237 335
-29.4 % 311 -23.9 % 14,670 21,120 -30.5 % 19,270 -23.9 % Total NYSE
Arca & Amex Listed Consolidated Volume 1,123 1,452 -22.7 %
1,351 -16.9 % 69,620 91,461 -23.9 % 83,751 -16.9 %
Share
of Total NYSE Arca & NYSE Amex Listed Consolidated Volume
Handled Volume 5 23.6 % 25.6 % 25.7 % 23.6 % 25.6 % 25.7 % Matched
Volume 6 21.1 % 23.1 % 23.0 % 21.1 % 23.1 % 23.0 %
Nasdaq
Listed Issues (Tape C) Handled Volume 5 243 271 -10.1 %
295 -17.5 % 15,095 17,066 -11.5 % 18,295 -17.5 % Matched Volume 6
206 234 -11.8 % 251 -18.0 % 12,776 14,727 -13.2 % 15,572 -18.0 %
Total Nasdaq Listed Consolidated Volume 1,796 1,854 -3.2 % 2,051
-12.5 % 111,330 116,830 -4.7 % 127,166 -12.5 %
Share of
Total Nasdaq Listed Consolidated Volume Handled Volume 5 13.6 %
14.6 % 14.4 % 13.6 % 14.6 % 14.4 % Matched Volume 6 11.5 % 12.6 %
12.2 % 11.5 % 12.6 % 12.2 %
Exchange-Traded Funds
5,7 Handled Volume 5 248 359 -30.8 % 315 -21.2 %
15,407 22,619 -31.9 % 19,557 -21.2 % Matched Volume 6 221 323 -31.5
% 283 -21.8 % 13,719 20,350 -32.6 % 17,543 -21.8 % Total ETF
Consolidated Volume 1,084 1,433 -24.4 % 1,245 -13.0 % 67,198 90,268
-25.6 % 77,213 -13.0 %
Share of Total ETF Consolidated
Volume Handled Volume 5 22.9 % 25.1 % 25.3 % 22.9 % 25.1 % 25.3
% Matched Volume 6 20.4 % 22.5 % 22.7 % 20.4 % 22.5 % 22.7 %
1 Data includes currency products. 2 Includes trading
activities for Bclear, NYSE Liffe's service for Equity OTC
derivatives. 3 Includes trading in U.S. equity options contracts,
not equity-index options. 4 Includes all volume executed in NYSE
Euronext's U.S. crossing sessions. 5 Represents the total number of
shares of equity securities and ETFs internally matched on the NYSE
Euronext's U.S. exchanges or routed to and executed at an external
market center. NYSE Arca routing includes odd-lots. 6 Represents
the total number of shares of equity securities and ETFs executed
on the NYSE Euronext's U.S. exchanges. 7 Data included in
previously identified categories. Source: NYSE Euronext,
Options Clearing Corporation and Consolidated Tape as reported for
equity securities. All trading activity is single-counted, except
European cash trading which is double counted to include both buys
and sells.
NYSE
Euronext
Selected
Statistical Data:
Other Operating
Statistics
Three Months Ended (Unaudited)
Mar. 31, 2012 Dec. 31, 2011
Mar. 31, 2011 NYSE Euronext Listed
Issuers NYSE Listed Issuers Issuers listed
on U.S. Markets1 2,960 2,947 2,952 Number of new issuer listings1
106 88 104 Capital raised in connection with new listings
($millions)2 $ 4,492 $ 4,079 $ 12,446
Euronext Listed
Issuers Issuers listed on Euronext1 926 932 974 Number
of new issuer listings3 10 12 10 Capital raised in connection with
new listings ($millions)2 $ 1,461 $ 7 $ 29
NYSE
Euronext Market Data NYSE Market Data4
Share of Tape A revenues (%) 40.2 % 43.0 % 47.6 % Share of
Tape B revenues (%) 27.0 % 29.3 % 31.1 % Share of Tape C revenues
(%) 15.6 % 17.5 % 19.7 % Professional subscribers (Tape A) 362,617
371,878 374,285
Euronext Market Data Number of
terminals 221,906 226,282 233,289
NYSE Euronext
Operating Expenses NYSE Euronext employee
headcount NYSE Euronext headcount 3,079 3,077 3,028
NYSE Euronext Financial Statistics
NYSE Euronext foreign exchange rate Average €/US$
exchange rate $ 1.311 $ 1.348 $ 1.368 Average £/US$ exchange rate $
1.571 $ 1.573 $ 1.602 1 Figures for NYSE listed issuers
include listed operating companies, special-purpose acquisition
companies and closed-end funds listed on the NYSE and NYSE Amex and
do not include NYSE Arca or structured products listed on the NYSE.
There were 1,382 ETFs exclusively listed on NYSE Arca as of March
31, 2012. There were 449 corporate structured products listed on
the NYSE as of March 31, 2012.
Figures for new issuer listings include
NYSE new listings (including new operating companies,
special-purpose acquisition companies and closed-end funds listing
on NYSE) and new ETP listings on NYSE Arca (NYSE Amex is excluded).
Figures for Euronext present the operating companies were listed on
Euronext and do not include NYSE Alternext, Free Market, closed-end
funds, ETFs and structured product (warrants and certificates). As
of March 31, 2012, 180 companies were listed on NYSE Alternext, 263
on Free Market and 695 ETFs were listed on NextTrack.
2 Euronext figures show capital raised in millions of dollars by
operating companies listed on Euronext, NYSE Alternext and Free
Market and do not include closed-end funds, ETFs and structured
products (warrants and certificates). NYSE figures show capital
raised in millions of dollars by operating companies listed on NYSE
and NYSE Arca and do not include closed-end funds, ETFs and
structured products. 3 Euronext figures include operating companies
listed on Euronext, NYSE Alternext and Free Market and do not
include closed-end funds, ETFs and structured products (warrants
and certificates). 4 "Tape A" represents NYSE listed securities,
"Tape B" represents NYSE Arca and NYSE Amex listed securities, and
"Tape C" represents Nasdaq listed securities. Per Regulation NMS,
as of April 1, 2007, share of revenues is derived through a formula
based on 25% share of trading, 25% share of value traded, and 50%
share of quoting, as reported to the consolidated tape. Prior to
April 1, 2007, share of revenues for Tape A and B was derived based
on number of trades reported to the consolidated tape, and share of
revenue for Tape C was derived based on an average of share of
trades and share of volume reported to the consolidated tape. The
consolidated tape refers to the collection and dissemination of
market data that multiple markets make available on a consolidated
basis. Share figures exclude transactions reported to the
FINRA/NYSE Trade Reporting Facility. Source: NYSE Euronext,
Options Clearing Corporation and Consolidated Tape as reported for
equity securities.
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