Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for
the third quarter of 2021.
- Net revenues1 increased 17% compared to the third quarter of
2020. Solutions segments2 revenues increased 19%, including organic
growth and contribution from the acquisition of Verafin.
- Annualized Recurring Revenue (ARR)3 increased 19% compared to
the third quarter of 2020, and excluding Verafin, increased 10%.
Annualized SaaS revenues increased 42% and represented 34% of
ARR.
- Third quarter GAAP diluted earnings per share increased 7%, and
non-GAAP4 diluted earnings per share increased 16%.
- During the first nine months of 2021, the company returned
$1,145 million of cash to investors, including $885 million in
share repurchases and $260 million in dividends.
Third Quarter 2021 Highlights
|
USD $ millions(except per share) |
% Change(YoY) |
Solutions Segments Revenues |
$541 |
19% |
|
Market Services Net Revenues |
$295 |
15% |
|
Net Revenues |
$838 |
17% |
|
ARR |
$1,834 |
19% |
|
GAAP Diluted EPS |
$1.69 |
7% |
|
Non-GAAP Diluted EPS |
$1.78 |
16% |
|
Adena Friedman, President and CEO said, “The
strong financial results for the third quarter of 2021 reflect
consistent long-term growth in the Anti Financial Crime, Index and
Analytics offerings, the benefits of the materially-expanded listed
issuer base in our Corporate Platforms segment, and robust
performance from the marketplace and connectivity platforms
comprising our Market Services business.
While results reflect strong execution against a dynamic capital
markets backdrop, I am particularly pleased by the 19% increase in
ARR and the increasing contribution of our SaaS businesses, which
provide a strong base for further growth across all
environments.”
Ann Dennison, Executive Vice President and CFO
said, “Our efforts to deliberately allocate capital to
support the success of our long-term strategy is contributing to
our 20% year-to-date revenue increase, while also supporting record
year-to-date GAAP and non-GAAP diluted EPS results.”
FINANCIAL REVIEW
- Third quarter 2021 net revenues were $838 million, an increase
of $123 million, or 17%, from $715 million in the prior year
period. Net revenues reflected a $96 million, or 13%, positive
impact from organic growth, a $25 million increase from the net
impact of acquisitions and divestitures, and a $2 million increase
from the impact of favorable changes in FX rates.
- Solutions segments revenues were $541 million in the third
quarter of 2021, an increase of $88 million, or 19%. The increase
reflects a $59 million, or 13%, positive impact from organic
growth, and a $29 million, or 6%, increase from the inclusion of
revenues from the acquisition of Verafin. Market Services net
revenues were $295 million in the third quarter of 2021, reflecting
a $37 million, or 14%, positive impact from organic growth and a $2
million increase from the impact of FX.
- Third quarter GAAP operating expenses increased 24% versus the
prior year period. The increase primarily reflects higher
compensation and benefits expense, general, administrative and
other expense, depreciation and amortization expense, merger and
strategic initiatives expense and computer operations and data
communication expense.
- Non-GAAP operating expenses increased 15% versus the prior year
period. The increase reflects a $26 million, or 8%, organic
increase over the prior year period, a $21 million, or 6% increase
from the net impact of acquisitions and divestitures and a $4
million, or 1%, increase from changes in FX rates. The organic
increase primarily reflects higher compensation and benefits
expense, marketing and advertising expense and computer operations
and data communication expense.
- During the third quarter of 2021, the company repurchased $475
million in shares of its common stock, reflecting the impact from
the previously announced ASR program executed during the period.
The company repurchased an aggregate of $885 million, including the
ASR described above, during the first nine months of 2021. As of
September 30, 2021, there was $984 million remaining under the
board authorized share repurchase program.
EXPENSE AND TAX GUIDANCE
UPDATE5
- The company is narrowing the range of its 2021 non-GAAP
operating expense guidance to a range of $1,605 to $1,620 million.
Nasdaq continues to expect its 2021 non-GAAP tax rate to be in the
range of 25.0% to 27.0%.
STRATEGIC AND BUSINESS UPDATES
- Nasdaq’s annualized SaaS revenues in the third quarter of 2021
increased 42% year over year. Annualized SaaS revenues totaled $620
million in the third quarter of 2021, representing 34% of total
company ARR, up from 28% in the third quarter of 2020. The 42% year
over year increase in annualized SaaS revenues primarily reflects
the inclusion of Verafin and strong growth in our surveillance and
analytics businesses.
- Nasdaq Private Market contributed to a standalone, independent
company to establish an institutional-grade, centralized secondary
trading venue. Nasdaq, SVB Financial Group, Citi, Goldman Sachs and
Morgan Stanley established a platform with Nasdaq Private Market’s
existing technology, client relationships and regulatory
infrastructure, providing a strong foundation to develop a full
suite of liquidity solutions for private companies.
- Investment Intelligence delivered strong new sales results.
There were nearly 60 ETPs tracking Nasdaq indexes launched over the
12 months with over $5 billion of AUM accumulated through the third
quarter of 2021, including the Invesco Innovation Suite and Hashdex
products linked to the Nasdaq Crypto Index. Nasdaq's analytics
offerings through our eVestment platform saw continued strong new
sales and user adoption across both asset owners and asset
managers. The expanded suite of solutions is helping to drive
higher ARR per client. Additionally, during the quarter, we
announced a partnership with Mercer, creating a co-branded platform
called MercerInsight, which will expand eVestment Analytics reach
and coverage, deepen our position in the ecosystem and create
further joint opportunities.
- The Nasdaq Stock Market led U.S. exchanges for IPOs during the
third quarter of 2021. The Nasdaq Stock Market IPO win rate was 75%
in the third quarter of 2021, including 147 IPOs representing $29
billion in capital raised. There were 80 operating company6 IPOs
during the period including Robinhood, Duolingo, Sportradar,
Olaplex Holdings and Freshworks, as well as the direct listing of
Amplitude and 67 special purpose acquisition companies. SPAC
combinations in the third quarter of 2021 included Lucid Motors,
Astra Space and Matterport. Nasdaq's European exchanges welcomed 25
IPOs during the period and 2021 has already set a new record for
the highest yearly amount of new listings.
- Nasdaq launched Nasdaq Data Link to simplify data discovery and
expand cloud delivery. Nasdaq Data Link is a cloud-based technology
platform that empowers all segments of the investing public with a
comprehensive suite of financial, fund and alternative data. The
platform builds on Nasdaq’s Quandl technology to provide a unified,
modern API interface to enable integration across Nasdaq’s
portfolio of data products.
- Nasdaq led all exchanges during the third quarter of 2021 in
total U.S. multiply-listed equity options volume traded. In the
third quarter of 2021, Nasdaq's U.S. options market average daily
number of contracts totaled 11.5 million, an increase of 11% year
over year.
____________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.6
Operating companies exclude special purpose acquisition companies
and when a special purpose acquisition company completes an
acquisition.
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 its 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 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
STATEMENTSInformation 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, (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, government and industry regulation,
interest rate risk, U.S. and global competition, the impact of the
COVID-19 pandemic on our business, operations, results of
operations, financial condition, workforce or the operations or
decisions of our customers, suppliers or business partners, 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.
Media Relations Contact:
Will
Briganti+1.646.964.8169william.briganti@nasdaq.com
Investor Relations Contact:
Ed Ditmire, CFA+1.212.401.8737ed.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, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
Market Technology |
$ |
114 |
|
|
$ |
86 |
|
|
$ |
332 |
|
|
$ |
251 |
|
Investment Intelligence |
|
272 |
|
|
|
236 |
|
|
|
787 |
|
|
|
654 |
|
Corporate Platforms |
|
155 |
|
|
|
131 |
|
|
|
451 |
|
|
|
382 |
|
Market Services |
|
814 |
|
|
|
954 |
|
|
|
2,823 |
|
|
|
2,855 |
|
Other Revenues |
|
2 |
|
|
|
6 |
|
|
|
26 |
|
|
|
21 |
|
|
Total revenues |
|
1,357 |
|
|
|
1,413 |
|
|
|
4,419 |
|
|
|
4,163 |
|
Transaction-based expenses: |
|
|
|
|
|
|
|
Transaction rebates |
|
(472 |
) |
|
|
(517 |
) |
|
|
(1,642 |
) |
|
|
(1,525 |
) |
Brokerage, clearance and exchange fees |
|
(47 |
) |
|
|
(181 |
) |
|
|
(243 |
) |
|
|
(523 |
) |
Revenues less transaction-based expenses |
|
838 |
|
|
|
715 |
|
|
|
2,534 |
|
|
|
2,115 |
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
Compensation and benefits |
|
230 |
|
|
|
198 |
|
|
|
700 |
|
|
|
582 |
|
Professional and contract services |
|
36 |
|
|
|
38 |
|
|
|
101 |
|
|
|
96 |
|
Computer operations and data communications |
|
47 |
|
|
|
39 |
|
|
|
137 |
|
|
|
109 |
|
Occupancy |
|
27 |
|
|
|
29 |
|
|
|
81 |
|
|
|
80 |
|
General, administrative and other |
|
42 |
|
|
|
13 |
|
|
|
66 |
|
|
|
99 |
|
Marketing and advertising |
|
12 |
|
|
|
7 |
|
|
|
32 |
|
|
|
20 |
|
Depreciation and amortization |
|
67 |
|
|
|
51 |
|
|
|
197 |
|
|
|
149 |
|
Regulatory |
|
8 |
|
|
|
2 |
|
|
|
22 |
|
|
|
16 |
|
Merger and strategic initiatives |
|
13 |
|
|
|
1 |
|
|
|
70 |
|
|
|
12 |
|
Restructuring charges |
|
- |
|
|
|
11 |
|
|
|
31 |
|
|
|
36 |
|
|
Total operating expenses |
|
482 |
|
|
|
389 |
|
|
|
1,437 |
|
|
|
1,199 |
|
Operating income |
|
356 |
|
|
|
326 |
|
|
|
1,097 |
|
|
|
916 |
|
Interest income |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
4 |
|
Interest expense |
|
(33 |
) |
|
|
(24 |
) |
|
|
(95 |
) |
|
|
(77 |
) |
Net gain on divestiture of business |
|
- |
|
|
|
- |
|
|
|
84 |
|
|
|
- |
|
Other income |
|
42 |
|
|
|
1 |
|
|
|
43 |
|
|
|
5 |
|
Net income from unconsolidated investees |
|
6 |
|
|
|
54 |
|
|
|
90 |
|
|
|
97 |
|
Income before income taxes |
|
371 |
|
|
|
357 |
|
|
|
1,220 |
|
|
|
945 |
|
Income tax provision |
|
83 |
|
|
|
93 |
|
|
|
292 |
|
|
|
237 |
|
Net income attributable to Nasdaq |
$ |
288 |
|
|
$ |
264 |
|
|
$ |
928 |
|
|
$ |
708 |
|
|
|
|
|
|
|
|
|
Per share information: |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.72 |
|
|
$ |
1.61 |
|
|
$ |
5.61 |
|
|
$ |
4.31 |
|
Diluted earnings per share |
$ |
1.69 |
|
|
$ |
1.58 |
|
|
$ |
5.53 |
|
|
$ |
4.25 |
|
Cash dividends declared per common share |
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
1.57 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding for earnings per
share: |
|
|
|
|
|
|
|
Basic |
|
167.7 |
|
|
|
164.2 |
|
|
|
165.5 |
|
|
|
164.4 |
|
Diluted |
|
170.2 |
|
|
|
167.5 |
|
|
|
167.9 |
|
|
|
166.8 |
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Revenue
Detail |
(in
millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
MARKET TECHNOLOGY REVENUES |
|
|
|
|
|
|
|
|
Anti Financial Crime Technology revenues |
$ |
66 |
|
|
$ |
32 |
|
|
$ |
175 |
|
|
$ |
94 |
|
|
Marketplace Infrastructure Technology
revenues |
|
48 |
|
|
|
54 |
|
|
|
157 |
|
|
|
157 |
|
|
|
Total Market Technology revenues |
|
114 |
|
|
|
86 |
|
|
|
332 |
|
|
|
251 |
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT INTELLIGENCE REVENUES |
|
|
|
|
|
|
|
|
Market Data revenues |
|
102 |
|
|
|
105 |
|
|
|
310 |
|
|
|
298 |
|
|
Index revenues |
|
119 |
|
|
|
86 |
|
|
|
328 |
|
|
|
227 |
|
|
Analytics revenues |
|
51 |
|
|
|
45 |
|
|
|
149 |
|
|
|
129 |
|
|
|
Total Investment Intelligence revenues |
|
272 |
|
|
|
236 |
|
|
|
787 |
|
|
|
654 |
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE PLATFORMS REVENUES |
|
|
|
|
|
|
|
|
Listings Services revenues |
|
99 |
|
|
|
78 |
|
|
|
282 |
|
|
|
224 |
|
|
IR & ESG Services revenues |
|
56 |
|
|
|
53 |
|
|
|
169 |
|
|
|
158 |
|
|
|
Total Corporate Platforms revenues |
|
155 |
|
|
|
131 |
|
|
|
451 |
|
|
|
382 |
|
|
|
|
|
|
|
|
|
|
|
|
MARKET SERVICES REVENUES |
|
|
|
|
|
|
|
|
Equity Derivative Trading and Clearing
revenues |
|
330 |
|
|
|
317 |
|
|
|
1,114 |
|
|
|
901 |
|
|
Transaction-based expenses: |
|
|
|
|
|
|
|
|
|
|
Transaction
rebates |
|
(220 |
) |
|
|
(214 |
) |
|
|
(770 |
) |
|
|
(585 |
) |
|
|
|
Brokerage,
clearance and exchange fees |
|
(5 |
) |
|
|
(19 |
) |
|
|
(31 |
) |
|
|
(55 |
) |
|
|
Total net equity derivative trading and clearing
revenues |
|
105 |
|
|
|
84 |
|
|
|
313 |
|
|
|
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equity Trading revenues |
|
390 |
|
|
|
550 |
|
|
|
1,423 |
|
|
|
1,697 |
|
|
Transaction-based expenses: |
|
|
|
|
|
|
|
|
|
|
Transaction
rebates |
|
(252 |
) |
|
|
(303 |
) |
|
|
(872 |
) |
|
|
(940 |
) |
|
|
|
Brokerage,
clearance and exchange fees |
|
(42 |
) |
|
|
(162 |
) |
|
|
(212 |
) |
|
|
(468 |
) |
|
|
Total net cash equity trading revenues |
|
96 |
|
|
|
85 |
|
|
|
339 |
|
|
|
289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income and Commodities Trading and Clearing
revenues |
|
13 |
|
|
|
12 |
|
|
|
44 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade Management Services revenues |
|
81 |
|
|
|
75 |
|
|
|
242 |
|
|
|
218 |
|
|
|
Total Net Market Services revenues |
|
295 |
|
|
|
256 |
|
|
|
938 |
|
|
|
807 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REVENUES |
|
2 |
|
|
|
6 |
|
|
|
26 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES LESS TRANSACTION-BASED EXPENSES |
$ |
838 |
|
|
$ |
715 |
|
|
$ |
2,534 |
|
|
$ |
2,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Condensed
Consolidated Balance Sheets |
(in
millions) |
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
303 |
|
|
$ |
2,745 |
|
|
Restricted
cash and cash equivalents |
|
|
29 |
|
|
|
37 |
|
|
Financial
investments |
|
|
185 |
|
|
|
195 |
|
|
Receivables,
net |
|
|
552 |
|
|
|
566 |
|
|
Default
funds and margin deposits |
|
|
4,202 |
|
|
|
3,942 |
|
|
Other
current assets |
|
|
225 |
|
|
|
175 |
|
Total current assets |
|
|
5,496 |
|
|
|
7,660 |
|
Property and equipment, net |
|
|
495 |
|
|
|
475 |
|
Goodwill |
|
|
8,510 |
|
|
|
6,850 |
|
Intangible assets, net |
|
|
2,885 |
|
|
|
2,255 |
|
Operating lease assets |
|
|
383 |
|
|
|
381 |
|
Other non-current assets |
|
|
628 |
|
|
|
358 |
|
Total assets |
|
$ |
18,397 |
|
|
$ |
17,979 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
166 |
|
|
$ |
175 |
|
|
Section 31
fees payable to SEC |
|
|
14 |
|
|
|
224 |
|
|
Accrued
personnel costs |
|
|
221 |
|
|
|
227 |
|
|
Deferred
revenue |
|
|
380 |
|
|
|
235 |
|
|
Other
current liabilities |
|
|
132 |
|
|
|
121 |
|
|
Default
funds and margin deposits |
|
|
4,202 |
|
|
|
3,942 |
|
|
Short-term
debt |
|
|
480 |
|
|
|
- |
|
Total current liabilities |
|
|
5,595 |
|
|
|
4,924 |
|
Long-term debt |
|
|
5,447 |
|
|
|
5,541 |
|
Deferred tax liabilities, net |
|
|
395 |
|
|
|
502 |
|
Operating lease liabilities |
|
|
398 |
|
|
|
389 |
|
Other non-current liabilities |
|
|
207 |
|
|
|
187 |
|
Total liabilities |
|
|
12,042 |
|
|
|
11,543 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
Equity |
|
|
|
|
Nasdaq stockholders' equity: |
|
|
|
|
|
Common
stock |
|
|
2 |
|
|
|
2 |
|
|
Additional
paid-in capital |
|
|
1,983 |
|
|
|
2,547 |
|
|
Common stock
in treasury, at cost |
|
|
(425 |
) |
|
|
(376 |
) |
|
Accumulated
other comprehensive loss |
|
|
(1,511 |
) |
|
|
(1,368 |
) |
|
Retained
earnings |
|
|
6,296 |
|
|
|
5,628 |
|
Total Nasdaq stockholders' equity |
|
|
6,345 |
|
|
|
6,433 |
|
|
Noncontrolling interests |
|
|
10 |
|
|
|
3 |
|
Total equity |
|
|
6,355 |
|
|
|
6,436 |
|
Total liabilities and equity |
|
$ |
18,397 |
|
|
$ |
17,979 |
|
|
|
|
|
|
|
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, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP net income attributable to Nasdaq |
|
$ |
288 |
|
|
$ |
264 |
|
|
$ |
928 |
|
|
$ |
708 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Amortization
expense of acquired intangible assets (1) |
|
|
40 |
|
|
|
26 |
|
|
|
116 |
|
|
|
76 |
|
|
Merger and
strategic initiatives expense (2) |
|
|
13 |
|
|
|
1 |
|
|
|
70 |
|
|
|
12 |
|
|
Restructuring charges (3) |
|
|
- |
|
|
|
11 |
|
|
|
31 |
|
|
|
36 |
|
|
Net gain on
divestiture of business (4) |
|
|
- |
|
|
|
- |
|
|
|
(84 |
) |
|
|
- |
|
|
Net income
from unconsolidated investees (5) |
|
|
(6 |
) |
|
|
(55 |
) |
|
|
(88 |
) |
|
|
(97 |
) |
|
Extinguishment of debt (6) |
|
|
33 |
|
|
|
- |
|
|
|
33 |
|
|
|
36 |
|
|
Charitable
Donations (7) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17 |
|
|
Provision
for notes receivable (7) |
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
6 |
|
|
Other
(7) |
|
|
(42 |
) |
|
|
(1 |
) |
|
|
(37 |
) |
|
|
3 |
|
|
Total
non-GAAP adjustments |
|
|
38 |
|
|
|
(12 |
) |
|
|
41 |
|
|
|
89 |
|
|
Non-GAAP
adjustment to the income tax provision (8) |
|
|
(23 |
) |
|
|
4 |
|
|
|
(24 |
) |
|
|
(34 |
) |
|
Total
non-GAAP adjustments, net of tax |
|
|
15 |
|
|
|
(8 |
) |
|
|
17 |
|
|
|
55 |
|
Non-GAAP net income attributable to Nasdaq |
|
$ |
303 |
|
|
$ |
256 |
|
|
$ |
945 |
|
|
$ |
763 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP diluted earnings per share |
|
$ |
1.69 |
|
|
$ |
1.58 |
|
|
$ |
5.53 |
|
|
$ |
4.25 |
|
|
Total
adjustments from non-GAAP net income above |
|
|
0.09 |
|
|
|
(0.05 |
) |
|
|
0.10 |
|
|
|
0.32 |
|
Non-GAAP diluted earnings per share |
|
$ |
1.78 |
|
|
$ |
1.53 |
|
|
$ |
5.63 |
|
|
$ |
4.57 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted common shares outstanding for
earnings per share: |
|
|
170.2 |
|
|
|
167.5 |
|
|
|
167.9 |
|
|
|
166.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and will vary based on the size
and frequency of the activities described above. |
|
|
|
|
|
|
|
|
|
|
(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
re-alignment 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, represents 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 three and
nine months ended September 30, 2021, and for the nine months ended
September 30, 2020, represents 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,
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. For the three and nine months ended September
30, 2020, these significant items primarily included a provision
for notes receivable associated with the funding of technology
development for the consolidated audit trail recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income, charges associated with duplicative rent and
impairment of leasehold assets related to our global headquarters
move recorded in occupancy and depreciation and amortization
expense in our Condensed Consolidated Statements of Income, and a
reversal of a regulatory fine issued by the Swedish Financial
Supervisory Authority, recorded in regulatory expense in our
Condensed Consolidated Statements of Income. The first nine months
of 2020 also included charitable donations made to the Nasdaq
Foundation, COVID-19 response and relief efforts, and social
justice charities, which are recorded in general, administrative
and other expense 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, 2021 and 2020 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 and for the nine months ended September 30,
2020, a tax benefit on compensation related deductions determined
to be allowable. |
|
|
|
|
|
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, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP operating income |
|
$ |
356 |
|
|
$ |
326 |
|
|
$ |
1,097 |
|
|
$ |
916 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Amortization
expense of acquired intangible assets (1) |
|
|
40 |
|
|
|
26 |
|
|
|
116 |
|
|
|
76 |
|
|
Merger and
strategic initiatives expense (2) |
|
|
13 |
|
|
|
1 |
|
|
|
70 |
|
|
|
12 |
|
|
Restructuring charges (3) |
|
|
- |
|
|
|
11 |
|
|
|
31 |
|
|
|
36 |
|
|
Extinguishment of debt (4) |
|
|
33 |
|
|
|
- |
|
|
|
33 |
|
|
|
36 |
|
|
Charitable
donations (5) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17 |
|
|
Provision
for notes receivable (5) |
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
6 |
|
|
Other
(5) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
5 |
|
|
|
7 |
|
|
Total
non-GAAP adjustments |
|
|
85 |
|
|
|
43 |
|
|
|
255 |
|
|
|
190 |
|
Non-GAAP operating income |
|
$ |
441 |
|
|
$ |
369 |
|
|
$ |
1,352 |
|
|
$ |
1,106 |
|
|
|
|
|
|
|
|
|
|
Revenues less transaction-based expenses |
|
$ |
838 |
|
|
$ |
715 |
|
|
$ |
2,534 |
|
|
$ |
2,115 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP operating margin
(6) |
|
|
42 |
% |
|
|
46 |
% |
|
|
43 |
% |
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
(7) |
|
|
53 |
% |
|
|
52 |
% |
|
|
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 and will vary based on the size
and frequency of the activities described above. |
|
|
|
|
|
|
|
|
|
|
(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
re-alignment 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 three and
nine months ended September 30, 2021, and for the nine months ended
September 30, 2020, represents 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,
2020, these significant items primarily included a provision for
notes receivable associated with the funding of technology
development for the consolidated audit trail recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income, charges associated with duplicative rent and
impairment of leasehold assets related to our global headquarters
move recorded in occupancy and depreciation and amortization
expense in our Condensed Consolidated Statements of Income, and a
reversal of a regulatory fine issued by the Swedish Financial
Supervisory Authority, recorded in regulatory expense in our
Condensed Consolidated Statements of Income. The first nine months
of 2020 also included charitable donations made to the Nasdaq
Foundation, COVID-19 response and relief efforts, and social
justice charities, which are 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, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP operating expenses |
|
$ |
482 |
|
|
$ |
389 |
|
|
$ |
1,437 |
|
|
$ |
1,199 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Amortization
expense of acquired intangible assets (1) |
|
|
(40 |
) |
|
|
(26 |
) |
|
|
(116 |
) |
|
|
(76 |
) |
|
Merger and
strategic initiatives expense (2) |
|
|
(13 |
) |
|
|
(1 |
) |
|
|
(70 |
) |
|
|
(12 |
) |
|
Restructuring charges (3) |
|
|
- |
|
|
|
(11 |
) |
|
|
(31 |
) |
|
|
(36 |
) |
|
Extinguishment of debt (4) |
|
|
(33 |
) |
|
|
- |
|
|
|
(33 |
) |
|
|
(36 |
) |
|
Charitable
donations (5) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17 |
) |
|
Provision
for notes receivable (5) |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(6 |
) |
|
Other
(5) |
|
|
1 |
|
|
|
1 |
|
|
|
(5 |
) |
|
|
(7 |
) |
|
Total
non-GAAP adjustments |
|
|
(85 |
) |
|
|
(43 |
) |
|
|
(255 |
) |
|
|
(190 |
) |
Non-GAAP operating expenses |
|
$ |
397 |
|
|
$ |
346 |
|
|
$ |
1,182 |
|
|
$ |
1,009 |
|
|
|
|
|
|
|
|
|
|
|
(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 and will vary based on the size
and frequency of the activities described above. |
|
|
|
|
|
|
|
|
|
|
(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
re-alignment 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 three and
nine months ended September 30, 2021, and for the nine months ended
September 30, 2020, represents 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,
2020, these significant items primarily included a provision for
notes receivable associated with the funding of technology
development for the consolidated audit trail recorded in general,
administrative and other expense in our Condensed Consolidated
Statements of Income, charges associated with duplicative rent and
impairment of leasehold assets related to our global headquarters
move recorded in occupancy and depreciation and amortization
expense in our Condensed Consolidated Statements of Income, and a
reversal of a regulatory fine issued by the Swedish Financial
Supervisory Authority, recorded in regulatory expense in our
Condensed Consolidated Statements of Income. The first nine months
of 2020 also included charitable donations made to the Nasdaq
Foundation, COVID-19 response and relief efforts, and social
justice charities, which are recorded in general, administrative
and other expense in our Condensed Consolidated Statements of
Income. |
|
|
|
|
|
|
|
|
|
|
Nasdaq,
Inc. |
Quarterly
Key Drivers Detail |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
September 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
2020 |
|
Market Technology |
|
|
|
|
|
|
|
|
|
|
|
|
Order intake
(in millions) (1) |
$ |
76 |
|
$ |
84 |
|
$ |
236 |
$ |
202 |
|
|
Annualized
recurring revenues (in millions) (2) |
$ |
428 |
|
$ |
278 |
|
$ |
428 |
$ |
278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Intelligence |
|
|
|
|
|
|
|
|
|
|
|
|
Number of
licensed exchange traded products (ETPs) |
|
347 |
|
|
335 |
|
|
347 |
|
335 |
|
|
ETP assets
under management (AUM) tracking Nasdaq indexes (in billions) |
$ |
361 |
|
$ |
313 |
|
$ |
361 |
$ |
313 |
|
|
TTM (3) net
inflows ETP AUM tracking Nasdaq indexes (in billions) |
$ |
53 |
|
$ |
48 |
|
$ |
53 |
$ |
48 |
|
|
TTM (3) net
appreciation/depreciation ETP AUM tracking Nasdaq indexes (in
billions) |
$ |
87 |
|
$ |
58 |
|
$ |
87 |
$ |
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Platforms |
|
|
|
|
|
|
|
|
|
|
|
|
Initial
public offerings |
|
|
|
|
|
|
|
|
|
|
|
|
The Nasdaq
Stock Market (4) |
|
147 |
|
|
105 |
|
|
557 |
|
174 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic |
|
25 |
|
|
5 |
|
|
111 |
|
21 |
|
|
Total new
listings |
|
|
|
|
|
|
|
|
|
|
|
|
The Nasdaq
Stock Market (4) |
|
223 |
|
|
144 |
|
|
734 |
|
255 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic (5) |
|
28 |
|
|
11 |
|
|
132 |
|
33 |
|
|
Number of
listed companies |
|
|
|
|
|
|
|
|
|
|
|
|
The Nasdaq
Stock Market (6) |
|
3,990 |
|
|
3,249 |
|
|
3,990 |
|
3,249 |
|
|
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic (7) |
|
1,172 |
|
|
1,049 |
|
|
1,172 |
|
1,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Services |
|
|
|
|
|
|
|
|
|
|
|
|
Equity Derivative Trading and Clearing |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. equity
options |
|
|
|
|
|
|
|
|
|
|
|
|
Total
industry average daily volume (in millions) |
|
35.5 |
|
|
28.1 |
|
|
36.7 |
|
26.7 |
|
|
Nasdaq PHLX
matched market share |
|
12.1 % |
|
|
12.8 % |
|
|
12.6 % |
|
12.4 % |
|
|
The Nasdaq
Options Market matched market share |
|
8.1 % |
|
|
9.6 % |
|
|
8.2 % |
|
10.2 % |
|
|
Nasdaq BX
Options matched market share |
|
1.6 % |
|
|
0.2 % |
|
|
1.1 % |
|
0.2 % |
|
|
Nasdaq ISE
Options matched market share |
|
6.0 % |
|
|
6.9 % |
|
|
6.6 % |
|
7.8 % |
|
|
Nasdaq GEMX
Options matched market share |
|
2.7 % |
|
|
6.3 % |
|
|
4.9 % |
|
5.3 % |
|
|
Nasdaq MRX
Options matched market share |
|
1.8 % |
|
|
0.9 % |
|
|
1.5 % |
|
0.6 % |
|
|
Total
matched market share executed on Nasdaq's exchanges |
|
32.3 % |
|
|
36.7 % |
|
|
34.9 % |
|
36.5 % |
|
|
Nasdaq
Nordic and Nasdaq Baltic options and futures |
|
|
|
|
|
|
|
|
|
|
|
|
Total
average daily volume options and futures contracts (8) |
|
241,653 |
|
|
256,478 |
|
|
286,794 |
|
335,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Equity Trading |
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S.-listed securities |
|
|
|
|
|
|
|
|
|
|
|
|
Total
industry average daily share volume (in billions) |
|
9.8 |
|
|
9.9 |
|
|
11.6 |
|
11.1 |
|
|
Matched
share volume (in billions) |
|
106.5 |
|
|
123.7 |
|
|
373.3 |
|
393.2 |
|
|
The Nasdaq
Stock Market matched market share |
|
15.9 % |
|
|
18.0 % |
|
|
15.8 % |
|
17.2 % |
|
|
Nasdaq BX
matched market share |
|
0.5 % |
|
|
0.8 % |
|
|
0.6 % |
|
1.0 % |
|
|
Nasdaq PSX
matched market share |
|
0.6 % |
|
|
0.6 % |
|
|
0.7 % |
|
0.6 % |
|
|
Total
matched market share executed on Nasdaq's exchanges |
|
17.0 % |
|
|
19.4 % |
|
|
17.1 % |
|
18.8 % |
|
|
Market share
reported to the FINRA/Nasdaq Trade Reporting Facility |
|
34.3 % |
|
|
32.0 % |
|
|
35.0 % |
|
31.2 % |
|
|
Total market
share (9) |
|
51.3 % |
|
|
51.4 % |
|
|
52.1 % |
|
50.0 % |
|
|
Nasdaq
Nordic and Nasdaq Baltic securities |
|
|
|
|
|
|
|
|
|
|
|
|
Average
daily number of equity trades executed on Nasdaq's exchanges |
|
989,688 |
|
|
819,751 |
|
|
1,033,316 |
|
924,455 |
|
|
Total
average daily value of shares traded (in billions) |
$ |
5.7 |
|
$ |
4.8 |
|
$ |
6.4 |
$ |
5.6 |
|
|
Total market
share executed on Nasdaq's exchanges |
|
76.3 % |
|
|
77.5 % |
|
|
77.4 % |
|
77.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income and Commodities Trading and
Clearing |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Total
average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed
income contracts |
|
96,155 |
|
|
87,668 |
|
|
113,807 |
|
105,837 |
|
|
Commodities |
|
|
|
|
|
|
|
|
|
|
|
|
Power
contracts cleared (TWh) (10) |
|
177 |
|
|
195 |
|
|
632 |
|
670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Market Technology support 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 and separately listed ETPs. For the three months ended
September 30, 2021, of the 147 IPOs, 67 were SPACs. For the three
months ended September 30, 2020, of the 105 IPOs, 41 were SPACs.
For the nine months ended September 30, 2021, of the 557 IPOs, 310
were SPACs. For the nine months ended September 30, 2020, of the
174 IPOs, 55 were SPACs. |
|
|
(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
listed companies on The Nasdaq Stock Market at period end,
including 430 ETPs as of September 30, 2021, and 409 as of
September 30, 2020. |
|
|
(7) Represents total
listed companies 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). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/de3deab6-969a-45ea-bf2f-77c227319827
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
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Da Feb 2024 a Mar 2024
Grafico Azioni Nasdaq (NASDAQ:NDAQ)
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