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As Of Filer Filing For·On·As Docs:Size 11/06/19 NASDAQ, Inc. 10-Q 9/30/19 119:15M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.95M 2: EX-10.1 Material Contract HTML 78K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 37K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 37K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 36K 68: R1 Cover Page HTML 96K 31: R2 Condensed Consolidated Balance Sheets HTML 132K 46: R3 Condensed Consolidated Balance Sheets HTML 44K (Parenthetical) 108: R4 Condensed Consolidated Statements of Income HTML 131K 66: R5 Condensed Consolidated Statements of Comprehensive HTML 61K Income (Loss) 29: R6 Condensed Consolidated Statements of Changes in HTML 100K Stockholders' Equity 44: R7 Condensed Consolidated Statements of Cash Flows HTML 147K 110: R8 Organization and Nature of Operations HTML 49K 64: R9 Basis of Presentation and Principles of HTML 47K Consolidation 95: R10 Significant Accounting Policies Update HTML 86K 81: R11 Revenue From Contracts With Customers HTML 300K 16: R12 Acquisitions and Divestiture HTML 59K 56: R13 Assets and Liabilities Held For Sale HTML 48K 93: R14 Goodwill and Acquired Intangible Assets HTML 147K 79: R15 Investments HTML 58K 15: R16 Deferred Revenue HTML 299K 55: R17 Debt Obligations HTML 104K 96: R18 Retirement Plans HTML 38K 78: R19 Share-Based Compensation HTML 133K 37: R20 Nasdaq Stockholders? Equity HTML 69K 49: R21 Earnings Per Share HTML 67K 119: R22 Fair Value of Financial Instruments HTML 81K 76: R23 Clearing Operations HTML 93K 36: R24 Income Taxes HTML 56K 48: R25 Commitments, Contingencies and Guarantees HTML 53K 118: R26 Business Segments HTML 166K 75: R27 Restructuring Charges HTML 41K 34: R28 Significant Accounting Policies Update (Policies) HTML 67K 50: R29 Basis of Presentation and Principles of HTML 43K Consolidation (Tables) 52: R30 Significant Accounting Policies Update (Tables) HTML 83K 11: R31 Revenue From Contracts With Customers (Tables) HTML 215K 83: R32 Acquisitions and Divestiture (Tables) HTML 49K 97: R33 Assets and Liabilities Held For Sale (Tables) HTML 52K 53: R34 Goodwill and Acquired Intangible Assets (Tables) HTML 228K 12: R35 Investments (Tables) HTML 44K 84: R36 Deferred Revenue (Tables) HTML 111K 98: R37 Debt Obligations (Tables) HTML 77K 51: R38 Share-Based Compensation (Tables) HTML 124K 13: R39 Nasdaq Stockholders? Equity (Tables) HTML 61K 45: R40 Earnings Per Share (Tables) HTML 67K 30: R41 Fair Value of Financial Instruments (Tables) HTML 71K 65: R42 Clearing Operations (Tables) HTML 72K 107: R43 Income Taxes (Tables) HTML 50K 47: R44 Business Segments (Tables) HTML 161K 32: R45 Restructuring Charges (Tables) HTML 41K 67: R46 Organization and Nature of Operations (Details) HTML 64K 109: R47 Significant Accounting Policies Update (Narrative) HTML 41K (Details) 43: R48 Significant Accounting Policies Update (Summary of HTML 41K Supplemental Balance Sheet Information Related to Operating Leases) (Details) 33: R49 Significant Accounting Policies Update (Lease HTML 41K Cost) (Details) 23: R50 Significant Accounting Policies Update (Operating HTML 53K Lease Maturity) (Details) 62: R51 Significant Accounting Policies Update (Lease HTML 36K Terms and Discount Rate) (Details) 100: R52 Significant Accounting Policies Update HTML 36K (Supplemental Cash Flow Information) (Details) 86: R53 Revenue From Contracts With Customers (Revenue by HTML 125K Product, Service and Segment) (Details) 22: R54 Revenue From Contracts With Customers Revenue From HTML 44K Contracts With Customers (Narrative) (Details) 61: R55 Revenue From Contracts With Customers (Remaining HTML 52K Performance Obligation) (Details) 99: R56 Acquisitions and Divestiture (2019 Divestiture and HTML 66K Acquisition) (Details) 85: R57 Acquisitions and Divestiture (2018 Divestiture) HTML 45K (Details) 21: R58 Acquisitions and Divestiture (Intangible Assets) HTML 46K (Details) 63: R59 Assets and Liabilities Held For Sale (Details) HTML 93K 114: R60 Goodwill and Acquired Intangible Assets (Schedule HTML 55K of Changes in Goodwill) (Details) 74: R61 Goodwill and Acquired Intangible Assets HTML 51K (Narrative) (Details) 27: R62 Goodwill and Acquired Intangible Assets HTML 72K (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) 42: R63 Goodwill and Acquired Intangible Assets (Estimated HTML 48K Future Amortization Expense) (Details) 111: R64 Investments (Schedule of Investments) (Details) HTML 45K 71: R65 Investments (Narrative) (Details) HTML 67K 24: R66 Deferred Revenue (Changes in Deferred Revenue) HTML 61K (Details) 39: R67 Deferred Revenue (Estimated Deferred Revenue) HTML 71K (Details) 116: R68 Debt Obligations (Changes in Debt Obligations) HTML 129K (Details) 70: R69 Debt Obligations (Commercial Paper) (Details) HTML 41K 87: R70 Debt Obligations (Senior Unsecured Notes) HTML 36K (Details) 103: R71 Debt Obligations (Senior Unsecured Floating Rate HTML 37K Notes) (Details) 57: R72 Debt Obligations (Early Extinguishment of 5.55% HTML 42K Senior Unsecured Notes) (Details) 17: R73 Debt Obligations (3.875% Senior Unsecured Notes) HTML 44K (Details) 90: R74 Debt Obligations (4.25% Senior Unsecured Notes) HTML 41K (Details) 106: R75 Debt Obligations (1.75% Senior Unsecured Notes Due HTML 44K 2023) (Details) 60: R76 Debt Obligations (3.85% Senior Unsecured Notes) HTML 41K (Details) 20: R77 Debt 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87K 102: R89 Nasdaq Stockholders' Equity (Common Stock in HTML 40K Treasury) (Details) 113: R90 Nasdaq Stockholders' Equity (Schedule of Dividends HTML 37K Declared) (Details) 73: R91 Earnings Per Share (Details) HTML 66K 26: R92 Fair Value of Financial Instruments (Schedule of HTML 58K Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) 41: R93 Fair Value of Financial Instruments (Narrative) HTML 53K (Details) 112: R94 Clearing Operations (Narrative) (Details) HTML 87K 72: R95 Clearing Operations (Schedule of Clearing Member HTML 42K Default Fund Contributions And Margin Deposits) (Details) 25: R96 Clearing Operations (Schedule of Derivative HTML 48K Contracts) (Details) 40: R97 Income Taxes (Components of Income Tax Provision) HTML 40K (Details) 115: R98 Income Taxes (Narrative) (Details) HTML 41K 69: R99 Commitments, Contingencies and Guarantees HTML 60K (Details) 80: R100 Business Segments (Narrative) (Details) HTML 36K 94: R101 Business Segments (Schedule of Operating Segments) HTML 60K (Details) 54: R102 Business Segments (Corporate Items) (Details) HTML 70K 14: R103 Restructuring Charges (Narrative) (Details) HTML 39K 82: R104 Restructuring Charges (Summary of Restructuring HTML 46K Plan) (Details) 35: XML IDEA XML File -- Filing Summary XML 233K 77: XML XBRL Instance -- ndaq930201910-q_htm XML 4.18M 28: EXCEL IDEA Workbook of Financial Reports XLSX 136K 7: EX-101.CAL XBRL Calculations -- ndaq-20190930_cal XML 316K 8: EX-101.DEF XBRL Definitions -- ndaq-20190930_def XML 1.17M 9: EX-101.LAB XBRL Labels -- ndaq-20190930_lab XML 2.31M 10: EX-101.PRE XBRL Presentations -- ndaq-20190930_pre XML 1.56M 6: EX-101.SCH XBRL Schema -- ndaq-20190930 XSD 274K 117: JSON XBRL Instance as JSON Data -- MetaLinks 483± 724K 38: ZIP XBRL Zipped Folder -- 0001120193-19-000015-xbrl Zip 633K
Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | ||
OR | ||
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period | from ________ to ________ |
i Delaware | i 52-1165937 | ||
(State
or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
i 151 W. 42nd Street, | i New
York, | i New York | i 10036 |
(Address of Principal Executive Offices) | (Zip
Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
i Common
Stock, $0.01 par value per share | i NDAQ | i The
Nasdaq Stock Market | ||
i 1.75% Senior Notes due 2029 | i NDAQ29 | i The
Nasdaq Stock Market | ||
i 3.875% Senior Notes due 2021 | i NDAQ21 | i The
Nasdaq Stock Market | ||
i 1.750% Senior Notes due 2023 | i NDAQ23 | i The
Nasdaq Stock Market |
i Large
accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ |
Emerging
growth company | i ☐ |
Class | Outstanding
at October 28, 2019 | |||
Common Stock, $0.01 par value per share | i 163,915,065 | shares |
Page | ||
Item 1. | ||
Item 2. | ||
Item
3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item
3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
• | “Nasdaq,” “we,” “us” and “our” refer to Nasdaq, Inc. |
• | “Nasdaq Baltic” refers to collectively, Nasdaq Tallinn AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius. |
• | “Nasdaq
BX” refers to the cash equity exchange operated by Nasdaq BX, Inc. |
• | “Nasdaq BX Options” refers to the options exchange operated by Nasdaq BX, Inc. |
• | “Nasdaq Clearing” refers to the clearing operations conducted by Nasdaq Clearing AB. |
• | “Nasdaq First North” refers to our
alternative marketplaces for smaller companies and growth companies in the Nordic and Baltic regions. |
• | “Nasdaq GEMX” refers to the options exchange operated by Nasdaq GEMX, LLC. |
• | “Nasdaq ISE” refers to the options exchange operated by Nasdaq ISE, LLC. |
• | “Nasdaq MRX” refers
to the options exchange operated by Nasdaq MRX, LLC. |
• | “Nasdaq Nordic” refers to collectively, Nasdaq Clearing AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, and Nasdaq Iceland hf. |
• | “Nasdaq PHLX” refers to the options exchange operated by Nasdaq PHLX LLC. |
• | “Nasdaq
PSX” refers to the cash equity exchange operated by Nasdaq PHLX LLC. |
• | “The Nasdaq Stock Market” refers to the cash equity exchange operated by The Nasdaq Stock Market LLC. |
• | our strategy and 2019 outlook; |
• | the integration of acquired businesses, including accounting decisions relating thereto; |
• | the
scope, nature or impact of acquisitions, divestitures, investments, joint ventures or other transactional activities; |
• | the effective dates for, and expected benefits of, ongoing initiatives, including transactional activities and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives; |
• | our products, order backlog and services; |
• | the
impact of pricing changes; |
• | tax matters; |
• | the cost and availability of liquidity and capital; and |
• | any litigation, or any regulatory or government investigation or action, to which we are or could become a party or which may affect us. |
• | our operating results may be lower than expected; |
• | our ability to successfully integrate acquired businesses or divest sold businesses or assets, including the fact that any integration or transition may be more difficult, time consuming or costly than expected, and we may be unable to realize synergies from business combinations,
acquisitions, divestitures or other transactional activities; |
• | loss of significant trading and clearing volumes or values, fees, market share, listed companies, market data products customers or other customers; |
• | our ability to develop and grow our non-trading businesses, including our technology and analytics offerings; |
• | our
ability to keep up with rapid technological advances and adequately address cybersecurity risks; |
• | economic, political and market conditions and fluctuations, including interest rate and foreign currency risk, inherent in U.S. and international operations; |
• | the performance and reliability of our technology and technology of third parties on which we rely; |
• | any
significant error in our operational processes; |
• | our ability to continue to generate cash and manage our indebtedness; and |
• | adverse changes that may occur in the litigation or regulatory areas, or in the securities markets generally, or increased regulatory oversight domestically or internationally. |
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash
and cash equivalents | $ | i 304 | $ | i 545 | |||
Restricted
cash | i 29 | i 41 | |||||
Financial
investments, at fair value | i 201 | i 268 | |||||
Receivables,
net | i 399 | i 384 | |||||
Default
funds and margin deposits | i 2,422 | i 4,742 | |||||
Other
current assets | i 144 | i 390 | |||||
Total
current assets | i 3,499 | i 6,370 | |||||
Property
and equipment, net | i 361 | i 376 | |||||
Goodwill | i 6,232 | i 6,363 | |||||
Intangible
assets, net | i 2,239 | i 2,300 | |||||
Operating
lease assets | i 346 | i — | |||||
Other
non-current assets | i 303 | i 291 | |||||
Total
assets | $ | i 12,980 | $ | i 15,700 | |||
Liabilities | |||||||
Current
liabilities: | |||||||
Accounts payable and accrued expenses | $ | i 146 | $ | i 198 | |||
Section
31 fees payable to SEC | i 34 | i 109 | |||||
Accrued
personnel costs | i 137 | i 199 | |||||
Deferred
revenue | i 267 | i 194 | |||||
Other
current liabilities | i 147 | i 253 | |||||
Default
funds and margin deposits | i 2,422 | i 4,742 | |||||
Short-term
debt | i 539 | i 875 | |||||
Total
current liabilities | i 3,692 | i 6,570 | |||||
Long-term
debt | i 2,939 | i 2,956 | |||||
Deferred
tax liabilities, net | i 525 | i 501 | |||||
Operating
lease liabilities | i 327 | i — | |||||
Other
non-current liabilities | i 170 | i 224 | |||||
Total
liabilities | i 7,653 | i 10,251 | |||||
Commitments
and contingencies | i | i | |||||
Equity | |||||||
Nasdaq
stockholders’ equity: | |||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 169,802,172 at September 30, 2019 and 170,709,425 at December 31, 2018; shares outstanding: 163,894,038 at September 30, 2019 and 165,165,104 at December 31, 2018 | i 2 | i 2 | |||||
Additional
paid-in capital | i 2,585 | i 2,716 | |||||
Common
stock in treasury, at cost: 5,908,134 shares at September 30, 2019 and 5,544,321 shares at December 31, 2018 | ( i 328 | ) | ( i 297 | ) | |||
Accumulated
other comprehensive loss | ( i 1,833 | ) | ( i 1,530 | ) | |||
Retained
earnings | i 4,901 | i 4,558 | |||||
Total
Nasdaq stockholders’ equity | i 5,327 | i 5,449 | |||||
Total
liabilities and equity | $ | i 12,980 | $ | i 15,700 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Market
Services | $ | i 690 | $ | i 586 | $ | i 1,995 | $ | i 1,968 | |||||||
Corporate
Services | i 124 | i 121 | i 368 | i 364 | |||||||||||
Information
Services | i 198 | i 179 | i 585 | i 528 | |||||||||||
Market
Technology | i 84 | i 68 | i 239 | i 194 | |||||||||||
Other
revenues | i — | i 10 | i 10 | i 87 | |||||||||||
Total
revenues | i 1,096 | i 964 | i 3,197 | i 3,141 | |||||||||||
Transaction-based
expenses: | |||||||||||||||
Transaction rebates | ( i 349 | ) | ( i 293 | ) | ( i 1,012 | ) | ( i 947 | ) | |||||||
Brokerage,
clearance and exchange fees | ( i 115 | ) | ( i 71 | ) | ( i 296 | ) | ( i 312 | ) | |||||||
Revenues
less transaction-based expenses | i 632 | i 600 | i 1,889 | i 1,882 | |||||||||||
Operating
expenses: | |||||||||||||||
Compensation and benefits | i 175 | i 164 | i 518 | i 534 | |||||||||||
Professional
and contract services | i 31 | i 33 | i 99 | i 105 | |||||||||||
Computer
operations and data communications | i 33 | i 32 | i 98 | i 94 | |||||||||||
Occupancy | i 24 | i 23 | i 72 | i 72 | |||||||||||
General,
administrative and other | i 40 | i 28 | i 95 | i 73 | |||||||||||
Marketing
and advertising | i 8 | i 7 | i 29 | i 27 | |||||||||||
Depreciation
and amortization | i 47 | i 53 | i 143 | i 159 | |||||||||||
Regulatory | i 8 | i 8 | i 23 | i 24 | |||||||||||
Merger
and strategic initiatives | i 10 | i 6 | i 25 | i 7 | |||||||||||
Restructuring
charges | i 30 | i — | i 30 | i — | |||||||||||
Total
operating expenses | i 406 | i 354 | i 1,132 | i 1,095 | |||||||||||
Operating
income | i 226 | i 246 | i 757 | i 787 | |||||||||||
Interest
income | i 3 | i 3 | i 8 | i 8 | |||||||||||
Interest
expense | ( i 29 | ) | ( i 38 | ) | ( i 97 | ) | ( i 112 | ) | |||||||
Net
gain (loss) on divestiture of businesses | i — | ( i 8 | ) | i 27 | i 33 | ||||||||||
Other
investment income | i — | i — | i 1 | i 7 | |||||||||||
Net
income from unconsolidated investees | i 15 | i 6 | i 71 | i 13 | |||||||||||
Income
before income taxes | i 215 | i 209 | i 767 | i 736 | |||||||||||
Income
tax provision | i 65 | i 46 | i 196 | i 234 | |||||||||||
Net
income attributable to Nasdaq | $ | i 150 | $ | i 163 | $ | i 571 | $ | i 502 | |||||||
Per
share information: | |||||||||||||||
Basic earnings per share | $ | i 0.91 | $ | i 0.99 | $ | i 3.46 | $ | i 3.03 | |||||||
Diluted
earnings per share | $ | i 0.90 | $ | i 0.97 | $ | i 3.42 | $ | i 2.99 | |||||||
Cash
dividends declared per common share | $ | i 0.47 | $ | i 0.44 | $ | i 1.38 | $ | i 1.26 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | i 150 | $ | i 163 | $ | i 571 | $ | i 502 | |||||||
Other
comprehensive income (loss): | |||||||||||||||
Foreign currency translation gains (losses) | ( i 121 | ) | i 22 | ( i 256 | ) | ( i 239 | ) | ||||||||
Income
tax expense(1)(2) | ( i 46 | ) | ( i 15 | ) | ( i 47 | ) | ( i 76 | ) | |||||||
Foreign
currency translation, net | ( i 167 | ) | i 7 | ( i 303 | ) | ( i 315 | ) | ||||||||
Employee
benefit plan income tax expense(1) | i — | i — | i — | ( i 7 | ) | ||||||||||
Total
other comprehensive income (loss), net of tax | ( i 167 | ) | i 7 | ( i 303 | ) | ( i 322 | ) | ||||||||
Comprehensive
income (loss) attributable to Nasdaq | $ | ( i 17 | ) | $ | i 170 | $ | i 268 | $ | i 180 |
(1) | Primarily
includes income tax expense on Euro denominated notes. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||
Common
stock | i 165 | i 2 | i 165 | i 2 | i 165 | i 2 | i 167 | i 2 | |||||||||||||||||||
Additional
paid-in capital | |||||||||||||||||||||||||||
Beginning
balance | i 2,713 | i 2,712 | i 2,716 | i 3,024 | |||||||||||||||||||||||
Share
repurchase program | ( i 2 | ) | ( i 150 | ) | ( i 1 | ) | ( i 54 | ) | ( i 2 | ) | ( i 200 | ) | ( i 4 | ) | ( i 394 | ) | |||||||||||
Share-based
compensation | i 1 | i 21 | i 0 | i 18 | i 1 | i 57 | i 1 | i 51 | |||||||||||||||||||
Stock
option exercises, net | i 0 | i 1 | i 0 | i — | i 0 | i 1 | i 0 | i 2 | |||||||||||||||||||
Other
employee stock activity | i 0 | i — | i 0 | i — | i 0 | i 11 | i 0 | ( i 7 | ) | ||||||||||||||||||
Ending
balance | i 2,585 | i 2,676 | i 2,585 | i 2,676 | |||||||||||||||||||||||
Common
stock in Treasury, at Cost | |||||||||||||||||||||||||||
Beginning
balance | ( i 327 | ) | ( i 290 | ) | ( i 297 | ) | ( i 247 | ) | |||||||||||||||||||
Other
employee stock activity | i 0 | ( i 1 | ) | i 0 | ( i 1 | ) | i 0 | ( i 31 | ) | i 0 | ( i 44 | ) | |||||||||||||||
Ending
balance | ( i 328 | ) | ( i 291 | ) | ( i 328 | ) | ( i 291 | ) | |||||||||||||||||||
Accumulated
Other Comprehensive Loss | |||||||||||||||||||||||||||
Beginning
balance | ( i 1,666 | ) | ( i 1,191 | ) | ( i 1,530 | ) | ( i 862 | ) | |||||||||||||||||||
Other
comprehensive income (loss) | ( i 167 | ) | i 7 | ( i 303 | ) | ( i 322 | ) | ||||||||||||||||||||
Ending
balance | ( i 1,833 | ) | ( i 1,184 | ) | ( i 1,833 | ) | ( i 1,184 | ) | |||||||||||||||||||
Retained
Earnings | |||||||||||||||||||||||||||
Beginning
balance | i 4,829 | i 4,309 | i 4,558 | i 3,963 | |||||||||||||||||||||||
Net
income | i 150 | i 163 | i 571 | i 502 | |||||||||||||||||||||||
Other
comprehensive (income) loss | i — | ( i 1 | ) | i — | i 142 | ||||||||||||||||||||||
Cash
dividends declared per common share | ( i 78 | ) | ( i 72 | ) | ( i 228 | ) | ( i 208 | ) | |||||||||||||||||||
Ending
balance | i 4,901 | i 4,399 | i 4,901 | i 4,399 | |||||||||||||||||||||||
Total
Stockholders' Equity | i 164 | $ | i 5,327 | i 164 | $ | i 5,602 | i 164 | $ | i 5,327 | i 164 | $ | i 5,602 |
Nine
Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | i 571 | $ | i 502 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | i 143 | i 159 | |||||
Share-based
compensation | i 57 | i 51 | |||||
Deferred
income taxes | ( i 21 | ) | ( i 12 | ) | |||
Reversal
of certain Swedish tax benefits | i — | i 41 | |||||
Net
gain on divestiture of businesses | ( i 27 | ) | ( i 33 | ) | |||
Non-cash
restructuring charges | i 25 | i — | |||||
Net
income from unconsolidated investees | ( i 71 | ) | ( i 13 | ) | |||
Other
reconciling items included in net income | i 18 | i 10 | |||||
Net
change in operating assets and liabilities, net of effects of divestiture and acquisitions: | |||||||
Receivables, net | ( i 7 | ) | ( i 11 | ) | |||
Other
assets | ( i 128 | ) | ( i 23 | ) | |||
Accounts
payable and accrued expenses | ( i 36 | ) | i 6 | ||||
Section
31 fees payable to SEC | ( i 75 | ) | ( i 107 | ) | |||
Accrued
personnel costs | ( i 58 | ) | ( i 22 | ) | |||
Deferred
revenue | i 52 | i 74 | |||||
Other
liabilities | i 181 | i 46 | |||||
Net
cash provided by operating activities | i 624 | i 668 | |||||
Cash
flows from investing activities: | |||||||
Purchases of securities | ( i 384 | ) | ( i 312 | ) | |||
Proceeds
from sales and redemptions of securities | i 429 | i 331 | |||||
Proceeds
from divestiture of businesses, net | i 108 | i 286 | |||||
Proceeds
from sale of investment security | i 11 | i — | |||||
Acquisition
of business, net of cash and cash equivalents acquired | ( i 193 | ) | i — | ||||
Purchases
of property and equipment | ( i 88 | ) | ( i 72 | ) | |||
Other
investing activities | ( i 14 | ) | ( i 6 | ) | |||
Net
cash provided by (used in) investing activities | ( i 131 | ) | i 227 | ||||
Cash
flows from financing activities: | |||||||
Proceeds from (repayments of) commercial paper, net | i 264 | ( i 170 | ) | ||||
Repayments
of debt obligations | ( i 1,215 | ) | ( i 115 | ) | |||
Payment
of debt extinguishment cost | ( i 11 | ) | i — | ||||
Proceeds
from issuances of long-term debt, net of issuance costs | i 680 | i — | |||||
Repurchases
of common stock | ( i 200 | ) | ( i 394 | ) | |||
Dividends
paid | ( i 228 | ) | ( i 208 | ) | |||
Proceeds
received from employee stock activity | i 12 | i 10 | |||||
Payments
related to employee shares withheld for taxes | ( i 31 | ) | ( i 44 | ) | |||
Proceeds
of customer funds | i — | i 15 | |||||
Net
cash used in financing activities | ( i 729 | ) | ( i 906 | ) | |||
Effect
of exchange rate changes on cash and cash equivalents and restricted cash | ( i 17 | ) | ( i 12 | ) | |||
Net
decrease in cash and cash equivalents and restricted cash | ( i 253 | ) | ( i 23 | ) | |||
Cash
and cash equivalents and restricted cash at beginning of period | i 586 | i 399 | |||||
Cash
and cash equivalents and restricted cash at end of period | $ | i 333 | $ | i 376 | |||
Supplemental
Disclosure Cash Flow Information | |||||||
Cash paid for: | |||||||
Interest | $ | i 97 | $ | i 121 | |||
Income
taxes, net of refund | $ | i 189 | $ | i 195 |
Accounting Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters |
Goodwill In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” | This ASU simplifies how an entity is required to test goodwill for impairment and removes the second
step of the goodwill impairment test, which required a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying amount. Goodwill impairment will now be measured using the difference between the carrying amount and the fair value of the reporting unit and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU should be applied on a prospective basis. | January 1, 2020, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. | We will adopt this standard on January 1, 2020. We do not anticipate a material impact
on our consolidated financial statements at the time of adoption of this new standard as the carrying amounts of our reporting units have been less than their corresponding fair values in recent years. However, changes in future projections, market conditions and other factors may cause a change in the excess of fair value of our reporting units over their corresponding carrying amounts. |
Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” | This ASU changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures.
This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases, as well as trade receivables. For available-for-sale debt securities with unrealized losses, credit losses will be measured in a manner similar to today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. | January 1, 2020, with early adoption permitted as of January 1, 2019. | We will adopt this standard on January 1, 2020. Any impact will be recognized as a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. We do not expect
the adoption of this new standard to have a material impact on our consolidated balance sheets or our statements of income and it will not impact our cash flows. |
Leases | Balance Sheet Classification | |||||
(in
millions) | ||||||
Assets: | ||||||
Operating lease assets | Operating lease assets | $ | i 346 | |||
Liabilities: | ||||||
Current
lease liabilities | Other current liabilities | $ | i 60 | |||
Non-current lease liabilities | Operating
lease liabilities | i 327 | ||||
Total lease liabilities | $ | i 387 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||
(in
millions) | ||||||||
Operating lease cost(1) | $ | i 19 | $ | i 58 | ||||
Variable
lease cost | i 6 | i 18 | ||||||
Sublease
income | ( i 1 | ) | ( i 4 | ) | ||||
Total
lease cost | $ | i 24 | $ | i 72 |
(1) | Includes
short-term lease cost, which was immaterial. |
(in millions) | ||||
2019(1) | $ | i 19 | ||
2020 | i 76 | |||
2021 | i 66 | |||
2022 | i 44 | |||
2023 | i 39 | |||
Thereafter | i 261 | |||
Total
lease payments | i 505 | |||
Less: interest(2) | ( i 118 | ) | ||
Present
value of lease liabilities(3) | $ | i 387 |
(1) | Represents
the estimated lease payments to be made for the remaining three months of 2019. |
(2) | Calculated using the interest rate for each lease. |
(3) | Includes the current portion of $ i 60
million. |
Weighted-average
remaining lease term (in years) | i 10.4 | ||
Weighted-average discount rate | i 4.6 | % |
Nine Months Ended September 30, 2019 | ||||
(in millions) | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | i 59 | ||
Lease
assets obtained in exchange for new operating lease liabilities | $ | i 20 |
Three
Months Ended September 30, 2019 | |||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Consolidated | |||||||||||||||
(in
millions) | |||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 154 | $ | i — | $ | i — | $ | i — | $ | i 154 | |||||||||
Trade
management services | i 72 | i — | i — | i — | i 72 | ||||||||||||||
Listing
services | i — | i 74 | i — | i — | i 74 | ||||||||||||||
Corporate
solutions | i — | i 50 | i — | i — | i 50 | ||||||||||||||
Market
data | i — | i — | i 102 | i — | i 102 | ||||||||||||||
Index | i — | i — | i 56 | i — | i 56 | ||||||||||||||
Investment
data & analytics | i — | i — | i 40 | i — | i 40 | ||||||||||||||
Market
technology | i — | i — | i — | i 84 | i 84 | ||||||||||||||
Revenues
less transaction-based expenses | $ | i 226 | $ | i 124 | $ | i 198 | $ | i 84 | $ | i 632 |
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 150 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 150 | |||||||||||
Trade
management services | i 72 | i — | i — | i — | i — | i 72 | |||||||||||||||||
Listing
services | i — | i 72 | i — | i — | i — | i 72 | |||||||||||||||||
Corporate
solutions | i — | i 49 | i — | i — | i — | i 49 | |||||||||||||||||
Market
data | i — | i — | i 95 | i — | i — | i 95 | |||||||||||||||||
Index | i — | i — | i 52 | i — | i — | i 52 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 32 | i — | i — | i 32 | |||||||||||||||||
Market
technology | i — | i — | i — | i 68 | i — | i 68 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 10 | i 10 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 222 | $ | i 121 | $ | i 179 | $ | i 68 | $ | i 10 | $ | i 600 |
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 468 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 468 | |||||||||||
Trade
management services | i 219 | i — | i — | i — | i — | i 219 | |||||||||||||||||
Listing
services | i — | i 219 | i — | i — | i — | i 219 | |||||||||||||||||
Corporate
solutions | i — | i 149 | i — | i — | i — | i 149 | |||||||||||||||||
Market
data | i — | i — | i 302 | i — | i — | i 302 | |||||||||||||||||
Index | i — | i — | i 166 | i — | i — | i 166 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 117 | i — | i — | i 117 | |||||||||||||||||
Market
technology | i — | i — | i — | i 239 | i — | i 239 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 10 | i 10 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 687 | $ | i 368 | $ | i 585 | $ | i 239 | $ | i 10 | $ | i 1,889 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 489 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 489 | |||||||||||
Trade
management services | i 220 | i — | i — | i — | i — | i 220 | |||||||||||||||||
Listing
services | i — | i 217 | i — | i — | i — | i 217 | |||||||||||||||||
Corporate
solutions | i — | i 147 | i — | i — | i — | i 147 | |||||||||||||||||
Market
data | i — | i — | i 293 | i — | i — | i 293 | |||||||||||||||||
Index | i — | i — | i 152 | i — | i — | i 152 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 83 | i — | i — | i 83 | |||||||||||||||||
Market
technology | i — | i — | i — | i 194 | i — | i 194 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 87 | i 87 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 709 | $ | i 364 | $ | i 528 | $ | i 194 | $ | i 87 | $ | i 1,882 |
(in millions) | |||
2019(1) | $ | i 78 | |
2020 | i 310 | ||
2021 | i 159 | ||
2022 | i 85 | ||
2023 | i 45 | ||
2024
and thereafter | i 85 | ||
Total | $ | i 762 |
(1) | Represents
performance obligations to be recognized over the remaining three months of 2019. |
Purchase
Consideration | Total Net Assets Acquired | Total Net Deferred Tax Liability | Acquired Intangible Assets | Goodwill | |||||||||||||||
(in millions) | |||||||||||||||||||
Cinnober | $ | i 219 | $ | i 18 | $ | ( i 19 | ) | $ | i 79 | $ | i 141 |
($ in millions) | |||
Customer relationships | $ | i 67 | |
Discount
rate used | i 9.5 | % | |
Estimated average useful life | i 13
years |
(in millions) | |||
Receivables, net | $ | i 13 | |
Property
and equipment, net | i 10 | ||
Goodwill(1) | i 47 | ||
Intangible
assets, net(2) | i 16 | ||
Other
assets | i 3 | ||
Total assets held for sale(3) | $ | i 89 | |
Deferred
tax liabilities | $ | i 4 | |
Deferred
revenue | i 12 | ||
Other current liabilities | i 4 | ||
Total
liabilities held for sale(4) | $ | i 20 |
(1) | The
assignment of goodwill was based on the relative fair value of the disposal group and the portion of the remaining reporting unit. |
Market Services | Corporate
Services | Information Services | Market Technology | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance at December 31, 2018 | $ | i 3,430 | $ | i 455 | $ | i 2,333 | $ | i 145 | $ | i 6,363 | |||||||||
Goodwill
acquired | i — | i — | i — | i 137 | i 137 | ||||||||||||||
Measurement
period adjustment | i — | i — | i — | i 4 | i 4 | ||||||||||||||
Foreign
currency translation adjustment | ( i 138 | ) | ( i 16 | ) | ( i 95 | ) | ( i 23 | ) | ( i 272 | ) | |||||||||
Balance
at September 30, 2019 | $ | i 3,292 | $ | i 439 | $ | i 2,238 | $ | i 263 | $ | i 6,232 |
Gross Amount | Accumulated Amortization | Net Amount | Weighted-Average Useful Life (in Years) | Gross Amount | Accumulated Amortization | Net
Amount | Weighted-Average Useful Life (in Years) | ||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Finite-Lived Intangible Assets | |||||||||||||||||||||||||||
Technology | $ | i 62 | $ | ( i 17 | ) | $ | i 45 | i 9 | $ | i 54 | $ | ( i 15 | ) | $ | i 39 | i 9 | |||||||||||
Customer
relationships | i 1,599 | ( i 508 | ) | i 1,091 | i 18 | i 1,532 | ( i 456 | ) | i 1,076 | i 18 | |||||||||||||||||
Other | i 18 | ( i 4 | ) | i 14 | i 8 | i 17 | ( i 2 | ) | i 15 | i 8 | |||||||||||||||||
Foreign
currency translation adjustment | ( i 187 | ) | i 63 | ( i 124 | ) | ( i 149 | ) | i 64 | ( i 85 | ) | |||||||||||||||||
Total
finite-lived intangible assets | $ | i 1,492 | $ | ( i 466 | ) | $ | i 1,026 | $ | i 1,454 | $ | ( i 409 | ) | $ | i 1,045 | |||||||||||||
Indefinite-Lived
Intangible Assets | |||||||||||||||||||||||||||
Exchange
and clearing registrations | $ | i 1,257 | $ | — | $ | i 1,257 | $ | i 1,257 | $ | — | $ | i 1,257 | |||||||||||||||
Trade
names | i 121 | — | i 121 | i 122 | — | i 122 | |||||||||||||||||||||
Licenses | i 52 | — | i 52 | i 52 | — | i 52 | |||||||||||||||||||||
Foreign
currency translation adjustment | ( i 217 | ) | — | ( i 217 | ) | ( i 176 | ) | — | ( i 176 | ) | |||||||||||||||||
Total
indefinite-lived intangible assets | $ | i 1,213 | $ | — | $ | i 1,213 | $ | i 1,255 | $ | — | $ | i 1,255 | |||||||||||||||
Total
intangible assets | $ | i 2,705 | $ | ( i 466 | ) | $ | i 2,239 | $ | i 2,709 | $ | ( i 409 | ) | $ | i 2,300 | |||||||||||||
(in
millions) | |||
2019(1) | $ | i 27 | |
2020 | i 105 | ||
2021 | i 104 | ||
2022 | i 100 | ||
2023 | i 98 | ||
2024
and thereafter | i 716 | ||
Total | $ | i 1,150 |
(1) | Represents
the estimated amortization to be recognized for the remaining three months of 2019. |
(in millions) | |||||||
Trading
securities | $ | i 201 | $ | i 259 | |||
Available-for-sale
investment securities | i — | i 9 | |||||
Financial
investments, at fair value | $ | i 201 | $ | i 268 | |||
Equity
method investments | $ | i 159 | $ | i 135 | |||
Equity
securities | $ | i 49 | $ | i 44 |
Initial
Listing Revenues | Annual Listings Revenues | Market Technology Revenues | Corporate Solutions Revenues | Information Services Revenues | Other(1) | Total | |||||||||||||||||||||
(in
millions) | |||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | i 66 | $ | i 4 | $ | i 75 | $ | i 36 | $ | i 80 | $ | i 20 | $ | i 281 | |||||||||||||
Deferred
revenue billed in the current period, net of recognition | i 24 | i 61 | i 36 | i 39 | i 56 | i 7 | i 223 | ||||||||||||||||||||
Revenue
recognized that was included in the beginning of the period | ( i 21 | ) | ( i 3 | ) | ( i 36 | ) | ( i 34 | ) | ( i 54 | ) | ( i 10 | ) | ( i 158 | ) | |||||||||||||
Translation
adjustment | ( i 1 | ) | ( i 1 | ) | ( i 7 | ) | i — | i — | i — | ( i 9 | ) | ||||||||||||||||
Balance
at September 30, 2019 | $ | i 68 | $ | i 61 | $ | i 68 | $ | i 41 | $ | i 82 | $ | i 17 | $ | i 337 |
(1) | Primarily
includes deferred revenue from U.S. listing of additional shares fees which will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business. The deferred revenue billed in the current period, net of recognition primarily pertains to our Market Services business. |
Initial Listing Revenues | Annual
Listings Revenues | Market Technology Revenues | Corporate Solutions Revenues | Information Services Revenues | Other(1) | Total | |||||||||||||||||||||
(in
millions) | |||||||||||||||||||||||||||
Fiscal year ended: | |||||||||||||||||||||||||||
2019(2) | $ | i 8 | $ | i 61 | $ | i 26 | $ | i 21 | $ | i 36 | $ | i 5 | $ | i 157 | |||||||||||||
2020 | i 25 | i — | i 33 | i 20 | i 46 | i 7 | i 131 | ||||||||||||||||||||
2021 | i 15 | i — | i 9 | i — | i — | i 3 | i 27 | ||||||||||||||||||||
2022 | i 10 | i — | i — | i — | i — | i 1 | i 11 | ||||||||||||||||||||
2023 | i 7 | i — | i — | i — | i — | i 1 | i 8 | ||||||||||||||||||||
2024
and thereafter | i 3 | i — | i — | i — | i — | i — | i 3 | ||||||||||||||||||||
Total | $ | i 68 | $ | i 61 | $ | i 68 | $ | i 41 | $ | i 82 | $ | i 17 | $ | i 337 |
(1) | Other
primarily includes revenues from U.S. listing of additional shares fees which are included in our Listing Services business. |
(2) | Represents the estimated amortization to be recognized for the remaining three months of 2019. |
Additions | Payments,
Accretion and Other | ||||||||||||||
Short-term debt: | (in millions) | ||||||||||||||
Commercial paper | $ | i 275 | $ | i 2,951 | $ | ( i 2,687 | ) | $ | i 539 | ||||||
Senior
unsecured floating rate notes repaid on March 22, 2019 | i 500 | i — | ( i 500 | ) | i — | ||||||||||
i 599 | i — | ( i 599 | ) | i — | |||||||||||
$400
million senior unsecured term loan facility repaid on June 28, 2019 (average interest rate of 4.00% for the period January 1, 2019 through June 28, 2019) | i 100 | i — | ( i 100 | ) | i — | ||||||||||
Total
short-term debt | i 1,474 | i 2,951 | ( i 3,886 | ) | i 539 | ||||||||||
Long-term
debt: | |||||||||||||||
3.875% senior unsecured notes due June 7, 2021 | i 686 | i — | ( i 34 | ) | i 652 | ||||||||||
4.25%
senior unsecured notes due June 1, 2024 | i 497 | i — | i — | i 497 | |||||||||||
1.75%
senior unsecured notes due May 19, 2023 | i 682 | i — | ( i 33 | ) | i 649 | ||||||||||
3.85%
senior unsecured notes due June 30, 2026 | i 496 | i — | i 1 | i 497 | |||||||||||
1.75%
senior unsecured notes due March 28, 2029 | i — | i 665 | ( i 18 | ) | i 647 | ||||||||||
$1
billion senior unsecured revolving credit facility due April 25, 2022 | ( i 4 | ) | i 15 | ( i 14 | ) | ( i 3 | ) | ||||||||
Total
long-term debt | i 2,357 | i 680 | ( i 98 | ) | i 2,939 | ||||||||||
Total
debt obligations | $ | i 3,831 | $ | i 3,631 | $ | ( i 3,984 | ) | $ | i 3,478 |
(1) | Balance
was reclassified to short-term debt as of March 31, 2019. |
Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Share-based compensation expense before income taxes | $ | i 21 | $ | i 18 | $ | i 57 | $ | i 51 | |||||||
Income
tax benefit | ( i 6 | ) | ( i 5 | ) | ( i 16 | ) | ( i 14 | ) | |||||||
Share-based
compensation expense after income taxes | $ | i 15 | $ | i 13 | $ | i 41 | $ | i 37 |
Restricted
Stock | ||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||
Unvested balances at January 1, 2019 | i 1,583,375 | $ | i 68.62 | |||
Granted | i 587,987 | $ | i 84.73 | |||
Vested | ( i 492,535 | ) | $ | i 59.46 | ||
Forfeited | ( i 127,501 | ) | $ | i 73.36 | ||
Unvested
balances at September 30, 2019 | i 1,551,326 | $ | i 77.23 |
Nine
Months Ended September 30, | ||||||
2019 | 2018 | |||||
Weighted-average risk free interest rate(1) | i 2.26 | % | i 2.36 | % | ||
Expected
volatility(2) | i 16.5 | % | i 18.7 | % | ||
Weighted-average
grant date share price | $ i 89.00 | $ | i 86.24 | |||
Weighted-average
fair value at grant date | $ i 97.65 | $ | i 116.86 |
(1) | The
risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. |
(2) | We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program. |
PSUs | |||||||||||||
One-Year
Program | Three-Year Program | ||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested balances at January
1, 2019 | i 314,231 | $ | i 74.01 | i 837,750 | $ | i 96.57 | |||||||
Granted(1) | i 179,599 | $ | i 83.56 | i 397,553 | $ | i 96.55 | |||||||
Vested | ( i 12,733 | ) | $ | i 67.51 | ( i 431,751 | ) | $ | i 93.25 | |||||
Forfeited | ( i 22,943 | ) | $ | i 75.03 | ( i 6,101 | ) | $ | i 103.29 | |||||
Unvested
balances at September 30, 2019 | i 458,154 | $ | i 77.88 | i 797,451 | $ | i 98.31 |
(1) | Includes
target awards granted and certain additional awards granted based on overachievement of performance parameters. |
Expected life (in years) | i 6 | |
Weighted-average
risk free interest rate | i 2.1 | % |
Expected volatility | i 25.6 | % |
Dividend
yield | i 1.92 | % |
Number of Stock Options | Weighted-Average Exercise Price | Weighted-Average
Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in millions) | |||||||||
Outstanding at January 1, 2019 | i 448,966 | $ | i 49.25 | i 5.51 | $ | i 14 | ||||||
Exercised | ( i 62,624 | ) | i 20.92 | |||||||||
Forfeited | ( i 25 | ) | i 20.10 | |||||||||
Outstanding
at September 30, 2019 | i 386,317 | $ | i 53.68 | i 5.43 | $ | i 18 | ||||||
Exercisable
at September 30, 2019 | i 296,711 | $ | i 49.76 | i 4.87 | $ | i 15 |
Nine Months Ended September 30, | ||||||||
2019 | 2018 | |||||||
Number
of shares of common stock repurchased | i 2,053,855 | i 4,508,426 | ||||||
Average
price paid per share | $ | i 97.37 | $ | i 87.43 | ||||
Total
purchase price (in millions) | $ | i 200 | $ | i 394 |
Declaration
Date | Dividend Per Common Share | Record Date | Total Amount Paid | Payment Date | ||||||||
(in
millions) | ||||||||||||
$ | i 0.44 | $ | i 73 | |||||||||
i 0.47 | i 77 | |||||||||||
i 0.47 | i 78 | |||||||||||
$ | i 228 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator: | (in
millions, except share and per share amounts) | ||||||||||||||
Net income attributable to common shareholders | $ | i 150 | $ | i 163 | $ | i 571 | $ | i 502 | |||||||
Denominator: | |||||||||||||||
Weighted-average
common shares outstanding for basic earnings per share | i 164,331,832 | i 164,227,243 | i 165,086,951 | i 165,622,428 | |||||||||||
Weighted-average
effect of dilutive securities: | |||||||||||||||
Employee equity awards(1) | i 1,705,665 | i 2,071,426 | i 1,611,232 | i 1,931,307 | |||||||||||
Contingent
issuance of common stock(2) | i 992,247 | i 992,247 | i 330,749 | i 330,749 | |||||||||||
Weighted-average
common shares outstanding for diluted earnings per share | i 167,029,744 | i 167,290,916 | i 167,028,932 | i 167,884,484 | |||||||||||
Basic
and diluted earnings per share: | |||||||||||||||
Basic earnings per share | $ | i 0.91 | $ | i 0.99 | $ | i 3.46 | $ | i 3.03 | |||||||
Diluted
earnings per share | $ | i 0.90 | $ | i 0.97 | $ | i 3.42 | $ | i 2.99 |
(1) | PSUs,
which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation. |
(2) | See “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” for further discussion. |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets at Fair Value | (in millions) | ||||||||||||||
Financial investments, at fair value | $ | i 201 | $ | i 152 | $ | i 49 | $ | i — | |||||||
Default
fund and margin deposit investments | i 1,134 | i 134 | i 1,000 | i — | |||||||||||
Total
assets at fair value | $ | i 1,335 | $ | i 286 | $ | i 1,049 | $ | i — |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets at Fair Value | (in millions) | ||||||||||||||
Financial investments, at fair value | $ | i 268 | $ | i 133 | $ | i 135 | $ | i — | |||||||
Default
fund and margin deposit investments | i 1,649 | i 327 | i 1,322 | i — | |||||||||||
Total
assets at fair value | $ | i 1,917 | $ | i 460 | $ | i 1,457 | $ | i — | |||||||
Liabilities
at Fair Value | |||||||||||||||
Other financial instruments | $ | i 112 | $ | i — | $ | i 112 | $ | i — | |||||||
Total
liabilities at fair value | $ | i 112 | $ | i — | $ | i 112 | $ | i — |
Cash Contributions | Non-Cash
Contributions | Total Contributions | |||||||||
(in millions) | |||||||||||
Default fund contributions | $ | i 406 | $ | i 119 | $ | i 525 | |||||
Margin
deposits | i 2,016 | i 3,757 | i 5,773 | ||||||||
Total | $ | i 2,422 | $ | i 3,876 | $ | i 6,298 |
• | junior capital contributed by Nasdaq Clearing, which totaled $ i 32
million as of September 30, 2019; |
• | a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products; |
• | specific market default fund where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of the clearing members
on a pro-rata basis; |
• | senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $ i 20 million as of September 30,
2019; and |
• | mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis. |
(in millions) | |||
Commodity and seafood options, futures and forwards(1)(2)(3) | $ | i 359 | |
Fixed-income
options and futures(1)(2) | i 925 | ||
Stock options and futures(1)(2) | i 120 | ||
Index
options and futures(1)(2) | i 81 | ||
Total | $ | i 1,485 |
(1) | We
determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument. |
(2) | We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. |
(3) | We
determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument. |
Commodity and seafood options, futures and forwards(1)(2) | i 393,153 | i 1,506,560 | |||
Fixed-income
options and futures | i 15,780,707 | i 16,833,278 | |||
Stock
options and futures | i 18,030,431 | i 17,735,228 | |||
Index
options and futures | i 35,752,600 | i 35,569,046 | |||
Total | i 69,956,891 | i 71,644,112 |
(1) | The
total volume in cleared power related to commodity contracts was i 614 Terawatt hours (TWh) for the nine months ended September 30, 2019 and i 853 TWh
for the nine months ended September 30, 2018. |
(2) | In July 2018, the Nasdaq freight product offering was migrated to NFX, our U.S.-based futures exchange. |
Three
Months Ended September 30, | Percentage Change | |||||||||
2019 | 2018 | |||||||||
(in millions) | ||||||||||
Income
tax provision | $ | i 65 | $ | i 46 | i 41.3 | % | ||||
Effective
tax rate | i 30.2 | % | i 22.0 | % | ||||||
Nine
Months Ended September 30, | Percentage Change | |||||||||
2019 | 2018 | |||||||||
(in millions) | ||||||||||
Income
tax provision | $ | i 196 | $ | i 234 | ( i 16.2 | )% | ||||
Effective
tax rate | i 25.6 | % | i 31.8 | % |
Market Services | Corporate
Services | Information Services | Market Technology | Corporate Items | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Total
revenues | $ | i 690 | $ | i 124 | $ | i 198 | $ | i 84 | $ | i — | $ | i 1,096 | |||||||||||
Transaction-based
expenses | ( i 464 | ) | i — | i — | i — | i — | ( i 464 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 226 | i 124 | i 198 | i 84 | i — | i 632 | |||||||||||||||||
Operating
income (loss) | $ | i 129 | $ | i 45 | $ | i 126 | $ | i 15 | $ | ( i 89 | ) | $ | i 226 | ||||||||||
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||
Total revenues | $ | i 586 | $ | i 121 | $ | i 179 | $ | i 68 | $ | i 10 | $ | i 964 | |||||||||||
Transaction-based
expenses | ( i 364 | ) | i — | i — | i — | i — | ( i 364 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 222 | i 121 | i 179 | i 68 | i 10 | i 600 | |||||||||||||||||
Operating
income (loss) | $ | i 121 | $ | i 40 | $ | i 117 | $ | i 9 | $ | ( i 41 | ) | $ | i 246 | ||||||||||
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||
Total revenues | $ | i 1,995 | $ | i 368 | $ | i 585 | $ | i 239 | $ | i 10 | $ | i 3,197 | |||||||||||
Transaction-based
expenses | ( i 1,308 | ) | i — | i — | i — | i — | ( i 1,308 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 687 | i 368 | i 585 | i 239 | i 10 | i 1,889 | |||||||||||||||||
Operating
income (loss) | i 392 | i 134 | i 372 | i 29 | ( i 170 | ) | i 757 | ||||||||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||
Total revenues | $ | i 1,968 | $ | i 364 | $ | i 528 | $ | i 194 | $ | i 87 | $ | i 3,141 | |||||||||||
Transaction-based
expenses | ( i 1,259 | ) | i — | i — | i — | i — | ( i 1,259 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 709 | i 364 | i 528 | i 194 | i 87 | i 1,882 | |||||||||||||||||
Operating
income (loss) | i 402 | i 117 | i 342 | i 20 | ( i 94 | ) | i 787 |
Three
Months Ended September 30, | Nine Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in
millions) | |||||||||||||||
Revenues - divested businesses | $ | i — | $ | i 10 | $ | i 10 | $ | i 87 | |||||||
Expenses: | |||||||||||||||
Amortization
expense of acquired intangible assets | i 25 | i 27 | i 76 | i 83 | |||||||||||
Merger
and strategic initiatives expense | i 10 | i 6 | i 25 | i 7 | |||||||||||
Restructuring
charges | i 30 | i — | i 30 | i — | |||||||||||
Provision
for notes receivable | i 20 | i — | i 20 | i — | |||||||||||
Clearing
default loss | i — | i 8 | i — | i 8 | |||||||||||
Extinguishment
of debt | i — | i — | i 11 | i — | |||||||||||
Expenses
- divested businesses | i — | i 8 | i 8 | i 75 | |||||||||||
Other | i 4 | i 2 | i 10 | i 8 | |||||||||||
Total
expenses | i 89 | i 51 | i 180 | i 181 | |||||||||||
Operating
loss | $ | ( i 89 | ) | $ | ( i 41 | ) | $ | ( i 170 | ) | $ | ( i 94 | ) |
Three and Nine Months Ended September 30, 2019 | |||
(in millions) | |||
Asset impairments | $ | i 23 | |
Accelerated
depreciation | i 2 | ||
Severance and employee-related costs | i 3 | ||
Other | i 2 | ||
Total
restructuring charges | $ | i 30 |
• | In April, the board of directors approved a regular quarterly cash dividend of $0.47 per share on our outstanding common stock, which reflects a 7.0% increase from our prior quarterly cash dividend of $0.44. |
• | For
the nine months ended September 30, 2019, we returned $228 million to shareholders through dividend payments. |
• | In both July and October 2019, the board of directors approved a regular quarterly cash dividend of $0.47 per share on our outstanding common stock. |
• | During the nine months ended September 30,
2019, we repurchased 2,053,855 common shares at a cost of $200 million. As of September 30, 2019, the remaining amount authorized for share repurchases under our share repurchase program was $132 million. In October 2019, the board authorized an additional $500 million under the existing share repurchase program, bringing the aggregate authorized amount to $632 million as of October 22, 2019. |
• | In April 2019,
we issued the 2029 Notes and in May 2019, we primarily used the net proceeds from the 2029 Notes to repay in full and terminate our 2020 Notes. |
• | In June 2019, we used proceeds from issuances of commercial paper to repay in full and terminate our 2016 Credit Facility. |
• | We continue to see strong client traction in our Market Technology segment. Market Technology annualized recurring revenue, or ARR, is a new metric that we introduced
in the second quarter of 2019 that is intended to increase the transparency of the company's SaaS and recurring revenues. ARR totaled $255 million in the third quarter of 2019, an increase of 17% year over year. New |
• | Our index
revenues and ETP assets under management tracking Nasdaq indexes each set a new quarterly record. Overall assets under management in ETPs benchmarked to Nasdaq's proprietary index families totaled $207 billion as of September 30, 2019, which included $92 billion, or 44%, tracking smart beta indexes. |
• | The Nasdaq Stock Market led U.S. exchanges for IPOs during the first nine months of 2019 with a 76% win rate. In the U.S. market, The Nasdaq Stock Market welcomed 206 new
listings in the first nine months of 2019, including 138 IPOs. Nasdaq's Nordic and Baltic exchanges and Nasdaq First North added 36 new listings, including 22 IPOs. |
• | In October 2019, Nasdaq acquired the Center for Board Excellence, or CBE, a privately-held provider of corporate governance and compliance solutions for boards of directors, CEOs, corporate secretaries and general counsels. See “Corporate Services,” of Note 1, “Organization and Nature of Operations,” to the condensed consolidated financial statements for further discussion of this acquisition. |
• | Nasdaq
Private Market announced an agreement with PJT Partners LP to provide enhanced execution capabilities for general partner, or GP, sponsored secondary transactions using the Nasdaq Private Market technology platform. The market for GP-sponsored secondary transactions has seen significant transaction volume growth over the last six years, and Nasdaq believes that the combined offering can bring greater standardization and efficiency to this market while appealing to an even broader universe of general partners, limited partners and secondary investors. |
Three
Months Ended September 30, | Nine Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Market
Services | ||||||||||||||||
Equity Derivative Trading and Clearing | ||||||||||||||||
U.S.
equity options | ||||||||||||||||
Total industry average daily volume (in millions) | 17.8 | 16.5 | 17.5 | 17.7 | ||||||||||||
Nasdaq
PHLX matched market share | 15.5 | % | 16.4 | % | 15.8 | % | 16.0 | % | ||||||||
The Nasdaq Options Market matched market share | 8.8 | % | 8.5 | % | 9.0 | % | 9.3 | % | ||||||||
Nasdaq
BX Options matched market share | 0.2 | % | 0.3 | % | 0.3 | % | 0.4 | % | ||||||||
Nasdaq ISE Options matched market share | 9.0 | % | 9.0 | % | 9.0 | % | 8.7 | % | ||||||||
Nasdaq
GEMX Options matched market share | 4.4 | % | 4.8 | % | 4.1 | % | 4.6 | % | ||||||||
Nasdaq MRX Options matched market share | 0.3 | % | 0.1 | % | 0.2 | % | 0.1 | % | ||||||||
Total
matched market share executed on Nasdaq’s exchanges | 38.2 | % | 39.1 | % | 38.4 | % | 39.1 | % | ||||||||
Nasdaq Nordic and
Nasdaq Baltic options and futures | ||||||||||||||||
Total average daily volume of options and futures contracts(1) | 329,409 | 279,329 | 355,206 | 332,743 | ||||||||||||
Cash
Equity Trading | ||||||||||||||||
Total U.S.-listed securities | ||||||||||||||||
Total
industry average daily share volume (in billions) | 6.94 | 6.35 | 7.13 | 6.94 | ||||||||||||
Matched
share volume (in billions) | 90.3 | 77.8 | 268.6 | 250.3 | ||||||||||||
The Nasdaq Stock Market
matched market share | 18.0 | % | 15.9 | % | 15.4 | % | 15.3 | % | ||||||||
Nasdaq BX matched market share | 1.6 | % | 2.9 | % | 1.9 | % | 3.1 | % | ||||||||
Nasdaq
PSX matched market share | 0.7 | % | 0.7 | % | 0.7 | % | 0.8 | % | ||||||||
Total matched market share executed on Nasdaq’s exchanges | 20.3 | % | 19.5 | % | 18.0 | % | 19.2 | % | ||||||||
Market
share reported to the FINRA/Nasdaq Trade Reporting Facility | 29.1 | % | 30.4 | % | 29.6 | % | 32.5 | % | ||||||||
Total market
share(2) | 49.4 | % | 49.9 | % | 47.6 | % | 51.7 | % | ||||||||
Nasdaq Nordic
and Nasdaq Baltic securities | ||||||||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 581,260 | 553,709 | 579,120 | 608,739 | ||||||||||||
Total
average daily value of shares traded (in billions) | $ | 4.1 | $ | 4.8 | $ | 4.6 | $ | 5.5 | ||||||||
Total
market share executed on Nasdaq’s exchanges | 72.7 | % | 65.7 | % | 69.9 | % | 67.4 | % | ||||||||
FICC | ||||||||||||||||
Fixed
Income | ||||||||||||||||
U.S. fixed income volume ($ billions traded) | $ | 3,033 | $ | 3,194 | $ | 8,669 | $ | 12,484 | ||||||||
Total
average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts | 104,092 | 121,747 | 115,147 | 126,149 | ||||||||||||
Commodities | ||||||||||||||||
Power
contracts cleared (TWh)(3) | 194 | 276 | 614 | 853 | ||||||||||||
Corporate
Services | ||||||||||||||||
Initial public offerings | ||||||||||||||||
The
Nasdaq Stock Market | 41 | 52 | 138 | 145 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and
Nasdaq Baltic | 4 | 3 | 22 | 38 | ||||||||||||
Total new listings | ||||||||||||||||
The
Nasdaq Stock Market(4) | 66 | 85 | 206 | 236 | ||||||||||||
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic(5) | 8 | 6 | 36 | 50 | ||||||||||||
Number
of listed companies | ||||||||||||||||
The Nasdaq Stock Market(6) | 3,091 | 3,049 | 3,091 | 3,049 | ||||||||||||
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic(7) | 1,028 | 1,010 | 1,028 | 1,010 | ||||||||||||
Information
Services | ||||||||||||||||
Number of licensed ETPs | 325 | 358 | 325 | 358 | ||||||||||||
ETP
assets under management tracking Nasdaq indexes (in billions) | $ | 207 | $ | 206 | $ | 207 | $ | 206 | ||||||||
Market
Technology | ||||||||||||||||
Order intake (in millions)(8) | $ | 62 | $ | 40 | $ | 162 | $ | 149 | ||||||||
ARR
(in millions)(9) | $ | 255 | $ | 218 | N/M | N/M |
(1) | Includes
Finnish option contracts traded on Eurex. |
(2) | Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the FINRA/Nasdaq Trade Reporting Facility. |
(3) | Transactions executed on Nasdaq Commodities or OTC and reported for clearing to Nasdaq Commodities measured by Terawatt hours (TWh). |
(4) | New
listings include IPOs, including those completed on a best efforts basis, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. |
(5) | New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North. |
(6) | Number of total listings on The Nasdaq Stock Market at period end, including 382 ETPs
as of September 30, 2019 and 390 as of September 30, 2018. |
(7) | Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North at period end. |
(8) | Total contract
value of orders signed during the period. |
(9) | 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 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. |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions, except per share amounts) | (in millions, except per share amounts) | |||||||||||||||||||||
Revenues less transaction-based expenses | $ | 632 | $ | 600 | 5.3 | % | $ | 1,889 | $ | 1,882 | 0.4 | % | ||||||||||
Operating
expenses | 406 | 354 | 14.7 | % | 1,132 | 1,095 | 3.4 | % | ||||||||||||||
Operating
income | 226 | 246 | (8.1 | )% | 757 | 787 | (3.8 | )% | ||||||||||||||
Interest
expense | (29 | ) | (38 | ) | (23.7 | )% | (97 | ) | (112 | ) | (13.4 | )% | ||||||||||
Net
gain on divestiture of businesses | — | (8 | ) | (100.0 | )% | 27 | 33 | (18.2 | )% | |||||||||||||
Net
income from unconsolidated investees | 15 | 6 | 150.0 | % | 71 | 13 | 446.2 | % | ||||||||||||||
Income
before income taxes | 215 | 209 | 2.9 | % | 767 | 736 | 4.2 | % | ||||||||||||||
Income
tax provision | 65 | 46 | 41.3 | % | 196 | 234 | (16.2 | )% | ||||||||||||||
Net
income attributable to Nasdaq | $ | 150 | $ | 163 | (8.0 | )% | $ | 571 | $ | 502 | 13.7 | % | ||||||||||
Diluted
earnings per share | $ | 0.90 | $ | 0.97 | (7.2 | )% | $ | 3.42 | $ | 2.99 | 14.4 | % | ||||||||||
Cash
dividends declared per common share | $ | 0.47 | $ | 0.44 | 6.8 | % | $ | 1.38 | $ | 1.26 | 9.5 | % |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Services | $ | 690 | $ | 586 | 17.7 | % | $ | 1,995 | $ | 1,968 | 1.4 | % | ||||||||||
Transaction-based
expenses | (464 | ) | (364 | ) | 27.5 | % | (1,308 | ) | (1,259 | ) | 3.9 | % | ||||||||||
Market
Services revenues less transaction-based expenses | 226 | 222 | 1.8 | % | 687 | 709 | (3.1 | )% | ||||||||||||||
Corporate
Services | 124 | 121 | 2.5 | % | 368 | 364 | 1.1 | % | ||||||||||||||
Information
Services | 198 | 179 | 10.6 | % | 585 | 528 | 10.8 | % | ||||||||||||||
Market
Technology | 84 | 68 | 23.5 | % | 239 | 194 | 23.2 | % | ||||||||||||||
Other
revenues(1) | — | 10 | (100.0 | )% | 10 | 87 | (88.5 | )% | ||||||||||||||
Total
revenues less transaction-based expenses | $ | 632 | $ | 600 | 5.3 | % | $ | 1,889 | $ | 1,882 | 0.4 | % |
(1) | Includes
the revenues from the BWise enterprise governance, risk and compliance software platform which was sold in March 2019 and the Public Relations Solutions and Digital Media Services businesses which were sold in April 2018. Prior to the sale dates, these revenues were included in our Corporate Solutions business within our Corporate Services segment. See “2019 Divestiture,” and “2018 Divestiture,” of Note 5, “Acquisitions and Divestitures,” to the condensed consolidated financial statements for further discussion. |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Services Revenues: | ||||||||||||||||||||||
Equity
Derivative Trading and Clearing Revenues(1) | $ | 209 | $ | 190 | 10.0 | % | $ | 605 | $ | 621 | (2.6 | )% | ||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (121 | ) | (115 | ) | 5.2 | % | (353 | ) | (370 | ) | (4.6 | )% | ||||||||||
Brokerage,
clearance and exchange fees(1) | (13 | ) | (7 | ) | 85.7 | % | (33 | ) | (34 | ) | (2.9 | )% | ||||||||||
Equity
derivative trading and clearing revenues less transaction-based expenses | 75 | 68 | 10.3 | % | 219 | 217 | 0.9 | % | ||||||||||||||
Cash
Equity Trading Revenues(2) | 392 | 303 | 29.4 | % | 1,117 | 1,056 | 5.8 | % | ||||||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (227 | ) | (176 | ) | 29.0 | % | (657 | ) | (571 | ) | 15.1 | % | ||||||||||
Brokerage,
clearance and exchange fees(2) | (102 | ) | (64 | ) | 59.4 | % | (262 | ) | (276 | ) | (5.1 | )% | ||||||||||
Cash
equity trading revenues less transaction-based expenses | 63 | 63 | — | % | 198 | 209 | (5.3 | )% | ||||||||||||||
FICC
Revenues | 17 | 21 | (19.0 | )% | 54 | 71 | (23.9 | )% | ||||||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (1 | ) | (2 | ) | (50.0 | )% | (2 | ) | (6 | ) | (66.7 | )% | ||||||||||
Brokerage,
clearance and exchange fees | — | — | — | % | (1 | ) | (2 | ) | (50.0 | )% | ||||||||||||
FICC
revenues less transaction-based expenses | 16 | 19 | (15.8 | )% | 51 | 63 | (19.0 | )% | ||||||||||||||
Trade
Management Services Revenues | 72 | 72 | — | % | 219 | 220 | (0.5 | )% | ||||||||||||||
Total
Market Services revenues less transaction-based expenses | $ | 226 | $ | 222 | 1.8 | % | $ | 687 | $ | 709 | (3.1 | )% |
(1) | Includes
Section 31 fees of $11 million in the third quarter of 2019, $30 million in the first nine months of 2019, $7 million in the third quarter of 2018 and $30 million in the first nine months of 2018. Section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded in transaction-based expenses. |
(2) | Includes Section 31 fees of $98 million in the third quarter of 2019, $251 million in the first nine months of 2019, $60 million in the third quarter of 2018 and $264 million in the first nine months of 2018. Section 31 fees are recorded as cash equity trading revenues with a corresponding amount recorded in transaction-based expenses. |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in
millions) | (in millions) | ||||||||||||||||||||
Corporate Services: | |||||||||||||||||||||
Listing
Services | $ | 74 | $ | 72 | 2.8 | % | $ | 219 | $ | 217 | 0.9 | % | |||||||||
Corporate
Solutions | $ | 50 | $ | 49 | 2.0 | % | $ | 149 | $ | 147 | 1.4 | % | |||||||||
Total
Corporate Services | $ | 124 | $ | 121 | 2.5 | % | $ | 368 | $ | 364 | 1.1 | % |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Information Services: | ||||||||||||||||||||||
Market Data | $ | 102 | $ | 95 | 7.4 | % | $ | 302 | $ | 293 | 3.1 | % | ||||||||||
Index | 56 | 52 | 7.7 | % | 166 | 152 | 9.2 | % | ||||||||||||||
Investment
Data & Analytics | 40 | 32 | 25.0 | % | 117 | 83 | 41.0 | % | ||||||||||||||
Total
Information Services | $ | 198 | $ | 179 | 10.6 | % | $ | 585 | $ | 528 | 10.8 | % |
Three Months Ended September 30, | Percentage
Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Technology | $ | 84 | $ | 68 | 23.5 | % | $ | 239 | $ | 194 | 23.2 | % |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Compensation and benefits | $ | 175 | $ | 164 | 6.7 | % | $ | 518 | $ | 534 | (3.0 | )% | ||||||||||
Professional
and contract services | 31 | 33 | (6.1 | )% | 99 | 105 | (5.7 | )% | ||||||||||||||
Computer
operations and data communications | 33 | 32 | 3.1 | % | 98 | 94 | 4.3 | % | ||||||||||||||
Occupancy | 24 | 23 | 4.3 | % | 72 | 72 | — | % | ||||||||||||||
General,
administrative and other | 40 | 28 | 42.9 | % | 95 | 73 | 30.1 | % | ||||||||||||||
Marketing
and advertising | 8 | 7 | 14.3 | % | 29 | 27 | 7.4 | % | ||||||||||||||
Depreciation
and amortization | 47 | 53 | (11.3 | )% | 143 | 159 | (10.1 | )% | ||||||||||||||
Regulatory | 8 | 8 | — | % | 23 | 24 | (4.2 | )% | ||||||||||||||
Merger
and strategic initiatives | 10 | 6 | 66.7 | % | 25 | 7 | 257.1 | % | ||||||||||||||
Restructuring
charges | 30 | — | N/M | 30 | — | N/M | ||||||||||||||||
Total
operating expenses | $ | 406 | $ | 354 | 14.7 | % | $ | 1,132 | $ | 1,095 | 3.4 | % |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Interest income | $ | 3 | $ | 3 | — | % | $ | 8 | $ | 8 | — | % | ||||||||||
Interest
expense | (29 | ) | (38 | ) | (23.7 | )% | (97 | ) | (112 | ) | (13.4 | )% | ||||||||||
Net
interest expense | (26 | ) | (35 | ) | (25.7 | )% | (89 | ) | (104 | ) | (14.4 | )% | ||||||||||
Net
gain (loss) on divestiture of businesses | — | (8 | ) | (100.0 | )% | 27 | 33 | (18.2 | )% | |||||||||||||
Other
investment income | — | — | — | % | 1 | 7 | (85.7 | )% | ||||||||||||||
Net
income from unconsolidated investees | 15 | 6 | 150.0 | % | 71 | 13 | 446.2 | % | ||||||||||||||
Total
non-operating income (expenses) | $ | (11 | ) | $ | (37 | ) | (70.3 | )% | $ | 10 | $ | (51 | ) | (119.6 | )% |
Three
Months Ended September 30, | Percentage Change | Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Interest expense on debt | $ | 27 | $ | 35 | (22.9 | )% | $ | 91 | $ | 105 | (13.3 | )% | ||||||||||
Accretion
of debt issuance costs and debt discount | 1 | 2 | (50.0 | )% | 4 | 5 | (20.0 | )% | ||||||||||||||
Other
bank and investment-related fees | 1 | 1 | — | % | 2 | 2 | — | % | ||||||||||||||
Interest
expense | $ | 29 | $ | 38 | (23.7 | )% | $ | 97 | $ | 112 | (13.4 | )% |
Three
Months Ended September 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
($ in millions) | |||||||||||
Income
tax provision | $ | 65 | $ | 46 | 41.3 | % | |||||
Effective tax rate | 30.2 | % | 22.0 | % | |||||||
Nine
Months Ended September 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
(in millions) | |||||||||||
Income
tax provision | $ | 196 | $ | 234 | (16.2 | )% | |||||
Effective tax rate | 25.6 | % | 31.8 | % |
• | For the first nine months of 2019 and 2018, excess tax benefits related to employee share-based compensation reflect the recognition of the income tax effects of share-based awards when awards vest or are settled. This item is subject to volatility and will vary based on the timing of the vesting of employee share-based compensation arrangements and fluctuation in our stock price. |
• | For
the first nine months of 2018, we recorded a reversal of certain Swedish tax benefits. See Note 17, “Income Taxes,” to the condensed consolidated financial statements for further discussion. |
• | The impact of enacted U.S. tax legislation is related to the Tax Cuts and Jobs Act which was enacted on December 22, 2017. For the three months ended September 30, 2018, we recorded a decrease to tax expense of $4 million related |
Three
Months Ended September 30, 2019 | Three Months Ended September 30, 2018 | |||||||||||||||
(in millions, except share and per share amounts) | ||||||||||||||||
Net Income | Diluted Earnings Per Share | Net
Income | Diluted Earnings Per Share | |||||||||||||
U.S. GAAP net income attributable to Nasdaq and diluted earnings per share | $ | 150 | $ | 0.90 | $ | 163 | $ | 0.97 | ||||||||
Non-GAAP
adjustments: | ||||||||||||||||
Amortization expense of acquired intangible assets | 25 | 0.15 | 27 | 0.16 | ||||||||||||
Merger
and strategic initiatives expense | 10 | 0.06 | 6 | 0.05 | ||||||||||||
Restructuring charges | 30 | 0.18 | — | — | ||||||||||||
Provision
for notes receivable | 20 | 0.12 | — | — | ||||||||||||
Clearing default loss | — | — | 8 | 0.05 | ||||||||||||
Net
income from unconsolidated investee | (15 | ) | (0.09 | ) | (5 | ) | (0.03 | ) | ||||||||
Net loss on divestiture of business | — | — | 8 | 0.05 | ||||||||||||
Other | 4 | 0.02 | 2 | 0.01 | ||||||||||||
Total
non-GAAP adjustments | 74 | 0.44 | 46 | 0.29 | ||||||||||||
Adjustment to the income tax provision
to reflect non-GAAP adjustments and other tax items | (12 | ) | (0.07 | ) | (16 | ) | (0.11 | ) | ||||||||
Impact of enacted U.S.
tax legislation | — | — | (4 | ) | (0.02 | ) | ||||||||||
Total
non-GAAP tax adjustments | (12 | ) | (0.07 | ) | (20 | ) | (0.13 | ) | ||||||||
Total non-GAAP adjustments, net of tax | 62 | 0.37 | 26 | 0.16 | ||||||||||||
Non-GAAP
net income attributable to Nasdaq and diluted earnings per share | $ | 212 | $ | 1.27 | $ | 189 | $ | 1.13 | ||||||||
Weighted-average
common shares outstanding for diluted earnings per share | 167,029,744 | 167,290,916 |
Nine
Months Ended September 30, 2019 | Nine Months Ended September 30, 2018 | |||||||||||||||
(in millions, except share and per share amounts) | ||||||||||||||||
Net Income | Diluted Earnings Per Share | Net
Income | Diluted Earnings Per Share | |||||||||||||
U.S. GAAP net income attributable to Nasdaq and diluted earnings per share | $ | 571 | $ | 3.42 | $ | 502 | $ | 2.99 | ||||||||
Non-GAAP
adjustments: | ||||||||||||||||
Amortization expense of acquired intangible assets | 76 | 0.46 | 83 | 0.49 | ||||||||||||
Merger
and strategic initiatives expense | 25 | 0.15 | 7 | 0.04 | ||||||||||||
Restructuring charges | 30 | 0.18 | — | — | ||||||||||||
Provision
for notes receivable | 20 | 0.12 | — | — | ||||||||||||
Clearing default loss | — | — | 8 | 0.05 | ||||||||||||
Net
income from unconsolidated investee | (69 | ) | (0.41 | ) | (12 | ) | (0.07 | ) | ||||||||
Extinguishment of debt | 11 | 0.07 | — | — | ||||||||||||
Net
gain on divestiture of businesses | (27 | ) | (0.16 | ) | (33 | ) | (0.19 | ) | ||||||||
Other | 10 | 0.05 | 6 | 0.04 | ||||||||||||
Total
non-GAAP adjustments | 76 | 0.46 | 59 | 0.36 | ||||||||||||
Adjustment to the income tax provision
to reflect non-GAAP adjustments and other tax items | (23 | ) | (0.14 | ) | (10 | ) | (0.06 | ) | ||||||||
Excess tax benefits
related to employee share-based compensation | (4 | ) | (0.03 | ) | (5 | ) | (0.03 | ) | ||||||||
Reversal of certain Swedish tax
benefits | — | — | 41 | 0.24 | ||||||||||||
Impact of enacted U.S. tax legislation | — | — | 1 | 0.01 | ||||||||||||
Total
non-GAAP tax adjustments | (27 | ) | (0.17 | ) | 27 | 0.16 | ||||||||||
Total non-GAAP adjustments, net of tax | 49 | 0.29 | 86 | 0.52 | ||||||||||||
Non-GAAP
net income attributable to Nasdaq and diluted earnings per share | $ | 620 | $ | 3.71 | $ | 588 | $ | 3.51 | ||||||||
Weighted-average
common shares outstanding for diluted earnings per share | 167,028,932 | 167,884,484 |
• | deterioration of our revenues in any of our business segments; |
• | changes in regulatory and working capital requirements; and |
• | an
increase in our expenses. |
• | operating covenants contained in our credit facilities that limit our total borrowing capacity; |
• | increases in interest rates under our credit facilities; |
• | credit
rating downgrades, which could limit our access to additional debt; |
• | a decrease in the market price of our common stock; and |
• | volatility or disruption in the public debt and equity markets. |
(in
millions) | ||||||||
Cash and cash equivalents | $ | 304 | $ | 545 | ||||
Restricted cash | 29 | 41 | ||||||
Financial
investments, at fair value | 201 | 268 | ||||||
Total financial assets | $ | 534 | $ | 854 |
• | repayments of debt obligations; |
• | cash dividends paid on our common stock; |
• | repurchases
of our commons stock; |
• | cash paid for an acquisition, net of cash and cash equivalents acquired; and |
• | purchases of property and equipment, partially offset by; |
• | proceeds from issuances of long-term debt, net of issuance costs; |
• | net
cash provided by operating activities; |
• | proceeds from commercial paper, net; and |
• | proceeds from the divestiture of a business. |
2019 | 2018 | ||||||
First
quarter | $ | 0.44 | $ | 0.82 | |||
Second quarter | 0.47 | — | |||||
Third
quarter | 0.47 | 0.44 | |||||
Total | $ | 1.38 | $ | 1.26 |
Maturity
Date | ||||||||||
(in millions) | ||||||||||
Short-term debt: | ||||||||||
Commercial
paper | Weighted-average maturity of 18 days | $ | 539 | $ | 275 | |||||
Senior unsecured floating rate notes | Repaid March 2019 | — | 500 | |||||||
5.55%
senior unsecured notes(1) | Repaid May 2019 | — | 599 | |||||||
$400 million senior unsecured term loan facility | Repaid June 2019 | — | 100 | |||||||
Total
short-term debt | 539 | 1,474 | ||||||||
Long-term debt: | ||||||||||
3.875%
senior unsecured notes | June 2021 | 652 | 686 | |||||||
$1 billion senior unsecured revolving credit facility | April 2022 | (3 | ) | (4 | ) | |||||
1.75%
senior unsecured notes | May 2023 | 649 | 682 | |||||||
4.25% senior unsecured notes | June 2024 | 497 | 497 | |||||||
3.85%
senior unsecured notes | June 2026 | 497 | 496 | |||||||
1.75% senior unsecured notes | March 2029 | 647 | — | |||||||
Total
long-term debt | 2,939 | 2,357 | ||||||||
Total debt obligations | $ | 3,478 | $ | 3,831 |
(1) | Balance
was reclassified to short-term debt as of March 31, 2019. |
Nine Months Ended September 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
Net
cash provided by (used in): | (in millions) | ||||||||||
Operating activities | $ | 624 | $ | 668 | (6.6 | )% | |||||
Investing
activities | (131 | ) | 227 | (157.7 | )% | ||||||
Financing activities | (729 | ) | (906 | ) | (19.5 | )% | |||||
Effect
of exchange rate changes on cash and cash equivalents and restricted cash | (17 | ) | (12 | ) | 41.7 | % | |||||
Net decrease in cash and cash equivalents and restricted cash | (253 | ) | (23 | ) | 1,000.0 | % | |||||
Cash
and cash equivalents and restricted cash at beginning of period | 586 | 399 | 46.9 | % | |||||||
Cash and cash equivalents and restricted cash at end of period | $ | 333 | $ | 376 | (11.4 | )% |
• | Note 16, “Clearing Operations,” to the condensed consolidated
financial statements for further discussion of our non-cash default fund contributions and margin deposits received for clearing operations; and |
• | Note 18, “Commitments, Contingencies and Guarantees,” to the condensed consolidated financial statements for further discussion of: |
• | Guarantees issued and credit facilities available; |
• | Other
guarantees; |
• | Non-cash contingent consideration; |
• | Escrow agreements; |
• | Routing brokerage activities; |
• | Legal
and regulatory matters; and |
• | Tax audits. |
Euro | Swedish
Krona | Other Foreign Currencies | U.S. Dollar | Total | ||||||||||||||||
(in millions, except currency rate) | ||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||
Average
foreign currency rate to the U.S. dollar | 1.1112 | 0.1042 | # | N/A | N/A | |||||||||||||||
Percentage
of revenues less transaction-based expenses | 7.0 | % | 7.9 | % | 4.8 | % | 80.3 | % | 100.0 | % | ||||||||||
Percentage
of operating income | 13.1 | % | (10.4 | )% | (6.3 | )% | 103.6 | % | 100.0 | % | ||||||||||
Impact
of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $ | (4 | ) | $ | (5 | ) | $ | (3 | ) | $ | — | $ | (12 | ) | ||||||
Impact
of a 10% adverse currency fluctuation on operating income | $ | (3 | ) | $ | (2 | ) | $ | (2 | ) | $ | — | $ | (7 | ) | ||||||
Euro | Swedish
Krona | Other Foreign Currencies | U.S. Dollar | Total | ||||||||||||||||
(in millions, except currency rate) | ||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Average
foreign currency rate to the U.S. dollar | 1.1234 | 0.1063 | # | N/A | N/A | |||||||||||||||
Percentage
of revenues less transaction-based expenses | 7.5 | % | 8.0 | % | 4.9 | % | 79.6 | % | 100.0 | % | ||||||||||
Percentage
of operating income | 12.9 | % | (4.2 | )% | (5.9 | )% | 97.2 | % | 100.0 | % | ||||||||||
Impact
of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $ | (14 | ) | $ | (15 | ) | $ | (9 | ) | $ | — | $ | (38 | ) | ||||||
Impact
of a 10% adverse currency fluctuation on operating income | $ | (10 | ) | $ | (3 | ) | $ | (4 | ) | $ | — | $ | (17 | ) |
# | Represents
multiple foreign currency rates. |
N/A | Not applicable. |
Net
Assets | Impact of a 10% Adverse Currency Fluctuation | |||||||
(in millions) | ||||||||
Swedish Krona(1) | $ | 3,112 | $ | (311 | ) | |||
Norwegian
Krone | 166 | (17 | ) | |||||
Canadian Dollar | 126 | (13 | ) | |||||
British
Pound | 207 | (21 | ) | |||||
Euro | 33 | (3 | ) | |||||
Australian
Dollar | 100 | (10 | ) |
(1) | Includes goodwill of $2,296 million and intangible assets, net of $575 million. |
• | Credit Risk. When the clearinghouse has the ability to hold cash collateral at a central bank,
the clearinghouse utilizes its access to the central bank system to minimize credit risk exposures. When funds are not held at a central bank, we seek to substantially mitigate credit risk by ensuring that investments are primarily placed in highly rated government and supranational debt instruments. |
• | Liquidity Risk. Liquidity risk is the risk a clearinghouse may not be able to meet its payment obligations in the right currency, in the right place and the right time. To mitigate this risk, the clearinghouse monitors liquidity requirements closely and maintains funds and assets in a manner which minimizes the risk of loss or delay in the access by the clearinghouse to such funds and assets. For example, holding funds
with a central bank where possible or investing in highly liquid government or supranational debt instruments serves to reduce liquidity risks. |
• | Interest Rate Risk. Interest rate risk is the risk that interest rates rise causing the value of purchased securities to decline. If we were required to sell securities prior to maturity, and interest rates had risen, the sale of the securities might be made at a loss relative to the latest market price. Our clearinghouse seeks to manage this risk by making short term investments of members' cash deposits. In addition, the clearinghouse investment guidelines allow for direct purchases or repurchase |
• | Security Issuer Risk. Security issuer risk is the risk that an issuer of a security defaults on its payment when the |
Period(1)(2) | (a)
Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) | ||||||||||
July
2019 | ||||||||||||||
Share repurchase program | 835,962 | $ | 100.71 | 835,962 | $ | 197 | ||||||||
Employee
transactions | 4,818 | $ | 103.46 | N/A | N/A | |||||||||
August
2019 | ||||||||||||||
Share repurchase program | 679,444 | $ | 96.86 | 679,444 | $ | 132 | ||||||||
Employee
transactions | 4,298 | $ | 97.93 | N/A | N/A | |||||||||
September
2019 | ||||||||||||||
Share repurchase program | — | $ | — | — | $ | 132 | ||||||||
Employee
transactions | 131 | $ | 103.79 | N/A | N/A | |||||||||
Total
Quarter Ended September 30, 2019 | ||||||||||||||
Share
repurchase program | 1,515,406 | $ | 98.98 | 1,515,406 | $ | 132 | ||||||||
Employee
transactions | 9,247 | $ | 100.89 | N/A | N/A |
(1) | See
“Share Repurchase Program,” of Note 13, “Nasdaq Stockholders’ Equity,” to the condensed consolidated financial statements for further discussion of our share repurchase program. |
(2) | During the fiscal quarter ended September 30, 2019, we purchased shares from employees in connection with the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs. |
Exhibit Number | ||
Retirement
Agreement and General Release of Claims, between Nasdaq and Thomas A. Wittman, effective July 10, 2019.* | ||
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”). | ||
Certification
of Executive Vice President, Accounting and Corporate Strategy and Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley. | ||
Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley. | ||
101 | The
following materials from the Nasdaq, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018; (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018; (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018; (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended
September 30, 2019 and 2018; (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018; and (vi) notes to condensed consolidated financial statements. | |
104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. |
Nasdaq,
Inc. | ||||
(Registrant) | ||||
Date: | By: | |||
Name: | ||||
Title: | President and Chief Executive Officer | |||
Date:
| By: | /s/ Michael Ptasznik | ||
Name: | ||||
Title: | Executive
Vice President, Accounting and Corporate Strategy and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
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3/28/29 | ||||
6/30/26 | ||||
6/1/24 | ||||
5/19/23 | ||||
4/25/22 | ||||
6/7/21 | ||||
3/28/20 | ||||
1/1/20 | 3 | |||
12/27/19 | ||||
12/13/19 | ||||
Filed on: | 11/6/19 | |||
10/31/19 | ||||
10/28/19 | ||||
10/22/19 | ||||
For Period end: | 9/30/19 | |||
9/27/19 | ||||
9/13/19 | ||||
7/23/19 | ||||
7/16/19 | ||||
7/10/19 | ||||
6/30/19 | 10-Q | |||
6/28/19 | ||||
6/17/19 | 3, 4 | |||
6/14/19 | ||||
5/28/19 | 4, 8-K | |||
5/1/19 | 10-Q | |||
4/23/19 | 3, 4, 8-K, DEF 14A | |||
3/31/19 | 10-Q | |||
3/29/19 | ||||
3/22/19 | ||||
3/15/19 | ||||
2/22/19 | 10-K | |||
1/29/19 | 4, 8-K | |||
1/1/19 | ||||
12/31/18 | 10-K, 4 | |||
9/30/18 | 10-Q | |||
5/18/18 | ||||
1/1/18 | ||||
12/22/17 | ||||
12/19/17 | ||||
1/1/17 | ||||
8/26/15 | ||||
1/23/15 | ||||
11/24/14 | 4, 8-K | |||
11/3/14 | ||||
9/2/14 | ||||
4/18/14 | ||||
List all Filings |