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As Of Filer Filing For·On·As Docs:Size 11/03/23 Nasdaq, Inc. 10-Q 9/30/23 111:12M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.31M 2: EX-10.1 Material Contract HTML 65K 3: EX-10.2 Material Contract HTML 79K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 33K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 32K 12: R1 Cover Page HTML 94K 13: R2 Condensed Consolidated Balance Sheets HTML 163K 14: R3 Condensed Consolidated Balance Sheets HTML 43K (Parenthetical) 15: R4 Condensed Consolidated Statements of Income HTML 162K (Unaudited) 16: R5 Condensed Consolidated Statements of Comprehensive HTML 65K Income (Unaudited) 17: R6 Condensed Consolidated Statements of Changes in HTML 116K Stockholders' Equity (Unaudited) 18: R7 Condensed Consolidated Statements of Cash Flows HTML 157K (Unaudited) 19: R8 Organization and Nature of Operations HTML 43K 20: R9 Basis of Presentation and Principles of HTML 35K Consolidation 21: R10 Revenue From Contracts With Customers HTML 145K 22: R11 Acquisitions HTML 36K 23: R12 Goodwill and Acquired Intangible Assets HTML 98K 24: R13 Investments HTML 41K 25: R14 Deferred Revenue HTML 144K 26: R15 Debt Obligations HTML 74K 27: R16 Retirement Plans HTML 48K 28: R17 Share-Based Compensation HTML 84K 29: R18 Nasdaq Stockholders? Equity HTML 56K 30: R19 Earnings Per Share HTML 55K 31: R20 Fair Value of Financial Instruments HTML 76K 32: R21 Clearing Operations HTML 88K 33: R22 Leases HTML 73K 34: R23 Income Taxes HTML 44K 35: R24 Commitments, Contingencies and Guarantees HTML 44K 36: R25 Business Segments HTML 125K 37: R26 Restructuring Charges HTML 48K 38: R27 Pay vs Performance Disclosure HTML 41K 39: R28 Insider Trading Arrangements HTML 47K 40: R29 Basis of Presentation and Principles of HTML 44K Consolidation (Policies) 41: R30 Revenue From Contracts With Customers (Tables) HTML 75K 42: R31 Goodwill and Acquired Intangible Assets (Tables) HTML 149K 43: R32 Investments (Tables) HTML 36K 44: R33 Deferred Revenue (Tables) HTML 95K 45: R34 Debt Obligations (Tables) HTML 57K 46: R35 Retirement Plans (Tables) HTML 43K 47: R36 Share-Based Compensation (Tables) HTML 84K 48: R37 Nasdaq Stockholders? Equity (Tables) HTML 48K 49: R38 Earnings Per Share (Tables) HTML 55K 50: R39 Fair Value of Financial Instruments (Tables) HTML 72K 51: R40 Clearing Operations (Tables) HTML 72K 52: R41 Leases (Tables) HTML 75K 53: R42 Income Taxes (Tables) HTML 39K 54: R43 Business Segments (Tables) HTML 114K 55: R44 Restructuring Charges (Tables) HTML 46K 56: R45 Organization and Nature of Operations (Details) HTML 53K 57: R46 Revenue From Contracts With Customers (Revenue by HTML 64K Product, Service and Segment) (Details) 58: R47 Revenue From Contracts With Customers (Narrative) HTML 49K (Details) 59: R48 Revenue From Contracts With Customers (Remaining HTML 87K Performance Obligation) (Details) 60: R49 Acquisitions (Details) HTML 54K 61: R50 Goodwill and Acquired Intangible Assets (Schedule HTML 43K of Changes in Goodwill) (Details) 62: R51 Goodwill and Acquired Intangible Assets HTML 40K (Narrative) (Details) 63: R52 Goodwill and Acquired Intangible Assets HTML 63K (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) 64: R53 Goodwill and Acquired Intangible Assets HTML 32K (Finite-Lived Intangible Assets Amortization Expense) (Details) 65: R54 Goodwill and Acquired Intangible Assets (Estimated HTML 44K Future Amortization Expense) (Details) 66: R55 Investments (Schedule of Investments) (Details) HTML 36K 67: R56 Investments (Narrative) (Details) HTML 45K 68: R57 Deferred Revenue (Changes in Deferred Revenue) HTML 56K (Details) 69: R58 Deferred Revenue (Estimated Deferred Revenue) HTML 67K (Details) 70: R59 Debt Obligations (Changes in Debt Obligations) HTML 94K (Details) 71: R60 Debt Obligations (Commercial Paper Program) HTML 37K (Details) 72: R61 Debt Obligations (Senior Unsecured Notes and Net HTML 47K Investment Hedge) (Details) 73: R62 Debt Obligations (Narrative) (Details) HTML 61K 74: R63 Debt Obligations (Credit Facilities) (Details) HTML 57K 75: R64 Debt Obligations (Other Credit Facilities) HTML 45K (Details) 76: R65 Retirement Plans (Narrative) (Details) HTML 33K 77: R66 Retirement Plans (Cost of Retirement Plans) HTML 34K (Details) 78: R67 Share-Based Compensation (Narrative) (Details) HTML 100K 79: R68 Share-Based Compensation (Summary of Share-Based HTML 32K Compensation Expense) (Details) 80: R69 Share-Based Compensation (Summary of Restricted HTML 53K Stock Activity) (Details) 81: R70 Share-Based Compensation (Schedule of Weighted- HTML 49K Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) 82: R71 Share-Based Compensation (Summary of PSU Activity) HTML 53K (Details) 83: R72 Share-Based Compensation (Summary of Stock Option HTML 48K Activity) (Details) 84: R73 Nasdaq Stockholders' Equity (Narrative) (Details) HTML 72K 85: R74 Nasdaq Stockholders' Equity (Common Stock in HTML 38K Treasury) (Details) 86: R75 Nasdaq Stockholders' Equity (Schedule of Dividends HTML 45K Declared) (Details) 87: R76 Earnings Per Share (Details) HTML 70K 88: R77 Fair Value of Financial Instruments (Schedule of HTML 62K Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) 89: R78 Fair Value of Financial Instruments (Narrative) HTML 46K (Details) 90: R79 Clearing Operations (Narrative) (Details) HTML 76K 91: R80 Clearing Operations (Schedule of Clearing Member HTML 40K Default Fund Contributions And Margin Deposits) (Details) 92: R81 Clearing Operations (Investment Policy) (Details) HTML 46K 93: R82 Clearing Operations (Schedule of Derivative HTML 46K Contracts) (Details) 94: R83 Leases (Summary of Supplemental Balance Sheet HTML 40K Information Related to Operating Leases) (Details) 95: R84 Leases (Leases Cost) (Details) HTML 38K 96: R85 Leases (Narrative) (Details) HTML 42K 97: R86 Leases (Operating Lease Maturity) (Details) HTML 48K 98: R87 Leases (Leases Terms and Discount Rate) (Details) HTML 33K 99: R88 Leases (Supplemental Cash Flow Information) HTML 33K (Details) 100: R89 Income Taxes - Provision and Effective Rate HTML 35K (Details) 101: R90 Commitments, Contingencies and Guarantees HTML 42K (Details) 102: R91 Business Segments (Narrative) (Details) HTML 33K 103: R92 Business Segments (Schedule of Operating Segments) HTML 61K (Details) 104: R93 Business Segments (Corporate Items) (Details) HTML 60K 105: R94 Restructuring Charges (Narrative) (Details) HTML 41K 106: R95 Restructuring Charges (Summary of Restructuring HTML 48K Plan) (Details) 109: XML IDEA XML File -- Filing Summary XML 211K 107: XML XBRL Instance -- ndaq-20230930_htm XML 2.66M 108: EXCEL IDEA Workbook of Financial Report Info XLSX 202K 8: EX-101.CAL XBRL Calculations -- ndaq-20230930_cal XML 233K 9: EX-101.DEF XBRL Definitions -- ndaq-20230930_def XML 1.03M 10: EX-101.LAB XBRL Labels -- ndaq-20230930_lab XML 2.24M 11: EX-101.PRE XBRL Presentations -- ndaq-20230930_pre XML 1.45M 7: EX-101.SCH XBRL Schema -- ndaq-20230930 XSD 253K 110: JSON XBRL Instance as JSON Data -- MetaLinks 636± 922K 111: ZIP XBRL Zipped Folder -- 0001120193-23-000031-xbrl Zip 708K
ndaq-20230930 |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the quarterly period ended | i September 30, 2023 | |||||||
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) |
No Changes | |||||||||||
(Former name, former address and former fiscal year, if changed since last report) |
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 4.500% Senior Notes due 2032 | i NDAQ32 | i The Nasdaq Stock Market | ||||||||||||
i 0.900% Senior Notes due 2033 | i NDAQ33 | i The Nasdaq Stock Market | ||||||||||||
i 0.875% Senior Notes due 2030 | i NDAQ30 | i The Nasdaq Stock Market | ||||||||||||
i 1.75% Senior Notes due 2029 | i NDAQ29 | 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 November 1, 2023 | ||||||||||
Common Stock, $0.01 par value per share | i 576,964,570 | shares |
Page | ||||||||
Part I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II.
OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 5,340 | $ | i 502 | |||||||
Restricted cash and cash equivalents | i 25 | i 22 | |||||||||
Default
funds and margin deposits (including restricted cash and cash equivalents of $ i 5,469 and $ i 6,470, respectively) | i 5,935 | i 7,021 | |||||||||
Financial investments | i 272 | i 181 | |||||||||
Receivables, net | i 595 | i 677 | |||||||||
Other current assets | i 184 | i 201 | |||||||||
Total current assets | i 12,351 | i 8,604 | |||||||||
Property and equipment, net | i 542 | i 532 | |||||||||
Goodwill | i 7,988 | i 8,099 | |||||||||
Intangible assets, net | i 2,446 | i 2,581 | |||||||||
Operating lease assets | i 397 | i 444 | |||||||||
Other non-current assets | i 626 | i 608 | |||||||||
Total assets | $ | i 24,350 | $ | i 20,868 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | i 286 | $ | i 185 | |||||||
Section 31 fees payable to SEC | i 19 | i 243 | |||||||||
Accrued personnel costs | i 211 | i 243 | |||||||||
Deferred revenue | i 451 | i 357 | |||||||||
Other current liabilities | i 146 | i 122 | |||||||||
Default funds and margin deposits | i 5,935 | i 7,021 | |||||||||
Short-term debt | i — | i 664 | |||||||||
Total current liabilities | i 7,048 | i 8,835 | |||||||||
Long-term debt | i 9,703 | i 4,735 | |||||||||
Deferred tax liabilities, net | i 509 | i 456 | |||||||||
Operating lease liabilities | i 412 | i 452 | |||||||||
Other non-current liabilities | i 199 | i 226 | |||||||||
Total liabilities | i 17,871 | i 14,704 | |||||||||
Commitments and contingencies | i | i | |||||||||
Equity | |||||||||||
Nasdaq stockholders’ equity: | |||||||||||
Common stock, $ i i 0.01 /
par value, i i 900,000,000 / shares authorized, shares issued: i 514,134,579
at September 30, 2023 and i 513,157,630 at December 31, 2022; shares outstanding: i 491,316,638 at September 30,
2023 and i 491,592,491 at December 31, 2022 | i 5 | i 5 | |||||||||
Additional paid-in capital | i 1,394 | i 1,445 | |||||||||
Common
stock in treasury, at cost: i 22,817,941 shares at September 30, 2023 and i 21,565,139 shares at December 31, 2022 | ( i 585) | ( i 515) | |||||||||
Accumulated other comprehensive loss | ( i 2,102) | ( i 1,991) | |||||||||
Retained earnings | i 7,755 | i 7,207 | |||||||||
Total Nasdaq stockholders’ equity | i 6,467 | i 6,151 | |||||||||
Noncontrolling interests | i 12 | i 13 | |||||||||
Total equity | i 6,479 | i 6,164 | |||||||||
Total liabilities and equity | $ | i 24,350 | $ | i 20,868 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Market Platforms | $ | i 892 | $ | i 1,046 | $ | i 2,813 | $ | i 3,121 | |||||||||||||||||||||
Capital Access Platforms | i 456 | i 422 | i 1,309 | i 1,262 | |||||||||||||||||||||||||
Anti-Financial Crime | i 93 | i 77 | i 265 | i 224 | |||||||||||||||||||||||||
Other revenues | i 10 | i 12 | i 30 | i 37 | |||||||||||||||||||||||||
Total revenues | i 1,451 | i 1,557 | i 4,417 | i 4,644 | |||||||||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||||||||
Transaction rebates | ( i 447) | ( i 494) | ( i 1,377) | ( i 1,605) | |||||||||||||||||||||||||
Brokerage, clearance and exchange fees | ( i 64) | ( i 173) | ( i 262) | ( i 364) | |||||||||||||||||||||||||
Revenues less transaction-based expenses | i 940 | i 890 | i 2,778 | i 2,675 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Compensation and benefits | i 260 | i 249 | i 777 | i 750 | |||||||||||||||||||||||||
Professional and contract services | i 31 | i 34 | i 92 | i 97 | |||||||||||||||||||||||||
Computer operations and data communications | i 58 | i 50 | i 168 | i 150 | |||||||||||||||||||||||||
Occupancy | i 28 | i 25 | i 99 | i 78 | |||||||||||||||||||||||||
General, administrative and other | i 26 | i 38 | i 62 | i 94 | |||||||||||||||||||||||||
Marketing and advertising | i 12 | i 10 | i 30 | i 31 | |||||||||||||||||||||||||
Depreciation and amortization | i 64 | i 63 | i 198 | i 195 | |||||||||||||||||||||||||
Regulatory | i 9 | i 9 | i 27 | i 24 | |||||||||||||||||||||||||
Merger and strategic initiatives | i 4 | i 14 | i 51 | i 41 | |||||||||||||||||||||||||
Restructuring charges | i 17 | i — | i 49 | i — | |||||||||||||||||||||||||
Total operating expenses | i 509 | i 492 | i 1,553 | i 1,460 | |||||||||||||||||||||||||
Operating income | i 431 | i 398 | i 1,225 | i 1,215 | |||||||||||||||||||||||||
Interest income | i 72 | i 2 | i 86 | i 3 | |||||||||||||||||||||||||
Interest expense | ( i 101) | ( i 32) | ( i 174) | ( i 96) | |||||||||||||||||||||||||
Other income (loss) | i 1 | i 6 | ( i 6) | i 8 | |||||||||||||||||||||||||
Net income (loss) from unconsolidated investees | ( i 12) | i 8 | ( i 8) | i 23 | |||||||||||||||||||||||||
Income before income taxes | i 391 | i 382 | i 1,123 | i 1,153 | |||||||||||||||||||||||||
Income tax provision | i 97 | i 88 | i 262 | i 270 | |||||||||||||||||||||||||
Net income | i 294 | i 294 | i 861 | i 883 | |||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | i — | i — | i 1 | i 1 | |||||||||||||||||||||||||
Net income attributable to Nasdaq | $ | i 294 | $ | i 294 | $ | i 862 | $ | i 884 | |||||||||||||||||||||
Per share information: | |||||||||||||||||||||||||||||
Basic earnings per share | $ | i 0.60 | $ | i 0.60 | $ | i 1.76 | $ | i 1.79 | |||||||||||||||||||||
Diluted earnings per share | $ | i 0.60 | $ | i 0.59 | $ | i 1.74 | $ | i 1.77 | |||||||||||||||||||||
Cash dividends declared per common share | $ | i 0.22 | $ | i 0.20 | $ | i 0.64 | $ | i 0.58 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net income | $ | i 294 | $ | i 294 | $ | i 861 | $ | i 883 | |||||||||||||||||||||
Other
comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency translation gains (losses) | i 41 | ( i 155) | ( i 96) | ( i 428) | |||||||||||||||||||||||||
Income
tax expense(1) | ( i 24) | ( i 32) | ( i 15) | ( i 77) | |||||||||||||||||||||||||
Foreign currency translation, net | i 17 | ( i 187) | ( i 111) | ( i 505) | |||||||||||||||||||||||||
Comprehensive income | i 311 | i 107 | i 750 | i 378 | |||||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | i — | i — | i 1 | i 1 | |||||||||||||||||||||||||
Comprehensive income attributable to Nasdaq | $ | i 311 | $ | i 107 | $ | i 751 | $ | i 379 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | i 491 | i 5 | i 491 | i 5 | i 492 | i 5 | i 500 | i 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | i 1,363 | i 1,382 | i 1,445 | i 1,949 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | ( i 3) | ( i 159) | ( i 11) | ( i 308) | |||||||||||||||||||||||||||||||||||||||||||||||||||
ASR
agreement | — | — | — | — | — | — | — | ( i 325) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | i 31 | — | i 26 | i 3 | i 90 | i 3 | i 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other issuances of common stock, net | — | — | — | — | — | i 18 | — | i 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | i 1,394 | i 1,408 | i 1,394 | i 1,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock in treasury, at cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | ( i 583) | ( i 509) | ( i 515) | ( i 437) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other employee stock activity | — | ( i 2) | — | ( i 1) | ( i 1) | ( i 70) | ( i 1) | ( i 73) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | ( i 585) | ( i 510) | ( i 585) | ( i 510) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | ( i 2,119) | ( i 1,905) | ( i 1,991) | ( i 1,587) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | i 17 | ( i 187) | ( i 111) | ( i 505) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | ( i 2,102) | ( i 2,092) | ( i 2,102) | ( i 2,092) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | i 7,569 | i 6,869 | i 7,207 | i 6,465 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Nasdaq | i 294 | i 294 | i 862 | i 884 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared and paid | ( i 108) | ( i 99) | ( i 314) | ( i 285) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | i 7,755 | i 7,064 | i 7,755 | i 7,064 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Nasdaq stockholders’ equity | i 6,467 | i 5,875 | i 6,467 | i 5,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | i 12 | i 9 | i 13 | i 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net
activity related to noncontrolling interests | — | — | ( i 1) | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | i 12 | i 9 | i 12 | i 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | i 491 | $ | i 6,479 | i 491 | $ | i 5,884 | i 491 | $ | i 6,479 | i 491 | $ | i 5,884 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | i 861 | $ | i 883 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | i 198 | i 195 | |||||||||||||||
Share-based compensation | i 90 | i 76 | |||||||||||||||
Deferred income taxes | i 44 | i 17 | |||||||||||||||
Extinguishment of debt and bridge fees | i 25 | i 16 | |||||||||||||||
Non-cash restructuring charges | i 12 | i — | |||||||||||||||
Net
income (loss) from unconsolidated investees | i 8 | ( i 23) | |||||||||||||||
Operating lease asset impairments | i 13 | i — | |||||||||||||||
Other reconciling items included in net income | i 22 | i 7 | |||||||||||||||
Net change in operating assets and liabilities, net of effects of acquisitions: | |||||||||||||||||
Receivables, net | i 75 | ( i 69) | |||||||||||||||
Other assets | i 25 | i 41 | |||||||||||||||
Accounts payable and accrued expenses | i 110 | i 27 | |||||||||||||||
Section 31 fees payable to SEC | ( i 224) | i — | |||||||||||||||
Accrued personnel costs | ( i 28) | ( i 33) | |||||||||||||||
Deferred revenue | i 90 | i 86 | |||||||||||||||
Other liabilities | ( i 42) | ( i 11) | |||||||||||||||
Net cash provided by operating activities | i 1,279 | i 1,212 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of securities | ( i 530) | ( i 263) | |||||||||||||||
Proceeds from sales and redemptions of securities | i 427 | i 305 | |||||||||||||||
Acquisition of businesses, net of cash and cash equivalents acquired | i — | ( i 41) | |||||||||||||||
Purchases of property and equipment | ( i 116) | ( i 118) | |||||||||||||||
Investments
related to default funds and margin deposits, net(1) | i 64 | i 44 | |||||||||||||||
Other investing activities | ( i 3) | i 48 | |||||||||||||||
Net cash used in investing activities | ( i 158) | ( i 25) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayments of commercial paper, net | ( i 662) | ( i 221) | |||||||||||||||
Repayments of debt and credit commitment | i — | ( i 499) | |||||||||||||||
Payment of debt extinguishment cost and bridge fees | ( i 25) | ( i 16) | |||||||||||||||
Proceeds from issuances of debt, net of issuance costs | i 5,011 | i 541 | |||||||||||||||
Repurchases of common stock | ( i 159) | ( i 308) | |||||||||||||||
ASR agreement | i — | ( i 325) | |||||||||||||||
Dividends paid | ( i 314) | ( i 285) | |||||||||||||||
Proceeds received from employee stock activity and other issuances | i 18 | i 16 | |||||||||||||||
Payments related to employee shares withheld for taxes | ( i 70) | ( i 73) | |||||||||||||||
Default funds and margin deposits | ( i 779) | i 5,446 | |||||||||||||||
Other financing activities | ( i 1) | ( i 1) | |||||||||||||||
Net cash provided by financing activities | i 3,019 | i 4,275 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | ( i 300) | ( i 1,724) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents | i 3,840 | i 3,738 | |||||||||||||||
Cash
and cash equivalents, restricted cash and cash equivalents at beginning of period | i 6,994 | i 5,496 | |||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents at end of period | $ | i 10,834 | $ | i 9,234 | |||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents | $ | i 5,340 | $ | i 301 | |||||||||||||
Restricted cash and cash equivalents | i 25 | i 51 | |||||||||||||||
Restricted cash and cash equivalents (default funds and margin deposits) | i 5,469 | i 8,882 | |||||||||||||||
Total | $ | i 10,834 | $ | i 9,234 | |||||||||||||
Supplemental Disclosure Cash Flow Information | |||||||||||||||||
Interest paid | $ | i 89 | $ | i 83 | |||||||||||||
Income taxes paid, net of refund | $ | i 198 | $ | i 204 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Market Platforms | |||||||||||||||||
Trading Services, net | $ | i 236 | $ | i 239 | |||||||||||||
Marketplace Technology | i 145 | i 140 | |||||||||||||||
Capital Access Platforms | |||||||||||||||||
Data & Listing Services | i 188 | i 179 | |||||||||||||||
Index | i 144 | i 125 | |||||||||||||||
Workflow & Insights | i 124 | i 118 | |||||||||||||||
Anti-Financial Crime | i 93 | i 77 | |||||||||||||||
Other revenues | i 10 | i 12 | |||||||||||||||
Revenues less transaction-based expenses | $ | i 940 | $ | i 890 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Market Platforms | |||||||||||||||||
Trading Services, net | $ | i 739 | $ | i 743 | |||||||||||||
Marketplace Technology | i 435 | i 409 | |||||||||||||||
Capital Access Platforms | |||||||||||||||||
Data & Listing Services | i 559 | i 545 | |||||||||||||||
Index | i 383 | i 370 | |||||||||||||||
Workflow & Insights | i 367 | i 347 | |||||||||||||||
Anti-Financial Crime | i 265 | i 224 | |||||||||||||||
Other revenues | i 30 | i 37 | |||||||||||||||
Revenues less transaction-based expenses | $ | i 2,778 | $ | i 2,675 |
Market Technology | Anti-Financial Crime | Workflow & Insights | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Remainder of 2023 | $ | i 46 | $ | i 105 | $ | i 43 | $ | i 194 | |||||||||||||||
2024 | i 167 | i 379 | i 134 | i 680 | |||||||||||||||||||
2025 | i 139 | i 180 | i 76 | i 395 | |||||||||||||||||||
2026 | i 101 | i 68 | i 32 | i 201 | |||||||||||||||||||
2027 | i 70 | i 17 | i 22 | i 109 | |||||||||||||||||||
2028+ | i 110 | i 8 | i 11 | i 129 | |||||||||||||||||||
Total | $ | i 633 | $ | i 757 | $ | i 318 | $ | i 1,708 |
(in millions) | |||||
Market Platforms | |||||
Balance at December 31, 2022 | $ | i 2,912 | |||
Foreign currency translation adjustments | ( i 67) | ||||
Balance at September 30, 2023 | $ | i 2,845 | |||
Capital Access Platforms | |||||
Balance at December 31, 2022 | $ | i 4,178 | |||
Foreign currency translation adjustments | ( i 40) | ||||
Balance at September 30, 2023 | $ | i 4,138 | |||
Anti-Financial Crime | |||||
Balance at December 31, 2022 | $ | i 1,009 | |||
Foreign currency translation adjustments | ( i 4) | ||||
Balance at September 30, 2023 | $ | i 1,005 | |||
Total | |||||
Balance at December 31, 2022 | $ | i 8,099 | |||
Foreign currency translation adjustments | ( i 111) | ||||
Balance at September 30, 2023 | $ | i 7,988 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||
Gross Amount | |||||||||||||||||||||||||||||||||||||||||
Technology | $ | i 304 | $ | i 304 | |||||||||||||||||||||||||||||||||||||
Customer relationships | i 2,005 | i 2,005 | |||||||||||||||||||||||||||||||||||||||
Trade names and other | i 57 | i 60 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( i 227) | ( i 209) | |||||||||||||||||||||||||||||||||||||||
Total gross amount | $ | i 2,139 | $ | i 2,160 | |||||||||||||||||||||||||||||||||||||
Accumulated Amortization | |||||||||||||||||||||||||||||||||||||||||
Technology | $ | ( i 131) | $ | ( i 97) | |||||||||||||||||||||||||||||||||||||
Customer relationships | ( i 859) | ( i 778) | |||||||||||||||||||||||||||||||||||||||
Trade names and other | ( i 17) | ( i 17) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | i 137 | i 120 | |||||||||||||||||||||||||||||||||||||||
Total accumulated amortization | $ | ( i 870) | $ | ( i 772) | |||||||||||||||||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||||||||||||||||||||
Technology | $ | i 173 | $ | i 207 | |||||||||||||||||||||||||||||||||||||
Customer relationships | i 1,146 | i 1,227 | |||||||||||||||||||||||||||||||||||||||
Trade names and other | i 40 | i 43 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( i 90) | ( i 89) | |||||||||||||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | i 1,269 | $ | i 1,388 | |||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
Exchange and clearing registrations | $ | i 1,257 | $ | i 1,257 | |||||||||||||||||||||||||||||||||||||
Trade names | i 121 | i 121 | |||||||||||||||||||||||||||||||||||||||
Licenses | i 52 | i 52 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( i 253) | ( i 237) | |||||||||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | i 1,177 | $ | i 1,193 | |||||||||||||||||||||||||||||||||||||
Total intangible assets, net | $ | i 2,446 | $ | i 2,581 | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Amortization expense | $ | i 37 | $ | i 38 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Amortization expense | $ | i 112 | $ | i 116 |
(in millions) | |||||
Remainder of 2023 | $ | i 41 | |||
2024 | i 153 | ||||
2025 | i 151 | ||||
2026 | i 148 | ||||
2027 | i 147 | ||||
2028+ | i 719 | ||||
Total | $ | i 1,359 |
September 30, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Financial investments | $ | i 272 | $ | i 181 | |||||||
Equity method investments | i 378 | i 390 | |||||||||
Equity securities | i 76 | i 86 |
Balance
at December 31, 2022 | Additions | Revenue Recognized | Adjustments | Balance at September 30, 2023 | |||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Market Platforms: | |||||||||||||||||||||||||||||||||||||||||
Market Technology | $ | i 29 | $ | i 25 | $ | ( i 26) | $ | ( i 1) | $ | i 27 | |||||||||||||||||||||||||||||||
Capital Access Platforms: | |||||||||||||||||||||||||||||||||||||||||
Initial Listings | i 116 | i 15 | ( i 30) | ( i 1) | i 100 | ||||||||||||||||||||||||||||||||||||
Annual Listings | i 2 | i 92 | ( i 1) | ( i 1) | i 92 | ||||||||||||||||||||||||||||||||||||
Workflow & Insights | i 172 | i 162 | ( i 152) | i — | i 182 | ||||||||||||||||||||||||||||||||||||
Anti-Financial Crime | i 108 | i 102 | ( i 100) | i — | i 110 | ||||||||||||||||||||||||||||||||||||
Other | i 21 | i 11 | ( i 9) | ( i 1) | i 22 | ||||||||||||||||||||||||||||||||||||
Total | $ | i 448 | $ | i 407 | $ | ( i 318) | $ | ( i 4) | $ | i 533 | |||||||||||||||||||||||||||||||
Fiscal year ended: | 2023 | 2024 | 2025 | 2026 | 2027 | 2028+ | Total | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Market Platforms: | |||||||||||||||||||||||||||||||||||||||||
Market Technology | $ | i 12 | $ | i 11 | $ | i 2 | $ | i 1 | $ | i 1 | $ | i — | $ | i 27 | |||||||||||||||||||||||||||
Capital Access Platforms: | |||||||||||||||||||||||||||||||||||||||||
Initial Listings | i 10 | i 34 | i 24 | i 19 | i 10 | i 3 | i 100 | ||||||||||||||||||||||||||||||||||
Annual Listings | i 92 | i — | i — | i — | i — | i — | i 92 | ||||||||||||||||||||||||||||||||||
Workflow & Insights | i 84 | i 98 | i — | i — | i — | i — | i 182 | ||||||||||||||||||||||||||||||||||
Anti-Financial Crime | i 51 | i 59 | i — | i — | i — | i — | i 110 | ||||||||||||||||||||||||||||||||||
Other | i 6 | i 9 | i 5 | i 2 | i — | i — | i 22 | ||||||||||||||||||||||||||||||||||
Total | $ | i 255 | $ | i 211 | $ | i 31 | $ | i 22 | $ | i 11 | $ | i 3 | $ | i 533 | |||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Short-term debt: | |||||||||||||||||||||||
Commercial paper | $ | i — | $ | i 664 | |||||||||||||||||||
Long-term debt - senior unsecured notes: | |||||||||||||||||||||||
2025 Notes, $ i 500 million, i 5.650% notes due June 28, 2025 | i 497 | i — | |||||||||||||||||||||
2026
Notes, $ i 500 million, i 3.850% notes due June 30, 2026 | i 499 | i 498 | |||||||||||||||||||||
2028
Notes, $ i 1 billion, i 5.350% notes due June 28, 2028 | i 991 | i — | |||||||||||||||||||||
2029
Notes, € i 600 million, i 1.75% notes due March 28, 2029 | i 630 | i 637 | |||||||||||||||||||||
2030
Notes, € i 600 million, i 0.875% notes due February 13, 2030 | i 630 | i 637 | |||||||||||||||||||||
2031
Notes, $ i 650 million, i 1.650% notes due January 15, 2031 | i 644 | i 644 | |||||||||||||||||||||
2032
Notes, € i 750 million, i 4.500% notes due February 15, 2032 | i 784 | i — | |||||||||||||||||||||
2033
Notes, € i 615 million, i 0.900% notes due July 30, 2033 | i 645 | i 653 | |||||||||||||||||||||
2034
Notes $ i 1.25 billion, i 5.550% notes due February 15, 2034 | i 1,239 | i — | |||||||||||||||||||||
2040
Notes, $ i 650 million, i 2.500% notes due December 21, 2040 | i 644 | i 644 | |||||||||||||||||||||
2050
Notes, $ i 500 million, i 3.250% notes due April 28, 2050 | i 487 | i 486 | |||||||||||||||||||||
2052
Notes, $ i 550 million, i 3.950% notes due March 7, 2052 | i 541 | i 541 | |||||||||||||||||||||
2053
Notes, $ i 750 million, i 5.950% notes due August 15, 2053 | i 738 | i — | |||||||||||||||||||||
2063
Notes, $ i 750 million, i 6.100% notes due June 28, 2063 | i 738 | i — | |||||||||||||||||||||
2022 Revolving Credit Agreement | ( i 4) | ( i 5) | |||||||||||||||||||||
Total long-term debt | $ | i 9,703 | $ | i 4,735 | |||||||||||||||||||
Total debt obligations | $ | i 9,703 | $ | i 5,399 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Savings Plan expense | $ | i 4 | $ | i 4 | $ | i 14 | $ | i 13 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Retirement Plans expense | $ | i 6 | $ | i 6 | $ | i 19 | $ | i 18 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Share-based compensation expense before income taxes | $ | i 31 | $ | i 26 | $ | i 90 | $ | i 76 |
Restricted Stock | |||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2022 | i 4,380,513 | $ | i 45.48 | ||||||||
Granted | i 1,687,070 | i 52.54 | |||||||||
Vested | ( i 1,621,991) | i 37.07 | |||||||||
Forfeited | ( i 220,665) | i 50.30 | |||||||||
Unvested at September 30, 2023 | i 4,224,927 | $ | i 51.28 |
Grant date | April 3, 2023 | April 1, 2022 | |||||||||
Weighted-average risk-free interest rate | i 3.75 | % | i 2.55 | % | |||||||
Expected
volatility | i 23.88 | % | i 30.33 | % | |||||||
Weighted-average grant date share price | $ | i 54.40 | $ | i 60.64 | |||||||
Weighted-average fair value at grant date | $ | i 52.56 | $ | i 63.50 |
PSUs | |||||||||||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
Unvested at December 31, 2022 | i 1,966,542 | $ | i 56.44 | ||||||||||||||||||||
Granted | i 1,513,538 | i 44.78 | |||||||||||||||||||||
Vested | ( i 1,529,496) | i 37.17 | |||||||||||||||||||||
Forfeited | ( i 25,478) | i 63.59 | |||||||||||||||||||||
Unvested at September 30, 2023 | i 1,925,106 | $ | i 62.22 |
Number
of Stock Options | Weighted-Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in millions) | |||||||||||
Outstanding at September 30, 2023 | i 1,420,323 | $ | i 41.79 | i 5.4 | $ | i 21 | ||||||||
Exercisable at September 30, 2023 | i 806,451 | $ | i 22.23 | i 3.3 | $ | i 21 |
Nine Months Ended September 30, 2023 | ||||||||||||||
Number of shares of common stock repurchased | i 2,610,000 | |||||||||||||
Average
price paid per share | $ | i 61.08 | ||||||||||||
Total purchase price (in millions) | $ | i 159 |
Declaration Date | Dividend Per Common Share | Record Date | Total Amount Paid | Payment Date | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
January 24, 2023 | $ | i 0.20 | March 17, 2023 | $ | i 97 | March 31, 2023 | ||||||||||||||||||||
April 18, 2023 | i 0.22 | June 16, 2023 | i 109 | June 30, 2023 | ||||||||||||||||||||||
July 18, 2023 | i 0.22 | September 15, 2023 | i 108 | September 29, 2023 | ||||||||||||||||||||||
$ | i 314 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Numerator: | (in millions, except share and per share amounts) | ||||||||||||||||
Net income attributable to common shareholders | $ | i 294 | $ | i 294 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding for basic earnings per share | i 491,315,824 | i 491,228,889 | |||||||||||||||
Weighted-average effect of dilutive securities - Employee equity awards | i 2,796,138 | i 5,110,197 | |||||||||||||||
Weighted-average common shares outstanding for diluted earnings per share | i 494,111,962 | i 496,339,086 | |||||||||||||||
Basic and diluted earnings per share: | |||||||||||||||||
Basic earnings per share | $ | i 0.60 | $ | i 0.60 | |||||||||||||
Diluted earnings per share | $ | i 0.60 | $ | i 0.59 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Numerator: | (in millions, except share and per share amounts) | ||||||||||||||||
Net income attributable to common shareholders | $ | i 862 | $ | i 884 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding for basic earnings per share | i 490,680,174 | i 492,803,274 | |||||||||||||||
Weighted-average effect of dilutive securities - Employee equity awards | i 3,495,584 | i 5,351,675 | |||||||||||||||
Weighted-average common shares outstanding for diluted earnings per share | i 494,175,758 | i 498,154,949 | |||||||||||||||
Basic and diluted earnings per share: | |||||||||||||||||
Basic earnings per share | $ | i 1.76 | $ | i 1.79 | |||||||||||||
Diluted earnings per share | $ | i 1.74 | $ | i 1.77 |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
European
government debt securities | $ | i 150 | $ | i 150 | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
State-owned
enterprises and municipal securities | i 105 | i — | i 105 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Swedish
mortgage bonds | i 12 | i — | i 12 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate
debt securities | i 5 | i — | i 5 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | i 272 | $ | i 150 | $ | i 122 | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
(in
millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
European government debt securities | $ | i 147 | $ | i 147 | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
State-owned
enterprises and municipal securities | i 7 | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Swedish
mortgage bonds | i 20 | i — | i 20 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate
debt securities | i 7 | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | i 181 | $ | i 147 | $ | i 34 | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||
Cash Contributions | Non-Cash Contributions | Total Contributions | |||||||||||||||
(in millions) | |||||||||||||||||
Default fund contributions | $ | i 957 | $ | i 151 | $ | i 1,108 | |||||||||||
Margin deposits | i 4,978 | i 5,069 | i 10,047 | ||||||||||||||
Total | $ | i 5,935 | $ | i 5,220 | $ | i 11,155 |
September 30, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Demand deposits | $ | i 4,477 | $ | i 4,775 | |||||||
Central bank certificates | i 992 | i 1,695 | |||||||||
Restricted cash and cash equivalents | $ | i 5,469 | $ | i 6,470 | |||||||
European government debt securities | i 172 | i 222 | |||||||||
Reverse repurchase agreements | i 234 | i 192 | |||||||||
Multilateral development bank debt securities | i 60 | i 137 | |||||||||
Investments | $ | i 466 | $ | i 551 | |||||||
Total | $ | i 5,935 | $ | i 7,021 |
September 30, 2023 | |||||
(in millions) | |||||
Commodity and seafood options, futures and forwards | $ | i 124 | |||
Fixed-income options and futures | i 2,324 | ||||
Stock options and futures | i 141 | ||||
Index options and futures | i 26 | ||||
Total | $ | i 2,615 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Commodity and seafood options, futures and forwards | i 172,222 | i 249,227 | |||||||||
Fixed-income options and futures | i 14,437,712 | i 17,233,036 | |||||||||
Stock options and futures | i 15,584,780 | i 13,737,846 | |||||||||
Index options and futures | i 30,059,441 | i 34,191,390 | |||||||||
Total | i 60,254,155 | i 65,411,499 |
Leases | Balance Sheet Classification | September 30, 2023 | December 31, 2022 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Operating lease assets | Operating lease assets | $ | i 397 | $ | i 444 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Current lease liabilities | Other current liabilities | $ | i 57 | $ | i 54 | |||||||||||||||
Non-current lease liabilities | Operating lease liabilities | i 412 | i 452 | |||||||||||||||||
Total lease liabilities | $ | i 469 | $ | i 506 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Operating lease cost | $ | i 19 | $ | i 18 | $ | i 68 | $ | i 56 | ||||||||||||||||||||||||
Variable lease cost | i 10 | i 8 | i 32 | i 25 | ||||||||||||||||||||||||||||
Sublease income | ( i 1) | ( i 1) | ( i 1) | ( i 3) | ||||||||||||||||||||||||||||
Total lease cost | $ | i 28 | $ | i 25 | $ | i 99 | $ | i 78 |
September 30, 2023 | ||||||||
(in millions) | ||||||||
Remainder of 2023 | $ | i 17 | ||||||
2024 | i 71 | |||||||
2025 | i 62 | |||||||
2026 | i 51 | |||||||
2027 | i 48 | |||||||
2028+ | i 316 | |||||||
Total lease payments | i 565 | |||||||
Less: interest | ( i 96) | |||||||
Present value of lease liabilities | $ | i 469 |
September 30, 2023 | ||||||||
Weighted-average remaining lease term (in years) | i 10.1 | |||||||
Weighted-average discount rate | i 3.7 | % |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | i 57 | $ | i 47 | |||||||||||||
Lease assets obtained in exchange for operating lease liabilities | $ | i 8 | $ | i 130 |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Income tax provision | $ | i 97 | $ | i 88 | |||||||
Effective tax rate | i 24.8 | % | i 23.0 | % | |||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Income tax provision | $ | i 262 | $ | i 270 | |||||||
Effective tax rate | i 23.3 | % | i 23.4 | % |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Market Platforms | (in millions) | ||||||||||||||||
Total revenues | $ | i 892 | $ | i 1,046 | |||||||||||||
Transaction-based expenses | ( i 511) | ( i 667) | |||||||||||||||
Revenues less transaction-based expenses | i 381 | i 379 | |||||||||||||||
Operating income | i 200 | i 213 | |||||||||||||||
Capital Access Platforms | |||||||||||||||||
Total revenues | i 456 | i 422 | |||||||||||||||
Operating income | i 254 | i 233 | |||||||||||||||
Anti-Financial Crime | |||||||||||||||||
Total revenues | i 93 | i 77 | |||||||||||||||
Operating income | i 31 | i 21 | |||||||||||||||
Corporate Items | |||||||||||||||||
Total revenues | i 10 | i 12 | |||||||||||||||
Operating loss | ( i 54) | ( i i 69 / ) | |||||||||||||||
Consolidated | |||||||||||||||||
Total revenues | $ | i 1,451 | $ | i 1,557 | |||||||||||||
Transaction-based expenses | ( i 511) | ( i 667) | |||||||||||||||
Revenues less transaction-based expenses | $ | i 940 | $ | i 890 | |||||||||||||
Operating income | $ | i 431 | $ | i 398 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Market Platforms | (in millions) | ||||||||||||||||
Total revenues | $ | i 2,813 | $ | i 3,121 | |||||||||||||
Transaction-based expenses | ( i 1,639) | ( i 1,969) | |||||||||||||||
Revenues less transaction-based expenses | i 1,174 | i 1,152 | |||||||||||||||
Operating income | i 634 | i 640 | |||||||||||||||
Capital Access Platforms | |||||||||||||||||
Total revenues | i 1,309 | i 1,262 | |||||||||||||||
Operating income | i 720 | i 703 | |||||||||||||||
Anti-Financial Crime | |||||||||||||||||
Total revenues | i 265 | i 224 | |||||||||||||||
Operating income | i 85 | i 56 | |||||||||||||||
Corporate Items | |||||||||||||||||
Total revenues | i 30 | i 37 | |||||||||||||||
Operating loss | ( i 214) | ( i 184) | |||||||||||||||
Consolidated | |||||||||||||||||
Total revenues | $ | i 4,417 | $ | i 4,644 | |||||||||||||
Transaction-based expenses | ( i 1,639) | ( i 1,969) | |||||||||||||||
Revenues less transaction-based expenses | $ | i 2,778 | $ | i 2,675 | |||||||||||||
Operating income | $ | i 1,225 | $ | i 1,215 | |||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Revenues - divested businesses | $ | i 10 | $ | i 12 | |||||||||||||
Expenses: | |||||||||||||||||
Amortization expense of acquired intangible assets | $ | i 37 | $ | i 38 | |||||||||||||
Merger and strategic initiatives expense | i 4 | i 14 | |||||||||||||||
Restructuring charges | i 17 | i — | |||||||||||||||
Expenses - divested businesses | i 4 | i 6 | |||||||||||||||
Other | i 2 | i 23 | |||||||||||||||
Total expenses | i 64 | i 81 | |||||||||||||||
Operating loss | $ | ( i 54) | $ | ( i 69) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Revenues - divested businesses | $ | i 30 | $ | i 37 | |||||||||||||
Expenses: | |||||||||||||||||
Amortization expense of acquired intangible assets | i 112 | i 116 | |||||||||||||||
Merger and strategic initiatives expense | i 51 | i 41 | |||||||||||||||
Restructuring charges | i 49 | i — | |||||||||||||||
Lease asset impairments | i 24 | i — | |||||||||||||||
Extinguishment of debt | i — | i 16 | |||||||||||||||
Expenses - divested businesses | i 16 | i 20 | |||||||||||||||
Other | ( i 8) | i 28 | |||||||||||||||
Total expenses | i 244 | i 221 | |||||||||||||||
Operating loss | $ | ( i 214) | $ | ( i 184) |
Three Months Ended September 30, 2023 | Nine Months
Ended September 30, 2023 | Total Program Costs Incurred | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Asset impairment charges | $ | i — | $ | i 12 | $ | i 20 | |||||||||||||||||
Consulting services | i 9 | i 20 | i 23 | ||||||||||||||||||||
Employee-related costs | i 4 | i 10 | i 13 | ||||||||||||||||||||
Other | i 4 | i 7 | i 8 | ||||||||||||||||||||
Total restructuring charges | $ | i 17 | $ | i 49 | $ | i 64 | |||||||||||||||||
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Revenues less transaction-based expenses | $ | 940 | $ | 890 | 5.6 | % | |||||||||||||||||
Operating expenses | 509 | 492 | 3.5 | % | |||||||||||||||||||
Operating income | 431 | 398 | 8.3 | % | |||||||||||||||||||
Net income attributable to Nasdaq | $ | 294 | $ | 294 | — | % | |||||||||||||||||
Diluted earnings per share | $ | 0.60 | $ | 0.59 | 1.7 | % | |||||||||||||||||
Cash dividends declared per common share | $ | 0.22 | $ | 0.20 | 10.0 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Revenues less transaction-based expenses | $ | 2,778 | $ | 2,675 | 3.9 | % | |||||||||||||||||
Operating expenses | 1,553 | 1,460 | 6.4 | % | |||||||||||||||||||
Operating income | 1,225 | 1,215 | 0.8 | % | |||||||||||||||||||
Net income attributable to Nasdaq | $ | 862 | $ | 884 | (2.5) | % | |||||||||||||||||
Diluted earnings per share | $ | 1.74 | $ | 1.77 | (1.7) | % | |||||||||||||||||
Cash dividends declared per common share | $ | 0.64 | $ | 0.58 | 10.3 | % |
▪ | ||||||||
▪ | ||||||||
▪ | Anti-Financial
Crime support and SaaS subscription contracts. |
Three Months Ended September 30, | Percentage Change | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Market Platforms | $ | 892 | $ | 1,046 | (14.7) | % | ||||||||||||||||||||
Capital Access Platforms | 456 | 422 | 8.1 | % | ||||||||||||||||||||||
Anti-Financial Crime | 93 | 77 | 20.8 | % | ||||||||||||||||||||||
Other revenues | 10 | 12 | (16.7) | % | ||||||||||||||||||||||
Total revenues | $ | 1,451 | $ | 1,557 | (6.8) | % | ||||||||||||||||||||
Transaction rebates | (447) | (494) | (9.5) | % | ||||||||||||||||||||||
Brokerage, clearance and exchange fees | (64) | (173) | (63.0) | % | ||||||||||||||||||||||
Total revenues less transaction-based expenses | $ | 940 | $ | 890 | 5.6 | % | ||||||||||||||||||||
Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Market Platforms | $ | 2,813 | $ | 3,121 | (9.9) | % | ||||||||||||||||||||
Capital Access Platforms | 1,309 | 1,262 | 3.7 | % | ||||||||||||||||||||||
Anti-Financial Crime | 265 | 224 | 18.3 | % | ||||||||||||||||||||||
Other revenues | 30 | 37 | (18.9) | % | ||||||||||||||||||||||
Total revenues | 4,417 | 4,644 | (4.9) | % | ||||||||||||||||||||||
Transaction rebates | (1,377) | (1,605) | (14.2) | % | ||||||||||||||||||||||
Brokerage, clearance and exchange fees | (262) | (364) | (28.0) | % | ||||||||||||||||||||||
Total revenues less transaction-based expenses | $ | 2,778 | $ | 2,675 | 3.9 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Trading Services | $ | 747 | $ | 906 | (17.5) | % | |||||||||||||||||
Marketplace Technology | 145 | 140 | 3.6 | % | |||||||||||||||||||
Total Market Platforms | $ | 892 | $ | 1,046 | (14.7) | % | |||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (447) | (494) | (9.5) | % | |||||||||||||||||||
Brokerage,
clearance and exchange fees | (64) | (173) | (63.0) | % | |||||||||||||||||||
Total Market Platforms, net | $ | 381 | $ | 379 | 0.5 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Trading Services | $ | 2,378 | $ | 2,712 | (12.3) | % | |||||||||||||||||
Marketplace Technology | 435 | 409 | 6.4 | % | |||||||||||||||||||
Total Market Platforms | $ | 2,813 | $ | 3,121 | (9.9) | % | |||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (1,377) | (1,605) | (14.2) | % | |||||||||||||||||||
Brokerage, clearance and exchange fees | (262) | (364) | (28.0) | % | |||||||||||||||||||
Total Market Platforms, net | $ | 1,174 | $ | 1,152 | 1.9 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Equity Derivative Trading | $ | 92 | $ | 92 | — | % | |||||||||||||||||
Cash Equity Trading | 93 | 94 | (1.1) | % | |||||||||||||||||||
U.S. Tape plans | 35 | 36 | (2.8) | % | |||||||||||||||||||
Other | 16 | 17 | (5.9) | % | |||||||||||||||||||
Trading Services, net | $ | 236 | $ | 239 | (1.3) | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Equity Derivative Trading | $ | 283 | $ | 275 | 2.9 | % | |||||||||||||||||
Cash Equity Trading | 299 | 300 | (0.3) | % | |||||||||||||||||||
U.S. Tape plans | 107 | 113 | (5.3) | % | |||||||||||||||||||
Other | 50 | 55 | (9.1) | % | |||||||||||||||||||
Trading Services, net | $ | 739 | $ | 743 | (0.5) | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Equity Derivative Trading Revenues | $ | 316 | $ | 316 | — | % | |||||||||||||||||
Section
31 fees | 9 | 26 | (65.4) | % | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (223) | (222) | 0.5 | % | |||||||||||||||||||
Section
31 fees | (9) | (26) | (65.4) | % | |||||||||||||||||||
Brokerage and clearance fees | (1) | (2) | (50.0) | % | |||||||||||||||||||
U.S. Equity derivative trading revenues, net | $ | 92 | $ | 92 | — | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Equity Derivative Trading Revenues | $ | 940 | $ | 938 | 0.2 | % | |||||||||||||||||
Section
31 fees | 43 | 46 | (6.5) | % | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (654) | (660) | (0.9) | % | |||||||||||||||||||
Section
31 fees | (43) | (46) | (6.5) | % | |||||||||||||||||||
Brokerage and clearance fees | (3) | (3) | — | % | |||||||||||||||||||
U.S. Equity derivative trading revenues, net | $ | 283 | $ | 275 | 2.9 | % |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
U.S. equity options | |||||||||||||||||
Total industry average daily volume (in millions) | 39.6 | 37.0 | |||||||||||||||
Nasdaq PHLX matched market share | 11.0 | % | 11.2 | % | |||||||||||||
The Nasdaq Options Market matched market share | 5.6 | % | 8.3 | % | |||||||||||||
Nasdaq BX Options matched market share | 4.4 | % | 3.9 | % | |||||||||||||
Nasdaq ISE Options matched market share | 5.7 | % | 5.5 | % | |||||||||||||
Nasdaq GEMX Options matched market share | 3.0 | % | 2.1 | % | |||||||||||||
Nasdaq MRX Options matched market share | 2.0 | % | 1.6 | % | |||||||||||||
Total matched market share executed on Nasdaq’s exchanges | 31.7 | % | 32.6 | % | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
U.S. equity options | |||||||||||||||||
Total industry average daily volume (in millions) | 40.4 | 37.9 | |||||||||||||||
Nasdaq PHLX matched market share | 11.2 | % | 11.4 | % | |||||||||||||
The Nasdaq Options Market matched market share | 6.4 | % | 8.3 | % | |||||||||||||
Nasdaq BX Options matched market share | 3.6 | % | 2.7 | % | |||||||||||||
Nasdaq ISE Options matched market share | 5.8 | % | 5.6 | % | |||||||||||||
Nasdaq GEMX Options matched market share | 2.3 | % | 2.3 | % | |||||||||||||
Nasdaq MRX Options matched market share | 1.7 | % | 1.7 | % | |||||||||||||
Total matched market share executed on Nasdaq’s exchanges | 31.0 | % | 32.0 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash Equity Trading Revenues | $ | 316 | $ | 365 | (13.4) | % | |||||||||||||||||
Section 31
fees | 50 | 140 | (64.3) | % | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (219) | (266) | (17.7) | % | |||||||||||||||||||
Section 31
fees | (50) | (140) | (64.3) | % | |||||||||||||||||||
Brokerage and clearance fees | (4) | (5) | (20.0) | % | |||||||||||||||||||
Cash equity trading revenues, net | $ | 93 | $ | 94 | (1.1) | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash Equity Trading Revenues | $ | 1,022 | $ | 1,240 | (17.6) | % | |||||||||||||||||
Section 31
fees | 201 | 296 | (32.1) | % | |||||||||||||||||||
Transaction-based expenses: | |||||||||||||||||||||||
Transaction rebates | (708) | (921) | (23.1) | % | |||||||||||||||||||
Section 31
fees | (201) | (296) | (32.1) | % | |||||||||||||||||||
Brokerage and clearance fees | (15) | (19) | (21.1) | % | |||||||||||||||||||
Cash equity trading revenues, net | $ | 299 | $ | 300 | (0.3) | % |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Total U.S.-listed securities | |||||||||||||||||
Total industry average daily share volume (in billions) | 10.4 | 10.9 | |||||||||||||||
Matched share volume (in billions) | 106.7 | 119.9 | |||||||||||||||
The Nasdaq Stock Market matched market share | 15.5 | % | 15.9 | % | |||||||||||||
Nasdaq BX matched market share | 0.4 | % | 0.5 | % | |||||||||||||
Nasdaq PSX matched market share | 0.3 | % | 0.8 | % | |||||||||||||
Total matched market share executed on Nasdaq’s exchanges | 16.2 | % | 17.2 | % | |||||||||||||
Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 40.2 | % | 36.9 | % | |||||||||||||
Total market share | 56.4 | % | 54.1 | % | |||||||||||||
Nasdaq Nordic and Nasdaq Baltic securities | |||||||||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 556,257 | 784,672 | |||||||||||||||
Total average daily value of shares traded (in billions) | $ | 3.6 | $ | 4.3 | |||||||||||||
Total market share executed on Nasdaq’s exchanges | 71.6 | % | 71.1 | % | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Total U.S.-listed securities | |||||||||||||||||
Total industry average daily share volume (in billions) | 11.0 | 12.1 | |||||||||||||||
Matched share volume (in billions) | 342.2 | 401.2 | |||||||||||||||
The Nasdaq Stock Market matched market share | 15.9 | % | 16.3 | % | |||||||||||||
Nasdaq BX matched market share | 0.4 | % | 0.5 | % | |||||||||||||
Nasdaq PSX matched market share | 0.4 | % | 0.8 | % | |||||||||||||
Total matched market share executed on Nasdaq’s exchanges | 16.7 | % | 17.6 | % | |||||||||||||
Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 35.2 | % | 34.8 | % | |||||||||||||
Total market share | 51.9 | % | 52.4 | % | |||||||||||||
Nasdaq Nordic and Nasdaq Baltic securities | |||||||||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 676,132 | 953,090 | |||||||||||||||
Total average daily value of shares traded (in billions) | $ | 4.5 | $ | 5.6 | |||||||||||||
Total market share executed on Nasdaq’s exchanges | 70.6 | % | 72.1 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Tape plans | $ | 35 | $ | 36 | (2.8) | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. Tape plans | $ | 107 | $ | 113 | (5.3) | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Other | $ | 16 | $ | 17 | (5.9) | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Other | $ | 50 | $ | 55 | (9.1) | % |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Nasdaq Nordic and Nasdaq Baltic options and futures | |||||||||||||||||
Total average daily volume of options and futures contracts | 245,986 | 267,137 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Nasdaq Nordic and Nasdaq Baltic options and futures | |||||||||||||||||
Total average daily volume of options and futures contracts | 298,785 | 303,095 |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Marketplace Technology | $ | 145 | $ | 140 | 3.6 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Marketplace Technology | $ | 435 | $ | 409 | 6.4 | % |
As
of or Three Months Ended September 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
ARR | $ | 511 | $ | 499 | ||||||||||||||||
Quarterly annualized SaaS revenues | 39 | 38 | ||||||||||||||||||
Order intake | 33 | 30 | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Order intake | 155 | 157 |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Data & Listing Services | $ | 188 | $ | 179 | 5.0 | % | |||||||||||||||||
Index | 144 | 125 | 15.2 | % | |||||||||||||||||||
Workflow & Insights | 124 | 118 | 5.1 | % | |||||||||||||||||||
Total Capital Access Platforms | $ | 456 | $ | 422 | 8.1 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Data & Listing Services | $ | 559 | $ | 545 | 2.6 | % | |||||||||||||||||
Index | 383 | 370 | 3.5 | % | |||||||||||||||||||
Workflow & Insights | 367 | 347 | 5.8 | % | |||||||||||||||||||
Total Capital Access Platforms | $ | 1,309 | $ | 1,262 | 3.7 | % |
As
of or Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
ARR | $ | 1,222 | $ | 1,170 | |||||||||||||
Quarterly annualized SaaS revenues | 402 | 380 |
Three Months Ended September 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
IPOs | ||||||||||||||||||||
The Nasdaq Stock Market | 39 | 35 | ||||||||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | — | 3 | ||||||||||||||||||
Total new listings | ||||||||||||||||||||
The Nasdaq Stock Market | 87 | 98 | ||||||||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 3 | 9 | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
IPOs | ||||||||||||||||||||
The Nasdaq Stock Market | 102 | 143 | ||||||||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 3 | 33 | ||||||||||||||||||
Total new listings | ||||||||||||||||||||
The Nasdaq Stock Market | 230 | 292 | ||||||||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 16 | 53 | ||||||||||||||||||
Number of listed companies | ||||||||||||||||||||
The Nasdaq Stock Market | 4,086 | 4,296 | ||||||||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 1,236 | 1,253 |
As
of or Three Months Ended September 30, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Number of licensed ETPs | 393 | 374 | ||||||||||||||||||
TTM change in period end ETP AUM tracking Nasdaq indexes (in billions) | ||||||||||||||||||||
Beginning balance | $ | 311 | $ | 361 | ||||||||||||||||
Net appreciation (depreciation) | 78 | (106) | ||||||||||||||||||
Net impact of ETP sponsor switches | (2) | — | ||||||||||||||||||
Net inflows | 24 | 56 | ||||||||||||||||||
Ending balance | $ | 411 | $ | 311 | ||||||||||||||||
Quarterly average ETP AUM tracking Nasdaq indexes (in billions) | $ | 423 | $ | 346 | ||||||||||||||||
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Anti-Financial Crime | $ | 93 | $ | 77 | 20.8 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Anti-Financial Crime | $ | 265 | $ | 224 | 18.3 | % |
As
of or Three Months Ended September 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
ARR | $ | 348 | $ | 295 | ||||||||||||||||||||||
Total signed ARR | 381 | 320 | ||||||||||||||||||||||||
Quarterly annualized SaaS revenues | 332 | 281 |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Compensation and benefits | $ | 260 | $ | 249 | 4.4 | % | |||||||||||||||||
Professional and contract services | 31 | 34 | (8.8) | % | |||||||||||||||||||
Computer operations and data communications | 58 | 50 | 16.0 | % | |||||||||||||||||||
Occupancy | 28 | 25 | 12.0 | % | |||||||||||||||||||
General, administrative and other | 26 | 38 | (31.6) | % | |||||||||||||||||||
Marketing and advertising | 12 | 10 | 20.0 | % | |||||||||||||||||||
Depreciation and amortization | 64 | 63 | 1.6 | % | |||||||||||||||||||
Regulatory | 9 | 9 | — | % | |||||||||||||||||||
Merger and strategic initiatives | 4 | 14 | (71.4) | % | |||||||||||||||||||
Restructuring charges | 17 | — | N/M | ||||||||||||||||||||
Total operating expenses | $ | 509 | $ | 492 | 3.5 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Compensation and benefits | $ | 777 | $ | 750 | 3.6 | % | |||||||||||||||||
Professional and contract services | 92 | 97 | (5.2) | % | |||||||||||||||||||
Computer operations and data communications | 168 | 150 | 12.0 | % | |||||||||||||||||||
Occupancy | 99 | 78 | 26.9 | % | |||||||||||||||||||
General, administrative and other | 62 | 94 | (34.0) | % | |||||||||||||||||||
Marketing and advertising | 30 | 31 | (3.2) | % | |||||||||||||||||||
Depreciation and amortization | 198 | 195 | 1.5 | % | |||||||||||||||||||
Regulatory | 27 | 24 | 12.5 | % | |||||||||||||||||||
Merger and strategic initiatives | 51 | 41 | 24.4 | % | |||||||||||||||||||
Restructuring charges | 49 | — | N/M | ||||||||||||||||||||
Total operating expenses | $ | 1,553 | $ | 1,460 | 6.4 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Interest income | $ | 72 | $ | 2 | 3,500.0% | ||||||||||||||||||
Interest expense | (101) | (32) | 215.6 | % | |||||||||||||||||||
Net interest expense | (29) | (30) | (3.3) | % | |||||||||||||||||||
Other
income | 1 | 6 | (83.3) | % | |||||||||||||||||||
Net income (loss) from unconsolidated investees | (12) | 8 | (250.0) | % | |||||||||||||||||||
Total non-operating expense | $ | (40) | $ | (16) | 150.0 | % | |||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Interest income | $ | 86 | $ | 3 | 2,766.7 | % | |||||||||||||||||
Interest expense | (174) | (96) | 81.3 | % | |||||||||||||||||||
Net interest expense | (88) | (93) | (5.4) | % | |||||||||||||||||||
Other income (loss) | (6) | 8 | (175.0) | % | |||||||||||||||||||
Net income (loss) from unconsolidated investees | (8) | 23 | (134.8) | % | |||||||||||||||||||
Total non-operating expenses | $ | (102) | $ | (62) | 64.5 | % |
Three Months Ended September 30, | Percentage Change | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Interest expense on debt | $ | 97 | $ | 30 | 223.3 | % | ||||||||||||||||||||
Accretion of debt issuance costs and debt discount | 3 | 1 | 200.0 | % | ||||||||||||||||||||||
Other fees | 1 | 1 | — | % | ||||||||||||||||||||||
Interest expense | $ | 101 | $ | 32 | 215.6 | % | ||||||||||||||||||||
Nine Months Ended September 30, | Percentage Change | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Interest expense on debt | $ | 166 | $ | 89 | 86.5 | % | ||||||||||||||||||||
Accretion of debt issuance costs and debt discount | 6 | 5 | 20.0 | % | ||||||||||||||||||||||
Other fees | 2 | 2 | — | % | ||||||||||||||||||||||
Interest expense | $ | 174 | $ | 96 | 81.3 | % |
Three Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||
Income tax provision | $ | 97 | $ | 88 | 10.2 | % | |||||||||||||||||
Effective tax rate | 24.8 | % | 23.0 | % | |||||||||||||||||||
Nine Months Ended September 30, | Percentage Change | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Income tax provision | $ | 262 | $ | 270 | (3.0) | % | |||||||||||||||||
Effective
tax rate | 23.3 | % | 23.4 | % |
Three Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||
U.S. GAAP net income attributable to Nasdaq | $ | 294 | $ | 294 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Amortization expense of acquired intangible assets | 37 | 38 | ||||||||||||
Merger and strategic initiatives expense | 4 | 14 | ||||||||||||
Restructuring charges | 17 | — | ||||||||||||
Net loss (income) from unconsolidated investees | 12 | (8) | ||||||||||||
Other income | 9 | 17 | ||||||||||||
Total non-GAAP adjustments | 79 | 61 | ||||||||||||
Total non-GAAP tax adjustments | (24) | (20) | ||||||||||||
Total non-GAAP adjustments, net of tax | 55 | 41 | ||||||||||||
Non-GAAP net income attributable to Nasdaq | $ | 349 | $ | 335 | ||||||||||
U.S. GAAP effective tax rate | 24.8 | % | 23.0 | % | ||||||||||
Total adjustments from non-GAAP tax rate | 0.9 | % | 1.4 | % | ||||||||||
Non-GAAP effective tax rate | 25.7 | % | 24.4 | % | ||||||||||
Weighted-average common shares outstanding for diluted earnings per share | 494.1 | 496.3 | ||||||||||||
U.S. GAAP diluted earnings per share | $ | 0.60 | $ | 0.59 | ||||||||||
Total adjustments from non-GAAP net income | 0.11 | 0.09 | ||||||||||||
Non-GAAP diluted earnings per share | $ | 0.71 | $ | 0.68 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||
U.S. GAAP net income attributable to Nasdaq | $ | 862 | $ | 884 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Amortization expense of acquired intangible assets | 112 | 116 | ||||||||||||
Merger and strategic initiatives expense | 51 | 41 | ||||||||||||
Restructuring charges | 49 | — | ||||||||||||
Lease asset impairments | 24 | — | ||||||||||||
Extinguishment of debt | — | 16 | ||||||||||||
Net
loss (income) from unconsolidated investees | 8 | (23) | ||||||||||||
Other income | 7 | 19 | ||||||||||||
Total non-GAAP adjustments | 251 | 169 | ||||||||||||
Total non-GAAP tax adjustments | (76) | (48) | ||||||||||||
Total non-GAAP adjustments, net of tax | 175 | 121 | ||||||||||||
Non-GAAP net income attributable to Nasdaq | $ | 1,037 | $ | 1,005 | ||||||||||
U.S. GAAP effective tax rate | 23.3 | % | 23.4 | % | ||||||||||
Total adjustments from non-GAAP tax rate | 1.3 | % | 0.7 | % | ||||||||||
Non-GAAP effective tax rate | 24.6 | % | 24.1 | % | ||||||||||
Weighted-average common shares outstanding for diluted earnings per share | 494.2 | 498.2 | ||||||||||||
U.S. GAAP diluted earnings per share | $ | 1.74 | $ | 1.77 | ||||||||||
Total adjustments from non-GAAP net income | 0.36 | 0.25 | ||||||||||||
Non-GAAP diluted earnings per share | $ | 2.10 | $ | 2.02 |
September 30, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Cash and cash equivalents | $ | 5,340 | $ | 502 | ||||||||||
Financial investments | 272 | 181 | ||||||||||||
Total financial assets | $ | 5,612 | $ | 683 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Net cash provided by (used in): | (in millions) | ||||||||||||||||
Operating activities | $ | 1,279 | $ | 1,212 | |||||||||||||
Investing activities | (158) | (25) | |||||||||||||||
Financing activities | 3,019 | 4,275 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (300) | (1,724) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents | 3,840 | 3,738 | |||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period | 6,994 | 5,496 | |||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents at end of period | $ | 10,834 | $ | 9,234 | |||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents | $ | 5,340 | $ | 301 | |||||||||||||
Restricted cash and cash equivalents | 25 | 51 | |||||||||||||||
Restricted cash and cash equivalents (default funds and margin deposits) | 5,469 | 8,882 | |||||||||||||||
Total | $ | 10,834 | $ | 9,234 |
2023 | 2022 | ||||||||||
First quarter | $ | 0.20 | $ | 0.18 | |||||||
Second quarter | 0.22 | 0.20 | |||||||||
Third quarter | 0.22 | 0.20 | |||||||||
Total | $ | 0.64 | $ | 0.58 |
Maturity Date | September 30, 2023 | December 31, 2022 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Short-term debt: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 664 | ||||||||||||||||
Total
short-term debt | $ | — | $ | 664 | ||||||||||||||||
Long-term debt - senior unsecured notes: | ||||||||||||||||||||
2025 Notes | May 2025 | 497 | — | |||||||||||||||||
2026 Notes | June 2026 | 499 | 498 | |||||||||||||||||
2028 Notes | May 2028 | 991 | — | |||||||||||||||||
2029 Notes | March 2029 | 630 | 637 | |||||||||||||||||
2030 Notes | February 2030 | 630 | 637 | |||||||||||||||||
2031 Notes | January 2031 | 644 | 644 | |||||||||||||||||
2032 Notes | February 2032 | 784 | — | |||||||||||||||||
2033 Notes | July 2033 | 645 | 653 | |||||||||||||||||
2034 Notes | February 2034 | 1,239 | — | |||||||||||||||||
2040 Notes | December 2040 | 644 | 644 | |||||||||||||||||
2050 Notes | April 2050 | 487 | 486 | |||||||||||||||||
2052 Notes | March 2052 | 541 | 541 | |||||||||||||||||
2053 Notes | August 2053 | 738 | — | |||||||||||||||||
2063 Notes | June 2063 | 738 | — | |||||||||||||||||
2022 Revolving Credit Agreement | December 2027 | (4) | (5) | |||||||||||||||||
Total
long-term debt | $ | 9,703 | $ | 4,735 | ||||||||||||||||
Total debt obligations | $ | 9,703 | $ | 5,399 |
Payments Due by Period | |||||||||||||||||
(in millions) | Total | <1 year | 1-3 years | 3-5 years | 5+ years | ||||||||||||
Debt obligation by contractual maturity | $ | 16,001 | $ | 386 | $ | 1,740 | $ | 1,673 | $ | 12,202 | |||||||
Operating lease obligations | 636 | 80 | 136 | 114 | 306 | ||||||||||||
Purchase obligations | 421 | 86 | 107 | 89 | 139 | ||||||||||||
Total | $ | 17,058 | $ | 552 | $ | 1,983 | $ | 1,876 | $ | 12,647 |
Euro | Swedish Krona | Canadian Dollar | Other Foreign Currencies | U.S. Dollar | Total | |||||||||||||||||||||||||||||||||
(in millions, except currency rate) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Average foreign currency rate to the U.S. dollar | 1.088 | 0.093 | 0.746 | # | N/A | N/A | ||||||||||||||||||||||||||||||||
Percentage of revenues less transaction-based expenses | 6.1% | 3.8% | 0.9% | 3.1% | 86.1% | 100.0% | ||||||||||||||||||||||||||||||||
Percentage of operating income | 8.5% | (3)% | (6.5)% | (4.9)% | 105.9% | 100.0% | ||||||||||||||||||||||||||||||||
Impact of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $(6) | $(4) | $(1) | $(2) | $— | $(13) | ||||||||||||||||||||||||||||||||
Impact of a 10% adverse currency fluctuation on operating income | $(4) | $(1) | $(3) | $(2) | $— | $(10) | ||||||||||||||||||||||||||||||||
Euro | Swedish Krona | Canadian Dollar | Other Foreign Currencies | U.S. Dollar | Total | |||||||||||||||||||||||||||||||||
(in millions, except currency rate) | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Average foreign currency rate to the U.S. dollar | 1.083 | 0.094 | 0.743 | # | N/A | N/A | ||||||||||||||||||||||||||||||||
Percentage of revenues less transaction-based expenses | 6.3% | 4.2% | 0.9% | 3.0% | 85.6% | 100.0% | ||||||||||||||||||||||||||||||||
Percentage of operating income | 9.9% | (3.6)% | (6.9)% | (5.7)% | 106.3% | 100.0% | ||||||||||||||||||||||||||||||||
Impact of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $(18) | $(12) | $(3) | $(8) | $— | $(41) | ||||||||||||||||||||||||||||||||
Impact of a 10% adverse currency fluctuation on operating income | $(12) | $(4) | $(8) | $(7) | $— | $(31) |
Net Assets | Impact of a 10% Adverse Currency Fluctuation | |||||||||||||
(in millions) | ||||||||||||||
Swedish Krona | $ | 2,976 | $ | 298 | ||||||||||
British Pound | 144 | 14 | ||||||||||||
Norwegian Krone | 137 | 14 | ||||||||||||
Canadian Dollar | 104 | 10 | ||||||||||||
Australian Dollar | 98 | 10 | ||||||||||||
Euro | 48 | 5 |
Period | (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 2023 | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 491 | ||||||||||||||||||||
Employee transactions | 31,331 | $ | 49.72 | N/A | N/A | |||||||||||||||||||||
August 2023 | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 491 | ||||||||||||||||||||
Employee transactions | — | $ | — | N/A | N/A | |||||||||||||||||||||
September 2023 | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 2,000 | ||||||||||||||||||||
Employee transactions | 453 | $ | 51.94 | N/A | N/A | |||||||||||||||||||||
Total Quarter Ended September 30, 2023 | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 2,000 | ||||||||||||||||||||
Employee transactions | 31,784 | $ | 49.75 | N/A | N/A |
Exhibit Number | ||||||||
101 | The following materials from the Nasdaq, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022; (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022; (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2023 and 2022; (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022; 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) | ||||||||
By: | /s/ Adena T. Friedman | |||||||
Name: | Adena T. Friedman | |||||||
Title: | Chief Executive Officer | |||||||
Date: | November 3, 2023 | |||||||
By: | /s/ Ann M. Dennison | |||||||
Name: | Ann M. Dennison | |||||||
Title: | Executive Vice President and Chief Financial Officer | |||||||
Date: | November 3, 2023 |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/15/34 | ||||
7/30/33 | ||||
2/15/32 | ||||
1/15/31 | ||||
2/13/30 | ||||
3/28/29 | ||||
6/28/28 | ||||
12/16/27 | ||||
6/30/26 | ||||
6/28/25 | ||||
5/10/24 | ||||
12/22/23 | ||||
12/8/23 | ||||
Filed on: | 11/3/23 | |||
11/1/23 | 144 | |||
For Period end: | 9/30/23 | |||
9/29/23 | ||||
9/15/23 | ||||
8/31/23 | ||||
7/18/23 | ||||
6/30/23 | 10-Q | |||
6/16/23 | 8-K, DEFA14A | |||
4/18/23 | 8-K | |||
4/3/23 | 4 | |||
3/31/23 | 10-Q | |||
3/17/23 | ||||
2/23/23 | 10-K, 4 | |||
1/24/23 | 4 | |||
12/31/22 | 10-K, 4, 5 | |||
9/30/22 | 10-Q | |||
4/1/22 | 4 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/21/24 Nasdaq, Inc. 10-K 12/31/23 133:17M |