SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 8/05/19 NASDAQ, Inc. 10-Q 6/30/19 120:15M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.91M 2: EX-10.1 Material Contract HTML 61K 3: EX-10.2 Material Contract HTML 75K 4: EX-10.3 Material Contract HTML 85K 5: EX-10.4 Material Contract HTML 95K 6: EX-10.5 Material Contract HTML 103K 7: EX-10.6 Material Contract HTML 61K 8: EX-31.1 Certification -- §302 - SOA'02 HTML 37K 9: EX-31.2 Certification -- §302 - SOA'02 HTML 38K 10: EX-32.1 Certification -- §906 - SOA'02 HTML 37K 17: R1 Document and Entity Information HTML 96K 18: R2 Condensed Consolidated Balance Sheets HTML 132K 19: R3 Condensed Consolidated Balance Sheets HTML 44K (Parenthetical) 20: R4 Condensed Consolidated Statements of Income HTML 128K 21: R5 Condensed Consolidated Statements of Comprehensive HTML 61K Income (Loss) 22: R6 Condensed Consolidated Statements of Changes in HTML 107K Stockholders' Equity 23: R7 Condensed Consolidated Statements of Cash Flows HTML 146K 24: R8 Organization and Nature of Operations HTML 49K 25: R9 Basis of Presentation and Principles of HTML 47K Consolidation 26: R10 Significant Accounting Policies Update HTML 86K 27: R11 Revenue From Contracts With Customers HTML 299K 28: R12 Acquisitions and Divestiture HTML 60K 29: R13 Assets and Liabilities Held For Sale HTML 49K 30: R14 Goodwill and Acquired Intangible Assets HTML 143K 31: R15 Investments HTML 58K 32: R16 Deferred Revenue HTML 299K 33: R17 Debt Obligations HTML 104K 34: R18 Retirement Plans HTML 38K 35: R19 Share-Based Compensation HTML 133K 36: R20 Nasdaq Stockholders? Equity HTML 66K 37: R21 Earnings Per Share HTML 64K 38: R22 Fair Value of Financial Instruments HTML 81K 39: R23 Clearing Operations HTML 92K 40: R24 Income Taxes HTML 57K 41: R25 Commitments, Contingencies and Guarantees HTML 54K 42: R26 Business Segments HTML 156K 43: R27 Significant Accounting Policies Update (Policies) HTML 67K 44: R28 Basis of Presentation and Principles of HTML 43K Consolidation (Tables) 45: R29 Significant Accounting Policies Update (Tables) HTML 83K 46: R30 Revenue From Contracts With Customers (Tables) HTML 215K 47: R31 Acquisitions and Divestiture (Tables) HTML 49K 48: R32 Assets and Liabilities Held For Sale (Tables) HTML 52K 49: R33 Goodwill and Acquired Intangible Assets (Tables) HTML 224K 50: R34 Investments (Tables) HTML 44K 51: R35 Deferred Revenue (Tables) HTML 111K 52: R36 Debt Obligations (Tables) HTML 78K 53: R37 Share-Based Compensation (Tables) HTML 124K 54: R38 Nasdaq Stockholders? Equity (Tables) HTML 59K 55: R39 Earnings Per Share (Tables) HTML 64K 56: R40 Fair Value of Financial Instruments (Tables) HTML 71K 57: R41 Clearing Operations (Tables) HTML 72K 58: R42 Income Taxes (Tables) HTML 50K 59: R43 Business Segments (Tables) HTML 154K 60: R44 Organization and Nature of Operations (Details) HTML 65K 61: R45 Significant Accounting Policies Update (Narrative) HTML 42K (Details) 62: R46 Significant Accounting Policies Update (Summary of HTML 41K Supplemental Balance Sheet Information Related to Operating Leases) (Details) 63: R47 Significant Accounting Policies Update (Lease HTML 41K Cost) (Details) 64: R48 Significant Accounting Policies Update (Operating HTML 53K Lease Maturity) (Details) 65: R49 Significant Accounting Policies Update (Lease HTML 36K Terms and Discount Rate) (Details) 66: R50 Significant Accounting Policies Update HTML 36K (Supplemental Cash Flow Information) (Details) 67: R51 Revenue From Contracts With Customers (Revenue by HTML 126K Product, Service and Segment) (Details) 68: R52 Revenue From Contracts With Customers Revenue From HTML 44K Contracts With Customers (Narrative) (Details) 69: R53 Revenue From Contracts With Customers (Remaining HTML 52K Performance Obligation) (Details) 70: R54 Acquisitions and Divestiture (2019 Divestiture and HTML 60K Acquisition) (Details) 71: R55 Acquisitions and Divestiture (2018 Divestiture) HTML 46K (Details) 72: R56 Acquisitions and Divestiture (Intangible Assets) HTML 47K (Details) 73: R57 Assets and Liabilities Held For Sale (Details) HTML 94K 74: R58 Goodwill and Acquired Intangible Assets (Schedule HTML 51K of Changes in Goodwill) (Details) 75: R59 Goodwill and Acquired Intangible Assets HTML 45K (Narrative) (Details) 76: R60 Goodwill and Acquired Intangible Assets HTML 72K (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) 77: R61 Goodwill and Acquired Intangible Assets (Estimated HTML 48K Future Amortization Expense) (Details) 78: R62 Investments (Schedule of Investments) (Details) HTML 45K 79: R63 Investments (Narrative) (Details) HTML 72K 80: R64 Deferred Revenue (Changes in Deferred Revenue) HTML 61K (Details) 81: R65 Deferred Revenue (Estimated Deferred Revenue) HTML 71K (Details) 82: R66 Debt Obligations (Changes in Debt Obligations) HTML 123K (Details) 83: R67 Debt Obligations (Commercial Paper) (Details) HTML 41K 84: R68 Debt Obligations (Senior Unsecured Notes) HTML 36K (Details) 85: R69 Debt Obligations (Senior Unsecured Floating Rate HTML 37K Notes) (Details) 86: R70 Debt Obligations (Early Extinguishment of 5.55% HTML 43K Senior Unsecured Notes) (Details) 87: R71 Debt Obligations (3.875% Senior Unsecured Notes) HTML 44K (Details) 88: R72 Debt Obligations (4.25% Senior Unsecured Notes) HTML 41K (Details) 89: R73 Debt Obligations (1.75% Senior Unsecured Notes Due HTML 45K 2023) (Details) 90: R74 Debt Obligations (3.85% Senior Unsecured Notes) HTML 41K (Details) 91: R75 Debt Obligations Debt Obligations (1.75% Senior HTML 51K Unsecured Notes Due 2029) (Details) 92: R76 Debt Obligations (2017 Credit Facility) (Details) HTML 57K 93: R77 Debt Obligations (Other Credit Facilities) HTML 37K (Details) 94: R78 Retirement Plans (Narrative) (Details) HTML 40K 95: R79 Share-Based Compensation (Narrative) (Details) HTML 136K 96: R80 Share-Based Compensation (Summary of Share-Based HTML 41K Compensation Expense) (Details) 97: R81 Share-Based Compensation (Summary of Restricted HTML 57K Stock Activity) (Details) 98: R82 Share-Based Compensation (Schedule of Weighted- HTML 46K Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) 99: R83 Share-Based Compensation (Summary of PSU Activity) HTML 65K (Details) 100: R84 Share-Based Compensation (Summary of Stock Options HTML 44K Valuation Assumptions) (Details) 101: R85 Share-Based Compensation (Summary of Stock Option HTML 72K Activity) (Details) 102: R86 Nasdaq Stockholders' Equity (Narrative) (Details) HTML 86K 103: R87 Nasdaq Stockholders' Equity (Common Stock in HTML 40K Treasury) (Details) 104: R88 Nasdaq Stockholders' Equity (Schedule of Dividends HTML 37K Declared) (Details) 105: R89 Earnings Per Share (Summary of Computation of HTML 62K Basic and Diluted Earnings Per Share) (Details) 106: R90 Fair Value of Financial Instruments (Schedule of HTML 58K Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) 107: R91 Fair Value of Financial Instruments (Narrative) HTML 51K (Details) 108: R92 Clearing Operations (Narrative) (Details) HTML 85K 109: R93 Clearing Operations (Schedule of Clearing Member HTML 42K Default Fund Contributions And Margin Deposits) (Details) 110: R94 Clearing Operations (Schedule of Derivative HTML 49K Contracts) (Details) 111: R95 Income Taxes (Components of Income Tax Provision) HTML 40K (Details) 112: R96 Income Taxes (Narrative) (Details) HTML 55K 113: R97 Commitments, Contingencies and Guarantees HTML 60K (Details) 114: R98 Business Segments (Narrative) (Details) HTML 33K 115: R99 Business Segments (Schedule of Operating Segments) HTML 60K (Details) 116: R100 Business Segments (Corporate Items) (Details) HTML 59K 118: XML IDEA XML File -- Filing Summary XML 227K 16: XML XBRL Instance -- ndaq630201910-q_htm XML 4.10M 117: EXCEL IDEA Workbook of Financial Reports XLSX 132K 12: EX-101.CAL XBRL Calculations -- ndaq-20190630_cal XML 305K 13: EX-101.DEF XBRL Definitions -- ndaq-20190630_def XML 1.14M 14: EX-101.LAB XBRL Labels -- ndaq-20190630_lab XML 2.22M 15: EX-101.PRE XBRL Presentations -- ndaq-20190630_pre XML 1.53M 11: EX-101.SCH XBRL Schema -- ndaq-20190630 XSD 269K 119: JSON XBRL Instance as JSON Data -- MetaLinks 471± 708K 120: ZIP XBRL Zipped Folder -- 0001120193-19-000010-xbrl Zip 666K
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 July 26, 2019 | |||
Common Stock, $0.01 par value per share | i 164,687,750 | 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. | ||
• | “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 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 333 | $ | i 545 | |||
Restricted
cash | i 30 | i 41 | |||||
Financial
investments, at fair value | i 259 | i 268 | |||||
Receivables,
net | i 415 | i 384 | |||||
Default
funds and margin deposits | i 3,161 | i 4,742 | |||||
Other
current assets | i 165 | i 390 | |||||
Total
current assets | i 4,363 | i 6,370 | |||||
Property
and equipment, net | i 390 | i 376 | |||||
Goodwill | i 6,382 | i 6,363 | |||||
Intangible
assets, net | i 2,304 | i 2,300 | |||||
Operating
lease assets | i 365 | — | |||||
Other non-current assets | i 328 | i 291 | |||||
Total
assets | $ | i 14,132 | $ | i 15,700 | |||
Liabilities | |||||||
Current
liabilities: | |||||||
Accounts payable and accrued expenses | $ | i 149 | $ | i 198 | |||
Section
31 fees payable to SEC | i 170 | i 109 | |||||
Accrued
personnel costs | i 119 | i 199 | |||||
Deferred
revenue | i 333 | i 194 | |||||
Other
current liabilities | i 132 | i 253 | |||||
Default
funds and margin deposits | i 3,161 | i 4,742 | |||||
Short-term
debt | i 467 | i 875 | |||||
Total
current liabilities | i 4,531 | i 6,570 | |||||
Long-term
debt | i 3,022 | i 2,956 | |||||
Deferred
tax liabilities, net | i 510 | i 501 | |||||
Operating
lease liabilities | i 343 | — | |||||
Other non-current liabilities | i 175 | i 224 | |||||
Total
liabilities | i 8,581 | 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: 171,288,122 at June 30, 2019 and 170,709,425 at December 31, 2018; shares outstanding: 165,389,235 at June 30, 2019 and 165,165,104 at December 31, 2018 | i 2 | i 2 | |||||
Additional
paid-in capital | i 2,713 | i 2,716 | |||||
Common
stock in treasury, at cost: 5,898,887 shares at June 30, 2019 and 5,544,321 shares at December 31, 2018 | ( i 327 | ) | ( i 297 | ) | |||
Accumulated
other comprehensive loss | ( i 1,666 | ) | ( i 1,530 | ) | |||
Retained
earnings | i 4,829 | i 4,558 | |||||
Total
Nasdaq stockholders’ equity | i 5,551 | i 5,449 | |||||
Total
liabilities and equity | $ | i 14,132 | $ | i 15,700 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Market
Services | $ | i 665 | $ | i 649 | $ | i 1,304 | $ | i 1,384 | |||||||
Corporate
Services | i 123 | i 120 | i 243 | i 243 | |||||||||||
Information
Services | i 194 | i 175 | i 387 | i 348 | |||||||||||
Market
Technology | i 79 | i 66 | i 156 | i 126 | |||||||||||
Other
revenues | i — | i 17 | i 10 | i 77 | |||||||||||
Total
revenues | i 1,061 | i 1,027 | i 2,100 | i 2,178 | |||||||||||
Transaction-based
expenses: | |||||||||||||||
Transaction rebates | ( i 331 | ) | ( i 308 | ) | ( i 661 | ) | ( i 657 | ) | |||||||
Brokerage,
clearance and exchange fees | ( i 107 | ) | ( i 104 | ) | ( i 182 | ) | ( i 240 | ) | |||||||
Revenues
less transaction-based expenses | i 623 | i 615 | i 1,257 | i 1,281 | |||||||||||
Operating
expenses: | |||||||||||||||
Compensation and benefits | i 169 | i 173 | i 344 | i 370 | |||||||||||
Professional
and contract services | i 30 | i 34 | i 68 | i 71 | |||||||||||
Computer
operations and data communications | i 33 | i 30 | i 65 | i 62 | |||||||||||
Occupancy | i 24 | i 23 | i 48 | i 49 | |||||||||||
General,
administrative and other | i 40 | i 25 | i 56 | i 47 | |||||||||||
Marketing
and advertising | i 10 | i 10 | i 20 | i 19 | |||||||||||
Depreciation
and amortization | i 48 | i 53 | i 96 | i 106 | |||||||||||
Regulatory | i 8 | i 8 | i 15 | i 16 | |||||||||||
Merger
and strategic initiatives | i 5 | ( i 10 | ) | i 14 | i — | ||||||||||
Total
operating expenses | i 367 | i 346 | i 726 | i 740 | |||||||||||
Operating
income | i 256 | i 269 | i 531 | i 541 | |||||||||||
Interest
income | i 3 | i 2 | i 6 | i 5 | |||||||||||
Interest
expense | ( i 31 | ) | ( i 37 | ) | ( i 68 | ) | ( i 75 | ) | |||||||
Net
gain on divestiture of businesses | i — | i 41 | i 27 | i 41 | |||||||||||
Other
investment income | i 1 | i 8 | i 1 | i 8 | |||||||||||
Net
income from unconsolidated investees | i 10 | i 5 | i 55 | i 7 | |||||||||||
Income
before income taxes | i 239 | i 288 | i 552 | i 527 | |||||||||||
Income
tax provision | i 65 | i 126 | i 131 | i 188 | |||||||||||
Net
income attributable to Nasdaq | $ | i 174 | $ | i 162 | $ | i 421 | $ | i 339 | |||||||
Per
share information: | |||||||||||||||
Basic earnings per share | $ | i 1.05 | $ | i 0.98 | $ | i 2.54 | $ | i 2.04 | |||||||
Diluted
earnings per share | $ | i 1.04 | $ | i 0.97 | $ | i 2.52 | $ | i 2.02 | |||||||
Cash
dividends declared per common share | $ | i 0.47 | $ | i — | $ | i 0.91 | $ | i 0.82 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | i 174 | $ | i 162 | $ | i 421 | $ | i 339 | |||||||
Other
comprehensive loss: | |||||||||||||||
Foreign currency translation losses | ( i 29 | ) | ( i 185 | ) | ( i 135 | ) | ( i 261 | ) | |||||||
Income
tax benefit (expense)(1) | i 8 | i 54 | ( i 1 | ) | ( i 61 | ) | |||||||||
Foreign
currency translation, net | ( i 21 | ) | ( i 131 | ) | ( i 136 | ) | ( i 322 | ) | |||||||
Employee
benefit plan income tax expense(1) | i — | i — | i — | ( i 7 | ) | ||||||||||
Total
other comprehensive loss, net of tax | ( i 21 | ) | ( i 131 | ) | ( i 136 | ) | ( i 329 | ) | |||||||
Comprehensive
income attributable to Nasdaq | $ | i 153 | $ | i 31 | $ | i 285 | $ | i 10 |
(1) | Includes
a reclassification of the stranded tax effects, for the six months ended June 30, 2018, related to the Tax Cuts and Jobs Act. See “Tax Cuts and Jobs Act,” of Note 17, “Income Taxes,” for further discussion. |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||
Common
stock | i 165,701,483 | i 2 | i 166,946,592 | i 2 | i 165,165,104 | i 2 | i 167,441,030 | i 2 | |||||||||||||||||||
Additional
paid-in capital | |||||||||||||||||||||||||||
Beginning
balance | i 2,732 | i 2,926 | i 2,716 | i 3,024 | |||||||||||||||||||||||
Share
repurchase program | ( i 538,449 | ) | ( i 50 | ) | ( i 2,670,574 | ) | ( i 241 | ) | ( i 538,449 | ) | ( i 50 | ) | ( i 3,929,520 | ) | ( i 340 | ) | |||||||||||
Share-based
compensation | i 42,606 | i 20 | i 58,887 | i 18 | i 917,010 | i 36 | i 1,308,900 | i 33 | |||||||||||||||||||
Stock
option exercises, net | i 44,742 | i 1 | i 53,805 | i 1 | i 53,408 | i 1 | i 88,000 | i 2 | |||||||||||||||||||
Other
employee stock activity | i 146,241 | i 10 | i 127,349 | i 8 | i 146,728 | i 10 | i 127,363 | ( i 7 | ) | ||||||||||||||||||
Ending
balance | i 2,713 | i 2,712 | i 2,713 | i 2,712 | |||||||||||||||||||||||
Common
stock in Treasury, at Cost | |||||||||||||||||||||||||||
Beginning
balance | ( i 327 | ) | ( i 289 | ) | ( i 297 | ) | ( i 247 | ) | |||||||||||||||||||
Other
employee stock activity | ( i 7,388 | ) | i — | ( i 12,655 | ) | ( i 1 | ) | ( i 354,566 | ) | ( i 30 | ) | ( i 532,369 | ) | ( i 43 | ) | ||||||||||||
Ending
balance | ( i 327 | ) | ( i 290 | ) | ( i 327 | ) | ( i 290 | ) | |||||||||||||||||||
Accumulated
Other Comprehensive Loss | |||||||||||||||||||||||||||
Beginning
balance | ( i 1,645 | ) | ( i 1,060 | ) | ( i 1,530 | ) | ( i 862 | ) | |||||||||||||||||||
Other
comprehensive loss(1) | ( i 21 | ) | ( i 131 | ) | ( i 136 | ) | ( i 329 | ) | |||||||||||||||||||
Ending
balance | ( i 1,666 | ) | ( i 1,191 | ) | ( i 1,666 | ) | ( i 1,191 | ) | |||||||||||||||||||
Retained
Earnings | |||||||||||||||||||||||||||
Beginning
balance | i 4,732 | i 4,147 | i 4,558 | i 3,963 | |||||||||||||||||||||||
Net
income | i 174 | i 162 | i 421 | i 339 | |||||||||||||||||||||||
Other
comprehensive loss | — | — | — | i 142 | |||||||||||||||||||||||
Cash
dividends declared per common share | ( i 77 | ) | i — | ( i 150 | ) | ( i 135 | ) | ||||||||||||||||||||
Ending
balance | i 4,829 | i 4,309 | i 4,829 | i 4,309 | |||||||||||||||||||||||
Total
Stockholders' Equity | i 165,389,235 | $ | i 5,551 | i 164,503,404 | $ | i 5,542 | i 165,389,235 | $ | i 5,551 | i 164,503,404 | $ | i 5,542 |
Six
Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | i 421 | $ | i 339 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | i 96 | i 106 | |||||
Share-based
compensation | i 36 | i 33 | |||||
Deferred
income taxes | ( i 1 | ) | ( i 36 | ) | |||
Reversal
of certain Swedish tax benefits | i — | i 41 | |||||
Net
gain on divestiture of businesses | ( i 27 | ) | ( i 41 | ) | |||
Net
income from unconsolidated investees | ( i 55 | ) | ( i 7 | ) | |||
Other
reconciling items included in net income | i 15 | i 9 | |||||
Net
change in operating assets and liabilities, net of effects of divestiture and acquisitions: | |||||||
Receivables, net | ( i 20 | ) | ( i 52 | ) | |||
Other
assets | ( i 186 | ) | i 40 | ||||
Accounts
payable and accrued expenses | ( i 37 | ) | i 11 | ||||
Section
31 fees payable to SEC | i 61 | i 97 | |||||
Accrued
personnel costs | ( i 78 | ) | ( i 53 | ) | |||
Deferred
revenue | i 112 | i 131 | |||||
Other
liabilities | i 186 | i 36 | |||||
Net
cash provided by operating activities | i 523 | i 654 | |||||
Cash
flows from investing activities: | |||||||
Purchases of securities | ( i 311 | ) | ( i 250 | ) | |||
Proceeds
from sales and redemptions of securities | i 309 | i 158 | |||||
Proceeds
from divestiture of businesses | i 108 | i 294 | |||||
Acquisition
of business, net of cash and cash equivalents acquired | ( i 193 | ) | i — | ||||
Purchases
of property and equipment | ( i 63 | ) | ( i 45 | ) | |||
Other
investing activities | ( i 13 | ) | ( i 6 | ) | |||
Net
cash provided by (used in) investing activities | ( i 163 | ) | i 151 | ||||
Cash
flows from financing activities: | |||||||
Proceeds from (repayments of) commercial paper, net | i 192 | ( i 212 | ) | ||||
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 50 | ) | ( i 340 | ) | |||
Dividends
paid | ( i 150 | ) | ( i 135 | ) | |||
Proceeds
received from employee stock activity | i 11 | i 10 | |||||
Payments
related to employee shares withheld for taxes | ( i 30 | ) | ( i 43 | ) | |||
Net
cash used in financing activities | ( i 573 | ) | ( i 835 | ) | |||
Effect
of exchange rate changes on cash and cash equivalents and restricted cash | ( i 10 | ) | ( i 13 | ) | |||
Net
decrease in cash and cash equivalents and restricted cash | ( i 223 | ) | ( i 43 | ) | |||
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 363 | $ | i 356 | |||
Supplemental
Disclosure Cash Flow Information | |||||||
Cash paid for: | |||||||
Interest | $ | i 85 | $ | i 89 | |||
Income
taxes, net of refund | $ | i 129 | $ | i 99 |
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 and are currently assessing the impact that this standard will have on our consolidated financial statements. 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. |
Leases | Balance Sheet Classification | |||||
(in
millions) | ||||||
Assets: | ||||||
Operating lease assets | Operating lease assets | $ | i 365 | |||
Liabilities: | ||||||
Current
lease liabilities | Other current liabilities | $ | i 61 | |||
Non-current lease liabilities | Operating
lease liabilities | i 343 | ||||
Total lease liabilities | $ | i 404 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||||
(in
millions) | ||||||||
Operating lease cost(1) | $ | i 19 | $ | i 39 | ||||
Variable
lease cost | i 7 | i 12 | ||||||
Sublease
income | ( i 2 | ) | ( i 3 | ) | ||||
Total
lease cost | $ | i 24 | $ | i 48 |
(1) | Includes
short-term lease cost, which was immaterial. |
(in millions) | ||||
2019(1) | $ | i 40 | ||
2020 | i 76 | |||
2021 | i 66 | |||
2022 | i 44 | |||
2023 | i 39 | |||
Thereafter | i 261 | |||
Total
lease payments | i 526 | |||
Less: interest(2) | ( i 122 | ) | ||
Present
value of lease liabilities(3) | $ | i 404 |
(1) | Represents
the estimated lease payments to be made for the remaining six months of 2019. |
(2) | Calculated using the interest rate for each lease. |
(3) | Includes the current portion of $ i 61
million. |
Weighted-average remaining lease term (in years) | i 10.4 | ||
Weighted-average
discount rate | i 4.6 | % |
Six
Months Ended June 30, 2019 | ||||
(in millions) | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | i 38 | ||
Lease
assets obtained in exchange for new operating lease liabilities | $ | i 20 |
Three
Months Ended June 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 73 | i — | i — | i — | i 73 | ||||||||||||||
Listing
services | i — | i 74 | i — | i — | i 74 | ||||||||||||||
Corporate
solutions | i — | i 49 | i — | i — | i 49 | ||||||||||||||
Market
data products | i — | i — | i 100 | i — | i 100 | ||||||||||||||
Index | i — | i — | i 55 | i — | i 55 | ||||||||||||||
Investment
data & analytics | i — | i — | i 39 | i — | i 39 | ||||||||||||||
Market
technology | i — | i — | i — | i 79 | i 79 | ||||||||||||||
Revenues
less transaction-based expenses | $ | i 227 | $ | i 123 | $ | i 194 | $ | i 79 | $ | i 623 |
Three
Months Ended June 30, 2018 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 164 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 164 | |||||||||||
Trade
management services | i 73 | i — | i — | i — | i — | i 73 | |||||||||||||||||
Listing
services | i — | i 72 | i — | i — | i — | i 72 | |||||||||||||||||
Corporate
solutions | i — | i 48 | i — | i — | i — | i 48 | |||||||||||||||||
Market
data products | i — | i — | i 98 | i — | i — | i 98 | |||||||||||||||||
Index | i — | i — | i 50 | i — | i — | i 50 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 27 | i — | i — | i 27 | |||||||||||||||||
Market
technology | i — | i — | i — | i 66 | i — | i 66 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 17 | i 17 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 237 | $ | i 120 | $ | i 175 | $ | i 66 | $ | i 17 | $ | i 615 |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 315 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 315 | |||||||||||
Trade
management services | i 146 | i — | i — | i — | i — | i 146 | |||||||||||||||||
Listing
services | i — | i 145 | i — | i — | i — | i 145 | |||||||||||||||||
Corporate
solutions | i — | i 98 | i — | i — | i — | i 98 | |||||||||||||||||
Market
data products | i — | i — | i 200 | i — | i — | i 200 | |||||||||||||||||
Index | i — | i — | i 109 | i — | i — | i 109 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 78 | i — | i — | i 78 | |||||||||||||||||
Market
technology | i — | i — | i — | i 156 | i — | i 156 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 10 | i 10 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 461 | $ | i 243 | $ | i 387 | $ | i 156 | $ | i 10 | $ | i 1,257 |
Six
Months Ended June 30, 2018 | |||||||||||||||||||||||
Market Services | Corporate Services | Information Services | Market Technology | Other Revenues | Consolidated | ||||||||||||||||||
(in
millions) | |||||||||||||||||||||||
Transaction-based trading and clearing, net | $ | i 339 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 339 | |||||||||||
Trade
management services | i 148 | i — | i — | i — | i — | i 148 | |||||||||||||||||
Listing
services | i — | i 144 | i — | i — | i — | i 144 | |||||||||||||||||
Corporate
solutions | i — | i 99 | i — | i — | i — | i 99 | |||||||||||||||||
Market
data products | i — | i — | i 197 | i — | i — | i 197 | |||||||||||||||||
Index | i — | i — | i 100 | i — | i — | i 100 | |||||||||||||||||
Investment
data & analytics | i — | i — | i 51 | i — | i — | i 51 | |||||||||||||||||
Market
technology | i — | i — | i — | i 126 | i — | i 126 | |||||||||||||||||
Other
revenues | i — | i — | i — | i — | i 77 | i 77 | |||||||||||||||||
Revenues
less transaction-based expenses | $ | i 487 | $ | i 243 | $ | i 348 | $ | i 126 | $ | i 77 | $ | i 1,281 |
(in millions) | |||
2019(1) | $ | i 150 | |
2020 | i 286 | ||
2021 | i 132 | ||
2022 | i 86 | ||
2023 | i 46 | ||
2024
and thereafter | i 86 | ||
Total | $ | i 786 |
(1) | Represents
performance obligations to be recognized over the remaining six months of 2019. |
Purchase
Consideration | Total Net Assets Acquired | Total Net Deferred Tax Liability | Acquired Intangible Assets | Goodwill | |||||||||||||||
(in millions) | |||||||||||||||||||
Cinnober | $ | i 219 | $ | i 22 | $ | ( i 19 | ) | $ | i 79 | $ | i 137 |
($ 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 | ||||||||||||||
Foreign
currency translation adjustment | ( i 58 | ) | ( i 6 | ) | ( i 43 | ) | ( i 11 | ) | ( i 118 | ) | |||||||||
Balance
at June 30, 2019 | $ | i 3,372 | $ | i 449 | $ | i 2,290 | $ | i 271 | $ | i 6,382 |
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 65 | $ | ( i 18 | ) | $ | i 47 | i 9 | $ | i 54 | $ | ( i 15 | ) | $ | i 39 | i 9 | |||||||||||
Customer
relationships | i 1,599 | ( i 484 | ) | i 1,115 | i 18 | i 1,532 | ( i 456 | ) | i 1,076 | i 18 | |||||||||||||||||
Other | i 18 | ( i 3 | ) | i 15 | i 8 | i 17 | ( i 2 | ) | i 15 | i 8 | |||||||||||||||||
Foreign
currency translation adjustment | ( i 160 | ) | i 52 | ( i 108 | ) | ( i 149 | ) | i 64 | ( i 85 | ) | |||||||||||||||||
Total
finite-lived intangible assets | $ | i 1,522 | $ | ( i 453 | ) | $ | i 1,069 | $ | 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 195 | ) | — | ( i 195 | ) | ( i 176 | ) | — | ( i 176 | ) | |||||||||||||||||
Total
indefinite-lived intangible assets | $ | i 1,235 | $ | — | $ | i 1,235 | $ | i 1,255 | $ | — | $ | i 1,255 | |||||||||||||||
Total
intangible assets | $ | i 2,757 | $ | ( i 453 | ) | $ | i 2,304 | $ | i 2,709 | $ | ( i 409 | ) | $ | i 2,300 | |||||||||||||
(in
millions) | |||
2019(1) | $ | i 53 | |
2020 | i 105 | ||
2021 | i 104 | ||
2022 | i 101 | ||
2023 | i 98 | ||
2024
and thereafter | i 716 | ||
Total | $ | i 1,177 |
(1) | Represents
the estimated amortization to be recognized for the remaining six months of 2019. |
(in millions) | |||||||
Trading
securities | $ | i 251 | $ | i 259 | |||
Available-for-sale
investment securities | i 8 | i 9 | |||||
Financial
investments, at fair value | $ | i 259 | $ | i 268 | |||
Equity
method investments | $ | i 147 | $ | i 135 | |||
Equity
securities | $ | i 68 | $ | 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 18 | i 118 | i 28 | i 30 | i 67 | i 6 | i 267 | ||||||||||||||||||||
Revenue
recognized that was included in the beginning of the period | ( i 16 | ) | ( i 2 | ) | ( i 29 | ) | ( i 28 | ) | ( i 58 | ) | ( i 7 | ) | ( i 140 | ) | |||||||||||||
Translation
adjustment | ( i 2 | ) | i — | ( i 4 | ) | i — | i — | ( i 1 | ) | ( i 7 | ) | ||||||||||||||||
Balance
at June 30, 2019 | $ | i 66 | $ | i 120 | $ | i 70 | $ | i 38 | $ | i 89 | $ | i 18 | $ | i 401 |
(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 12 | $ | i 120 | $ | i 35 | $ | i 31 | $ | i 67 | $ | i 7 | $ | i 272 | |||||||||||||
2020 | i 24 | i — | i 27 | i 7 | i 22 | i 7 | i 87 | ||||||||||||||||||||
2021 | i 13 | i — | i 8 | i — | i — | i 3 | i 24 | ||||||||||||||||||||
2022 | i 9 | i — | i — | i — | i — | i 1 | i 10 | ||||||||||||||||||||
2023 | i 5 | i — | i — | i — | i — | i — | i 5 | ||||||||||||||||||||
2024
and thereafter | i 3 | i — | i — | i — | i — | i — | i 3 | ||||||||||||||||||||
Total | $ | i 66 | $ | i 120 | $ | i 70 | $ | i 38 | $ | i 89 | $ | i 18 | $ | i 401 |
(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 six months of 2019. |
Additions | Payments,
Accretion and Other | ||||||||||||||
Short-term debt: | (in millions) | ||||||||||||||
Commercial paper | $ | i 275 | $ | i 1,866 | $ | ( i 1,674 | ) | $ | i 467 | ||||||
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 1,866 | ( i 2,873 | ) | i 467 | ||||||||||
Long-term
debt: | |||||||||||||||
3.875% senior unsecured notes due June 7, 2021 | i 686 | i — | ( i 6 | ) | i 680 | ||||||||||
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 5 | ) | i 677 | ||||||||||
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 9 | i 674 | |||||||||||
$1
billion senior unsecured revolving credit facility due April 25, 2022 (average interest rate of 5.60% for the period January 1, 2019 through June 30, 2019) | ( i 4 | ) | i 15 | ( i 14 | ) | ( i 3 | ) | ||||||||
Total
long-term debt | i 2,357 | i 680 | ( i 15 | ) | i 3,022 | ||||||||||
Total
debt obligations | $ | i 3,831 | $ | i 2,546 | $ | ( i 2,888 | ) | $ | i 3,489 |
(1) | Balance
was reclassified to short-term debt as of March 31, 2019. |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions) | |||||||||||||||
Share-based compensation expense before income taxes | $ | i 20 | $ | i 18 | $ | i 36 | $ | i 33 | |||||||
Income
tax benefit | ( i 6 | ) | ( i 5 | ) | ( i 10 | ) | ( i 9 | ) | |||||||
Share-based
compensation expense after income taxes | $ | i 14 | $ | i 13 | $ | i 26 | $ | i 24 |
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 576,036 | $ | i 84.46 | |||
Vested | ( i 477,052 | ) | $ | i 59.15 | ||
Forfeited | ( i 102,894 | ) | $ | i 72.16 | ||
Unvested
balances at June 30, 2019 | i 1,579,465 | $ | i 77.00 |
Six
Months Ended June 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 8,207 | ) | $ | i 64.91 | ( i 431,751 | ) | $ | i 93.25 | |||||
Forfeited | ( i 20,958 | ) | $ | i 74.86 | ( i 6,101 | ) | $ | i 103.29 | |||||
Unvested
balances at June 30, 2019 | i 464,665 | $ | i 77.82 | 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 447,716 | $ | i 49.25 | i 5.51 | $ | i 14 | ||||||
Exercised | ( i 53,408 | ) | i 21.02 | |||||||||
Forfeited | ( i 25 | ) | i 20.10 | |||||||||
Outstanding
at June 30, 2019 | i 394,283 | $ | i 52.91 | i 5.56 | $ | i 17 | ||||||
Exercisable
at June 30, 2019 | i 305,927 | $ | i 48.87 | i 4.99 | $ | i 14 |
Six
Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Number of shares of common stock repurchased | i 538,449 | i 3,929,520 | ||||||
Average
price paid per share | $ | i 92.84 | $ | i 86.58 | ||||
Total
purchase price (in millions) | $ | i 50 | $ | i 340 |
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 150 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator: | (in
millions, except share and per share amounts) | ||||||||||||||
Net income attributable to common shareholders | $ | i 174 | $ | i 162 | $ | i 421 | $ | i 339 | |||||||
Denominator: | |||||||||||||||
Weighted-average
common shares outstanding for basic earnings per share | i 165,596,174 | i 165,748,107 | i 165,470,767 | i 166,331,583 | |||||||||||
Weighted-average
effect of dilutive securities: | |||||||||||||||
Employee equity awards(1) | i 1,445,245 | i 1,651,497 | i 1,564,016 | i 1,812,437 | |||||||||||
Weighted-average
common shares outstanding for diluted earnings per share | i 167,041,419 | i 167,399,604 | i 167,034,783 | i 168,144,020 | |||||||||||
Basic
and diluted earnings per share: | |||||||||||||||
Basic earnings per share | $ | i 1.05 | $ | i 0.98 | $ | i 2.54 | $ | i 2.04 | |||||||
Diluted
earnings per share | $ | i 1.04 | $ | i 0.97 | $ | i 2.52 | $ | i 2.02 |
(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. |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets at Fair Value | (in millions) | ||||||||||||||
Financial investments, at fair value | $ | i 259 | $ | i 164 | $ | i 95 | $ | i — | |||||||
Default
fund and margin deposit investments | i 1,496 | i 234 | i 1,262 | i — | |||||||||||
Total
assets at fair value | $ | i 1,755 | $ | i 398 | $ | i 1,357 | $ | 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 438 | $ | i 123 | $ | i 561 | |||||
Margin
deposits | i 2,723 | i 3,473 | i 6,196 | ||||||||
Total | $ | i 3,161 | $ | i 3,596 | $ | i 6,757 |
• |
• | 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 22 million as of June 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 411 | |
Fixed-income
options and futures(1)(2) | i 889 | ||
Stock options and futures(1)(2) | i 133 | ||
Index
options and futures(1)(2) | i 84 | ||
Total | $ | i 1,517 |
(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 267,006 | i 1,162,716 | |||
Fixed-income
options and futures | i 11,565,386 | i 11,286,397 | |||
Stock
options and futures | i 12,476,329 | i 11,940,062 | |||
Index
options and futures | i 23,877,389 | i 24,641,397 | |||
Total | i 48,186,110 | i 49,030,572 |
(1) | The
total volume in cleared power related to commodity contracts was i 420 Terawatt hours (TWh) for the six months ended June 30, 2019 and i 577 TWh
for the six months ended June 30, 2018. |
(2) | In July 2018, the Nasdaq freight product offering was migrated to NFX, our U.S.-based futures exchange. |
Three
Months Ended June 30, | Percentage Change | |||||||||
2019 | 2018 | |||||||||
(in millions) | ||||||||||
Income
tax provision | $ | i 65 | $ | i 126 | ( i 48.4 | )% | ||||
Effective
tax rate | i 27.2 | % | i 43.8 | % | ||||||
Six
Months Ended June 30, | Percentage Change | |||||||||
2019 | 2018 | |||||||||
(in millions) | ||||||||||
Income
tax provision | $ | i 131 | $ | i 188 | ( i 30.3 | )% | ||||
Effective
tax rate | i 23.7 | % | i 35.7 | % |
Market
Services | Corporate Services | Information Services | Market Technology | Corporate Items | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three
Months Ended June 30, 2019 | |||||||||||||||||||||||
Total revenues | $ | i 665 | $ | i 123 | $ | i 194 | $ | i 79 | $ | i — | $ | i 1,061 | |||||||||||
Transaction-based
expenses | ( i 438 | ) | i — | i — | i — | i — | ( i 438 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 227 | i 123 | i 194 | i 79 | i — | i 623 | |||||||||||||||||
Operating
income (loss) | $ | i 127 | $ | i 44 | $ | i 122 | $ | i 8 | $ | ( i 45 | ) | $ | i 256 | ||||||||||
Three
Months Ended June 30, 2018 | |||||||||||||||||||||||
Total revenues | $ | i 649 | $ | i 120 | $ | i 175 | $ | i 66 | $ | i 17 | $ | i 1,027 | |||||||||||
Transaction-based
expenses | ( i 412 | ) | i — | i — | i — | i — | ( i 412 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 237 | i 120 | i 175 | i 66 | i 17 | i 615 | |||||||||||||||||
Operating
income (loss) | $ | i 134 | $ | i 34 | $ | i 112 | $ | i 9 | $ | ( i 20 | ) | $ | i 269 | ||||||||||
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||
Total revenues | $ | i 1,304 | $ | i 243 | $ | i 387 | $ | i 156 | $ | i 10 | $ | i 2,100 | |||||||||||
Transaction-based
expenses | ( i 843 | ) | i — | i — | i — | i — | ( i 843 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 461 | i 243 | i 387 | i 156 | i 10 | i 1,257 | |||||||||||||||||
Operating
income (loss) | i 263 | i 87 | i 246 | i 15 | ( i 80 | ) | i 531 | ||||||||||||||||
Six
Months Ended June 30, 2018 | |||||||||||||||||||||||
Total revenues | $ | i 1,384 | $ | i 243 | $ | i 348 | $ | i 126 | $ | i 77 | $ | i 2,178 | |||||||||||
Transaction-based
expenses | ( i 897 | ) | i — | i — | i — | i — | ( i 897 | ) | |||||||||||||||
Revenues
less transaction-based expenses | i 487 | i 243 | i 348 | i 126 | i 77 | i 1,281 | |||||||||||||||||
Operating
income (loss) | i 281 | i 76 | i 225 | i 11 | ( i 52 | ) | i 541 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in
millions) | |||||||||||||||
Revenues - divested businesses | $ | i — | $ | i 17 | $ | i 10 | $ | i 77 | |||||||
Expenses: | |||||||||||||||
Amortization
expense of acquired intangible assets | i 26 | i 28 | i 51 | i 56 | |||||||||||
Merger
and strategic initiatives expense | i 5 | ( i 10 | ) | i 14 | i — | ||||||||||
Extinguishment
of debt | i 11 | i — | i 11 | i — | |||||||||||
Expenses
- divested businesses | i — | i 16 | i 8 | i 67 | |||||||||||
Other | i 3 | i 3 | i 6 | i 6 | |||||||||||
Total
expenses | i 45 | i 37 | i 90 | i 129 | |||||||||||
Operating
loss | $ | ( i 45 | ) | $ | ( i 20 | ) | $ | ( i 80 | ) | $ | ( i 52 | ) |
• | 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 six months ended June 30, 2019, we returned $150 million to shareholders through dividend payments. |
• | In July 2019, the board of directors approved a regular quarterly cash dividend of $0.47 per share on our outstanding common
stock. |
• | During the second quarter of 2019, we repurchased 538,449 common shares at a cost of $50 million. As of June 30, 2019, the remaining amount authorized for share repurchases under our share repurchase program was $282 million. |
• | 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. |
• | The Nasdaq Stock Market led U.S. exchanges for IPOs during the first half of 2019 with an 80% win rate. In the U.S. market, The Nasdaq Stock Market welcomed 140 new listings
in the first half of 2019, including 97 IPOs. Nasdaq's Nordic and Baltic exchanges and Nasdaq First North added 28 new listings, including 18 IPOs. |
• | 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 this quarter that is intended to increase the transparency of the company's SaaS and recurring revenues. ARR totaled $247 million in the second quarter of 2019, an increase of 16% year over year. New order intake totaled $46
million during the second quarter of 2019. We also continued strong growth in our surveillance business. See “Key Drivers,” in this Item 2 for further discussion of ARR. |
• | Our index revenues set a new quarterly record, while ETP assets under management tracking Nasdaq indexes increased 9% year over year. Overall assets under management in ETPs benchmarked to Nasdaq's proprietary index families totaled $203 billion as of June 30, 2019, which included $88 billion,
or 43%, tracking smart beta indexes. |
• | Our Market Services segment maintains strong competitive positioning and executed a new record closing cross related to the June Russell index rebalancing. In the second quarter of 2019, the combined U.S. equities matched market share executed on our exchanges totaled 20.1% (17.5% at The Nasdaq Stock Market, 1.8% at Nasdaq BX and 0.8% at Nasdaq PSX), while market share in the Nordic markets totaled 70.3%. In June 2019, Nasdaq's Closing Cross set a record for number of shares traded during the 2019 Russell U.S. indexes annual reconstitution, including 1.28 billion shares representing $42.6 billion in value, all of which was executed in 1.14 seconds. |
Three
Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Market Services | ||||||||||||||||
Equity
Derivative Trading and Clearing | ||||||||||||||||
U.S. equity options | ||||||||||||||||
Total
industry average daily volume (in millions) | 17.3 | 17.0 | 17.3 | 18.2 | ||||||||||||
Nasdaq PHLX
matched market share | 16.0 | % | 15.6 | % | 16.0 | % | 15.8 | % | ||||||||
The Nasdaq Options Market matched market share | 8.9 | % | 9.2 | % | 9.1 | % | 9.6 | % | ||||||||
Nasdaq
BX Options matched market share | 0.2 | % | 0.4 | % | 0.3 | % | 0.5 | % | ||||||||
Nasdaq ISE Options matched market share | 9.3 | % | 8.6 | % | 8.9 | % | 8.5 | % | ||||||||
Nasdaq
GEMX Options matched market share | 3.9 | % | 4.5 | % | 4.0 | % | 4.6 | % | ||||||||
Nasdaq MRX Options matched market share | 0.2 | % | 0.1 | % | 0.2 | % | 0.1 | % | ||||||||
Total
matched market share executed on Nasdaq’s exchanges | 38.5 | % | 38.4 | % | 38.5 | % | 39.1 | % | ||||||||
Nasdaq Nordic and
Nasdaq Baltic options and futures | ||||||||||||||||
Total average daily volume of options and futures contracts(1) | 384,692 | 365,204 | 368,561 | 359,846 | ||||||||||||
Cash
Equity Trading | ||||||||||||||||
Total U.S.-listed securities | ||||||||||||||||
Total
industry average daily share volume (in billions) | 6.93 | 6.86 | 7.22 | 7.23 | ||||||||||||
Matched
share volume (in billions) | 87.7 | 83.8 | 178.3 | 172.4 | ||||||||||||
The Nasdaq Stock Market
matched market share | 17.5 | % | 15.2 | % | 17.2 | % | 15.1 | % | ||||||||
Nasdaq BX matched market share | 1.8 | % | 3.1 | % | 2.0 | % | 3.2 | % | ||||||||
Nasdaq
PSX matched market share | 0.8 | % | 0.8 | % | 0.7 | % | 0.8 | % | ||||||||
Total matched market share executed on Nasdaq’s exchanges | 20.1 | % | 19.1 | % | 19.9 | % | 19.1 | % | ||||||||
Market
share reported to the FINRA/Nasdaq Trade Reporting Facility | 29.9 | % | 33.4 | % | 29.8 | % | 33.5 | % | ||||||||
Total market
share(2) | 50.0 | % | 52.5 | % | 49.7 | % | 52.6 | % | ||||||||
Nasdaq Nordic
and Nasdaq Baltic securities | ||||||||||||||||
Average daily number of equity trades executed on Nasdaq’s exchanges | 581,987 | 623,555 | 577,963 | 637,820 | ||||||||||||
Total
average daily value of shares traded (in billions) | $ | 4.6 | $ | 5.8 | $ | 4.8 | $ | 5.9 | ||||||||
Total
market share executed on Nasdaq’s exchanges | 70.3 | % | 66.9 | % | 68.6 | % | 68.2 | % | ||||||||
FICC | ||||||||||||||||
Fixed
Income | ||||||||||||||||
U.S. fixed income volume ($ billions traded) | $ | 2,921 | $ | 4,134 | $ | 5,636 | $ | 9,290 | ||||||||
Total
average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts | 126,323 | 124,539 | 121,128 | 128,476 | ||||||||||||
Commodities | ||||||||||||||||
Power
contracts cleared (TWh)(3) | 170 | 305 | 420 | 577 | ||||||||||||
Corporate
Services | ||||||||||||||||
Initial public offerings | ||||||||||||||||
The
Nasdaq Stock Market | 60 | 56 | 97 | 93 | ||||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq
Baltic | 14 | 22 | 18 | 35 | ||||||||||||
Total new listings | ||||||||||||||||
The
Nasdaq Stock Market(4) | 81 | 89 | 140 | 151 | ||||||||||||
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic(5) | 19 | 29 | 28 | 44 | ||||||||||||
Number
of listed companies | ||||||||||||||||
The Nasdaq Stock Market(6) | 3,080 | 3,004 | 3,080 | 3,004 | ||||||||||||
Exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic(7) | 1,029 | 1,008 | 1,029 | 1,008 | ||||||||||||
Information
Services | ||||||||||||||||
Number of licensed ETPs | 341 | 347 | 341 | 347 | ||||||||||||
ETP
assets under management tracking Nasdaq indexes (in billions) | $ | 203 | $ | 187 | $ | 203 | $ | 187 | ||||||||
Market
Technology | ||||||||||||||||
Order intake (in millions)(8) | $ | 46 | $ | 64 | $ | 100 | $ | 109 | ||||||||
Annualized
recurring revenue (in millions)(9) | $ | 247 | $ | 213 | 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 374 ETPs
as of June 30, 2019 and 380 as of June 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) | Annualized Recurring Revenue, or ARR, for a given period is the annualized revenue of Market Technology support and SaaS subscription contracts. ARR is currently one of our key performance metrics to assess the health and trajectory of our 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 June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions, except per share amounts) | (in millions, except per share amounts) | |||||||||||||||||||||
Revenues less transaction-based expenses | $ | 623 | $ | 615 | 1.3 | % | $ | 1,257 | $ | 1,281 | (1.9 | )% | ||||||||||
Operating
expenses | 367 | 346 | 6.1 | % | 726 | 740 | (1.9 | )% | ||||||||||||||
Operating
income | 256 | 269 | (4.8 | )% | 531 | 541 | (1.8 | )% | ||||||||||||||
Interest
expense | (31 | ) | (37 | ) | (16.2 | )% | (68 | ) | (75 | ) | (9.3 | )% | ||||||||||
Net
gain on divestiture of businesses | — | 41 | (100.0 | )% | 27 | 41 | (34.1 | )% | ||||||||||||||
Net
income from unconsolidated investees | 10 | 5 | 100.0 | % | 55 | 7 | 685.7 | % | ||||||||||||||
Income
before income taxes | 239 | 288 | (17.0 | )% | 552 | 527 | 4.7 | % | ||||||||||||||
Income
tax provision | 65 | 126 | (48.4 | )% | 131 | 188 | (30.3 | )% | ||||||||||||||
Net
income attributable to Nasdaq | $ | 174 | $ | 162 | 7.4 | % | $ | 421 | $ | 339 | 24.2 | % | ||||||||||
Diluted
earnings per share | $ | 1.04 | $ | 0.97 | 7.2 | % | $ | 2.52 | $ | 2.02 | 24.8 | % | ||||||||||
Cash
dividends declared per common share | $ | 0.47 | $ | — | N/M | $ | 0.91 | $ | 0.82 | 11.0 | % |
Three
Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Services | $ | 665 | $ | 649 | 2.5 | % | $ | 1,304 | $ | 1,384 | (5.8 | )% | ||||||||||
Transaction-based
expenses | (438 | ) | (412 | ) | 6.3 | % | (843 | ) | (897 | ) | (6.0 | )% | ||||||||||
Market
Services revenues less transaction-based expenses | 227 | 237 | (4.2 | )% | 461 | 487 | (5.3 | )% | ||||||||||||||
Corporate
Services | 123 | 120 | 2.5 | % | 243 | 243 | — | % | ||||||||||||||
Information
Services | 194 | 175 | 10.9 | % | 387 | 348 | 11.2 | % | ||||||||||||||
Market
Technology | 79 | 66 | 19.7 | % | 156 | 126 | 23.8 | % | ||||||||||||||
Other
revenues(1) | — | 17 | (100.0 | )% | 10 | 77 | (87.0 | )% | ||||||||||||||
Total
revenues less transaction-based expenses | $ | 623 | $ | 615 | 1.3 | % | $ | 1,257 | $ | 1,281 | (1.9 | )% |
(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 June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Services Revenues: | ||||||||||||||||||||||
Equity
Derivative Trading and Clearing Revenues(1) | $ | 203 | $ | 201 | 1.0 | % | $ | 396 | $ | 431 | (8.1 | )% | ||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (119 | ) | (119 | ) | — | % | (231 | ) | (256 | ) | (9.8 | )% | ||||||||||
Brokerage,
clearance and exchange fees(1) | (12 | ) | (10 | ) | 20.0 | % | (21 | ) | (26 | ) | (19.2 | )% | ||||||||||
Equity
derivative trading and clearing revenues less transaction-based expenses | 72 | 72 | — | % | 144 | 149 | (3.4 | )% | ||||||||||||||
Cash
Equity Trading Revenues(2) | 372 | 351 | 6.0 | % | 724 | 755 | (4.1 | )% | ||||||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (211 | ) | (187 | ) | 12.8 | % | (429 | ) | (396 | ) | 8.3 | % | ||||||||||
Brokerage,
clearance and exchange fees(2) | (95 | ) | (93 | ) | 2.2 | % | (160 | ) | (213 | ) | (24.9 | )% | ||||||||||
Cash
equity trading revenues less transaction-based expenses | 66 | 71 | (7.0 | )% | 135 | 146 | (7.5 | )% | ||||||||||||||
FICC
Revenues | 17 | 24 | (29.2 | )% | 38 | 50 | (24.0 | )% | ||||||||||||||
Transaction-based
expenses: | ||||||||||||||||||||||
Transaction
rebates | (1 | ) | (2 | ) | (50.0 | )% | (1 | ) | (5 | ) | (80.0 | )% | ||||||||||
Brokerage,
clearance and exchange fees | — | (1 | ) | (100.0 | )% | (1 | ) | (1 | ) | — | % | |||||||||||
FICC
revenues less transaction-based expenses | 16 | 21 | (23.8 | )% | 36 | 44 | (18.2 | )% | ||||||||||||||
Trade
Management Services Revenues | 73 | 73 | — | % | 146 | 148 | (1.4 | )% | ||||||||||||||
Total
Market Services revenues less transaction-based expenses | $ | 227 | $ | 237 | (4.2 | )% | $ | 461 | $ | 487 | (5.3 | )% |
(1) | Includes
Section 31 fees of $11 million in the second quarter of 2019, $19 million in the first six months of 2019, $9 million in the second quarter of 2018 and $23 million in the first six 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 $90 million in the second quarter of 2019, $152 million in the first six months of 2019, $89 million in the second quarter of 2018 and $204 million in the first six 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 June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(in
millions) | (in millions) | ||||||||||||||||||||
Corporate Services: | |||||||||||||||||||||
Listing
Services | $ | 74 | $ | 72 | 2.8 | % | $ | 145 | $ | 144 | 0.7 | % | |||||||||
Corporate
Solutions | $ | 49 | $ | 48 | 2.1 | % | $ | 98 | $ | 99 | (1.0 | )% | |||||||||
Total
Corporate Services | $ | 123 | $ | 120 | 2.5 | % | $ | 243 | $ | 243 | — | % |
Three
Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Information Services: | ||||||||||||||||||||||
Market Data | $ | 100 | $ | 98 | 2.0 | % | $ | 200 | $ | 197 | 1.5 | % | ||||||||||
Index | 55 | 50 | 10.0 | % | 109 | 100 | 9.0 | % | ||||||||||||||
Investment
Data & Analytics | 39 | 27 | 44.4 | % | 78 | 51 | 52.9 | % | ||||||||||||||
Total
Information Services | $ | 194 | $ | 175 | 10.9 | % | $ | 387 | $ | 348 | 11.2 | % |
Three Months Ended June 30, | Percentage
Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Market Technology | $ | 79 | $ | 66 | 19.7 | % | $ | 156 | $ | 126 | 23.8 | % |
Three
Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Compensation and benefits | $ | 169 | $ | 173 | (2.3 | )% | $ | 344 | $ | 370 | (7.0 | )% | ||||||||||
Professional
and contract services | 30 | 34 | (11.8 | )% | 68 | 71 | (4.2 | )% | ||||||||||||||
Computer
operations and data communications | 33 | 30 | 10.0 | % | 65 | 62 | 4.8 | % | ||||||||||||||
Occupancy | 24 | 23 | 4.3 | % | 48 | 49 | (2.0 | )% | ||||||||||||||
General,
administrative and other | 40 | 25 | 60.0 | % | 56 | 47 | 19.1 | % | ||||||||||||||
Marketing
and advertising | 10 | 10 | — | % | 20 | 19 | 5.3 | % | ||||||||||||||
Depreciation
and amortization | 48 | 53 | (9.4 | )% | 96 | 106 | (9.4 | )% | ||||||||||||||
Regulatory | 8 | 8 | — | % | 15 | 16 | (6.3 | )% | ||||||||||||||
Merger
and strategic initiatives | 5 | (10 | ) | (150.0 | )% | 14 | — | N/M | ||||||||||||||
Total
operating expenses | $ | 367 | $ | 346 | 6.1 | % | $ | 726 | $ | 740 | (1.9 | )% |
Three
Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Interest income | $ | 3 | $ | 2 | 50.0 | % | $ | 6 | $ | 5 | 20.0 | % | ||||||||||
Interest
expense | (31 | ) | (37 | ) | (16.2 | )% | (68 | ) | (75 | ) | (9.3 | )% | ||||||||||
Net
interest expense | (28 | ) | (35 | ) | (20.0 | )% | (62 | ) | (70 | ) | (11.4 | )% | ||||||||||
Net
gain on divestiture of businesses | — | 41 | (100.0 | )% | 27 | 41 | (34.1 | )% | ||||||||||||||
Other
investment income | 1 | 8 | (87.5 | )% | 1 | 8 | (87.5 | )% | ||||||||||||||
Net
income from unconsolidated investees | 10 | 5 | 100.0 | % | 55 | 7 | 685.7 | % | ||||||||||||||
Total
non-operating income (expenses) | $ | (17 | ) | $ | 19 | (189.5 | )% | $ | 21 | $ | (14 | ) | (250.0 | )% |
Three
Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
(in
millions) | (in millions) | |||||||||||||||||||||
Interest expense on debt | $ | 29 | $ | 35 | (17.1 | )% | $ | 64 | $ | 70 | (8.6 | )% | ||||||||||
Accretion
of debt issuance costs and debt discount | 1 | 2 | (50.0 | )% | 3 | 4 | (25.0 | )% | ||||||||||||||
Other
bank and investment-related fees | 1 | — | N/M | 1 | 1 | — | % | |||||||||||||||
Interest
expense | $ | 31 | $ | 37 | (16.2 | )% | $ | 68 | $ | 75 | (9.3 | )% |
Three
Months Ended June 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
($ in millions) | |||||||||||
Income
tax provision | $ | 65 | $ | 126 | (48.4 | )% | |||||
Effective tax rate | 27.2 | % | 43.8 | % | |||||||
Six
Months Ended June 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
(in millions) | |||||||||||
Income
tax provision | $ | 131 | $ | 188 | (30.3 | )% | |||||
Effective tax rate | 23.7 | % | 35.7 | % |
• | For the first six 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 second quarter and first six 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. |
• | For the first six months of 2018, the impact of enacted U.S. tax legislation is related to the Tax Cuts and Jobs Act which was enacted on December 22, 2017. We recorded an increase to tax expense of $5 million, which reflected the reduced federal tax benefit associated with state unrecognized tax benefits. |
Three Months Ended June 30, 2019 | Three
Months Ended June 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 | $ | 174 | $ | 1.04 | $ | 162 | $ | 0.97 | ||||||||
Non-GAAP
adjustments: | ||||||||||||||||
Amortization expense of acquired intangible assets | 26 | 0.16 | 28 | 0.17 | ||||||||||||
Merger
and strategic initiatives expense | 5 | 0.03 | (10 | ) | (0.06 | ) | ||||||||||
Net income from unconsolidated investee | (9 | ) | (0.05 | ) | (4 | ) | (0.02 | ) | ||||||||
Extinguishment
of debt | 11 | 0.06 | — | — | ||||||||||||
Net gain on divestiture of businesses | — | — | (41 | ) | (0.24 | ) | ||||||||||
Other | 3 | 0.02 | 3 | 0.02 | ||||||||||||
Total
non-GAAP adjustments | 36 | 0.22 | (24 | ) | (0.13 | ) | ||||||||||
Adjustment to the income tax provision to
reflect non-GAAP adjustments and other tax items | (7 | ) | (0.04 | ) | 15 | 0.08 | ||||||||||
Reversal of certain
Swedish tax benefits | — | — | 41 | 0.24 | ||||||||||||
Total non-GAAP tax adjustments | (7 | ) | (0.04 | ) | 56 | 0.32 | ||||||||||
Total
non-GAAP adjustments, net of tax | 29 | 0.18 | 32 | 0.19 | ||||||||||||
Non-GAAP net income attributable
to Nasdaq and diluted earnings per share | $ | 203 | $ | 1.22 | $ | 194 | $ | 1.16 | ||||||||
Weighted-average
common shares outstanding for diluted earnings per share | 167,041,419 | 167,399,604 | ||||||||||||||
Six
Months Ended June 30, 2019 | Six Months Ended June 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 | $ | 421 | $ | 2.52 | $ | 339 | $ | 2.02 | ||||||||
Non-GAAP
adjustments: | ||||||||||||||||
Amortization expense of acquired intangible assets | 51 | 0.31 | 56 | 0.34 | ||||||||||||
Merger
and strategic initiatives | 14 | 0.08 | — | — | ||||||||||||
Net income from unconsolidated investee | (54 | ) | (0.32 | ) | (6 | ) | (0.04 | ) | ||||||||
Extinguishment
of debt | 11 | 0.06 | — | — | ||||||||||||
Net gain on divestiture of businesses | (27 | ) | (0.16 | ) | (41 | ) | (0.24 | ) | ||||||||
Other | 6 | 0.04 | 5 | 0.03 | ||||||||||||
Total
non-GAAP adjustments | 1 | 0.01 | 14 | 0.09 | ||||||||||||
Adjustment to the income tax provision
to reflect non-GAAP adjustments and other tax items | (11 | ) | (0.07 | ) | 7 | 0.04 | ||||||||||
Excess tax benefits
related to employee share-based compensation | (4 | ) | (0.02 | ) | (5 | ) | (0.03 | ) | ||||||||
Reversal of certain Swedish
tax benefits | — | — | 41 | 0.24 | ||||||||||||
Impact of newly enacted U.S. tax legislation | — | — | 5 | 0.03 | ||||||||||||
Total
non-GAAP tax adjustments | (15 | ) | (0.09 | ) | 48 | 0.28 | ||||||||||
Total non-GAAP adjustments, net of tax | (14 | ) | (0.08 | ) | 62 | 0.37 | ||||||||||
Non-GAAP
net income attributable to Nasdaq and diluted earnings per share | $ | 407 | $ | 2.44 | $ | 401 | $ | 2.39 | ||||||||
Weighted-average
common shares outstanding for diluted earnings per share | 167,034,783 | 168,144,020 |
• | 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 | $ | 333 | $ | 545 | ||||
Restricted
cash | 30 | 41 | ||||||
Financial investments, at fair value | 259 | 268 | ||||||
Total
financial assets | $ | 622 | $ | 854 |
• | repayments
of debt obligations; |
• | cash paid for an acquisition, net of cash and cash equivalents acquired; |
• | cash dividends paid on our common stock; 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 | — | |||||
Total | $ | 0.91 | $ | 0.82 |
Maturity
Date | ||||||||||
(in millions) | ||||||||||
Short-term debt: | ||||||||||
Commercial
paper | Weighted-average maturity of 29 days | $ | 467 | $ | 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 | 467 | 1,474 | ||||||||
Long-term debt: | ||||||||||
3.875%
senior unsecured notes | June 2021 | 680 | 686 | |||||||
$1 billion senior unsecured revolving credit facility | April 2022 | (3 | ) | (4 | ) | |||||
1.75%
senior unsecured notes | May 2023 | 677 | 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 | 674 | — | |||||||
Total
long-term debt | 3,022 | 2,357 | ||||||||
Total debt obligations | $ | 3,489 | $ | 3,831 |
(1) | Balance
was reclassified to short-term debt as of March 31, 2019. |
Six Months Ended June 30, | Percentage Change | ||||||||||
2019 | 2018 | ||||||||||
Net
cash provided by (used in): | (in millions) | ||||||||||
Operating activities | $ | 523 | $ | 654 | (20.0 | )% | |||||
Investing
activities | (163 | ) | 151 | (207.9 | )% | ||||||
Financing activities | (573 | ) | (835 | ) | (31.4 | )% | |||||
Effect
of exchange rate changes on cash and cash equivalents and restricted cash | (10 | ) | (13 | ) | (23.1 | )% | |||||
Net decrease in cash and cash equivalents and restricted cash | (223 | ) | (43 | ) | 418.6 | % | |||||
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 | $ | 363 | $ | 356 | 2.0 | % |
• | 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 June 30, 2019 | ||||||||||||||||||||
Average
foreign currency rate to the U.S. dollar | 1.1237 | 0.1059 | # | N/A | N/A | |||||||||||||||
Percentage
of revenues less transaction-based expenses | 7.2 | % | 8.2 | % | 4.9 | % | 79.7 | % | 100.0 | % | ||||||||||
Percentage
of operating income | 12.5 | % | (1.4 | )% | (4.3 | )% | 93.2 | % | 100.0 | % | ||||||||||
Impact
of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $ | (5 | ) | $ | (5 | ) | $ | (3 | ) | $ | — | $ | (13 | ) | ||||||
Impact
of a 10% adverse currency fluctuation on operating income | $ | (3 | ) | $ | (1 | ) | $ | (1 | ) | $ | — | $ | (5 | ) | ||||||
Euro | Swedish
Krona | Other Foreign Currencies | U.S. Dollar | Total | ||||||||||||||||
(in millions, except currency rate) | ||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||
Average
foreign currency rate to the U.S. dollar | 1.1297 | 0.1074 | # | N/A | N/A | |||||||||||||||
Percentage
of revenues less transaction-based expenses | 7.7 | % | 8.2 | % | 4.9 | % | 79.2 | % | 100.0 | % | ||||||||||
Percentage
of operating income | 12.8 | % | (1.4 | )% | (5.7 | )% | 94.3 | % | 100.0 | % | ||||||||||
Impact
of a 10% adverse currency fluctuation on revenues less transaction-based expenses | $ | (10 | ) | $ | (10 | ) | $ | (6 | ) | $ | — | $ | (26 | ) | ||||||
Impact
of a 10% adverse currency fluctuation on operating income | $ | (7 | ) | $ | (1 | ) | $ | (3 | ) | $ | — | $ | (11 | ) |
# | Represents
multiple foreign currency rates. |
N/A | Not applicable. |
Net
Assets | Impact of a 10% Adverse Currency Fluctuation | |||||||
(in millions) | ||||||||
Swedish Krona(1) | $ | 3,249 | $ | (325 | ) | |||
Norwegian
Krone | 173 | (17 | ) | |||||
Canadian Dollar | 126 | (13 | ) | |||||
British
Pound | 217 | (22 | ) | |||||
Euro | 39 | (4 | ) | |||||
Australian
Dollar | 107 | (11 | ) |
(1) | Includes goodwill of $2,430 million and intangible assets, net of $614 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 agreements
of high quality sovereign debt (for example, European government and U.S. Treasury securities), central bank certificates and supranational debt instruments with short dated maturities. |
• | Security Issuer Risk. Security issuer risk is the risk that an issuer of a security defaults on its payment when the security matures. This risk is mitigated by limiting allowable investments and collateral under reverse repurchase agreements to high quality sovereign, government agency or supranational debt instruments. |
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) | ||||||||||
April
2019 | ||||||||||||||
Share repurchase program | — | $ | — | — | $ | 332 | ||||||||
Employee
transactions | 7,242 | $ | 89.20 | N/A | N/A | |||||||||
May
2019 | ||||||||||||||
Share repurchase program | 179,970 | $ | 90.50 | 179,970 | $ | 316 | ||||||||
Employee
transactions | 633 | $ | 90.36 | N/A | N/A | |||||||||
June
2019 | ||||||||||||||
Share repurchase program | 358,479 | $ | 94.02 | 358,479 | $ | 282 | ||||||||
Employee
transactions | — | $ | — | N/A | N/A | |||||||||
Total
Quarter Ended June 30, 2019 | ||||||||||||||
Share
repurchase program | 538,449 | $ | 92.84 | 538,449 | $ | 282 | ||||||||
Employee
transactions | 7,875 | $ | 89.30 | N/A | N/A |
Exhibit
Number | ||
Sixth Supplemental Indenture, dated April 1, 2019, among Nasdaq, Inc., Wells Fargo Bank, National Association, as Trustee, and HSBC Bank USA, National Association,
as paying agent and as registrar and transfer agent (incorporated by reference to Exhibit 4.2 to the Form 8-A filed on April 1, 2019). | ||
Amended and Restated Board Compensation Policy, effective on April 23, 2019.* | ||
Form
of Nasdaq Restricted Stock Unit Award Certificate (employees).* | ||
Form of Nasdaq Restricted Stock Unit Award Certificate (directors).* | ||
Form
of Nasdaq One-Year Performance Share Unit Agreement.* | ||
Form of Nasdaq Three-Year Performance Share Unit Agreement.* | ||
Employment
Offer Letter, dated as of April 30, 2019, between Nasdaq, Inc. and Lauren B. Dillard.* | ||
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 June 30, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018; (ii) Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2018; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018; (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June
30, 2019 and 2018; (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 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 | ||
---|---|---|---|---|
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 | |||
9/27/19 | ||||
9/13/19 | ||||
Filed on: | 8/5/19 | |||
7/26/19 | ||||
7/16/19 | ||||
For Period end: | 6/30/19 | |||
6/28/19 | ||||
6/17/19 | 3, 4 | |||
6/14/19 | ||||
5/28/19 | 4, 8-K | |||
5/1/19 | 10-Q | |||
4/30/19 | ||||
4/23/19 | 3, 4, 8-K, DEF 14A | |||
4/1/19 | 4, 8-A12B, 8-K, CERT | |||
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 | |||
6/30/18 | 10-Q | |||
5/18/18 | ||||
3/31/18 | 10-Q | |||
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 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/22 Nasdaq, Inc. 10-K 12/31/21 144:19M 2/23/21 Nasdaq, Inc. 10-K 12/31/20 140:20M |