Nasdaq Reports First Quarter 2021 Results; Delivers 21% Increase in Revenue Compared to Prior Year
- First quarter 2021 net revenues1 were
$851 million , an increase of 21% over the first quarter of 2020. Compared to the prior year period, Solutions segments2 revenues increased 22% while Market Services revenues increased 20%. - Annualized Recurring Revenue (ARR)3 was
$1,760 million in the first quarter of 2021, an increase of 21% from the prior year period. - First quarter 2021 GAAP diluted earnings per share of
$1.78 increased 46% compared to$1.22 in the first quarter of 2020. First quarter 2021 non-GAAP4 diluted earnings per share of$1.96 increased 31% from$1.50 in the first quarter of 2020. - Nasdaq advanced its strategic positioning by completing the acquisition of
Verafin , establishing the company as a leading anti-financial crime technology provider. - Also in the first quarter of 2021, Nasdaq agreed to sell its
U.S. Fixed Income business, which will allow the company to concentrate resources on its technology, analytics and ESG opportunities. - The company is announcing a 10% increase to the quarterly dividend, to
$0.54 per share, and returned$243 million of cash to investors in the first quarter of 2021, including$162 million in share repurchases.
First quarter 2021 net revenues were
“I am pleased with how our team delivered for clients against an incredibly dynamic capital markets backdrop, reflecting record trading and listing results as well as strong growth across our solutions segments," said
GAAP operating expenses were
Non-GAAP operating expenses were
"I am incredibly excited to become Nasdaq's CFO at such an interesting time, in particular to have the opportunity to support our evolution as a technology and analytics provider," said
On a GAAP basis, net income in the first quarter of 2021 was
On a non-GAAP basis, net income in the first quarter of 2021 was
As of
UPDATING 2021 NON-GAAP EXPENSE AND TAX GUIDANCE5
The company is updating its 2021 non-GAAP operating expense guidance to a range of
BUSINESS HIGHLIGHTS
Market Services - Net revenues were a record
Equity Derivative Trading and Clearing - Net revenues increased
Cash Equity Trading - Net revenues increased
Fixed Income and Commodities Trading and Clearing - Net revenues increased
Trade Management Services - Revenues increased
Corporate Platforms - Revenues were
Listing Services - Revenues increased
IR & ESG Services - Revenues increased
Investment Intelligence - Revenues were
Market Data - Revenues increased
Index - Revenues increased
Analytics - Revenues increased
Market Technology - Revenues were
Marketplace Infrastructure Technology - Revenues increased
Anti Financial Crime Technology - Revenues increased
CORPORATE HIGHLIGHTS
- Nasdaq accelerates the company's evolution as a leading SaaS technology provider of anti-financial crime solutions by completing the acquisition of
Verafin . InFebruary 2021 , Nasdaq completed the acquisition ofVerafin , an industry pioneer in anti-financial crime technology solutions. The acquisition strengthens Nasdaq's existing regulatory and anti-financial crime solutions, while expandingVerafin's reach to serve a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers.
- ETP assets under management tracking Nasdaq indexes and derivative product volume tracking Nasdaq indexes each set new quarterly records. Overall AUM in ETPs benchmarked to Nasdaq's proprietary indexes totaled
$385 billion as ofMarch 31, 2021 , an increase of 87% compared toMarch 31, 2020 . Additionally, the number of futures and options on futures contracts tracking Nasdaq indexes set a quarterly record with 105 million contracts traded, an increase of 31% from 80 million in the first quarter of 2020. There are 17 products tracking Nasdaq indexes which launched in the first quarter of 2021, including 13 outside of theU.S.
- Nasdaq's analytics business led by eVestment and
Solovis delivered strong retention and sales growth during the first quarter of 2021. The eVestment andSolovis analytics businesses continue to see increased growth, not only due to increased number of users, but also in both new sales and retention compared to the prior year period. On a sequential basis, new sales were up 23% from the fourth quarter of 2020, reflecting both a rebound in institutional investment industry demand following some temporary contraction in 2020, as well as increasing realization of synergies across the suite of solutions. These synergies helped to drive 28 new accounts toSolovis in the first quarter of 2021.
The Nasdaq Stock Market ledU.S. exchanges for IPOs during the first quarter of 2021.The Nasdaq Stock Market ledU.S. exchanges with a 69% total IPO win rate, including a 77% win rate among operating companies6 and a 66% win rate among special purpose acquisition companies. In the first quarter of 2021,The Nasdaq Stock Market welcomed 275 IPOs representing$74 billion in capital raised, including 79 operating company IPOs such as Bumble, Qualtrics, Affirm, Playtika and Petco, as well as 196 IPOs from special purpose acquisition companies.
- Nasdaq's Market Services segment sets new quarterly trading volume records in
U.S. options andU.S. equities in the first quarter of 2021. In the first quarter of 2021, Nasdaq'sU.S. options market set a quarterly record of 892 million contracts traded, an increase of 57% year over year. Additionally, Nasdaq led all exchanges during the period in total volume traded for options inclusive of both multiply-listed equity options and index options products. Nasdaq'sU.S. equities markets set a quarterly record of 153 billion shares traded, an increase of 20% year over year.
- Nasdaq agrees to sell its
U.S. Fixed Income business to Tradeweb Markets. Nasdaq's decision to sell itsU.S. Fixed Income business aligns with its corporate strategy to concentrate its resources and capital to maximize its potential as a major technology and analytics provider to the global capital markets. The transaction is expected to close later in 2021 subject to satisfaction of customary closing conditions, including the receipt of required regulatory approvals.
____________
1 Represents revenues less transaction-based expenses.
2 Constitutes revenues from Market Technology, Investment Intelligence and Corporate Platforms segments.
3 Annualized Recurring Revenue (ARR) for a given period is the annualized revenue derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
4 Refer to our reconciliations of
5
6 Operating companies exclude special purpose acquisition companies and when a special purpose acquisition company completes an acquisition.
ABOUT NASDAQ
NON-GAAP INFORMATION
In addition to disclosing results determined in accordance with
These measures are not in accordance with, or an alternative to,
We understand that analysts and investors regularly rely on non-GAAP financial measures, such as non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income and non-GAAP operating expenses to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on
Foreign exchange impact: In countries with currencies other than the
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk,
WEBSITE DISCLOSURE
Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.
Media Relations Contact:
+1.646.964.8169
william.briganti@nasdaq.com
Investor Relations Contact:
+1.212.401.8737
ed.ditmire@nasdaq.com
-NDAQF-
Condensed Consolidated Statements of Income | ||||||||||||
(in millions, except per share amounts) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2021 | 2020 | 2020 | ||||||||||
Revenues: | ||||||||||||
Market Services | $ | 1,139 | $ | 966 | $ | 933 | ||||||
Transaction-based expenses: | ||||||||||||
Transaction rebates | (654 | ) | (503 | ) | (479 | ) | ||||||
Brokerage, clearance and exchange fees | (147 | ) | (172 | ) | (173 | ) | ||||||
Total Market Services revenues less transaction-based expenses | 338 | 291 | 281 | |||||||||
Corporate Platforms | 155 | 144 | 128 | |||||||||
Investment Intelligence | 258 | 247 | 211 | |||||||||
Market Technology | 100 | 106 | 81 | |||||||||
Revenues less transaction-based expenses | 851 | 788 | 701 | |||||||||
Operating Expenses: | ||||||||||||
Compensation and benefits | 239 | 205 | 195 | |||||||||
Professional and contract services | 27 | 40 | 27 | |||||||||
Computer operations and data communications | 44 | 42 | 35 | |||||||||
Occupancy | 28 | 26 | 25 | |||||||||
General, administrative and other | 13 | 43 | 61 | |||||||||
Marketing and advertising | 10 | 19 | 9 | |||||||||
Depreciation and amortization | 63 | 53 | 48 | |||||||||
Regulatory | 7 | 8 | 7 | |||||||||
Merger and strategic initiatives | 45 | 22 | 7 | |||||||||
Restructuring charges | 10 | 12 | 12 | |||||||||
Total operating expenses | 486 | 470 | 426 | |||||||||
Operating income | 365 | 318 | 275 | |||||||||
Interest income | 1 | - | 2 | |||||||||
Interest expense | (29 | ) | (24 | ) | (26 | ) | ||||||
Other income | 1 | - | 5 | |||||||||
Net income (loss) from unconsolidated investees | 57 | (27 | ) | 17 | ||||||||
Income before income taxes | 395 | 267 | 273 | |||||||||
Income tax provision | 97 | 43 | 70 | |||||||||
Net income attributable to Nasdaq | $ | 298 | $ | 224 | $ | 203 | ||||||
Per share information: | ||||||||||||
Basic earnings per share | $ | 1.81 | $ | 1.36 | $ | 1.23 | ||||||
Diluted earnings per share | $ | 1.78 | $ | 1.34 | $ | 1.22 | ||||||
Cash dividends declared per common share | $ | 0.49 | $ | 0.49 | $ | 0.47 | ||||||
Weighted-average common shares outstanding | ||||||||||||
for earnings per share: | ||||||||||||
Basic | 164.7 | 164.5 | 164.9 | |||||||||
Diluted | 167.1 | 167.3 | 166.8 | |||||||||
Revenue Detail | ||||||||||||
(in millions) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2021 | 2020 | 2020 | ||||||||||
MARKET SERVICES REVENUES | ||||||||||||
Equity Derivative Trading and Clearing revenues | $ | 422 | $ | 357 | $ | 285 | ||||||
Transaction-based expenses: | ||||||||||||
Transaction rebates | (296 | ) | (243 | ) | (172 | ) | ||||||
Brokerage, clearance and exchange fees | (20 | ) | (22 | ) | (19 | ) | ||||||
Total net equity derivative trading and clearing revenues | 106 | 92 | 94 | |||||||||
Cash Equity Trading revenues | 617 | 514 | 558 | |||||||||
Transaction-based expenses: | ||||||||||||
Transaction rebates | (358 | ) | (259 | ) | (307 | ) | ||||||
Brokerage, clearance and exchange fees | (126 | ) | (150 | ) | (153 | ) | ||||||
Total net cash equity trading revenues | 133 | 105 | 98 | |||||||||
Fixed Income and Commodities Trading and Clearing revenues | 20 | 17 | 18 | |||||||||
Transaction-based expenses: | ||||||||||||
Transaction rebates | - | (1) | - | |||||||||
Brokerage, clearance and exchange fees | (1 | ) | - | (1 | ) | |||||||
Total net fixed income and commodities trading and clearing revenues | 19 | 16 | 17 | |||||||||
Trade Management Services revenues | 80 | 78 | 72 | |||||||||
Total Net Market Services revenues | 338 | 291 | 281 | |||||||||
CORPORATE PLATFORMS REVENUES | ||||||||||||
Listings Services revenues | 98 | 88 | 75 | |||||||||
IR & ESG Services revenues | 57 | 56 | 53 | |||||||||
Total Corporate Platforms revenues | 155 | 144 | 128 | |||||||||
INVESTMENT INTELLIGENCE REVENUES | ||||||||||||
Market Data revenues | 108 | 104 | 97 | |||||||||
Index revenues | 102 | 97 | 73 | |||||||||
Analytics revenues | 48 | 46 | 41 | |||||||||
Total Investment Intelligence revenues | 258 | 247 | 211 | |||||||||
MARKET TECHNOLOGY REVENUES | ||||||||||||
Marketplace Infrastructure Technology revenues | 54 | 71 | 52 | |||||||||
Anti Financial Crime Technology revenues | 46 | 35 | 29 | |||||||||
Total Market Technology revenues | 100 | 106 | 81 | |||||||||
REVENUES LESS TRANSACTION-BASED EXPENSES | $ | 851 | $ | 788 | $ | 701 | ||||||
Condensed Consolidated Balance Sheets | |||||||||
(in millions) | |||||||||
2021 | 2020 | ||||||||
Assets | (unaudited) | ||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 774 | $ | 2,745 | |||||
Restricted cash and cash equivalents | 38 | 37 | |||||||
Financial investments | 215 | 195 | |||||||
Receivables, net | 574 | 566 | |||||||
Default funds and margin deposits | 3,737 | 3,942 | |||||||
Other current assets | 316 | 175 | |||||||
Total current assets | 5,654 | 7,660 | |||||||
Property and equipment, net | 482 | 475 | |||||||
8,508 | 6,850 | ||||||||
Intangible assets, net | 2,967 | 2,255 | |||||||
Operating lease assets | 396 | 381 | |||||||
Other non-current assets | 483 | 358 | |||||||
Total assets | $ | 18,490 | $ | 17,979 | |||||
Liabilities | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 183 | $ | 175 | |||||
Section 31 fees payable to |
131 | 224 | |||||||
Accrued personnel costs | 174 | 227 | |||||||
Deferred revenue | 519 | 235 | |||||||
Other current liabilities | 377 | 121 | |||||||
Default funds and margin deposits | 3,737 | 3,942 | |||||||
Short-term debt | 435 | - | |||||||
Total current liabilities | 5,556 | 4,924 | |||||||
Long-term debt | 5,455 | 5,541 | |||||||
Deferred tax liabilities, net | 542 | 502 | |||||||
Operating lease liabilities | 406 | 389 | |||||||
Other non-current liabilities | 197 | 187 | |||||||
Total liabilities | 12,156 | 11,543 | |||||||
Commitments and contingencies | |||||||||
Equity | |||||||||
Nasdaq stockholders' equity: | |||||||||
Common stock | 2 | 2 | |||||||
Additional paid-in capital | 2,405 | 2,547 | |||||||
Common stock in treasury, at cost | (415 | ) | (376 | ) | |||||
Accumulated other comprehensive loss | (1,505 | ) | (1,368 | ) | |||||
Retained earnings | 5,845 | 5,628 | |||||||
Total Nasdaq stockholders' equity | 6,332 | 6,433 | |||||||
Noncontrolling interests | 2 | 3 | |||||||
Total equity | 6,334 | 6,436 | |||||||
Total liabilities and equity | $ | 18,490 | $ | 17,979 | |||||
Reconciliation of |
||||||||||||
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses | ||||||||||||
(in millions, except per share amounts) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2021 | 2020 | 2020 | ||||||||||
$ | 298 | $ | 224 | $ | 203 | |||||||
Non-GAAP adjustments: | ||||||||||||
Amortization expense of acquired intangible assets (1) | 36 | 26 | 25 | |||||||||
Merger and strategic initiatives expense (2) | 45 | 22 | 7 | |||||||||
Restructuring charges (3) | 10 | 12 | 12 | |||||||||
Net (income) loss from unconsolidated investees (4) | (57 | ) | 27 | (16 | ) | |||||||
Extinguishment of debt (5) | - | - | 36 | |||||||||
Charitable donations (5) | - | - | 5 | |||||||||
Other | 2 | 4 | - | |||||||||
Total non-GAAP adjustments | 36 | 91 | 69 | |||||||||
Non-GAAP adjustment to the income tax provision (6) | (7 | ) | (44 | ) | (18 | ) | ||||||
Excess tax benefits related to employee share-based compensation | - | (3 | ) | (3 | ) | |||||||
Total non-GAAP adjustments, net of tax | 29 | 44 | 48 | |||||||||
Non-GAAP net income attributable to Nasdaq | $ | 327 | $ | 268 | $ | 251 | ||||||
$ | 1.78 | $ | 1.34 | $ | 1.22 | |||||||
Total adjustments from non-GAAP net income above | 0.18 | 0.26 | 0.28 | |||||||||
Non-GAAP diluted earnings per share | $ | 1.96 | $ | 1.60 | $ | 1.50 | ||||||
Weighted-average diluted common shares outstanding for earnings per share: | 167.1 | 167.3 | 166.8 | |||||||||
(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | ||||||||||||
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs and will vary based on the size and frequency of the activities described above. | ||||||||||||
(3) We initiated the transition of certain technology platforms to advance the company’s strategic opportunities as a technology and analytics provider and continue the realignment of certain business areas. Charges associated with this plan represent a fundamental shift in our strategy and technology as well as executive re-alignment and will be excluded for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods. The restructuring charges primarily consisted of third party consulting costs and non-cash items such as asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. | ||||||||||||
(4) Primarily represents the earnings and losses recognized from our equity interest in the |
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(5) We have excluded certain other charges or gains that are the result of other non-comparable events to measure operating performance. These significant items primarily include donations to COVID-19 response and relief efforts and loss on extinguishment of debt for the three months ended |
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(6) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. In addition, for the three months ended |
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Reconciliation of |
||||||||||||
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses | ||||||||||||
(in millions) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2021 | 2020 | 2020 | ||||||||||
$ | 365 | $ | 318 | $ | 275 | |||||||
Non-GAAP adjustments: | ||||||||||||
Amortization expense of acquired intangible assets (1) | 36 | 26 | 25 | |||||||||
Merger and strategic initiatives expense (2) | 45 | 22 | 7 | |||||||||
Restructuring charges (3) | 10 | 12 | 12 | |||||||||
Extinguishment of debt (4) | - | - | 36 | |||||||||
Charitable donations (4) | - | - | 5 | |||||||||
Other | 2 | 4 | 5 | |||||||||
Total non-GAAP adjustments | 93 | 64 | 90 | |||||||||
Non-GAAP operating income | $ | 458 | $ | 382 | $ | 365 | ||||||
Revenues less transaction-based expenses | $ | 851 | $ | 788 | $ | 701 | ||||||
43 | % | 40 | % | 39 | % | |||||||
Non-GAAP operating margin (6) | 54 | % | 48 | % | 52 | % |
(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | |||||||
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs and will vary based on the size and frequency of the activities described above. | |||||||
(3) We initiated the transition of certain technology platforms to advance the company’s strategic opportunities as a technology and analytics provider and continue the realignment of certain business areas. Charges associated with this plan represent a fundamental shift in our strategy and technology as well as executive re-alignment and will be excluded for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods. The restructuring charges primarily consisted of third party consulting costs and non-cash items such as asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. | |||||||
(4) We have excluded certain other charges or gains that are the result of other non-comparable events to measure operating performance. These significant items primarily include donations to COVID-19 response and relief efforts and loss on extinguishment of debt for the three months ended |
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(5) |
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(6) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses. | |||||||
Reconciliation of |
|||||||||||
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses | |||||||||||
(in millions) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
2021 | 2020 | 2020 | |||||||||
$ | 486 | $ | 470 | $ | 426 | ||||||
Non-GAAP adjustments: | |||||||||||
Amortization expense of acquired intangible assets (1) | (36 | ) | (26 | ) | (25 | ) | |||||
Merger and strategic initiatives expense (2) | (45 | ) | (22 | ) | (7 | ) | |||||
Restructuring charges (3) | (10 | ) | (12 | ) | (12 | ) | |||||
Extinguishment of debt (4) | - | - | (36 | ) | |||||||
Charitable donations (4) | - | - | (5 | ) | |||||||
Other | (2 | ) | (4 | ) | (5 | ) | |||||
Total non-GAAP adjustments | (93 | ) | (64 | ) | (90 | ) | |||||
Non-GAAP operating expenses | $ | 393 | $ | 406 | $ | 336 |
(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | |||||||
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs and will vary based on the size and frequency of the activities described above. | |||||||
(3) We initiated the transition of certain technology platforms to advance the company’s strategic opportunities as a technology and analytics provider and continue the realignment of certain business areas. Charges associated with this plan represent a fundamental shift in our strategy and technology as well as executive re-alignment and will be excluded for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods. The restructuring charges primarily consisted of third party consulting costs and non-cash items such as asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. | |||||||
(4) We have excluded certain other charges or gains that are the result of other non-comparable events to measure operating performance. These significant items primarily include donations to COVID-19 response and relief efforts and loss on extinguishment of debt for the three months ended |
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Quarterly Key Drivers Detail | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2021 | 2020 | 2020 | ||||||||||
Market Services | ||||||||||||
Equity Derivative Trading and Clearing | ||||||||||||
Total industry average daily volume (in millions) | 40.1 | 30.6 | 25.3 | |||||||||
Nasdaq PHLX matched market share | 12.9 | % | 13.5 | % | 12.8 | % | ||||||
The Nasdaq Options Market matched market share | 7.9 | % | 9.0 | % | 10.6 | % | ||||||
Nasdaq BX Options matched market share | 0.7 | % | 0.2 | % | 0.2 | % | ||||||
Nasdaq ISE Options matched market share | 7.7 | % | 7.6 | % | 8.4 | % | ||||||
Nasdaq GEMX Options matched market share | 5.9 | % | 6.4 | % | 3.8 | % | ||||||
Nasdaq MRX Options matched market share | 1.4 | % | 1.1 | % | 0.3 | % | ||||||
Total matched market share executed on Nasdaq's exchanges | 36.5 | % | 37.8 | % | 36.1 | % | ||||||
Nasdaq Nordic and Nasdaq Baltic options and futures | ||||||||||||
Total average daily volume options and futures contracts (1) | 358,365 | 275,686 | 457,819 | |||||||||
Cash Equity Trading | ||||||||||||
Total |
||||||||||||
Total industry average daily share volume (in billions) | 14.7 | 10.5 | 11.0 | |||||||||
Matched share volume (in billions) | 152.6 | 115.4 | 126.8 | |||||||||
15.7 | % | 15.9 | % | 16.8 | % | |||||||
Nasdaq BX matched market share | 0.7 | % | 0.7 | % | 1.2 | % | ||||||
Nasdaq PSX matched market share | 0.7 | % | 0.6 | % | 0.6 | % | ||||||
Total matched market share executed on Nasdaq's exchanges | 17.1 | % | 17.2 | % | 18.6 | % | ||||||
Market share reported to the |
35.2 | % | 33.7 | % | 30.2 | % | ||||||
Total market share (2) | 52.3 | % | 50.9 | % | 48.8 | % | ||||||
Nasdaq Nordic and Nasdaq Baltic securities | ||||||||||||
Average daily number of equity trades executed on Nasdaq's exchanges | 1,093,684 | 961,924 | 1,021,963 | |||||||||
Total average daily value of shares traded (in billions) | $ | 7.0 | $ | 5.9 | $ | 6.4 | ||||||
Total market share executed on Nasdaq's exchanges | 78.5 | % | 79.4 | % | 77.1 | % | ||||||
Fixed Income and Commodities Trading and Clearing | ||||||||||||
Fixed Income | ||||||||||||
$ | 2,494 | $ | 1,650 | $ | 2,067 | |||||||
Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts | 125,959 | 96,006 | 115,137 | |||||||||
Commodities | ||||||||||||
Power contracts cleared (TWh) (3) | 250 | 286 | 292 | |||||||||
Corporate Platforms | ||||||||||||
Initial public offerings | ||||||||||||
275 | 142 | 27 | ||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 24 | 24 | 7 | |||||||||
Total new listings | ||||||||||||
319 | 199 | 56 | ||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5) | 32 | 34 | 9 | |||||||||
Number of listed companies | ||||||||||||
3,667 | 3,392 | 3,146 | ||||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (7) | 1,090 | 1,071 | 1,039 | |||||||||
Investment Intelligence | ||||||||||||
Number of licensed exchange traded products (ETPs) | 349 | 339 | 325 | |||||||||
ETP assets under management (AUM) tracking Nasdaq indexes (in billions) | $ | 385 | $ | 359 | $ | 206 | ||||||
Market Technology | ||||||||||||
Order intake (in millions) (8) | $ | 41 | $ | 37 | $ | 80 | ||||||
Annualized recurring revenues (in millions) (9) | $ | 416 | $ | 283 | $ | 257 |
(1) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex have a revenue sharing arrangement. | ||||||
(2) Includes transactions executed on |
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(3) Transactions executed on |
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(4) New listings include IPOs, including issuers that switched from other listing venues, closed-end funds and separately listed ETPs. As of |
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(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 |
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(7) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North. | ||||||
(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 active Market Technology support and SaaS subscription contracts. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers. |