Nasdaq Reports Second Quarter 2016 Earnings; Delivers Record Net Revenues(1)
- Net revenues were a record
$559 million in the second quarter of 2016, up 8% year-over-year. - Organic growth, which excludes the impact of acquisitions and changes in FX rates, contributed
$14 million of the total$41 million year-over-year increase in revenue growth. - Second quarter 2016 diluted EPS was
$0.42 . Non-GAAP2 diluted EPS for the second quarter 2016 was$0.91 . - During the quarter, the company completed the
Boardvantage and ISE acquisitions, the last of four recently announced deals to close, and has achieved approximately$10 million in annualized run-rate cost synergies. - Since the beginning of 2016 through
July 26, 2016 , Nasdaq has increased its quarterly dividend 28% and repurchased$53 million of common stock.
"Nasdaq has experienced broad-based demand for our distinctive technology, services and solutions, resulting in continued organic growth from each of our business segments," said
Operating expenses were
"During the quarter we were able to raise over
"I'm excited to join the Nasdaq team at an especially interesting time, and look forward to bringing new perspectives and ideas that can contribute to execution of the company's strategy. In the near-term, this includes a particular focus on ensuring that the acquisition integrations succeed in delivering
maximum benefits to clients and shareholders," said
Net income attributable to Nasdaq for the second quarter of 2016 was
The company repurchased 256,808 shares for
At
1 Represents revenues less transaction-based expenses.
2 Refer to our reconciliation of
BUSINESS HIGHLIGHTS
Market Services (35% of total net revenues) - Net revenues were
Equity Derivatives (8% of total net revenues) - Net equity derivative trading and clearing revenues were
$46 million in the second quarter of 2016, up$2 million compared to the second quarter of 2015. The increase was primarily driven by higherU.S. industry trading volumes and higher U.S. market share.Cash Equities (11% of total net revenues) - Net cash equity trading revenues were
$63 million in the second quarter of 2016, up$1 million compared to the second quarter of 2015. This increase reflects the inclusion of net revenues associated with our acquisition of Nasdaq CXC and the positive impact of foreign exchange, partially offset by lowerU.S. and European market share and lowerU.S. average net capture.Fixed Income, Currency and Commodities (4% of total net revenues) - Net FICC trading and clearing revenues were
$21 million in the second quarter of 2016, down$3 million from the second quarter of 2015, due to the negative impact of Nasdaq Futures (NFX) trading incentives and a decline inU.S. fixed income revenues, partially offset by higher European fixed income and commodities revenues.Access and Broker Services (12% of total net revenues) - Access and broker services revenues were
$64 million in the second quarter of 2016, up$5 million compared to the second quarter of 2015, primarily driven by an increase in customer demand for network connectivity.
Information Services (24% of total net revenues) - Revenues were
Data Products (19% of total net revenues) - Data products revenues were
$107 million in the second quarter of 2016, up$8 million compared to the second quarter of 2015 due to increased audit collections and increased revenues from consolidated and proprietary data, as well as the inclusion of revenues associated with the Nasdaq CXC acquisition and the positive impact of changes in foreign exchange rates.
Index Licensing and Services (5% of total net revenues) - Index licensing and services revenues were$27 million in the second quarter of 2016, down$2 million from the second quarter of 2015. The revenue decline was primarily driven by a decrease in the value of underlying assets associated with Nasdaq-licensed ETPs.
Technology Solutions (29% of total net revenues) - Revenues were
Corporate Solutions (17% of total net revenues) - Corporate solutions revenues were
$94 million in the second quarter of 2016, up$18 million from the second quarter of 2015. The increase was due to the inclusion of revenues from the Marketwired andBoardvantage acquisitions.Market Technology (12% of total net revenues) - Market technology revenues were
$69 million in the second quarter of 2016, up$10 million from the second quarter of 2015. The increase was driven primarily by growth in revenues from software licensing and support, and surveillance products, as well as increased revenues from change requests. New order intake was$69 million for the second quarter of 2016, and the total order value atJune 30, 2016 was$769 million , up 9% from the prior year period.
Listing
Services (12% of total net revenues) - Revenues were
CORPORATE HIGHLIGHTS
- Nasdaq Futures continues to show consistent growth. NFX, a
U.S. -based futures and options market for key energy benchmarks, has seen consistent growth and marketplace traction since launch in lateJuly 2015 . NFX has gained support from multiple sectors of the energy trading community, including 17 prominent global Futures Commission Merchants, and over 100 total firms have transacted on the market. In July, open interest in NFX products rose to over 1,000,000 contracts for the first time. - Nasdaq introduces the Nasdaq Financial Framework to provide seamless technology functionality across the full trade lifecycle: Nasdaq introduced the Nasdaq Financial Framework, the company's harmonized approach to delivering robust end-to-end solutions to financial infrastructure providers globally in an open environment. The framework is integrated across all of Nasdaq's business units and consists of a single operational core that ties together the deep portfolio of Nasdaq technology offerings across the trade lifecycle in an open framework whereby exchange, clearinghouses, and central securities depositories can easily integrate Nasdaq's business applications with each other, as well as other external solutions. The framework will also allow market operators to easily leverage the latest in technology developments including blockchain.
The Nasdaq Stock Market ledU.S. exchanges for IPOs in 2Q16. Nasdaq welcomed 106 new listings in the second quarter of 2016, including 50 IPOs. In the U.S. market,The Nasdaq Stock Market welcomed 73 new listings in the second quarter of 2016, including 25 IPOs, representing 69% of allU.S. IPOs during the period. AmongU.S. ETPs,The Nasdaq Stock Market led allU.S. listing exchanges with 38% of new ETP listings and switches in the second quarter of 2016.The Nasdaq Stock Market maintains strong exchange listing transfer momentum. Nasdaq also won 37 exchange listing transfers to its U.S. market in the first half of 2016, including a record 13 companies fromNYSE , and 24 exchange-traded funds. Company transfers included Scripps Networks Interactive, tronc (formerly Tribune Publishing), and OPKO Health, among others. Since 2005, over$830 billion in market value has chosen to switch to Nasdaq, including$43 billion in the first six months of 2016.- Nasdaq completes acquisitions of
Boardvantage and ISE. OnMay 2, 2016 , Nasdaq completed the acquisition ofBoardvantage , a leading board portal solution provider which also specializes in leadership collaboration and meeting productivity tools. The deal expands Nasdaq's governance business within the Corporate Solutions segment, where it is being integrated with the Director's Desk business. OnJune 30, 2016 , Nasdaq completed the acquisition of ISE, an operator of three electronicU.S. options exchanges. Nasdaq plans to build on its robust offerings by providing greater breadth and depth of products and services to participants, and the acquisition is expected to allow Nasdaq to offer efficiencies for clients.
ABOUT
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
Amortization expense of acquired intangible assets: 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. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of Nasdaq. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our business or its managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with a more useful representation of our businesses' ongoing activity in each period.
Restructuring charges: Restructuring charges are associated with our 2015 restructuring plan to improve performance, cut costs and reduce spending and are primarily related to (i) the rebranding of our company name from
Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed a number of acquisitions in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide a more meaningful analysis of Nasdaq's ongoing operating performance or comparisons of Nasdaq's performance between periods.
Other significant items: We have excluded certain other charges or gains that are the result of other non-comparable events to measure operating performance. For the three months ended
Foreign exchange impact on revenue: 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, growth, trading volumes, products and services, order backlog, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions and other strategic, restructuring, technology, de-leveraging and capital return 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,
NDAQF
Condensed Consolidated Statements of Income | |||||||||||||
(in millions, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
2016 | 2016 | 2015 | |||||||||||
Revenues: | |||||||||||||
Market Services | $ | 532 | $ | 572 | $ | 478 | |||||||
Transaction-based expenses: | |||||||||||||
Transaction rebates | (256 | ) | (283 | ) | (216 | ) | |||||||
Brokerage, clearance and exchange fees | (82 | ) | (88 | ) | (73 | ) | |||||||
Total Market Services revenues less transaction-based expenses | 194 | 201 | 189 | ||||||||||
Listing Services | 68 | 66 | 66 | ||||||||||
Information Services | 134 | 133 | 128 | ||||||||||
Technology Solutions | 163 | 134 | 135 | ||||||||||
Revenues less transaction-based expenses | 559 | 534 | 518 | ||||||||||
Operating Expenses: | |||||||||||||
Compensation and benefits | 164 | 152 | 144 | ||||||||||
Marketing and advertising | 8 | 6 | 6 | ||||||||||
Depreciation and amortization | 41 | 38 | 34 | ||||||||||
Professional and contract services | 35 | 35 | 42 | ||||||||||
Computer operations and data communications | 27 | 25 | 23 | ||||||||||
Occupancy | 19 | 20 | 21 | ||||||||||
Regulatory | 6 | 7 | 7 | ||||||||||
Merger and strategic initiatives | 35 | 9 | 3 | ||||||||||
General, administrative and other | 17 | 14 | 19 | ||||||||||
Restructuring charges | 33 | 9 | 2 | ||||||||||
Total operating expenses | 385 | 315 | 301 | ||||||||||
Operating income | 174 | 219 | 217 | ||||||||||
Interest income | 1 | 1 | 1 | ||||||||||
Interest expense | (32 | ) | (28 | ) | (27 | ) | |||||||
Other investment income | 2 | 1 | - | ||||||||||
Net income from unconsolidated investees | 1 | 2 | 1 | ||||||||||
Income before income taxes | 146 | 195 | 192 | ||||||||||
Income tax provision | 76 | 63 | 60 | ||||||||||
Net income | 70 | 132 | 132 | ||||||||||
Net loss attributable to noncontrolling interests | - | - | 1 | ||||||||||
Net income attributable to Nasdaq | $ | 70 | $ | 132 | $ | 133 | |||||||
Per share information: | |||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.80 | $ | 0.79 | |||||||
Diluted earnings per share | $ | 0.42 | $ | 0.78 | $ | 0.77 | |||||||
Cash dividends declared per common share | $ | - | $ | 0.57 | $ | 0.25 | |||||||
Weighted-average common shares outstanding for earnings per share: | |||||||||||||
Basic | 165.0 | 164.3 | 168.7 | ||||||||||
Diluted | 168.2 | 168.4 | 172.1 | ||||||||||
Revenue Detail | |||||||||||
(in millions) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
2016 | 2016 | 2015 | |||||||||
MARKET SERVICES REVENUES | |||||||||||
Equity Derivative Trading and Clearing Revenues | $ | 103 | $ | 101 | $ | 97 | |||||
Transaction-based expenses: | |||||||||||
Transaction rebates | (53 | ) | (48 | ) | (49 | ) | |||||
Brokerage, clearance and exchange fees | (4 | ) | (5 | ) | (4 | ) | |||||
Total net equity derivative trading and clearing revenues | 46 | 48 | 44 | ||||||||
Cash Equity Trading Revenues | 339 | 382 | 297 | ||||||||
Transaction-based expenses: | |||||||||||
Transaction rebates | (198 | ) | (230 | ) | (167 | ) | |||||
Brokerage, clearance and exchange fees | (78 | ) | (82 | ) | (68 | ) | |||||
Total net cash equity trading revenues | 63 | 70 | 62 | ||||||||
Fixed Income, Currency and Commodities Trading and Clearing Revenues | 26 | 26 | 25 | ||||||||
Transaction-based expenses: | |||||||||||
Transaction rebates | (5 | ) | (5 | ) | - | ||||||
Brokerage, clearance and exchange fees | - | (1 | ) | (1 | ) | ||||||
Total net fixed income, currency and commodities trading and clearing revenues | 21 | 20 | 24 | ||||||||
Access and Broker Services Revenues | 64 | 63 | 59 | ||||||||
Total Net Market Services revenues | 194 | 201 | 189 | ||||||||
LISTING SERVICES REVENUES | 68 | 66 | 66 | ||||||||
INFORMATION SERVICES REVENUES | |||||||||||
Data Products revenues | 107 | 105 | 99 | ||||||||
27 | 28 | 29 | |||||||||
Total Information Services revenues | 134 | 133 | 128 | ||||||||
TECHNOLOGY SOLUTIONS REVENUES | |||||||||||
Corporate Solutions revenues | 94 | 77 | 76 | ||||||||
Market Technology revenues | 69 | 57 | 59 | ||||||||
Total Technology Solutions revenues | 163 | 134 | 135 | ||||||||
Revenues less transaction-based expenses | $ | 559 | $ | 534 | $ | 518 | |||||
Condensed Consolidated Balance Sheets | ||||||||
(in millions) | ||||||||
2016 | 2015 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 344 | $ | 301 | ||||
Restricted cash | 22 | 56 | ||||||
Financial investments, at fair value | 255 | 201 | ||||||
Receivables, net | 399 | 316 | ||||||
Default funds and margin deposits | 3,411 | 2,228 | ||||||
Other current assets | 165 | 158 | ||||||
Total current assets | 4,596 | 3,260 | ||||||
Property and equipment, net | 332 | 323 | ||||||
Deferred tax assets | 741 | 643 | ||||||
6,236 | 5,395 | |||||||
Intangible assets, net | 2,771 | 1,959 | ||||||
Other non-current assets | 423 | 281 | ||||||
Total assets | $ | 15,099 | $ | 11,861 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 172 | $ | 158 | ||||
Section 31 fees payable to | 160 | 98 | ||||||
Accrued personnel costs | 129 | 171 | ||||||
Deferred revenue | 275 | 127 | ||||||
Other current liabilities | 161 | 138 | ||||||
Default funds and margin deposits | 3,411 | 2,228 | ||||||
Total current liabilities | 4,308 | 2,920 | ||||||
Debt obligations | 3,731 | 2,364 | ||||||
Deferred tax liabilities | 983 | 626 | ||||||
Non-current deferred revenue | 199 | 200 | ||||||
Other non-current liabilities | 161 | 142 | ||||||
Total liabilities | 9,382 | 6,252 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Nasdaq stockholders' equity: | ||||||||
Common stock | 2 | 2 | ||||||
Additional paid-in capital | 3,062 | 3,011 | ||||||
Common stock in treasury, at cost | (166 | ) | (111 | ) | ||||
Accumulated other comprehensive loss | (860 | ) | (864 | ) | ||||
Retained earnings | 3,679 | 3,571 | ||||||
Total equity | 5,717 | 5,609 | ||||||
Total liabilities and equity | $ | 15,099 | $ | 11,861 | ||||
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 | ||||||||||||
| | | ||||||||||
2016 | 2016 | 2015 | ||||||||||
$ | 70 | $ | 132 | $ | 133 | |||||||
Non-GAAP adjustments: | ||||||||||||
Amortization expense of acquired intangible assets (1) | 19 | 17 | 15 | |||||||||
Restructuring charges (2) | 33 | 9 | 2 | |||||||||
Merger and strategic initiatives (3) | 35 | 9 | 3 | |||||||||
Sublease loss reserve (4) | (2 | ) | - | - | ||||||||
Total non-GAAP adjustments | 85 | 35 | 20 | |||||||||
Non-GAAP adjustment to the income tax provision (5) | (2 | ) | (14 | ) | (10 | ) | ||||||
Total non-GAAP adjustments, net of tax | 83 | 21 | 10 | |||||||||
Non-GAAP net income attributable to Nasdaq | $ | 153 | $ | 153 | $ | 143 | ||||||
$ | 0.42 | $ | 0.78 | $ | 0.77 | |||||||
Total adjustments from non-GAAP net income above | 0.49 | 0.13 | 0.06 | |||||||||
Non-GAAP diluted earnings per share | $ | 0.91 | $ | 0.91 | $ | 0.83 | ||||||
(1) Refer to the non-GAAP information section of the earnings release for further discussion of why we consider amortization expense of acquired intangible assets to be a non-GAAP adjustment. | ||||||||||||
(2) During the first quarter of 2015, we performed a comprehensive
review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. For the three months ended | ||||||||||||
(3) For the three months ended | ||||||||||||
(4) The credit of | ||||||||||||
(5) Includes the tax impact of each
non-GAAP adjustment. In addition, we recorded a | ||||||||||||
Reconciliation of | ||||||||||||
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses | ||||||||||||
(in millions) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2016 | 2016 | 2015 | ||||||||||
$ | 174 | $ | 219 | $ | 217 | |||||||
Non-GAAP adjustments: | ||||||||||||
Amortization expense of acquired intangible assets (1) | 19 | 17 | 15 | |||||||||
Restructuring charges (2) | 33 | 9 | 2 | |||||||||
Merger and strategic initiatives (3) | 35 | 9 | 3 | |||||||||
Sublease loss reserve (4) | (2 | ) | - | - | ||||||||
Total non-GAAP adjustments | 85 | 35 | 20 | |||||||||
Non-GAAP operating income | $ | 259 | $ | 254 | $ | 237 | ||||||
Revenues less transaction-based expenses | $ | 559 | $ | 534 | $ | 518 | ||||||
31 | % | 41 | % | 42 | % | |||||||
Non-GAAP operating margin (6) | 46 | % | 48 | % | 46 | % | ||||||
(1) Refer to the non-GAAP information section of the earnings release for further discussion of why we consider amortization expense of acquired intangible assets to be a non-GAAP adjustment. | ||||||||||||
(2) During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. For the three months ended | ||||||||||||
(3) For the three months ended | ||||||||||||
(4) The credit of | ||||||||||||
(5) | ||||||||||||
(6) Non-GAAP operating margin equals non-GAAP operating income divided by total 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 | ||||||||||||
2016 | 2016 | 2015 | ||||||||||
$ | 385 | $ | 315 | $ | 301 | |||||||
Non-GAAP adjustments: | ||||||||||||
Amortization expense of acquired intangible assets (1) | (19 | ) | (17 | ) | (15 | ) | ||||||
Restructuring charges (2) | (33 | ) | (9 | ) | (2 | ) | ||||||
Merger and strategic initiatives (3) | (35 | ) | (9 | ) | (3 | ) | ||||||
Sublease loss reserve (4) | 2 | - | - | |||||||||
Total non-GAAP adjustments | (85 | ) | (35 | ) | (20 | ) | ||||||
Non-GAAP operating expenses | $ | 300 | $ | 280 | $ | 281 | ||||||
(1) Refer to the non-GAAP information section of the earnings release for further discussion of why we consider amortization expense of acquired intangible assets to be a non-GAAP adjustment. | ||||||||||||
(2) During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. For the three months ended | ||||||||||||
(3) For the three months ended | ||||||||||||
(4) The credit of | ||||||||||||
Quarterly Key Drivers Detail | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
2016 | 2016 | 2015 | |||||||||
Market Services | |||||||||||
Equity Derivative Trading and Clearing | |||||||||||
Total industry average daily volume (in millions) | 14.1 | 15.3 | 13.9 | ||||||||
Nasdaq PHLX matched market share | 16.2 | % | 16.1 | % | 16.4 | % | |||||
The NASDAQ Options Market matched market share | 7.1 | % | 7.1 | % | 6.8 | % | |||||
Nasdaq BX Options Market matched market share | 1.0 | % | 0.9 | % | 0.8 | % | |||||
Nasdaq ISE Options Market matched market share(1) | 0.2 | % | 0.0 | % | 0.0 | % | |||||
Total matched market share executed on Nasdaq's exchanges | 24.5 | % | 24.1 | % | 24.0 | % | |||||
Nasdaq Nordic and Nasdaq Baltic options and futures | |||||||||||
Total average daily volume options and futures contracts(2) | 439,520 | 452,178 | 399,900 | ||||||||
Cash Equity Trading | |||||||||||
Total | |||||||||||
Total industry average daily share volume (in billions) | 7.25 | 8.56 | 6.35 | ||||||||
Matched share volume (in billions) | 80.6 | 93.7 | 74.3 | ||||||||
Matched market share executed on | 14.0 | % | 14.9 | % | 15.8 | % | |||||
Matched market share executed on Nasdaq BX | 2.3 | % | 2.0 | % | 1.9 | % | |||||
Matched market share executed on Nasdaq PSX | 1.1 | % | 1.0 | % | 0.9 | % | |||||
Total matched market share executed on Nasdaq's exchanges | 17.4 | % | 17.9 | % | 18.6 | % | |||||
Market share reported to the | 33.0 | % | 31.9 | % | 32.9 | % | |||||
Total market share(3) | 50.4 | % | 49.8 | % | 51.5 | % | |||||
Nasdaq Nordic and Nasdaq Baltic securities | |||||||||||
Average daily number of equity trades | 447,231 | 506,790 | 424,915 | ||||||||
Total average daily value of shares traded (in billions) | $ | 5.2 | $ | 5.7 | $ | 5.4 | |||||
Total market share executed on Nasdaq's exchanges | 63.7 | % | 62.5 | % | 67.7 | % | |||||
Fixed Income, Currency and Commodities Trading and Clearing | |||||||||||
Total | |||||||||||
$ | 5,255 | $ | 5,968 | $ | 8,281 | ||||||
Nasdaq Nordic and Nasdaq Baltic fixed income | |||||||||||
Total average daily volume fixed income contracts | 91,107 | 101,470 | 105,432 | ||||||||
Power contracts cleared (TWh)(4) | 455 | 420 | 329 | ||||||||
Listing Services | |||||||||||
Initial public offerings | |||||||||||
25 | 10 | 49 | |||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 25 | 8 | 31 | ||||||||
New listings | |||||||||||
73 | 47 | 79 | |||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic(6) | 33 | 14 | 38 | ||||||||
Number of listed companies | |||||||||||
2,868 | 2,852 | 2,828 | |||||||||
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic(8) | 873 | 847 | 835 | ||||||||
Information Services | |||||||||||
Number of licensed exchange traded products | 267 | 226 | 197 | ||||||||
ETP assets under management (AUM) tracking Nasdaq indexes (in billions)(9) | $ | 108 | $ | 105 | $ | 108 | |||||
Technology Solutions | |||||||||||
Market Technology | |||||||||||
Order intake (in millions)(10) | $ | 69 | $ | 22 | $ | 31 | |||||
Total order value (in millions)(11) | $ | 769 | $ | 783 | $ | 707 | |||||
(1) For the three and six months ended | |||||||||||
(2) Includes Finnish option contracts traded on | |||||||||||
(3) Includes transactions executed on | |||||||||||
(4) Transactions executed on | |||||||||||
(5) 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 exchange traded products, or ETPs. | |||||||||||
(6) 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. | |||||||||||
(7) Number of listed companies for | |||||||||||
(8) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North at period end. | |||||||||||
(9) Represents assets under management in licensed ETPs. | |||||||||||
(10) Total contract value of orders signed during the period. | |||||||||||
(11) Represents total contract value of orders signed that are yet to be recognized as revenue. | |||||||||||
MEDIA RELATIONS CONTACT:Source: NASDAQ, Inc.Allan Schoenberg +1.212.231.5534 allan.schoenberg@nasdaq.com INVESTOR RELATIONS CONTACT:Ed Ditmire , CFA +1.212.401.8737 ed.ditmire@nasdaq.com
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