Category: NDAQ

NDAQ – Nasdaq (NDAQ) Up 1.5% Since Last Earnings Report: Can It Continue?

A month has gone by since the last earnings report for Nasdaq (NDAQ Free Report) . Shares have added about 1.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Nasdaq due for a pullback? Before we dive into how investors and analysts have reacted as of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Nasdaq Surpasses Q2 Earnings & Revenue Estimates

Nasdaq reported second-quarter 2021 adjusted earnings per share of $1.90, beating the Zacks Consensus Estimate of $1.73 by 9.8%. The bottom line increased 23.4% year over year.

The improvement was primarily driven by organic growth, favorable changes in foreign exchange rates, margin expansion and solid segmental performance. Nasdaq noted that the solid results reflect strength of its diverse offerings and scalability of increasingly SaaS-oriented business model.
Performance in Detail

Nasdaq’s revenues of $846 million increased 21% year over year. The upside was primarily attributable to a $104 million impact from organic growth, a $27 million increase from the inclusion of revenues from the acquisition of Verafin, and a $16 million increase from the impact of favorable changes in FX rates. The top line beat the Zacks Consensus Estimate by 2.7%.

Adjusted operating expenses were $392 million, up 20% from the year-ago period owing to a $24 million organic increase, a $26 million impact of the Verafin acquisition and a $15 million increase from changes in FX rates.

Operating margin of 54% expanded 100 basis points year over year.

Nasdaq witnessed 135 IPOs in the second quarter, representing $32 billion in capital raised, including 88 operating company IPOs and 47 IPOs of special purpose acquisition companies. In the reported quarter, the Nasdaq welcomed 264 new listings.

Segment Details

Net revenues at Market Services were up 13% from the year-ago quarter to $312 million. This upside was largely due to higher revenues from equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management services.

Revenues at Corporate Services increased 22% year over year to $154 million, driven by higher listings services revenues as well as IR & ESG revenues.

Investment Intelligence revenues rose 23% year over year to $263 million. Higher market data, index and analytics revenues drove the upside.

Revenues at Market Technology increased 39% year over year to $117 million, largely due to higher revenues at marketplace infrastructure technology as well as anti-financial crime technology.

Financial Update

Nasdaq had cash and cash equivalents of $430 million as of Jun 30, 2021, down from $2.8 billion at 2020-end level. Long-term debt decreased 1.1% from 2020-end level to $5.5 billion as of Jun 30, 2021.

Capital Deployment

Nasdaq returned $579 million in the first half of 2021, including $410 million in share repurchases and $169 million in dividends.

As of Jun 30, 2021, Nasdaq had $1.459 billion remaining under its share repurchase authorization.

Guidance

Nasdaq provided 2021 non-GAAP operating expense guidance in the range of $1.59 billion to $1.62 billion.

Non-GAAP tax rate is still estimated to be in the range of 25% to 27% in 2021.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended upward during the past month.

VGM Scores

At this time, Nasdaq has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren’t focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Nasdaq has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

NDAQ – Nasdaq Announces Quarterly Dividend of $0.54 Per Share

NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.54 per share on the company’s outstanding common stock. The dividend is payable on September 24, 2021 to shareholders of record at the close of business on September 10, 2021. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

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, U.S. and global competition, the impact of the COVID-19 pandemic on our business, operations, results of operations, financial condition, workforce or the operations or decisions of our customers, suppliers or business partners, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact:

Will Briganti
+1.646.964.8169
william.briganti@nasdaq.com

Investor Relations Contact:

Ed Ditmire, CFA
+1.212.401.8737
ed.ditmire@nasdaq.com

-NDAQF-

NDAQ – Honeywell International Inc. to Join the NASDAQ-100 Index Beginning July 21, 2021

NEW YORK, July 14, 2021 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced that Honeywell International Inc. (Nasdaq: HON), will become a component of the NASDAQ-100 Index® (Nasdaq: NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) and the NASDAQ-100 Ex-Technology Index (Nasdaq: NDXX) prior to market open on Wednesday, July 21, 2021. Honeywell International Inc. will replace Alexion Pharmaceuticals, Inc. (Nasdaq: ALXN) in the NASDAQ-100 Index®, the NASDAQ-100 Equal Weighted Index and the NASDAQ-100 Ex-Technology Index.

For more information about the company, go to https://www.honeywell.com/ .

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither The NASDAQ OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

Media Contact: Emily Pan, Nasdaq                           
Issuer & Investor Contact:   Index Client Services, Nasdaq
                                               Indexservices@nasdaq.com

 

NDAQ – Nasdaq Launches ESG Data Hub to Offer Investors Expert-led Sustainability Data

LONDON, June 29, 2021 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced the launch of ESG Data Hub, the latest expansion of Nasdaq’s growing suite of products aiming to support investors in their sustainable investment decisions. The new platform connects investors with expert-led ESG (Environmental, Social and Governance) data sets from leading providers across a wide spectrum of areas, including gender diversity, carbon emissions and climate risk, providing detailed and tangible intelligence on companies’ ESG profiles.

Through ESG Data Hub, investors are provided with seamless, consolidated access to information through a single interface. To support transparency and global comparability, all data available in the platform is connected to the Sustainable Development Goals set out by the United Nations. To optimize data quality, Nasdaq has worked with industry leaders within a wide range of categories across the ESG scope.

Data from the following partners are available through ESG Data Hub: Equileap (Gender equality), Ecogain (Biodiversity), RepRisk (Reputational risk), Munich Re (Climate risk), Inrate (Carbon emissions), Upright Project (Net impact) and Clean Tech (Renewable technology).

“This launch reflects a growing interest in ESG data from investors. We are very proud to partner with Nasdaq and provide reliable gender equality data on their new platform,” said Diana van Maasdijk, CEO at Equileap. “We know for a fact that companies with a more diverse leadership perform better and are more sustainable. Equileap’s gender diversity data helps investors make a difference and a return.”

Additional data partners will be added continuously. In addition, data from Nasdaq’s proprietary data service Nasdaq Sustainable Bond Network will be available through ESG Data Hub.

“Nasdaq ESG Data Hub responds to the growing demand for more specialized and high-quality data, helping investors to make more intelligent and well-founded investment decisions,” said James McKeone, VP, Head of European Data at Nasdaq. “Together with our clients and data partners globally, I look forward to continuing building ESG Data Hub, the latest addition to Nasdaq’s growing suite of products and services supporting sustainable and inclusive capitalism.”

The ESG Data Hub and its partner content is available from today to all investors. For more information, including a full list of data sources, click here.

With the goal to create more sustainable markets everywhere and advance sustainable business practices, Nasdaq’s ESG solutions help companies and investors translate purpose into action. The company engages with corporate clients, investors, regulators, influencers, employees and corporates to drive innovation and transparency. As one example, Nasdaq recently announced its acquisition of Puro.earth, a carbon removal marketplace. To read more about Nasdaq´s broad and deep engagement to sustainability, visit: www.nasdaq.com/esg

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

Nasdaq Media Contact

David Augustsson
david.augustsson@nasdaq.com
+46 73 449 6135

 -NDAQG-

NDAQ – Nasdaq Welcomed 395 IPOs and 14 Exchange Transfers in the First Half of 2021

7 of the 10 largest IPOs by proceeds raised listed on Nasdaq

61% of all proceeds raised through IPOs listed on Nasdaq

$187 billion in market value switched to Nasdaq

NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2021 it welcomed 395 initial public offerings (IPOs), raising a total of $103 billion, extending its leadership to 30 consecutive quarters. A total of 160 operating companies listed during the first six months of 2021, representing a 78% win rate in the U.S. market. In addition to the IPOs, 14 companies transferred their corporate listing to Nasdaq, including Honeywell. Furthermore, history was made as Nasdaq welcomed Coinbase, the largest direct listing among all exchanges with $65 billion in market cap.

“It’s been a record-breaking year for U.S. initial public offerings, with many significant milestones for Nasdaq, that include welcoming the largest direct listing in history and Honeywell, a Dow 30 company,” said Nelson Griggs, President, Nasdaq Stock Exchange. “We’re proud to offer companies more tracks to join the public markets and reach investors, and are continually enhancing existing as well as innovating new ways through developments in IPOs, Direct Listings and SPACs.”

Through the first two quarters of 2021, Nasdaq-listed companies raised 61% of all IPO proceeds, including seven of the ten largest IPOs by proceeds raised: Bumble (raised $2.2 billion), Applovin (raised $2 billion), Shoals Technologies (raised $1.9 billion), Playtika (raised $1.9 billion), Qualtrics (raised $1.6 billion), Oatly (raised $1.4 billion), and TuSimple (raised $1.4 billion).

2021 FIRST HALF NASDAQ U.S. LISTINGS HIGHLIGHTS

  • U.S. listings market leadership: Nasdaq welcomed 395 IPOs, raising $103 billion. Seven of the ten largest IPOs by proceeds raised listed on Nasdaq, including the largest technology IPO, Bumble. The amount raised through IPOs on Nasdaq in the first half of 2021 was the most on record.
  • Leading U.S. exchange for healthcare, consumer and technology IPOs: Nasdaq maintained its strong track record in healthcare, consumer and technology IPOs, with win rates of 93%, 68%, and 60%, respectively. Nasdaq also continued to dominate biotechnology and pharmaceutical listings, winning 98% of all IPOs.
  • More switches to Nasdaq than any other U.S. exchange: Nasdaq welcomed 14 switches in the first half of 2021, representing a combined $187 billion in market value, including Honeywell, a Dow 30 company. The total market value of all companies transferring to Nasdaq since 2005 has exceeded $2 trillion.
  • Helping companies join the public markets via SPACs: Nasdaq solidified its influence in the SPAC market, welcoming 67% of all SPAC IPOs, raising $59 billion. Nasdaq also welcomed 59% of all SPAC business combinations, including the transfers upon a SPAC business combination of SoFi and 23AndMe.

About Nasdaq 
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

-NDAQG-

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d7ad058-0b5d-4c08-82cb-8cd7e083f7b0

NDAQ – Nasdaq's Adena Friedman Wins Big With IPOs

Adena Friedman, Nasdaq CEO since 2017


Photo Illustration by Hayley Warnham; Reference: Courtesy of Nasdaq


Nasdaq

is charging ahead, after keeping its markets running smoothly last year with nearly all employees working remotely.

The exchange operator’s shares have soared 35% this year as the company continues to win new business. And that’s coming off an impressive 2020, which saw net revenue surge 15%, leading to a 20% jump in net income. Shares currently trade at 25.5 times forward earnings.

One area where Nasdaq, celebrating its fiftieth year, is winning big is initial public offerings. It won the listings of 80% of operating companies this year, CEO Adena Friedman, 51, told Barron’s. She credits Nasdaq’s success to years spent building relationships with companies in their infancy, and helping them grow to the point of a public offering.

But IPOs are just one part of Nasdaq’s business. Friedman points with pride to Nasdaq’s recent $2.75 billion acquisition of Verafin, a cloud-based platform that helps financial institutions detect financial crimes. “Their mission is to fight crime, and that’s a big part of our mission—to bring integrity to the market,” she says. “So we can have this joint vision of how we can really support the whole financial system.”

Write to Carleton English at carleton.english@dowjones.com

NDAQ – 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.

NEW YORK, April 21, 2021 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2021.

First quarter 2021 net revenues were $851 million, an increase of $150 million, or 21%, from $701 million in the prior year period. Net revenues reflected a $118 million, or 17%, positive impact from organic growth, an $18 million increase from the impact of favorable changes in FX rates and a $14 million increase from the inclusion of revenues from acquisitions.

“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 Adena Friedman, President and CEO, Nasdaq. “We continue to execute against key secular growth opportunities, as illustrated by strong momentum in our institutional investor analytics solutions, as well as by the broad-based growth in total company ARR compared to the prior year period. We are also making fundamental progress in Nasdaq’s strategic repositioning this year, with the close of the Verafin acquisition, and the consequent expansion of our addressable market and long-term performance potential.”   

GAAP operating expenses were $486 million in the first quarter of 2021, an increase of $60 million from $426 million in the first quarter of 2020. The increase of $60 million primarily relates to an $18 million increase from acquisitions and a $15 million increase from changes in FX rates. In addition, the increase reflects higher compensation and benefits expense, higher merger and strategic initiatives expense, and higher depreciation and amortization expense, partially offset by lower general, administrative and other expense. The lower general, administrative and other expense primarily reflects bond refinancing costs that were incurred in the first quarter of 2020, higher charitable donations made to COVID-19 response and relief efforts in the first quarter of 2020 and reduced corporate travel expenses.

Non-GAAP operating expenses were $393 million in the first quarter of 2021, an increase of $57 million, or 17%, compared to the first quarter of 2020. This increase reflects a $24 million, or 7%, organic increase over the prior year period, an $18 million increase from acquisitions and a $15 million increase from changes in FX rates. The organic increase was primarily driven by higher performance-linked compensation expenses.

“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 Ann Dennison, Executive Vice President and Chief Financial Officer, Nasdaq. “During the first quarter, we completed the Verafin acquisition, which we financed at attractive interest rates. In addition, we reached an agreement to divest our U.S. Fixed Income business and announced an increase to our existing share repurchase program authorization to, over time, neutralize the impact of the divestiture on our EPS.”

On a GAAP basis, net income in the first quarter of 2021 was $298 million, an increase of 47% compared to $203 million in the first quarter of 2020. GAAP diluted EPS was $1.78, an increase of 46% compared $1.22 in the first quarter of 2020.

On a non-GAAP basis, net income in the first quarter of 2021 was $327 million, an increase of 30% compared to $251 million in the first quarter of 2020. Non-GAAP diluted EPS totaled $1.96, an increase of 31% from $1.50 in the first quarter of 2020.

As of March 31, 2021, the company had cash and cash equivalents of $774 million and total debt of $5,890 million, resulting in net debt of $5,116 million. This compares to total debt of $5,541 million and net debt of $2,796 million at December 31, 2020. The increase in net debt reflects closing the acquisition of Verafin. As of March 31, 2021, there was $248 million remaining under the board authorized share repurchase program (excluding the additional $1 billion authorized subject to the closing of the divestiture of our U.S. Fixed Income business and the resulting share issuance upon the consummation of that transaction).

UPDATING 2021 NON-GAAP EXPENSE AND TAX GUIDANCE5

The company is updating its 2021 non-GAAP operating expense guidance to a range of $1,570 to $1,620 million. Nasdaq expects its 2021 non-GAAP tax rate to be in the range of 25% to 27%.

BUSINESS HIGHLIGHTS

Market Services – Net revenues were a record $338 million in the first quarter of 2021, an increase of $57 million, or 20%, compared to the first quarter of 2020.

Equity Derivative Trading and Clearing – Net revenues increased $12 million, or 13%, in the first quarter of 2021 compared to the first quarter of 2020. The increase primarily reflects higher U.S. industry trading volumes, partially offset by a lower U.S. net capture rate.

Cash Equity Trading – Net revenues increased $35 million, or 36%, in the first quarter of 2021 compared to the first quarter of 2020. The increase primarily reflects higher U.S. industry trading volumes, net capture rates, and the impact from changes in FX rates, partially offset by lower U.S. market share.

Fixed Income and Commodities Trading and Clearing – Net revenues increased $2 million, or 12%, in the first quarter of 2021 compared to the first quarter of 2020, primarily due to the impact from changes in FX rates.

Trade Management Services – Revenues increased $8 million, or 11%, in the first quarter of 2021 compared to the first quarter of 2020, primarily due to increased demand for connectivity services.

Corporate Platforms – Revenues were $155 million in the first quarter of 2021, up $27 million, or 21%, compared to the first quarter of 2020.

Listing Services – Revenues increased $23 million, or 31%, in the first quarter of 2021 compared to the first quarter of 2020. The increase was primarily driven by higher U.S. listing revenues due to an increase in the overall number of listed companies and higher Nasdaq Private Market revenues.

IR & ESG Services – Revenues increased $4 million, or 8%, in the first quarter of 2021 compared to the first quarter of 2020, primarily due to an increase in both IR and ESG advisory services revenues.

Investment Intelligence – Revenues were $258 million in the first quarter of 2021, up $47 million, or 22%, compared to the first quarter of 2020.

Market Data – Revenues increased $11 million, or 11%, in the first quarter of 2021 compared to the first quarter of 2020. The increase reflects organic growth in proprietary data products from new sales, including continued expansion geographically and an increase in shared tape plan revenues.

Index – Revenues increased $29 million, or 40%, in the first quarter of 2021 compared to the first quarter of 2020. The increase was primarily driven by higher licensing revenues from higher average assets under management (AUM) in exchange traded products (ETPs) linked to Nasdaq indexes and higher licensing revenues from futures trading linked to the Nasdaq-100 Index.

Analytics – Revenues increased $7 million, or 17%, in the first quarter of 2021 compared to the first quarter of 2020, primarily due to growth in eVestment and Solovis clients.

Market Technology – Revenues were $100 million in the first quarter of 2021, up $19 million, or 23% compared to the first quarter of 2020.

Marketplace Infrastructure Technology – Revenues increased $2 million, or 4%, in the first quarter of 2021 compared to the first quarter of 2020, primary due to the impact from changes in FX rates.

Anti Financial Crime Technology – Revenues increased $17 million, or 59%, in the first quarter of 2021 compared to the first quarter of 2020. The increase is due to continued growth in surveillance solutions, the inclusion of revenues from our acquisition of Verafin and the impact from changes in FX rates.

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. In February 2021, Nasdaq completed the acquisition of Verafin, an industry pioneer in anti-financial crime technology solutions. The acquisition strengthens Nasdaq’s existing regulatory and anti-financial crime solutions, while expanding Verafin’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 of March 31, 2021, an increase of 87% compared to March 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 the U.S.
     
  • Nasdaq’s analytics business led by eVestment and Solovis delivered strong retention and sales growth during the first quarter of 2021. The eVestment and Solovis 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 to Solovis in the first quarter of 2021.
     
  • The Nasdaq Stock Market led U.S. exchanges for IPOs during the first quarter of 2021. The Nasdaq Stock Market led U.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 and U.S. equities in the first quarter of 2021. In the first quarter of 2021, Nasdaq’s U.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’s U.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 its U.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.

____________
Represents revenues less transaction-based expenses.  
Constitutes revenues from Market Technology, Investment Intelligence and Corporate Platforms segments.
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.
Refer to our reconciliations of U.S. GAAP to non-GAAP net income, diluted earnings per share, operating income and operating expenses, included in the attached schedules.
5 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
Operating companies exclude special purpose acquisition companies and when a special purpose acquisition company completes an acquisition.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

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 U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenues and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

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, U.S. and global competition, the impact of the COVID-19 pandemic on our business, operations, results of operations, financial condition, workforce or the operations or decisions of our customers, suppliers or business partners, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov.  Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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:

Will Briganti
+1.646.964.8169
william.briganti@nasdaq.com

Investor Relations Contact:

Ed Ditmire, CFA
+1.212.401.8737
ed.ditmire@nasdaq.com

-NDAQF-

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
 
 
   
 
 
   
 
   
 
   
  Three Months Ended
 
   
  March 31,     December 31,     March 31,  
  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  
                 
Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)
 
    Three Months Ended
    March 31,     December 31,     March 31,  
    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  
                   
Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)
               
      March 31,     December 31,  
      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  
Goodwill   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 SEC   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  
               
Nasdaq, Inc.
Reconciliation of U.S. GAAP Net Income, Diluted Earnings Per Share, Operating Income and 
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    
    March 31,     December 31,     March 31,  
    2021     2020     2020  
                   
U.S. GAAP net income attributable to Nasdaq   $                       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  
                   
U.S. GAAP diluted earnings per share   $                      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 Options Clearing Corporation, or OCC. We will continue to exclude the earnings and losses related to our share of OCC’s earnings for purposes of calculating non-GAAP measures as our income on this investment may vary significantly compared to prior years. This will provide a more meaningful analysis of Nasdaq ‘s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
                   
(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 March 31, 2020.
       
(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 December 31, 2020, we recorded a tax benefit related to favorable audit settlements and a release of tax reserves due to the expiration of the statute of limitations, partially offset with an increase to certain tax reserves related to certain tax filings.
                   
Nasdaq, Inc.
Reconciliation of U.S. GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses
(in millions)
(unaudited)
 
    Three Months Ended
    March 31,     December 31,     March 31,  
    2021     2020     2020  
                   
U.S. GAAP operating income   $ 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  
                   
U.S. GAAP operating margin (5)   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 March 31, 2020. 
               
(5) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
               
(6) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.
               
Nasdaq, Inc.
Reconciliation of U.S. GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income, and Operating Expenses
(in millions)
(unaudited)
 
  Three Months Ended
  March 31,     December 31,     March 31,  
  2021     2020     2020  
                 
U.S. GAAP operating expenses $ 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 March 31, 2020.
               
Nasdaq, Inc.
Quarterly Key Drivers Detail
(unaudited)
 
    Three Months Ended
    March 31,     December 31,     March 31,  
    2021     2020     2020  
Market Services                
  Equity Derivative Trading and Clearing                
  U.S. equity options                
  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 U.S.-listed securities                
  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  
  The Nasdaq Stock Market matched market share 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 FINRA/Nasdaq Trade Reporting Facility 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                
  U.S. fixed income volume ($ billions traded) $                     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                
  The Nasdaq Stock Market (4)                           275                               142                                27  
  Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic                            24                                24                                  7  
  Total new listings                
  The Nasdaq Stock Market (4)                           319                               199                                56  
  Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)                            32                                34                                  9  
  Number of listed companies                
  The Nasdaq Stock Market (6)                        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 The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/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 issuers that switched from other listing venues, closed-end funds and separately listed ETPs.  As of March 31, 2021, of the 275 IPOs, 196 were SPACs.  As of December 31, 2020, of the 142 IPOs, 77 were SPACs.  As of March 31, 2020, of the 27 IPOs, 7 were SPACs.
  (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 410 ETPs as of March 31, 2021, 412 ETPs as of December 31, 2020, and 412 ETPs as of March 31, 2020.
  (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.

NDAQ – Nasdaq Completes Acquisition of Verafin

NEW YORK and ST. JOHN’S, Newfoundland and Labrador, Feb. 11, 2021 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, announced today the completion of its acquisition of Verafin, an industry pioneer in anti-financial crime management solutions. The agreement to acquire Verafin was announced on November 19, 2020.The transaction accelerates Nasdaq’s ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Looking ahead, Verafin’s capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaq’s technology to detect market manipulation and abuse.“At Nasdaq, we believe that fair, secure and transparent markets are vital to creating strong economies that move the world forward,” said Adena Friedman, President and Chief Executive Officer, Nasdaq. “Nasdaq’s global reach combined with Verafin’s powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. We are thrilled to welcome Verafin’s talented employees into the Nasdaq family and look forward to supporting local institutions in Newfoundland and Labrador to promote continued innovation.”Verafin will continue to operate in St. John’s, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaq’s Market Technology business. Verafin’s existing executive leadership team will continue to lead the company.Financial Considerations:As previously disclosed in Nasdaq’s press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in management’s outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term.Nasdaq is now updating its outlook for the organic growth in non-GAAP operating expenses over the medium-term to 3-6% up from the 2-4% amount previously announced, reflecting the strong growth expectations of Verafin and our combined anti-financial crime technology offering.Nasdaq includes acquisitions in its organic growth calculations after they have been part of Nasdaq for 12 months, and as such, Verafin’s impacts on organic revenue and non-GAAP expense growth will begin in the first quarter of 2022.About NasdaqNasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.About VerafinVerafin, a Nasdaq company, is an industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. Visit www.verafin.com, email info@verafin.com or call 866.781.8433.ContactsNasdaq Investor ContactEd Ditmire, CFA: +1 212 401 8737
ed.ditmire@nasdaq.com
Nasdaq Media ContactsRyan Wells: +1 646 648 3887
ryan.wells@nasdaq.com
Yan-yan Tong: +46 (0)73 449 66 83
yan-yan.tong@nasdaq.com
Longview Communications & Public Affairs (Canada)
Ian Hamilton: +1 905 399 6591
ihamilton@longviewcomms.ca
Verafin Media ContactBrian Hartlen: +1 709 725 8235
brian.hartlen@verafin.com
Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including organic revenue growth and non-GAAP operating expenses.Nasdaq believes that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Nasdaq’s financial condition and results of operations. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations.These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating these businesses. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP.A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures cannot be provided without unreasonable efforts due to the inherent difficulty in quantifying certain amounts due to a variety of factors, including the unpredictability in the movement in foreign currency rates, Nasdaq’s effective tax rate as well as future charges or reversals outside of the normal course of business.Forward-Looking StatementsThis communication contains forward-looking information related to Nasdaq, Verafin and the acquisition of Verafin by Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “believes”, “can” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the transaction and Nasdaq’s plans, objectives, expectations and intentions with respect to its business and Verafin. Risks and uncertainties include, among other things, Nasdaq’s ability to successfully integrate Verafin’s operations; Nasdaq’s ability to implement its plans, forecasts and other expectations with respect to Verafin’s business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the impact of Verafin’s business model on Nasdaq’s ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaq’s indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafin’s business relationships, operating results, and business generally.Further information on these and other risk and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of Nasdaq ‘s website at http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.NDAQF 

NDAQ – Delisting of Securities of Superconductor Technologies Inc.; Gulfport Energy Corporation; Apex Global Brands Inc.; Pareteum Corporation; and Youngevity International, Inc. from The Nasdaq Stock Market

NEW YORK, Feb. 01, 2021 (GLOBE NEWSWIRE) — The Nasdaq Stock Market announced today that it will delist the common stock, of Superconductor Technologies Inc. Superconductor Technologies Inc.’s common stock was suspended on September 30, 2020 and has not traded on Nasdaq since that time.Nasdaq also announced today that it will delist the common stock of Gulfport Energy Corporation. Gulfport Energy Corporation’s common stock was suspended on November 27, 2020 and has not traded on Nasdaq since that time.Nasdaq also announced today that it will delist the common stock of Apex Global Brands Inc. Apex Global Brands Inc.’s common stock was suspended on November 5, 2020 and has not traded on Nasdaq since that time.Nasdaq also announced today that it will delist the common stock of Pareteum Corporation. Pareteum Corporation’s common stock was suspended on November 12, 2020 and has not traded on Nasdaq since that time.Nasdaq also announced today that it will delist the common stock and 9.75% Series D Cumulative Redeemable Perpetual Preferred Stock of Youngevity International, Inc. Youngevity International, Inc.’s common stock and 9.75% Series D Cumulative Redeemable Perpetual Preferred Stock were suspended on November 20, 2020 and has not traded on Nasdaq since that time.Nasdaq will file a Form 25 with the Securities and Exchange Commission to complete the delistings. The delistings become effective ten days after the Form 25 is filed. For news and additional information about the companies, including the basis for the delisting and whether the companies’ securities are trading on another venue, please review the companies’ public filings or contact the company directly.For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series-NDAQO-

NDAQ – Nasdaq Welcomed 79 Listings to its European Markets in 2020

Increased from 63 European listings in 2019 to 79 listings in 2020; 14 switches from other markets
Welcomed 45 initial public offerings (IPOs), raising a total of EUR 2.9 billionEUR 12.1 billion raised in the secondary market both on Nasdaq First North and Main MarketNasdaq has further strengthened its position as a leading market for Small and Mid-cap companiesSTOCKHOLM, Sweden, Jan. 13, 2021 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) announced today that Nasdaq′s European Markets conducted 79 listings in 2020. The equity markets in Sweden, Denmark, Finland, Iceland and the Baltic countries welcomed a total of 45 initial public offerings (IPOs), as a part of the total 79 listings, raising a total of EUR 3.02 billion. This is an increase from 34 IPOs in 2019. Fourteen companies, comprising a market value of EUR 435.5 million, have transferred to Nasdaq′s European Markets from competing exchanges in the region. A total of 1,071 companies are currently listed at Nasdaq′s European Markets.Companies that have chosen Nasdaq in order to increase investor access and raise capital to grow include: Nordnet (raised EUR 895.4 million), AB Ignitis Group, (raised EUR 467.6 million), Musti Group Oyj (raised EUR 166.1 million), HusCompagniet A/S (raised EUR 154 million) and Offentliga Hus i Norden AB (raised EUR 148.8 million).“Despite the market uncertainties and volatility we have seen across the world during 2020, our results demonstrate that we have successfully been able to provide our listed companies with critical access to capital,” said Adam Kostyál, Head of European Listings at Nasdaq. “During this past year, we have been particularly successful at helping small and mid-cap companies in sectors like healthcare and technology enter the markets. Early signals point to this trend continuing into 2021 and our ecosystem of solutions – from listing to governance to analytics – provides our clients with the insights and intelligence they need to address investor needs.”2020 NASDAQ EUROPEAN MARKETS LISTINGS HIGHLIGHTSNordic listings market leadership: Nasdaq welcomed 45 initial public offerings (IPOs), raising a total of EUR 2.9 billion, making it the leading market in the Nordic region.Attracting Pan European companies: Nasdaq′s European Markets, particularly Stockholm, saw interest from companies from across the continent. Non-Nordic or Baltic listings in 2020 include: Zwipe AS (Norway), Implantica AG (Liechtenstein) and German originated Media and Games Invest plc (Germany/Malta) have chosen the Nasdaq Stockholm market.Strong growth in sectors of Health Care, Industrials, Technology and Real Estate: Nasdaq continued to attract companies from growing sectors. 21 of the companies listed in 2020 belong to the Health Care sector and 15 to the Industrials sector. Xspray Pharma, Cellink and Wästbygg Gruppen AB are examples of main market listings belonging to these groups.Dual listings: There is a continued interest for leveraging Nasdaq′s cross-Nordic listing opportunities. Boozt AB, listed at Nasdaq Stockholm, made the decision to dual list on Nasdaq Copenhagen. Nanoform Finland Oyj entered the First North Premier Growth Market on both Nasdaq Helsinki and Nasdaq Stockholm in June 2020. Nasdaq also welcomed Media and Games Invest that chose to dual list on Nasdaq Stockholm in addition to their Frankfurt listing. Cross-Atlantic listings are also attracting companies, both Orphazyme and Calliditas Therapeutics dual listed on Nasdaq US in addition to their existing Nordic listings.Continued momentum in listing transfers and listing changes: Another highlight of the year was that AstraZeneca chose to move their NYSE listing to Nasdaq. The key drivers for this move was to achieve index inclusion, cost efficiencies, and access to a broader range of Nasdaq services. Nasdaq welcomed a total of 14 switches from competing markets in Europe. 12 Nasdaq listed companies moved from First North to the Main Market (10 in 2019) and since the introduction of the First North market in 2005, 96 companies have moved from First North to the Nordic Main market. A total of 62 companies are presently listed at First North Premier and the number has increased by 13 companies in 2020 (9 in 2019).Very strong secondary market: In addition to the active IPO market we continue to see a strong year-on-year activity for the companies listed on Nasdaq′s markets. Secondary offerings for already listed companies contributed to an additional EUR 12.1 billion raised in the secondary market, both on Nasdaq First North and Main Market, supporting the further growth of our listed companies.Seamless transition to virtual IPOs: Nasdaq successfully adapted all elements of its IPO process to a virtual environment, including bell ceremonies and first trade experiences through Zoom. The change has created a positive effect for companies with a large number of employees spread geographically who have now been able to gather digitally at bell ceremonies.Collaboration with Allbright Foundation to promote diversity: In December 2020, Nasdaq announced a collaboration with the Allbright Foundation, an initiative aiming to accelerate equality and diversity work among public and private companies in the Nordic region.About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Nasdaq Media ContactRebecka Wulfing
+46 73 449 7122
rebecka.wulfing@nasdaq.com
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