Nasdaq Reports Record Third Quarter 2015 Non-GAAP Results
- Third quarter 2015 non-GAAP diluted EPS of
$0.88 , an increase of 13% compared to the third quarter of 2014. Record revenues and non-GAAP operating, pre-tax income, net income and diluted EPS. Third quarter 2015 GAAP diluted EPS was$0.80 . - Third quarter 2015 net revenues1were
$529 million , up 6% year-over-year. On an organic basis, excluding the impact of foreign exchange rates and acquisitions, revenues increased 9%. - Non-GAAP operating margin was 48% in the third quarter of 2015, up from 46% in the prior year period.
- In the third quarter, Nasdaq repurchased approximately
$255 million of common stock. Through dividend payments and stock buybacks, the company returned$418 million in capital to shareholders in the first nine months of 2015.
"As evidence of the ongoing successful execution
of Nasdaq's strategy, the company delivered broad-based organic growth, in both the transactional and recurring segments, and demonstrated the operating leverage inherent in the model," said
On a non-GAAP basis, third
quarter 2015 operating expenses were
"Nasdaq's hallmark focus on efficiency combined with healthy organic revenue growth delivered robust cash flow in the quarter," said
On a GAAP basis, operating expenses were
On a non-GAAP basis, net income attributable to Nasdaq for the third quarter of 2015 was
1 Represents revenues less transaction-based expenses.
Please refer to our reconciliation of GAAP to non-GAAP net income, diluted earnings per share, operating income and operating expenses included in the attached schedules.
The company repurchased 4.9 million shares, or approximately
At
BUSINESS HIGHLIGHTS
Market Services (38% of total net revenues) - Net revenues were
Equity Derivatives (10% of total net revenues) - Net equity derivative trading and clearing revenues were
$51 million in the third quarter of 2015, up$1 million compared to the third quarter of 2014. The increase in equity derivatives revenue was driven by higher average capture and industry volumes in the U.S., partially offset by foreign exchange impact and lower U.S. market share.
Cash Equities (13% of total net revenues) - Net cash equity trading revenues were$67 million in the third quarter of 2015, up$16 million compared to the third quarter of 2014. The increase in cash equity revenue resulted from higher average capture and higher industry volumes, partially offset by foreign exchange impact and lower U.S. market share.
Fixed Income, Currency and Commodities (4% of total net revenues) - Net FICC trading and clearing revenues were
$23 million in the third quarter of 2015, down$7 million from the third quarter of 2014, due to volume declines in U.S. fixed income and commodities products, foreign exchange impact, and the scheduled termination of an eSpeed technology licensing customer, partially offset by higher European fixed income revenues.
Access and Broker Services (11% of total net revenues) - Access and broker services revenues totaled
$59 million in the third quarter of 2015, up$1 million compared to the third quarter of 2014, as organic revenue increases were partially offset by the impact of changes in foreign exchange rates.
Information Services (25% of total net
revenues) - Revenues were
Data Products (19% of total net revenues) - Data products revenues were
$103 million in the third quarter of 2015, up$11 million compared to the third quarter of 2014, as increased revenue from proprietary and shared tape revenue plans, higher audit collections, as well as the inclusion of revenue associated with the Dorsey Wright acquisition were partially offset by the negative impact of changes in foreign exchange rates.
Index Licensing and Services (6% of total net revenues) - Index licensing and services revenues were$29 million in the third quarter of 2015, up$7 million from the third quarter of 2014. The revenue growth was primarily driven by the inclusion of revenue associated with the Dorsey Wright acquisition.
Technology Solutions (25% of total net revenues) - Revenues were
Corporate Solutions (14% of total net revenues) - Corporate solutions revenues were
$72 million in the third quarter of 2015, down$3 million from the third quarter of 2014. The corporate solutions revenue decline was due primarily to the impact of changes in foreign exchange rates.
Market Technology (11% of total net revenues) - Market technology revenues were
$59 million in the third quarter of 2015, down$1 million from the third quarter of 2014. Declines were driven by an unfavorable impact from changes in foreign exchange rates, largely offset by organic growth. New order intake was$83 million for the third quarter of 2015, and the order backlog atSeptember 30, 2015 was$738 million , up 16% from the prior year period.
Listing Services (12% of total net revenues) - Revenues were
CORPORATE HIGHLIGHTS
The NASDAQ Stock Market (NASDAQ) Led U.S. Exchanges for IPOs in 3Q15. NASDAQ welcomed 80 new listings, including 35 IPOs. Approximately 80% of all U.S. IPOs listed with NASDAQ in 3Q15. IPOs included companies from diverse industries ranging from consumer, healthcare, energy and technology, including TerraForm Global, NantKwest, Sunrun, Rapid7, MasterCraft, Ollie's Bargain Outlet and Blue Buffalo.- Continued momentum at The NASDAQ Private Market (NPM). During the third quarter of 2015, NPM grew its client base across its diverse product offering for equity management and liquidity programs to over 120 companies with 20 new NPM clients such as Legal Zoom, Mixpanel, and Farfetch. Also during the quarter, NPM and Morgan Stanley Wealth Management announced a joint initiative to make available wealth management education and services to employees and participants in private liquidity programs.
- Nasdaq Futures (NFX) launched on
July 24, 2015 with a broad coalition of market participants across different sectors of the industry. NFX, Nasdaq's U.S. based energy futures market, launched trading across more than twenty products, with initial focus on several benchmark energy derivative products. Open interest steadily increased over the third quarter of 2015 and is now passing 300,000 contracts. - Nasdaq Entrepreneurial Center Opens in
San Francisco . Established by theNasdaq Educational Foundation as a non-profit organization, the Center will serve as a central hub for entrepreneurs to learn to build and run successful businesses, and connect with an established global ecosystem of industry experts, academic institutions, mentors and other resources. - Corporate Solutions launches Market and Peer Insight module of next generation Nasdaq IR Insight desktop and mobile IR platform. Nasdaq IR Insight is purpose-built for Investor Relations professionals and is slated to fully replace Thomson One IR in 2016. The Market and Peer Insight module released in
July 2015 focuses on research and estimate capabilities, and feedback from customers has been extremely encouraging. The full IR Insight product, including the investors and contact management module, is in beta testing with customers and is expected to launch inJanuary 2016 .
ABOUT NASDAQ
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of approximately
NON-GAAP INFORMATION
In addition to disclosing results determined in accordance with GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, net income attributable to Nasdaq, diluted earnings per share, operating income, and operating expenses, that make certain adjustments or exclude certain charges and gains that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Management believes that this non-GAAP information provides investors with additional information to assess Nasdaq's operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.
The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.
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 about our future financial results, growth, trading volumes, products and services, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain 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, U.S. and global competition, and other factors detailed in Nasdaq's filings with the
NDAQF
| Nasdaq, Inc. | |||
| Condensed Consolidated Statements of Income | |||
| (in millions, except per share amounts) | |||
| (unaudited) | |||
| Three Months Ended | |||
| 2015 | 2015 | 2014 | |
| Revenues: | |||
| Market Services | $ 542 | $ 478 | $ 510 |
| Transaction-based expenses: | |||
| Transaction rebates | (256) | (216) | (236) |
| Brokerage, clearance and exchange fees | (86) | (73) | (85) |
| Total Market Services revenues less transaction-based expenses | 200 | 189 | 189 |
| Listing Services | 66 | 66 | 59 |
| Information Services | 132 | 128 | 114 |
| Technology Solutions | 131 | 135 | 135 |
| Revenues less transaction-based expenses | 529 | 518 | 497 |
| Operating Expenses: | |||
| Compensation and benefits | 150 | 144 | 136 |
| Marketing and advertising | 6 | 6 | 5 |
| Depreciation and amortization | 34 | 34 | 34 |
| Professional and contract services | 33 | 42 | 37 |
| Computer operations and data communications | 23 | 23 | 22 |
| Occupancy | 22 | 21 | 26 |
| Regulatory | 7 | 7 | 7 |
| Merger and strategic initiatives | 4 | 3 | 5 |
| General, administrative and other | 11 | 19 | 18 |
| Restructuring charges | 8 | 2 | -- |
| Total operating expenses | 298 | 301 | 290 |
| Operating income | 231 | 217 | 207 |
| Interest income | 1 | 1 | 1 |
| Interest expense | (28) | (27) | (29) |
| Net income from unconsolidated investees | 2 | 1 | -- |
| Income before income taxes | 206 | 192 | 179 |
| Income tax provision | 68 | 60 | 56 |
| Net income | 138 | 132 | 123 |
| Net loss attributable to noncontrolling interests | -- | 1 | -- |
| Net income attributable to Nasdaq | $ 138 | $ 133 | $ 123 |
| Per share information: | |||
| Basic earnings per share | $ 0.83 | $ 0.79 | $ 0.73 |
| Diluted earnings per share | $ 0.80 | $ 0.77 | $ 0.71 |
| Cash dividends declared per common share | $ 0.25 | $ 0.25 | $ 0.15 |
| Weighted-average common shares outstanding for earnings per share: | |||
| Basic | 166.9 | 168.7 | 168.6 |
| Diluted | 171.5 | 172.1 | 173.2 |
| Revenue Detail | |||
| (in millions) | |||
| (unaudited) | |||
| Three Months Ended | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| MARKET SERVICES REVENUES | |||
| Equity Derivative Trading and Clearing Revenues | $ 109 | $ 97 | $ 125 |
| Transaction-based expenses: | |||
| Transaction rebates | (53) | (49) | (68) |
| Brokerage, clearance and exchange fees | (5) | (4) | (7) |
| Total net equity derivative trading and clearing revenues | 51 | 44 | 50 |
| Cash Equity Trading Revenues | 349 | 297 | 296 |
| Transaction-based expenses: | |||
| Transaction rebates | (202) | (167) | (168) |
| Brokerage, clearance and exchange fees | (80) | (68) | (77) |
| Total net cash equity trading revenues | 67 | 62 | 51 |
| Fixed Income, Currency and Commodities Trading and Clearing Revenues | 25 | 25 | 31 |
| Transaction-based expenses: | |||
| Transaction rebates | (1) | -- | -- |
| Brokerage, clearance and exchange fees | (1) | (1) | (1) |
| Total net fixed income, currency and commodities trading and clearing revenues | 23 | 24 | 30 |
| Access and Broker Services Revenues | 59 | 59 | 58 |
| Total Net Market Services revenues | 200 | 189 | 189 |
| LISTING SERVICES REVENUES | 66 | 66 | 59 |
| INFORMATION SERVICES REVENUES | |||
| Data Products revenues | 103 | 99 | 92 |
| 29 | 29 | 22 | |
| Total Information Services revenues | 132 | 128 | 114 |
| TECHNOLOGY SOLUTIONS REVENUES | |||
| Corporate Solutions revenues | 72 | 76 | 75 |
| Market Technology revenues | 59 | 59 | 60 |
| Total Technology Solutions revenues | 131 | 135 | 135 |
| Total revenues less transaction-based expenses | $ 529 | $ 518 | $ 497 |
|
| ||
| Condensed Consolidated Balance Sheets | ||
| (in millions) | ||
| 2015 | 2014 | |
| Assets | (unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $ 290 | $ 427 |
| Restricted cash | 18 | 49 |
| Financial investments, at fair value | 193 | 174 |
| Receivables, net | 278 | 389 |
| Deferred tax assets | 49 | 16 |
| Default funds and margin deposits | 2,175 | 2,194 |
| Other current assets | 157 | 151 |
| Total current assets | 3,160 | 3,400 |
| Property and equipment, net | 305 | 292 |
| Non-current deferred tax assets | 630 | 536 |
| Goodwill | 5,421 | 5,538 |
| Intangible assets, net | 1,981 | 2,077 |
| Other non-current assets | 273 | 228 |
| Total assets | $ 11,770 | $ 12,071 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 173 | $ 189 |
| Section 31 fees payable to | 25 | 124 |
| Accrued personnel costs | 121 | 143 |
| Deferred revenue | 164 | 177 |
| Other current liabilities | 147 | 116 |
| Deferred tax liabilities | 27 | 37 |
| Default funds and margin deposits | 2,175 | 2,194 |
| Current portion of debt obligations | 20 | -- |
| Total current liabilities | 2,852 | 2,980 |
| Debt obligations | 2,415 | 2,297 |
| Non-current deferred tax liabilities | 603 | 626 |
| Non-current deferred revenue | 211 | 215 |
| Other non-current liabilities | 143 | 159 |
| Total liabilities | 6,224 | 6,277 |
| Commitments and contingencies | ||
| Equity | ||
| Nasdaq stockholders' equity: | ||
| Common stock | 2 | 2 |
| Additional paid-in capital | 3,032 | 3,222 |
| Common stock in treasury, at cost | (105) | (41) |
| Accumulated other comprehensive loss | (847) | (682) |
| Retained earnings | 3,464 | 3,292 |
| Total Nasdaq stockholders' equity | 5,546 | 5,793 |
| Noncontrolling interests | -- | 1 |
| Total equity | 5,546 | 5,794 |
| Total liabilities and equity | $ 11,770 | $ 12,071 |
| Reconciliation of 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 | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| GAAP net income attributable to Nasdaq | $ 138 | $ 133 | $ 123 |
| Non-GAAP adjustments: | |||
| Amortization expense of acquired intangible assets (1) | 15 | 15 | 17 |
| Restructuring charges (2) | 8 | 2 | -- |
| Merger and strategic initiatives (3) | 4 | 3 | 5 |
| Insurance recovery (4) | (5) | -- | -- |
| Other | -- | -- | 1 |
| Total non-GAAP adjustments | 22 | 20 | 23 |
| Adjustment to the income tax provision to reflect non-GAAP adjustments | (9) | (10) | (10) |
| Total non-GAAP adjustments, net of tax | 13 | 10 | 13 |
| Non-GAAP net income attributable to Nasdaq | $ 151 | $ 143 | $ 136 |
| GAAP diluted earnings per share | $ 0.80 | $ 0.77 | $ 0.71 |
| Total adjustments from non-GAAP net income above | 0.08 | 0.06 | 0.07 |
| Non-GAAP diluted earnings per share | $ 0.88 | $ 0.83 | $ 0.78 |
| (1) Amortization expense related to intangible assets results primarily from business combinations. These non-cash expenses are fixed in connection with an acquisition, are then amortized over a number of years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management does not consider these expenses for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources. Therefore, such expenses are shown as 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. In the first quarter of 2015, we also decided to change our company name from The | |||
| (3) For the three months ended | |||
| (4) In | |||
| Reconciliation of 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 | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| GAAP operating income | $ 231 | $ 217 | $ 207 |
| Non-GAAP adjustments: | |||
| Amortization expense of acquired intangible assets (1) | 15 | 15 | 17 |
| Restructuring charges (2) | 8 | 2 | -- |
| Merger and strategic initiatives (3) | 4 | 3 | 5 |
| Insurance recovery (4) | (5) | -- | -- |
| Other | -- | -- | 1 |
| Total non-GAAP adjustments | 22 | 20 | 23 |
| Non-GAAP operating income | $ 253 | $ 237 | $ 230 |
| Revenues less transaction-based expenses | $ 529 | $ 518 | $ 497 |
| Non-GAAP operating margin (5) | 48% | 46% | 46% |
| (1) Amortization expense related to intangible assets results primarily from business combinations. These non-cash expenses are fixed in connection with an acquisition, are then amortized over a number of years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management does not consider these expenses for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources. Therefore, such expenses are shown as 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. In the first quarter of 2015, we also decided to change our company name from The | |||
| (3) For the three months ended | |||
| (4) In | |||
| (5) Non-GAAP operating margin equals non-GAAP operating income divided by total revenues less transaction-based expenses. | |||
| Reconciliation of 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 | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| GAAP operating expenses | $ 298 | $ 301 | $ 290 |
| Non-GAAP adjustments: | |||
| Amortization expense of acquired intangible assets (1) | (15) | (15) | (17) |
| Restructuring charges (2) | (8) | (2) | -- |
| Merger and strategic initiatives (3) | (4) | (3) | (5) |
| Insurance recovery (4) | 5 | -- | -- |
| Other | -- | -- | (1) |
| Total non-GAAP adjustments | (22) | (20) | (23) |
| Non-GAAP operating expenses | $ 276 | $ 281 | $ 267 |
| (1) Amortization expense related to intangible assets results primarily from business combinations. These non-cash expenses are fixed in connection with an acquisition, are then amortized over a number of years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management does not consider these expenses for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources. Therefore, such expenses are shown as 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. In the first quarter of 2015, we also decided to change our company name from The | |||
|
(3) For the three months ended | |||
| (4) In | |||
| Quarterly Key Drivers Detail | |||
| (unaudited) | |||
| Three Months Ended | |||
| 2015 | '2015 | 2014 | |
| Market Services | |||
| Equity Derivative Trading and Clearing | |||
| U.S. Equity Options | |||
| Total industry average daily volume (in millions) | 16.0 | 13.9 | 14.7 |
| Nasdaq PHLX matched market share | 15.8% | 16.4% | 16.3% |
| The NASDAQ Options Market matched market share | 6.7% | 6.8% | 9.5% |
| Nasdaq BX Options Market matched market share | 0.9% | 0.8% | 0.8% |
| Total matched market share executed on Nasdaq's exchanges | 23.4% | 24.0% | 26.6% |
| Nasdaq Nordic and Nasdaq Baltic options and futures | |||
| Total average daily volume options and futures contracts(1) | 336,392 | 399,900 | 325,950 |
| Cash Equity Trading | |||
| Total U.S.-listed securities | |||
| Total industry average daily share volume (in billions) | 7.32 | 6.35 | 5.68 |
| Matched share volume (in billions) | 88.2 | 74.3 | 71.1 |
| Matched market share executed on NASDAQ | 15.7% | 15.8% | 16.6% |
| Matched market share executed on Nasdaq BX | 2.1% | 1.9% | 2.5% |
| Matched market share executed on Nasdaq PSX | 1.0% | 0.9% | 0.5% |
| Total matched market share executed on Nasdaq's exchanges | 18.8% | 18.6% | 19.6% |
| Market share reported to the FINRA/NASDAQ Trade Reporting Facility | 30.2% | 32.9% | 32.3% |
| Total market share(2) | 49.0% | 51.5% | 51.9% |
| Nasdaq Nordic and Nasdaq Baltic securities | |||
| Average daily number of equity trades | 405,614 | 424,915 | 303,902 |
| Total average daily value of shares traded (in billions) | $ 4.4 | $ 5.4 | $ 4.0 |
| Total market share executed on Nasdaq's exchanges | 69.7% | 67.7% | 70.4% |
| Fixed Income, Currency and Commodities Trading and Clearing | |||
| Total U.S. Fixed Income | |||
| U.S. fixed income notional trading volume (in billions) | $ 7,397 | $ 8,281 | $ 9,439 |
| Nasdaq Nordic and Nasdaq Baltic fixed income | |||
| Total average daily volume fixed income contracts | 116,563 | 105,432 | 76,134 |
| Power contracts cleared (TWh)(3) | 385 | 329 | 376 |
| Listing Services | |||
| Initial public offerings | |||
| NASDAQ | 35 | 49 | 41 |
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 7 | 31 | 5 |
| New listings | |||
| NASDAQ(4) | 80 | 79 | 76 |
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic(5) | 9 | 38 | 8 |
| Number of listed companies | |||
| NASDAQ(6) | 2,850 | 2,828 | 2,746 |
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic(7) | 835 | 835 | 778 |
| Information Services | |||
| Number of licensed exchange traded products | 210 | 197 | 156 |
| Assets under management (in billions)(8) | $ 103 | $ 108 | $ 96 |
| Technology Solutions | |||
| Market Technology | |||
| Order intake (in millions)(9) | $ 83 | $ 31 | $ 28 |
| Total order value (in millions)(10) | $ 738 | $ 707 | $ 637 |
| (1) Includes Finnish option contracts traded on | |||
| (2) Includes transactions executed on NASDAQ's, Nasdaq BX's and Nasdaq PSX's systems plus trades reported through the | |||
| (3) Transactions executed on | |||
| (4) New listings include IPOs, including those completed on a best efforts basis, issuers that switched from other listing venues, closed-end funds and separately listed exchange traded funds (ETFs). | |||
| (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 listed companies for NASDAQ at period end, including separately listed ETFs. | |||
| (7) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North at period end. | |||
| (8) Represents assets under management in licensed exchange traded products. | |||
| (9) Total contract value of orders signed during the period. | |||
| (10) Represents total contract value of orders signed that are yet to be recognized as revenue. | |||
CONTACT: MEDIA RELATIONS CONTACT:
Joseph Christinat
+1.646.441.5121
joseph.christinat@nasdaq.com
INVESTOR RELATIONS CONTACT:
Ed Ditmire , CFA
+1.212.401.8737
ed.ditmire@nasdaq.com The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nasdaq via Globenewswire
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