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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934
 
For the transition period
from  ________ to ________
Commission file number: 001-38855
___________________________________
Nasdaq, Inc.
(Exact name of registrant as specified in its charter)
Delaware
52-1165937
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
151 W. 42nd Street,
New York,
New York
10036
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code:
+1 212 401 8700
No changes
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $0.01 par value per share
 
NDAQ
 
The Nasdaq Stock Market
1.75% Senior Notes due 2029
 
NDAQ29
 
The Nasdaq Stock Market
3.875% Senior Notes due 2021
 
NDAQ21
 
The Nasdaq Stock Market
1.750% Senior Notes due 2023
 
NDAQ23
 
The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No    
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at July 26, 2019
Common Stock, $0.01 par value per share
 
164,687,750

shares
 
 



Nasdaq, Inc.

 
 
Page  
Part I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II. OTHER INFORMATION
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 

i


About this Form 10-Q
Throughout this Form 10-Q, unless otherwise specified:
“Nasdaq,” “we,” “us” and “our” refer to Nasdaq, Inc.
“Nasdaq Baltic” refers to collectively, Nasdaq Tallinn AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius.
“Nasdaq BX” refers to the cash equity exchange operated by Nasdaq BX, Inc.
“Nasdaq BX Options” refers to the options exchange operated by Nasdaq BX, Inc.
“Nasdaq Clearing” refers to the clearing operations conducted by Nasdaq Clearing AB.
“Nasdaq GEMX” refers to the options exchange operated by Nasdaq GEMX, LLC.
“Nasdaq ISE” refers to the options exchange operated by Nasdaq ISE, LLC. 
“Nasdaq MRX” refers to the options exchange operated by Nasdaq MRX, LLC. 
“Nasdaq Nordic” refers to collectively, Nasdaq Clearing AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, and Nasdaq Iceland hf.
“Nasdaq PHLX” refers to the options exchange operated by Nasdaq PHLX LLC.
“Nasdaq PSX” refers to the cash equity exchange operated by Nasdaq PHLX LLC.
“The Nasdaq Options Market” refers to the options exchange operated by The Nasdaq Stock Market LLC.
“The Nasdaq Stock Market” refers to the cash equity exchange operated by The Nasdaq Stock Market LLC.
* * * * * *
Nasdaq also provides as a tool for the reader the following list of abbreviations and acronyms that are used throughout this Quarterly Report on Form 10-Q.
401(k) Plan: Voluntary Defined Contribution Savings Plan
2016 Credit Facility: $400 million senior unsecured term loan facility repaid in full and terminated in June 2019
2017 Credit Facility: $1 billion senior unsecured revolving credit facility which matures on April 25, 2022
2019 Notes: $500 million aggregate principal amount of senior unsecured floating rate notes repaid in full on maturity in March 2019
2020 Notes: $600 million aggregate principal amount of 5.55% senior unsecured notes repaid in full and terminated in May 2019
2021 Notes: €600 million aggregate principal amount of 3.875% senior unsecured notes due June 7, 2021
2023 Notes: €600 million aggregate principal amount of 1.75% senior unsecured notes due May 19, 2023
2024 Notes: $500 million aggregate principal amount of 4.25% senior unsecured notes due June 1, 2024
2026 Notes: $500 million aggregate principal amount of 3.85% senior unsecured notes due June 30, 2026
2029 Notes: €600 million aggregate principal amount of 1.75% senior unsecured notes due March 28, 2029
ASU: Accounting Standards Update
 
BWise: BWise Beheer B.V. and its subsidiaries
CCP: Central Counterparty
EMIR: European Market Infrastructure Regulation
Equity Plan: Nasdaq Equity Incentive Plan
ESPP: Nasdaq Employee Stock Purchase Plan
ETF: Exchange Traded Fund
ETP: Exchange Traded Product
eVestment: eVestment, Inc. and its subsidiaries
Exchange Act: Securities Exchange Act of 1934, as amended
FASB: Financial Accounting Standards Board
FICC: Fixed Income and Commodities Trading and Clearing
FINRA: Financial Industry Regulatory Authority
Form 10-K: Annual Report on Form 10-K for the fiscal year ended December 31, 2018 that was filed with the SEC on February 22, 2019
IPO: Initial Public Offering
ISE: U.S. Exchange Holdings, Inc. and its subsidiaries
LIBOR: London Interbank Offered Rate

ii


NFX: Nasdaq Futures, Inc.
NPM: The NASDAQ Private Market, LLC
NSCC: National Securities Clearing Corporation
OCC: The Options Clearing Corporation
OTC: Over-the-Counter
PSU: Performance Share Unit
SaaS: Software as a Service

 
SEC: U.S. Securities and Exchange Commission
SERP: Supplemental Executive Retirement Plan
SFSA: Swedish Financial Supervisory Authority
S&P: Standard & Poor’s
S&P 500: S&P 500 Stock Index
TSR: Total Shareholder Return
U.S. GAAP: U.S. Generally Accepted Accounting Principles
* * * * *

NASDAQ, the NASDAQ logos, and other brand, service or product names or marks referred to in this report are trademarks or service marks, registered or otherwise, of Nasdaq, Inc. and/or its subsidiaries. FINRA and TRADE REPORTING FACILITY are registered trademarks of FINRA.

* * * * * *

This Quarterly Report on Form 10-Q includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. For market comparison purposes, The Nasdaq Stock Market data in this Quarterly Report on Form 10-Q for IPOs is based on data generated internally by us, which includes best efforts underwritings; therefore, the data may not be comparable to other publicly-available IPO data. Data in this Quarterly Report on Form 10-Q for new listings of equity securities on The Nasdaq Stock Market is based on data generated internally by us, which includes best efforts underwritings, issuers that switched from other listing venues, closed-end funds and ETPs. Data in this Quarterly Report on Form 10-Q for IPOs and new listings of equity securities on the Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North also is based on data generated internally by us. IPOs and new listings data is presented as of period end. While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. We refer you to the “Risk Factors” section in our Form 10-K.
 
 * * * * * *
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.
 

iii


Forward-Looking Statements
The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This Quarterly Report on Form 10-Q contains these types of statements. Words such as “may,” “will,” “could,” “should,” “anticipates,” “envisions,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words or terms of similar substance used in connection with any discussion of future expectations as to industry and regulatory developments or business initiatives and strategies, future operating results or financial performance, and other future developments identify forward-looking statements. These include, among others, statements relating to:
our strategy and 2019 outlook;
the integration of acquired businesses, including accounting decisions relating thereto;
the scope, nature or impact of acquisitions, divestitures, investments, joint ventures or other transactional activities;
the effective dates for, and expected benefits of, ongoing initiatives, including transactional activities and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives;
our products, order backlog and services;
the impact of pricing changes;
tax matters;
the cost and availability of liquidity and capital; and
any litigation, or any regulatory or government investigation or action, to which we are or could become a party or which may affect us.
Forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others, the following:
our operating results may be lower than expected;
our ability to successfully integrate acquired businesses or divest sold businesses or assets, including the fact that any integration or transition may be more difficult, time consuming or costly than expected, and we may be unable to realize synergies from business combinations, acquisitions, divestitures or other transactional activities;
loss of significant trading and clearing volumes or values, fees, market share, listed companies, market data products customers or other customers;
our ability to develop and grow our non-trading businesses, including our technology and analytics offerings;
our ability to keep up with rapid technological advances and adequately address cybersecurity risks;
economic, political and market conditions and fluctuations, including interest rate and foreign currency risk, inherent in U.S. and international operations;
the performance and reliability of our technology and technology of third parties on which we rely;
any significant error in our operational processes;
our ability to continue to generate cash and manage our indebtedness; and
adverse changes that may occur in the litigation or regulatory areas, or in the securities markets generally, or increased regulatory oversight domestically or internationally.
 
Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the uncertainty and any risk related to forward-looking statements that we make. These risk factors are more fully described in the “Risk Factorssection in our Form 10-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. You should carefully read this entire Quarterly Report on Form 10-Q, including “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the condensed consolidated financial statements and the related notes. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statement, release publicly any revisions to any forward-looking statements or report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.


1


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions, except share and par value amounts)
 
June 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
333

 
$
545

Restricted cash
30

 
41

Financial investments, at fair value
259

 
268

Receivables, net
415

 
384

Default funds and margin deposits
3,161

 
4,742

Other current assets
165

 
390

Total current assets
4,363

 
6,370

Property and equipment, net
390

 
376

Goodwill
6,382

 
6,363

Intangible assets, net
2,304

 
2,300

Operating lease assets
365

 

Other non-current assets
328

 
291

Total assets
$
14,132

 
$
15,700

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued expenses
$
149

 
$
198

Section 31 fees payable to SEC
170

 
109

Accrued personnel costs
119

 
199

Deferred revenue
333

 
194

Other current liabilities
132

 
253

Default funds and margin deposits
3,161

 
4,742

Short-term debt
467

 
875

Total current liabilities
4,531

 
6,570

Long-term debt
3,022

 
2,956

Deferred tax liabilities, net
510

 
501

Operating lease liabilities
343

 

Other non-current liabilities
175

 
224

Total liabilities
8,581

 
10,251

Commitments and contingencies

 

Equity
 
 
 
Nasdaq stockholders’ equity:
 
 
 
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 171,288,122 at June 30, 2019 and 170,709,425 at December 31, 2018; shares outstanding: 165,389,235 at June 30, 2019 and 165,165,104 at December 31, 2018
2

 
2

Additional paid-in capital
2,713

 
2,716

Common stock in treasury, at cost: 5,898,887 shares at June 30, 2019 and 5,544,321 shares at December 31, 2018
(327
)
 
(297
)
Accumulated other comprehensive loss
(1,666
)
 
(1,530
)
Retained earnings
4,829

 
4,558

Total Nasdaq stockholders’ equity
5,551

 
5,449

Total liabilities and equity
$
14,132

 
$
15,700

                                            
See accompanying notes to condensed consolidated financial statements.

2


Nasdaq, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Market Services
$
665

 
$
649

 
$
1,304

 
$
1,384

Corporate Services
123

 
120

 
243

 
243

Information Services
194

 
175

 
387

 
348

Market Technology
79

 
66

 
156

 
126

Other revenues

 
17

 
10

 
77

Total revenues
1,061

 
1,027

 
2,100

 
2,178

Transaction-based expenses:
 
 
 
 
 
 
 
Transaction rebates
(331
)
 
(308
)
 
(661
)
 
(657
)
Brokerage, clearance and exchange fees
(107
)
 
(104
)
 
(182
)
 
(240
)
Revenues less transaction-based expenses
623

 
615

 
1,257

 
1,281

Operating expenses:
 
 
 
 
 
 
 
Compensation and benefits
169

 
173

 
344

 
370

Professional and contract services
30

 
34

 
68

 
71

Computer operations and data communications
33

 
30

 
65

 
62

Occupancy
24

 
23

 
48

 
49

General, administrative and other
40

 
25

 
56

 
47

Marketing and advertising
10

 
10

 
20

 
19

Depreciation and amortization
48

 
53

 
96

 
106

Regulatory
8

 
8

 
15

 
16

Merger and strategic initiatives
5

 
(10
)
 
14

 

Total operating expenses
367

 
346

 
726

 
740

Operating income
256

 
269

 
531

 
541

Interest income
3

 
2

 
6

 
5

Interest expense
(31
)
 
(37
)
 
(68
)
 
(75
)
Net gain on divestiture of businesses

 
41

 
27

 
41

Other investment income
1

 
8

 
1

 
8

Net income from unconsolidated investees
10

 
5

 
55

 
7

Income before income taxes
239

 
288

 
552

 
527

Income tax provision
65

 
126

 
131

 
188

Net income attributable to Nasdaq
$
174

 
$
162

 
$
421

 
$
339

Per share information:
 
 
 
 
 
 
 
Basic earnings per share
$
1.05

 
$
0.98

 
$
2.54

 
$
2.04

Diluted earnings per share
$
1.04

 
$
0.97

 
$
2.52

 
$
2.02

Cash dividends declared per common share
$
0.47

 
$

 
$
0.91

 
$
0.82

See accompanying notes to condensed consolidated financial statements.

3


Nasdaq, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in millions)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
174

 
$
162

 
$
421

 
$
339

Other comprehensive loss:
 
 
 
 
 
 
 
Foreign currency translation losses
(29
)
 
(185
)
 
(135
)
 
(261
)
Income tax benefit (expense)(1)
8

 
54

 
(1
)
 
(61
)
Foreign currency translation, net
(21
)
 
(131
)
 
(136
)
 
(322
)
 
 
 
 
 
 
 
 
Employee benefit plan income tax expense(1)

 

 

 
(7
)
Total other comprehensive loss, net of tax
(21
)
 
(131
)
 
(136
)
 
(329
)
Comprehensive income attributable to Nasdaq
$
153

 
$
31

 
$
285

 
$
10

____________
(1) 
Includes a reclassification of the stranded tax effects, for the six months ended June 30, 2018, related to the Tax Cuts and Jobs Act. See “Tax Cuts and Jobs Act,” of Note 17, “Income Taxes,” for further discussion.

See accompanying notes to condensed consolidated financial statements.


4


Nasdaq, Inc. 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(in millions, except share amounts)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
Shares
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
$
Common stock
165,701,483

 
2

 
166,946,592

 
2

 
165,165,104

 
2

 
167,441,030

 
2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
 
2,732

 
 
 
2,926

 
 
 
2,716

 
 
 
3,024

Share repurchase program
(538,449
)
 
(50
)
 
(2,670,574
)
 
(241
)
 
(538,449
)
 
(50
)
 
(3,929,520
)
 
(340
)
Share-based compensation
42,606

 
20

 
58,887

 
18

 
917,010

 
36

 
1,308,900

 
33

Stock option exercises, net
44,742

 
1

 
53,805

 
1

 
53,408

 
1

 
88,000

 
2

Other employee stock activity
146,241

 
10

 
127,349

 
8

 
146,728

 
10

 
127,363

 
(7
)
Ending balance
 
 
2,713

 
 
 
2,712

 
 
 
2,713

 
 
 
2,712

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock in Treasury, at Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
 
(327
)
 
 
 
(289
)
 
 
 
(297
)
 
 
 
(247
)
Other employee stock activity
(7,388
)
 

 
(12,655
)
 
(1
)
 
(354,566
)
 
(30
)
 
(532,369
)
 
(43
)
Ending balance
 
 
(327
)
 
 
 
(290
)
 
 
 
(327
)
 
 
 
(290
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
 
(1,645
)
 
 
 
(1,060
)
 
 
 
(1,530
)
 
 
 
(862
)
Other comprehensive loss(1)
 
 
(21
)
 
 
 
(131
)
 
 
 
(136
)
 
 
 
(329
)
Ending balance
 
 
(1,666
)
 
 
 
(1,191
)
 
 
 
(1,666
)
 
 
 
(1,191
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
 
4,732

 
 
 
4,147

 
 
 
4,558

 
 
 
3,963

Net income
 
 
174

 
 
 
162

 
 
 
421

 
 
 
339

Other comprehensive loss
 
 

 
 
 

 
 
 

 
 
 
142

Cash dividends declared per common share
 
 
(77
)
 
 
 

 
 
 
(150
)
 
 
 
(135
)
Ending balance
 
 
4,829

 
 
 
4,309

 
 
 
4,829

 
 
 
4,309

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders' Equity
165,389,235

 
$
5,551

 
164,503,404

 
$
5,542

 
165,389,235

 
$
5,551

 
164,503,404

 
$
5,542


____________
(1) Includes a reclassification of the stranded tax effects, for the six months ended June 30, 2018, related to the Tax Cuts and Jobs Act. See “Tax Cuts and Jobs Act,” of Note 17, “Income Taxes,” for further discussion.

See accompanying notes to condensed consolidated financial statements.

5


Nasdaq, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in millions)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
421

 
$
339

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
96

 
106

Share-based compensation
36

 
33

Deferred income taxes
(1
)
 
(36
)
Reversal of certain Swedish tax benefits

 
41

Net gain on divestiture of businesses
(27
)
 
(41
)
Net income from unconsolidated investees
(55
)
 
(7
)
Other reconciling items included in net income
15

 
9

Net change in operating assets and liabilities, net of effects of divestiture and acquisitions:
 
 
 
Receivables, net
(20
)
 
(52
)
Other assets
(186
)
 
40

Accounts payable and accrued expenses
(37
)
 
11

Section 31 fees payable to SEC
61

 
97

Accrued personnel costs
(78
)
 
(53
)
Deferred revenue
112

 
131

Other liabilities
186

 
36

Net cash provided by operating activities
523

 
654

Cash flows from investing activities:
 
 
 
Purchases of securities
(311
)
 
(250
)
Proceeds from sales and redemptions of securities
309

 
158

Proceeds from divestiture of businesses
108

 
294

Acquisition of business, net of cash and cash equivalents acquired
(193
)
 

Purchases of property and equipment
(63
)
 
(45
)
Other investing activities
(13
)
 
(6
)
Net cash provided by (used in) investing activities
(163
)
 
151

Cash flows from financing activities:
 
 
 
Proceeds from (repayments of) commercial paper, net
192

 
(212
)
Repayments of debt obligations
(1,215
)
 
(115
)
Payment of debt extinguishment cost
(11
)
 

Proceeds from issuances of long-term debt, net of issuance costs
680

 

Repurchases of common stock
(50
)
 
(340
)
Dividends paid
(150
)
 
(135
)
Proceeds received from employee stock activity
11

 
10

Payments related to employee shares withheld for taxes
(30
)
 
(43
)
Net cash used in financing activities
(573
)
 
(835
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(10
)
 
(13
)
Net decrease in cash and cash equivalents and restricted cash
(223
)
 
(43
)
Cash and cash equivalents and restricted cash at beginning of period
586

 
399

Cash and cash equivalents and restricted cash at end of period
$
363

 
$
356

Supplemental Disclosure Cash Flow Information
 
 
 
Cash paid for:
 
 
 
Interest
$
85

 
$
89

Income taxes, net of refund
$
129

 
$
99


See accompanying notes to condensed consolidated financial statements.

6


Nasdaq, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Organization and Nature of Operations
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. 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 100 marketplaces in 50 countries. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $14 trillion.
We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology.
Market Services
Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC and Trade Management Services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues.
In the U.S., we operate six electronic options exchanges and three cash equity exchanges. The Nasdaq Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate an electronic platform for trading of U.S. Treasuries and NFX, a U.S. based designated contract market which lists cash-settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. In addition, we also operate a Canadian exchange for the trading of certain Canadian-listed securities.
In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements.
Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services. Nasdaq Commodities’ offerings include derivatives in oil, power,
 
natural gas and carbon emission markets, seafood, electricity certificates and clearing services. These products are listed on two of Nasdaq’s derivatives exchanges, Nasdaq Oslo ASA and NFX.
Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. We also provide data center services, including co-location to market participants, whereby we offer firms cabinet space and power to house their own servers and other equipment within our data centers. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market.
In March 2019, we entered into an agreement to sell Nordic Fund Market, an electronic mutual fund service which is a small part of our Broker Services business. The closing of this transaction, which is subject to regulatory approvals and customary closing conditions, is expected to occur in the second half of 2019.
Corporate Services
Our Corporate Services segment includes our Listing Services and Corporate Solutions businesses.
Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides liquidity solutions for private companies and private funds.
In December 2018, we launched a Corporate Bond exchange for the listing and trading of corporate bonds. The new exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the Nasdaq Financial Framework.
As of June 30, 2019, there were 3,080 total listings on The Nasdaq Stock Market, including 374 ETPs. The combined market capitalization was approximately $13.3 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,029 listed companies with a combined market capitalization of approximately $1.5 trillion.
Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges and private companies. We help organizations enhance their ability to understand and expand their global shareholder base, and improve corporate governance through our suite of advanced technology, analytics, and consultative services. In March 2019, we sold our BWise enterprise governance, risk and compliance

7


software platform and in April 2018, we sold our Public Relations Solutions and Digital Media Services businesses. See Note 5, “Acquisitions and Divestitures,” for further discussion. As of March 2019, our Corporate Solutions business includes our Investor Relations Intelligence and Governance Solutions businesses.
As of December 31, 2018, BWise was classified as held for sale. See Note 6, “Assets and Liabilities Held for Sale,” for further discussion.
For segment reporting purposes, we have included the revenues and expenses of BWise and the Public Relations Solutions and Digital Media Services businesses in corporate items. These businesses were part of the Corporate Solutions business, within our Corporate Services segment, prior to the date of sale. For discussion of business segments, see Note 19, “Business Segments.”
Information Services
Our Information Services segment includes our Market Data, Index and Investment Data & Analytics businesses.
Our Market Data business sells and distributes historical and real-time quote and trade information to the sell-side, the buy-side, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally.
Our Index business develops and licenses Nasdaq-branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of June 30, 2019, we had 341 ETPs licensed to Nasdaq’s indexes which had $203 billion in assets under management.
Our Investment Data & Analytics business is a leading content and analytics cloud-based solutions provider used by asset managers, investment consultants and asset owners to help facilitate better investment decisions.
Market Technology
Our Market Technology segment is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces.
Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to emerging markets in the Middle East, Latin America, and Africa. Our marketplace solutions can handle a wide array of
 
assets, including cash equities, equity derivatives, currencies, various interest-bearing securities, commodities and energy products, and are currently powering more than 100 marketplaces in 50 countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as risk management solutions.
2. Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 8, “Investments,” for further discussion of our equity method investments.
The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.
As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP.
On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02. See Note 3, “Significant Accounting Policies Update,” for further discussion.
Certain prior year amounts have been reclassified to conform to the current year presentation.
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Subsequent Events
We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q.


8


Recent Accounting Pronouncements
Accounting Standard
Description
Effective Date
Effect on the Financial Statements or Other Significant Matters
Goodwill
In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.”
This ASU simplifies how an entity is required to test goodwill for impairment and removes the second step of the goodwill impairment test, which required a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying amount. Goodwill impairment will now be measured using the difference between the carrying amount and the fair value of the reporting unit and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU should be applied on a prospective basis.
January 1, 2020, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.
We will adopt this standard on January 1, 2020. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard as the carrying amounts of our reporting units have been less than their corresponding fair values in recent years. However, changes in future projections, market conditions and other factors may cause a change in the excess of fair value of our reporting units over their corresponding carrying amounts.
Financial Instruments - Credit Losses
In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.”
This ASU changes the impairment model for certain financial instruments. The new mode