8-K

Dated: July 19, 2023

NASDAQ, INC.

/s/ John A. Zecca

John A. Zecca

Executive Vice President and Chief Legal Officer

0001193125-23-189208.txt : 20230719 0001193125-23-189208.hdr.sgml : 20230719 20230719071802 ACCESSION NUMBER: 0001193125-23-189208 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230719 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230719 DATE AS OF CHANGE: 20230719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NASDAQ, INC. CENTRAL INDEX KEY: 0001120193 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200] IRS NUMBER: 521165937 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38855 FILM NUMBER: 231095565 BUSINESS ADDRESS: STREET 1: 151 W. 42ND STREET CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 1 212 401 8700 MAIL ADDRESS: STREET 1: 151 W. 42ND STREET CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: NASDAQ OMX GROUP, INC. DATE OF NAME CHANGE: 20080227 FORMER COMPANY: FORMER CONFORMED NAME: NASDAQ STOCK MARKET INC DATE OF NAME CHANGE: 20010423 8-K 1 d446058d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 19, 2023

Nasdaq, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38855

52-1165937

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(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 change since last report

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
4.500% Senior Notes due 2032	NDAQ32	The Nasdaq Stock Market
0.900% Senior Notes due 2033	NDAQ33	The Nasdaq Stock Market
0.875% Senior Notes due 2030	NDAQ30	The Nasdaq Stock Market
1.75% Senior Notes due 2029	NDAQ29	The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02.

Results of Operations and Financial Condition.

On July 19, 2023, Nasdaq, Inc. (“Nasdaq”) issued a press release providing financial results for the second quarter of 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01.

Regulation FD Disclosure.

On July 19, 2023, Nasdaq posted slides to be used in its earnings presentation for the second quarter of 2023 on its website at http://ir.nasdaq.com/.

Item 8.01.

Other Events.

On July 19, 2023, Nasdaq issued a press release announcing the declaration of a quarterly cash dividend. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Exhibit Description

99.1		Press release dated July 19, 2023 relating to financial results for the second quarter of 2023.

99.2		Press release dated July 19, 2023 relating to the declaration of a quarterly cash dividend.

104		Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

The information set forth under “Item 2.02 Results of Operations and Financial Condition” and “Item 7.01 Regulation FD Disclosure” is intended to be furnished pursuant to Item 2.02 and Item 7.01, respectively. Such information, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any of Nasdaq’s filings under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1 2 d446058dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Nasdaq Reports Second Quarter 2023 Results;

Consistent Execution Drives Solid Revenue Growth

NEW YORK, July 19, 2023 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2023.

•

Second quarter 2023 net revenues¹ increased 4% compared to the second quarter of 2022. Solutions businesses² revenues increased 6% with organic growth³ also at 6%.

•

Annualized Recurring Revenue (ARR)⁴ increased 6% compared to the second quarter of 2022. Annualized SaaS revenues increased 11% and represented 36% of ARR.

•

Anti-Financial Crime revenue increased 19% compared to the second quarter of 2022. Large financial institutions are accelerating their adoption of Verafin’s fraud detection and anti-money laundering solutions, including the previously announced signing of two Tier 1 clients and two Tier 2 clients in the second quarter.

•

Second quarter 2023 GAAP diluted earnings per share decreased 13% compared to the second quarter of 2022. Second quarter 2023 non-GAAP³diluted earnings per share increased 3% compared to the second quarter of 2022.

•

The company returned $109 million to shareholders in the second quarter of 2023 through dividends.

Second Quarter 2023 Highlights


(US$ millions, except per share)	2Q23		% Change (YoY)			Organic % Change (YoY)
Solutions Businesses Revenues	$	674		6	%		6	%
Trading Services Net Revenues	$	250		(1	)%		—	%
Net Revenues*	$	925		4	%		4	%
ARR	$	2,073		6	%
GAAP Diluted EPS	$	0.54		(13	)%
Non-GAAP Diluted EPS	$	0.71		3	%

*	Net revenues include Other revenues of $1 million in the second quarter of 2023 and $4 million in the second quarter 2022.

Adena Friedman, Chair and CEO said, “Nasdaq achieved another quarter of solid financial results in an uncertain environment as we took a significant step to expand our ability to serve our financial clients in solving their most complex operational challenges.

Our planned acquisition of Adenza represents another critical step in our multi-year transformation to become a leading technology partner to the financial system, with a specific focus on managing liquidity and capital risk, reducing financial crime, and meeting regulatory obligations. Our goal is to deliver mission-critical platforms that enhance liquidity, transparency, and integrity of the global financial system.”

Ann Dennison, Executive Vice President and CFO said, “Our solid financial performance in the second quarter reflects the durability and recurring nature of our business and the resilient demand for our diversified set of client solutions.

In June, we secured $5 billion in bond financing for the Adenza acquisition at favorable rates and saw exceptional demand for our multi-currency global debt offerings. Our consistent cash flow generation makes Nasdaq well positioned to execute our deleveraging plan while making focused, organic investments that advance our strategy, while executing our dividend growth and share repurchase strategies.”

FINANCIAL REVIEW

•

Second quarter 2023 net revenues were $925 million, an increase of $32 million, or 4%, from $893 million in the prior year period. Net revenues reflected a $36 million, or 4%, positive impact from organic growth, including positive contributions from all segments, partially offset by a $2 million decrease from the impact of changes in FX rates and a $2 million decrease from the net impact of an acquisition and divestiture.

•

Solutions Businesses revenues were $674 million in the second quarter of 2023, an increase of $37 million, or 6% with organic growth also of 6%. ARR, which reflects the majority of the Solutions Businesses revenues and excludes the AUM and transaction licensing components of Index, increased 6% from the prior year period.

•

Trading Services net revenues were $250 million in the second quarter of 2023, a decrease of $2 million, or 1%. The decrease reflects flat organic growth and a $2 million negative impact from changes in FX rates.

•

Second quarter 2023 GAAP operating expenses increased $62 million, or 13%, versus the prior year period. The increase primarily reflects higher merger and strategic initiatives expense related to the Adenza acquisition, higher restructuring expenses associated with the launch of our divisional alignment program in the fourth quarter of 2022, and higher employee compensation costs, partially offset by lower general and administrative expense.

•

Second quarter 2023 non-GAAP operating expenses increased $28 million, or 7% versus the prior year period. The increase primarily reflects increased expenses associated with the continued investment in our people and our businesses to drive long term growth, partially offset by changes in FX rates.

•

The company did not repurchase any of its common stock during the second quarter of 2023. As of June 30, 2023, there was $491 million remaining under the board authorized share repurchase program.

2023 EXPENSE AND TAX GUIDANCE UPDATE⁵

•

The company is updating its 2023 non-GAAP operating expense guidance to a range of $1,785 million to $1,815 million. Nasdaq expects its 2023 non-GAAP tax rate to be in the range of 24% to 26%.

STRATEGIC AND BUSINESS UPDATES

•

Nasdaq announced the acquisition of Adenza. In June, Nasdaq announced it entered into a definitive agreement to acquire Adenza for $10.5 billion in cash and stock. The transaction supercharges Nasdaq’s ability to become a leading provider of capital markets risk and regulatory technology. Adenza operates two leading software platforms: Calypso’s front-to-back suite of capital markets risk management, treasury, cash, collateral management, and post-trade solutions; and AxiomSL’s regulatory reporting, global shareholder disclosure, capital and liquidity management, transaction and ESG reporting solutions. Adenza expands Nasdaq’s serviceable addressable market by approximately 40% by adding a solidly expanding market opportunity with powerful secular growth drivers across regulatory and market reforms, digitization and modernization, and vendor simplification as financial institutions move from in-house to trusted-partner solutions.

•

Nasdaq secured approximately $5 billion in financing for the proposed acquisition of Adenza through an oversubscribed debt offering. Nasdaq secured financing through a successful bond issuance of $4.25 billion in US dollar denominated debt across 2, 5, 10, 30 and 40 year terms and a 750 million Euro denominated 8-year bond with an attractive weighted average interest rate of just under 5.5%.

•

In Marketplace Technology, two leading Latin American exchanges, DCV and B3, adopted Nasdaq’s post-trade technology. Chile’s central securities depository, Depósito Central de Valores (DCV), has launched Nasdaq Central Security Depository platform for issuing and settling digital securities. Separately, Nasdaq signed a 10-plus year partnership with Brazil’s largest stock exchange, Brasil, Bolsa, Balcão (B3), to build a next generation clearing solution under which B3 will migrate to Nasdaq’s real-time clearing platform and work as a product roadmap development partner.

•

Nasdaq announced its plan to sell its European energy trading and clearing business. As part of its focus on prioritizing high value opportunities, Nasdaq entered into an agreement to sell its European energy trading and clearing business, subject to regulatory approval, but remains committed to being a leading European market operator.

•

Verafin accelerated its large customer momentum signing four significant new bank clients in the second quarter. As we previously announced, Verafin signed two Tier 1 bank customers and signed two additional Tier 2 banks to its anti-fraud solutions. Verafin’s continuing growth with large financial institutions reflects the differentiated value of its SaaS enabled anti-money laundering and fraud prevention solutions data consortium.

•

Nasdaq executed second-highest ever one-day Closing Cross volume in June. During the annual Russell U.S. indexes reconstitution, which occurred in late June, Nasdaq successfully executed approximately 2.6 billion shares representing $62 billion dollars in market value in 0.86 seconds across Nasdaq-listed securities. This represented the second highest volume of shares crossed since implementing the Closing Cross in 2004, demonstrating Nasdaq’s robust and resilient market infrastructure.

•

Nasdaq maintained listings leadership in the U.S. The Nasdaq Stock Market led U.S. exchanges for operating company IPOs with a 77% total win rate during the first half of 2023. The Nasdaq Stock Market featured two of the three largest U.S. operating company IPOs by capital raised, with a strong pipeline of companies on file and committed to list with Nasdaq.

¹	Represents revenues less transaction-based expenses.

²	Constitutes revenues from our Capital Access Platforms and Anti-Financial Crime segments and Marketplace Technology business within Market Platforms.

³	Refer to our reconciliations of U.S. GAAP to non-GAAP net income, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.

⁴

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 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.

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.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric 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 their 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 those noted above, 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.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenues, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release.

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.

Divisional alignment program: In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the divisional alignment program will be recorded as “restructuring” in our consolidated statements of income. We will exclude charges associated with this program for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

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, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, 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, environmental, 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, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Additionally, with respect to Nasdaq’s proposed acquisition of Adenza, these risks and uncertainties include Nasdaq’s ability to secure regulatory approvals on the terms expected, in a timely manner or at all, Nasdaq’s ability to successfully integrate Adenza’s operations, Nasdaq’s ability to implement its plans, forecasts and other expectations with respect to Adenza’s business after the completion of the transaction and realize expected synergies, the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period, the impact of Adenza’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, the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results, significant transaction costs, unknown liabilities, the risk of litigation or regulatory actions related to the proposed transaction, future levels of Nasdaq’s indebtedness, including additional indebtedness that will be incurred in connection with the proposed transaction, and the effect of the announcement or pendency of the transaction on Adenza’s business relationships, operating results, and business generally. Further information on these and other factors are 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 Contacts

Will Briganti

+1.646.964.8169

William.Briganti@Nasdaq.com

David Lurie

+1.914.538.0533

David.Lurie@Nasdaq.com

Investor Relations Contact

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

NDAQF

Nasdaq, Inc.

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
Revenues:
Market Platforms	$	905		$	1,051		$	1,938		$	2,090
Capital Access Platforms		438			422			854			841
Anti-Financial Crime		89			75			173			147
Other Revenues		1			4			1			9

Total revenues		1,433			1,552			2,966			3,087
Transaction-based expenses:
Transaction rebates		(444	)		(529	)		(931	)		(1,111	)
Brokerage, clearance and exchange fees		(64	)		(130	)		(197	)		(191	)

Revenues less transaction-based expenses		925			893			1,838			1,785

Operating Expenses:
Compensation and benefits		261			247			517			501
Professional and contract services		30			29			61			64
Computer operations and data communications		56			50			110			101
Occupancy		32			25			71			52
General, administrative and other		22			34			35			55
Marketing and advertising		9			11			19			21
Depreciation and amortization		65			65			134			132
Regulatory		9			8			17			15
Merger and strategic initiatives		45			12			47			27
Restructuring charges		14			—			33			—

Total operating expenses		543			481			1,044			968

Operating income		382			412			794			817
Interest income		8			—			15			1
Interest expense		(36	)		(32	)		(73	)		(64	)
Other (loss) income		(6	)		8			(7	)		2
Net (loss) income from unconsolidated investees		(11	)		9			3			15

Income before income taxes		337			397			732			771
Income tax provision		70			90			165			182

Net income		267			307			567			589
Net loss attributable to noncontrolling interests		—			—			1			1

Net income attributable to Nasdaq	$	267		$	307		$	568		$	590

Per share information:
Basic earnings per share	$	0.54		$	0.62		$	1.16		$	1.20

Diluted earnings per share	$	0.54		$	0.62		$	1.15		$	1.18

Cash dividends declared per common share	$	0.22		$	0.20		$	0.42		$	0.38

Weighted-average common shares outstanding for earnings per share:
Basic		490.8			492.2			490.4			493.7
Diluted		493.6			496.6			494.2			499.2

Nasdaq, Inc.

Revenue Detail

(in millions)

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
MARKET PLATFORMS
Trading Services revenues	$	758		$	911		$	1,646		$	1,818
Transaction-based expenses:
Transaction rebates		(444	)		(529	)		(931	)		(1,111	)
Brokerage, clearance and exchange fees		(64	)		(130	)		(197	)		(191	)

Trading Services revenues, net		250			252			518			516
Marketplace Technology revenues		147			140			292			272

Total Market Platforms revenues		397			392			810			788

CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues		187			183			373			365
Index revenues		129			124			239			246
Workflow and Insights revenues		122			115			242			230

Total Capital Access Platforms revenues		438			422			854			841

ANTI-FINANCIAL CRIME		89			75			173			147
OTHER REVENUES		1			4			1			9

REVENUES LESS TRANSACTION-BASED EXPENSES	$	925		$	893		$	1,838		$	1,785

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions)


	June 30,			December 31,
	2023			2022
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	5,347		$	502
Restricted cash and cash equivalents		23			22
Default funds and margin deposits		7,134			7,021
Financial investments		288			181
Receivables, net		597			677
Other current assets		189			201

Total current assets		13,578			8,604
Property and equipment, net		536			532
Goodwill		8,020			8,099
Intangible assets, net		2,490			2,581
Operating lease assets		410			444
Other non-current assets		623			608

Total assets	$	25,657		$	20,868

Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	199		$	185
Section 31 fees payable to SEC		184			243
Accrued personnel costs		156			243
Deferred revenue		558			357
Other current liabilities		140			122
Default funds and margin deposits		7,134			7,021
Short-term debt		140			664

Total current liabilities		8,511			8,835
Long-term debt		9,792			4,735
Deferred tax liabilities, net		474			456
Operating lease liabilities		427			452
Other non-current liabilities		206			226

Total liabilities		19,410			14,704

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock		5			5
Additional paid-in capital		1,363			1,445
Common stock in treasury, at cost		(583	)		(515	)
Accumulated other comprehensive loss		(2,119	)		(1,991	)
Retained earnings		7,569			7,207

Total Nasdaq stockholders’ equity		6,235			6,151
Noncontrolling interests		12			13

Total equity		6,247			6,164

Total liabilities and equity	$	25,657		$	20,868

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income,

Operating Expenses, and Organic Impacts

(in millions, except per share amounts)

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
U.S. GAAP net income attributable to Nasdaq	$	267		$	307		$	568		$	590
Non-GAAP adjustments:
Amortization expense of acquired intangible assets ⁽¹⁾		37			39			75			78
Merger and strategic initiatives expense ⁽²⁾		45			12			47			27
Restructuring charges ⁽³⁾		14			—			33			—
Lease asset impairments ⁽⁴⁾		5			—			23			—
Net loss (income) from unconsolidated investees ⁽⁵⁾		11			(9	)		(3	)		(14	)
Extinguishment of debt ⁽⁶⁾		—			16			—			16
Other ⁽⁷⁾		8			(8	)		(2	)		2

Total non-GAAP adjustments		120			50			173			109
Non-GAAP adjustment to the income tax provision ⁽⁸⁾		(37	)		(15	)		(52	)		(29	)

Total non-GAAP adjustments, net of tax		83			35			121			80

Non-GAAP net income attributable to Nasdaq	$	350		$	342		$	689		$	670

U.S. GAAP diluted earnings per share	$	0.54		$	0.62		$	1.15		$	1.18
Total adjustments from non-GAAP net income above		0.17			0.07			0.24			0.16

Non-GAAP diluted earnings per share	$	0.71		$	0.69		$	1.39		$	1.34

Weighted-average diluted common shares outstanding for earnings per share:		493.6			496.6			494.2			499.2

(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. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2023, these costs primarily relate to our acquisition of Adenza.

(3)

In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period.

(4)

During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the three and six months ended June 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.

(5)

We exclude our share of the earnings and losses of our equity method investments, primarily our equity interest in the Options Clearing Corporation, or OCC and Nasdaq Private Market, LLC. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(6)	For the three and six months ended June 30, 2022, we recorded a loss on early extinguishment of debt. The charge for both periods is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.

(7)

We have excluded certain other charges or gains, including certain tax items, that are the result of other non-comparable events to measure operating performance. For the three and six months ended June 30, 2023 and June 30, 2022, these items primarily included investment gains and losses related to our corporate venture program. For the three and six months ended June 30, 2023, these charges also included an insurance recovery related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.

(8)	The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income,

Operating Expenses, and Organic Impacts

(in millions)

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
U.S. GAAP operating income	$	382		$	412		$	794		$	817
Non-GAAP adjustments:
Amortization expense of acquired intangible assets ⁽¹⁾		37			39			75			78
Merger and strategic initiatives expense ⁽²⁾		45			12			47			27
Restructuring charges ⁽³⁾		14			—			33			—
Lease asset impairments ⁽⁴⁾		5			—			23			—
Extinguishment of debt ⁽⁵⁾		—			16			—			16
Other ⁽⁶⁾		1			1			(10	)		5

Total non-GAAP adjustments		102			68			168			126

Non-GAAP operating income	$	484		$	480		$	962		$	943

Revenues less transaction-based expenses	$	925		$	893		$	1,838		$	1,785
U.S. GAAP operating margin ⁽⁷⁾		41	%		46	%		43	%		46	%
Non-GAAP operating margin ⁽⁸⁾		52	%		54	%		52	%		53	%

(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)

(3)

(4)

(5)	For the three and six months ended June 30, 2022, we recorded a loss on early extinguishment of debt. The charge for both periods is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.

(6)

We have excluded certain other charges or gains, including certain tax items, that are the result of other non-comparable events to measure operating performance. For the three and six months ended June 30, 2023, these items primarily included insurance recovery related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.

(7)	U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(8)	Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income,

Operating Expenses, and Organic Impacts

(in millions)

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
U.S. GAAP operating expenses	$	543		$	481		$	1,044		$	968
Non-GAAP adjustments:
Amortization expense of acquired intangible assets⁽¹⁾		(37	)		(39	)		(75	)		(78	)
Merger and strategic initiatives expense ⁽²⁾		(45	)		(12	)		(47	)		(27	)
Restructuring charges ⁽³⁾		(14	)		—			(33	)		—
Lease asset impairments ⁽⁴⁾		(5	)		—			(23	)		—
Extinguishment of debt ⁽⁵⁾		—			(16	)		—			(16	)
Other ⁽⁶⁾		(1	)		(1	)		10			(5	)

Total non-GAAP adjustments		(102	)		(68	)		(168	)		(126	)

Non-GAAP operating expenses	$	441		$	413		$	876		$	842

(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)

(3)

(4)

(5)	For the three and six months ended June 30, 2022, we recorded a loss on early extinguishment of debt. The charge for both periods is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.

(6)

We have excluded certain other charges or gains, including certain tax items, that are the result of other non-comparable events to measure operating performance. For the three and six months ended June 30, 2023, these items primarily included insurance recovery related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income,

Operating Expenses, and Organic Impacts

(in millions)

(unaudited)


	Three Months Ended				Total Variance						Organic Impact					Other Impacts⁽¹⁾
	June 30, 2023		June 30, 2022		$			%			$		%			$			%
Trading Services	$	250	$	252	$	(2	)		(1	)%	$	—		—	%	$	(2	)		(1	)%
Solutions Businesses ⁽²⁾		674		637		37			6	%		36		6	%		1			—	%
Other		1		4		(3	)		(75	)%		—		—	%		(3	)		(75	)%

Revenues less transaction-based expenses	$	925	$	893	$	32			4	%	$	36		4	%	$	(4	)		—	%

(1)	Other impacts includes acquisition, divestiture and the impact of changes in FX rates.

(2)	Represents Capital Access Platforms and Anti-Financial Crime segments and the Marketplace Technology business within the Market Platforms segment.

Nasdaq, Inc.

Quarterly Key Drivers Detail

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
Market Platforms
Annualized recurring revenues (in millions) ⁽¹⁾	$	516		$	492		$	516		$	492
Trading Services
Equity Derivative Trading and Clearing
U.S. equity options
Total industry average daily volume (in millions)		39.2			36.7			40.8			38.3
Nasdaq PHLX matched market share		11.5	%		11.7	%		11.3	%		11.6	%
The Nasdaq Options Market matched market share		6.4	%		8.2	%		6.8	%		8.3	%
Nasdaq BX Options matched market share		3.0	%		2.1	%		3.1	%		2.1	%
Nasdaq ISE Options matched market share		6.0	%		5.4	%		5.8	%		5.6	%
Nasdaq GEMX Options matched market share		2.2	%		2.4	%		2.1	%		2.4	%
Nasdaq MRX Options matched market share		1.6	%		1.6	%		1.6	%		1.7	%

Total matched market share executed on Nasdaq’s exchanges		30.7	%		31.4	%		30.7	%		31.7	%
Nasdaq Nordic and Nasdaq Baltic options and futures
Total average daily volume of options and futures contracts ⁽²⁾		307,754			277,008			326,687			322,390
Cash Equity Trading
Total U.S.-listed securities
Total industry average daily share volume (in billions)		10.8			12.6			11.3			12.7
Matched share volume (in billions)		113.7			139.0			235.5			281.2
The Nasdaq Stock Market matched market share		16.3	%		16.5	%		16.1	%		16.4	%
Nasdaq BX matched market share		0.4	%		0.5	%		0.3	%		0.5	%
Nasdaq PSX matched market share		0.4	%		0.8	%		0.4	%		0.8	%

Total matched market share executed on Nasdaq’s exchanges		17.1	%		17.8	%		16.8	%		17.7	%
Market share reported to the FINRA/Nasdaq Trade Reporting Facility		34.2	%		34.3	%		32.9	%		33.9	%

Total market share ⁽³⁾		51.3	%		52.1	%		49.7	%		51.6	%
Nasdaq Nordic and Nasdaq Baltic securities
Average daily number of equity trades executed on Nasdaq’s exchanges		687,158			948,874			739,480			1,043,461
Total average daily value of shares traded (in billions)	$	4.7		$	5.7		$	5.0		$	6.4
Total market share executed on Nasdaq’s exchanges		71.4	%		72.2	%		70.1	%		72.6	%
Fixed Income and Commodities Trading and Clearing
Fixed Income
Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		110,498			124,727			100,730			125,246
Commodities
Power contracts cleared (TWh) ⁽⁴⁾		76			115			162			250
Marketplace Technology
Order intake (in millions) ⁽⁵⁾	$	90		$	89		$	122		$	127
Capital Access Platforms
Annualized recurring revenues (in millions) ⁽¹⁾	$	1,218		$	1,167		$	1,218		$	1,167
Initial public offerings
The Nasdaq Stock Market ⁽⁶⁾		23			38			63			108
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		1			17			3			30
Total new listings
The Nasdaq Stock Market ⁽⁶⁾		62			84			143			194
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁷⁾		6			25			13			44
Number of listed companies
The Nasdaq Stock Market ⁽⁸⁾		4,106			4,269			4,106			4,269
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁹⁾		1,249			1,260			1,249			1,260
Index
Number of licensed exchange traded products (ETPs)		386			374			386			374
Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	418		$	321		$	418		$	321
Quarterly average ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	381		$	350
TTM ⁽¹⁰⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	25		$	71		$	25		$	71
TTM ⁽¹⁰⁾ net (depreciation) appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	73		$	(90)		$	73		$	(90)
Anti-Financial Crime
Annualized recurring revenues (in millions) ⁽¹⁾	$	339		$	288		$	339		$	288
Total signed ARR ⁽¹¹⁾	$	365		$	305		$	365		$	305

(1)

Annualized Recurring Revenue, or ARR, for a given period is the annualized revenue of support services 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 during the reporting period used in calculating ARR may or may not be extended or renewed by our customers.

(2)	Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex have a revenue sharing arrangement.

(3)	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.

(4)	Transactions executed on Nasdaq Commodities or OTC and reported for clearing to Nasdaq Commodities measured by Terawatt hours (TWh).

(5)	Represents the total contract value of orders signed in the period.

(6)

New listings include IPOs, including issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2023 and 2022, IPOs included 5 and 16 SPACs, respectively. For the six months ended June 30, 2023 and 2022, IPOs included 15 and 59 SPACs, respectively.

(7)	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.

(8)	Number of total listings on The Nasdaq Stock Market for the six months ended June 30, 2023 and 2022 included 547 ETPs and 465 ETPs, respectively.

(9)	Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

(10)	Trailing 12-months.

(11)	Total signed ARR includes ARR recognized as revenue in the current period as well as ARR for new contracts signed but not yet commenced.

EX-99.2 3 d446058dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Nasdaq Announces Quarterly Dividend

of $0.22 Per Share

NEW YORK, July 19, 2023 — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.22 per share on the company’s outstanding common stock. The dividend is payable on September 29, 2023 to shareholders of record at the close of business on September 15, 2023. 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 leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric 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

Nasdaq Media Relations Contacts:

Will Briganti

+1.646.964.8169

William.Briganti@Nasdaq.com

Nick Eghtessad

+1.929.996.8894

Nick.Eghtessad@Nasdaq.com

Nasdaq Investor Relations Contacts:

Ato Garrett

+1.212.401.8737

Ato.Garrett@Nasdaq.com

-NDAQF-

EX-101.SCH 4 ndaq-20230719.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.DEF 5 ndaq-20230719_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ndaq-20230719_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company Document And Entity Information [Table] Document And Entity Information [Table] Document And Entity Information [Line Items] Document And Entity Information [Line Items] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Common Stock .01parvaluepershare [Member] Common Stock .01parvaluepershare [Member] M 4.500 Senior Notes Due 20322 [Member] M 4.500 Senior Notes Due 20322 [Member] Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member] Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member] M 0.875 Senior Notes Due 20301 [Member] M 0.875 Senior Notes Due 20301 [Member] One Point Seven Five Percent Senior Notes Due 2029 [Member] One Point Seven Five Percent Senior Notes Due 2029 [Member] EX-101.PRE 7 ndaq-20230719_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 8 g446058g54f07.jpg GRAPHIC begin 644 g446058g54f07.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1$ 17AI9@ 34T *@ @ ! $[ ( M 2 (2H=I 0 ! (7)R= $ D 0U.H< < @, /@ M 6]M:6MA %D , @ !0 !"JD 0 @ !0 !"^DI$ @ ,R M.0 DI( @ ,R.0 ZAP !P " P B> !SJ " M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M ,C R,SHP-SHQ." Q,#HS-SHQ-0 R,#(S M.C W.C$X(#$P.C,W.C$U 4@!U '< 80!N ' =0!R &$ ( !! 'D ;P!M M &D :P!A _^$+)&AT=' Z+R]N&%P+S$N,"\ /#]X M<&%C:V5T(&)E9VEN/2?ON[\G(&ED/2=7-4TP37!#96AI2'IR95-Z3E1C>FMC M.60G/SX-"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B/CQR M9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO&UL;G,Z6]M:6MA/"]R M9&8Z;&D^/"]R9&8Z4V5Q/@T*"0D)/"]D8SIC&UP;65T83X-"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @ M(" @(" @(" @/#]X<&%C:V5T(&5N9#TG=R<_/O_; $, !P4%!@4$!P8%!@@' M!P@*$0L*"0D*%0\0#!$8%1H9&!48%QL>)R$;'24=%Q@B+B(E*"DK+"L:("\S M+RHR)RHK*O_; $,!!P@("@D*% L+%"H<&!PJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*O_ !$( #X!A ,!(@ " M$0$#$0'_Q ? !!0$! 0$! 0 0(#! 4&!P@)"@O_Q "U$ " M 0,# @0#!04$! 7T! @, !!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1 M\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:W MN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q ? M 0 # 0$! 0$! 0$! 0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$ M! ! G< 0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3% MQL?(RKR\_3U]O?X^?K_V@ , P$ A$#$0 _ M /I&BBB@ HI-P]:7.* "DYHW =Z0GK0!S7C7Q(M8S_ ,A*Y_[^&F:YJ;ZO MKMY?R,6\Z5F7/9<\#\L5#IME)J6IV]E"C[2SELLL?1!^."?RKU#0_%*7/@!=:NF M#/;P-YX]77K^?'YUXAK=]]OU>>9#^Y4^7"/[L:\*/R%:EOJT]AX N+#)VZE= M94>BH!N_,[1^!KGK86,X1TUN=N$S"=&I/6Z2_%;?B8=_>2:CJ-Q>S?ZRXD:1 MOJ3FM#PKI7]M>*+&R*Y1Y0TG^X.6_08K'[UZI\'M(4I>ZK*F6W"")O3NW\Q7 M5B:BHT6T<.!H/$XF,7KU9ZDD:I&%0!5 P !T%?,%_P#M#^)M$^)-Y8WP@FTF MSU*2&2-8@',2R%>#ZX%?45?(WAOP='XZ^(GQ*T5AD5Y)I'Q,U^]_:.O/!DSPG2 MH7E"J(_F^6+<.?K6+^SMXTN[2[OOAYXA_=WFGNYM5<\C:<21_@>1^-9/AW_D M]+4O]^?_ -$4 ?2N<=: ZGH<_2O)O'7PCUOQ?XNNM4C\7W.FV$BH([6(L FU M0">N.2"?QKS/X@?#;6OAWX7D\0Z1XWO+MK:5%DC,I# ,V,CGUQ0!]3;J"ZK] MX@?4UX[=?$K5+;]F>W\7 >9J^.[ MR.Y\UD>!)"63'0GGOUH ^J-PH+8KS[X<^ ]0^'T.JMJOB";5K>94=#,3F()N MW=?7(_*O(5UOQ9\>O'U[;>'M4ET;0K% ?E_T?X< MV5SI-Y+:3-J2(7A?:2ICDR./H*[WX?7$UU\./#UQ+!Y$Q. 2CG=R?\ 9Q^->VV?AV_\5? '0=)T MK4VTNXET^T(N4SE0%4D<>HH ])WKG!(!],TI/IS7@,O[/M^@W3?$&^6?MN<@ M9_.L[X$>+/$%E\3=4\$:WJ$E_! )@CR,6VR1, 2">Q&: /H_=1N&>H_.OG+X MA^-_%'CKXI-X \"WALXK>0QS3HVTNZ ER3_=7D8[XK-\??"37/!/@6\\12^, M[^ZFM=A:(.P#%G5>#G_:H ^GP/\ [.6HWFI> VDO[F6YD&/FE:8KZOAVUN]$?OW^A' _*O:QU9TZ/FSY3*,-[ M?$IO:.IX9/;26]Y):LI\V.0QD8[@XK0\0L89[;3> -/@6)@/^>A^9_QW,1^% M>N:G\.[:Z\4_VW;S!)-PD,#+\K2#H3^.#7/3_"&]N;B2>?5HWDE!Z^U?1'@O2_P"R/!]A;,FV M4Q^9)Q@[FY.?SQ^%VN;N_CFAAD#M&$/S8.<5Z:O KBQV)A52A M!W1ZN3X"IAY2J559[#J^<_@?_P G ^._K4?1GF_QN\/7'P_^(FF?$CP^"!+=*;F-1A1(!SD M^CKD'WS61\-]>M_$_P"U0VMV8*PWT+_#-MXO\):AH M=[@1WD)17(SY;_PL/<'!KRGX:_ &[\!>.;;7IM9@NXX$D3REC()W*5[_ %H MY/7;KQ)\4/CUJOA*'7IM)TZQ:1%6)R/ECP"0!U8DU)\2/@=#X6^'FIZT/$^I M7K6J*QAG.4D)=1SS[UVGCCX%3ZWXUD\5>%-=;1M1F;?*-IQOQC<"/7N*R-3^ M#7Q,US39=.UCQ_#=6

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end XML 9 R1.htm IDEA: XBRL DOCUMENT v3.23.2

Document and Entity Information

Jul. 19, 2023

Document And Entity Information [Line Items]

Amendment Flag false

Entity Central Index Key 0001120193

Document Type 8-K

Document Period End Date Jul. 19, 2023

Entity Registrant Name Nasdaq, Inc.

Entity Incorporation State Country Code DE

Entity File Number 001-38855

Entity Tax Identification Number 52-1165937

Entity Address, Address Line One 151 W. 42nd Street

Entity Address, City or Town New York

Entity Address, State or Province NY

Entity Address, Postal Zip Code 10036

City Area Code 212

Local Phone Number 401 8700

Written Communications false

Soliciting Material false

Pre Commencement Tender Offer false

Pre Commencement Issuer Tender Offer false

Entity Emerging Growth Company false

Common Stock .01parvaluepershare [Member]

Document And Entity Information [Line Items]

Security 12b Title Common Stock, $0.01 par value per share

Trading Symbol NDAQ

Security Exchange Name NASDAQ

M 4.500 Senior Notes Due 20322 [Member]

Document And Entity Information [Line Items]

Security 12b Title 4.500% Senior Notes due 2032

Trading Symbol NDAQ32

Security Exchange Name NASDAQ

Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member]

Document And Entity Information [Line Items]

Security 12b Title 0.900% Senior Notes due 2033

Trading Symbol NDAQ33

Security Exchange Name NASDAQ

M 0.875 Senior Notes Due 20301 [Member]

Document And Entity Information [Line Items]

Security 12b Title 0.875% Senior Notes due 2030

Trading Symbol NDAQ30

Security Exchange Name NASDAQ

One Point Seven Five Percent Senior Notes Due 2029 [Member]

Document And Entity Information [Line Items]

Security 12b Title 1.75% Senior Notes due 2029

Trading Symbol NDAQ29

Security Exchange Name NASDAQ

XML 10 d446058d8k_htm.xml IDEA: XBRL DOCUMENT 0001120193 2023-07-19 2023-07-19 0001120193 ndaq:CommonStock.01parvaluepershareMember 2023-07-19 2023-07-19 0001120193 ndaq:M4.500SeniorNotesDue20322Member 2023-07-19 2023-07-19 0001120193 ndaq:ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member 2023-07-19 2023-07-19 0001120193 ndaq:M0.875SeniorNotesDue20301Member 2023-07-19 2023-07-19 0001120193 ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member 2023-07-19 2023-07-19 false 0001120193 8-K 2023-07-19 Nasdaq, Inc. DE 001-38855 52-1165937 151 W. 42nd Street New York NY 10036 212 401 8700 false false false false Common Stock, $0.01 par value per share NDAQ NASDAQ 4.500% Senior Notes due 2032 NDAQ32 NASDAQ 0.900% Senior Notes due 2033 NDAQ33 NASDAQ 0.875% Senior Notes due 2030 NDAQ30 NASDAQ 1.75% Senior Notes due 2029 NDAQ29 NASDAQ false EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 12 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 3.23.2 html 6 22 1 false 5 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d446058d8k.htm d446058dex991.htm d446058dex992.htm ndaq-20230719.xsd ndaq-20230719_def.xml ndaq-20230719_lab.xml ndaq-20230719_pre.xml http://xbrl.sec.gov/dei/2022 true false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d446058d8k.htm": { "axisCustom": 0, "axisStandard": 1, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2022": 34 }, "contextCount": 6, "dts": { "definitionLink": { "local": [ "ndaq-20230719_def.xml" ] }, "inline": { "local": [ "d446058d8k.htm" ] }, "labelLink": { "local": [ "ndaq-20230719_lab.xml" ] }, "presentationLink": { "local": [ "ndaq-20230719_pre.xml" ] }, "schema": { "local": [ "ndaq-20230719.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd", "https://xbrl.sec.gov/country/2022/country-2022.xsd", "https://xbrl.sec.gov/dei/2022/dei-2022.xsd", "https://xbrl.sec.gov/naics/2022/naics-2022.xsd" ] } }, "elementCount": 32, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2022": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 22, "memberCustom": 5, "memberStandard": 0, "nsprefix": "ndaq", "nsuri": "http://www.nasdaq.com/20230719", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "p", "div", "div", "body", "html" ], "baseRef": "d446058d8k.htm", "contextRef": "duration_2023-07-19_to_2023-07-19", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "menuCat": "Cover", "order": "1", "role": "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "p", "div", "div", "body", "html" ], "baseRef": "d446058d8k.htm", "contextRef": "duration_2023-07-19_to_2023-07-19", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 5, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2022", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security 12b Title", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "ndaq_CommonStock.01parvaluepershareMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Common Stock .01parvaluepershare [Member]", "terseLabel": "Common Stock .01parvaluepershare [Member]" } } }, "localname": "CommonStock.01parvaluepershareMember", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "ndaq_DocumentAndEntityInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Line Items]", "terseLabel": "Document And Entity Information [Line Items]" } } }, "localname": "DocumentAndEntityInformationLineItems", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "ndaq_DocumentAndEntityInformationTable": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Table]", "terseLabel": "Document And Entity Information [Table]" } } }, "localname": "DocumentAndEntityInformationTable", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "ndaq_M0.875SeniorNotesDue20301Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "M 0.875 Senior Notes Due 20301 [Member]", "terseLabel": "M 0.875 Senior Notes Due 20301 [Member]" } } }, "localname": "M0.875SeniorNotesDue20301Member", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "ndaq_M4.500SeniorNotesDue20322Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "M 4.500 Senior Notes Due 20322 [Member]", "terseLabel": "M 4.500 Senior Notes Due 20322 [Member]" } } }, "localname": "M4.500SeniorNotesDue20322Member", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "ndaq_OnePointSevenFivePercentSeniorNotesDue2029Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "One Point Seven Five Percent Senior Notes Due 2029 [Member]", "terseLabel": "One Point Seven Five Percent Senior Notes Due 2029 [Member]" } } }, "localname": "OnePointSevenFivePercentSeniorNotesDue2029Member", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "ndaq_ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member]", "terseLabel": "Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member]" } } }, "localname": "ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member", "nsuri": "http://www.nasdaq.com/20230719", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Domain]", "terseLabel": "Class of Stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]", "terseLabel": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.nasdaq.com//20230719/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425", "role": "http://www.xbrl.org/2003/role/presentationRef" } }, "version": "2.2" } ZIP 17 0001193125-23-189208-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-23-189208-xbrl.zip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end

Document and Entity Information	Jul. 19, 2023
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001120193
Document Type	8-K
Document Period End Date	Jul. 19, 2023
Entity Registrant Name	Nasdaq, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-38855
Entity Tax Identification Number	52-1165937
Entity Address, Address Line One	151 W. 42nd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	401 8700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock .01parvaluepershare [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	NDAQ
Security Exchange Name	NASDAQ
M 4.500 Senior Notes Due 20322 [Member]
Document And Entity Information [Line Items]
Security 12b Title	4.500% Senior Notes due 2032
Trading Symbol	NDAQ32
Security Exchange Name	NASDAQ
Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.900% Senior Notes due 2033
Trading Symbol	NDAQ33
Security Exchange Name	NASDAQ
M 0.875 Senior Notes Due 20301 [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.875% Senior Notes due 2030
Trading Symbol	NDAQ30
Security Exchange Name	NASDAQ
One Point Seven Five Percent Senior Notes Due 2029 [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.75% Senior Notes due 2029
Trading Symbol	NDAQ29
Security Exchange Name	NASDAQ