0001193125-23-258050.txt : 20231018 0001193125-23-258050.hdr.sgml : 20231018 20231018071802 ACCESSION NUMBER: 0001193125-23-258050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20231018 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: 20231018 DATE AS OF CHANGE: 20231018 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: 231330915 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 d558543d8k.htm 8-K 8-K
false 0001120193 0001120193 2023-10-18 2023-10-18 0001120193 ndaq:CommonStock.01parvaluepershareMember 2023-10-18 2023-10-18 0001120193 ndaq:FourPointFiveZeroZeroSeniorNotesDue2032Member 2023-10-18 2023-10-18 0001120193 ndaq:ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member 2023-10-18 2023-10-18 0001120193 ndaq:ZeroPointEightSevenFivePercentSeniorNotesDue2030Member 2023-10-18 2023-10-18 0001120193 ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member 2023-10-18 2023-10-18

 

 

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): October 18, 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 October 18, 2023, Nasdaq, Inc. (“Nasdaq”) issued a press release providing financial results for the third 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 October 18, 2023, Nasdaq posted slides to be used in its earnings presentation for the third quarter of 2023 on its website at http://ir.nasdaq.com/.

 

Item 8.01.

Other Events.

On October 18, 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 October 18, 2023 relating to financial results for the third quarter of 2023.
99.2    Press release dated October 18, 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.

 

Dated: October 18, 2023   NASDAQ, INC.
    By:  

/s/ John A. Zecca

    Name:   John A. Zecca
    Title:   Executive Vice President and Chief Legal Officer
 EX-99.1 2 d558543dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Nasdaq Reports Third Quarter 2023 Results;

Broad-Based Growth Drives Solutions Businesses Revenue Acceleration

NEW YORK, October 18, 2023 - Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2023.

 

  •  

Third quarter 2023 net revenues1 increased 6% compared to the third quarter of 2022. Solutions Businesses2 revenues increased 9%, with organic growth3 of 8%.

 

  •  

Annualized Recurring Revenue (ARR)4 increased 6% compared to the third quarter of 2022. Annualized SaaS revenues increased 11% and represented 37% of ARR.

 

  •  

Anti-Financial Crime revenue increased 21% compared to the third quarter of 2022. Growth reflects continued Verafin adoption by small and medium banks, an expansion with an existing Tier 2 financial institution, and Surveillance solutions customer growth including Tier 3 banks and retail brokers.

 

  •  

Third quarter 2023 GAAP diluted earnings per share increased 2% compared to the third quarter of 2022. Third quarter 2023 non-GAAP3 diluted earnings per share increased 4% compared to the third quarter of 2022.

 

  •  

Nasdaq generated more than $1.6 billion of free cash flow over the trailing twelve month period.

 

  •  

The company returned $108 million to shareholders in the third quarter of 2023 through dividends.

Third Quarter 2023 Highlights

 

(US$ millions, except per share)

    3Q23      % Change
(YoY)		     Organic %
Change
(YoY)		  

Solutions Businesses Revenues

    $ 694        9 %      8 % 

Trading Services Net Revenues

    $ 236        (1 )%      (2 )% 

Net Revenues*

    $ 940        6 %      5 % 

ARR

    $ 2,081        6 %   

GAAP Diluted EPS

    $ 0.60        2 %   

Non-GAAP Diluted EPS

    $ 0.71        4 %   

 

*

Net revenues include Other revenues of $10 million in the third quarter of 2023 and $12 million in the third quarter of 2022. Other revenues include revenues associated with the European power trading and clearing business which is pending sale.

 

1

Adena Friedman, Chair and CEO said, “Our third quarter 2023 results reflect Nasdaq’s solid execution amid a continued dynamic economic and capital markets backdrop. We experienced some improvement in the IPO environment by welcoming marquee IPOs, we continued to broaden our Anti-Financial Crime clientele, and we introduced new innovations to our products and services.

We have completed the antitrust review process for our announced acquisition of Adenza and we expect to close the transaction in the fourth quarter of 2023. With Adenza, we are excited to deepen our client relationships as we expand our role as a leading financial technology provider to the global financial system.”

Ann Dennison, Executive Vice President and CFO said, “We delivered broad-based revenue growth in the third quarter and had particularly strong performance in our Index and Anti-Financial Crime businesses.

With our continued strong cash flows, we are fully prepared to execute our capital plan to pay down debt, continue to increase our dividend, and repurchase shares in the coming quarters to achieve our financial goals with the announced Adenza acquisition.”

FINANCIAL REVIEW

 

  •  

Third quarter 2023 net revenues were $940 million, an increase of $50 million, or 6%, from $890 million in the prior year period. Net revenues reflected a $47 million, or 5%, positive impact from organic growth, including positive contributions from all Solutions Businesses and a $4 million increase from the impact of changes in FX rates, partially offset by a $1 million decrease from the impact of a divestiture.

 

  •  

Solutions Businesses revenues were $694 million in the third quarter of 2023, an increase of $55 million, or 9% with organic growth of 8%. ARR, which reflects the majority of the Solutions Businesses revenues and excludes the AUM and transaction licensing components of our Index business, increased 6% from the prior year period.

 

  •  

Trading Services net revenues were $236 million in the third quarter of 2023, a decrease of $3 million, or 1%. The decrease reflects a 2% organic decline, partially offset by a positive impact from changes in FX rates.

 

  •  

Third quarter 2023 GAAP operating expenses increased $17 million, or 3%, versus the prior year period. The year-over-year increase primarily reflects higher restructuring expenses associated with the launch of our divisional alignment program in the fourth quarter of 2022, higher employee compensation costs, and an increase in computer operations and data expense partially offset by lower general and administrative expense and a decline in merger and strategic initiatives costs.

 

  •  

Third quarter 2023 non-GAAP operating expenses increased $32 million, or 8% 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, higher computer operations and data costs and increased general and administrative expense.

 

  •  

The company returned $108 million to shareholders through dividends, and did not repurchase any shares in the third quarter of 2023. As of September 30, 2023, there was

 

2

 

$2.0 billion remaining under the board authorized share repurchase program, following an approval by Nasdaq’s board of directors in September 2023 to increase the authorized amount of the share repurchase program to an aggregate of $2.0 billion.

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 $1,805 million and its 2023 non-GAAP tax rate guidance to be in the range of 24.5% to 25.5%

STRATEGIC AND BUSINESS UPDATES

 

  •  

Nasdaq made strong progress in completing the acquisition of Adenza. Nasdaq reached an important milestone in the acquisition of Adenza with the completion of the antitrust review process for the transaction. Nasdaq expects to close the deal in the fourth quarter of 2023 as it expands its capabilities in solving its customers largest challenges.

 

  •  

Nasdaq expanded its portfolio of market-based solutions to support clients’ ability to execute on their environmental sustainability strategies. Nasdaq launched Nasdaq Metrio and Nasdaq eVestment ESG Analytics, designed to enable greater visibility in environmental sustainability metrics and disclosure for corporates, asset owners, and asset managers. Nasdaq’s majority-owned Puro.earth platform, a leading platform for engineered carbon removal, announced a partnership with Xpansiv, in which Puro.earth’s CO2 removal certificates (CORCs) would be listed for trading on Xpansiv’s spot marketplace, CBL.

 

  •  

Anti-Financial Crime achieves continued strong revenue growth. Nasdaq is partnering with a growing number of financial institutions to manage the increasing risks and complexity of financial crime. Surveillance solutions delivered solid growth in new Trade Surveillance customers while Verafin signed 47 new small and medium customers and had an expansion with an existing Tier 2 customer who adopted our complex investigations solution.

 

  •  

Index performance a primary contributor to top-line growth in the quarter. Index revenues increased 15% year-over-year and reflect growth in average AUM in products linked to Nasdaq-100 Indexes and options-based strategies. AUM growth resulted from the combination of strong market performance and $24 billion in net inflows in the trailing-twelve-month period, including $5 billion in net inflows in the third quarter.

 

  •  

Nasdaq achieved a new record for third quarter U.S. cash equities closing cross volumes. U.S. cash equities revenue and revenue capture benefited from third quarter closing cross volumes, including a special rebalance of Nasdaq-100 that had approximately 500 million shares and $70 billion notional traded.

 

  •  

Nasdaq maintained its listings leadership in the U.S and launched a revamped MarketSite. Nasdaq led U.S. exchanges for operating company IPOs with a 84% total

 

3

 

win rate during the first nine months of 2023 and has a growing pipeline of companies on file to list on Nasdaq. Year to date through the third quarter, four of the five largest U.S. operating company IPOs by capital raised chose to list with Nasdaq. Seven companies switched to Nasdaq in the third quarter, including Roper Technologies and DoorDash. Nasdaq hosted these leading company listing events at its newly revamped MarketSite in Times Square. The new space includes a state-of-the-art broadcast and production studio and a dedicated IPO Center for first trade celebrations.

 

  •  

Nasdaq continued its innovation in AI and received regulatory approval for its first AI-powered order type. In September, Nasdaq received SEC approval to launch Dynamic Midpoint Extended Life Order (M-ELO). Dynamic M-ELO uses an AI model to monitor real-time changes to holding periods for M-ELO participants and in testing has achieved an over 30% improvement in average combined volume-weighted order fill rates.

 

4

 

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.

 

5

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 or in the reconciliation tables at the end of this release.

 

6

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

 

7

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

 

8

Nasdaq, Inc.

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,     September 30,  
    2023     2022     2023     2022  

Revenues:

        

Market Platforms

   $ 892     $ 1,046     $ 2,813     $ 3,121  

Capital Access Platforms

     456       422       1,309       1,262  

Anti-Financial Crime

     93       77       265       224  

Other Revenues

     10       12       30       37  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

     1,451       1,557       4,417       4,644  

Transaction-based expenses:

        

Transaction rebates

     (447 )      (494 )      (1,377 )      (1,605 ) 

Brokerage, clearance and exchange fees

     (64 )      (173 )      (262 )      (364 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Revenues less transaction-based expenses

     940       890       2,778       2,675  
 

 

 

    

 

 

    

 

 

    

 

 

  

Operating Expenses:

        

Compensation and benefits

     260       249       777       750  

Professional and contract services

     31       34       92       97  

Computer operations and data communications

     58       50       168       150  

Occupancy

     28       25       99       78  

General, administrative and other

     26       38       62       94  

Marketing and advertising

     12       10       30       31  

Depreciation and amortization

     64       63       198       195  

Regulatory

     9       9       27       24  

Merger and strategic initiatives

     4       14       51       41  

Restructuring charges

     17       —        49       —   
 

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

     509       492       1,553       1,460  
 

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

     431       398       1,225       1,215  

Interest income

     72       2       86       3  

Interest expense

     (101 )      (32 )      (174 )      (96 ) 

Other income (loss)

     1       6       (6 )      8  

Net (loss) income from unconsolidated investees

     (12 )      8       (8 )      23  
 

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

     391       382       1,123       1,153  

Income tax provision

     97       88       262       270  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net income

     294       294       861       883  

Net loss attributable to noncontrolling interests

     —        —        1       1  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to Nasdaq

   $ 294     $ 294     $ 862     $ 884  
 

 

 

    

 

 

    

 

 

    

 

 

  

Per share information:

        

Basic earnings per share

   $ 0.60     $ 0.60     $ 1.76     $ 1.79  
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share

   $ 0.60     $ 0.59     $ 1.74     $ 1.77  
 

 

 

    

 

 

    

 

 

    

 

 

  

Cash dividends declared per common share

   $ 0.22     $ 0.20     $ 0.64     $ 0.58  
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average common shares outstanding for earnings per share:

        

Basic

     491.3       491.2       490.7       492.8  

Diluted

     494.1       496.3       494.2       498.2  

Nasdaq, Inc.

Revenue Detail

(in millions)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     September 30,     September 30,     September 30,     September 30,  
     2023     2022     2023     2022  

MARKET PLATFORMS

         

Trading Services revenues

    $ 747     $ 906     $ 2,378     $ 2,712  

Transaction-based expenses:

         

Transaction rebates

      (447 )      (494 )      (1,377 )      (1,605 ) 

Brokerage, clearance and exchange fees

      (64 )      (173 )      (262 )      (364 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Trading Services revenues, net

      236       239       739       743  

Marketplace Technology

      145       140       435       409  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Market Platforms revenues

      381       379       1,174       1,152  
  

 

 

    

 

 

    

 

 

    

 

 

  

CAPITAL ACCESS PLATFORMS

         

Data and Listing Services revenues

      188       179       559       545  

Index revenues

      144       125       383       370  

Workflow and Insights revenues

      124       118       367       347  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Capital Access Platforms revenues

      456       422       1,309       1,262  
  

 

 

    

 

 

    

 

 

    

 

 

  

ANTI-FINANCIAL CRIME

      93       77       265       224  

OTHER REVENUES

      10       12       30       37  
  

 

 

    

 

 

    

 

 

    

 

 

  

REVENUES LESS TRANSACTION-BASED EXPENSES

    $ 940     $ 890     $ 2,778     $ 2,675  
  

 

 

    

 

 

    

 

 

    

 

 

  

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions)

 

     September 30,     December 31,  
     2023     2022  
     (unaudited)        

Assets

     

Current assets:

     

Cash and cash equivalents

    $ 5,340     $ 502  

Restricted cash and cash equivalents

      25       22  

Default funds and margin deposits

      5,935       7,021  

Financial investments

      272       181  

Receivables, net

      595       677  

Other current assets

      184       201  
  

 

 

    

 

 

  

Total current assets

      12,351       8,604  

Property and equipment, net

      542       532  

Goodwill

      7,988       8,099  

Intangible assets, net

      2,446       2,581  

Operating lease assets

      397       444  

Other non-current assets

      626       608  
  

 

 

    

 

 

  

Total assets

    $ 24,350     $ 20,868  
  

 

 

    

 

 

  

Liabilities

     

Current liabilities:

     

Accounts payable and accrued expenses

    $ 286     $ 185  

Section 31 fees payable to SEC

      19       243  

Accrued personnel costs

      211       243  

Deferred revenue

      451       357  

Other current liabilities

      146       122  

Default funds and margin deposits

      5,935       7,021  

Short-term debt

      —        664  
  

 

 

    

 

 

  

Total current liabilities

      7,048       8,835  

Long-term debt

      9,703       4,735  

Deferred tax liabilities, net

      509       456  

Operating lease liabilities

      412       452  

Other non-current liabilities

      199       226  
  

 

 

    

 

 

  

Total liabilities

      17,871       14,704  
  

 

 

    

 

 

  

Commitments and contingencies

     

Equity

     

Nasdaq stockholders’ equity:

     

Common stock

      5       5  

Additional paid-in capital

      1,394       1,445  

Common stock in treasury, at cost

      (585 )      (515 ) 

Accumulated other comprehensive loss

      (2,102 )      (1,991 ) 

Retained earnings

      7,755       7,207  
  

 

 

    

 

 

  

Total Nasdaq stockholders’ equity

      6,467       6,151  

Noncontrolling interests

      12       13  
  

 

 

    

 

 

  

Total equity

      6,479       6,164  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 24,350     $ 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     Nine Months Ended  
    September 30,     September 30,     September 30,     September 30,  
    2023     2022     2023     2022  

U.S. GAAP net income attributable to Nasdaq

   $ 294     $ 294     $ 862     $ 884  

Non-GAAP adjustments:

        

Amortization expense of acquired intangible assets (1)

     37       38       112       116  

Merger and strategic initiatives expense (2)

     4       14       51       41  

Restructuring charges (3)

     17       —         49       —    

Lease asset impairments (4)

     —         —         24       —    

Net loss (income) from unconsolidated investees (5)

     12       (8 )      8       (23 ) 

Extinguishment of debt (6)

     —         —         —         16  

Other (7)

     9       17       7       19  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total non-GAAP adjustments

     79       61       251       169  

Non-GAAP adjustment to the income tax provision (8)

     (24 )      (20 )      (76 )      (48 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total non-GAAP adjustments, net of tax

     55       41       175       121  
 

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net income attributable to Nasdaq

   $ 349     $ 335     $ 1,037     $ 1,005  
 

 

 

    

 

 

    

 

 

    

 

 

  

U.S. GAAP diluted earnings per share

   $ 0.60     $ 0.59     $ 1.74     $ 1.77  

Total adjustments from non-GAAP net income above

     0.11       0.09       0.36       0.25  
 

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP diluted earnings per share

   $ 0.71     $ 0.68     $ 2.10     $ 2.02  
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average diluted common shares outstanding for earnings per share:

     494.1       496.3       494.2       498.2  

 

(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 nine months ended September 30, 2023, these costs primarily relate to the announced Adenza acquisition.

(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 nine months ended September 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 nine months ended September 30, 2022, we recorded a loss on early extinguishment of debt. This charge 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 months and nine months ended September 30, 2023, these items primarily included certain financing costs related to the announced Adenza acquisition. For the nine months ended September 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 and investment gains and losses related to our corporate venture program, recorded in other income (loss) in our Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2022, these items primarily included an accrual related to a legal matter recorded in general, administrative and other 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     Nine Months Ended  
     September 30,     September 30,     September 30,     September 30,  
     2023     2022     2023     2022  

U.S. GAAP operating income

    $ 431     $ 398     $ 1,225     $ 1,215  

Non-GAAP adjustments:

         

Amortization expense of acquired intangible assets (1)

      37       38       112       116  

Merger and strategic initiatives expense (2)

      4       14       51       41  

Restructuring charges (3)

      17       —        49       —   

Lease asset impairments (4)

      —        —        24       —   

Extinguishment of debt (5)

      —        —        —        16  

Other (6)

      2       23       (8 )      28  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total non-GAAP adjustments

      60       75       228       201  
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating income

    $ 491     $ 473     $ 1,453     $ 1,416  
  

 

 

    

 

 

    

 

 

    

 

 

  

Revenues less transaction-based expenses

    $ 940     $ 890     $ 2,778     $ 2,675  

U.S. GAAP operating margin (7)

      46 %      45 %      44 %      45 % 

Non-GAAP operating margin (8)

      52 %      53 %      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)

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 nine months ended September 30, 2023, these costs primarily relate to the announced Adenza acquisition.

(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 nine months ended September 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)

For the nine months ended September 30, 2022, we recorded a loss on early extinguishment of debt. This charge 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 nine months ended September 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. For the three and nine months ended September 30, 2022, these significant items primarily included an accrual related to a legal matter recorded in general, administrative and other 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     Nine Months Ended  
     September 30,     September 30,     September 30,     September 30,  
     2023     2022     2023     2022  

U.S. GAAP operating expenses

    $ 509     $ 492     $ 1,553     $ 1,460  

Non-GAAP adjustments:

         

Amortization expense of acquired intangible assets (1)

      (37 )      (38 )      (112 )      (116 ) 

Merger and strategic initiatives expense (2)

      (4 )      (14 )      (51 )      (41 ) 

Restructuring charges (3)

      (17 )      —        (49 )      —   

Lease asset impairments (4)

      —        —        (24 )      —   

Extinguishment of debt (5)

      —        —        —        (16 ) 

Other (6)

      (2 )      (23 )      8       (28 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total non-GAAP adjustments

      (60 )      (75 )      (228 )      (201 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating expenses

    $ 449     $ 417     $ 1,325     $ 1,259  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 nine months ended September 30, 2023, these costs primarily relate to the announced Adenza acquisition.

(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 nine months ended September 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)

For the nine months ended September 30, 2022, we recorded a loss on early extinguishment of debt. This charge 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 nine months ended September 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. For the three and nine months ended September 30, 2022, these significant items primarily included an accrual related to a legal matter recorded in general, administrative and other 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                     
                  
     September 30,      September 30,      Total Variance     Organic Impact     Other Impacts (1)  
                  
     2023      2022      $     %     $     %     $     %  

Trading Services

    $ 236      $ 239      $ (3 )      (1 )%    $ (4 )      (2 )%    $ 1       —  % 

Solutions Businesses (2)

      694        639        55         9 %        52       8 %        3       —  % 

Other

      10        12        (2 )      (17 )%      (1 )      (8 )%      (1 )      (8 )% 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenues less transaction-based expenses

    $ 940      $ 890      $   50       6 %    $ 47         5 %    $ 3       —  % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Note: The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.

 

(1)

Other includes the impact related to a 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   Nine Months Ended
     September 30,   September 30,   September 30,   September 30,
     2023   2022   2023   2022

Market Platforms

                 

Annualized recurring revenues (in millions) (1)

      $ 511     $ 499     $ 511     $ 499

Trading Services

                 

Equity Derivative Trading and Clearing

                 

U.S. equity options

                 

Total industry average daily volume (in millions)

        39.6       37.0       40.4       37.9

Nasdaq PHLX matched market share

        11.0 %       11.2 %       11.2 %       11.4 %

The Nasdaq Options Market matched market share

        5.6 %       8.3 %       6.4 %       8.3 %

Nasdaq BX Options matched market share

        4.4 %       3.9 %       3.6 %       2.7 %

Nasdaq ISE Options matched market share

        5.7 %       5.5 %       5.8 %       5.6 %

Nasdaq GEMX Options matched market share

        3.0 %       2.1 %       2.3 %       2.3 %

Nasdaq MRX Options matched market share

        2.0 %       1.6 %       1.7 %       1.7 %
    

 

 

      

 

 

      

 

 

      

 

 

  

Total matched market share executed on Nasdaq’s exchanges

        31.7 %       32.6 %       31.0 %       32.0 %

Nasdaq Nordic and Nasdaq Baltic options and futures

                 

Total average daily volume of options and futures contracts (2)

        245,986       267,137       298,785       303,095

Cash Equity Trading

                 

Total U.S.-listed securities

                 

Total industry average daily share volume (in billions)

        10.4       10.9       11.0       12.1

Matched share volume (in billions)

        106.7       119.9       342.2       401.2

The Nasdaq Stock Market matched market share

        15.5 %       15.9 %       15.9 %       16.3 %

Nasdaq BX matched market share

        0.4 %       0.5 %       0.4 %       0.5 %

Nasdaq PSX matched market share

        0.3 %       0.8 %       0.4 %       0.8 %
    

 

 

      

 

 

      

 

 

      

 

 

  

Total matched market share executed on Nasdaq’s exchanges

        16.2 %       17.2 %       16.7 %       17.6 %

Market share reported to the FINRA/Nasdaq Trade Reporting Facility

        40.2 %       36.9 %       35.2 %       34.8 %
    

 

 

      

 

 

      

 

 

      

 

 

  

Total market share (3)

        56.4 %       54.1 %       51.9 %       52.4 %

Nasdaq Nordic and Nasdaq Baltic securities

                 

Average daily number of equity trades executed on Nasdaq’s exchanges

        556,257       784,672       676,132       953,090

Total average daily value of shares traded (in billions)

      $ 3.6     $ 4.3     $ 4.5     $ 5.6

Total market share executed on Nasdaq’s exchanges

        71.6 %       71.1 %       70.6 %       72.1 %

Fixed Income and Commodities Trading and Clearing

                 

Fixed Income

                 

Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts

        88,383       101,088       96,461       116,810

Marketplace Technology

                 

Order intake (in millions) (4)

      $ 33     $ 30     $ 155     $ 157

Capital Access Platforms

                 

Annualized recurring revenues (in millions) (1)

      $ 1,222     $ 1,170     $ 1,222     $ 1,170

Initial public offerings

                 

The Nasdaq Stock Market (5)

        39       35       102       143

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic

        —        3       3       33

Total new listings

                 

The Nasdaq Stock Market (5)

        87       98       230       292

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (6)

        3       9       16       53

Number of listed companies

                 

The Nasdaq Stock Market (7)

        4,086       4,296       4,086       4,296

Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (8)

        1,236       1,253       1,236       1,253

Index

                 

Number of licensed exchange traded products (ETPs)

        393       374       393       374

Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)

      $ 411     $ 311     $ 411     $ 311

Quarterly average ETP assets under management (AUM) tracking Nasdaq indexes (in billions)

      $ 423     $ 346        

TTM (9) net inflows ETP AUM tracking Nasdaq indexes (in billions)

      $ 24     $ 56     $ 24     $ 56

TTM (9) net appreciation (depreciation) ETP AUM tracking Nasdaq indexes (in billions)

      $ 78     $ (106 )      $ 78     $ (106 ) 
Anti-Financial Crime                 

Annualized recurring revenues (in millions) (1)

      $ 348     $ 295     $ 348     $ 295

Total signed ARR (10)

      $ 381     $ 320     $ 381     $ 320

 

(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)

Represents the total contract value of orders signed in the period.

(5)

New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended September 30, 2023 and 2022, IPOs included 4 and 7 SPACs, respectively. For the nine months ended September 30, 2023 and 2022, IPOs included 19 and 66 SPACs, respectively.

(6)

New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

(7)

Number of total listings on The Nasdaq Stock Market at period end includes 570 ETPs as of September 30, 2023 and 501 as of September 30, 2022.

(8)

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

(9)

Trailing 12-months.

(10)

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 d558543dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

Nasdaq Announces Quarterly Dividend

of $0.22 Per Share

NEW YORK, October 18, 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 December 22, 2023 to shareholders of record at the close of business on December 8, 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

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, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the 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.

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-20231018.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.DEF 5 ndaq-20231018_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ndaq-20231018_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] Four Point Five Zero Zero Senior Notes Due 2032 [Member] Four Point Five Zero Zero Senior Notes Due 2032 [Member] Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member] Zero Point Nine Zero Zero Senior Unsecured Notes Due 2033 [Member] Zero Point Eight Seven Five Percent Senior Notes Due 2030 [Member] Zero Point Eight Seven Five Percent Senior Notes Due 2030 [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-20231018_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 8 g558543dsp13.jpg GRAPHIC begin 644 g558543dsp13.jpg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end XML 9 R1.htm IDEA: XBRL DOCUMENT v3.23.3
Document and Entity Information
Oct. 18, 2023
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0001120193
Document Type 8-K
Document Period End Date Oct. 18, 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
Four Point Five Zero Zero Senior Notes Due 2032 [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
Zero Point Eight Seven Five Percent Senior Notes Due 2030 [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 d558543d8k_htm.xml IDEA: XBRL DOCUMENT 0001120193 2023-10-18 2023-10-18 0001120193 ndaq:CommonStock.01parvaluepershareMember 2023-10-18 2023-10-18 0001120193 ndaq:FourPointFiveZeroZeroSeniorNotesDue2032Member 2023-10-18 2023-10-18 0001120193 ndaq:ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member 2023-10-18 2023-10-18 0001120193 ndaq:ZeroPointEightSevenFivePercentSeniorNotesDue2030Member 2023-10-18 2023-10-18 0001120193 ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member 2023-10-18 2023-10-18 false 0001120193 8-K 2023-10-18 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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

@0 !? M&PO7W)E;',O=V]R:V)O;VLN M>&UL+G)E;'-02P$"% ,4 " ! .E)799!YDAD! #/ P $P M @ $B% 6T-O;G1E;G1?5'EP97-=+GAM;%!+!08 "0 ) #X" !L %%0 ! 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 3.23.3 html 6 22 1 false 5 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d558543d8k.htm ndaq-20231018.xsd ndaq-20231018_def.xml ndaq-20231018_lab.xml ndaq-20231018_pre.xml http://xbrl.sec.gov/dei/2022 true false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "d558543d8k.htm": { "nsprefix": "ndaq", "nsuri": "http://www.nasdaq.com/20231018", "dts": { "inline": { "local": [ "d558543d8k.htm" ] }, "schema": { "local": [ "ndaq-20231018.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" ] }, "definitionLink": { "local": [ "ndaq-20231018_def.xml" ] }, "labelLink": { "local": [ "ndaq-20231018_lab.xml" ] }, "presentationLink": { "local": [ "ndaq-20231018_pre.xml" ] } }, "keyStandard": 22, "keyCustom": 0, "axisStandard": 1, "axisCustom": 0, "memberStandard": 0, "memberCustom": 5, "hidden": { "total": 2, "http://xbrl.sec.gov/dei/2022": 2 }, "contextCount": 6, "entityCount": 1, "segmentCount": 5, "elementCount": 32, "unitCount": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2022": 34 }, "report": { "R1": { "role": "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation", "longName": "100000 - Document - Document and Entity Information", "shortName": "Document and Entity Information", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "duration_2023-10-18_to_2023-10-18", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "div", "div", "body", "html" ], "reportCount": 1, "baseRef": "d558543d8k.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "duration_2023-10-18_to_2023-10-18", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "div", "div", "body", "html" ], "reportCount": 1, "baseRef": "d558543d8k.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "AmendmentFlag", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Amendment Flag", "terseLabel": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "DocumentPeriodEndDate", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Period End Date", "terseLabel": "Document Period End Date", "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." } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityAddressCityOrTown", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "CityAreaCode", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "City Area Code", "terseLabel": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "SecurityExchangeName", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Security Exchange Name", "terseLabel": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r2" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "SolicitingMaterial", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Soliciting Material", "terseLabel": "Soliciting Material", "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." } } }, "auth_ref": [ "r5" ] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityRegistrantName", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r1" ] }, "ndaq_DocumentAndEntityInformationTable": { "xbrltype": "stringItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "DocumentAndEntityInformationTable", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Table]", "terseLabel": "Document And Entity Information [Table]" } } }, "auth_ref": [] }, "ndaq_CommonStock.01parvaluepershareMember": { "xbrltype": "domainItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "CommonStock.01parvaluepershareMember", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Common Stock .01parvaluepershare [Member]", "terseLabel": "Common Stock .01parvaluepershare [Member]" } } }, "auth_ref": [] }, "us-gaap_ClassOfStockDomain": { "xbrltype": "domainItemType", "nsuri": "http://fasb.org/us-gaap/2022", "localname": "ClassOfStockDomain", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Class of Stock [Domain]", "terseLabel": "Class of Stock [Domain]" } } }, "auth_ref": [] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "PreCommencementTenderOffer", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer", "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." } } }, "auth_ref": [ "r4" ] }, "ndaq_ZeroPointEightSevenFivePercentSeniorNotesDue2030Member": { "xbrltype": "domainItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "ZeroPointEightSevenFivePercentSeniorNotesDue2030Member", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Zero Point Eight Seven Five Percent Senior Notes Due 2030 [Member]", "terseLabel": "Zero Point Eight Seven Five Percent Senior Notes Due 2030 [Member]" } } }, "auth_ref": [] }, "ndaq_FourPointFiveZeroZeroSeniorNotesDue2032Member": { "xbrltype": "domainItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "FourPointFiveZeroZeroSeniorNotesDue2032Member", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Four Point Five Zero Zero Senior Notes Due 2032 [Member]", "terseLabel": "Four Point Five Zero Zero Senior Notes Due 2032 [Member]" } } }, "auth_ref": [] }, "us-gaap_StatementClassOfStockAxis": { "xbrltype": "stringItemType", "nsuri": "http://fasb.org/us-gaap/2022", "localname": "StatementClassOfStockAxis", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]", "terseLabel": "Class of Stock [Axis]" } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "WrittenCommunications", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Written Communications", "terseLabel": "Written Communications", "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." } } }, "auth_ref": [ "r6" ] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "ndaq_ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member": { "xbrltype": "domainItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "ZeroPointNineZeroZeroSeniorUnsecuredNotesDue2033Member", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "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]" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityAddressAddressLine1", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "ndaq_OnePointSevenFivePercentSeniorNotesDue2029Member": { "xbrltype": "domainItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "OnePointSevenFivePercentSeniorNotesDue2029Member", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "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]" } } }, "auth_ref": [] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "TradingSymbol", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Trading Symbol", "terseLabel": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "DocumentType", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Type", "terseLabel": "Document Type", "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'." } } }, "auth_ref": [] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer", "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." } } }, "auth_ref": [ "r3" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r1" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "LocalPhoneNumber", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Local Phone Number", "terseLabel": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r1" ] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityCentralIndexKey", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r1" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "EntityFileNumber", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity File Number", "terseLabel": "Entity File Number", "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." } } }, "auth_ref": [] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "Security12bTitle", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Security 12b Title", "terseLabel": "Security 12b Title", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r0" ] }, "ndaq_DocumentAndEntityInformationLineItems": { "xbrltype": "stringItemType", "nsuri": "http://www.nasdaq.com/20231018", "localname": "DocumentAndEntityInformationLineItems", "presentation": [ "http://www.nasdaq.com//20231018/taxonomy/role/DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Line Items]", "terseLabel": "Document And Entity Information [Line Items]" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2022", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Section": "14a", "Number": "240", "Subsection": "12" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" } } } ZIP 17 0001193125-23-258050-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-23-258050-xbrl.zip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end