Nasdaq Reports Record-Matching Third Quarter 2014 Non-GAAP Net Income and Non-GAAP EPS
(Thomson Reuters ONE) -
* Generated third quarter 2014 non-GAAP diluted EPS of $0.72, matching the
prior record, a 9% increase year-over-year. Third quarter 2014 GAAP diluted
EPS was $0.71.
* Third quarter 2014 net revenues(1) were $497 million, down 2% year-over-
year. Non-transaction based revenues were 74% of our total third quarter
2014 net revenues.
* Non-GAAP operating expenses were $284 million in the third quarter of 2014,
down 7% year-over-year.
* Non-GAAP operating margin was 43% in the third quarter of 2014, up from 40%
in the third quarter of 2013.
* Reduced non-GAAP operating expense guidance for 2014, to $1,205 - $1,225
million.
* The company repurchased $62 million of stock since the beginning of the
third quarter of 2014, bringing total repurchases to $156 million since the
repurchase program was restarted in the second quarter of 2014.
* A new $500 million stock repurchase authorization has been approved by the
Board of Directors, bringing the total available authorization to
approximately $560 million.
NEW YORK, Oct. 24, 2014 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today reported results for the third quarter of 2014. Third
quarter net revenues were $497 million, down 2% from $506 million in the prior
year period, driven in part by the impact of foreign exchange rates. On an
organic basis, excluding the impact of foreign exchange rates, third quarter net
revenues decreased 1% year-over-year.
"Nasdaq's unmatched contribution of stable, subscription and recurring revenues,
and an unrelenting focus on efficiency helped deliver for our shareholders by
matching non-GAAP EPS records and creating recent highs in non-GAAP operating
margins," said Bob Greifeld, CEO, Nasdaq. "This was delivered against a backdrop
of a seasonally slower period for Nasdaq across our businesses."
Mr. Greifeld continued, "Looking forward, the company has created substantial
avenues of growth, and is better positioned than ever to take advantage of these
opportunities. Over the past month, we have experienced a volatile macro
backdrop that delivers opportunities for our clients across fixed income,
equities and derivatives. This, coupled with our expanding set of services and
solutions, as well as our fiscal discipline and strong competitive position,
provides our management team confidence in the strength of our business model
and efficacy of our strategic growth initiatives."
On a non-GAAP basis, third quarter 2014 operating expenses were $284 million,
down 7% as compared to the prior year quarter, primarily the result of lower
compensation and contract services expense. On an organic basis, third quarter
2014 non-GAAP operating expenses were down 6% compared to the prior year period.
On a GAAP basis, operating expenses were $290 million in the third quarter of
2014, down 5% compared to $304 million in the prior year quarter.
Third quarter 2014 non-GAAP diluted earnings per share was $0.72, compared to
$0.66 in the prior year quarter. Please refer to our reconciliation of GAAP to
non-GAAP net income, diluted earnings per share, operating income and operating
expenses included in the attached schedules.
On a GAAP basis, net income attributable to Nasdaq for the third quarter of
2014 was $123 million, or $0.71 per diluted share, compared with $113 million,
or $0.66 per diluted share, in the prior year quarter.
"Our unwavering focus on profitability led to declines in expenses, offsetting
revenue headwinds from a number of discrete, temporary factors," said Lee
Shavel, EVP and CFO, Nasdaq. "These factors included foreign exchange, a
significant decline in data audit collections, and certain planned revenue
impacts in acquired businesses. We have lowered our full-year 2014 non-GAAP
operating expense guidance to reflect recent management actions and other
environmental factors."
Mr. Shavel continued, "On the capital front, we continued to repurchase stock
with $156 million deployed since resuming our repurchases upon meeting our
deleveraging target in the second quarter. In addition, the company's Board of
Directors increased the buyback authorization to ensure the company can continue
to deploy capital where it generates maximum returns."
The company repurchased 0.7 million shares, or $27 million of stock, in the
third quarter of 2014 at an average price of $41.39. Thus far in October 2014,
the company has repurchased an additional $35 million of stock.
The Board has authorized an additional $500 million of stock repurchases, which
combined with approximately $60 million of unused authorization after the
October repurchases to date, gives the company a total available authorization
of approximately $560 million.
On September 30, 2014, the company had cash and cash equivalents of $286 million
and total debt of $2,345 million, resulting in net debt of $2,059 million. This
compares to net debt of $2,418 million at September 30, 2013.
(1) Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
BUSINESS HIGHLIGHTS
Market Services (39% of total net revenues) - Net revenues were $194 million in
the third quarter of 2014, down $6 million when compared to $200 million in the
third quarter of 2013.
Derivatives (13% of total net revenues) - Total net derivative trading and
clearing revenues were $66 million in the third quarter of 2014, down $5 million
compared to the third quarter of 2013. European derivative trading and clearing
revenues were down $2 million, due primarily to the impact of foreign exchange,
while net U.S. derivative trading and clearing revenues were down $3 million,
due to a decline in average capture rate, partially offset by higher industry
volume.
Cash Equities (10% of total net revenues) - Total net cash equity trading
revenues were $52 million in the third quarter of 2014, up $6 million compared
to the third quarter of 2013. Net U.S. cash equity trading revenues were $6
million higher than the prior year quarter, resulting from higher market share
and average capture, while European cash equity trading revenues were unchanged
year-over-year, as higher market share was offset by the impact of foreign
exchange.
Fixed Income (3% of total net revenues) - Total net fixed income trading
revenues were $13 million in the third quarter of 2014, down $5 million from the
third quarter of 2013 due to scheduled reductions in payments by a third-party
eSpeed technology customer, as well as lower average capture and market share.
Access and Broker Services (13% of total net revenues) - Access and broker
services revenues totaled $63 million in the third quarter of 2014, down $2
million compared to the third quarter of 2013, due in part to the impact of
foreign exchange.
Information Services (23% of total net revenues) - Revenues were $114 million in
the third quarter of 2014, down $3 million from the third quarter of 2013.
Market Data (19% of total net revenues) - Total market data revenues were $92
million in the third quarter of 2014, down $7 million compared to the third
quarter of 2013, due to an $8 million decrease in audit collections and
unfavorable foreign exchange, partially offset by higher revenues from Nasdaq
Basic.
Index Licensing and Services (4% of total net revenues) - Index licensing and
services revenues were $22 million in the third quarter of 2014, up $4 million
from the third quarter of 2013. The revenue growth was largely a function of
materially higher assets under management in licensed exchange traded products.
Technology Solutions (26% of total net revenues) - Revenues were $130 million in
the third quarter of 2014, down $2 million from the third quarter of 2013.
Corporate Solutions (15% of total net revenues) - Corporate solutions revenues
were $75 million in the third quarter of 2014, down $3 million from the third
quarter of 2013. The corporate solutions revenue decline was due primarily to IR
product pricing actions designed to compensate for subsidies previously provided
to certain customers by a competitor, as well as maintain and promote broader
customer relationships. Offsetting other declines in IR products was organic
growth in press release distribution and the Directors Desk governance
solution.
Market Technology (11% of total net revenues) - Market technology revenues were
$55 million in the third quarter of 2014, up $1 million from the third quarter
of 2013. Growth was driven principally by SMARTS Broker and BWise expansion,
which was partially offset by an unfavorable foreign exchange impact.
Listing Services (12% of total net revenues) - Revenues were $59 million in the
third quarter of 2014, up $2 million compared to the third quarter of 2013 due
to an increase in U.S. listing revenues primarily due to a 6% growth in the
issuer base and higher new issue activity. European listing revenues were
unchanged, as the increase in the issuer base was offset by the impact of
foreign exchange rates.
UPDATED COST GUIDANCE - The company has lowered non-GAAP operating expense
guidance to $1,205-$1,225 million, down from the prior $1,220-$1,250
million. Included in this non-GAAP operating expense guidance is an expected
$30-$35 million in GIFT new initiative spending, down from a prior $30-$40
million estimate, and $1,175-$1,190 million in core non-GAAP operating expense,
down from $1,190-$1,210 million.
CORPORATE HIGHLIGHTS
* In October, Nasdaq Announced Leadership Appointments to Support Strategic
Growth Initiatives. Lars Ottersgård and Nelson Griggs were promoted to
Executive Vice President of the firm's Market Technology and Listing
Services businesses, respectively. John Jacobs, EVP of Information Services,
is retiring at year end after over 30 years at Nasdaq, and will continue to
serve as a strategic advisor in 2015. Other leadership moves included Bruce
Aust, who has been elevated to Vice Chairman, Listing Services, and Bob
McCooey, who has taken on the development of a new global key account
management program. These moves are designed to align leadership
responsibility with areas of strategic growth potential, enabling the
company to further broaden and deepen client relationships.
* Nasdaq Led U.S. Exchanges for IPOs in Third Quarter of 2014. Nasdaq
announced it welcomed 76 new listings in the third quarter of 2014,
including 41 initial public offerings (IPOs), on The NASDAQ Stock Market
(NASDAQ), to bring its total IPO count to 140 for 2014. This represents more
IPOs than any other U.S. exchange and an 8% increase in IPOs compared to the
same quarter last year. Approximately 62% of all U.S. IPOs, including over
50% of technology IPOs and 90% of healthcare IPOs, occurred on NASDAQ. Also,
89% of venture capital-backed IPOs and private-equity backed listings
occurred on NASDAQ.
* Market Technology Continues Rolling Out its Solutions to Participants In
Financial Markets Across the Globe. In the U.S., swap execution facility
trueEX signed up for SMARTS Integrity. In the Nordics, insurance company
Folksam purchased the BWise suite, and in the Middle East, Bahrain Bourse
launched trading on the x-Stream platform. In addition, SMARTS was awarded
2014 Waters Rankings "Best Market Surveillance Provider" for the second year
in a row by Waters Technology.
* Strong Momentum in the Licensing of Exchange-Traded Products (ETPs). Nasdaq
continues to diversify its licensed product offerings across asset classes
and geographies with the launch of 11 new ETPs this quarter. Nasdaq licensed
6 fixed income ETPs and added a second licensed ETP in Korea, bringing the
total number of countries with Nasdaq-licensed products to 27.
* Nasdaq eSpeed Introduced U.S. Treasury Bills Trading. Nasdaq eSpeed
successfully introduced U.S. Treasury Bills with notional average daily
volume exceeding $4 billion and daily highs exceeding $10 billion. The
introduction of TBills to the electronic market is intended to provide
customers with efficient price discovery, established liquidity and all the
same benefits as anonymous voice brokerages. In addition, the newly created
electronic Roll functionality offers eSpeed customers the opportunity to
efficiently transfer risk from one U.S. Treasury security to another without
incurring market or legging risk.
ABOUT NASDAQ
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, exchange technology,
information and public company services across six continents. Through its
diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and
execute their business vision with confidence, using proven technologies that
provide transparency and insight for navigating today's global capital
markets. As the creator of the world's first electronic stock market, its
technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the
world's securities transactions. Nasdaq is home to more than 3,500 listed
companies with a market value of over $8.8 trillion and more than 10,000
corporate clients. To learn more, visit www.nasdaq.com/ambition or
www.nasdaqomx.com.
NON-GAAP INFORMATION
In addition to disclosing results determined in accordance with GAAP, Nasdaq
also discloses certain non-GAAP results of operations, including, but not
limited to, net income attributable to Nasdaq, diluted earnings per share,
operating income, and operating expenses, that make certain adjustments or
exclude certain charges and gains that are described in the reconciliation table
of GAAP to non-GAAP information provided at the end of this release. Management
believes that this non-GAAP information provides investors with additional
information to assess Nasdaq's operating performance by making certain
adjustments or excluding costs or gains and assists investors in comparing our
operating performance to prior periods. Management uses this non-GAAP
information, along with GAAP information, in evaluating its historical operating
performance.
The non-GAAP information is not prepared in accordance with GAAP and may not be
comparable to non-GAAP information used by other companies. The non-GAAP
information should not be viewed as a substitute for, or superior to, other data
prepared in accordance with GAAP.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information set forth in this communication contains forward-looking statements
that involve a number of risks and uncertainties. Nasdaq cautions readers that
any forward-looking information is not a guarantee of future performance and
that actual results could differ materially from those contained in the forward-
looking information. Such forward-looking statements include, but are not
limited to (i) projections about our future financial results, growth, trading
volumes, taxes and achievement of synergy targets, (ii) statements about the
closing or implementation dates and benefits of certain strategic, technology,
de-leveraging and capital return initiatives, (iii) statements about our
integrations of our recent acquisitions, (iv) statements relating to any
litigation or regulatory or government investigation or action to which we are
or could become a party, and (v) other statements that are not historical
facts. Forward-looking statements involve a number of risks, uncertainties or
other factors beyond Nasdaq's control. These factors include, but are not
limited to, Nasdaq's ability to implement its strategic initiatives, economic,
political and market conditions and fluctuations, government and industry
regulation, interest rate risk, U.S. and global competition, and other factors
detailed in Nasdaq's filings with the 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 website at http://www.nasdaqomx.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.
NDAQF
The NASDAQ OMX Group, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
-------------------------------------------
Revenues:
Market Services $ 515 $ 544 $ 499
Cost of revenues:
Transaction rebates (236) (252) (231)
Brokerage, clearance and exchange
fees (85) (90) (68)
-------------------------------------------
Total cost of revenues (321) (342) (299)
-------------------------------------------
Total Market Services revenues less
transaction rebates, brokerage,
clearance and exchange fees 194 202 200
Listing Services 59 60 57
Information Services 114 123 117
Technology Solutions 130 138 132
-------------------------------------------
Revenues less transaction rebates,
brokerage, clearance and exchange
fees 497 523 506
-------------------------------------------
Operating Expenses:
Compensation and benefits 136 145 150
Marketing and advertising 5 9 7
Depreciation and amortization 34 35 33
Professional and contract services 37 42 41
Computer operations and data
communications 22 23 22
Occupancy 26 24 26
Regulatory 7 7 8
Merger and strategic initiatives 5 14 --
General, administrative and other 18 33 17
-------------------------------------------
Total operating expenses 290 332 304
-------------------------------------------
Operating income 207 191 202
Interest income 1 1 2
Interest expense (29) (30) (32)
Loss from unconsolidated investees,
net -- -- (1)
-------------------------------------------
Income before income taxes 179 162 171
Income tax provision 56 61 58
-------------------------------------------
Net income 123 101 113
Net (income) loss attributable to
noncontrolling interests -- -- --
-------------------------------------------
Net income attributable to Nasdaq $ 123 $ 101 $ 113
-------------------------------------------
Per share information:
Basic earnings per share $ 0.73 $ 0.60 $ 0.68
-------------------------------------------
Diluted earnings per share $ 0.71 $ 0.59 $ 0.66
-------------------------------------------
Cash dividends declared per common
share $ 0.15 $ -- $ 0.13
-------------------------------------------
Weighted-average common shares
outstanding for earnings per
share:
Basic 168.6 169.3 167.3
Diluted 173.2 172.5 172.1
The NASDAQ OMX Group, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
-------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
-------------------------------------------
MARKET SERVICES
Derivative Trading and Clearing
Revenues:
U.S. derivative trading and
clearing $ 114 $ 117 $ 106
Cost of revenues:
Transaction rebates (68) (71) (58)
Brokerage, clearance and exchange
fees (7) (8) (6)
-------------------------------------------
Total U.S. derivative trading and
clearing cost of revenues (75) (79) (64)
-------------------------------------------
Net U.S. derivative trading and
clearing revenues 39 38 42
European derivative trading and
clearing 27 28 29
-------------------------------------------
Total net derivative trading and
clearing revenues 66 66 71
-------------------------------------------
Cash Equity Trading Revenues:
U.S. cash equity trading 276 295 259
Cost of revenues:
Transaction rebates (168) (181) (173)
Brokerage, clearance and exchange
fees (77) (81) (61)
-------------------------------------------
Total U.S. cash equity cost of
revenues (245) (262) (234)
-------------------------------------------
Net U.S. cash equity trading
revenues 31 33 25
European cash equity trading 21 24 21
-------------------------------------------
Total net cash equity trading
revenues 52 57 46
-------------------------------------------
Fixed Income Trading Revenues:
Fixed income trading 14 15 19
Cost of revenues:
Brokerage, clearance and exchange
fees (1) (1) (1)
-------------------------------------------
Total net fixed income trading
revenues 13 14 18
-------------------------------------------
Access and Broker Services
Revenues 63 65 65
-------------------------------------------
Total Market Services revenues less
transaction rebates, brokerage,
clearance and exchange fees 194 202 200
-------------------------------------------
LISTING SERVICES
U.S. listing services 45 45 43
European listing services 14 15 14
-------------------------------------------
Total Listing Services revenues 59 60 57
-------------------------------------------
INFORMATION SERVICES
Market Data Products Revenues:
U.S. market data products 68 72 72
European market data products 17 21 20
Index data products 7 8 7
-------------------------------------------
Total Market Data Products revenues 92 101 99
Index Licensing and Services
revenues 22 22 18
-------------------------------------------
Total Information Services
revenues 114 123 117
-------------------------------------------
TECHNOLOGY SOLUTIONS
Corporate Solutions Revenues:
Investor relations 41 42 47
Public relations 14 15 12
Multimedia solutions 15 18 15
Governance 5 5 4
-------------------------------------------
Total Corporate Solutions revenues 75 80 78
-------------------------------------------
Market Technology Revenues:
Software, license and support 37 41 37
Change request and advisory 9 8 9
Software as a service 9 9 8
-------------------------------------------
Total Market Technology revenues 55 58 54
-------------------------------------------
Total Technology Solutions
revenues 130 138 132
-------------------------------------------
Total revenues less transaction
rebates, brokerage, clearance and
exchange fees $ 497 $ 523 $ 506
-------------------------------------------
The NASDAQ OMX Group, Inc.
Condensed Consolidated Balance Sheets
(in millions)
September 30, December 31,
2014 2013
-------------------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 286 $ 398
Restricted cash 27 84
Financial investments, at fair value 169 189
Receivables, net 370 393
Deferred tax assets 30 12
Default funds and margin deposits 2,513 1,961
Other current assets 162 126
-------------------------------
Total current assets 3,557 3,163
Property and equipment, net 288 268
Non-current deferred tax assets 585 404
Goodwill 5,802 6,186
Intangible assets, net 2,213 2,386
Other non-current assets 247 170
-------------------------------
Total assets $ 12,692 $ 12,577
-------------------------------
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 182 $ 228
Section 31 fees payable to SEC 26 82
Accrued personnel costs 110 154
Deferred revenue 191 151
Other current liabilities 135 141
Deferred tax liabilities 37 38
Default funds and margin deposits 2,513 1,961
Current portion of debt obligations -- 45
-------------------------------
Total current liabilities 3,194 2,800
Debt obligations 2,345 2,589
Non-current deferred tax liabilities 677 708
Non-current deferred revenue 221 143
Other non-current liabilities 137 153
-------------------------------
Total liabilities 6,574 6,393
-------------------------------
Commitments and contingencies
Equity
Nasdaq stockholders' equity:
Common stock 2 2
Additional paid-in capital 4,354 4,278
Common stock in treasury, at cost (1,145) (1,005)
Accumulated other comprehensive loss (325) (67)
Retained earnings 3,231 2,976
-------------------------------
Total Nasdaq stockholders' equity 6,117 6,184
Noncontrolling interests 1 --
-------------------------------
Total equity 6,118 6,184
-------------------------------
Total liabilities and equity $ 12,692 $ 12,577
-------------------------------
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating
Income and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share,
Operating Income, and Operating Expenses
(in millions, except per share amounts)
(unaudited)
Three Months Ended
---------------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
---------------------------------------------------
GAAP net income
attributable to Nasdaq $ 123 $ 101 $ 113
Non-GAAP adjustments:
Merger and strategic
initiatives ((1)) 5 14 --
Extinguishment of debt -- 9 --
Special legal expenses -- 1 --
Other 1 -- --
---------------------------------------------------
Total non-GAAP adjustments 6 24 --
Adjustment to the income
tax provision to reflect
non-GAAP adjustments ((2)) (2) (7) (3)
Significant tax
adjustments, net ((3)) (2) 2 3
---------------------------------------------------
Total non-GAAP adjustments,
net of tax 2 19 --
Non-GAAP net income
attributable to Nasdaq $ 125 $ 120 $ 113
---------------------------------------------------
GAAP diluted earnings per
share $ 0.71 $ 0.59 $ 0.66
Total adjustments from non-
GAAP net income above 0.01 0.11 --
---------------------------------------------------
Non-GAAP diluted earnings
per share $ 0.72 $ 0.70 $ 0.66
---------------------------------------------------
Three Months Ended
---------------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
---------------------------------------------------
GAAP operating income $ 207 $ 191 $ 202
Non-GAAP adjustments:
Merger and strategic
initiatives ((1)) 5 14 --
Extinguishment of debt -- 9 --
Special legal expenses -- 1 --
Other 1 -- --
---------------------------------------------------
Total non-GAAP
adjustments 6 24 --
---------------------------------------------------
Non-GAAP operating income $ 213 $ 215 $ 202
---------------------------------------------------
Total revenues less
transaction rebates,
brokerage, clearance and
exchange fees $ 497 $ 523 $ 506
Non-GAAP operating margin(
(4)) 43% 41% 40%
(1) For the three months ended September 30, 2014, merger and strategic
initiatives costs are primarily related to the acquisition of the TR Corporate
Solutions businesses in May 2013. For the three months ended June 30, 2014,
merger and strategic initiatives costs are primarily related to the
acquisition of the TR Corporate Solutions businesses and other strategic
initiatives. For the three months ended September 30, 2013, merger and
strategic initiatives expense included $8 million of costs primarily related
to the acquisitions of eSpeed and the TR Corporate Solutions businesses. This
amount was offset by the remeasurement of a contingent purchase price
liability related to the BWise acquisition due to changes in the anticipated
performance of BWise.
(2) We determine the tax effect of each item based on the tax rules in the
respective jurisdiction where the transaction occurred. For the three months
ended September 30, 2013, the adjustment includes the $8 million of merger and
strategic initiatives expense described in note (1) above.
(3) For the three months ended September 30, 2014 and June 30, 2014, the
amount relates to previous tax return liabilities which have resulted in an
adjustment to the tax provision. For the three months ended September
30, 2013, the amount represents an increase in net deferred tax liabilities
resulting from changes in tax rates in various jurisdictions.
(4) Non-GAAP operating margin equals non-GAAP operating income divided by
total revenues less transaction rebates, brokerage, clearance and exchange
fees.
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating
Income and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share,
Operating Income, and Operating Expenses
(in millions)
(unaudited)
Three Months Ended
---------------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
---------------------------------------------------
GAAP operating expenses $ 290 $ 332 $ 304
Non-GAAP adjustments:
Merger and strategic
initiatives ((1)) (5) (14) --
Extinguishment of debt -- (9) --
Special legal expenses -- (1) --
Other (1) -- --
---------------------------------------------------
Total non-GAAP adjustments (6) (24) --
---------------------------------------------------
Non-GAAP operating expenses $ 284 $ 308 $ 304
---------------------------------------------------
(1) For the three months ended September 30, 2014, merger and strategic
initiatives costs are primarily related to the acquisition of the TR Corporate
Solutions businesses in May 2013. For the three months ended June 30, 2014,
merger and strategic initiatives costs are primarily related to the
acquisition of the TR Corporate Solutions businesses and other strategic
initiatives. For the three months ended September 30, 2013, merger and
strategic initiatives expense included $8 million of costs primarily related
to the acquisitions of eSpeed and the TR Corporate Solutions businesses. This
amount was offset by the remeasurement of a contingent purchase price
liability related to the BWise acquisition due to changes in the anticipated
performance of BWise.
The NASDAQ OMX Group, Inc.
Quarterly Key Drivers Detail
(unaudited)
Three Months Ended
---------------------------------------------------
September 30, June 30, September 30,
2014 2014 2013
---------------------------------------------------
Market Services
Derivative Trading and
Clearing
U.S. Equity Options
Total industry average
daily volume (in millions) 14.7 14.2 13.6
Nasdaq PHLX matched market
share 16.3% 15.6% 16.7%
The NASDAQ Options Market
matched market share 9.5% 10.6% 9.0%
Nasdaq BX Options matched
market share 0.8% 0.8% 1.0%
---------------------------------------------------
Total market share 26.6% 27.0% 26.7%
Nasdaq Nordic and Nasdaq
Baltic
Average daily volume:
Options, futures and fixed-
income contracts 336,759 393,115 346,940
Finnish option contracts
traded on Eurex 65,324 55,599 116,583
Nasdaq Commodities
Power contracts cleared
(TWh)((1)) 376 345 363
Cash Equity Trading
NASDAQ securities
Total average daily share
volume (in billions) 1.76 1.97 1.63
Matched market share
executed on NASDAQ 26.1% 26.6% 24.3%
Matched market share
executed on Nasdaq BX 2.3% 2.4% 2.3%
Matched market share
executed on Nasdaq PSX 0.5% 0.5% 0.7%
Market share reported to
the FINRA/NASDAQ
Trade Reporting Facility 34.2% 34.6% 37.7%
---------------------------------------------------
Total market share( (2)) 63.1% 64.1% 65.0%
New York Stock Exchange, or
NYSE, securities
Total average daily share
volume (in billions) 3.00 3.16 3.12
Matched market share
executed on NASDAQ 12.5% 12.6% 11.3%
Matched market share
executed on Nasdaq BX 2.4% 2.6% 2.3%
Matched market share
executed on Nasdaq PSX 0.4% 0.4% 0.5%
Market share reported to
the FINRA/NASDAQ
Trade Reporting Facility 31.2% 31.2% 33.6%
---------------------------------------------------
Total market share( (2)) 46.5% 46.8% 47.7%
NYSE MKT and regional
securities
Total average daily share
volume (in billions) 0.92 0.92 1.02
Matched market share
executed on NASDAQ 11.5% 12.0% 13.0%
Matched market share
executed on Nasdaq BX 3.0% 2.9% 3.1%
Matched market share
executed on Nasdaq PSX 1.0% 0.8% 1.4%
Market share reported to
the FINRA/NASDAQ
Trade Reporting Facility 32.5% 32.2% 32.4%
---------------------------------------------------
Total market share( (2)) 48.0% 47.9% 49.9%
Total U.S.-listed
securities
Total average daily share
volume (in billions) 5.68 6.05 5.77
Matched share volume (in
billions) 71.1 77.0 67.9
Matched market share
executed on NASDAQ 16.6% 17.1% 15.3%
Matched market share
executed on Nasdaq BX 2.5% 2.6% 2.4%
Matched market share
executed on Nasdaq PSX 0.5% 0.5% 0.7%
---------------------------------------------------
Total market share 19.6% 20.2% 18.4%
Nasdaq Nordic and Nasdaq
Baltic Securities
Average daily number of
equity trades 303,902 331,546 285,404
Total average daily value
of shares traded (in
billions) $ 4.0 $ 4.9 $ 4.0
Total market share 72.2% 72.4% 67.3%
Listing Services
Initial public offerings
NASDAQ 41 52 38
Exchanges that comprise
Nasdaq Nordic and Nasdaq
Baltic 5 17 --
New listings
NASDAQ ((3)) 76 79 59
Exchanges that comprise
Nasdaq Nordic and Nasdaq
Baltic ((4)) 8 32 5
Number of listed companies
NASDAQ ((5)) 2,746 2,709 2,602
Exchanges that comprise
Nasdaq Nordic and Nasdaq
Baltic ((6)) 778 782 752
Technology Solutions
Market Technology
Order intake (in
millions)((7)) $ 28 $ 32 $ 120
Total order value (in
millions)((8)) $ 621 $ 638 $ 584
(1) Primarily transactions executed on Nord Pool ASA and reported for clearing
to Nasdaq Commodities measured by Terawatt hours (TWh) .
(2) Includes transactions executed on NASDAQ's, Nasdaq BX's and Nasdaq PSX's
systems plus trades reported through the FINRA/NASDAQ Trade Reporting
Facility.
(3) New listings include IPOs, including those completed on a best efforts
basis, issuers that switched from other listing venues, closed-end funds and
separately listed exchange traded funds (ETFs).
(4) New listings include IPOs and represent companies listed on the exchanges
that comprise Nasdaq Nordic and Nasdaq Baltic and companies on the alternative
markets of NasdaqFirst North.
(5) Number of listed companies for NASDAQ at period end, including separately
listed ETFs.
(6) Represents companies listed on the exchanges that comprise Nasdaq Nordic
and NasdaqBaltic and companies on the alternative markets of Nasdaq First
North at period end.
(7) Total contract value of orders signed during the period.
(8) Represents total contract value of orders signed that are yet to be
recognized as revenue.
CONTACT: MEDIA RELATIONS CONTACT:
Joseph Christinat
+1.646.441.5121
joseph.christinat(at)nasdaq.com
INVESTOR RELATIONS CONTACT:
Ed Ditmire, CFA
+1.212.401.8737
ed.ditmire(at)nasdaq.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: The NASDAQ OMX Group, Inc. via GlobeNewswire
[HUG#1865457]
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2014 - 13:00 Uhr
Sprache: Deutsch
News-ID 346808
Anzahl Zeichen: 54466
contact information:
Town:
New York
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 171 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nasdaq Reports Record-Matching Third Quarter 2014 Non-GAAP Net Income and Non-GAAP EPS"
steht unter der journalistisch-redaktionellen Verantwortung von
The NASDAQ OMX Group, Inc. (Nachricht senden)
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