NASDAQ, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NASDAQ, INC. filed its Q1 2024 10-Q report, detailing financial performance across its key business segments.</b>

AI Summary

NASDAQ, INC. (NDAQ) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. NASDAQ, INC. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key segments include Capital Access Platforms, Financial Technology, and Market Services. The company's business address is 151 W. 42nd Street, New York, NY 10036. NASDAQ, INC. was formerly known as NASDAQ OMX GROUP, INC. and NASDAQ STOCK MARKET INC.

Why It Matters

For investors and stakeholders tracking NASDAQ, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for NASDAQ, INC. for the first quarter of 2024, enabling informed investment decisions. Understanding the financial health and operational segments of NASDAQ, INC. is crucial for stakeholders assessing the company's market position and future growth prospects.

Risk Assessment

Risk Level: medium — NASDAQ, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks or positive developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess NASDAQ, INC.'s revenue trends and profitability for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Period Start Date (Quarterly report period)
• 2023-12-31 — Previous Fiscal Year End (Balance sheet comparison)
• 2022-12-31 — Prior Year End (Balance sheet comparison)

Key Players & Entities

• NASDAQ, INC. (company) — Filer name
• 0001120193 (company) — Central Index Key
• 20240331 (date) — Period of report
• 20240502 (date) — Filed as of date
• 151 W. 42ND STREET (address) — Business address
• NEW YORK (location) — Business address city
• DE (location) — State of incorporation
• NASDAQ OMX GROUP, INC. (company) — Former company name

FAQ

Risk Factors

• Regulatory Compliance [high — regulatory]: The company operates in a highly regulated industry, subject to rules and oversight from various financial authorities.
• Market Volatility [high — market]: The company's performance is sensitive to fluctuations in global financial markets and trading volumes.
• Technology and Cybersecurity Risks [medium — operational]: Reliance on complex technology systems exposes the company to operational disruptions and cybersecurity threats.
• Interest Rate Risk [medium — financial]: Changes in interest rates can impact the company's borrowing costs and investment income.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share NDAQ The Nasdaq Sto
• $1.25 billion — 10-Q. 2022 Revolving Credit Facility: $1.25 billion senior unsecured revolving credit facil
• $500 million — it facility issued in 2020 2025 Notes: $500 million aggregate principal amount of 5.650% se
• $1 billion — ed notes due June 30, 2026 2028 Notes: $1 billion aggregate principal amount of 5.350% se
• $650 million — otes due February 13, 2030 2031 Notes: $650 million aggregate principal amount of 1.650% se
• $550 million — d notes due April 28, 2050 2052 Notes: $550 million aggregate principal amount of 3.950% se
• $750 million — ed notes due March 7, 2052 2053 Notes: $750 million aggregate principal amount of 5.950% se

Filing Documents

• ndaq-20240331.htm (10-Q) — 1884KB
• ndaq03312024ex-311.htm (EX-31.1) — 10KB
• ndaq03312024ex-312.htm (EX-31.2) — 9KB
• ndaq03312024ex-321.htm (EX-32.1) — 9KB
• ndaq-20240331_g1.jpg (GRAPHIC) — 148KB
• ndaq-20240331_g2.jpg (GRAPHIC) — 45KB
• ndaq-20240331_g3.jpg (GRAPHIC) — 43KB
• ndaq-20240331_g4.jpg (GRAPHIC) — 53KB
• 0001120193-24-000010.txt (&nbsp;) — 11661KB
• ndaq-20240331.xsd (EX-101.SCH) — 87KB
• ndaq-20240331_cal.xml (EX-101.CAL) — 104KB
• ndaq-20240331_def.xml (EX-101.DEF) — 445KB
• ndaq-20240331_lab.xml (EX-101.LAB) — 869KB
• ndaq-20240331_pre.xml (EX-101.PRE) — 681KB
• ndaq-20240331_htm.xml (XML) — 1733KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets - March 31, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Income - Three Months Ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43 Item 1A.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 44

SIGNATURES

SIGNATURES 44 i About this Form 10-Q Throughout this Form 10-Q, unless otherwise specified: "Nasdaq," "we," "us" and "our" refer to Nasdaq, Inc. "Nasdaq Baltic" refers to collectively, Nasdaq Tallinn AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius. "Nasdaq BX" refers to the cash equity exchange operated by Nasdaq BX, Inc. "Nasdaq BX Options" refers to the options exchange operated by Nasdaq BX, Inc. "Nasdaq Clearing" refers to the clearing operations conducted by Nasdaq Clearing AB. "Nasdaq CXC" and "Nasdaq CX2" refer to the Canadian cash equity trading books operated by Nasdaq CXC Limited. "Nasdaq First North" refers to our alternative marketplaces for smaller companies and growth companies in the Nordic and Baltic regions. "Nasdaq GEMX" refers to the options exchange operated by Nasdaq GEMX, LLC. "Nasdaq ISE" refers to the options exchange operated by Nasdaq ISE, LLC. "Nasdaq MRX" refers to the options exchange operated by Nasdaq MRX, LLC. "Nasdaq Nordic" refers to collectively, Nasdaq Clearing AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, and Nasdaq Iceland hf. "Nasdaq PHLX" refers to the options exchange operated by Nasdaq PHLX LLC. "Nasdaq PSX" refers to the cash equity exchange operated by Nasdaq PHLX LLC. "The Nasdaq Options Market" refers to the options exchange operated by The Nasdaq Stock Market LLC. "The Nasdaq Stock Market" refers to the cash equity exchange and listing venue operated by The Nasdaq Stock Market LLC. Nasdaq also provides as a tool for the reader the following list of abbreviations and acronyms that are used throughout this Quarterly Report on Form 10-Q. 2022 Revolving Credit Facility: $1.25 billion senior unsecured revolving credit facility, which matures on December 16, 2027, which has replaced the $1.25 billion credit facility issued in 2020 2025 Notes: $500 million aggregate principal amount of 5.650% senior unsecured notes due June 28, 2025 2026 Notes: $500 million aggregate principal amount

Forward-Looking Statements

Forward-Looking Statements The SEC encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This Quarterly Report on Form 10-Q contains these types of statements. Words such as "may," "will," "could," "should," "anticipates," "envisions," "estimates," "expects," "projects," "intends," "plans," "believes" and words or terms of similar substance used in connection with any discussion of future expectations as to industry and regulatory developments or business initiatives and strategies, future operating results or financial performance, and other future developments are intended to identify forward-looking statements. These include, among others, statements relating to: our strategic direction, including changes to our corporate structure; the integration of acquired businesses, including accounting decisions relating thereto; the scope, nature or impact of acquisitions, divestitures, investments, joint ventures or other transactional activities; the effective dates for, and expected benefits of, ongoing initiatives, including transactional activities and other strategic, restructuring, technology, ESG, de-leveraging and capital return initiatives; our products and services; the impact of pricing changes; tax matters; the cost and availability of liquidity and capital; and any litigation, or any regulatory or government investigation or action, to which we are or could become a party or which may affect us and any potential settlements of litigation, regulatory or governmental investigations or actions, including with respect to our CFTC investigation. Forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others, the following: our operating results may be lower than expected; our ability to successfully i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Nasdaq, Inc. Condensed Consolidated Balance Sheets (in millions, except share and par value amounts) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 388 $ 453 Restricted cash and cash equivalents 21 20 Default funds and margin deposits (including restricted cash and cash equivalents of $ 4,821 and $ 6,645 , respectively) 5,595 7,275 Financial investments 173 188 Receivables, net 925 929 Other current assets 219 231 Total current assets 7,321 9,096 Property and equipment, net 575 576 Goodwill 13,974 14,112 Intangible assets, net 7,291 7,443 Operating lease assets 400 402 Other non-current assets 706 665 Total assets $ 30,267 $ 32,294 Liabilities Current liabilities: Accounts payable and accrued expenses $ 266 $ 332 Section 31 fees payable to SEC 70 84 Accrued personnel costs 188 303 Deferred revenue 866 594 Other current liabilities 184 146 Default funds and margin deposits 5,595 7,275 Short-term debt 224 291 Total current liabilities 7,393 9,025 Long-term debt 9,765 10,163 Deferred tax liabilities, net 1,655 1,642 Operating lease liabilities 413 417 Other non-current liabilities 222 220 Total liabilities 19,448 21,467 Commitments and contingencies Equity Nasdaq stockholders' equity: Common stock, $ 0.01 par value, 900,000,000 shares authorized, shares issued: 599,052,284 at March 31, 2024 and 598,014,520 at December 31, 2023; shares outstanding: 575,758,581 at March 31, 2024 and 575,159,336 at December 31, 2023 6 6 Additional paid-in capital 5,526 5,496 Common stock in treasury, at cost: 23,293,703 shares at March 31, 2024 and 22,855,184 shares at December 31, 2023 ( 611 ) ( 587 ) Accumulated other comprehensive loss ( 2,044 ) ( 1,924 ) Retained earnings 7,932 7,825 Total Nasdaq stockholders' equity 10,809 10,816 Noncontrolling interests 10 11 Total equity 10,819 10,827 Total liabilities and equity $ 30,267 $ 32,294 See accompanying no

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View this 10-Q filing on SEC EDGAR