Nasdaq Q2 2024 10-Q Filed

TL;DR

**NASDAQ Q2 10-Q OUT: Financials look solid, notes due 2032 & 2033 highlighted.**

AI Summary

Nasdaq, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial instruments mentioned include various senior notes, such as the 4.500% Senior Notes due 2032 and 0.900% Senior Unsecured Notes due 2033.

Why It Matters

This filing provides investors with a detailed look at Nasdaq's financial health and strategic direction for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new or elevated risks.

Key Numbers

• 20240630 — End of Reporting Period (Indicates the period covered by the financial statements.)
• 20240806 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• NASDAQ, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0001120193-24-000014 (other) — Accession Number for the filing
• 4.500% Senior Notes Due 2032 (dollar_amount) — Specific financial instrument mentioned
• 0.900% Senior Unsecured Notes Due 2033 (dollar_amount) — Specific financial instrument mentioned

FAQ

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 — tures on December 16, 2027 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-20240630.htm (10-Q) — 2363KB
• ndaq6302024ex-101.htm (EX-10.1) — 61KB
• ndaq6302024ex-102.htm (EX-10.2) — 63KB
• ndaq6302024ex-103.htm (EX-10.3) — 100KB
• ndaq6302024ex-104.htm (EX-10.4) — 75KB
• ndaq06302024ex-311.htm (EX-31.1) — 10KB
• ndaq06302024ex-312.htm (EX-31.2) — 9KB
• ndaq06302024ex-321.htm (EX-32.1) — 9KB
• image_0.jpg (GRAPHIC) — 0KB
• ndaq-20240630_g1.jpg (GRAPHIC) — 148KB
• ndaq-20240630_g2.jpg (GRAPHIC) — 45KB
• ndaq-20240630_g3.jpg (GRAPHIC) — 45KB
• ndaq-20240630_g4.jpg (GRAPHIC) — 53KB
• ndaq-20240630_g5.jpg (GRAPHIC) — 52KB
• 0001120193-24-000014.txt ( ) — 13590KB
• ndaq-20240630.xsd (EX-101.SCH) — 89KB
• ndaq-20240630_cal.xml (EX-101.CAL) — 105KB
• ndaq-20240630_def.xml (EX-101.DEF) — 473KB
• ndaq-20240630_lab.xml (EX-101.LAB) — 910KB
• ndaq-20240630_pre.xml (EX-101.PRE) — 720KB
• ndaq-20240630_htm.xml (XML) — 2038KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Changes in Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48 Item 1A.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 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 2025 Notes: $500 million aggregate principal amount of 5.650% senior unsecured notes due June 28, 2025 2026 Notes: $500 million aggregate principal amount of 3.850% senior unsecured notes due June 30, 2026 2028 Notes: $1 bi

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. Forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others, the following: our operating results may be lower than expected; our ability to successfully integrate acquired businesses or divest sold busine

- 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) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 416 $ 453 Restricted cash and cash equivalents 24 20 Default funds and margin deposits (including restricted cash and cash equivalents of $ 5,037 and $ 6,645 , respectively) 5,546 7,275 Financial investments 174 188 Receivables, net 960 929 Other current assets 189 231 Total current assets 7,309 9,096 Property and equipment, net 556 576 Goodwill 13,984 14,112 Intangible assets, net 7,171 7,443 Operating lease assets 400 402 Other non-current assets 790 665 Total assets $ 30,210 $ 32,294 Liabilities Current liabilities: Accounts payable and accrued expenses $ 301 $ 332 Section 31 fees payable to SEC 213 84 Accrued personnel costs 213 303 Deferred revenue 736 594 Other current liabilities 234 146 Default funds and margin deposits 5,546 7,275 Short-term debt 548 291 Total current liabilities 7,791 9,025 Long-term debt 9,249 10,163 Deferred tax liabilities, net 1,632 1,642 Operating lease liabilities 409 417 Other non-current liabilities 221 220 Total liabilities 19,302 21,467 Commitments and contingencies Equity Nasdaq stockholders' equity: Common stock, $ 0.01 par value, 900,000,000 shares authorized, shares issued: 599,826,741 at June 30, 2024 and 598,014,520 at December 31, 2023; shares outstanding: 576,063,740 at June 30, 2024 and 575,159,336 at December 31, 2023 6 6 Additional paid-in capital 5,528 5,496 Common stock in treasury, at cost: 23,763,001 shares at June 30, 2024 and 22,855,184 shares at December 31, 2023 ( 641 ) ( 587 ) Accumulated other comprehensive loss ( 2,011 ) ( 1,924 ) Retained earnings 8,016 7,825 Total Nasdaq stockholders' equity 10,898 10,816 Noncontrolling interests 10 11 Total equity 10,908 10,827 Total liabilities and equity $ 30,210 $ 32,294 See accompanying notes

View Full Filing

View this 10-Q filing on SEC EDGAR