EX-99.1

附件99.1

納斯達克報告2024年第三季度業績；連續第四個季度雙位數解決方案營業收入增長

NEW YORk, October 24, 2024—納斯達克公司（納斯達克：NDAQ）今日公佈了2024年第三季度的財務業績。

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2024年第三季度淨營業收入¹ 比上一期低11%，反映出黃金和銅的銷售量增加，實現了更高的銅價格，較低的支撐資本和生產剝離開支，以及澳元兌美元的走軟對澳元計價的運營成本的好處。這些好處部分抵消了相關的較高的版權支付和處理、精煉和運輸成本。 $1.1十億，即12億美元。非GAAP 完全稀釋基礎計算方式；²，增長了 22% 在2023年第三季度，公司營業收入增長 10% 根據財務報表³ 包括解決方案⁴ 營業收入增加 26%，或關注 @EVERFI。10% 以專項基礎計算。

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年化重複營收同比增長6％，達到2023年第二季度。年化SaaS收入增長11％，佔年化重複營收的36％。⁵ 的$2.7十億。31% 2023年第三季度增長 8% 以專項基礎計算。

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金融科技營業收入 $371百萬。56% 2023年第三季度，營業收入增長 10% 以調整後數據爲基礎。

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指數營業收入 $182百萬。26%, 與 $62十億在過去十二個月中淨流入金額爲 $14十億在第三季度。

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根據通用會計準則，攤薄後每股收益在2024年第三季度下降 11% 在2024年第三季度。非通用會計原則攤薄後每股收益增加 5% 在2024年第三季度增加了 20% 有機淨銷售額按照去年同期下降了8.4％。

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在2024年第三季度公司通過 $138百萬向股東返還分紅派息和 $88百萬通過普通股回購還清了淨額 $50百萬美元的運營租賃負債的當前部分，分別爲2023年9月30日和2022年12月31日。2024年第三季度的商業票據

第三季度2024亮點


(美元，以百萬計，每股除外)	3Q24		更改 % （同比）			有機變化% （同比）			攤薄後變化% (同比)
GAAP解決方案營業收入	$	872		26	%
非通用會計原則解決方案營業收入	$	906		31	%		9	%		10	%
市場服務淨收入	$	266		13	%		13	%
GAAP淨收入*	$	1,146		22	%
非通用會計原則淨收入*	$	1,180		26	%		10	%		10	%
GAAP營業收入	$	448		4	%
非通用會計原則營業收入	$	637		30	%		12	%		14	%
ARR：2.077億美元，高於四位分析師平均預估的2.081億美元。	$	2,736		31	%		7	%		8	%
按GAAP計算的攤薄後每股收益	$	0.53		(11	)%
非通用會計原則攤薄每股收益	$	0.74		5	%		20	%

注意：同比百分比是基於精確美元計算的，因此可能與上表中顯示的四捨五入數字重新計算的結果不一致。按照《第11條規定》的要求，未按照規範要求計算的形式結果。 S-X的規定請參考下方的腳註進行進一步討論。

*淨營業收入包括800萬美元的其他收入，這反映了與歐洲電力交易和結算業務相關的收入。

阿德納·弗裏德曼，主席兼首席執行官 表示：“納斯達克連續第四個季度實現了雙位數的解決方案增長，整體季度表現強勁。

隨着我們接近一年納斯達克收購Adenza週年之際，我爲我們迄今的進展感到自豪，並對爲客戶和股東創造更大價值感到興奮。

整合進行得順利。通過我們的一體化納斯達克戰略，我們正在加深與金融系統各客戶的合作伙伴關係，併爲持續和可擴展的增長開闢機會。

莎拉·楊伍德，執行副總裁兼首席財務官 表示：“納斯達克的業績繼續反映出我們平台的優質和多樣性，推動業務在指數和金融科技領域實現強勁增長。

我們繼續提前交付去槓桿化和協同效益，並受益於重大的經營槓桿。

展望未來，我們保持良好的執行能力可持續增長的下一個階段。

財務回顧

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2024年第三季度淨營業收入爲11億美元，同比增長22%，而非GAAP 淨營業收入爲12億美元。營收增長包括涉及Adenza收購的1.46億美元收益。淨營業收入按照企業常態增長10%。

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2024年第三季度解決方案收入爲8.72億美元，比上年同期增長26%，或按常態計算增長10%，反映出指數和金融科技的強勁增長。

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2024年第三季度ARR同比增長31%，按常態計算增長8%，金融科技ARR增長14%，資本接入平台ARR增長2%。

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2024年第三季度市場服務淨營業收入爲2.66億美元，比去年同期增長13%。主要是由於美國權益衍生品增加了1500萬美元，美國現金股票增加了1100萬美元。

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2024財年第三季度GAAP營業費用爲6.98億美元，比去年同期增長37%。第三季度的增長主要是因爲收購Adenza導致收購無形資產額外支出8700萬美元，以及AxiomSL和Calypso的其他6100萬美元營業費用，以及通過增加對技術和團隊的投資來推動創新和長期增長所帶來的有機增長。

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2024年第三季度非GAAP 營業費用爲5.43億美元，與去年同期相比增長21%，或按照毛利基礎增長5%。第三季度的增長主要是因爲包括6100萬美元的AxiomSL和Calypso營業費用。按毛利計算的增長是由於增加對技術和我們團隊的投資以推動創新和長期增長所驅動的，部分抵消了協同效應的好處。

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2024年第三季度經營活動現金流爲2.44億美元，使公司能夠在去槓桿計劃上持續取得重要進展。在第三季度，公司通過分紅向股東返還1.38億美元，並通過回購我們的普通股返還8.8千萬美元。公司還在2024年第三季度償還了淨額5千萬美元的商業票據。截至2024年9月30日，批准的董事會股份回購計劃中還剩餘17億美元。

2024年費用和稅務指引更新⁶

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公司正在更新其2024 非GAAP 營業費用指導範圍爲21.5億美元至21.8億美元，並更新了其2024年計劃非GAAP 稅率指導範圍爲23.5%至24.5%。

戰略和業務更新

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金融科技在第三季度實現了健康的營業收入增長。 部門營收在調整後的基礎上增長了10％，反映出該部門解決方案套件的重要性。第三季度金融科技調整後ARR增長14％，增加了39位新客戶，110次升級，以及2次跨銷售。第三季度亮點包括：

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納斯達克躍升至Chartis年度RiskTech100排名第5名^® 全球排名。 該排名被廣泛認爲是針對全球主要風險和合規技術領域的最全面獨立研究。排名顯著上升反映了納斯達克和Adenza的科技產品與以前分別排名第18位和第10位的納斯達克和Adenza科技產品的綜合實力。納斯達克Verafin和AxiomSL獲得Chartis行業獎項，表彰納斯達克在金融犯罪管理和監管報告方面的領導地位。該研究還強調了納斯達克治理和可持續解決方案的價值。

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金融犯罪管理科技的年度遞增率增長了24%，淨營業收入保留率達114%，並推出了新的人工智能產品創新。 金融犯罪管理科技與28家新的SMb客戶簽署合同，除了此前在七月宣布的一級客戶獲勝之外。納斯達克Verafin通過其AI Entity研究Copilot已經擴展到超過2,000家美國機構，延續了其產品創新成功的紀錄。在第三季度，納斯達克Verafin宣布了對其Targeted Typology Analytics的新增強功能，這是一套基於人工智能（AI）的檢測能力套件，針對恐怖分子融資和販毒活動。

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AxiomSL和Calypso實現了15%的合併淨營業收入增長。 AxiomSL和Calypso共交付了47筆升級和4個新客戶，其中四分之一的新訂單是在雲端進行的。合併毛收入保留率為97%，淨營業收入保留率為111%。除2023年第四季度首次發現的一個重大破產影響外，合併淨營業收入增長為16%，毛收入保留率為98%，淨營業收入保留率為112%。⁷ 是97%，淨營業收入保留率是111%。⁸ 是98%，淨營業收入保留率達112%。排除2023年第四季度首次發現的一個重大破產影響，合併淨營業收入增長為16%，毛收入保留率為98%，淨營業收入保留率為112%。

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市場 科技交付了 14% ARR增長，因為它持續抓住與市場現代化發展趨勢相關的機遇。 市場科技是在第三季度推動了13次升級、1個新客戶和1次交叉銷售。ARR增長也受益於一個之前提到的大客戶交付的轉化。

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美國股票衍生工具取得了有史以來最高的季度淨收入。 在2024年第三季度，納斯達克實現了美國股票衍生工具的有史以來最高的季度淨收入，達1.07億美元，多所上市的美國期權市場份額再次超過了30%，美國指數期權成交量增長了19%。

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索引 又實現了四分之一的出色業績，並推進了其增長戰略產品創新、全球化和機構客戶擴張。 在過去的12個月中，指數業務的淨流入量爲620億美元，第三個月爲140億美元季度。該業務在2008年創下了又一項紀錄指數 ETP AuM，平均值第三季度爲5,750億美元，達到6000億美元四分之一末。指數衍生品交易量同比增長24％，也促成了收入增長。納斯達克在本季度與我們的合作伙伴一起推出了35種新產品，其中20種是國際產品。此次推出的產品包括8種期權疊加和7種機構保險年金產品。此外，納斯達克最近收到了全球市場情報提供商結構性零售產品評選的2024年最佳指數提供商，重點介紹了該業務作爲客戶戰略合作伙伴的創新和成功。

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納斯達克在第三季度加強了其在美國上市的領導地位。 納斯達克在美國上市 33 家運營公司的首次公開募股籌集了超過60億美元的收益，反映了本季度符合條件的運營公司的勝率爲85％。這些清單促成了75％的勝率年初至今符合條件的運營公司將持續到第三季度，其中包括前十大首次公開募股中的5家，其中包括Lineage，這是今年迄今爲止最大的一次首次公開募股。納斯達克還慶祝了其第 500 次轉向我們在本季度的美國交易所。

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納斯達克在時代廣場慶祝MarketSite成立25週年。 MarketSite 一直是... 的實際化身納斯達克品牌自首次亮相以來，反映了納斯達克推動創新和提供有價值的客戶解決方案的文化。MarketSite是納斯達克客戶和合作夥伴的中心，也是全球金融格局不可分割的一部分。

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納斯達克繼續在2024年的戰略優先事項上取得進展 — 整合、創新、加速 — 使公司能夠抓住機會實現可持續、可擴展和彈性增長。

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整合 — 自收購Adenza以來，差不多一年前，納斯達克已經實現了其淨支出協同目標的80％以上，並繼續提前下跌。

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創新 — 納斯達克在部署人工智能工具和產品方面達到了新的里程碑，包括推出一個帶有自定義效率工具的內部生成式人工智能平台，並完成了向其所有開發人員推出的人工智能副駕駛工具。Calypso 還宣佈了基於 AI 的解決方案 X 值調整 (XVA) 的處理速度最多可提高 100 倍，從而提高銀行、保險公司和其他金融機構的風險計算效率。除了納斯達克的人工智能創新外，市場服務將納斯達克國際證券交易所遷移到其下一代衍生品平台Fusion。納斯達克的四個美國市場和一個歐洲股票衍生品市場正在該平台上運營，該平台提供增強的性能，包括更低的延遲、更高的吞吐量和更高的生產率。

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「」代表了與根據設備票據發行的債券應付的金額相關，這些金額因宣告或其他方式即時到期。 我們繼續推進我們的「一納斯達克」策略，在本季度推動了在金融科技部門的兩次跨銷售。該部門銷售渠道中跨銷售機會的百分比超過10％，納斯達克仍在計劃中，到2027年底將超過1億美元的跨銷售額。

¹代表營業收入減去基於交易的費用。

²請參閱我們的美國通用會計準則協調錶非GAAP 解決方案營收、淨營收、歸屬於納斯達克的淨利潤、攤薄每股收益、營業收入、營業費用和附表中包含的有機影響的調解，請參見所附附表。

³假設 AxiomSL 和 Calypso 包含在去年季度業績中，並且 AxiomSL 收入的財務數據通過Zscaler的訂閱模式，將硬件上的安防-半導體解決方案轉爲雲端解決方案，預計隨着時間的推移而減少。合同在2023年和2024年均以等比例方式確認。除AxiomSL和Calypso之外，這些結果均不考慮除貨幣之外的外部因素，這兩者尚未根據有機基礎計算。這些假設結果未經計算，也沒有意圖按照《條例11》的假設要求一致地計算。 S-X的規定按照《條例11》準備這些信息將與本發佈中呈現的結果有所不同。

⁴ 構成我們資本准入平台和金融科技業務部門的營業收入。

⁵ 給定期間的年化重複收入（ARR）是從具有明確合同價值的訂閱合同中衍生出來的當前年化價值。這不包括不重複發生的合同，其性質或合同價值根據明確指標波動。ARR目前是我們評估重複業務健康狀況和軌跡的關鍵績效指標之一。 ARR沒有任何標準化定義，因此不太可能與其他公司提出的類似命名的指標形成可比性。 ARR應該獨立於營業收入和遞延收入進行審視，不打算與這些項目合併或替代。對於AxiomSL和Calypso重複收入合同，包含在ARR中的金額與我們在當前期間向客戶開具的發票金額一致。此外，對於AxiomSL和Calypso的重複收入合同，其中包含隨時間增加的年度值，我們在ARR中僅包含在ARR計算日期被視爲有效的合同組成部分的年化價值。我們在ARR計算日期不包括合同價值的未來已承諾增加。ARR不是預測，用於計算ARR的報告期末的有效合同可能或可能不會由我們的客戶延期或續簽。一次性的由我們的資本准入平台和金融科技業務部門產生的營業收入構成。

⁶由於量化某些金額的固有困難，包括外匯匯率變動的不可預測性，以及未來超出正常業務範圍的收費或逆轉，因此不提供美國通用會計準則（U.S. GAAP）營業費用和稅率指導。

⁷總留存率：現有客戶在當前期間的年度合同收入與上一年期間的年度合同收入相比，不包括價格調整和升級，也不包括新增客戶。

⁸淨留存率：現有客戶在當前期間的年度合同收入與上一年期間的年度合同收入相比，包括價格調整和升級，但不包括新增客戶。

關於納斯達克

納斯達克（納斯達克：NDAQ）是一家全球科技公司，爲企業客戶、投資經理、銀行、經紀人和交易所運營商提供服務，幫助他們在全球資本市場和更廣泛金融體系中導航和互動。我們致力於提供世界領先的平台，以提高全球經濟的流動性、透明度和誠信。我們多樣化的數據、分析、軟件、交易功能和以客戶爲中心的服務，使客戶能夠自信地優化和執行他們的業務願景。要了解更多關於公司的信息、科技解決方案和職業機會，請訪問我們在 LinkedIn，在X上 @納斯達克，或訪問www.nasdaq.com。www.nasdaq.com.

非GAAP 信息

除了披露根據美國通用會計準則確定的結果外，納斯達克還披露某些非GAAP 業務結果，包括但不限於，非GAAP 解決方案營業收入，非GAAP 淨營業收入，非GAAP 歸屬於納斯達克的淨利潤非GAAP 攤薄每股收益，非GAAP 營業收入，以及非GAAP 營業費用，包括某些調整或排除在美國通用會計準則與非GAAP 本公告末尾提供的信息。管理層在評估我們的表現以及做出財務和運營決策時，內部使用這些信息，非GAAP 我們相信，以這些指標的展示爲投資者提供了更大的透明度和與我們財務狀況及經營成果相關的補充數據。此外，我們認爲這些指標的展示對投資者有用，期間間作爲結果的比較，因爲下面對賬表中描述的項目並不反映持續的運營表現。

這些指標不符合美國通用會計準則，也不是其替代品，可能與非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 非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 非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絕非必然的。非GAAP 反映以下調整的措施： (i) 匯率的期對期變化影響，以及 (ii) 與收購和剝離相關的營業收入、費用和營業收入，在收購或剝離日期後的十二個月內。這些措施的對賬在本公告的正文或本公告末尾的對賬表中描述。

匯率影響： 在使用其他貨幣而非美元的國家，營業收入和支出是通過使用每月平均匯率進行轉換的。本次公告中的某些討論孤立了按年計算的外幣波動影響，以更好地衡量不同期間之間運營結果的可比性。排除外幣波動影響的運營結果是通過將當前期間的結果按前一個期間的匯率進行轉換來計算的。

重組計劃在2023年第四季度，隨着Adenza收購的完成，我們的管理層批准、承諾並啓動了一項名爲「Adenza重組」的計劃，以優化作爲一個整合組織的效率。關於該計劃，我們預計將承擔稅前主要與員工相關的費用、合同終止、房地產業減值及其他相關費用的費用。我們預計將主要通過節約成本和改善營業收入來實現效益。在2022年10月，在我們9月份宣佈重新調整我們的業務和領導力後，我們啓動了一項側重於實現這一結構全面潛力的事業部對齊計劃。關於該計劃，我們預計將承擔稅前主要與員工相關的費用、諮詢、資產減值和合同終止相關的費用。兩年我們預計在此期間實現客戶參與度和運營效率的提高等方面的好處。與Adenza重組和部門對齊計劃相關的費用在我們的綜合收入報表中記錄爲「重組費用」。在計算時，我們會將與這些計劃相關的費用排除在外。非GAAP 這些措施並不能反映納斯達克的持續運營表現或不同期間之間的表現比較。

關於前瞻性聲明的警示

本通信中列出的信息包含涉及大量風險和不確定性的前瞻性陳述。納斯達克提醒讀者：任何前瞻性信息並不能保證未來的表現，實際結果可能與前瞻性信息中包含的內容有實質性差異。這些前瞻性陳述包括但不限於（i）與我們未來的財務成果、股東回報總額、增長、分紅計劃、交易量、產品和服務、向新業務模型過渡或實施新企業結構、稅收及協同效應目標的實現相關的預測，(ii)關於某些收購、剝離及其他戰略、重組、科技、環保母基和資本分配舉措的完成或實施日期和好處的陳述，全球銀行系統去槓桿化（iii）關於我們近期收購的整合的陳述，(iv) 與我們可能成爲當事方的任何訴訟或監管或政府調查或行動相關的陳述，及（v）其它非歷史事實的陳述。前瞻性陳述涉及許多風險、不確定性或納斯達克無法控制的其他因素。這些因素包括但不限於納斯達克實施其戰略舉措的能力、經濟、政治和市場條件及波動、地緣政治不穩定、政府和行業監管、利率風險，以及美國及全球競爭。有關這些及其他因素的進一步信息詳見納斯達克向美國證券交易委員會提交的文件，包括其年度報告。 10-K 以及關於表格的季度報告 10-Q, 可在納斯達克投資者關係網站http://ir.nasdaq.com和美國證券交易委員會（SEC）的網站www.sec.gov上獲取。納斯達克沒有義務公開更新任何前瞻性聲明，無論是由於新信息、未來事件還是其他原因。

網站披露：納斯達克擬使用其網站ir.nasdaq.com作爲披露重要非公開信息和遵守SEC Regulation FD和其他披露義務的手段。

納斯達克打算使用其網站， ir.nasdaq.com，作爲披露重要非公開信息信息的手段，並遵守SEC法規FD和其他披露義務。


Media Relations Contact		Investor Relations Contact
Nick Jannuzzi		Ato Garrett
973.760.1741		212.401.8737
nicholas.jannuzzi.@nasdaq.com		ato.garrett@nasdaq.com

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,
	2024			2023			2024			2023
Revenues:
Capital Access Platforms	$	501		$	456		$	1,460		$	1,309
Financial Technology		371			238			1,183			700
Market Services		1,022			747			2,700			2,378
Other Revenues		8			10			27			30

Total revenues		1,902			1,451			5,370			4,417
Transaction-based expenses:
Transaction rebates		(513	)		(447	)		(1,478	)		(1,377	)
Brokerage, clearance and exchange fees		(243	)		(64	)		(470	)		(262	)

Revenues less transaction-based expenses		1,146			940			3,422			2,778

Operating Expenses:
Compensation and benefits		332			260			1,000			777
Professional and contract services		36			31			108			92
Technology and communication infrastructure		71			58			207			168
Occupancy		28			28			85			99
General, administrative and other		26			26			84			62
Marketing and advertising		11			12			34			30
Depreciation and amortization		153			64			460			198
Regulatory		9			9			37			27
Merger and strategic initiatives		10			4			23			51
Restructuring charges		22			17			103			49

Total operating expenses		698			509			2,141			1,553

Operating income		448			431			1,281			1,225
Interest income		8			72			20			86
Interest expense		(102	)		(101	)		(313	)		(174	)
Other income (loss)		1			1			15			(6	)
Net income (loss) from unconsolidated investees		1			(12	)		7			(8	)

Income before income taxes		356			391			1,010			1,123
Income tax provision		51			97			250			262

Net income		305			294			760			861
Net loss attributable to noncontrolling interests		1			—			2			1

Net income attributable to Nasdaq	$	306		$	294		$	762		$	862

Per share information:
Basic earnings per share	$	0.53		$	0.60		$	1.32		$	1.76

Diluted earnings per share	$	0.53		$	0.60		$	1.32		$	1.74

Cash dividends declared per common share	$	0.24		$	0.22		$	0.70		$	0.64

Weighted-average common shares outstanding for earnings per share:
Basic		575.1			491.3			575.6			490.7
Diluted		579.0			494.1			579.0			494.2

Nasdaq, Inc.

Revenue Detail

(in millions)

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	190		$	188		$	562		$	559
Index revenues		182			144			517			383
Workflow and Insights revenues		129			124			381			367

Total Capital Access Platforms revenues		501			456			1,460			1,309
FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		69			58			200			163
Regulatory Technology revenues		68			35			253			102
Capital Markets Technology revenues		234			145			730			435

Total Financial Technology revenues		371			238			1,183			700
MARKET SERVICES
Market Services revenues		1,022			747			2,700			2,378
Transaction-based expenses:
Transaction rebates		(513	)		(447	)		(1,478	)		(1,377	)
Brokerage, clearance and exchange fees		(243	)		(64	)		(470	)		(262	)

Total Market Services revenues, net		266			236			752			739
OTHER REVENUES		8			10			27			30

REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,146		$	940		$	3,422		$	2,778

Nasdaq, Inc.

Condensed Consolidated Balance Sheets

(in millions)


	September 30, 2024			December 31, 2023
Assets		(unaudited)
Current assets:
Cash and cash equivalents	$	266		$	453
Restricted cash and cash equivalents		42			20
Default funds and margin deposits		5,865			7,275
Financial investments		202			188
Receivables, net		944			929
Other current assets		239			231

Total current assets		7,558			9,096
Property and equipment, net		584			576
Goodwill		14,165			14,112
Intangible assets, net		7,072			7,443
Operating lease assets		388			402
Other non-current assets		793			665

Total assets	$	30,560		$	32,294

Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	289		$	332
Section 31 fees payable to SEC		74			84
Accrued personnel costs		314			303
Deferred revenue		663			594
Other current liabilities		229			146
Default funds and margin deposits		5,865			7,275
Short-term debt		499			291

Total current liabilities		7,933			9,025
Long-term debt		9,359			10,163
Deferred tax liabilities, net		1,566			1,642
Operating lease liabilities		399			417
Other non-current liabilities		222			220

Total liabilities		19,479			21,467

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock		6			6
Additional paid-in capital		5,477			5,496
Common stock in treasury, at cost		(643	)		(587	)
Accumulated other comprehensive loss		(1,952	)		(1,924	)
Retained earnings		8,184			7,825

Total Nasdaq stockholders’ equity		11,072			10,816
Noncontrolling interests		9			11

Total equity		11,081			10,827

Total liabilities and equity	$	30,560		$	32,294

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share

(in millions, except per share amounts)

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
U.S. GAAP net income attributable to Nasdaq	$	306		$	294		$	762		$	862
Non-GAAP adjustments:
Adenza purchase accounting adjustment ⁽¹⁾		34			—			34			—
Amortization expense of acquired intangible assets ⁽²⁾		122			37			366			112
Merger and strategic initiatives expense ⁽³⁾		10			4			23			51
Restructuring charges ⁽⁴⁾		22			17			103			49
Lease asset impairments ⁽⁵⁾		—			—			—			24
Net (income) loss from unconsolidated investees ⁽⁶⁾		(1	)		12			(7	)		8
Legal and regulatory matters ⁽⁷⁾		—			—			16			(10	)
Pension settlement charge ⁽⁸⁾		—			—			23			—
Other (income) loss ⁽⁹⁾		1			9			(8	)		17

Total non-GAAP adjustments		188			79			550			251
Non-GAAP adjustment to the income tax provision ⁽¹⁰⁾		(65	)		(24	)		(151	)		(76	)
Tax on intra-group transfer of intellectual property assets ⁽¹¹⁾		—			—			33			—

Total non-GAAP adjustments, net of tax		123			55			432			175

Non-GAAP net income attributable to Nasdaq	$	429		$	349		$	1,194		$	1,037

U.S. GAAP diluted earnings per share	$	0.53		$	0.60		$	1.32		$	1.74
Total adjustments from non-GAAP net income above		0.21			0.11			0.74			0.36

Non-GAAP diluted earnings per share	$	0.74		$	0.71		$	2.06		$	2.10

Weighted-average diluted common shares outstanding for earnings per share:		579.0			494.1			579.0			494.2

(1)

During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.

(2)	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.

(3)

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, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.

(4)

In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 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 September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.

(5)

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.

(6)	We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(7)

For the nine months ended September 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

(8)

For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(9)

For the nine months ended September 30, 2024, and for the three and nine months ended September 30, 2023, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Condensed Consolidated Statements of Income.

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

(11)	For the nine months ended September 30, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses

(in millions)

(unaudited)


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	U.S. GAAP Revenues Less Transaction- Based Expenses		Adenza purchase accounting adjustment ⁽¹⁾		Non-GAAP Revenues Less Transaction-Based Expenses		U.S. GAAP Revenues Less Transaction- Based Expenses		Adenza purchase accounting adjustment ⁽¹⁾		Non-GAAP Revenues Less Transaction-Based Expenses
CAPITAL ACCESS PLATFORMS	$	501	$	—	$	501	$	1,460	$	—	$	1,460
FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		69		—		69		200		—		200
Regulatory Technology revenues ⁽¹⁾		68		34		102		253		34		287
Capital Markets Technology revenues		234		—		234		730		—		730

Total Financial Technology revenues		371		34		405		1,183		34		1,217

SOLUTIONS REVENUES		872		34		906		2,643		34		2,677
MARKET SERVICES REVENUES, NET		266		—		266		752		—		752
OTHER REVENUES		8		—		8		27		—		27

REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,146	$	34	$	1,180	$	3,422	$	34	$	3,456

(1)

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin

(in millions)

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
U.S. GAAP operating income	$	448		$	431		$	1,281		$	1,225
Non-GAAP adjustments:
Adenza purchase accounting adjustment ⁽¹⁾		34			—			34			—
Amortization expense of acquired intangible assets ⁽²⁾		122			37			366			112
Merger and strategic initiatives expense ⁽³⁾		10			4			23			51
Restructuring charges ⁽⁴⁾		22			17			103			49
Lease asset impairments ⁽⁵⁾		—			—			—			24
Legal and regulatory matters ⁽⁶⁾		—			—			16			(10	)
Pension settlement charge ⁽⁷⁾		—			—			23			—
Other loss		1			2			4			2

Total non-GAAP adjustments		189			60			569			228

Non-GAAP operating income	$	637		$	491		$	1,850		$	1,453

Revenues less transaction-based expenses	$	1,146		$	940		$	3,422		$	2,778
U.S. GAAP operating margin ⁽⁸⁾		39	%		46	%		37	%		44	%
Non-GAAP operating margin ⁽⁹⁾		54	%		52	%		54	%		52	%

(1)

(2)	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.

(3)

(4)

(5)

(6)

For the nine months ended September 30, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

(7)

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

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

Nasdaq, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses

(in millions)

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
U.S. GAAP operating expenses	$	698		$	509		$	2,141		$	1,553
Non-GAAP adjustments:
Amortization expense of acquired intangible assets⁽¹⁾		(122	)		(37	)		(366	)		(112	)
Merger and strategic initiatives expense ⁽²⁾		(10	)		(4	)		(23	)		(51	)
Restructuring charges ⁽³⁾		(22	)		(17	)		(103	)		(49	)
Lease asset impairments ⁽⁴⁾		—			—			—			(24	)
Legal and regulatory matters ⁽⁵⁾		—			—			(16	)		10
Pension settlement charge ⁽⁶⁾		—			—			(23	)		—
Other (loss)		(1	)		(2	)		(4	)		(2	)

Total non-GAAP adjustments		(155	)		(60	)		(535	)		(228	)

Non-GAAP operating expenses	$	543		$	449		$	1,606		$	1,325

(1)	We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2)

(3)

(4)

(5)

(6)

Nasdaq, Inc.

Reconciliation of Pro Forma Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,

Non-GAAP Operating Income, and Non-GAAP Operating Margin

(in millions)

(unaudited)


	Three Months Ended									Three Months Ended																Pro Forma
	September 30, 2024									September 30, 2023								Total Variance						FX ⁽³⁾		Impacts
	Non-GAAP			Adenza Adjustment ⁽¹⁾			Pro Forma			Non-GAAP			Adenza ⁽²⁾		Pro Forma			$			%			$		$			%
Capital Access Platforms revenues	$	501		$	—		$	501		$	456		$	—	$	456		$	45			10	%	$	1	$	44			9	%
Financial Crime Management Technology revenues		69			—			69			58			—		58			11			20	%		—		11			20	%
Regulatory Technology revenues		102			(2	)		100			35			56		91			9			10	%		1		8			8	%
Capital Markets Technology revenues		234			—			234			145			71		216			18			8	%		—		18			8	%

Financial Technology revenues		405			(2	)		403			238			127		365			38			10	%		1		37			10	%

Solutions revenues ⁽⁴⁾		906			(2	)		904			694			127		821			83			10	%		2		81			10	%
Market Services, net revenues		266			—			266			236			—		236			30			13	%		—		30			13	%
Other revenues		8			—			8			10			—		10			(2	)		(13	)%		—		(2	)		(14	)%

Revenues less transaction-based expenses		1,180			(2	)		1,178			940			127		1,067			111			10	%		2		109			10	%
Non-GAAP operating expenses		543			—			543			449			65		514			29			6	%		1		28			5	%

Non-GAAP operating income	$	637		$	(2	)	$	635		$	491		$	62	$	553		$	82			15	%	$	1	$	81			14	%

Non-GAAP operating margin		54	%					54	%		52	%				52	%

Note: Pro forma results are presented assuming AxiomSL and Calypso were included in the prior year quarterly results and revenue for AxiomSL on-premises contracts were recognized ratably for all of 2023 and 2024. Pro forma growth excludes the impacts of foreign currency except for AxiomSL and Calypso, which are not yet calculated on an organic basis. These pro forma results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1)	Adjustment to remove the cumulative impact of changing to ratable revenue recognition for AxiomSL on-premises subscription contracts, which related to the first six months of 2024.

(2)

The Adenza results above are presented on a non-GAAP basis and have been adjusted for certain items. We believe presenting these measures excluding these items provides investors with greater transparency as they do not represent ongoing operations. These adjustments include intangible amortization of $39 million and other transaction and restructuring related costs of $3 million for the third quarter of 2023.

(3)	Reflects the impacts from changes in FX rates.

(4)	Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.

Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,

Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share

(in millions)

(unaudited)


	Three Months Ended
	September 30,		September 30,		Total Variance						Organic Impact						Other Impacts⁽¹⁾
	2024		2023		$			%			$			%			$			%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	190	$	188	$	2			1	%	$	1			1	%	$	1			—	%
Index revenues		182		144		38			26	%		38			26	%		—			—	%
Workflow and Insights revenues		129		124		5			4	%		5			3	%		—			—	%

Total Capital Access Platforms revenues		501		456		45			10	%		44			9	%		1			—	%
FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		69		58		11			20	%		11			20	%		—			—	%
Regulatory Technology revenues		102		35		67			190	%		2			6	%		65			185	%
Capital Markets Technology revenues		234		145		89			62	%		7			5	%		82			57	%

Total Financial Technology revenues		405		238		167			71	%		20			9	%		147			62	%

SOLUTIONS REVENUES ⁽²⁾		906		694		212			31	%		64			9	%		148			21	%
MARKET SERVICES REVENUES, NET		266		236		30			13	%		30			13	%		—			—	%
OTHER REVENUES		8		10		(2	)		(13	)%		(2	)		(14	)%		—			1	%

REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,180	$	940	$	240			26	%	$	92			10	%	$	148			16	%

Non-GAAP Operating Expenses	$	543	$	449	$	94			21	%	$	32			7	%	$	62			14	%
Non-GAAP Operating Income	$	637	$	491	$	146			30	%	$	60			12	%	$	86			18	%
Non-GAAP diluted earnings per share	$	0.74	$	0.71	$	0.03			5	%	$	0.14			20	%	$	(0.11	)		(16	)%

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.

(1)	Primarily includes the impacts of the Adenza acquisition and changes in FX rates.

(2)	Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.

Quarterly Key Drivers Detail

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
Capital Access Platforms
Annualized recurring revenues (in millions) ⁽¹⁾	$	1,254		$	1,222		$	1,254		$	1,222
Initial public offerings
The Nasdaq Stock Market ⁽²⁾		48			39			114			102
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		1			—			7			3
Total new listings
The Nasdaq Stock Market ⁽²⁾		138			87			301			230
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		6			3			18			16
Number of listed companies
The Nasdaq Stock Market ⁽⁴⁾		4,039			4,086			4,039			4,086
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,186			1,236			1,186			1,236
Index
Number of licensed exchange traded products (ETPs) ⁽⁶⁾		388			366			388			366
Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	600		$	411		$	600		$	411
Quarterly average ETP AUM tracking Nasdaq indexes (in billions)	$	575		$	423
TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	62		$	24		$	62		$	24
TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	143		$	78		$	143		$	78
Financial Technology
Annualized recurring revenues (in millions) ⁽¹⁾
Financial Crime Management Technology	$	268		$	216		$	268		$	216
Regulatory Technology		350			132			350			132
Capital Markets Technology		864			511			864			511

Total Financial Technology	$	1,482		$	859		$	1,482		$	859
Market Services
Equity Derivative Trading and Clearing
U.S. equity options
Total industry average daily volume (in millions)		44.5			39.6			43.3			40.4
Nasdaq PHLX matched market share		9.4	%		11.0	%		9.9	%		11.2	%
The Nasdaq Options Market matched market share		5.8	%		5.6	%		5.5	%		6.4	%
Nasdaq BX Options matched market share		2.3	%		4.4	%		2.3	%		3.6	%
Nasdaq ISE Options matched market share		6.8	%		5.7	%		6.7	%		5.8	%
Nasdaq GEMX Options matched market share		2.7	%		3.0	%		2.6	%		2.3	%
Nasdaq MRX Options matched market share		3.2	%		2.0	%		2.6	%		1.7	%

Total matched market share executed on Nasdaq’s exchanges		30.2	%		31.7	%		29.6	%		31.0	%
Nasdaq Nordic and Nasdaq Baltic options and futures
Total average daily volume of options and futures contracts ⁽⁸⁾		213,911			245,986			235,137			298,785
Cash Equity Trading
Total U.S.-listed securities
Total industry average daily share volume (in billions)		11.5			10.4			11.7			11.0
Matched share volume (in billions)		117.4			106.7			354.3			342.2
The Nasdaq Stock Market matched market share		15.6	%		15.5	%		15.6	%		15.9	%
Nasdaq BX matched market share		0.3	%		0.4	%		0.4	%		0.4	%
Nasdaq PSX matched market share		0.2	%		0.3	%		0.2	%		0.4	%

Total matched market share executed on Nasdaq’s exchanges		16.1	%		16.2	%		16.2	%		16.7	%
Market share reported to the FINRA/Nasdaq Trade Reporting Facility		44.7	%		40.2	%		43.0	%		35.2	%

Total market share ⁽⁹⁾		60.8	%		56.4	%		59.2	%		51.9	%
Nasdaq Nordic and Nasdaq Baltic securities
Average daily number of equity trades executed on Nasdaq’s exchanges		609,167			556,257			645,622			676,132
Total average daily value of shares traded (in billions)	$	4.1		$	3.6		$	4.5		$	4.5
Total market share executed on Nasdaq’s exchanges		71.6	%		71.6	%		72.2	%		70.6	%
Fixed Income and Commodities Trading and Clearing
Fixed Income
Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		89,037			88,383			94,493			96,461

(1)

Annualized Recurring Revenue (ARR) for a given period is the current annualized value 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. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. 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.

(2)

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, 2024 and 2023, IPOs included 15 and 4 SPACs, respectively. For the nine months ended September 30, 2024 and 2023, IPOs included 28 and 19 SPACs, respectively.

(3)	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.

(4)	Number of total listings on The Nasdaq Stock Market for the nine months ended September 30, 2024 and September 30, 2023 included 712 and 570 ETPs, respectively.

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

(6)	The number of listed ETPs as of September 30, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.

(7)	Trailing 12-months.

(8)	Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.

(9)	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.