Table Of Contents
Nasdaq, Inc.
Consolidated Statements of Income
(in millions, except per share amounts)
Year Ended December 31,
2015
2014
2013
Revenues:
Market Services
$
2,084 $
2,229 $
2,072
Listing Services
264
238
228
Information Services
512
473
436
Technology Solutions
543
560
475
Total revenues
3,403
3,500
3,211
Transaction-based expenses:
Transaction rebates
(983)
(1,065)
(1,002)
Brokerage, clearance and exchange fees
(330)
(368)
(314)
Revenues less transaction-based expenses
2,090
2,067
1,895
Operating expenses:
Compensation and benefits
590
588
539
Marketing and advertising
28
32
30
Depreciation and amortization
138
137
122
Professional and contract services
148
157
151
Computer operations and data communications
107
92
82
Occupancy
85
110
98
Regulatory
27
27
30
Merger and strategic initiatives
10
81
22
General, administrative and other
65
89
80
Restructuring charges
172
-
9
Voluntary accommodation program
-
-
44
Total operating expenses
1,370
1,313
1,207
Operating income
720
754
688
Interest income
4
6
9
Interest expense
(111)
(117)
(111)
Gain on sale of investment security
-
-
30
Asset impairment charges
-
(49)
(14)
Net income (loss) from unconsolidated investees
17
-
(2)
Income before income taxes
630
594
600
Income tax provision
203
181
216
Net income
427
413
384
Net loss attributable to noncontrolling interests
1
1
1
Net income attributable to Nasdaq
$
428 $
414 $
385
Per share information:
Basic earnings per share
$
2.56 $
2.45 $
2.30
Diluted earnings per share
$
2.50 $
2.39 $
2.25
Cash dividends declared per common share
$
0.90 $
0.58 $
0.52
See accompanying notes to consolidated financial statements.
F- 4
Table Of Contents
Nasdaq, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(in millions)
Year Ended December 31,
2015
2014
2013
Net income
$
427 $
413 $
384
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available-for-sale investment securities:
Unrealized holding gain arising during period
-
-
26
Reclassification adjustment for (gain) realized and included in net income
-
-
(30)
Total
-
-
(4)
Foreign currency translation losses:
Net foreign currency translation losses
(283)
(733)
(17)
Income tax benefit
100
127
127
Total
(183)
(606)
110
Employee benefit plan gains (losses):
Employee benefit plan adjustment gains (losses)
2
(15)
21
Income tax benefit (expense)
(1)
6
(9)
Total
1
(9)
12
Total other comprehensive income (loss), net of tax
(182)
(615)
118
Comprehensive income (loss)
245
(202)
502
Comprehensive loss attributable to noncontrolling interests
1
1
1
Comprehensive income (loss) attributable to Nasdaq
$
246 $
(201) $
503
See accompanying notes to consolidated financial statements.
F- 5
Table Of Contents
Nasdaq, Inc.
Consolidated Statements of Changes in Equity
(in millions, except share amounts)
Number of
Common
Accumulated
Common
Common
Additional
Stock In
Other
Shares
Stock at
Paid-in
Treasury at
Comprehensive
Retained
Noncontrolling
Outstanding
Par Value
Capital
Cost
Loss
Earnings
Interests
Total
Balance at December 31, 2012
165,605,838 $
2 $ 3,771 $ (1,058) $
(185) $ 2,678 $
1 $ 5,209
Net income (loss)
-
-
-
-
-
385
(1)
384
Foreign currency translation, net of tax of
$127
-
-
-
-
110
-
-
110
Employee benefit plan adjustments, net of
tax of $9
-
-
-
-
12
-
-
12
Unrealized holding gains on available-for-
sale security, net of reclassification for
gains realized in net income
-
-
-
-
(4)
-
-
(4)
Cash dividends declared per common
share
-
-
-
-
-
(87)
-
(87)
Share repurchase program
(321,000)
-
-
(10)
-
-
-
(10)
Amortization and vesting of restricted
stock and PSUs
779,614
-
23
17
-
-
-
40
Stock options amortization and exercises,
net
2,346,220
-
(20)
52
32
Other issuances of common stock, net
(45,835)
-
20
(6)
-
-
-
14
Purchase price related to issuance of
Nasdaq common stock - eSpeed
acquisition
992,247
-
484
-
-
-
-
484
Balance at December 31, 2013
169,357,084 $
2 $ 4,278 $ (1,005) $
(67) $ 2,976 $
- $ 6,184
Net income (loss)
-
-
-
-
- $
414 $
(1)
413
Foreign currency translation, net of tax of
$127
-
-
-
-
(606)
-
-
(606)
Employee benefit plan adjustments, net of
tax of $6
-
-
-
-
(9)
-
-
(9)
Cash dividends declared per common
share
-
-
-
-
-
(98)
-
(98)
Share repurchase program
(4,592,194)
-
-
(178)
-
-
-
(178)
Amortization and vesting of restricted
stock and PSUs
1,972,573
-
57
-
-
-
-
57
Stock options amortization and exercises,
net
1,578,050
-
33
-
-
-
-
33
Other issuances of common stock, net
(512,497)
-
24
(28)
-
-
(4)
Retirement of common stock held in
treasury
-
-
(1,170)
1,170
-
-
-
-
Sale of subsidiary shares to noncontrolling
interests and other adjustments
-
-
-
-
-
-
2
2
Purchase price related to issuance of
Nasdaq common stock - eSpeed
acquisition
992,247
-
-
-
-
-
-
-
Balance at December 31, 2014
168,795,263 $
2 $ 3,222 $
(41) $
(682) $ 3,292 $
1 $ 5,794
F- 6
