Table Of Contents
N asdaq , I nc .
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
The following consolidated financial statements and schedule of N asdaq , Inc. and its subsidiaries are presented herein on the page
indicated:
Report of Independent Registered Public Accounting Firm
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Consolidated Balance Sheets
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Consolidated Statements of Income
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Consolidated Statements of Comprehensive Income (Loss)
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Consolidated Statements of Changes in Equity
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Consolidated Statements of Cash Flows
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Notes to Consolidated Financial Statements
F-9
Financial Statement Schedule: Schedule II—Valuation and Qualifying Accounts
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Table Of Contents
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders of Nasdaq, Inc.
We have audited the accompanying consolidated balance sheets of Nasdaq, Inc. (the “Company”) as of December 31, 2015 and 2014, and the
related consolidated statements of income, comprehensive income (loss), changes in equity, and cash flows for each of the three years in the
period ended December 31, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15(a)(2). These financial
statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Nasdaq,
Inc. at December 31, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period
ended December 31, 2015, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement
schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set
forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Nasdaq, Inc.’s
internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control-Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 26, 2016 expressed
an unqualified opinion thereon .
/s/ Ernst & Young LLP
New York, New York
February 26 , 201 6
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Table Of Contents
Nasdaq, Inc.
Consolidated Balance Sheets
(in millions, except share and par value amounts)
December 31,
2015
December 31,
2014
Assets
Current assets:
Cash and cash equivalents
$
301
$
427
Restricted cash
56
49
Financial investments, at fair value
201
174
Receivables, net
316
389
Deferred tax assets
24
16
Default funds and margin deposits
2,228
2,194
Other current assets
158
151
Total current assets
3,284
3,400
Property and equipment, net
323
292
Non-current deferred tax assets
619
536
Goodwill
5,395
5,538
Intangible assets, net
1,959
2,077
Other non-current assets
281
228
Total assets
$
11,861
$ 12,071
Liabilities
Current liabilities:
Accounts payable and accrued expenses
$
158
$
189
Section 31 fees payable to SEC
98
124
Accrued personnel costs
171
143
Deferred revenue
127
177
Other current liabilities
138
116
Deferred tax liabilities
24
37
Default funds and margin deposits
2,228
2,194
Total current liabilities
2,944
2,980
Debt obligations
2,364
2,297
Non-current deferred tax liabilities
602
626
Non-current deferred revenue
200
215
Other non-current liabilities
142
159
Total liabilities
6,252
6,277
Commitments and contingencies
Equity
Nasdaq stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 167,241,734 at December 31, 2015 and 170,325,304 at
December 31, 2014; shares outstanding: 164,324,270 at December 31, 2015 and 168,795,263 at December 31, 2014
2
2
Additional paid-in capital
3,011
3,222
Common stock in treasury, at cost: 2,917,464 shares at December 31, 2015 and 1,530,041 shares at December 31, 2014
(111)
(41)
Accumulated other comprehensive loss
(864)
(682)
Retained earnings
3,571
3,292
Total Nasdaq stockholders' equity
5,609
5,793
Noncontrolling interests
-
1
Total equity
5,609
5,794
Total liabilities and equity
$
11,861
$ 12,071
See accompanying notes to consolidated financial statements.
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