The NASDAQ OMX Group, Inc.
24.07.2013 15:42
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-- Second quarter 2013 non-GAAP diluted EPS of $0.62, second quarter 2013 GAAP
diluted EPS of $0.52.
-- Second quarter 2013 net revenues1 were a record $451 million, up 8% from
the prior year quarter's non-GAAP net revenue. On an organic basis,
assuming constant currency and excluding acquisitions, net revenues
increased 1% year-over-year.
-- All four business segments experienced organic revenue growth
year-over-year.
-- Non-transaction based revenues were 72% of our total second quarter 2013
net revenues, and increased 10% from the prior year quarter.
-- During the second quarter, NASDAQ OMX closed two strategically significant
acquisitions, the Thomson Reuters' IR, PR and Multimedia businesses, and
the eSpeed benchmark Treasury trading platform.
NEW YORK, July 24, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today reported results for the second quarter of 2013. Second
quarter net revenues were $451 million, up from $416 million in the prior year
period on a non-GAAP basis, driven by acquisitions and organic growth in all
four business segments. On an organic basis second quarter net revenues
increased 1% year-over-year.
'Our strategy is focused on becoming an entrenched provider of corporate,
trading, technology, and information products and services that allow our
customers to more effectively navigate today's global capital markets,' said
Bob Greifeld, CEO, NASDAQ OMX. 'Essential to that strategy has been the
expansion of the depth and breadth of asset classes, products and markets we
offer as well as extending our presence in adjacent businesses that are
relevant to the communities where we operate to facilitate a deepening of our
client relationships.'
Mr. Greifeld continued, 'We took significant strategic steps forward this
quarter - closing on two transformative acquisitions, launching a revolutionary
interest rate market, and delivering record revenues. The acquisitions of
Thomson Reuters' IR, PR, and Multimedia businesses, and eSpeed, establish
NASDAQ OMX as the leader in corporate solutions and a leading force in the
expanding electronic fixed income business. Both are on track to meet or exceed
the targets we've set for delivering value to shareholders. Today, across our
expanded portfolio of businesses, we are now a #1 or #2 player in business
segments that collectively comprise 96% of our revenues. Our position continues
to validate the strategic direction of the organization and relentless focus on
our clients.'
Operating expenses were $292 million in the second quarter of 2013, compared to
$252 million in the prior year quarter. On a non-GAAP basis, second quarter
2013 operating expenses were $267 million, up 15% as compared to the prior year
quarter, primarily due to the inclusion of expenses associated with the
acquisition of Thomson Reuters' IR, PR and Multimedia businesses, as well as
several smaller acquisitions. On an organic basis (constant currency and
excluding acquisitions), second quarter non-GAAP operating expenses were
unchanged year-over-year, a net 1% decline in core expenses offset by higher
internal investment (GIFT) spending.
Second quarter 2013 non-GAAP diluted earnings per share were $0.62, versus
$0.64 in the prior year quarter. Non-GAAP diluted earnings per share in the
second quarter of 2013 excludes $25 million of pre-tax merger-related expenses,
while non-GAAP diluted earnings per share in the second quarter of 2012
excludes $37 million of net pre-tax charges primarily relating to income from
open positions relating to the operations of the exchange, asset impairment
charges and restructuring charges, and $6 million of significant tax
adjustments.
On a GAAP basis, net income attributable to NASDAQ OMX for the second quarter
of 2013 was $88 million, or $0.52 per diluted share, compared with $93 million,
or $0.53 per diluted share, in the prior year quarter.
'While we are pleased with the broad-based performance across many of our
businesses, we experienced unique variances in our cost structure, including
financing costs of approximately $2.5 million associated with pre-funding the
eSpeed acquisition nearly a month prior to closing, and our organic
investments, where several launches of GIFT initiatives added an additional $5
million to our expenses versus the prior year,' said Lee Shavel, EVP and CFO,
NASDAQ OMX. 'The earnings impact from GIFT initiatives is expected to moderate
over time, either from improved profitability, and/or from reduced investment,
as these initiatives mature.'
Mr. Shavel continued, 'On the capital front, our investment grade ratings were
affirmed and we raised a [Eur]600 million, 8-year Euro bond offering, with an
attractive, 3.9% effective yield. This offering was instrumental in financing
our acquisitions, diversified our funding sources by accessing a new market and
reduced our foreign exchange exposure. We continue to have a near-term focus on
de-leveraging, and we remain confident in our ability to return to an
approximately 2.5x long-term leverage target in the next three to four
quarters, at which point we will have more flexibility to consider capital
return and deployment options.'
At June 30, 2013, the company had cash and cash equivalents of $379 million and
total debt of $2,785 million, resulting in net debt of $2,406 million. This
compares to net debt of $1,479 million at December 31, 2012.
1 Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
BUSINESS HIGHLIGHTS
Market Services (42% of total net revenues) - Net revenues were $190 million in
the second quarter of 2013, up $2 million when compared to non-GAAP net
revenues of $188 million in the second quarter of 2012, which excludes $11
million in gains related to open positions resulting from operations of the
exchange.
Derivatives (17% of total net revenues) - Total net derivative trading and
clearing revenues were $76 million in the second quarter of 2013, up $6 million
compared to the second quarter of 2012. Net U.S. derivative trading and
clearing revenues increased 9% year-over-year due to higher industry volumes
and market share, partially offset by lower average pricing. European
derivative trading and clearing revenues increased $2 million, primarily due to
higher energy commodity volumes and favorable foreign exchange impact.
Cash Equities (11% of total net revenues) - Total net cash equity trading
revenues were $51 million in the second quarter of 2013, down $1 million
compared to non-GAAP revenues in the second quarter of 2012. Lower net U.S.
equities revenues, primarily due to lower market share, were partially offset
by higher European equities revenue, driven primarily by higher average
pricing, higher volumes and share, and a favorable impact from foreign
exchange.
Access and Broker Services (14% of total net revenues) - Access and broker
services revenues totaled $63 million in the second quarter of 2013, down $3
million compared to the second quarter of 2012. Connectivity and co-location
saw modestly lower demand in the second quarter of 2013 compared to the second
quarter of 2012, but newer products, such as microwave connectivity and
FinQloud, are seeing increased demand.
Information Services (24% of total net revenues) - Revenues were $108 million
in the second quarter of 2013, up $2 million from the second quarter of 2012.
Market Data (20% of total net revenues) - Total market data revenues were $90
million in the second quarter of 2013, flat compared to the second quarter of
2012. The second quarter of 2013 saw a $2 million decrease in audit
collections, offset by growth in products such as NASDAQ Basic, and select
pricing initiatives.
Index Licensing and Services (4% of total net revenues) - Index licensing and
services revenues were $18 million in the second quarter of 2013, up $2 million
from the second quarter of 2012. The revenue growth was a function of
materially higher assets and number of licensed exchange traded products,
including the impact of the acquisition of the index business of Mergent, Inc.
Technology Solutions (21% of total net revenues) - Revenues were $95 million in
the second quarter of 2013, up $28 million from the second quarter of 2012.
Corporate Solutions (10% of total net revenues) - Corporate solutions revenues
were $44 million in the second quarter of 2013, up $22 million from the second
quarter of 2012. Corporate solutions revenue growth was primarily due to the
inclusion of one month of results from the acquisition of the Thomson Reuters'
IR, PR, and Multimedia businesses, as well as organic growth, in particular the
growth of Directors Desk, IR Suite, and PR distribution.
Market Technology (11% of total net revenues) - Market technology revenues were
$51 million in the second quarter of 2013, up $6 million from the second
quarter of 2012. The revenue increase is due to the acquisition of BWise in the
second quarter of 2012, as well as growth in SMARTS Broker and a favorable
impact from foreign exchange. Order intake in the second quarter of 2013
decreased, from $82 million in the second quarter of 2012 to $44 million in the
second quarter of 2013, and a material amount of deliveries reduced the backlog
to $507 million, compared to $538 million in the prior year period.
Listing Services (13% of total net revenues) - Revenues were $58 million in the
second quarter of 2013, up $3 million compared to the second quarter of 2012.
The increase was primarily driven by higher European listing revenues, due to
higher market capitalization, and a higher number of IPOs in the U.S.
COST GUIDANCE - The Thomson Reuters' IR/PR/MM businesses and eSpeed
acquisitions have been incorporated into the expense forecast and are expected
to add between $145 million and $160 million to our 2013 expenses. The company
has also narrowed the core expense guidance excluding acquisitions to between
$925 million and $940 million, bringing core expense guidance with the
acquisitions to between $1,070 million and $1,100 million. New Initiatives or
'GIFT' expense guidance is unchanged at $50 million to $60 million, and total
expenses are now expected to be between $1,120 million and $1,160 million.
CORPORATE HIGHLIGHTS
-- Closed acquisition of IR, PR & Multimedia businesses of Thomson
Reuters. On May 31, 2013, NASDAQ OMX closed the acquisition of the Investor
Relations, Public Relations, and Multimedia businesses of Thomson Reuters,
which are now incorporated into the Corporate Solutions business, where
they are being integrated with NASDAQ OMX's legacy corporate solutions
products.
-- Closed acquisition of eSpeed. On June 28, 2013, NASDAQ OMX closed the
acquisition of the eSpeed platform for trading U.S. Treasuries. NASDAQ OMX
intends to leverage its strong technology experience and leading
distribution capabilities to further develop eSpeed's leading marketplace,
while enjoying the structural tailwinds of a growing U.S. Treasury market.
-- Launched NLX futures exchange. On May 31, 2013, NASDAQ OMX launched NLX, a
new London-based market offering a range of both short-term and long-term
interest rate derivative products, with the support of a wide range of
founding participants including banks, clearing, brokerage and trading
firms.
-- Launched WorkSpace. WorkSpace is a new cloud computing platform that will
expand the company's Corporate Solutions client base and enter the
burgeoning virtual data room (VDR) market. The technology provides a
paperless VDR for secure and effective document sharing typically used for
mergers and acquisitions, pre-IPO due diligence review, bankruptcy and
restructuring, and other applications.
-- Investment-grade debt rating affirmed by S&P and Moody's and successful
Euro-denominated bond offering. After reviewing NASDAQ OMX's debt rating
following the announcement of the eSpeed acquisition, both S&P &
Moody's affirmed investment-grade credit ratings. NASDAQ OMX issued and
sold [Eur]600 million aggregate principal amount of bonds with an 8-year
tenor
and a 3.9% effective yield, with proceeds used primarily to fund the eSpeed
acquisition.
About NASDAQ OMX Group
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels
economies and provides transformative technologies for the entire lifecycle of
a trade - from risk management to trade to surveillance to clearing. In the
U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central
securities depositories supporting equities, options, fixed income,
derivatives, commodities, futures and structured products. Able to process more
than 1 million messages per second at sub-40 microsecond speeds with 99.99%
uptime, our technology drives more than 70 marketplaces in 50 developed and
emerging countries into the future, powering 1 in 10 of the world's securities
transactions. Our award-winning data products and worldwide indexes are the
benchmarks in the financial industry. Home to over 3,300 listed companies worth
$6.9 trillion in market cap whose innovations shape our world, we give the
ideas of tomorrow access to capital today. Welcome to where the world takes a
big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more,
visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ)
and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P
500)
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, NASDAQ
OMX also discloses certain non-GAAP and pro forma non-GAAP results of
operations, including, but not limited to, net income attributable to NASDAQ
OMX, diluted earnings per share, net exchange revenues, operating income, and
operating expenses, that make certain adjustments or exclude certain charges
and gains that are described in the reconciliation table of GAAP to non-GAAP
and pro forma non-GAAP information provided at the end of this release.
Management believes that this non-GAAP and pro forma non-GAAP information
provides investors with additional information to assess NASDAQ OMX's operating
performance by making certain adjustments or excluding costs or gains and
assists investors in comparing our operating performance to prior periods.
Management uses this non-GAAP and pro forma non-GAAP information, along with
GAAP information, in evaluating its historical operating performance.
The non-GAAP information is not prepared in accordance with GAAP and may not be
comparable to non-GAAP information used by other companies. The non-GAAP
information should not be viewed as a substitute for, or superior to, other
data prepared in accordance with GAAP.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements
that involve a number of risks and uncertainties. NASDAQ OMX cautions readers
that any forward-looking information is not a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking information. Such forward-looking statements include, but are
not limited to (i) projections about our future financial results, growth,
trading volumes, taxes and achievement of synergy targets, (ii) statements
about the closing or implementation dates and benefits of certain strategic,
de-leveraging and capital return initiatives, (iii) statements about our
integrations of our recent acquisitions and (iv) other statements that are not
historical facts. Forward-looking statements involve a number of risks,
uncertainties or other factors beyond NASDAQ OMX's control. These factors
include, but are not limited to, NASDAQ OMX's ability to implement its
strategic initiatives, economic, political and market conditions and
fluctuations, government and industry regulation, interest rate risk, U.S. and
global competition, and other factors detailed in NASDAQ OMX's filings with the
U.S. Securities and Exchange Commission, including its annual reports on Form
10-K and quarterly reports on Form 10-Q which are available on NASDAQ OMX's
website at http://www.nasdaqomx.com and the SEC's website at www.sec.gov.
NASDAQ OMX undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise.
NDAQF
The NASDAQ OMX Group, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-----------------------
June March June
30, 31, 30,
2013 2013 2012
-----------------------
Revenues:
Market Services $ 553 $ 508 $ 587
Cost of revenues:
Transaction rebates (276) (242) (299)
Brokerage, clearance and exchange fees (87) (84) (89)
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Total cost of revenues (363) (326) (388)
-----------------------
Total Market Services revenues less transaction rebates, 190 182 199
brokerage, clearance and exchange fees
Listing Services 58 55 55
Information Services 108 108 106
Technology Solutions 95 73 67
-----------------------
Revenues less transaction rebates, brokerage, clearance 451 418 427
and exchange fees
-----------------------
Operating Expenses:
Compensation and benefits 126 117 113
Marketing and advertising 8 7 6
Depreciation and amortization 28 27 25
Professional and contract services 35 29 26
Computer operations and data communications 20 15 17
Occupancy 23 22 23
Regulatory 8 7 9
Merger and strategic initiatives 25 8 1
Restructuring charges -- 9 17
General, administrative and other 19 25 15
Voluntary accommodation program -- 62 --
-----------------------
Total operating expenses 292 328 252
-----------------------
Operating income 159 90 175
Interest income 2 3 2
Interest expense (26) (24) (24)
Asset impairment charges -- (10) (28)
-----------------------
Income before income taxes 135 59 125
Income tax provision 47 17 33
-----------------------
Net income 88 42 92
Net loss attributable to noncontrolling interests -- -- 1
-----------------------
Net income attributable to NASDAQ OMX $ 88 $ 42 $ 93
=======================
Per share information:
Basic earnings per share $ 0.53 $ 0.26 $ 0.55
=======================
Diluted earnings per share $ 0.52 $ 0.25 $ 0.53
=======================
Cash dividends declared per common share $ 0.13 $ 0.13 $ 0.13
=======================
Weighted-average common shares outstanding
for earnings per share:
Basic 166.4 165.7 169.4
Diluted 170.1 169.7 173.4
The NASDAQ OMX Group, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
--------------------------
June March June
30, 31, 30,
2013 2013 2012
--------------------------
MARKET SERVICES
Derivative Trading and Clearing Revenues:
U.S. derivative trading and clearing 125 117 103
Cost of revenues:
Transaction rebates (68) (62) (53)
Brokerage, clearance and exchange fees (9) (11) (6)
--------------------------
Total U.S. derivative trading and clearing cost of (77) (73) (59)
revenues
--------------------------
Net U.S. derivative trading and clearing revenues 48 44 44
European derivative trading and clearing revenues 28 30 26
--------------------------
Total net derivative trading and clearing revenues 76 74 70
--------------------------
Cash Equity Trading Revenues:
U.S. cash equity trading $ 315 $ 276 $ 373
Cost of revenues:
Transaction rebates (208) (180) (246)
Brokerage, clearance and exchange fees (78) (73) (83)
--------------------------
Total U.S. cash equity cost of revenues (286) (253) (329)
--------------------------
Net U.S. cash equity trading revenues 29 23 44
European cash equity trading 22 22 19
--------------------------
Total net cash equity trading revenues 51 45 63
--------------------------
Access and Broker Services Revenues 63 63 66
--------------------------
Total Market Services revenues less transaction 190 182 199
rebates, brokerage, clearance and exchange fees
--------------------------
LISTING SERVICES
U.S. listing services 44 42 43
European listing services 14 13 12
--------------------------
Total Listing Services revenues 58 55 55
--------------------------
INFORMATION SERVICES
Market Data Products Revenues:
U.S. market data products 64 63 63
European market data products 20 21 20
Index data products 6 7 7
--------------------------
Total Market Data Products revenues 90 91 90
Index Licensing and Services Revenues 18 17 16
--------------------------
Total Information Services revenues 108 108 106
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TECHNOLOGY SOLUTIONS
Corporate Solutions Revenues:
Governance 4 3 3
Investor relations 24 11 10
Multimedia solutions 7 3 3
Public relations 9 7 6
--------------------------
Total Corporate Solutions revenues 44 24 22
--------------------------
Market Technology Revenues:
Software, license and support 35 37 35
Change request and advisory 9 6 6
Software as a service 7 6 4
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Total Market Technology revenues 51 49 45
--------------------------
Total Technology Solutions revenues 95 73 67
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Total revenues less transaction rebates, brokerage, $ 451 $ 418 $ 427
clearance and exchange fees
--------------------------
The NASDAQ OMX Group, Inc.
Condensed Consolidated Balance Sheets
(in millions)
June 30, December 31,
2013 2012
--------------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 379 $ 497
Restricted cash 82 85
Financial investments, at fair value 170 223
Receivables, net 362 333
Deferred tax assets 51 33
Default funds and margin deposits 1,412 209
Other current assets 154 112
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Total current assets 2,610 1,492
Non-current restricted cash 25 25
Property and equipment, net 227 211
Non-current deferred tax assets 478 294
Goodwill 6,048 5,335
Intangible assets, net 2,383 1,650
Other non-current assets 182 125
--------------------------
Total assets $ 11,953 $ 9,132
==========================
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 252 $ 172
Section 31 fees payable to SEC 145 97
Accrued personnel costs 84 111
Deferred revenue 222 139
Other current liabilities 127 119
Deferred tax liabilities 36 35
Default funds and margin deposits 1,412 209
Current portion of debt obligations 138 136
--------------------------
Total current liabilities 2,416 1,018
Debt obligations 2,647 1,840
Non-current deferred tax liabilities 689 713
Non-current deferred revenue 146 156
Other non-current liabilities 192 196
--------------------------
Total liabilities 6,090 3,923
--------------------------
Commitments and contingencies
Equity
NASDAQ OMX stockholders' equity:
Common stock 2 2
Additional paid-in capital 4,261 3,771
Common stock in treasury, at cost (1,027) (1,058)
Accumulated other comprehensive loss (139) (185)
Retained earnings 2,765 2,678
--------------------------
Total NASDAQ OMX stockholders' equity 5,862 5,208
Noncontrolling interests 1 1
--------------------------
Total equity 5,863 5,209
--------------------------
Total liabilities and equity $ 11,953 $ 9,132
--------------------------
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income,
Net Revenues (1), Net Cash Equity Revenues (1) and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating
Income, Net Revenues (1),
Net Cash Equity Revenues (1) and Operating Expenses
(in millions, except per share amounts)
(unaudited)
Three Months Ended
------------------------
June March June
30, 31, 30,
2013 2013 2012
------------------------
GAAP net income attributable to NASDAQ OMX $ 88 $ 42 $ 93
------------------------
Non-GAAP adjustments:
Income from open positions relating to the operations -- -- (11)
of the exchange
Merger and strategic initiatives 25 8 1
Voluntary accommodation program -- 62 --
Reserve for Securities and Exchange Commission matter -- 10 --
Asset impairment charges -- 10 28
Restructuring charges -- 9 17
Special legal expenses -- 2 --
Other -- -- 2
------------------------
Total non-GAAP adjustments 25 101 37
Adjustment to the income tax provision to reflect (8) (35) (13)
non-GAAP adjustments (2)
Significant tax adjustments, net -- -- (6)
------------------------
Total non-GAAP adjustments, net of tax 17 66 18
------------------------
Non-GAAP net income attributable to NASDAQ OMX $ 105 $ 108 $ 111
========================
GAAP diluted earnings per share $ 0.52 $ 0.25 $ 0.53
Total adjustments from non-GAAP net income above 0.10 0.39 0.11
------------------------
Non-GAAP diluted earnings per share $ 0.62 $ 0.64 $ 0.64
========================
Three Months Ended
------------------------
June March June
30, 31, 30,
2013 2013 2012
------------------------
GAAP operating income $ 159 $ 90 $ 175
------------------------
Non-GAAP adjustments:
Income from open positions relating to the operations -- -- (11)
of the exchange
Merger and strategic initiatives 25 8 1
Voluntary accommodation program -- 62 --
Reserve for Securities and Exchange Commission matter -- 10 --
Restructuring charges -- 9 17
Special legal expenses -- 2 --
Other -- -- 2
------------------------
Total non-GAAP adjustments 25 91 9
------------------------
Non-GAAP operating income $ 184 $ 181 $ 184
========================
(1) Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
(2) We determine the tax effect of each item based on the tax rules in the
respective jurisdiction where the transaction occurred.
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income,
Net Revenues (1), Net Cash Equity Revenues (1) and
Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per Share, Operating
Income, Net Revenues (1),
Net Cash Equity Revenues (1) and Operating Expenses
(in millions)
(unaudited)
Three Months Ended
-----------------------
June March June
30, 31, 30,
2013 2013 2012
-----------------------
GAAP cash equity trading revenues less transaction $ 51 $ 45 $ 63
rebates, brokerage, clearance and exchange fees
Non-GAAP adjustments:
Income from open positions relating to the operations -- -- (11)
of the exchange
-----------------------
Non-GAAP cash equity trading revenues less transaction $ 51 $ 45 $ 52
rebates, brokerage, clearance and exchange fees
=======================
Three Months Ended
-----------------------
June March June
30, 31, 30,
2013 2013 2012
-----------------------
GAAP revenues less transaction rebates, brokerage, $ 451 $ 418 $ 427
clearance and exchange fees
Non-GAAP adjustments:
Income from open positions relating to the operations -- -- (11)
of the exchange
-----------------------
Non-GAAP revenues less transaction rebates, brokerage, $ 451 $ 418 $ 416
clearance and exchange fees
=======================
Non-GAAP operating margin (2) 41% 43% 44%
Three Months Ended
-----------------------
June March June
30, 31, 30,
2013 2013 2012
-----------------------
GAAP operating expenses $ 292 $ 328 $ 252
-----------------------
Non-GAAP adjustments:
Merger and strategic initiatives (25) (8) (1)
Voluntary accommodation program -- (62) --
Reserve for Securities and Exchange Commission matter -- (10) --
Restructuring charges -- (9) (17)
Special legal expenses -- (2) --
Other -- -- (2)
-----------------------
Total non-GAAP adjustments (25) (91) (20)
-----------------------
Non-GAAP operating expenses $ 267 $ 237 $ 232
=======================
(1) Represents revenues less transaction rebates, brokerage, clearance
and exchange fees.
(2) Non-GAAP operating margin equals non-GAAP operating income divided by
non-GAAP revenues less transaction rebates, brokerage, clearance and exchange
fees.
The NASDAQ OMX Group, Inc.
Quarterly Key Drivers Detail
(unaudited)
Three Months Ended
---------------------------
June March June
30, 31, 30,
2013 2013 2012
---------------------------
Market Services
Derivative Trading and Clearing
U.S. Equity Options
Total industry average daily volume (in millions) 15.9 15.0 14.9
NASDAQ OMX PHLX matched market share 18.0% 20.7% 19.6%
The NASDAQ Options Market matched market share 8.9% 7.9% 5.6%
NASDAQ OMX BX Options matched market share 1.0% 1.0% --
---------------------------
Total market share 27.9% 29.6% 25.2%
NASDAQ OMX Nordic and NASDAQ OMX Baltic
Average daily volume:
Options, futures and fixed-income contracts 438,418 446,789 431,154
Finnish option contracts traded on Eurex 101,255 144,905 92,616
NASDAQ OMX Commodities
Power contracts cleared (TWh)(1) 424 460 346
Cash Equity Trading
NASDAQ securities
Total average daily share volume (in billions) 1.78 1.82 1.80
Matched market share executed on NASDAQ 25.5% 23.1% 27.3%
Matched market share executed on NASDAQ OMX BX 2.4% 2.5% 2.9%
Matched market share executed on NASDAQ OMX PSX 0.8% 0.9% 1.6%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 35.8% 35.7% 31.4%
---------------------------
Total market share (2) 64.5% 62.2% 63.2%
New York Stock Exchange, or NYSE securities
Total average daily share volume (in billions) 3.58 3.56 3.86
Matched market share executed on NASDAQ 11.7% 11.6% 13.7%
Matched market share executed on NASDAQ OMX BX 2.2% 2.4% 2.7%
Matched market share executed on NASDAQ OMX PSX 0.5% 0.5% 0.9%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 32.0% 32.7% 29.1%
---------------------------
Total market share (2) 46.4% 47.2% 46.4%
NYSE MKT and regional securities
Total average daily share volume (in billions) 1.24 0.99 1.19
Matched market share executed on NASDAQ 14.6% 13.1% 18.3%
Matched market share executed on NASDAQ OMX BX 2.7% 2.8% 2.9%
Matched market share executed on NASDAQ OMX PSX 1.4% 1.4% 2.4%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 31.2% 33.1% 28.1%
---------------------------
Total market share (2) 49.9% 50.4% 51.7%
Total U.S.-listed securities
Total average daily share volume (in billions) 6.60 6.38 6.85
Matched share volume (in billions) 80.7 70.3 95.8
Matched market share executed on NASDAQ 15.9% 15.1% 18.1%
Matched market share executed on NASDAQ OMX BX 2.4% 2.5% 2.8%
Matched market share executed on NASDAQ OMX PSX 0.8% 0.8% 1.3%
---------------------------
Total market share 19.1% 18.4% 22.2%
NASDAQ OMX Nordic and NASDAQ OMX Baltic Securities
Average daily number of equity trades 329,030 317,069 369,680
Total average daily value of shares traded (in $ 4.4 $ 4.4 $ 4.3
billions)
Total market share 69.7% 68.8% 67.8%
Listing Services
Initial public offerings
NASDAQ 35 18 15
Exchanges that comprise NASDAQ OMX Nordic and 6 -- --
NASDAQ OMX Baltic
New listings
NASDAQ (3) 67 33 29
Exchanges that comprise NASDAQ OMX Nordic and 12 4 2
NASDAQ OMX Baltic (4)
Number of listed companies
NASDAQ (5) 2,581 2,568 2,636
Exchanges that comprise NASDAQ OMX Nordic and 758 752 759
NASDAQ OMX Baltic (6)
Technology Solutions
Market Technology
Order intake (in millions)(7) $ 44 $ 19 $ 82
Total order value (in millions)(8) $ 507 $ 522 $ 538
(1) Primarily transactions executed on Nord Pool ASA and reported for clearing
to NASDAQ OMX Commodities measured by Terawatt hours (TWh) .
(2) Includes transactions executed on NASDAQ's, NASDAQ OMX BX's and NASDAQ OMX
PSX's systems plus trades reported through the FINRA/NASDAQ Trade Reporting
Facility.
(3) New listings include IPOs, including those completed on a best efforts
basis, issuers that switched from other listing venues, closed-end funds and
separately listed ETFs.
(4) New listings include IPOs and represent companies listed on the exchanges
that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic and companies on the
alternative markets of NASDAQ OMX First North.
(5) Number of listed companies for NASDAQ at period end, including separately
listed ETFs.
(6) Represents companies listed on the exchanges that comprise NASDAQ OMX Nordic
and NASDAQ OMX Baltic and companies on the alternative markets of NASDAQ OMX
First North at period end.
(7) Total contract value of orders signed during the period.
(8) Represents total contract value of orders signed that are yet to be
recognized as revenue.
CONTACT: Contact Media Relations:
Joseph Christinat +1.646.441.5121
Joseph.Christinat@NASDAQOMX.Com
Contact Investor Relations:
Ed Ditmire +1.212.401.8737
Ed.Ditmire@NASDAQOMX.Com
News Source: NASDAQ OMX
24.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: The NASDAQ OMX Group, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6311031081
WKN:
End of Announcement DGAP News-Service
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DGAP-News: UPDATE -- NASDAQ OMX Reports Second Quarter 2013 Results
| Source: EQS Group AG