The NASDAQ OMX Group, Inc.
25.07.2012 13:00
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-- Q212 non-GAAP diluted EPS of $0.64, up $0.02 compared to prior year
quarter; Q212 GAAP diluted EPS of $0.53
-- Q212 non-GAAP net exchange revenues1 were $413 million, down 0.5%
year-over-year, but up 3% year-over-year on an organic basis (constant
currency and excluding acquisitions); Q212 net exchange revenues were $424
million
-- Performance driven by growth in Global Market Data Products (revenues up 8%
year-over-year to $90 million) and Access Services (revenues up 11%
year-over-year to $61 million)
NEW YORK, July 25, 2012 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today reported results for the second quarter of 2012. Second
quarter non-GAAP net exchange revenues were $413 million, down 0.5% compared to
the second quarter of 2011. Excluding the impact of foreign currency, non-GAAP
second quarter 2012 net exchange revenues increased 3% compared to the second
quarter of 2011.
Operating expenses were $249 million, compared to $257 million in the second
quarter of 2011. On a non-GAAP basis, excluding $17 million of restructuring
charges, $1 million of merger and strategic initiative expenses, and $2 million
of other charges, second quarter 2012 non-GAAP operating expenses were $229
million. Non-GAAP operating expenses were up $1 million year-over-year.
Second quarter 2012 non-GAAP diluted earnings per share were $0.64, up $0.02
compared to the prior year quarter. Non-GAAP earnings per share in Q212
excludes income from open positions relating to the operations of the Exchange
of $11 million, non-cash intangible asset impairment charges of $28 million,
restructuring charges of $17 million, merger and strategic initiative expenses
of $1 million, and other charges of $2 million. On a GAAP basis, net income
attributable to NASDAQ OMX for the second quarter of 2012 was $93 million, or
$0.53 per diluted share, compared with $92 million, or $0.51 per diluted share,
in the prior year quarter.
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1 Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
Robert Greifeld, NASDAQ OMX's CEO, commented: 'The second quarter saw a
continuation of solid growth in our recurring and subscription-based
businesses. Strong growth in our Global Market Data, Access Services and Global
Index businesses offset continued weak trends in our transaction-based
businesses. This performance was a direct result of our continued focus on cost
management, and the execution of our strategy to build strong, recurring and
subscription-based revenue businesses that can drive growth, despite the
trading environment.'
Lee Shavel, NASDAQ OMX's EVP and Chief Financial Officer, said: 'Over the last
three and a half years, NASDAQ OMX has clearly demonstrated its ability to
generate strong free cash flow during a historically difficult business cycle.
In the second quarter of 2012, we continued to generate substantial capital and
to execute on our strategy to deploy that capital effectively. We paid our
first cash dividend of $0.13 per common share in June 2012, and repurchased
$125 million of our common stock. In addition, we utilized approximately $57
million in cash to acquire a majority interest in BWise, a leader in enterprise
governance, risk management and compliance, or GRC, software. The underpinning
of our capital deployment strategy is a robust return-on-invested-capital
framework which complements our operational discipline and delivers substantial
value for our shareholders.'
At June 30, 2012, the company had cash and cash equivalents of $491 million and
total debt of $1,996 million, resulting in net debt of $1,505 million. This
compares to net debt of $1,611 million at December 31, 2011. During the second
quarter of 2012, the company repurchased 5.3 million shares of outstanding
common stock under a share repurchase program, for a total of $125 million.
Since January 2009, we have repurchased $1,072 million of outstanding common
stock, representing 49.1 million shares at an average price of $21.85.
BUSINESS HIGHLIGHTS
Market Services (67% of total non-GAAP net exchange revenues) - non-GAAP net
exchange revenues were $278 million in the second quarter of 2012, up $1
million when compared to the second quarter of 2011:
Cash Equities (12% of total non-GAAP net exchange revenues) - Total net cash
equity trading revenues were $52 million in the second quarter of 2012, down $7
million compared to the second quarter of 2011. The decline was primarily the
result of lower trading activity in U.S. and Europe, and an unfavorable impact
from foreign exchange.
Derivatives (17% of total non-GAAP net exchange revenues) - Total net
derivative trading and clearing revenues were $70 million in the second quarter
of 2012, down $5 million compared to the second quarter of 2011. The
year-over-year decline was due to lower industry trading volumes in the Nordic
region, and an unfavorable impact from foreign exchange.
Access and Broker Services (16% of total non-GAAP net exchange revenues) -
Revenues of $66 million were up $7 million in the second quarter of 2012
compared to the second quarter of 2011. The increase was primarily driven by
the uptake of new products including 40G connectivity and Supercab.
Market Data (22% of total non-GAAP net exchange revenues) - Total Market Data
revenues of $90 million reflect a $7 million increase compared to the year ago
quarter. The increase in Market Data revenues was primarily the result of
growth in U.S. proprietary products and increased audit collections.
Issuer Services (22% of total non-GAAP net exchange revenues) - Revenues were
$91 million in the second quarter of 2012, down $1 million compared to the
second quarter of 2011, as increased Corporate Solutions and Global Index Group
revenues were more than offset by lower listing fee revenues and an unfavorable
impact from foreign exchange.
Market Technology (11% of total non-GAAP net exchange revenues) - Revenues of
$44 million in the second quarter of 2012 declined $2 million compared to the
second quarter of 2011. Excluding the impact from foreign exchange, Market
Technology revenues increased $3 million year-over-year, primarily due to
increased delivery project revenues.
COST GUIDANCE - For the full year of 2012, total core operating expenses are
expected to be in the range of $870 million to $890 million (down from prior
core expense guidance of $880 to $900 million), plus $40 million to $50 million
in incremental new initiative spending, and an additional $25 million due to
the BWise and NOS acquisitions, resulting in total operating expenses in the
range of $935 million to $965 million. This guidance excludes expenses related
to the cost reduction plan and expenses for the proposed voluntary
accommodation program and related expenses.
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 24 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 99.999%
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 approximately 3,400 listed
companies worth $6 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 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 information provided at the end of
this release. Management believes that this 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 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, tax benefits and achievement of synergy targets, (ii)
statements about the implementation dates and benefits of certain strategic 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.
Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-----------------------
June March June
30, 31, 30,
2012 2012 2011
-----------------------
Revenues:
Market Services $ 688 $ 666 $ 699
-----------------------
Cost of revenues:
Transaction rebates (299) (306) (322)
Brokerage, clearance and exchange fees (100) (84) (100)
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Total cost of revenues (399) (390) (422)
-----------------------
Total Market Services revenues less transaction rebates, 289 276 277
brokerage, clearance and exchange fees
Issuer Services 91 90 92
Market Technology 44 45 46
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Revenues less transaction rebates, brokerage, clearance 424 411 415
and exchange fees
-----------------------
Operating Expenses:
Compensation and benefits 113 112 115
Marketing and advertising 6 6 5
Depreciation and amortization 25 26 26
Professional and contract services 23 22 20
Computer operations and data communications 17 17 17
Occupancy 23 23 23
Regulatory 9 9 8
Merger and strategic initiatives 1 2 29
Restructuring charges 17 9 --
General, administrative and other 15 14 14
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Total operating expenses 249 240 257
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Operating income 175 171 158
Interest income 2 2 3
Interest expense (24) (24) (31)
Asset impairment charges (28) (12) --
Income from unconsolidated investees, net -- -- 1
-----------------------
Income before income taxes 125 137 131
Income tax provision 33 53 40
-----------------------
Net income 92 84 91
Net loss attributable to noncontrolling interests 1 1 1
-----------------------
Net income attributable to NASDAQ OMX $ 93 $ 85 $ 92
=======================
Basic and diluted earnings per share:
Basic earnings per share $ 0.55 $ 0.49 $ 0.52
=======================
Diluted earnings per share $ 0.53 $ 0.48 $ 0.51
=======================
Cash dividends declared per common share $ 0.13 $ -- $ --
=======================
Weighted-average common shares outstanding for earnings
per share:
Basic 169 173 177
Diluted 173 178 181
The NASDAQ OMX Group, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
-----------------------
June March June
30, 31, 30,
2012 2012 2011
-----------------------
MARKET SERVICES
Transaction Services
Cash Equity Trading Revenues:
U.S. cash equity trading $ 373 $ 340 $ 387
-----------------------
Cost of revenues:
Transaction rebates (246) (235) (258)
Brokerage, clearance and exchange fees (94) (75) (93)
-----------------------
Total U.S. cash equity cost of revenues (340) (310) (351)
-----------------------
Net U.S. cash equity trading revenues 33 30 36
European cash equity trading 19 23 23
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Total net cash equity trading revenues 52 53 59
-----------------------
Derivative Trading and Clearing Revenues:
U.S. derivative trading and clearing 103 122 115
-----------------------
Cost of revenues:
Transaction rebates (53) (71) (64)
Brokerage, clearance and exchange fees (6) (9) (7)
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Total U.S. derivative trading and clearing cost of (59) (80) (71)
revenues
-----------------------
Net U.S. derivative trading and clearing revenues 44 42 44
European derivative trading and clearing 26 32 31
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Total net derivative trading and clearing revenues 70 74 75
Access Services Revenues 61 57 55
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Total Transaction Services revenues less transaction 183 184 189
rebates, brokerage, clearance and exchange fees
-----------------------
Market Data Revenues:
Net U.S. tape plans 31 31 30
U.S. market data products 38 34 32
European market data products 21 22 21
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Total Market Data revenues 90 87 83
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Broker Services Revenues 5 5 4
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Other Market Services Revenues 11 -- 1
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Total Market Services revenues less transaction 289 276 277
rebates, brokerage, clearance and exchange fees
-----------------------
ISSUER SERVICES
Global Listing Services Revenues:
Annual renewal 28 28 29
Listing of additional shares 10 10 10
Initial listing 4 6 6
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Total U.S. listing services 42 44 45
European listing fees 12 12 15
Corporate Solutions 22 20 19
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Total Global Listing Services revenues 76 76 79
Global Index Group Revenues 15 14 13
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Total Issuer Services revenues 91 90 92
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MARKET TECHNOLOGY
License, support and facility management 26 29 30
Delivery project 8 7 6
Change request, advisory and broker surveillance 10 9 10
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Total Market Technology revenues 44 45 46
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Total revenues less transaction rebates, brokerage, $ 424 $ 411 $ 415
clearance and exchange fees
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The NASDAQ OMX Group, Inc.
Consolidated Balance Sheets
(in millions)
June 30, December 31,
2012 2011
--------------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 491 $ 506
Restricted cash 36 34
Financial investments, at fair value 196 279
Receivables, net 341 308
Deferred tax assets 16 16
Default funds and margin deposits 204 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Resale agreements, at contract value -- 3,745
Other current assets 126 110
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Total current assets 1,410 6,581
Non-current restricted cash 105 97
Property and equipment, net 198 193
Non-current deferred tax assets 392 392
Goodwill 5,103 5,061
Intangible assets, net 1,625 1,648
Other non-current assets 94 119
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Total assets $ 8,927 $ 14,091
==========================
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 160 $ 164
Section 31 fees payable to SEC 156 106
Accrued personnel costs 74 132
Deferred revenue 201 124
Other current liabilities 120 112
Deferred tax liabilities 27 27
Default funds and margin deposits 204 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Repurchase agreements, at contract value -- 3,745
Current portion of debt obligations 45 45
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Total current liabilities 987 6,038
Debt obligations 1,951 2,072
Non-current deferred tax liabilities 661 670
Non-current deferred revenue 160 154
Other non-current liabilities 198 171
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Total liabilities 3,957 9,105
Commitments and contingencies
Equity
NASDAQ OMX stockholders' equity:
Common stock 2 2
Additional paid-in capital 3,797 3,793
Common stock in treasury, at cost (1,017) (860)
Accumulated other comprehensive loss (368) (350)
Retained earnings 2,547 2,391
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Total NASDAQ OMX stockholders' equity 4,961 4,976
Noncontrolling interests 9 10
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Total equity 4,970 4,986
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Total liabilities and equity $ 8,927 $ 14,091
==========================
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income,
Revenues and Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per
Share, Operating Income, Revenues and Operating Expenses
(in millions, except per share amounts)
(unaudited)
Three Months Ended
------------------------
June March June
30, 31, 30,
2012 2012 2011
------------------------
GAAP net income attributable to NASDAQ OMX: $ 93 $ 85 $ 92
Non-GAAP adjustments:
Income from open positions relating to the operations (11) -- --
of the Exchange
Asset impairment charges 28 12 --
Restructuring charges 17 9 --
Merger and strategic initiatives 1 2 29
Other 2 -- --
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Total non-GAAP adjustments 37 23 29
Adjustment to the income tax provision to reflect (13) (3) (9)
non-GAAP adjustments(1)
Significant tax adjustments, net (6) 3 --
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Total non-GAAP adjustments, net of tax 18 23 20
Non-GAAP net income attributable to NASDAQ OMX: $ 111 $ 108 $ 112
========================
GAAP diluted earnings per common share: $ 0.53 $ 0.48 $ 0.51
Total adjustments from non-GAAP net income above 0.11 0.13 0.11
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Non-GAAP diluted earnings per common share: $ 0.64 $ 0.61 $ 0.62
========================
Three Months Ended
------------------------
June March June
30, 31, 30,
2012 2012 2011
------------------------
GAAP operating income: $ 175 $ 171 $ 158
Non-GAAP adjustments:
Income from open positions relating to the operations (11) -- --
of the Exchange
Restructuring charges 17 9 --
Merger and strategic initiatives 1 2 29
Other 2 -- --
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Total non-GAAP adjustments 9 11 29
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Non-GAAP operating income: $ 184 $ 182 $ 187
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-
Total revenues less transaction rebates, brokerage, $ 413 $ 411 $ 415
clearance and exchange fees
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Non-GAAP operating margin (2) 45% 44% 45%
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-
(1) We determine the tax effect of each item based on the tax rules in the
respective jurisdiction where the transaction occurred.
(2) Non-GAAP operating margin equals non-GAAP operating income divided by total
revenues less transaction rebates, brokerage, clearance and exchange fees.
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income,
Revenues and Operating Expenses to Non-GAAP Net Income, Diluted Earnings Per
Share, Operating Income, Revenues and Operating Expenses
(in millions)
(unaudited)
Three Months Ended
------------------------
June March June
30, 31, 30,
2012 2012 2011
------------------------
GAAP revenues less transaction rebates, brokerage, $ 424 $ 411 $ 415
clearance and exchange fees
Non-GAAP adjustments:
Income from open positions relating to the operations (11) -- --
of the Exchange
------------------------
Total non-GAAP adjustments (11) -- --
------------------------
Non-GAAP revenues less transaction rebates, brokerage, $ 413 $ 411 $ 415
clearance and exchange fees
========================
Three Months Ended
------------------------
June March June
30, 31, 30,
2012 2012 2011
------------------------
GAAP operating expenses: $ 249 $ 240 $ 257
Non-GAAP adjustments:
Restructuring charges (17) (9) --
Merger and strategic initiatives (1) (2) (29)
Other (2) -- --
------------------------
Total non-GAAP adjustments (20) (11) (29)
------------------------
Non-GAAP operating expenses $ 229 $ 229 $ 228
========================
The NASDAQ OMX Group, Inc.
Quarterly Key Drivers Detail
(unaudited)
Three Months Ended
--------------------------
June March June
30, 31, 30,
2012 2012 2011
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Market Services
Cash Equity Trading
NASDAQ securities
Average daily share volume (in billions) 1.80 1.80 2.00
Matched market share executed on NASDAQ 27.3% 26.3% 28.8%
Matched market share executed on NASDAQ OMX BX 2.9% 2.6% 1.8%
Matched market share executed on NASDAQ OMX PSX 1.6% 1.3% 1.2%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 31.4% 33.2% 32.2%
Total market share (1) 63.3% 63.4% 64.0%
New York Stock Exchange, or NYSE, securities
Average daily share volume (in billions) 3.86 3.91 3.91
Matched market share executed on NASDAQ 13.7% 13.4% 14.0%
Matched market share executed on NASDAQ OMX BX 2.7% 2.5% 2.1%
Matched market share executed on NASDAQ OMX PSX 0.9% 0.7% 0.8%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 29.1% 31.5% 27.8%
Total market share (1) 46.4% 48.2% 44.7%
NYSE Amex and regional securities
Average daily share volume (in billions) 1.19 1.12 1.29
Matched market share executed on NASDAQ 18.3% 19.0% 18.5%
Matched market share executed on NASDAQ OMX BX 2.9% 2.3% 1.9%
Matched market share executed on NASDAQ OMX PSX 2.4% 1.9% 2.0%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 28.1% 29.4% 25.5%
Total market share (1) 51.8% 52.6% 47.9%
Total U.S.-listed securities
Average daily share volume (in billions) 6.85 6.83 7.19
Matched share volume (in billions) 95.8 90.1 99.7
Matched market share executed on NASDAQ 18.1% 17.7% 18.9%
Matched market share executed on NASDAQ OMX BX 2.8% 2.5% 2.0%
Matched market share executed on NASDAQ OMX PSX 1.3% 1.1% 1.1%
NASDAQ OMX Nordic and NASDAQ OMX Baltic Securities
Average daily number of equity trades 369,680 372,081 320,451
Average daily value of shares traded (in billions) $ 2.9 $ 3.2 $ 4.0
Derivative Trading and Clearing
U.S. Equity Options
Total industry average daily volume (in millions) 14.9 15.9 15.8
NASDAQ OMX PHLX matched market share 19.6% 22.2% 24.3%
The NASDAQ Options Market matched market share 5.6% 5.2% 4.6%
NASDAQ OMX Nordic and NASDAQ OMX Baltic
Average daily volume:
Options, futures and fixed-income contracts 431,154 470,216 428,041
Finnish option contracts traded on Eurex 92,616 71,411 109,682
NASDAQ OMX Commodities
Clearing Turnover:
Power contracts (TWh)(2) 346 521 383
Carbon contracts (1000 tCO2)(2) 6,951 30,912 12,114
Issuer Services
Initial public offerings
NASDAQ 15 21 25
Exchanges that comprise NASDAQ OMX Nordic and 0 1 5
NASDAQ OMX Baltic
New listings
NASDAQ (3) 29 43 40
Exchanges that comprise NASDAQ OMX Nordic and 2 3 13
NASDAQ OMX Baltic (4)
Number of listed companies
NASDAQ (5) 2,636 2,665 2,724
Exchanges that comprise NASDAQ OMX Nordic and 759 769 780
NASDAQ OMX Baltic (6)
Market Technology
Order intake (in millions)(7) $ 77 $ 55 $ 56
Total order value (in millions)(8) $ 529 $ 496 $ 483
(1) 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.
(2) Primarily transactions executed on Nord Pool and reported for clearing to
NASDAQ OMX Commodities measured by Terawatt hours (TWh) and one thousand
metric tons of carbon dioxide (1000 tCO2).
(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: Media Relations:
Joseph Christinat +1.646.441.5121
Joseph.Christinat@NASDAQOMX.Com
Investor Relations:
John Sweeney +1.212.401.8737
John.Sweeney@NASDAQOMX.Com
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News Source: NASDAQ OMX
25.07.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: The NASDAQ OMX Group, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6311031081
WKN:
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DGAP-News: NASDAQ OMX Reports Second Quarter 2012 Results
| Source: EQS Group AG