Nasdaq (NDAQ) FY2014 results: revenue $3.5 billion, up 9.0% on the year
Nasdaq, Inc. (NDAQ) reported revenue of $3.5 billion for fiscal 2014, the year ended 31 December 2014, up 9.0% on the year before. Net income was $414 million, up 7.5%, and diluted earnings per share $0.80. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$3.5 billion
+9.0% on the year
FY2008FY2014
Operating margin
21.5%
21.4% a year earlier
FY2008FY2014
Net income
$414 million
+7.5% on the year
FY2008FY2014
Diluted EPS
$0.80
+6.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,500
3,211
3,119
+9.0%
Cost of revenue
1,433
1,316
1,446
+8.9%
Gross profit
2,067
1,895
1,674
+9.1%
Gross margin
59.1%
59.0%
53.7%
Operating income
754
688
690
+9.6%
Operating margin
21.5%
21.4%
22.1%
Interest expense
117
111
97.0
+5.4%
Pre-tax income
594
600
548
-1.0%
Income tax
181
216
199
-16.2%
Effective tax rate
30.5%
36.0%
36.3%
Net income
414
385
352
+7.5%
Net margin
11.8%
12.0%
11.3%
Diluted EPS
$0.80
$0.75
$0.68
+6.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
574
594
Capital expenditure
140
115
87.0
+21.7%
Free cash flow
n/a
459
507
Free cash flow margin
n/a
14.3%
16.3%
Cash from investing
n/a
n/a
-128
Cash from financing
n/a
n/a
-485
Depreciation and amortisation
68.0
59.0
52.0
+15.3%
Share-based compensation
62.0
47.0
46.0
+31.9%
Buybacks
178
10.0
275
+1,680.0%
Dividends paid
98.0
87.0
65.0
+12.6%
Dividend per share
$0.19
$0.17
$0.13
+11.5%
Diluted shares, weighted
519m
514m
518m
+1.0%
Shares outstanding at period end
506m
508m
497m
-0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,793
6,184
5,208
-6.3%
Non-controlling interest
1.0
n/a
1.0
Debt
2,313
2,634
1,976
-12.2%
Other liabilities
3,980
3,759
1,947
+5.9%
Total liabilities and equity
12,087
12,577
9,132
-3.9%
Fixed assets
292
268
211
+9.0%
Goodwill
5,538
6,186
5,335
-10.5%
Intangible assets
2,077
2,386
1,650
-13.0%
Investments
174
189
223
-7.9%
Trading assets
171
189
201
-9.5%
Cash and equivalents
427
398
497
+7.3%
Receivables
389
393
333
-1.0%
Other assets
3,019
2,568
682
+17.6%
Total assets
12,087
12,577
9,132
-3.9%
10-K for the year ended 31 December 2014, filed 17 February 2015: the filing.