Nasdaq, Inc. Q2 FY2024 results: revenue $1.8 billion, up 25.1% on the year

Nasdaq, Inc. (NDAQ) reported revenue of $1.8 billion for Q2 FY2024, the quarter ended 30 June 2024, up 25.1% on the same quarter a year earlier. Net income was $222 million, down 16.9% on the year, and diluted earnings per share $0.38. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$1.8 billionup 25.1%

Net income$222 milliondown 16.9%

Diluted EPS$0.38

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,792	1,674	n/a	n/a
Cost of revenue	633	557	n/a	n/a
Gross profit	1,159	1,117	n/a	n/a
Gross margin	64.7%	66.7%	n/a
Operating income	423	410	n/a	n/a
Operating margin	23.6%	24.5%	n/a
Interest expense	102	108	n/a	n/a
Pre-tax income	341	312	n/a	n/a
Income tax	119	79.0	n/a	n/a
Effective tax rate	34.9%	25.3%	n/a
Net income	222	234	n/a	n/a
Net margin	12.4%	14.0%	n/a
Diluted EPS	$0.38	$0.40	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	460	530	n/a	n/a
Capital expenditure	52.0	39.0	n/a	n/a
Free cash flow	408	491	n/a	n/a
Free cash flow margin	22.8%	29.3%	n/a
Depreciation and amortisation	153	155	n/a	n/a
Share-based compensation	39.0	30.0	n/a	n/a
Buybacks	58.0	0.0	n/a	n/a
Dividends paid	138	127	n/a	n/a
Dividend per share	$0.24	$0.22	n/a	n/a
Diluted shares, weighted	579m	579m	n/a	n/a
Shares outstanding at period end	576m	576m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	30,210	30,267	n/a	n/a
Cash and equivalents	416	388	n/a	n/a
Receivables	960	925	n/a	n/a
Goodwill	13,984	13,974	n/a	n/a
Total debt, as filed	9,797	9,989	n/a	n/a
Long-term debt	9,249	9,765	n/a	n/a
Operating lease liabilities	409	413	n/a	n/a
Shareholders' equity	10,898	10,809	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,451	1,647	1,674	1,792	1,902	2,032	2,090	2,090	1,958	2,124	2,137	2,532
Cost of revenue	511	531	557	633	756	805	853	784	643	733	730	1,032
Gross profit	940	1,116	1,117	1,159	1,146	1,227	1,237	1,306	1,315	1,391	1,407	1,500
Gross margin	65%	68%	67%	65%	60%	60%	59%	62%	67%	65%	66%	59%
Operating income	431	353	410	423	448	517	547	568	586	630	657	712
Operating margin	30%	21%	24%	24%	24%	25%	26%	27%	30%	30%	31%	28%
Interest expense	101	111	108	102	102	102	96.0	95.0	87.0	89.0	87.0	86.0
Pre-tax income	391	277	312	341	356	440	488	548	529	580	677	653
Tax rate	25%	30%	25%	35%	14%	19%	19%	18%	20%	11%	23%	22%
Net income	294	196	234	222	306	355	395	452	423	518	519	507
Net margin	20%	12%	14%	12%	16%	17%	19%	22%	22%	24%	24%	20%
Diluted EPS	$0.60	$0.33	$0.40	$0.38	$0.53	$0.62	$0.68	$0.78	$0.73	$0.90	$0.91	$0.89
Operating cash flow	300	417	530	460	244	705	663	746	221	625	689	711
Capital expenditure	37.0	42.0	39.0	52.0	56.0	60.0	49.0	59.0	69.0	89.0	60.0	77.0
Free cash flow	263	375	491	408	188	645	614	687	152	536	629	634
Buybacks	0.0	110	0.0	58.0	87.0	0.0	115	100	115	286	548	355
Dividends paid	108	127	127	138	138	138	138	155	155	153	153	174
Shares outstanding	491m	575m	576m	576m	575m	575m	574m	574m	573m	570m	565m	562m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0001120193-24-000014: the filing on EDGAR. All of Nasdaq, Inc.'s filings: EDGAR company page.

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