- Net revenues1 were a record $607 million in the third quarter of 2017, an increase of 4% compared to the third quarter of 2016. Subscription and recurring revenues, which includes revenues from our Corporate Services, Information Services and Market Technology segments, as well as our Trade Management Services business, increased 5% compared to prior year period and represented 76% of total net revenues in the third quarter of 2017.
- GAAP operating margin increased to 43% in the third quarter of 2017, up from 40% in the third quarter of 2016 while non-GAAP operating margin2 rose to 48% in the third quarter of 2017, up from 46% in the third quarter of 2016.
- Third quarter 2017 GAAP diluted EPS was $1.01, while non-GAAP diluted EPS was $1.06, both including a positive $0.04 per share impact from changes in share-based tax accounting.3 Compared to the third quarter of 2016, GAAP diluted EPS increased $0.24, or 31%, while non-GAAP diluted EPS increased $0.15, or 16%.
- Through the first nine months of 2017, the company has returned $355 million to shareholders, which includes $180 million in dividends and $175 million in share repurchases.
NEW YORK, Oct 26 (Bernama-GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq:NDAQ) today reported financial results for the third quarter of 2017. Third quarter 2017 net revenues were $607 million, up $22 million or 4% from $585 million in the prior year period. The third quarter increase in net revenues included a $15 million, or 3%, increase due to organic growth and a $7 million favorable impact due to changes in foreign exchange rates.
“We achieved strong results in the third quarter due in large part to success in delivering on our 2017 execution priorities, including successfully integrating the 2016 acquisitions, improving our competitive positioning across the franchise and commercializing key technologies," said Adena Friedman, President and CEO, Nasdaq. "Additionally, we completed a strategic review and initiated a business pivot to move more of our resources behind our most sizable growth opportunities. Initial actions supporting this new direction include organic investment in our Market Technology and Information Services businesses. Additionally, we completed the acquisitions of eVestment and Sybenetix, and made the decision to explore strategic alternatives for our Public Relations Solutions and Digital Media Services businesses within our Corporate Solutions business."
Mrs. Friedman continued, "We also remain very focused on advancing capital markets reform and to that effect, were pleased to see the U.S. Treasury supporting many of the proposals put forth in our May 2017 blueprint to revitalize the U.S. capital markets,4 which champions reforms and initiatives that we believe improve the public company experience and advance the U.S. economy. We look forward to continue advocating on behalf of our clients in this area.”
1 Represents revenues less transaction-based expenses.
2 Refer to our reconciliations of U.S. GAAP to non-GAAP net income, diluted earnings per share, operating income and operating expenses, included in the attached schedules.
3 In the first quarter of 2017, we adopted new accounting guidance which requires us to recognize the tax effect related to the vesting of share-based awards in income tax expense in the statements of income rather than in equity.
4 For more information, please see http://business.nasdaq.com/revitalize
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