NASDAQ, INC. (NDAQ) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
United States	5,100.0	4,822.0	4,662.0	3,405.0	3,379.0	3,081.0	2,679.0	2,408.0
Market Services				2,616.0	2,709.0	2,418.0		2,084.0
All Other Countries	1,126.0	1,064.0	963.0	853.0	898.0	867.0	1,025.0	995.0
Information Services						588.0		512.0
Total revenues [+]	6,226.0	5,886.0	5,625.0	4,258.0	4,277.0	3,948.0	3,704.0	3,403.0
Technology services								245.0
Revenue growth [+]	5.8%	4.6%	32.1%	-0.4%	8.3%	6.6%	8.8%	-2.8%
United States	5.8%	3.4%	36.9%	0.8%	9.7%	15.0%	11.3%	-4.6%
Market Services				-3.4%	12.0%			-6.5%
All Other Countries	5.8%	10.5%	12.9%	-5.0%	3.6%	-15.4%	3.0%	1.9%
Information Services								8.2%
Corporate Services								1.8%
Cost of goods sold	104.0	109.0	107.0	97.0	95.0	94.0	86.0	85.0
Gross profit	6,122.0	5,777.0	5,518.0	4,161.0	4,182.0	3,854.0	3,618.0	3,318.0
Gross margin	98.3%	98.1%	98.1%	97.7%	97.8%	97.6%	97.7%	97.5%
Selling, general and administrative [+]	1,319.0	1,224.0	1,104.0	998.0	1,013.0	936.0	921.0	831.0
Sales and marketing	51.0	57.0	39.0	39.0	37.0	31.0	30.0	28.0
General and administrative [+]	1,268.0	1,167.0	1,065.0	959.0	976.0	905.0	891.0	213.0
Wages and related expenses	1,003.0	938.0	786.0	707.0	712.0	670.0	665.0	590.0
General and administrative expenses	125.0	85.0	142.0	125.0	120.0	82.0	73.0	65.0
Professional fees	140.0	144.0	137.0	127.0	144.0	153.0	153.0	148.0
Other selling, general and administrative								590.0
Research and development	207.0	186.0	151.0	133.0	127.0	125.0	111.0	107.0
Equity in earnings	31.0	52.0	70.0	84.0	18.0	15.0	2.0	17.0
Other operating expenses	2,677.0	2,530.0	2,746.0	1,754.0	1,783.0	1,570.0	2,041.0	1,340.0
EBITDA [+]	1,950.0	1,889.0	1,587.0	1,360.0	1,277.0	1,238.0	547.0	1,057.0
EBITDA growth	3.2%	19.0%	16.7%	6.5%	3.2%	126.3%	-48.2%	14.5%
EBITDA margin	31.3%	32.1%	28.2%	31.9%	29.9%	31.4%	14.8%	31.1%
Depreciation	105.0	108.0	99.0	89.0	101.0	96.0	88.0	76.0
EBITA	1,845.0	1,781.0	1,488.0	1,271.0	1,176.0	1,142.0	459.0	981.0
EBITA margin	29.6%	30.3%	26.5%	29.8%	27.5%	28.9%	12.4%	28.8%
Amortization of intangibles	153.0	170.0	103.0	101.0	109.0	92.0	82.0	62.0
EBIT [+]	1,692.0	1,611.0	1,385.0	1,170.0	1,067.0	1,050.0	377.0	919.0
EBIT growth	5.0%	16.3%	18.4%	9.7%	1.6%	178.5%	-59.0%	16.9%
EBIT margin	27.2%	27.4%	24.6%	27.5%	24.9%	26.6%	10.2%	27.0%
Non-recurring items [+]	97.0	118.0	81.0	69.0	21.0	44.0	-461.0	182.0
Asset impairment							-578.0
Interest expense, net [+]	122.0	124.0	97.0	114.0	140.0	136.0	130.0	107.0
Interest expense	129.0	125.0	101.0	124.0	150.0	143.0	135.0	111.0
Interest income	7.0	1.0	4.0	10.0	10.0	7.0	5.0	4.0
Other income (expense), net	2.0	165.0	5.0	32.0	158.0	2.0	-575.0
Pre-tax income	1,475.0	1,534.0	1,212.0	1,019.0	1,064.0	872.0	133.0	630.0
Income taxes	352.0	347.0	279.0	245.0	606.0	143.0	27.0	203.0
Tax rate	23.9%	22.6%	23.0%	24.0%	57.0%	16.4%	20.3%	32.2%
Minority interest	-2.0							-1.0
Net income	1,125.0	1,187.0	933.0	774.0	458.0	729.0	106.0	428.0
Net margin	18.1%	20.2%	16.6%	18.2%	10.7%	18.5%	2.9%	12.6%

Basic EPS [+]	$2.28	$2.38	$1.89	$4.69	$2.77	$4.38	$0.64	$2.56
Growth	-4.2%	26.1%	-59.7%	69.4%	-36.8%	582.8%	-74.9%	4.4%
Diluted EPS [+]	$2.26	$2.35	$1.86	$4.64	$2.73	$4.30	$0.63	$2.50
Growth	-3.8%	26.1%	-59.8%	69.7%	-36.5%	584.6%	-74.9%	4.4%

Dividends per share [+]	$0.78	$0.70	$0.65	$1.85	$1.70	$1.46	$1.21	$0.90
Growth	11.4%	7.7%	-64.9%	8.8%	16.4%	20.7%	34.4%	55.2%

Shares outstanding (basic) [+]	492.4	497.7	493.2	164.9	165.3	166.4	165.2	167.3
Growth	-1.1%	0.9%	199.1%	-0.3%	-0.6%	0.7%	-1.3%	-1.0%
Shares outstanding (diluted) [+]	497.9	505.1	500.7	167.0	167.7	169.6	168.8	171.3
Growth	-1.4%	0.9%	199.9%	-0.4%	-1.1%	0.5%	-1.4%	-1.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.