filings.toolsItem 8. Financial Statements and Supplementary Data.
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Item 8. Financial Statements and Supplementary Data.
Nasdaq’s consolidated financial statements, including Consolidated Balance Sheets as of December 31, 2018 and 2017, Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016, Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2018, 2017 and 2016, Consolidated Statements of Changes in Equity for the years ended December 31, 2018, 2017 and 2016, Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016 and notes to our consolidated financial statements, together with a report thereon of Ernst & Young LLP, dated February 22, 2019, are attached hereto as pages F-1 through F-51 and incorporated by reference herein.
Summarized Quarterly Financial Data (Unaudited)
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||
| 2018 | 2018 | 2018 | 2018 | |||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||
| Total revenues | $ | 1,151 | $ | 1,027 | $ | 964 | $ | 1,136 | ||||||||
| Transaction-based expenses | (485 | ) | (412 | ) | (364 | ) | (491 | ) | ||||||||
| Revenues less transaction-based expenses | 666 | 615 | 600 | 645 | ||||||||||||
| Total operating expenses | 393 | 346 | 354 | 404 | ||||||||||||
| Operating income | 273 | 269 | 246 | 241 | ||||||||||||
| Net income (loss) attributable to Nasdaq | $ | 177 | $ | 162 | $ | 163 | $ | (44 | ) | |||||||
| Basic earnings (loss) per share | $ | 1.06 | $ | 0.98 | $ | 0.99 | $ | (0.27 | ) | |||||||
| Diluted earnings (loss) per share | $ | 1.05 | $ | 0.97 | $ | 0.97 | $ | (0.27 | ) | |||||||
| Cash dividends declared per common share | $ | 0.82 | $ | — | $ | 0.44 | $ | 0.44 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||
| 2017 | 2017 | 2017 | 2017 | |||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||
| Total revenues | $ | 969 | $ | 994 | $ | 965 | $ | 1,019 | ||||||||
| Transaction-based expenses | (388 | ) | (398 | ) | (362 | ) | (389 | ) | ||||||||
| Revenues less transaction-based expenses | 581 | 596 | 603 | 630 | ||||||||||||
| Total operating expenses | 335 | 354 | 341 | 390 | ||||||||||||
| Operating income | 246 | 242 | 262 | 240 | ||||||||||||
| Net income attributable to Nasdaq | $ | 168 | $ | 146 | $ | 170 | $ | 246 | ||||||||
| Basic earnings per share | $ | 1.01 | $ | 0.88 | $ | 1.02 | $ | 1.47 | ||||||||
| Diluted earnings per share | $ | 0.99 | $ | 0.87 | $ | 1.00 | $ | 1.45 | ||||||||
| Cash dividends declared per common share | $ | 0.32 | $ | 0.38 | $ | 0.38 | $ | 0.38 |
Previous: Item 7A. Quantitative and Qualitative Disclosures About Market Risk · Next: Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure