2022 net revenues were $3,582 million, an increase of $162 million, or 5% over 2021.
Net revenues reflected a $239 million, or 7%, positive impact from organic growth, a $70 million
decrease from the impact of changes in FX rates and a $7 million decrease from the net
impact of acquisitions and divestitures.
Fourth quarter 2022 net revenues were $906 million, an increase of $21 million, or 2%, from
$885 million in the prior year period. Net revenues reflected a $41 million, or 5%, positive
impact from organic growth, including positive contributions from all segments, partially offset
by an $18 million decrease from the impact of changes in FX rates and a $2 million decrease
from the net impact of an acquisition and divestiture.
Solutions businesses revenues were $652 million in the fourth quarter of 2022, an increase of
$21 million, or 3%. The increase reflects a $30 million, or 5%, positive impact from organic
growth, and a $1 million increase from an acquisition, partially offset by a $10 million decrease
from the impact of changes in FX rates.
Trading Services net revenues were $253 million in the fourth quarter of 2022, an increase of
$3 million, or 1%. The increase reflects an $11 million, or 4%, positive impact from organic
growth, partially offset by an $8 million decrease from the impact of changes in FX rates.
2022 GAAP operating expenses were $2,018 million, an increase of $39 million, or 2% over
2021. Fourth quarter 2022 GAAP operating expenses increased $16 million, or 3%, versus the
prior year period. The increases in both periods primarily reflect increased expenses
associated with the continued investment in our people and our businesses, and higher travel
The increase in 2022 GAAP operating expenses are partially offset by lower regulatory
and amortization expenses reflecting one-time charges in 2021 as well as lower restructuring
charges for the year. The increase in fourth quarter 2022 GAAP operating expense includes
higher merger and strategic initiatives expense and restructuring charges.
2022 non-GAAP operating expenses were $1,721 million, an increase of $105 million or 6%,
Fourth quarter 2022 non-GAAP operating expenses increased $26 million, or 6%
versus the prior year period. The increase in both periods primarily reflects increased
expenses associated with the continued investment in our people and our businesses, and
higher travel costs, partially offset by lower marketing and advertising expense due to lower
capital markets activity and changes in FX rates.
The company repurchased $633 million in shares of its common stock during 2022. As of
December 31, 2022, there was $650 million remaining under the board authorized share
repurchase program, following an approval by the Board of Directors in December 2022 to
increase the authorized amount of the share repurchase program.
INITIATING 2023 EXPENSE AND TAX GUIDANCES
The company is initiating its 2023 non-GAAP operating expense guidance to a range of
$1,770 to $1,850 million.
Nasdaq expects its 2023 non-GAAP tax rate to be in the range of
24% to 26%.
STRATEGIC AND BUSINESS UPDATES
Nasdaq implemented its new corporate structure during the fourth quarter of 2022 to
amplify strategy. Nasdaq’s new corporate structure took effect during the fourth quarter of
2022 with business units organized into three divisions: Market Platforms, Capital Investment
Platforms (Nasdaqfund), and Anti-Financial Crime. The new structure aligns the company more
closely with evolving client needs and global financial system.
Nasdaq’s annualized SaaS revenues in the fourth quarter of 2022 increased 13% year
over year. Annualized SaaS revenues totaled $725 million in the fourth quarter of 2022,
representing 36% of total company ARR, up from 34% in the fourth quarter of 2021. The
13% year over year increase in annualized SaaS revenues primarily reflects strong growth
in the fraud detection and anti-money laundering solutions and Workflow and Insights
Nasdaq maintained listings leadership in the U.S. and Nordics during 2022. The
Nasdaq Stock Market led U.S. exchanges for operating company IPOs with a 92% total win
rate during 2022 and 100% win rate in the fourth quarter of 2022.
During 2022, the Nasdaq Stock Market featured six of the largest ten U.S. IPOs by capital raised,
attracted 74% of all proceeds raised through U.S. IPOs and welcomed 14 listing switches. In the
Nordic and Baltic regions, Nasdaq maintained its leadership positioning with 38 IPOs.
Nasdaq led all exchanges in total multiply-listed options traded and set a record for
U.S. equities trading during the December expiration. In the fourth quarter and full year
2022 periods, Nasdaq led all exchanges during the period in total volume traded for multiplylisted
equity options, and in December, achieved record U.S. equities volume for a triple
witch expiration event during the fourth quarter.
Nasdaq cloud progress continued with completing a migration of one of our options
exchanges and further customer adoption. Nasdaq successfully completed the migration
of Nasdaq MRX options market onto our new global derivative platform and Amazon Web
Services (AWS), our preferred cloud provider. The migration marks a major milestone in
Nasdaq’s journey to modernize and build the next-generation infrastructure for the world’s
capital markets. Nasdaq also signed an agreement with Bolsa Electronica de Chile in
January 2023 to upgrade its current on-premise Nasdaq trading technology to Nasdaq’s
SaaS-based Marketplace Services Platform through a full cloud migration strategy.
Nasdaq named to the Dow Jones Sustainability North America Index and received
approval by The Science Based Targets Initiative for net-zero targets. Nasdaq received
key recognitions by several third-party validators during 2022, including being named for the
seventh consecutive year to the Dow Jones Sustainability North America Index. Additionally,
Nasdaq’s near and long-term science-based emissions reductions targets were approved by
The Science Based Targets initiative. Nasdaq has pledged to reduce absolute Scope 1 and
Scope 2 greenhouse gas emissions 100% and absolute Scope 3 GHG emissions 50% by
2030, and pledged to reduce Scope 3 GHG emissions 95% to reach net-zero by 2050.