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NYSE Euronext Announces Third Quarter 2013 Financial Results

NYSE Euronext (NYX) today reported net income of $178 million, or $0.73 per diluted share on a GAAP basis, for the third quarter of 2013, compared to net income of $108 million, or $0.44 per diluted share, for the third quarter of 2012. Results for the third quarter of 2013 and 2012 included $24 million and $18 million, respectively, of pre-tax merger expenses and exit costs. Third quarter 2013 results included a $5 million pre-tax gain on the sale of our 12% stake in the Qatar Exchange. Our third quarter 2013 and 2012 GAAP effective tax rate both included a discrete net deferred tax benefit, principally related to the enacted reduction in the corporate tax rate in the United Kingdom. Excluding merger expenses, exit costs, disposal activity and discrete tax items, net income in the third quarter of 2013 was $131 million, or $0.53 per diluted share on a non-GAAP basis, compared to $108 million, or $0.44 per diluted share on a non-GAAP basis, in the third quarter of 2012.

“I would like to thank all of our clients, shareholders and employees for their support while we worked through our transformative deal with IntercontinentalExchange,” said Duncan L. Niederauer, CEO, NYSE Euronext. “Throughout the process, we continued to execute against our business plan by transitioning our clearing operation, building substantial momentum in our Listings business, achieving our cost saving commitments for 2013 early and managing our capital in a disciplined way for our shareholders. We are especially pleased that Twitter recently announced they will list on the NYSE. What we accomplished has set an excellent foundation for the combination of our two great companies.”

The table below summarizes the financial results 1 for the third quarter of 2013:

 
    % Δ 3Q13     Year-to-Date     % Δ YTD '13
($ in millions, except EPS)         3Q13     2Q13     3Q12     vs. 3Q12     2013       2012         vs. YTD '12
Total Revenues 2         $890       $995       $902   (1 %) $2,848       $2,840   0 %
Total Revenues, Less Transaction-Based Expenses 3 574 611 559 3 % 1,785 1,762 1 %
Other Operating Expenses 4 372   382   388   (4 %) 1,134   1,189   (5 %)
Operating Income 4 $202 $229 $171 18 % $651 $573 14 %
Net Income 5 $131 $153 $108 21 % $423 $357 18 %
Diluted Earnings Per Share 5         $0.53       $0.63         $0.44         22 %       $1.73       $1.41         23 %
Operating Margin 35 % 37 % 31 % 4 ppts 36 % 33 % 3 ppts
Adjusted EBITDA Margin         46 %     48 %       42 %       4 ppts       47 %     44 %       3 ppts
 
1   A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See also our statement on non-GAAP financial measures at the end of this earnings release.
2 Includes activity assessment fees.
3 Transaction-based expenses include Section 31 fees, liquidity payments and routing & clearing fees.
4 Excludes merger expenses, exit costs and charge for fair value adjustment to RSU awards.
5 Excludes merger expenses, exit costs, charge for fair value adjustment to RSU awards, disposal activities and discrete tax items.
 

THIRD QUARTER 2013 CONSOLIDATED RESULTS

Total revenues, less transaction-based expenses, which include Section 31 fees, liquidity payments and routing and clearing fees (net revenue), were $574 million in the third quarter of 2013, up 3% from the third quarter of 2012 and included a $5 million positive impact from foreign currency fluctuations.

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