What does contract liabilities mean?

Revenue collected or billed in advance of performance — deferred revenue under ASC 606 terminology, representing future revenue obligations.

Nasdaq, Inc. NDAQ Contract Liabilities

Contract Liabilities at other companies

BGC Group, Inc.BGC

$19.5M+12.7%

Tradeweb Markets Inc.TW

$54.24M+15.5%

MarketAxessMKTX

$5.26M+6.3%

Virtu FinancialVIRT

$10.1M+1.0%

Cboe Global MarketsCBOE

——

Freedom HoldingFRHC

——

Segments

By product

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Annual Listings$294M+8.1%

Workflow & Insights$219M+2.8%

Financial Crime Management Technology$201M+21.8%

Capital Markets Technology$179M+10.5%

Regulatory Technology$160M+30.1%

Initial Listings$99M+8.8%

Other financials

Income statement

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Revenue$2.1B+2.0%

Gross profit$1.4B+13.7%

Operating income$657.0M+20.1%

Net income$519.0M+31.4%

EPS (diluted)$0.91+33.8%

Balance sheet

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Cash & equivalents$1.1B-76.0%

Total debt$9.9B-2.2%

Total equity$12.0B+4.2%

Total assets$27.3B-10.9%

Cash flow

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Operating cash flow$689.0M+3.9%

CapEx$60.0M+22.4%

Free cash flow$629.0M+2.4%

Valuation

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Market cap$44.58B-5.7%

Enterprise value$53.39B-0.1%

P/E23.3×-8.0×

P/S5.4×-0.5×

Profitability

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Gross margin65.2%+4.2pp

Operating margin29.4%+4.6pp

Net margin23%+6.7pp

FCF margin24.1%+0.4pp

Returns & leverage

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Return on equity16.2%+4.8pp

Debt / equity0.8×-0.1×

Current ratio1×0.0×

Questions, answered.

What does contract liabilities mean?: Revenue collected or billed in advance of performance — deferred revenue under ASC 606 terminology, representing future revenue obligations.