Nasdaq Implements AxiomSL Revenue Recognition Change Page 1

Confirms medium-term growth outlook

NEW YORK, Sept. 6, 2024 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today announced that it has made a change in the accounting treatment of revenue associated with AxiomSL on-premises subscription contracts. This change was previously disclosed during Nasdaq’s second quarter earnings release and is related to the finalization of U.S. GAAP purchase accounting in connection with the Adenza acquisition.

The accounting change reflects the frequent and ongoing mandatory updates to AxiomSL’s regulatory reporting software, which are critical to the product’s utility and value to its customers. Going forward, Nasdaq will recognize 100% of AxiomSL on-premises subscription revenue prorated over the contract period, whereas Adenza previously recognized approximately 50% of AxiomSL’s total contract revenue up front and the remainder over the contract period.