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NDAQ » Topics » Cash and Cash Equivalents and Investments and Changes in Cash Flows

This excerpt taken from the NDAQ 10-Q filed Nov 8, 2006.

Cash and Cash Equivalents and Investments and Changes in Cash Flows

The following tables summarize our cash and cash equivalents and investments and changes in cash flows:

 

     September 30,
2006		    December 31,
2005		    Percentage
Change		  
     (in millions)       

Cash and cash equivalents

    $ 440.6    $ 165.2      #

Available-for-sale investments, at fair value(1)

     1,419.8      179.4      #
                

Total

    $ 1,860.4    $ 344.6      #
                

 

# Denotes a variance greater than 100.0%.
(1) Available-for-sale investments include our $1.3 billion investment in the LSE.
     Nine Months Ended
September 30,		     Percentage
Change		  
     2006     2005    
     (in millions)        

Cash provided by operating activities

    $ 146.7     $ 103.4     41.9 %

Cash used in investing activities

      (1,194.7 )     (71.6 )     #

Cash provided by financing activities

      1,323.3       198.8       #
# Denotes a variance greater than 100.0%.

 

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Table of Contents

Cash and cash equivalents and available-for-sale investments. Cash and cash equivalents and available-for-sale investments increased primarily as a result of our investment in the LSE, the receipt of funds from Nasdaq’s equity offerings in the first quarter of 2006 and May 2006, the receipt of a capital return and ordinary dividend from the LSE, the receipt of net proceeds from the sale of our building, the collection of annual listing fees and positive cash flow. These increases were partially offset by cash used to purchase our stake in the LSE, redeem our Series C Cumulative preferred stock, pay debt obligations and acquire Shareholder.com and PrimeZone.

Cash provided by operating activities. The following items impacted our cash provided by operating activities for the nine months ended September 30, 2006:

 

  •   Decrease in other operating liabilities of $20.2 million, mainly due to a decrease in accrued personnel costs of $13.5 million, reflecting payments associated with severance liabilities and a decrease in payables to related parties, accrued pension costs and other liabilities of $11.1 million due to timing of payments.

 

     Offset by increases in:

 

  •   Non-cash charges of approximately $72.1 million, comprised primarily of depreciation and amortization of $60.3 million and loss on the early extinguishment and refinancing of debt obligations of $20.9 million.

 

  •   Net income of $64.9 million.

We expect that cash provided by operating activities may fluctuate in future periods as a result of a number of factors, including fluctuations in our operating results, accounts receivable collections, stock option expensing and the timing and amount of other payments that we make.

Cash used in investing activities. The increase in cash used in investing activities is primarily attributable to purchases of available-for-sale investments, including our purchase of LSE shares, and our acquisitions of Shareholder.com and PrimeZone, partially offset by proceeds from redemptions and maturities of available-for-sale investments and from the sale of our building.

Cash provided by financing activities. Cash provided by financing activities increased primarily because of the proceeds we received from debt obligations and the net proceeds from our equity offerings in the first quarter of 2006 and May 2006, partially offset by funds used for payments of debt obligations and the redemption of our Series C Cumulative preferred stock.

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