REVENUES

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3: REVENUES

Disaggregation of Revenues

The following table presents our revenue disaggregated by revenue source:

	Three Months Ended March 31,
(in millions)	2022		2023
Transaction-based revenues:
Options	$	127	$	133
Cryptocurrencies	54		38
Equities	36		27
Other	1		9
Total transaction-based revenues	218		207
Net interest revenues:
Interest on corporate cash and investments	1		68
Margin interest	35		53
Interest on segregated cash and cash equivalents and deposits	1		45
Securities lending, net	24		26
Cash sweep	—		22
Interest expenses related to credit facilities	(6)		(6)
Total net interest revenues	55		208
Other revenues	26		26
Total net revenues	$	299	$	441

For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. For the three months ended March 31, 2023, such interest revenue earned was $10 million and such interest expenses paid to participating users was $2 million. As the program was launched in the second quarter of 2022, no such interest revenue earned or expenses incurred for the three months ended March 31, 2022.

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.

Contract liabilities, which consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.

The table below sets forth contract receivables and liabilities for the period indicated:

(in millions)	Contract Receivables		Contract Liabilities
Beginning of period, January 1, 2023	$	60	$	3
End of period, March 31, 2023	85		3
Changes during the period	$	25	$	—

The difference between the opening and ending balances of our contract receivables primarily results from increased revenues and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the three months ended March 31, 2023.