Cboe Global Markets Reports Results for Third Quarter 2024
Cboe Global Markets (CBOE) reported strong financial results for Q3 2024, with record net revenue of $532.0 million, up 11% year-over-year. The company achieved diluted EPS of $2.07 (up 6%) and record adjusted diluted EPS of $2.22 (up 8%). Based on strong performance, Cboe increased its 2024 organic total net revenue growth guidance to 7-9% from 6-8%. Derivatives net revenue grew 13%, Cash and Spot Markets increased 12%, and Data and Access Solutions rose 6% year-over-year. The company also adjusted its 2024 operating expense guidance upward to $798-808 million from $795-805 million.
Cboe Global Markets (CBOE) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con entrate nette record di 532,0 milioni di dollari, in aumento dell'11% rispetto all'anno precedente. L'azienda ha raggiunto un utile per azione diluito di 2,07 dollari (in aumento del 6%) e un utile per azione diluito rettificato record di 2,22 dollari (in aumento dell'8%). Sulla base di una performance favorevole, Cboe ha aumentato la sua previsione di crescita delle entrate nette organiche totali per il 2024 al 7-9% rispetto al 6-8%. Le entrate nette da derivati sono aumentate del 13%, i mercati di cassa e spot sono aumentati del 12% e le soluzioni per dati e accesso sono cresciute del 6% anno su anno. L'azienda ha anche rivisto al rialzo la guida per le spese operative del 2024 a 798-808 milioni di dollari, rispetto ai precedenti 795-805 milioni di dollari.
Los mercados globales de Cboe (CBOE) reportaron resultados financieros sólidos para el tercer trimestre de 2024, con ingresos netos récord de 532,0 millones de dólares, un aumento del 11% en comparación con el año anterior. La compañía logró un EPS diluido de 2,07 dólares (un aumento del 6%) y un EPS diluido ajustado récord de 2,22 dólares (un aumento del 8%). Basado en un rendimiento fuerte, Cboe aumentó su guía de crecimiento orgánico de ingresos netos totales para 2024 al 7-9% desde el 6-8%. Los ingresos netos de derivados crecieron un 13%, los mercados de efectivo y spot aumentaron un 12% y las soluciones de datos y acceso crecieron un 6% interanual. La compañía también ajustó al alza su guía de gastos operativos para 2024 a 798-808 millones de dólares desde 795-805 millones de dólares.
Cboe 글로벌 마켓 (CBOE)는 2024년 3분기 강력한 재무 성과를 보고했으며, 기록적인 순수익 5억 3천 2백만 달러로 전년 대비 11% 증가했습니다. 이 회사는 희석 주당순이익(EPS) 2.07달러(6% 증가)와 기록적인 조정 희석 주당순이익 2.22달러(8% 증가)를 달성했습니다. 강력한 성과를 바탕으로 Cboe는 2024년 유기적인 총 순수익 성장 가이드를 6-8%에서 7-9%로 상향 조정했습니다. 파생상품 순수익은 13% 증가했습니다, 현물 및 현금 시장은 12% 증가했으며, 데이터 및 액세스 솔루션은 전년 대비 6% 증가했습니다. 또한 회사는 2024년 운영비 가이드를 7억 9천 8백만에서 8억 8백만 달러로 상향 조정했습니다.
Cboe Global Markets (CBOE) a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec des revenus nets records de 532,0 millions de dollars, en hausse de 11 % par rapport à l'année précédente. L'entreprise a réalisé un EPS dilué de 2,07 $ (en hausse de 6 %) et un EPS dilué ajusté record de 2,22 $ (en hausse de 8 %). Sur la base de performances solides, Cboe a augmenté ses prévisions de croissance des revenus nets organiques totaux pour 2024 à 7-9 % contre 6-8 %. Les revenus nets des dérivés ont augmenté de 13 %, les marchés de liquidités et au comptant ont augmenté de 12 % et les solutions de données et d'accès ont progressé de 6 % d'une année sur l'autre. L'entreprise a également révisé à la hausse sa prévision de dépenses d'exploitation pour 2024 à 798-808 millions de dollars contre 795-805 millions de dollars précédemment.
Cboe Global Markets (CBOE) berichtete über starke finanzielle Ergebnisse für das dritte Quartal 2024, mit einem Rekordnettoeinkommen von 532,0 Millionen US-Dollar, was einem Anstieg von 11% im Jahresvergleich entspricht. Das Unternehmen erreichte ein verwässertes EPS von 2,07 USD (ein Anstieg von 6%) und ein rekonstruiertes verwässertes EPS von 2,22 USD (ein Anstieg von 8%). Basierend auf der starken Leistung erhöhte Cboe seine Prognose für das organische Wachstum des Gesamt-Nettoertrags für 2024 auf 7-9% von zuvor 6-8%. Die Nettoerträge aus Derivaten stiegen um 13%, Markt- und Spotmärkte um 12% und Daten- und Zugangslösungen um 6% im Jahresvergleich. Das Unternehmen hebt auch seine Prognose für die Betriebskosten im Jahr 2024 auf 798-808 Millionen US-Dollar von zuvor 795-805 Millionen US-Dollar an.
- Record net revenue of $532.0 million, up 11% YoY
- Record adjusted diluted EPS of $2.22, up 8% YoY
- Derivatives net revenue increased 13% YoY
- Cash and Spot Markets revenue grew 12% YoY
- Increased organic total net revenue growth guidance to 7-9%
- Operating expense guidance increased to $798-808 million from $795-805 million
Insights
CBOE delivered an impressive Q3 2024 performance with
The increased guidance for organic total net revenue growth to
Key performance metrics demonstrate strong execution:
- Record adjusted diluted EPS of
$2.22 , up8% - Diluted EPS of
$2.07 , up6% - YTD net revenue growth of
9%
Third Quarter Highlights*
- Diluted EPS for the Quarter of
, Up 6 percent$2.07 - Record Adjusted Diluted EPS¹ for the Quarter of
, Up 8 percent$2.22 - Record Net Revenue for the Quarter of
, Up 11 percent$532.0 million - Increases Organic Total Net Revenue Growth2 Range for 2024 to 7 to 9 percent, from 6 to 8 percent; Reaffirms Lower End of Data and Access Solutions Organic Net Revenue Growth Target2 of 7 to 10 percent
- Increases 2024 Adjusted Operating Expense Guidance2 to
to$798 , from$808 million to$795 $805 million
"In the third quarter, Cboe reported strong diluted EPS of
"Cboe reported strong
*All comparisons are third quarter 2024 compared to the same period in 2023. | |
(1) | A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
(2) | Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. |
Consolidated Third Quarter Results -Table 1
Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended September 30, 2024 and 2023.
Table 1 | ||||||
Consolidated Third Quarter Results |
3Q24 |
3Q23 |
Change | 3Q24 | 3Q23 |
Change |
Total Revenues Less Cost of Revenues | $ 532.0 | $ 480.5 | 11 % | $ 532.0 | $ 480.5 | 11 % |
Total Operating Expenses | $ 224.6 | $ 209.3 | 7 % | $ 204.0 | $ 180.3 | 13 % |
Operating Income | $ 307.4 | $ 271.2 | 13 % | $ 328.0 | $ 300.2 | 9 % |
Operating Margin % | 57.8 % | 56.4 % | 1.4 pp | 61.7 % | 62.5 % | (0.8)pp |
Net Income Allocated to Common Stockholders | $ 217.4 | $ 207.1 | 5 % | $ 232.9 | $ 218.9 | 6 % |
Diluted Earnings Per Share | $ 2.07 | $ 1.95 | 6 % | $ 2.22 | $ 2.06 | 8 % |
EBITDA1 | $ 341.1 | $ 319.7 | 7 % | $ 342.0 | $ 320.5 | 7 % |
EBITDA Margin %1 | 64.1 % | 66.5 % | (2.4)pp | 64.3 % | 66.7 % | (2.4)pp |
- Total revenues less cost of revenues (referred to as "net revenue"2) of
increased 11 percent, compared to$532.0 million in the prior-year period, a result of increases in derivatives markets, cash and spot markets, and data and access solutions net revenue2.$480.5 million - Total operating expenses were
versus$224.6 million in the third quarter of 2023, an increase of$209.3 million . This increase was primarily due to higher compensation and benefits and travel and promotional expenses, partially offset by a decline in professional fees and outside services. Adjusted operating expenses1 of$15.3 million increased 13 percent compared to$204.0 million in the third quarter of 2023. This increase was primarily due to higher compensation and benefits and travel and promotional expenses, partially offset by a decline in professional fees and outside services.$180.3 million - The effective tax rate for the third quarter of 2024 was 29.3 percent as compared with 22.9 percent in the third quarter of 2023. The higher effective tax rate in 2024 is primarily due to releases of penalties and interest associated with Section 199 positions in 2023. The effective tax rate on adjusted earnings1 was 29.2 percent, up 2.8 basis points when compared with 26.4 percent in last year's third quarter. The change was primarily due to lower non-deductible compensation in 2023 resulting from executive changes.
- Diluted EPS for the third quarter of 2024 increased 6 percent to
compared to the third quarter of 2023. Adjusted diluted EPS1 of$2.07 increased 8 percent compared to 2023 third quarter results.$2.22
Business Segment Information:
Table 2 | |||
Total Revenues Less Cost of Revenues by | 3Q24 | 3Q23 | Change |
Options | $ 320.9 | $ 290.8 | 10 % |
North American Equities | 98.0 | 95.1 | 3 % |
Europe and Asia Pacific | 55.6 | 45.6 | 22 % |
Futures | 38.0 | 32.4 | 17 % |
Global FX | 20.0 | 18.3 | 9 % |
Digital | (0.5) | (1.7) | * % |
Total | $ 532.0 | $ 480.5 | 11 % |
(1) | A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
(2) | See the attached tables on page 10 for "Net Revenue by Revenue Caption." |
*Not meaningful |
Discussion of Results by Business Segment1:
Options:
- Options record net revenue of
was up$320.9 million , or 10 percent, from the third quarter of 2023. Net transaction and clearing fees2 increased primarily as a result of a 13 percent increase in index options trading volumes versus the third quarter of 2023. Access and capacity fees were 5 percent higher than the third quarter of 2023.$30.1 million - Net transaction and clearing fees2 increased
, or 14 percent, reflecting a 2 percent increase in total options average daily volume ("ADV") and a 10 percent increase in total options revenue per contract ("RPC") compared to the third quarter of 2023. The increase in total options RPC was due to a mix shift, with index options representing a higher percentage of total options volume.$35.9 million - Cboe's Options exchanges had total market share of 30.5 percent for the third quarter of 2024 compared to 33.6 percent in the third quarter of 2023, a result of lower multi-list market share as compared to the third quarter of 2023.
North American (N.A.) Equities:
- N.A. Equities net revenue of
increased$98.0 million , or 3 percent, from the third quarter of 2023, reflecting higher net transaction and clearing fees2 and access and capacity fees, partially offset by a decline in industry market data fees.$2.9 million - Net transaction and clearing fees2 increased by
, or 10 percent, compared to the third quarter of 2023. The increase was driven by stronger industry volumes and improved net capture rates, partially offset by lower market share as compared to the third quarter of 2023.$2.9 million - Cboe's
U.S. Equities exchanges had market share of 10.9 percent for the third quarter of 2024 compared to 12.7 percent in the third quarter of 2023 given higher industry off-exchange and closing auction share. Cboe'sU.S. Equities off-exchange market share was 17.7 percent, down from 19.9 percent in the third quarter of 2023. Canadian Equities market share declined to 14.6 percent as compared to 15.2 percent in the third quarter of 2023.
Europe and Asia Pacific (APAC):
Europe and APAC net revenue of increased by 22 percent compared to the third quarter of 2023, reflecting growth in net transaction and clearing fees2 and non-transaction revenues. On a constant currency basis3, net revenues were$55.6 million , up 20 percent on a year-over-year basis. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was$54.9 million €9.3 billion , up 16 percent compared to the third quarter of 2023 given a 13 percent increase in industry market volumes. Japanese Equities ADNV was 117 percent higher and Australian Equities ADNV was 28 percent higher than the third quarter of 2023.- For the third quarter of 2024, Cboe European Equities had 23.8 percent market share, up from 23.2 percent in the third quarter of 2023. Cboe European Equities net capture rate increased 11 percent given a mix shift to higher capture products. Cboe Australia had 20.8 percent market share for the third quarter of 2024, up from 17.9 percent in the third quarter of 2023. Cboe Japan grew market share to 5.4 percent in the third quarter of 2024 from 3.3 percent in the third quarter of 2023.
Futures:
- Futures net revenue of
increased$38.0 million , or 17 percent, from the third quarter of 2023 due to an increase in net transaction and clearing fees2.$5.6 million - Net transaction and clearing fees2 increased
, reflecting a 19 percent increase in ADV during the quarter.$5.6 million
Global FX:
- Global FX record net revenue of
increased 9 percent, primarily due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was$20.0 million for the quarter, up 9 percent compared to last year's third quarter, and net capture rate per$48.3 billion one million dollars traded was for the quarter, up 1 percent compared to$2.66 in the third quarter of 2023.$2.64 - Cboe FX market share was 19.1 percent for the quarter compared to 20.2 percent in last year's third quarter.
(1) | The Digital and Corporate segments are not further discussed as results were not material during the third quarter of 2024. |
(2) | See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment." |
(3) | A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
2024 Fiscal Year Financial Guidance
Cboe provided guidance for the 2024 fiscal year as noted below.
- Organic total net revenue growth1 is expected to be in the range of 7 to 9 percentage points, up from previous guidance calling for 6 to 8 percentage points in 2024.
- Reaffirms lower end of organic net revenue1 growth range from Data and Access Solutions of 7 to 10 percentage points in 2024.
- Adjusted operating expenses1 in 2024 are expected to be in the range of
to$798 , up from previous guidance of$808 million to$795 . The guidance excludes the expected amortization of acquired intangible assets of$805 million ; the company reflects the exclusion of this amount in its non-GAAP reconciliation.$89 million - Reaffirms depreciation and amortization expense for 2024 is expected to be in the range of
to$43 , excluding the expected amortization of acquired intangible assets.$47 million - Minority investments are expected to contribute a
to$40 benefit in 2024 to non-operating (expenses) income, up from previous guidance of$46 million to$37 . Reaffirms that$43 million to$33 of the benefit will come in the earnings on investments line and anticipates$37 million to$7 to come through the other income (expense), net line, up from previous guidance of$9 million to$4 .$6 million - Reaffirms the effective tax rate on adjusted earnings1 for the full year 2024 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation.
- Capital expenditures for 2024 are expected to be in the range of
to$57 , up from previous guidance of$63 million to$51 .$57 million
(1) | Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, annualized adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, annualized adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. |
Capital Management
At September 30, 2024, the company had cash and cash equivalents of
The company paid cash dividends of
Earnings Conference Call
Executives of Cboe Global Markets will host a conference call to review its third-quarter financial results today, November 1, 2024, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 6762730. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.
(2) | A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; risks relating to digital assets, including winding down the Cboe Digital spot market and transitioning digital asset futures contracts to CFE, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.
Cboe Media Contacts: | Analyst Contact: | |
Angela Tu | Tim Cave | Kenneth Hill, CFA |
(646) 856-8734 | +44 (0) 7593 506 719 | (312) 786-7559 |
CBOE-F
Trademarks:
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, Cboe Clear®, EDGX®, EDGA®, MATCHNow®, and VIX® are registered trademarks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.
Cboe Global Markets, Inc. Key Performance Statistics by Business Segment | |||||
3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | |
Options | |||||
Total industry ADV (in thousands) | 48,733 | 46,129 | 47,452 | 44,410 | 43,411 |
Total Company Options ADV (in thousands) | 14,882 | 14,384 | 14,833 | 14,896 | 14,592 |
Multi-listed options | 10,655 | 10,367 | 10,744 | 10,725 | 10,848 |
Index options | 4,227 | 4,017 | 4,089 | 4,172 | 3,743 |
Total Options market share | 30.5 % | 31.2 % | 31.3 % | 33.5 % | 33.6 % |
Multi-listed options | 24.0 % | 24.6 % | 24.8 % | 26.7 % | 27.4 % |
Total Options RPC: | $ 0.298 | $ 0.295 | $ 0.299 | $ 0.297 | $ 0.270 |
Multi-listed options | $ 0.063 | $ 0.062 | $ 0.064 | $ 0.060 | $ 0.055 |
Index options | $ 0.892 | $ 0.898 | $ 0.915 | $ 0.908 | $ 0.894 |
North American Equities | |||||
U.S. Equities - Exchange: | |||||
Total industry ADV (shares in billions) | 11.5 | 11.8 | 11.8 | 11.2 | 10.4 |
Market share % | 10.9 % | 11.4 % | 12.8 % | 13.0 % | 12.7 % |
Net capture (per 100 touched shares) | $ 0.024 | $ 0.027 | $ 0.019 | $ 0.013 | $ 0.022 |
U.S. Equities - Off-Exchange: | |||||
ADV (touched shares, in millions) | 79.3 | 74.7 | 82.0 | 76.1 | 73.8 |
Off-Exchange ATS Block Market Share % (reported on a one-month lag) | 17.7 % | 17.8 % | 17.6 % | 18.4 % | 19.9 % |
Net capture (per 100 touched shares) | $ 0.135 | $ 0.136 | $ 0.132 | $ 0.137 | $ 0.125 |
Canadian Equities: | |||||
ADV (matched shares, in millions) | 135.9 | 150.6 | 146.3 | 141.8 | 127.5 |
Total market share % | 14.6 % | 15.0 % | 15.3 % | 15.3 % | 15.2 % |
Net capture (per 10,000 shares, in Canadian Dollars) | $ 4.240 | $ 4.046 | $ 3.997 | $ 3.905 | $ 3.976 |
Europe and Asia Pacific | |||||
European Equities: | |||||
Total industry ADNV (Euros - in billions) | € 38.9 | € 42.6 | € 41.8 | € 37.7 | € 34.3 |
Market share % | 23.8 % | 22.5 % | 23.7 % | 23.9 % | 23.2 % |
Net capture (per matched notional value (bps), in Euros) | € 0.257 | € 0.251 | € 0.249 | € 0.233 | € 0.232 |
Cboe Clear Europe: | |||||
Trades cleared (in thousands) | 306,882.5 | 299,019.3 | 294,325.7 | 281,938.1 | 255,152.3 |
Fee per trade cleared (in Euros) | € 0.008 | € 0.008 | € 0.008 | € 0.010 | € 0.010 |
Net settlement volume (shares in thousands) | 2,947.6 | 2,764.0 | 2,524.6 | 2,511.6 | 2,469.5 |
Net fee per settlement (in Euros) | € 1.026 | € 1.038 | € 1.072 | € 0.899 | € 0.927 |
Australian Equities: | |||||
ADNV (AUD - in billions) | $ 0.8 | $ 0.8 | $ 0.8 | $ 0.7 | $ 0.7 |
Market share - Continuous | 20.8 % | 20.8 % | 20.4 % | 20.3 % | 17.9 % |
Net capture (per matched notional value (bps), in Australian Dollars) | $ 0.156 | $ 0.155 | $ 0.156 | $ 0.157 | $ 0.155 |
Japanese Equities: | |||||
ADNV (JPY - in billions) | ¥ 323.3 | ¥ 315.2 | ¥ 315.9 | ¥ 190.2 | ¥ 148.7 |
Market share - Lit Continuous | 5.4 % | 5.5 % | 5.0 % | 4.0 % | 3.3 % |
Net capture (per matched notional value (bps), in Yen) | ¥ 0.220 | ¥ 0.229 | ¥ 0.227 | ¥ 0.252 | ¥ 0.257 |
Futures | |||||
ADV (in thousands) | 273.7 | 253.6 | 220.0 | 233.4 | 230.0 |
RPC | $ 1.767 | $ 1.757 | $ 1.749 | $ 1.729 | $ 1.753 |
Global FX | |||||
Spot market share % | 19.1 % | 20.2 % | 20.3 % | 21.3 % | 20.2 % |
ADNV ($ - in billions) | $ 48.3 | $ 47.7 | $ 45.3 | $ 47.0 | $ 44.4 |
Net capture (per one million dollars traded) | $ 2.66 | $ 2.69 | $ 2.62 | $ 2.60 | $ 2.64 |
ADV = average daily volume; ADNV = average daily notional value.
RPC, average revenue per contract, for options and futures represents total net transaction fees recognized for the period divided by total contracts traded during the period.
Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.
Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.
Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for MATCHNow and Cboe Canada and the number of trading days. Total market share represents MATCHNow and Cboe Canada volume divided by the total volume of the Canadian Equities market. As of January 1, 2024, the Cboe Canada and MATCHNow entities have been amalgamated into Cboe Canada Inc.
European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
Asia Pacific data reflects data from Cboe Australia and Cboe Japan. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Japanese Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of Japanese Equities trading days.
Global FX, "net capture per
Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
Cboe Global Markets, Inc. and Subsidiaries | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||
(in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |
Revenues: | |||||
Cash and spot markets | $ 434.1 | $ 335.1 | $ 1,201.4 | $ 1,083.4 | |
Data and access solutions | 145.6 | 137.0 | 427.9 | 401.7 | |
Derivatives markets | 476.0 | 436.7 | 1,357.6 | 1,319.7 | |
Total Revenues | 1,055.7 | 908.8 | 2,986.9 | 2,804.8 | |
Cost of Revenues: | |||||
Liquidity payments | 317.6 | 323.7 | 963.4 | 1,032.9 | |
Routing and clearing | 17.4 | 17.8 | 50.0 | 62.6 | |
Section 31 fees | 129.5 | 36.1 | 249.3 | 145.5 | |
Royalty fees and other cost of revenues | 59.2 | 50.7 | 176.3 | 144.8 | |
Total Cost of Revenues | 523.7 | 428.3 | 1,439.0 | 1,385.8 | |
Revenues Less Cost of Revenues | 532.0 | 480.5 | 1,547.9 | 1,419.0 | |
Operating Expenses: | |||||
Compensation and benefits | 119.1 | 96.1 | 350.5 | 313.0 | |
Depreciation and amortization | 31.8 | 38.8 | 100.9 | 120.0 | |
Technology support services | 25.5 | 25.0 | 74.3 | 75.5 | |
Professional fees and outside services | 21.9 | 24.4 | 69.2 | 68.7 | |
Travel and promotional expenses | 12.6 | 8.9 | 29.4 | 28.6 | |
Facilities costs | 5.9 | 6.2 | 18.5 | 20.0 | |
Acquisition-related costs | — | 0.8 | 1.2 | 7.9 | |
Impairment of intangible assets | — | — | 81.0 | — | |
Other expenses | 7.8 | 9.1 | 23.0 | 21.4 | |
Total Operating Expenses | 224.6 | 209.3 | 748.0 | 655.1 | |
Operating Income | 307.4 | 271.2 | 799.9 | 763.9 | |
Non-operating (Expenses) Income: | |||||
Interest expense | (12.8) | (15.4) | (38.6) | (49.2) | |
Interest income | 11.4 | 3.5 | 20.1 | 8.3 | |
Earnings on investments | 1.0 | 10.3 | 29.2 | 34.9 | |
Other income (expense), net | 2.0 | 0.5 | (6.5) | 2.2 | |
Total Non-operating Income (Expenses) | 1.6 | (1.1) | 4.2 | (3.8) | |
Income Before Income Tax Provision | 309.0 | 270.1 | 804.1 | 760.1 | |
Income tax provision | 90.5 | 61.9 | 235.7 | 210.7 | |
Net Income | 218.5 | 208.2 | 568.4 | 549.4 | |
Net income allocated to participating securities | (1.1) | (1.1) | (3.0) | (2.7) | |
Net Income Allocated to Common Stockholders | $ 217.4 | $ 207.1 | $ 565.4 | $ 546.7 | |
Net Income Per Share Allocated to Common Stockholders: | |||||
Basic earnings per share | $ 2.08 | $ 1.96 | $ 5.38 | $ 5.17 | |
Diluted earnings per share | 2.07 | 1.95 | 5.36 | 5.15 | |
Weighted average shares used in computing income per share: | |||||
Basic | 104.7 | 105.7 | 105.2 | 105.8 | |
Diluted | 105.1 | 106.1 | 105.6 | 106.2 |
Cboe Global Markets, Inc. and Subsidiaries | ||
September 30, | December 31, | |
(in millions) | 2024 | 2023 |
Assets | ||
Current Assets: | ||
Cash and cash equivalents | $ 763.2 | $ 543.2 |
Financial investments | 39.4 | 57.5 |
Accounts receivable, net | 376.2 | 337.3 |
Margin deposits, clearing funds, and interoperability funds | 2,039.0 | 848.8 |
Digital assets - safeguarded assets | — | 51.3 |
Income taxes receivable | 47.1 | 74.5 |
Other current assets | 53.1 | 66.7 |
Total Current Assets | 3,318.0 | 1,979.3 |
Investments |
$ 358.1 |
$ 345.3 |
Property and equipment, net | 108.7 | 109.2 |
Property held for sale | — | 8.7 |
Operating lease right of use assets | 130.7 | 136.6 |
Goodwill | 3,150.5 | 3,140.6 |
Intangible assets, net | 1,424.7 | 1,561.5 |
Other assets, net | 220.8 | 206.3 |
Total Assets | 8,711.5 | 7,487.5 |
Liabilities and Stockholders' Equity | ||
Current Liabilities: | ||
Accounts payable and accrued liabilities | $ 304.7 | $ 412.7 |
Section 31 fees payable | 40.1 | 51.9 |
Deferred revenue | 6.0 | 5.9 |
Margin deposits, clearing funds, and interoperability funds | 2,039.0 | 848.8 |
Digital assets - safeguarded liabilities | — | 51.3 |
Income taxes payable | — | 1.0 |
Current portion of contingent consideration liabilities | — | 11.8 |
Total Current Liabilities | 2,389.8 | 1,383.4 |
Long-term debt |
$ 1,440.6 |
$ 1,439.2 |
Non-current unrecognized tax benefits | 286.9 | 243.8 |
Deferred income taxes | 196.9 | 217.8 |
Non-current operating lease liabilities | 143.9 | 150.8 |
Other non-current liabilities | 45.1 | 67.5 |
Total Liabilities | 4,503.2 | 3,502.5 |
Stockholders' Equity: | ||
Preferred stock | $ — | $ — |
Common stock | 1.1 | 1.1 |
Treasury stock at cost | (242.9) | (10.5) |
Additional paid-in capital | 1,521.7 | 1,478.6 |
Retained earnings | 2,910.6 | 2,525.2 |
Accumulated other comprehensive income (loss), net | 17.8 | (9.4) |
Total Stockholders' Equity | 4,208.3 | 3,985.0 |
Total Liabilities and Stockholders' Equity | 8,711.5 | 7,487.5 |
Table 3 | ||||||||||||||
Net Transaction and Clearing (in millions) |
Consolidated |
Options |
N.A. Equities |
|
Futures |
Global FX |
Digital | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Transaction and clearing fees | $ — | |||||||||||||
Liquidity payments | (317.6) | (323.7) | (116.4) | (130.5) | (191.9) | (185.6) | (8.0) | (7.3) | (0.7) | — | — | — | (0.6) | (0.3) |
Routing and clearing | (17.4) | (17.8) | (4.7) | (5.8) | (7.2) | (7.3) | (5.0) | (4.4) | — | — | (0.5) | (0.3) | — | — |
Net transaction and clearing fees |
Table 4 | ||||||||
Net Revenue by Revenue Caption Three Months Ended September 30, 2024 and 2023 (in millions) | Cash and Spot Markets Three Months Ended September 30, | Data and Access Solutions Three Months Ended September 30, |
Derivatives Markets Three Months Ended September 30, |
Total Three Months Ended September 30, | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Transaction and clearing fees | $ 288.9 | $ 268.6 | $ — | $ — | $ 437.0 | $ 410.0 | $ 725.9 | $ 678.6 |
Access and capacity fees | — | — | 94.2 | 87.7 | — | — | 94.2 | 87.7 |
Market data fees | 15.5 | 18.7 | 50.7 | 48.6 | 7.3 | 9.3 | 73.5 | 76.6 |
Regulatory fees | 107.9 | 30.3 | — | — | 31.1 | 16.7 | 139.0 | 47.0 |
Other revenue | 21.8 | 17.5 | 0.7 | 0.7 | 0.6 | 0.7 | 23.1 | 18.9 |
Total revenues | $ 434.1 | $ 335.1 | $ 145.6 | $ 137.0 | $ 476.0 | $ 436.7 | $ 908.8 | |
Liquidity payments | $ 198.9 | $ 192.3 | $ — | $ — | $ 118.7 | $ 131.4 | $ 317.6 | $ 323.7 |
Routing and clearing fees | 12.7 | 12.0 | — | — | 4.7 | 5.8 | 17.4 | 17.8 |
Section 31 fees | 106.4 | 29.1 | — | — | 23.1 | 7.0 | 129.5 | 36.1 |
Royalty fees and other cost of revenues | 12.8 | 9.6 | 3.1 | 2.3 | 43.3 | 38.8 | 59.2 | 50.7 |
Total cost of revenues | $ 330.8 | $ 243.0 | $ 3.1 | $ 2.3 | $ 189.8 | $ 183.0 | $ 523.7 | $ 428.3 |
Revenues less cost of revenues (net revenue) | $ 103.3 | $ 92.1 | $ 142.5 | $ 134.7 | $ 286.2 | $ 253.7 | $ 532.0 | $ 480.5 |
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted revenue less cost of revenue, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted cash, net revenues in constant currency, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin.
Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.
Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to- day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of the company. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with an additional basis for comparison across accounting periods.
Acquisition-related costs: From time to time, we have pursued acquisitions, which have resulted in expenses which would not otherwise have been incurred in the normal course of the company's business operations. These expenses include integration costs, as well as legal, due diligence, impairment charges, and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide an additional analysis of Cboe's ongoing operating performance or comparisons in Cboe's performance between periods.
The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.
Reconciliation of GAAP and Non-GAAP Information | ||||||||
Table 5 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of Net Income Allocated to Common Stockholders to | ||||||||
Net income allocated to common stockholders | $ 217.4 | $ 207.1 | $ 565.4 | $ 546.7 | ||||
Non-GAAP adjustments | ||||||||
Acquisition-related costs (1) | — | 0.8 | 1.2 | 7.9 | ||||
Amortization of acquired intangible assets (2) | 20.7 | 28.2 | 68.1 | 88.4 | ||||
Gain on Cboe Digital non-recourse notes and warrants wind down (3) | — | — | (1.4) | — | ||||
Cboe Digital syndication wind down (4) | — | — | (1.0) | — | ||||
Change in contingent consideration (5) | (0.9) | — | 2.1 | — | ||||
Impairment of intangible assets (6) | — | — | 81.0 | — | ||||
Loss (gain) on investment (7) | 1.0 | — | 17.0 | — | ||||
Costs related to Cboe Digital wind down (8) | 0.8 | — | 1.6 | — | ||||
Gain on sale of property held for sale (9) | — | — | (1.0) | — | ||||
Income from investment (10) | — | — | — | (2.1) | ||||
Total Non-GAAP adjustments | 21.6 | 29.0 | 167.6 | 94.2 | ||||
Income tax expense related to the items above | (4.7) | (6.9) | (44.3) | (23.3) | ||||
Tax reserves (11) | (1.6) | (10.2) | (5.6) | (7.9) | ||||
Valuation allowances (12) | 0.3 | — | 4.4 | — | ||||
Net income allocated to participating securities - effect on reconciling items | (0.1) | (0.1) | (0.7) | (0.3) | ||||
Adjusted earnings | $ 232.9 | $ 218.9 | $ 686.8 | $ 609.4 | ||||
Reconciliation of Diluted EPS to Non-GAAP | ||||||||
Diluted earnings per common share | $ 2.07 | $ 1.95 | $ 5.36 | $ 5.15 | ||||
Per share impact of non-GAAP adjustments noted above | 0.15 | 0.11 | 1.16 | 0.59 | ||||
Adjusted diluted earnings per common share | $ 2.22 | $ 2.06 | $ 6.52 | $ 5.74 | ||||
Reconciliation of Operating Margin to Non-GAAP | ||||||||
Revenue less cost of revenue | $ 532.0 | $ 480.5 | $ 1,547.9 | $ 1,419.0 | ||||
Non-GAAP adjustments noted above | — | — | (1.0) | — | ||||
Adjusted revenue less cost of revenue | $ 532.0 | $ 480.5 | $ 1,546.9 | $ 1,419.0 | ||||
Operating expenses (13) | $ 224.6 | $ 209.3 | $ 748.0 | $ 655.1 | ||||
Non-GAAP adjustments noted above | 20.6 | 29.0 | 154.0 | 96.3 | ||||
Adjusted operating expenses | $ 204.0 | $ 180.3 | $ 594.0 | $ 558.8 | ||||
Operating income | $ 307.4 | $ 271.2 | $ 799.9 | $ 763.9 | ||||
Non-GAAP adjustments noted above | 20.6 | 29.0 | 153.0 | 96.3 | ||||
Adjusted operating income | $ 328.0 | $ 300.2 | $ 952.9 | $ 860.2 | ||||
Adjusted operating margin (14) | 61.7 % | 62.5 % | 61.6 % | 60.6 % | ||||
Reconciliation of Income Tax Rate to Non-GAAP | ||||||||
Income before income taxes | 309.0 | 270.1 | 804.1 | 760.1 | ||||
Non-GAAP adjustments noted above | 21.6 | 29.0 | 167.6 | 94.2 | ||||
Adjusted income before income taxes | $ 330.6 | $ 299.1 | $ 971.7 | $ 854.3 | ||||
Income tax expense | 90.5 | 61.9 | 235.7 | 210.7 | ||||
Non-GAAP adjustments noted above | 6.0 | 17.1 | 45.5 | 31.2 | ||||
Adjusted income tax expense | $ 96.5 | $ 79.0 | $ 281.2 | $ 241.9 | ||||
Adjusted income tax rate | 29.2 % | 26.4 % | 28.9 % | 28.3 % |
(1) | This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which is included in acquisition-related costs on the condensed consolidated statements of income. |
(2) | This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income. |
(3) | This amount represents the revaluation and the gain associated with the wind down of the Cboe Digital non-recourse notes and warrants, which is included in other income (expense), net on the condensed consolidated statements of income. |
(4) | This amount represents the contra-revenue that was reversed as a result of the Cboe Digital syndication wind down, which is included in transaction and clearing fees on the condensed consolidated statements of income. |
(5) | This amount represents the gains and losses related to contingent consideration liabilities achieved related to the acquisitions of Cboe Canada and Cboe Asia Pacific, which is included in other expenses on the condensed consolidated statements of income. |
(6) | This amount represents the impairment of intangible assets related to the Cboe Digital wind down, which is included in impairment of intangible assets on the condensed consolidated statements of income. |
(7) | This amount represents the impairment of investment related to the Company's minority investments in Globacap Technology Limited and StratiFi Technologies Inc., which are included in other income (expense), net on the condensed consolidated statements of income, as well as the gain on investment related to the Company's minority investment in Curve Global Limited, which is included in earnings on investments on the condensed consolidated statements of income. |
(8) | This amount represents certain wind down costs related to Cboe Digital, which are included in compensation and benefits on the condensed consolidated statements of income. |
(9) | This amount represents the gain on the sale of the Company's former headquarters, which is included in other income (expense), net on the condensed consolidated statements of income. |
(10) | This amount represents the dividend from the Company's minority ownership of Vest Group Inc., which is included in other income (expense), net on the condensed consolidated statements of income. In 2024, the Company determined the dividend to be a recurring event and therefore has been excluded from the non-GAAP adjustments in 2024 and going forward. |
(11) | This amount represents the tax reserves related to Section 199 matters. |
(12) | This amount represents the valuation allowances related to the impairment of the Company's minority investments in StratiFi Technologies Inc. and Globacap Technology Limited. |
(13) | The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in "Compensation and benefits" ( |
(14) | Adjusted operating margin represents adjusted operating income divided by adjusted revenue less cost of revenue. |
EBITDA Reconciliations
EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented as supplemental information that the company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the company's core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related costs, change in contingent consideration, impairment of intangible assets, loss (gain) on investment, costs related to the Cboe Digital wind down, gain on sale of property held for sale, gain on Cboe Digital non- recourse notes and warrants wind down, contra-revenue associated with the Cboe Digital syndication wind down, and income from investment. EBITDA and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow, as a measure of the company's liquidity. In addition, because EBITDA and Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenue.
Table 6 (in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Reconciliation of Net Income Allocated to Common Stockholders to EBITDA | 2024 | 2023 | 2024 | 2023 | ||||
Net income allocated to common stockholders | $ 217.4 | $ 207.1 | $ 565.4 | |||||
Interest expense, net | 1.4 | 11.9 | 18.5 | 40.9 | ||||
Income tax provision | 90.5 | 61.9 | 235.7 | 210.7 | ||||
Depreciation and amortization | 31.8 | 38.8 | 100.9 | 120.0 | ||||
EBITDA | $ 341.1 | $ 319.7 | $ 920.5 | |||||
EBITDA Margin | 64.1 % | 66.5 % | 59.5 % | 64.7 % | ||||
Non-GAAP adjustments not included in above line items | ||||||||
Acquisition-related costs | — | 0.8 | 1.2 | 7.9 | ||||
Change in contingent consideration | (0.9) | — | 2.1 | — | ||||
Impairment of intangible assets | — | — | 81.0 | — | ||||
Loss (gain) on investment | 1.0 | — | 17.0 | — | ||||
Costs related to Cboe Digital wind down | 0.8 | — | 1.6 | — | ||||
Gain on sale of property held for sale | — | — | (1.0) | — | ||||
Gain on Cboe Digital non-recourse notes and warrants wind down | — | — | (1.4) | — | ||||
Cboe Digital syndication wind down | — | — | (1.0) | — | ||||
Income from investment | — | — | — | (2.1) | ||||
Adjusted EBITDA | $ 342.0 | $ 320.5 | ||||||
Adjusted EBITDA Margin | 64.3 % | 66.7 % | 65.9 % | 65.1 % | ||||
Table 7 (in millions) | September 30, | December 31, | ||||||
Reconciliation of Cash and Cash Equivalents to Adjusted Cash | 2024 | 2023 | ||||||
Cash and cash equivalents | $ 763.2 | $ 543.2 | ||||||
Financial investments | 39.4 | 57.5 | ||||||
Less deferred compensation plan assets | (38.9) | (36.7) | ||||||
Less cash collected for Section 31 Fees | — | (30.5) | ||||||
Adjusted Cash | $ 763.7 | $ 533.5 |
Table 8 (in millions) | |||||||
Reconciliation of GAAP Net Revenues to Net Revenues in Constant | |||||||
Three Months Ended, | Nine Months Ended, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
$ 55.6 | $ 45.6 | $ 164.0 | $ 142.2 | ||||
Constant currency adjustment | (0.7) | (2.4) | (0.5) | 1.5 | |||
$ 54.9 | $ 43.2 | $ 163.5 | $ 143.7 |
(1) | Net revenues in constant currency is calculated by converting the current period GAAP net revenues in local currency using the foreign currency exchange rates that were in effect during the previous comparable period. |
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SOURCE Cboe Global Markets
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