Fintech PR
Cboe Global Markets Reports Results for Third Quarter 2024
Third Quarter Highlights*
- Diluted EPS for the Quarter of $2.07, Up 6 percent
- Record Adjusted Diluted EPS¹ for the Quarter of $2.22, Up 8 percent
- Record Net Revenue for the Quarter of $532.0 million, Up 11 percent
- 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 $798 to $808 million, from $795 to $805 million
CHICAGO, Nov. 1, 2024 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the third quarter of 2024.
“In the third quarter, Cboe reported strong diluted EPS of $2.07, record net revenue of $532.0 million and record adjusted diluted EPS1 of $2.22, highlighting the solid progress we continued to make in sharpening our strategic focus,” said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. “Through the first three quarters of the year, Cboe has grown net revenue by 9%, diluted EPS by 4%, and adjusted diluted EPS1 by 14%. The broad-based contribution speaks to the complementary nature of Cboe’s ecosystem with Derivatives net revenue up 11%, Cash and Spot Markets up 9% and Data and Access Solutions up 6% on a year-to-date basis. I am excited as we move forward as an organization with a refined strategic framework that will help ensure we are well-aligned with secular market trends to drive growth and opportunity in the years ahead.”
“Cboe reported strong 11% year-over-year net revenue growth to drive solid diluted EPS and record quarterly adjusted diluted EPS1 results in the third quarter,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. “Derivatives net revenue was up a strong 13% year-over-year in the third quarter as Cboe produced record volumes across our derivatives platform. Cash and Spot Markets performance was also strong, producing 12% net revenue gains as compared to the third quarter of 2023, and Data and Access Solutions delivered 6% year-over- year net revenue growth for the quarter. Given the year-to-date trends and our expectations for the fourth quarter, we are raising our organic total net revenue growth2 range for 2024 to 7-9%, up from our prior guidance of 6-8%. In conjunction with our increased revenue guidance, we are increasing our full year adjusted operating expense guidance2 range to $798 to $808 million, up from our prior guidance range of $795 to $805 million. Moving forward, we are well positioned to allocate capital across our organization to the highest-return initiatives, helping deliver long-term shareholder value.”
|
*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 $532.0 million increased 11 percent, compared to $480.5 million in the prior-year period, a result of increases in derivatives markets, cash and spot markets, and data and access solutions net revenue2.
- Total operating expenses were $224.6 million versus $209.3 million in the third quarter of 2023, an increase of $15.3 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 $204.0 million increased 13 percent compared to $180.3 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.
- 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 $2.07 compared to the third quarter of 2023. Adjusted diluted EPS1 of $2.22 increased 8 percent compared to 2023 third quarter results.
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 $320.9 million was up $30.1 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.
- Net transaction and clearing fees2 increased $35.9 million, 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.
- 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 $98.0 million increased $2.9 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.
- Net transaction and clearing fees2 increased by $2.9 million, 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.
- 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’s U.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 $55.6 million 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 $54.9 million, up 20 percent on a year-over-year basis. European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €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 $38.0 million increased $5.6 million, or 17 percent, from the third quarter of 2023 due to an increase in net transaction and clearing fees2.
- Net transaction and clearing fees2 increased $5.6 million, reflecting a 19 percent increase in ADV during the quarter.
Global FX:
- Global FX record net revenue of $20.0 million increased 9 percent, primarily due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was $48.3 billion for the quarter, up 9 percent compared to last year’s third quarter, and net capture rate per one million dollars traded was $2.66 for the quarter, up 1 percent compared to $2.64 in the third quarter of 2023.
- 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 $798 to $808 million, up from previous guidance of $795 to $805 million. The guidance excludes the expected amortization of acquired intangible assets of $89 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation.
- Reaffirms depreciation and amortization expense for 2024 is expected to be in the range of $43 to $47 million, excluding the expected amortization of acquired intangible assets.
- Minority investments are expected to contribute a $40 to $46 million benefit in 2024 to non-operating (expenses) income, up from previous guidance of $37 to $43 million. Reaffirms that $33 to $37 million of the benefit will come in the earnings on investments line and anticipates $7 to $9 million to come through the other income (expense), net line, up from previous guidance of $4 to $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 $57 to $63 million, up from previous guidance of $51 to $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 $763.2 million and adjusted cash2 of $763.7 million. Total debt as of September 30, 2024 was $1,440.6 million.
The company paid cash dividends of $66.3 million, or $0.63 per share, during the third quarter of 2024 and utilized $24.6 million to repurchase approximately 144 thousand shares of its common stock under its share repurchase program at an average price of $170.45 per share. As of September 30, 2024, the company had approximately $679.8 million of availability remaining under its existing share repurchase authorizations.
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 North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.
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.
U.S. Equities – Exchange, “net capture per 100 touched shares” refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, “net capture per 100 touched shares” refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.
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 one million dollars traded” refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. Market Share represents Cboe FX volume divided by the total volume of publicly reporting spot FX venues (Cboe FX, EBS, Refinitiv, and Euronext FX).
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 |
Europe and |
Futures |
Global FX |
Digital |
|||||||
|
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
|
|
Transaction and clearing fees |
$725.9 |
$678.6 |
$405.3 |
$384.6 |
$231.0 |
$221.9 |
$ 40.5 |
$ 32.6 |
$ 31.7 |
$ 25.4 |
$ 17.4 |
$ 15.6 |
$ — |
$ (1.5) |
|
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 |
$390.9 |
$337.1 |
$284.2 |
$248.3 |
$ 31.9 |
$ 29.0 |
$ 27.5 |
$ 20.9 |
$ 31.0 |
$ 25.4 |
$ 16.9 |
$ 15.3 |
$ (0.6) |
$ (1.8) |
|
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 |
$ 1,055.7 |
$ 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” ($2.3 million and $0.8 million in expense for the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $6.0 million in expense for the nine months ended September 30, 2024 and 2023, respectively), and are directly offset by deferred compensation income, expenses and dividends included within “Other income (expense), net” ($2.3 million and $0.8 million in income, expense and dividends in the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $6.0 million in income, expense and dividends in the nine months ended September 30, 2024 and 2023, respectively), on the condensed consolidated statements of income. The deferred compensation plans’ expenses are not excluded from “adjusted operating expenses” and do not have an impact on “Income before income taxes.” |
|
(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 |
$ 546.7 |
||||
|
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 |
$ 918.3 |
||||
|
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 |
$1,020.0 |
$924.1 |
||||
|
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 |
||||
|
Europe and Asia Pacific net revenues |
$ 55.6 |
$ 45.6 |
$ 164.0 |
$ 142.2 |
|||
|
Constant currency adjustment |
(0.7) |
(2.4) |
(0.5) |
1.5 |
|||
|
Europe and Asia Pacific net revenues in constant currency1 |
$ 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. |
Logo – https://mma.prnewswire.com/media/622233/Cboe_GM_New_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/cboe-global-markets-reports-results-for-third-quarter-2024-302293824.html
Issued on behalf of Scope Technologies Corp. with the installation of new hardware.
VANCOUVER, BC, Dec. 5, 2024 /PRNewswire/ — USA News Group News Commentary – In recent weeks, Amazon’s quantum advancements have ignited significant momentum across the market, propelling the industry closer to the dawn of the “Quantum Age.” In response, the U.S. government has acted decisively, partnering with quantum pioneers to support a $2.7 billion National Quantum Initiative Reauthorization Act. While Polaris Market Research previously estimated the Global Quantum Computing Market could exceed US$5.7 billion by 2032 at an impressive 19.1% CAGR, updated projections from The Quantum Insider now anticipate quantum computing could generate $1 trillion in value by 2035. At the forefront of this technological revolution are companies driving advancements in quantum computing and infrastructure, including Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF), Quantum Computing Inc. (QCi) (NASDAQ: QUBT), Cisco Systems, Inc. (NASDAQ: CSCO), Rigetti Computing, Inc. (NASDAQ: RGTI, RGTIW), and International Business Machines Corporation (IBM) (NYSE: IBM).
The article continued: Analysts at IDTechEx predict even stronger growth for the Global Quantum Computing Market, forecasting a 30% CAGR through 2045. As industries prepare for this transition, the World Economic Forum has emphasized public-private collaborations within the financial sector to strengthen security for the post-quantum era.
Scope Technologies Expands Global Entropy Delivery Network with Significant Data-in-Transit Security Advancements
Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF), a pioneering technology company specializing in quantum security and machine learning (ML), today announced significant advancements to its data-in-transit security infrastructure with the installation of new hardware. These updates, which expand Scope’s entropy delivery system across new locations in Europe, Asia, and North America, represent a milestone in delivering secure and efficient global data transmission.
The expanded network enhances the speed and redundancy of QSE’s services while significantly reducing latency for businesses worldwide. These improvements not only ensure faster, more reliable data encryption but also strengthen protections against cyber threats such as man-in-the-middle attacks and Harvest Now, Decrypt Later (HNDL) strategies.
“Our global network expansion reflects our commitment to providing unparalleled data security,” said Sean Prescott, Founder and CTO of QSE Group. “By increasing our infrastructure’s speed and reliability, we’re not only enhancing the user experience but also building the resilience needed to safeguard data during transmission, now and into the future. This is critical for industries handling sensitive information, where interception risks can lead to significant consequences.”
As part of Scope’s mission to continuously advance quantum-resilient encryption, these updates position the QSE platform as a leader in secure, real-time communications. The advancements also align with industry compliance requirements, offering organizations a seamless, secure solution to meet regulatory demands.
Moreover, these upgrades lay the groundwork for QSE’s forthcoming secure mobile application, designed to provide industries with rapid, encrypted data-sharing capabilities. Further announcements on this next-generation platform are expected soon.
Scope Technologies’ commitment to expanding its infrastructure ensures that businesses and individuals are equipped with the tools needed to protect their data against current and emerging threats.
The announcement follows Scope’s recent announcement of the signing of a Letter of Intent (LOI) with Global Care Innovations Inc. (GCI) and BitLab. This strategic partnership aims to provide quantum-secure data solutions and advanced AI-powered tools to healthcare providers throughout North America.
As well, Scope recently launched a subscription model offering round-trip encrypted, quantum-resilient cloud storage for both businesses and individuals. With this new strategic partnership, Scope aims to demonstrate its capability to improve patient care through advanced technology and solidify its position as a leader in secure technology solutions for critical sectors such as healthcare.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market include:
Quantum Computing Inc. (QCi) (NASDAQ: QUBT), an innovative, integrated photonics and quantum optics technology company, recently announced it received its second purchase order for its thin film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin. The order will support the research efforts of the University’s RF Acoustic Microsystem Group and is part of the QCi Foundry’s pilot launch program, with fulfillment expected in Q1 2025.
The order enables the University to advance chip-scale acoustic and cross-domain microsystems using QCi Foundry’s scalable TFLN processes, supporting a custom fabrication run that highlights TFLN’s versatility for next-generation photonics and micro electromechanical systems.
“This strategic collaboration with the University of Texas at Austin underscores the expanding capabilities and commercial viability of the QCi Foundry, which has been designed to meet the increasing demand for signal processing, sensing, and computing applications as well as advanced acoustic systems for volume deployment,” said Dr. William McGann, CEO at QCi. “We are excited to support the University’s innovative research, and this collaboration further highlights the growing recognition of TFLN as a critical driver in the future of telecom, datacom, and quantum markets.”
Cisco Systems, Inc. (NASDAQ: CSCO), a tech infrastructure giant, recently announced at its Quantum Summit 2024 that Cisco researchers are reporting substantial efforts are underway now to develop practical quantum networks and data centers. Cisco’s vision for a quantum data center includes the ability to execute multiple quantum circuits, support dynamic network interconnections, and leverage diverse entanglement generation protocols, according to Reza Nejabati, head of quantum research at Cisco’s advanced development group Outshift, during a presentation at the event.
“It is well known in academic research that quantum computing cannot become useful by monolithically scaling it to 10s of millions of qubits—that is not practical,” said Nejabati. “It seems, at least with the current technology, it is more realistic to build a network of smaller quantum computers. And essentially you develop the notion of the data center—that is we build a network connecting a large number of smaller processors in a controlled environment, the data center warehouse, and provide them as a service to a larger user base. That’s the basic definition of a quantum data center.”
Rigetti Computing, Inc. (NASDAQ: RGTI, RGTIW), a pioneer in full-stack quantum-classical computing, recently announced that it successfully completed sales of $100 million gross proceeds of its common equity offering program. Rigetti immediately followed up by announcing another $100 million registered direct offering, while intending to use the funds generated by the previous fund raising for working capital, capital expenditures and other general corporate purposes, including continuing to focus on its strategy as a leader in superconducting quantum computing and continuing to work to improve its 2-qubit gate fidelity and scale towards higher qubit count systems.
“We are pleased to see the enthusiasm for the quantum computing sector and our company,” said Dr. Subodh Kulkarni, CEO of Rigetti. “We are seeing a great deal of interest from national labs and academic institutions for on-premises quantum computers to pursue hands-on R&D. As the technology continues to improve and more quantum applications are developed we expect to see increasingly more interest from industry and the private sector.”
International Business Machines Corporation (IBM) (NYSE: IBM), a computing giant that provides integrated solutions and services worldwide, recently announced quantum hardware and software advancements to execute complex algorithms on IBM quantum computers with record levels of scale, speed, and accuracy.
IBM Quantum Heron, the company’s most advanced quantum processor, can now run certain quantum circuits with up to 5,000 two-qubit gates, nearly doubling its previous capability and completing tasks 50 times faster than last year’s demonstration. Combined with IBM’s enhanced Qiskit software, which leads the industry in performance and reliability, these advancements push the boundaries of quantum computing’s potential in tackling complex scientific challenges.
“Advances across our hardware and Qiskit are enabling our users to build new algorithms in which advanced quantum and classical supercomputing resources can be knit together to combine their respective strengths,” said Jay Gambetta, Vice President, IBM Quantum. “As we advance on our roadmap towards error-corrected quantum systems, the algorithms discovered today across industries will be key to realizing the potential to solve new problems realized through the convergence of QPUs, CPUs, and GPUs.”
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
CONTACT:
USA NEWS GROUP
[email protected]
(604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope Technologies Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares Scope Technologies Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Scope Technologies Corp. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Scope Technologies Corp. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/quantum-computing-boom-1-trillion-in-value-creation-forecasted-by-2035-302323917.html
The awards recognize leaders and organizations transforming frontline employee performance experience and innovation across industries.
NEW YORK, Dec. 5, 2024 /PRNewswire/ — Centrical today unveiled the winners of the 2024 Customer SELECT Awards, celebrating organizations and individuals that have redefined excellence in employee performance experience management and innovation. These trailblazers have leveraged Centrical’s solutions to transform their workplaces, empower their frontline teams, and achieve remarkable results.
“The Centrical Customer SELECT Awards shine a spotlight on the incredible achievements of our customers and the remarkable individuals within their organizations,” said Daphne Saragosti, Chief Customer Officer at Centrical. “Each winner embodies what’s possible when technology, innovation, and a commitment to people come together to unlock extraordinary outcomes. Their success inspires us all, and we are proud to be their partner on this journey.”
Team Award Winners:
- The Scholar: Arise Virtual Solutions
Arise redefined training with a dynamic onboarding and certification process for its service partners. Through competency validation, personalized learning paths, and real-time analytics, Arise set a new standard for service partner readiness and performance. Their approach resulted in faster, more effective training processes and improved client satisfaction.
“With the launch of Centrical and using many of its tools, we’ve been able to reduce speed to proficiency by almost half. This means where it was taking three months to reach a particular level, we’re now achieving that in half the time. Our service partners feel more supported, and this translates into better metrics and exceptional results for our clients and their customers.”— Sonia Brant Mullins, Vice President of Service Partner Experience, Arise Virtual Solutions
- The Innovator: IHG Hotels and Resorts
IHG Hotels & Resorts launched IHG Climb to empower frontline colleagues with targeted resources, including training and tools to enhance guest experiences and boost Enrollment Efficiency and Loyalty Recognition. Since its launch, the program has improved loyalty recognition scores year over year and surpassed pre-pandemic enrollment levels, driving increased direct bookings and guest retention.
“IHG One Rewards members are our most profitable and valuable guests. They’re loyal to our brands and help drive revenue to our hotels with each of their repeat stays. We really wanted to see a step change performance heading into 2024 and make sure that our branded hotels are delivering the program day in and day out, while finding new ways to engage with our frontline team members.” — Natasha Scott, Senior Vice President, Americas Revenue Management and Commercial Teams, IHG Hotels & Resorts
- The Gamechanger: Purpose Financial
Purpose Financial, a leader in financial services, introduced an innovative gamification platform powered by Centrical that transforms routine tasks into engaging, interactive challenges. By combining performance tracking with gamified goals, the platform has improved performance metrics, reduced turnover, and fostered a purpose-driven culture. The solution empowers managers along with field, call center and collection agents across more than 800 U.S. branches to achieve new milestones while equipping managers with actionable insights to deliver impactful coaching and real-time recognition. This approach has boosted productivity and strengthened team cohesion, setting a new standard for employee engagement within the organization.
“Purpose Financial’s gamification platform has changed the way we work. It’s not just about hitting targets; it’s about creating an environment where our agents feel valued, motivated, and equipped to succeed. The impact on engagement and performance has been remarkable.” — Michelle Goldsberry, Senior Business Integrations Specialist, Purpose Financial - The Captain: Wix.com
Wix empowered its managers and teams by centralizing workflows and aligning coaching processes. With over 70% of managers adopting Centrical’s coaching feature immediately, the company scaled its leadership strategies, boosting engagement and performance.
“There was a lot of excitement among managers to finally have a tool that aligns processes and supports them in coaching their teams more effectively.”— Helene Zerbib, TLV Customer Care Delivery Site Lead, Wix - The High Performer: Capita Experience
Capita Experience transformed its approach to performance management by leveraging Centrical to unify workflows, enhance collaboration, and provide real-time insights. Through gamification and tailored coaching strategies, the organization empowered its remote workforce and fostered measurable improvements, including a dramatic increase in customer resolution rates and efficiency gains across all service lines.
“With Centrical, we’ve not only reduced Average Handling Time by 9.9%, with some teams achieving a 13% reduction, but we’ve also enhanced the support we provide to both our managers and employees. The platform has become a key enabler of collaboration, engagement, and performance improvement, even in a fully remote environment.” – Gianni Petrillo, Senior Operations Manager, Capita Experience
- The Nurturer: Teleperformance Samsung
Teleperformance Samsung tackled hybrid work challenges with innovative solutions like daily wellness checks, gamification, and AI-driven performance insights. These initiatives fostered transparency, well-being, and a remarkable +70 NPS.
“With Centrical, team leaders conduct daily wellness checks, particularly focusing on employees working remotely. These checks provide insight into individual well-being, making Centrical a conversation starter and ensuring employees feel supported and acknowledged, even in a remote work setting.”— Marco Brouwer, Contact Centre Manager, Teleperformance Samsung
Individual Award Winners:
- The Visionary: Liz Millington, Head of Digital Transformation, Ascensos
Liz Millington exemplifies visionary leadership through her people-first approach, driving cultural and operational excellence at Ascensos. By leveraging real-time data insights and fostering collaboration, she inspired transformative changes that empowered employees and elevated client outcomes for organizations like Selfridges and John Lewis. - The Employee Experience Champion: Michelle Goldsberry, Sr. Business Integration Specialist, Purpose Financial
Michelle Goldsberry redefined employee engagement, inspiring a culture of growth and high performance within Purpose Financial’s customer contact center. Her leadership drove remarkable business outcomes, including a 163% increase in new money contributions and a 134% rise in calls handled. - The Creative Content Pioneer: Izabella Mendes, Learning Designer, Foundever Brazil
Izabella Mendes revolutionized learning for Foundever’s Technical Operations team by embedding soft skills into client communication through SCORM-based games, animated podcasts, and personalized content. Her creative approach ensured learners stayed engaged and inspired through meaningful learner experiences.
Celebrating Excellence
Congratulations to all the 2024 Centrical Customer SELECT Award winners! These innovators have set new benchmarks for employee engagement and organizational success, demonstrating the transformative potential of Centrical’s solutions.
For more details about the winners and their exceptional programs, including additional resources, visit Centrical Customer SELECT Awards 2024.
About the Centrical Customer SELECT Awards
The Centrical Customer SELECT Awards, now in their fifth year, celebrate organizations and individuals who exemplify excellence and innovation in leveraging Centrical’s solutions to drive business success. These awards recognize both teams and individuals who have set new benchmarks in employee engagement, operational performance, and innovation. Building on the success of past years, the 2024 awards continue to highlight achievements across industries, including new categories for individual excellence. Winners demonstrate the transformative power of Centrical’s platform in fostering continuous growth, performance improvement, and measurable business impact.
About Centrical
Centrical, the Performance Experience Platform, empowers best-in-class customer experiences for the world’s leading brands by building highly engaged and productive frontline teams. The platform personalizes the employee experience, guiding individual success and growth, through AI-driven performance, coaching and quality management, personalized microlearning, and voice of the employee—all wrapped in industry-leading gamification to make the experience both fun and rewarding. In addition, Centrical’s AI copilot empowers frontline managers to develop their teams through more effective and efficient coaching.
Centrical was founded in 2013 and serves customers in 150 countries in 40 different languages. Centrical has offices in New York, Tel Aviv, and London and customers include leading multinational enterprises such as IHG, Teleperformance, DHL, Synchrony Financial, and more.
Photo – https://mma.prnewswire.com/media/2573929/SELECT_Social_Company_Winners_2.jpg
Photo – https://mma.prnewswire.com/media/2573930/SELECT_Social_Individual_Winners_2.jpg
Logo – https://mma.prnewswire.com/media/1879644/Centrical_Logo_color_RGB_01_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/centrical-announces-2024-customer-select-award-winners-302323502.html
DUBAI, UAE, Dec. 5, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is joining in the holiday cheers with three rounds of rewards on Bybit P2P, starting with a Christmas extravaganza of 100,000 USDT. This festive season will also mark the third anniversary of Bybit P2P, setting off three months of celebrations and exclusive rewards all the way to 2025.
Santa is coming early to Bybit P2P with abundant gift ideas. From now to Dec. 25, 2024, users will get to unlock a 100,000 USDT prize pool by completing simple tasks:
- Users will receive a ticket every time they fulfil a task on the Bybit P2P platform for a chance to win big in the Santa’s Mega Lucky Draw. Prizes include a whole BTC, 0.5 ETH, 0.5 SOL, 10 SUI, 99 USDT Bybit P2P coupons, a 50 USDT bonus, and more.
- Users may unlock the Bybit P2P Advent Calendar by making a deposit each day via Bybit P2P during the event period. With each deposit, users will receive an extra lucky draw ticket and unveil daily rewards to ring in the festive vibes.
To keep the momentum going and start off 2025 on an auspicious note, the Christmas perks will be followed by Bybit P2P’s exclusive New Year celebration, culminating in the grand finale of the highest rewards and biggest bonuses at the Bybit P2P 3rd Anniversary event in 2025.
“We are proud of Bybit P2P’s achievements in community building and user experience. As Bybit P2P turns three, we are taking a moment to show our gratitude to all our users for their trust and support,” said Joan Han, Sales and Marketing Director at Bybit. “This holiday season, we invite our P2P users to keep an eye out for pleasant surprises as we triple for fun and the rewards.”
Riding the nonstop waves of rewards into its fourth year, Bybit P2P continues to anchor itself in serving the community and providing ease of access to crypto. The intuitive and trusted peer-to-peer trading platform facilitates the buying and selling of crypto holdings at an optimal, agreed upon price between users at zero costs, lowering the barrier of entry to as well as transaction costs of the digital asset class.
Find out more about the event and eligibility at the Bybit P2P Christmas Event.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2574314/Bybit_P2P_Enters_Holiday_Season_Festive_Rewards.jpg
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-p2p-enters-holiday-season-with-festive-rewards-302323764.html
-
Fintech3 days agoFintech Pulse: Your Daily Industry Brief (PayPal, Apple Pay, Google Wallet, Introspective Market Research, Deel, Kingdom Advisors, Basta Pay)
-
Fintech6 days agoBanking and Capital Markets: Navigating a Complex Future
-
Fintech2 days agoFintech Pulse: Your Daily Industry Brief (21X, 9fin, Upstart, LendingClub, Cloudflare)
-
Fintech PR6 days agoNoble Corporation plc announces changes to its share capital including share repurchases for the month of November 2024
-
Fintech21 hours agoFintech Pulse: Your Daily Industry Brief (Axos Bank, Global Trading Network, Fonepay, Compass Plus Technologies, Instacoins)
-
Fintech PR5 days agoADGM’s Asset Management Sector Leads Exponential Growth in Third Quarter of 2024
-
Fintech PR6 days agoABC TECHNOLOGIES ANNOUNCES RECOMMENDED OFFER TO ACQUIRE TI FLUID SYSTEMS
-
Fintech PR6 days agoVANTAGE FOUNDATION PARTNERS WITH FRESH START TO SUPPORT EDINBURGH COMMUNITIES