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Cboe Global Markets Reports Results for First Quarter 2024

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First Quarter Highlights*

  • Diluted EPS for the Quarter of $1.96, Up 20 percent
  • Adjusted Diluted EPS¹ for the Quarter of $2.15, Up 13 percent
  • Record Net Revenue for the Quarter of $502.1 million, Up 7 percent
  • Anticipates Higher End of Organic Total Net Revenue Growth2 Range of 5 to 7 percent in 2024; Reaffirms Data and Access Solutions Organic Net Revenue Growth Target2 of 7 to 10 percent
  • Decreases 2024 Adjusted Operating Expense Guidance2 to $795 to $805 million, from $798 to $808 million

CHICAGO, May 3, 2024 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2024.

“During the first quarter, Cboe delivered record quarterly net revenue and strong adjusted earnings1, led by the strength of our Derivatives and Data and Access Solutions categories,” said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. “These results build on our strong 2023 trends, as overall net revenues grew 7% year-over-year and adjusted EPS1 increased by 13% as compared to the same period in 2023. Importantly, the adjusted EBITDA margin1 for the quarter increased by 1.4% year-over-year to 67.2% during the quarter, marking clear progress in our efforts to drive greater margin efficiencies across our businesses. Last week, we announced plans to refocus our digital asset business to leverage our core strengths in derivatives, technology and product innovation while realizing operating efficiencies for both Cboe and our clients. The second quarter is off to a strong start, and I look forward to building on that momentum going forward.”

“Following a record 2023, I am incredibly pleased to report record net revenues and strong adjusted earnings1 in the first quarter of 2024,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. “Derivative trends were robust during the first quarter of 2024 with net revenues growing 8%. Data and Access Solutions delivered equally strong growth with net revenue up 8%, while Cash and Spot Markets net revenues were stable on a year-over-year basis. Moving forward, we anticipate organic total net revenue growth2 to finish at the higher end of our 5-7% expected guidance range. We are reaffirming our Data and Access Solutions organic net revenue growth2 range of 7-10%, in line with our medium-term expectations. Additionally, we are lowering our full year adjusted operating expense guidance2 range to $795 to $805 million from $798 to $808 million. 2024 is off to a strong start, and we look forward to delivering durable returns for shareholders in the quarters ahead.”

*All comparisons are first 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 expenses 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 First 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 March 31, 2024 and 2023.

Table 1

Consolidated First Quarter Results

1Q24

1Q23

($ in millions except per share)

1Q24

1Q23

Change

Adjusted1

Adjusted1

Change

Total Revenues Less Cost of Revenues

$

502.1

$

471.4

7

%

$

502.1

$

471.4

7

%

Total Operating Expenses

$

219.7

$

223.5

(2)

%

$

192.9

$

186.2

4

%

Operating Income

$

282.4

$

247.9

14

%

$

309.2

$

285.2

8

%

Operating Margin % 

56.2

%

52.6

%

3.6

pp

61.6

%

60.5

%

1.1

pp

Net Income Allocated to Common Stockholders

$

208.3

$

172.6

21

%

$

227.7

$

201.8

13

%

Diluted Earnings Per Share

$

1.96

$

1.63

20

%

$

2.15

$

1.90

13

%

EBITDA1

$

337.1

$

303.9

11

%

$

337.3

$

310.3

9

%

EBITDA Margin %1

67.1

%

64.5

%

2.6

pp

67.2

%

65.8

%

1.4

pp

  • Total revenues less cost of revenues (referred to as “net revenue”) of $502.1 million increased 7 percent, compared to $471.4 million in the prior-year period, a result of increases in derivatives markets and data and access solutions net revenue, as well as stable cash and spot markets net revenue.
  • Total operating expenses were $219.7 million versus $223.5 million in the first quarter of 2023, a decrease of $3.8 million. Adjusted operating expenses1 of $192.9 million increased 4 percent compared to $186.2 million in the first quarter of 2023. This increase was primarily due to higher compensation and benefits and technology support services, partially offset by a decline in professional fees and outside services.
  • The effective tax rate for the first quarter of 2024 was 28.3 percent as compared with 30.1 percent in the first quarter of 2023. The lower effective tax rate in 2024 is primarily due to excess tax benefits from the vesting of equity awards during the quarter. The effective tax rate on adjusted earnings1 was 28.1 percent, a decrease of 0.9 percent when compared with 29.0 percent in last year’s first quarter.
  • Diluted EPS for the first quarter of 2024 increased 20 percent to $1.96 compared to the first quarter of 2023. Adjusted diluted EPS1 of $2.15 increased 13 percent compared to 2023 first quarter results.

Business Segment Information:

Table 2

Total Revenues Less Cost of Revenues by

Business Segment

(in millions)

1Q24

1Q23

Change

Options

$

307.4

$

280.7

10

%

North American Equities

92.6

93.1

(1)

%

Europe and Asia Pacific

54.1

49.3

10

%

Futures

30.5

31.1

(2)

%

Global FX

18.4

18.5

(1)

%

Digital

(0.9)

(1.3)

*

%

Total

$

502.1

$

471.4

7

%

(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.

*Not meaningful

Discussion of Results by Business Segment:

Options:

  • Options net revenue of $307.4 million was up $26.7 million, or 10 percent, from the first quarter of 2023. Net transaction and clearing fees1 increased primarily as a result of a 14 percent increase in index options trading volumes versus the first quarter of 2023. Access and capacity fees were 7 percent higher than first quarter 2023.
  • Net transaction and clearing fees1 increased $28.4 million, or 12 percent, reflecting a 1 percent increase in total options average daily volume (“ADV”) and a 12 percent increase in total options RPC compared to the first quarter 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 31.3 percent for the first quarter of 2024 compared to 31.8 percent in the first quarter of 2023, a result of lower multi-list market share as compared to the first quarter of 2023.

North American (N.A.) Equities:

  • N.A. Equities net revenue of $92.6 million decreased $0.5 million, or 1 percent versus the first quarter of 2023, reflecting lower net transaction and clearing fees1 and industry market data.
  • Net transaction and clearing fees1 decreased by $0.3 million, or 1 percent, compared to the first quarter of 2023. The decrease was driven by lower Canadian Equities market volumes and net capture as compared to the first quarter of 2023. The decrease was partially offset by a stronger U.S. off-exchange net capture rate, up 24 percent as compared to the first quarter of 2023 given client mix shift and less fee incentives given lower volumes.
  • Cboe’s U.S. Equities exchanges had market share of 12.8 percent for the first quarter of 2024 compared to 12.7 percent in the first quarter of 2023. Cboe’s U.S. Equities off-exchange market share was 18.4 percent versus 20.4 percent in the first quarter of 2023. Canadian Equities market share rose to 15.3 percent as compared to 14.3 percent in the first quarter of 2023 due to continued client adoption and growth.

Europe and Asia Pacific (APAC):

  • Europe and APAC net revenue of $54.1 million increased by 10 percent compared to the first quarter of 2023, reflecting double-digit non-transaction revenue growth across market data fees, access and capacity fees, and other revenue. On a constant currency basis1, net revenues were $53.4 million, up 8 percent on a year-over-year basis. European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €9.9 billion, down 13 percent compared to the first quarter of 2023 given a 9 percent decline in industry market volumes and lower market share.
  • For the first quarter of 2024, Cboe European Equities had 23.7 percent market share, down from 24.9 percent in the first quarter of 2023. Market share was negatively impacted by elevated closing auction activity on listing venues. Cboe Australia had 20.4 percent market share for the first quarter of 2024, up from 18.5 percent in the first quarter of 2023. Cboe Japan grew market share to 5.0 percent in the first quarter of 2024 from 4.8 percent in the first quarter of 2023. Cboe European Equities net capture rate increased 16 percent given mix shift to higher capture products, and Cboe Australia net capture decreased 3 percent when compared to the first quarter of 2023.

Futures:

  • Futures net revenue of $30.5 million decreased $0.6 million compared to the first quarter of 2023 due to a decline in net transaction and clearing fees1 , partially offset by higher access and capacity fees and market data fees.
  • Net transaction and clearing fees1 decreased $1.3 million, reflecting a 5 percent decrease in ADV during the quarter.

Global FX:

  • Global FX net revenue of $18.4 million decreased 1 percent, primarily due to lower net transaction and clearing fees1. ADNV traded on the Cboe FX platform was $45.3 billion for the quarter, up 1 percent compared to last year’s first quarter, and net capture rate per one million dollars traded was $2.62 for the quarter, down 1 percent compared to $2.64 in the first quarter of 2023.
  • Cboe FX market share was 20.3 percent for the quarter compared to 19.0 percent in last year’s first quarter.

Digital:

  • Announced the realignment of Cboe Digital asset business on April 25, 2024. Cboe plans to transition and fully integrate the digital asset derivatives and clearing businesses and wind down operations of the Cboe Digital Spot Market, pending regulatory review and certain corporate approvals.
  • The wind down of the Cboe Digital Spot Market operations is expected to have an immaterial impact on Cboe’s net revenue in 2024. Expense savings are estimated to be in the range of $2 million to $4 million in 2024, with savings expected to be in the $11 million to $15 million range on annualized adjusted operating expenses2.

(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)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 expenses 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.

2024 Fiscal Year Financial Guidance

Cboe provided guidance for the 2024 fiscal year as noted below.

  • Anticipates higher end of organic total net revenue growth1 range of 5 to 7 percentage points in 2024, at the higher end of Cboe’s medium-term organic total net revenue1 guidance expectations of 5 to 7 percentage points.
  • Reaffirms organic net revenue1 from Data and Access Solutions is expected to increase by approximately 7 to 10 percentage points in 2024, in line with medium-term guidance expectations of 7 to 10 percentage points.
  • Adjusted operating expenses1 in 2024 are now expected to be in the range of $795 to $805 million, down from previous guidance of $798 to $808 million. The guidance excludes the expected amortization of acquired intangible assets of $93 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.
  • Reaffirms minority investments are expected to contribute a $37 to $43 million benefit in 2024 to non-operating income. Anticipates that $33 to $37 million of the benefit will come in the earnings in investments line and $4 to $6 million through the other income, net line.
  • 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.
  • Reaffirms capital expenditures for 2024 are expected to be in the range 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 expenses 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 March 31, 2024, the company had cash and cash equivalents of $536.3 million, and adjusted cash2 of $536.8 million. Total debt as of March 31, 2024 was $1,439.6 million.

The company paid cash dividends of $58.5 million, or $0.55 per share, during the first quarter of 2024 and utilized $89.3 million to repurchase approximately 490 thousand shares of its common stock under its share repurchase program at an average price of $182.26 per share. As of March 31, 2024, the company had approximately $294.8 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 first-quarter financial results today, May 3, 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 2619514. 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, FX, and digital assets, 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 crypto market, 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

[email protected]

[email protected]

[email protected]

CBOE-F

Trademarks:

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Bats®, BIDS Trading®, BZX®, BYX®, Chi-X®, Cboe Clear®, Cboe Digital®, 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

1Q 2024

4Q 2023

3Q 2023

2Q 2023

1Q 2023

Options

Total industry ADV (in thousands)

47,452

44,410

43,411

42,964

46,057

Total company Options ADV (in thousands)

14,833

14,896

14,592

14,306

14,657

Multi-listed options

10,744

10,725

10,848

10,622

11,062

Index options

4,089

4,172

3,743

3,683

3,595

Total Options market share

31.3

%

33.5

%

33.6

%

33.3

%

31.8

%

Multi-listed options

24.8

%

26.7

%

27.4

%

27.1

%

26.1

%

Total Options RPC:

$

0.299

$

0.297

$

0.270

$

0.271

$

0.267

Multi-listed options

$

0.064

$

0.060

$

0.055

$

0.061

$

0.064

Index options

$

0.915

$

0.908

$

0.894

$

0.877

$

0.889

North American Equities

U.S. Equities – Exchange:

Total industry ADV (shares in billions)

11.8

11.2

10.4

10.7

11.8

Market share % 

12.8

%

13.0

%

12.7

%

12.7

%

12.7

%

Net capture (per 100 touched shares)

$

0.019

$

0.013

$

0.022

$

0.021

$

0.019

U.S. Equities – Off-Exchange:

ADV (touched shares, in millions)

77.1

72.7

71.4

78.7

89.4

Off-Exchange ATS Block Market Share % (reported on a one-month lag)

18.4

%

18.4

%

19.9

%

19.9

%

20.4

%

Net capture (per 100 touched shares)

$

0.141

$

0.143

$

0.129

$

0.122

$

0.113

Canadian Equities:

ADV (matched shares, in millions)

146.3

141.8

127.5

124.2

150.8

Total market share %

15.3

%

15.3

%

15.2

%

14.5

%

14.3

%

Net capture (per 10,000 shares, in Canadian Dollars)

$

3.997

$

3.905

$

3.976

$

4.055

$

4.039

Europe and Asia Pacific

European Equities:

Total industry ADNV (Euros – in billions)

41.8

37.7

34.3

38.7

45.8

Market share % 

23.7

%

23.9

%

23.2

%

23.8

%

24.9

%

Net capture (per matched notional value (bps), in Euros)

0.249

0.233

0.232

0.230

0.215

Cboe Clear Europe:

Trades cleared (in thousands)

294,325.7

281,938.1

255,152.3

275,519.8

359,418.1

Fee per trade cleared (in Euros)

0.008

0.010

0.010

0.009

0.008

Net settlement volume (shares in thousands)

2,524.6

2,511.6

2,469.5

2,402.0

2,661.9

Net fee per settlement (in Euros)

1.072

0.899

0.927

0.887

0.953

Australian Equities:

ADNV (AUD – in billions)

$

0.8

$

0.7

$

0.7

$

0.7

$

0.8

Market share – Continuous

20.4

%

20.3

%

17.9

%

18.2

%

18.5

%

Net capture (per matched notional value (bps), in Australian Dollars)

$

0.156

$

0.157

$

0.155

$

0.160

$

0.160

Japanese Equities:

ADNV (JPY – in billions)

¥

315.9

¥

190.2

¥

148.7

¥

184.3

¥

183.3

Market share – Lit Continuous

5.0

%

4.0

%

3.3

%

4.1

%

4.8

%

Net capture (per matched notional value (bps), in Yen)

¥

0.227

¥

0.252

¥

0.257

¥

0.256

¥

0.243

Futures

ADV (in thousands)

220.0

233.4

230.0

197.4

231.8

RPC

$

1.749

$

1.729

$

1.753

$

1.826

$

1.725

Global FX

Spot market share % 

20.3

%

21.3

%

20.2

%

19.5

%

19.0

%

ADNV ($ – in billions)

$

45.3

$

47.0

$

44.4

$

42.5

$

45.0

Net capture (per one million dollars traded)

$

2.62

$

2.60

$

2.64

$

2.66

$

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 the acquisition of Cboe Asia Pacific. 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

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended March 31, 2024 and 2023

Three Months Ended  March 31, 

(in millions, except per share amounts)

2024

2023

Revenues:

Cash and spot markets

$

380.9

$

407.0

Data and access solutions

140.2

129.4

Derivatives markets

436.1

451.8

Total Revenues

957.2

988.2

Cost of Revenues:

Liquidity payments

338.8

371.8

Routing and clearing

16.0

24.0

Section 31 fees

42.1

74.9

Royalty fees and other cost of revenues

58.2

46.1

Total Cost of Revenues

455.1

516.8

Revenues Less Cost of Revenues

502.1

471.4

Operating Expenses:

Compensation and benefits

115.3

110.4

Depreciation and amortization

37.3

41.4

Technology support services

24.2

22.2

Professional fees and outside services

21.5

23.9

Travel and promotional expenses

7.5

6.2

Facilities costs

6.5

7.6

Acquisition-related costs

0.6

6.4

Other expenses

6.8

5.4

Total Operating Expenses

219.7

223.5

Operating Income

282.4

247.9

Non-operating Income (Expenses):

Interest expense

(13.0)

(17.1)

Interest income

4.1

2.0

Earnings in investments

14.0

15.3

Other income, net

4.6

0.1

Total Non-operating Expenses

9.7

0.3

Income Before Income Tax Provision

292.1

248.2

Income tax provision

82.6

74.8

Net Income

209.5

173.4

Net income allocated to participating securities

(1.2)

(0.8)

Net Income Allocated to Common Stockholders

$

208.3

$

172.6

Net Income Per Share Allocated to Common Stockholders:

Basic earnings per share

$

1.97

$

1.63

Diluted earnings per share

1.96

1.63

Weighted average shares used in computing income per share:

Basic

105.6

105.9

Diluted

106.1

106.2

 

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

March 31, 2024 and December 31, 2023

March 31, 

December 31, 

(in millions)

2024

2023

Assets

Current Assets:

Cash and cash equivalents

$

536.3

$

543.2

Financial investments

58.8

57.5

Accounts receivable, net

370.2

337.3

Margin deposits, clearing funds, and interoperability funds

1,544.6

848.8

Digital assets – safeguarded assets

93.3

51.3

Income taxes receivable

6.8

74.5

Other current assets

65.1

66.7

Total Current Assets

2,675.1

1,979.3

Investments

361.8

345.3

Property and equipment, net

106.0

109.2

Property held for sale

8.7

8.7

Operating lease right of use assets

130.6

136.6

Goodwill

3,133.8

3,140.6

Intangible assets, net

1,526.7

1,561.5

Other assets, net

209.4

206.3

Total Assets

$

8,152.1

$

7,487.5

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable and accrued liabilities

$

304.7

$

412.7

Section 31 fees payable

42.7

51.9

Deferred revenue

12.9

5.9

Margin deposits, clearing funds, and interoperability funds

1,544.6

848.8

Income taxes payable

1.0

Digital assets – safeguarded liabilities

93.3

51.3

Current portion of contingent consideration liabilities

8.8

11.8

Total Current Liabilities

2,007.0

1,383.4

Long-term debt

1,439.6

1,439.2

Non-current unrecognized tax benefits

257.4

243.8

Deferred income taxes

214.2

217.8

Non-current operating lease liabilities

144.3

150.8

Other non-current liabilities

65.5

67.5

Total Liabilities

4,128.0

3,502.5

Stockholders’ Equity:

Preferred stock

Common stock

1.1

1.1

Treasury stock at cost

(125.3)

(10.5)

Additional paid-in capital

1,495.3

1,478.6

Retained earnings

2,676.2

2,525.2

Accumulated other comprehensive loss, net

(23.2)

(9.4)

Total Stockholders’ Equity

4,024.1

3,985.0

Total Liabilities and Stockholders’ Equity

$

8,152.1

$

7,487.5

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 net transaction and clearing fees, adjusted operating expenses, adjusted operating income, organic net revenue, inorganic net revenue, and adjusted operating margin, adjusted net income allocated to common stockholders and 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.

Organic net revenue, inorganic net revenue, organic non-transaction revenue and organic net revenue guidance: These are non-GAAP financial measures that exclude or have otherwise been adjusted for the impact of our acquisitions for the period or guidance, as applicable. Management believes the organic net revenue growth and guidance measures provide users with supplemental information regarding the company’s ongoing and future potential revenue performances and trends by presenting revenue growth and guidance excluding the impact of the acquisitions. Revenues from acquisitions that have been owned for at least one year are considered organic and are no longer excluded from organic net revenue from either period for comparative purposes.

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 expenses: 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

Three Months Ended

Table 3

March 31, 

(in millions, except per share amounts)

2024

2023

Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (As shown on Table 1)

Net income allocated to common stockholders

$

208.3

$

172.6

Non-GAAP adjustments

Acquisition-related expenses (1)

0.6

6.4

Amortization of acquired intangible assets (2)

26.2

30.9

Gain on revaluation of Cboe Digital non-recourse notes and warrants (3)

(0.4)

Total Non-GAAP adjustments

26.4

37.3

Income tax expense related to the items above

(6.9)

(9.5)

Tax reserves (4)

1.5

Net income allocated to participating securities – effect on reconciling items

(0.1)

(0.1)

Adjusted earnings

$

227.7

$

201.8

Reconciliation of Diluted EPS to Non-GAAP

Diluted earnings per common share

$

1.96

$

1.63

Per share impact of non-GAAP adjustments noted above

0.19

0.27

Adjusted diluted earnings per common share

$

2.15

$

1.90

Reconciliation of Operating Margin to Non-GAAP

Adjusted revenue less cost of revenue

$

502.1

$

471.4

Operating expenses (5)

$

219.7

$

223.5

Non-GAAP adjustments noted above

26.8

37.3

Adjusted operating expenses

$

192.9

$

186.2

Operating income

$

282.4

$

247.9

Non-GAAP adjustments noted above

26.8

37.3

Adjusted operating income

$

309.2

$

285.2

Adjusted operating margin (6)

61.6

%

60.5

%

Reconciliation of Income Tax Rate to Non-GAAP

Income before income taxes

292.1

248.2

Non-GAAP adjustments noted above

26.4

37.3

Adjusted income before income taxes

$

318.5

$

285.5

Income tax expense

82.6

74.8

Non-GAAP adjustments noted above

6.9

8.0

Adjusted income tax expense

$

89.5

$

82.8

Adjusted income tax rate

28.1

%

29.0

%

(1) This amount includes ongoing acquisition related costs primarily from the Company’s Cboe Digital, Cboe Canada, Cboe Japan and Cboe Australia acquisitions.

(2) This amount represents the amortization of acquired intangible assets related to the Company’s acquisitions.

(3) This amount represents the gain due to the revaluation of the Cboe Digital non-recourse notes and warrants, which is included in other income, net on the condensed consolidated statements of income.

(4) This amount represents the tax reserves related to Section 199 matters.

(5) 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” ($1.5 million and $3.2 million in expense for the three months ended March 31, 2024 and 2023, respectively, and are directly offset by deferred compensation income, expenses and dividends included within “Other income, net” ($1.5 million and $3.2 million in income, expense and dividends in the three months ended March 31, 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.”

(6) 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 expenses and gain on revaluation of Cboe Digital non-recourse notes and warrants. 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 4

Three Months Ended

(in millions, except percentages)

March 31, 

Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and Adjusted EBITDA (Per Table 1)

2024

2023

Net income allocated to common stockholders

$

208.3

$

172.6

Interest expense, net

8.9

15.1

Income tax provision

82.6

74.8

Depreciation and amortization

37.3

41.4

EBITDA

$

337.1

$

303.9

EBITDA Margin

67.1

%

64.5

%

Non-GAAP adjustments not included in above line items

Acquisition-related expenses

0.6

6.4

Gain on revaluation of Cboe Digital non-recourse notes and warrants

(0.4)

Adjusted EBITDA

$

337.3

$

310.3

Adjusted EBITDA Margin

67.2

%

65.8

%

Table 5

(in millions)

March 31, 

December 31, 

Reconciliation of Cash and Cash Equivalents to Adjusted Cash

2024

2023

Cash and cash equivalents

$

536.3

$

543.2

Financial investments

58.8

57.5

Less deferred compensation plan assets

(35.2)

(36.7)

Less cash collected for Section 31 Fees

(23.1)

(30.5)

Adjusted Cash

$

536.8

$

533.5

 

Table 6

(in millions)

Reconciliation of Net Transaction and Clearing Fees by Business Segment –Three Months Ended March 31, 2024 and 2023

Consolidated

Options

N.A. Equities

Europe and APAC

Futures

Global FX

Digital

March 31, 

March 31, 

March 31, 

March 31, 

March 31, 

March 31, 

March 31, 

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

Transaction and clearing fees

$

718.5

$

732.5

$

389.8

$

395.8

$

251.7

$

255.0

$

38.8

$

42.1

$

23.5

$

24.8

$

15.5

$

15.8

$

(0.8)

$

(1.0)

Liquidity payments

(338.8)

(371.8)

(115.3)

(144.2)

(215.2)

(215.9)

(8.1)

(11.3)

(0.2)

(0.4)

Routing and clearing

(16.0)

(24.0)

(4.2)

(9.7)

(7.1)

(9.4)

(4.4)

(4.6)

(0.3)

(0.3)

Net transaction and clearing fees

$

363.7

$

336.7

$

270.3

$

241.9

$

29.4

$

29.7

$

26.3

$

26.2

$

23.5

$

24.8

$

15.2

$

15.5

$

(1.0)

$

(1.4)

 

Table 7

(in millions)

Reconciliation of Net Revenue by Revenue Caption –Three Months Ended March 31, 2024 and 2023

Cash and Spot Markets

Data and Access Solutions

Derivatives Markets

Total

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 31, 

March 31, 

March 31, 

March 31, 

2024

2023

2024

2023

2024

2023

2024

2023

Transaction and clearing fees

$

305.2

$

311.9

$

$

$

413.3

$

420.6

$

718.5

$

732.5

Access and capacity fees

90.1

84.2

90.1

84.2

Market data fees

16.0

17.9

49.3

44.5

6.7

8.5

72.0

70.9

Regulatory fees

34.9

62.6

15.3

21.9

50.2

84.5

Other revenue

24.8

14.6

0.8

0.7

0.8

0.8

26.4

16.1

Total revenues

$

380.9

$

407.0

$

140.2

$

129.4

$

436.1

$

451.8

$

957.2

$

988.2

Liquidity payments

$

222.9

$

227.0

$

$

$

115.9

$

144.8

$

338.8

$

371.8

Routing and clearing fees

11.8

14.3

4.2

9.7

16.0

24.0

Section 31 fees

34.7

61.4

7.4

13.5

42.1

74.9

Royalty fees and other cost of revenues

14.2

7.1

2.5

2.2

41.5

36.8

58.2

46.1

Total cost of revenues

$

283.6

$

309.8

$

2.5

$

2.2

$

169.0

$

204.8

$

455.1

$

516.8

Revenues less cost of revenues (net revenue)

$

97.3

$

97.2

$

137.7

$

127.2

$

267.1

$

247.0

$

502.1

$

471.4

 

Table 8

(in millions)

Reconciliation of GAAP Net Revenues to Net Revenues in Constant Currency – Three Months Ended March 31, 2024 and 2023

Three Months Ended,

Three Months Ended,

March 31, 

March 31, 

2024

2023

Europe and Asia Pacific net revenues

$

54.1

$

49.3

Constant currency adjustment

(0.7)

3.5

Europe and Asia Pacific net revenues in constant currency1

$

53.4

$

52.8

(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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AXA named as an Official Partner of UEFA Women’s EURO 2025

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AXA has proudly announced its support for the UEFA Women’s EURO 2025 as an Official Partner, furthering its sponsorship programme initiated in 2020. The prestigious event will take place in Switzerland from July 2 to 27, 2025.

Commitment to Women’s Football

This partnership underscores AXA’s dedication to promoting women’s football, building on its long-term support for the sport. Since 2020, AXA has been the main sponsor of the AXA Women’s Super League and the AXA Women’s Cup in Switzerland. By investing in women’s football, AXA aims to bolster women’s sports and promote its brand ethos, “Know You Can,” encouraging self-belief among its customers.

Statements from AXA Leaders

Fabrizio Petrillo, CEO of AXA Switzerland, expressed his enthusiasm, saying, “I’m so excited to support UEFA Women’s EURO 2025 together with other European AXA companies as a main sponsor. We are sending a strong signal and making a contribution to ensure that the players and fans can experience a great event and further strengthen women’s football. I’m looking forward to a fantastic summer of football in 2025!”

Volunteering Opportunities

The partnership includes more than just financial support. AXA employees will have the opportunity to volunteer during the tournament as part of the UEFA Women’s EURO 2025 Volunteer Programme, playing a crucial role in the event’s success.

Guy-Laurent Epstein, UEFA Marketing Director, commented, “AXA is a dedicated supporter of women’s football in Switzerland, so we are thrilled to partner with them for what will be an unforgettable UEFA Women’s EURO 2025. We look forward to working together to make this the can’t-miss event of next summer while also strengthening women’s football in the host country and throughout Europe.”

Enhancing Visibility for Female Players

Andreea Prange, Head of Customer Experience & Strategy at AXA Switzerland, added, “Promoting women’s football is a topic I hold dear to my heart. That’s why I’m delighted that AXA, as a partner of the UEFA Women’s EURO 2025, is also committed to increasing the visibility of female players at the international level.”

Tournament Details

Doris Keller, Tournament Director of UEFA Women’s EURO 2025, stated, “AXA, a long-time supporter and partner of women’s football in Switzerland and globally, is a perfect fit to become a global partner of UEFA Women’s EURO 2025. We look forward to collaborating with AXA on the UEFA Women’s EURO 2025 Volunteer Programme, as the 2,500 volunteers will play a highly essential and valuable role throughout the tournament welcoming everyone to the host country.”

The UEFA Women’s EURO 2025 will feature 16 teams competing in eight Swiss cities, attracting an estimated 500 million viewers worldwide and offering over 700,000 tickets for fans to attend the matches live.

Partnership Duration

The partnership between AXA and UEFA will continue until the end of August 2025. The financial terms of the sponsorship remain confidential.

Source: fintech.global

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Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact

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REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change. 

“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.

For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”

In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing. 

Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform. 

The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.

Guðmundur Kristjánsson (GK)Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.” 

On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”

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2024 Hengqin Global Investment Promotion Conference Kicks Off

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HENGQIN, China, May 28, 2024 /PRNewswire/ — The Hengqin 2024 Global Investment Promotion Conference and sharing sessions opened on 26 May. Liu Xianfa, Commissioner of China’s Foreign Ministry in the Macao SAR; Lei Wai Nong, Director of the Executive Committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (hereinafter referred to as the “Cooperation Zone”); Huang Zhihao, Deputy Secretary of the CPC Zhuhai Municipal Committee and Mayor of Zhuhai; Nie Xinping, Fu Yongge, Su Kun, Deputy Directors of the Executive Committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin attended the event. It also attracted more than 1,000 investors from Macao’s business associations and renowned enterprises at home and abroad. Guests attending the event came from 42 countries and regions, including Portugal, Brazil, Singapore and Malaysia, and the scale of participation was greatly enlarged compared with that of last year.

Lei Wai Nong said in his speech that Hengqin is currently entering into its “prime time” of trade and investment opportunities. He invited all entrepreneurs from home and abroad to invest in Hengqin and embrace the new development opportunities together.

Su Kun introduced the open investment environment of the Cooperation Zone and highlighted that the four new industries have seen significant progress and new development opportunities since the implementation of tier-specific management.

The event featured presentations on investment and development in Hengqin by representatives of Wisewave (Zhuhai) Technology Co., Ltd. and Airbus Helicopters China.

Nine research experts, scholars, and entrepreneurs from Macao and Hengqin have been invited to serve as “Ambassadors for Hengqin”. Together with six “Advocates for Hengqin” they are expected to promote Hengqin to the world. The video series “Ambassadors for Hengqin” will be rolled out in June.

Highlights of this year’s conference included an exhibition on the four new industries in the Cooperation Zone, showcasing the fruits of development in recent years. As of the end of the event on 26 May, more than 69,000 audience watched the online broadcasts.

On 27 May, a series of sharing sessions were held for in-depth discussions on integrated circuits, traditional Chinese medicine, branded industries, modern finance, cultural tourism, conventions and exhibitions, trade, and cross-border e-commerce, with the aim of building a bridge for dialogue and cooperation in these industries. 

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