Company name:
Cboe Global Markets Inc
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IPO SHARE PRICE:$29.00
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IPO DATE:June 15, 2010
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TICKER:CBOE
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MAIN STOCK EXCHANGE:NASDAQ
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CURRENT HQ LOCATION:400 South LaSalle Street Chicago Illinois 60605
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FISCAL YEAR END:December 31
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INCORPORATION JURISDICTION:DE
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ORGANIZED AS THE FOLLOWING LEGAL TYPE:Corporation
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Investor Relations Webpage:Coming soon!
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TAX RATE:USA federal corporate nominal income tax rate is 21%
Short Description
Cboe Global Markets Inc
We are working hard and as soon as possible to provide company description soon. Feel free to reach out to request it sooner: improve@real-clear-investing.com
Income Statement
(USD in thousand)
Selected Quarter:
31-Dec
2020
2020
Revenue
Gross receipts in the form of cash (great!) and promises to pay (Account Receivables - not so great as some of them will never be collected but reality of business!) from all its customers
100%
70.2% —
Transaction and clearing fees
14.3% —
Regulatory fees
7.4% —
Access and capacity fees
6.8% —
Market data fees
1.2% —
Other revenue
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Transaction and clearing fees | - | - | 465,800 | 394,200 | - | - | 545,500 | 592,700 | 2,418,000 | 2,370,800 | ||||||||||||||
| Transaction fees | 430,400 | 426,900 | 465,800 | 394,200 | 661,500 | 618,300 | - | - | - | - | ||||||||||||||
| Access fees | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Access and capacity fees | 54,400 | 54,500 | 55,700 | 57,300 | 57,700 | 55,700 | 60,600 | 62,700 | 236,700 | 250,800 | ||||||||||||||
| Exchange services and other fees | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Market data fees | 51,600 | 51,800 | 56,300 | 53,800 | 56,200 | 58,700 | 59,500 | 57,600 | 232,000 | 230,400 | ||||||||||||||
| Regulatory fees | 58,700 | 79,700 | 88,100 | 85,200 | 136,800 | 128,700 | 113,800 | 120,900 | 500,200 | 483,600 | ||||||||||||||
| Other revenue | 7,500 | 7,700 | 9,500 | 8,100 | 9,300 | 7,300 | 13,300 | 10,300 | 40,200 | 41,200 | ||||||||||||||
| Total Revenue | $602,600 | $620,600 | $675,400 | $598,600 | $921,500 | $868,700 | $792,700 | $844,200 | $3,427,100 | $3,376,800 |
Selected Quarter:
31-Dec
2020
2020
Operating expenses
Cost (labor, materials, depreciation, overhead, etc) for delivering service or manufacturing a product that business sells
120.4%
45.8% —
Liquidity payments
36.4% —
Cost of revenue
13.4% —
Section 31 fees
6.8% —
Employee compensation and benefits
4.8% —
Depreciation and amortization
3.4% —
Acquisition-related costs
2.6% —
Order routing and clearing
2.3% —
Royalty fees
2.1% —
Professional fees and outside services
1.8% —
Technology support services
0.7% —
Other expenses
0.6% —
Facilities costs
0.3% —
Travel and promotional expenses
-0.4% —
Other
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Cost of revenue
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280,500 | 283,200 | 294,000 | 280,300 | 358,300 | 296,900 | 292,000 | 307,100 | 1,254,300 | 1,228,400 | ||||||||||||||
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Liquidity payments
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243,700 | 235,800 | 269,700 | 215,500 | 392,400 | 415,600 | 359,400 | 386,700 | 1,554,100 | 1,546,800 | ||||||||||||||
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Order routing
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Order routing and clearing
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9,200 | 9,200 | 9,300 | 8,100 | 16,000 | 17,700 | 14,900 | 21,800 | 70,400 | 87,200 | ||||||||||||||
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Section 31 fees
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48,200 | 70,300 | 79,400 | 73,500 | 127,400 | 119,000 | 105,400 | 113,200 | 465,000 | 452,800 | ||||||||||||||
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Royalty fees
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21,000 | 21,900 | 22,900 | 21,000 | 27,400 | 19,400 | 17,600 | 19,000 | 83,400 | 76,000 | ||||||||||||||
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Other
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- | 200 | 100 | 200 | - | 100 | 3,400 | (3,600) | (100) | (14,400) | ||||||||||||||
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Total cost of revenue
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322,100 | 337,400 | 381,400 | 318,300 | 563,200 | 571,800 | 500,700 | 537,100 | 2,172,800 | 2,148,400 | ||||||||||||||
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Employee compensation and benefits
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48,100 | 52,200 | 49,700 | 49,000 | 53,300 | 54,900 | 59,200 | 57,500 | 224,900 | 230,000 | ||||||||||||||
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Acquisition-related costs
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2,300 | 20,800 | 16,700 | 8,700 | 800 | 9,400 | 6,200 | 28,800 | 45,200 | 115,200 | ||||||||||||||
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Depreciation and amortization
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47,200 | 43,700 | 42,900 | 42,800 | 40,500 | 38,000 | 39,500 | 40,500 | 158,500 | 162,000 | ||||||||||||||
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Technology support services
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11,900 | 11,800 | 10,600 | 11,900 | 11,900 | 12,500 | 15,100 | 15,000 | 54,500 | 60,000 | ||||||||||||||
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Professional fees and outside services
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16,200 | 19,200 | 17,500 | 15,400 | 14,900 | 12,300 | 15,800 | 17,600 | 60,600 | 70,400 | ||||||||||||||
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Travel and promotional expenses
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2,600 | 3,000 | 2,700 | 3,600 | 2,100 | 900 | 1,200 | 2,400 | 6,600 | 9,600 | ||||||||||||||
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Facilities costs
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2,100 | 3,000 | 2,700 | 3,200 | 4,100 | 4,100 | 4,500 | 4,900 | 17,600 | 19,600 | ||||||||||||||
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Change in estimated fair value of contingent consideration
Change in estimated fair value of contingent consideration
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Other expenses
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3,600 | 4,300 | 3,800 | 26,500 | 4,300 | 3,100 | 11,200 | 5,600 | 24,200 | 22,400 | ||||||||||||||
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Total operating expenses
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$134,000 | $158,000 | $146,600 | $161,100 | $131,900 | $135,200 | $152,700 | $172,300 | $592,100 | $689,200 |
Selected Quarter:
31-Dec
2020
2020
Operating Income
Income after excluding Operating Expenses from Total Revenue
16.0%
16.0% —
Operating Income
Key metric that shows earnings potential of the company's business model
Selected Quarter:
31-Dec
2020
2020
Non-operating expenses
Cost usually unrelated to delivering service or manufacturing a product that business sells
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| Investment and other income | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Net income from investments | - | - | - | - | - | - | - | - | - | - | ||||||||||||||
| Other expense or income | - | 4,400 | 1,700 | - | - | 2,200 | 33,600 | - | - | - | ||||||||||||||
| Other expense net | (8,800) | - | - | - | (1,600) | - | - | - | - | - | ||||||||||||||
| Other income | - | - | - | - | - | - | - | - | 35,800 | - | ||||||||||||||
| Total non-operating income (expense) | (8,800) | 4,400 | 1,700 | - | (1,600) | 2,200 | 33,600 | - | 35,800 | - |
Selected Quarter:
31-Dec
2020
2020
Earnings before Interest and Taxes (EBIT)
Income after excluding Operating and Non-operating Expenses from Total Revenue
16.0%
16.0% —
EBIT
Another income metric but unlike Operating Income it is closer to the ultimate income metric - Net Income by removing expenses that are not related to earning Revenue as they are supposed to be accidental and transitory
Selected Quarter:
31-Dec
2020
2020
Interest Expense and Income, Taxes
Expenses driven mostly by company management's choices, nature of business (capital intensive vs not) about financing (debt vs equity) and legal structure
5.8%
1.6% —
Interest expense
4.2% —
Income tax expense or benefit
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Interest expense (income)
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Interest expense
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(9,900) | (10,000) | (8,200) | (7,800) | (7,300) | (7,300) | (9,500) | (13,500) | (37,600) | (54,000) | ||||||||||||||
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Interest expense and borrowing costs
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Total other expense or income
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Income before income taxes
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127,800 | 119,600 | 140,900 | 114,200 | 217,500 | 156,600 | 163,400 | 122,900 | 660,400 | 491,600 | ||||||||||||||
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Income tax expense or benefit
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32,600 | 35,100 | 35,000 | 27,900 | 60,100 | 43,000 | 53,500 | 35,600 | 192,200 | 142,400 |
Selected Quarter:
31-Dec
2020
2020
Net income (loss)
Ultimate measure of Income - Net result after excluding all expenses from Total Revenue
10.3%
10.3% —
Net income (loss)
It is a residue that is left from Total Revenue after paying all kind of expenses and belongs to all equity holders in the company. Some of these shareholders such Non-controlling interest or Preferred equity gets their share before Common shareholders
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Net income (loss)
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$95,200 | $84,500 | $105,900 | - | $157,400 | $113,600 | $109,900 | - | $468,200 | - | ||||||||||||||
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Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to non-controlling interests
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Net income (loss) before non-controlling interests
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Change in redemption value of non-controlling interest
Change in redemption value of non-controlling interest
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- | - | - | - | - | - | - | - | - | - | ||||||||||||||
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Net income (loss) attributable to participating securities
Net income (loss) attributable to participating securities
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(600) | (500) | (400) | (200) | (400) | (300) | (300) | (200) | (1,200) | (800) | ||||||||||||||
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Net income (loss) attributable to common stock
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94,600 | 87,600 | 105,500 | 86,100 | 157,000 | 113,300 | 109,600 | 87,100 | 467,000 | 348,400 | ||||||||||||||
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Net income (loss) attributable to redeemable non-controlling interests
Net income (loss) attributable to redeemable non-controlling interests
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200 | 3,800 | 100 | - | - | - | - | - | - | - | ||||||||||||||
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Net income (loss) after redeemable non-controlling interest
Net income (loss) after redeemable non-controlling interest
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95,400 | 88,300 | 106,000 | 86,300 | 157,400 | 113,600 | 109,900 | 87,300 | 468,200 | 349,200 | ||||||||||||||
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Change in redemption value of redeemable non-controlling interest
Change in redemption value of redeemable non-controlling interest
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(200) | (200) | (100) | - | - | - | - | - | - | - |
Basic Shares Outstanding
Basic shares outstanding as of certain dates reported by Company on its annual and quarterly filings, these numbers are NOT used calculation of basic EPS. They help to see share issuance by company in perspective
Selected Quarter:
31-Dec
2020
2020
EPS
Net Income / Shares Outstanding = EPS before dilution or Basic EPS; Net Income/ ( Shares Outstanding + potentially available shares from conversion of various option instruments)