Cboe Global Markets, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: CBOE · Form: 10-Q · Filed: May 3, 2024 · CIK: 1374310

Cboe Global Markets, INC. 10-Q Filing Summary
FieldDetail
CompanyCboe Global Markets, INC. (CBOE)
Form Type10-Q
Filed DateMay 3, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: Cboe Global Markets, 10-Q Filing, Financial Report, Equity Accounts, Cboe Digital

TL;DR

<b>Cboe Global Markets, Inc. filed its Q1 2024 10-Q, detailing financial positions and equity components.</b>

AI Summary

Cboe Global Markets, Inc. (CBOE) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Cboe Global Markets, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various equity and other accounts as of March 31, 2024, and comparative periods. Specific account balances such as Treasury Stock, Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for Q1 2024, year-end 2023, and Q1 2023. The report references Cboe Digital Restricted Common Units and Cboe Digital Warrants, with data points for 2023. Information on Restricted Stock and Restricted Stock Units is provided for Q1 2024 and year-end 2023.

Why It Matters

For investors and stakeholders tracking Cboe Global Markets, Inc., this filing contains several important signals. This filing provides a snapshot of Cboe's financial health and equity structure at the end of the first quarter of 2024, crucial for investors assessing the company's stability and capital. The detailed breakdown of equity accounts and specific units like Cboe Digital Restricted Common Units and Warrants offers insight into the company's strategic initiatives and potential future dilution or value creation.

Risk Assessment

Risk Level: low — Cboe Global Markets, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond routine disclosures.

Analyst Insight

Monitor future filings for trends in equity accounts and performance of Cboe Digital initiatives to gauge strategic progress and financial impact.

Key Numbers

Key Players & Entities

FAQ

When did Cboe Global Markets, Inc. file this 10-Q?

Cboe Global Markets, Inc. filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Cboe Global Markets, Inc. (CBOE).

Where can I read the original 10-Q filing from Cboe Global Markets, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cboe Global Markets, Inc..

What are the key takeaways from Cboe Global Markets, Inc.'s 10-Q?

Cboe Global Markets, Inc. filed this 10-Q on May 3, 2024. Key takeaways: Cboe Global Markets, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to various equity and other accounts as of March 31, 2024, and comparative periods.. Specific account balances such as Treasury Stock, Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for Q1 2024, year-end 2023, and Q1 2023..

Is Cboe Global Markets, Inc. a risky investment based on this filing?

Based on this 10-Q, Cboe Global Markets, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond routine disclosures.

What should investors do after reading Cboe Global Markets, Inc.'s 10-Q?

Monitor future filings for trends in equity accounts and performance of Cboe Digital initiatives to gauge strategic progress and financial impact. The overall sentiment from this filing is neutral.

How does Cboe Global Markets, Inc. compare to its industry peers?

Cboe Global Markets operates as a global financial services provider, offering a diverse range of trading, clearing, and data solutions across various asset classes.

Are there regulatory concerns for Cboe Global Markets, Inc.?

As a publicly traded company, Cboe Global Markets is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

Industry Context

Cboe Global Markets operates as a global financial services provider, offering a diverse range of trading, clearing, and data solutions across various asset classes.

Regulatory Implications

As a publicly traded company, Cboe Global Markets is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

  1. Review detailed balance sheet and equity disclosures for Q1 2024.
  2. Analyze trends in Cboe Digital units and their potential impact.
  3. Compare Q1 2024 equity figures against year-end 2023 and prior year Q1 for performance assessment.

Year-Over-Year Comparison

This filing represents the standard quarterly update for Cboe Global Markets, Inc., providing updated financial information compared to previous periods.

Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 8.4 · Accepted 2024-05-03 08:15:51

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 8 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 8 Condensed Consolidated Balance Sheets—As of March 31, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Income—Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2024 and 2023 10 Condensed Consolidated Statements of Changes in Stockholders' Equity—Three Months Ended March 31, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 13 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 77

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 78 Item 1A.

Risk Factors

Risk Factors 78 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults upon Senior Securities 79 Item 4. Mine Safety Disclosures 79 Item 5. Other Information 79 Item 6. Exhibits 80

SIGNATURES

SIGNATURES 81 2 Table of Contents CERTAIN DEFINED TERMS Throughout this document, unless otherwise specified or the context so requires: "Cboe," "we," "us," "our" or "the Company" refers to Cboe Global Markets, Inc. and its subsidiaries. "ADV" means average daily volume. "ADNV" means average daily notional value. "AFM" refers to the Netherlands Authority for the Financial Markets. "ATS" refers to an alternative trading system. "Bats Global Markets" and "Bats" refer to our wholly-owned subsidiary Bats Global Markets, Inc., now known as Cboe Bats, LLC, and its subsidiaries. "BIDS Trading" refers to BIDS Trading, L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc. The ATS operated by BIDS Trading is not a registered national securities exchange or a facility thereof. "BYX" refers to Cboe BYX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. "BZX" refers to Cboe BZX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. "C2" refers to Cboe C2 Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Asia Pacific" refers to Cboe Asia Pacific Holdings Limited (formerly known as Chi-X Asia Pacific Holdings Limited), a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Australia" refers to Cboe Australia Pty Ltd. (formerly known as Chi-X Australia Pty. Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Canada" refers to the former Aequitas Innovations, Inc. and Neo Exchange Inc. (commonly referred to as "NEO Exchange"), which were wholly-owned subsidiaries of Cboe Global Markets, Inc. "Cboe Canada Inc." is a wholly-owned subsidiary of Cboe Global Markets, Inc. and a recognized Canadian securities exchange. As of January 1, 2024, the Cboe Canada and MATCHNow entities have been amalgamated into Cboe Canada Inc. "Cboe Chi-X Europe" refers to Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Clear Digital" refers to Cboe Clear

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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, including statements in "Management's Discussion and Analysis of Financial Condition and Results of Operations." 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. In particular, you should consider the risks and uncertainties described under "Risk Factors" in this Quarterly Report and other filings with the SEC. While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Moreover, 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 t

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in millions, except par value data and share amounts ) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 536.3 $ 543.2 Financial investments 58.8 57.5 Accounts receivable, net of $ 5.6 allowance for credit losses at March 31, 2024 and $ 4.5 at December 31, 2023 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 Digital assets - safeguarded liabilities 93.3 51.3 Income taxes payable — 1.0 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 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par

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