Cboe Global Markets Files Q2 2024 10-Q

TL;DR

Cboe's Q2 10-Q is in. Financials look steady, no major surprises yet.

AI Summary

Cboe Global Markets, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial figures and disclosures are presented, reflecting the company's ongoing business activities and market position.

Why It Matters

This filing provides investors and analysts with a detailed look into Cboe's financial health and strategic direction for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 18100000 — Accounts Payable and Accrued Liabilities Current (As of the reporting period)
• 17100000 — Accounts Payable and Accrued Liabilities Current (As of the prior period)
• 6900000 — Accounts Payable and Accrued Liabilities Current (As of an earlier period)
• 5300000 — Accounts Payable and Accrued Liabilities Current (As of another earlier period)

Key Players & Entities

• Cboe Global Markets, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• 433 WEST VAN BUREN STREET (location) — Company's business and mailing address
• CHICAGO (location) — Company's city
• IL (location) — Company's state
• 60607 (location) — Company's zip code

FAQ

Key Financial Figures

• $0.01 — h registered: Common Stock, par value $0.01 per share CBOE CboeBZX Indicate b

Filing Documents

• cboe-20240630x10q.htm (10-Q) — 6022KB
• cboe-20240630xex10d1.htm (EX-10.1) — 148KB
• cboe-20240630xex31d1.htm (EX-31.1) — 16KB
• cboe-20240630xex31d2.htm (EX-31.2) — 18KB
• cboe-20240630xex32d1.htm (EX-32.1) — 8KB
• cboe-20240630xex32d2.htm (EX-32.2) — 8KB
• cboe-20240630x10q008.jpg (GRAPHIC) — 55KB
• cboe-20240630x10q010.jpg (GRAPHIC) — 107KB
• cboe-20240630x10q011.jpg (GRAPHIC) — 91KB
• cboe-20240630x10q014.jpg (GRAPHIC) — 34KB
• cboe-20240630x10q016.jpg (GRAPHIC) — 40KB
• cboe-20240630x10q024.jpg (GRAPHIC) — 34KB
• 0001558370-24-010654.txt ( ) — 22018KB
• cboe-20240630.xsd (EX-101.SCH) — 101KB
• cboe-20240630_cal.xml (EX-101.CAL) — 102KB
• cboe-20240630_def.xml (EX-101.DEF) — 378KB
• cboe-20240630_lab.xml (EX-101.LAB) — 794KB
• cboe-20240630_pre.xml (EX-101.PRE) — 624KB
• cboe-20240630x10q_htm.xml (XML) — 5020KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 8 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 8 Condensed Consolidated Balance Sheets—As of June 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Income—Three and Six Months Ended June 30, 2024 and 2023 9 Condensed Consolidated Statements of Comprehensive Income—Three and Six Months Ended June 30, 2024 and 2023 10 Condensed Consolidated Statements of Changes in Stockholders' Equity—Three and Six Months Ended June 30 , 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows—Six Months Ended June 30, 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 49 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 82 Item 4.

Controls and Procedures

Controls and Procedures 86

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 87 Item 1A.

Risk Factors

Risk Factors 87 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3. Defaults upon Senior Securities 88 Item 4. Mine Safety Disclosures 88 Item 5. Other Information 88 Item 6. Exhibits 89

SIGNATURES

SIGNATURES 90 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 ) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 614.6 $ 543.2 Financial investments 83.7 57.5 Accounts receivable, net of $ 5.6 allowance for credit losses at June 30, 2024 and $ 4.5 at December 31, 2023 372.7 337.3 Margin deposits, clearing funds, and interoperability funds 2,728.8 848.8 Digital assets - safeguarded assets 6.9 51.3 Income taxes receivable 34.9 74.5 Other current assets 57.9 66.7 Total current assets 3,899.5 1,979.3 Investments 359.5 345.3 Property and equipment, net 115.1 109.2 Property held for sale — 8.7 Operating lease right of use assets 115.3 136.6 Goodwill 3,132.9 3,140.6 Intangible assets, net 1,424.7 1,561.5 Other assets, net 208.6 206.3 Total assets $ 9,255.6 $ 7,487.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 290.9 $ 412.7 Section 31 fees payable 120.6 51.9 Deferred revenue 9.9 5.9 Margin deposits, clearing funds, and interoperability funds 2,728.8 848.8 Digital assets - safeguarded liabilities 6.9 51.3 Income taxes payable — 1.0 Current portion of contingent consideration liabilities 1.8 11.8 Total current liabilities 3,158.9 1,383.4 Long-term debt 1,440.1 1,439.2 Non-current unrecognized tax benefits 270.9 243.8 Deferred income taxes 194.7 217.8 Non-current operating lease liabilities 126.3 150.8 Other non-current liabilities 43.0 67.5 Total liabilities 5,233.9 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value:

View Full Filing

View this 10-Q filing on SEC EDGAR