Cboe Global Markets Q3 2024 10-Q Filing

Ticker: CBOE · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 1374310

Cboe Global Markets, INC. 10-Q Filing Summary
FieldDetail
CompanyCboe Global Markets, INC. (CBOE)
Form Type10-Q
Filed DateNov 1, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, exchange

TL;DR

Cboe Global Markets filed its Q3 2024 10-Q, showing operational and financial details.

AI Summary

Cboe Global Markets, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segment performance are presented, reflecting the company's ongoing activities in the financial markets.

Why It Matters

This filing provides investors and analysts with a detailed look at Cboe's financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company in the financial services sector, Cboe Global Markets is subject to market volatility, regulatory changes, and competitive pressures.

Key Numbers

Key Players & Entities

FAQ

What were Cboe Global Markets' total revenues for the nine months ended September 30, 2024?

The filing indicates financial data for the nine months ended September 30, 2024, but specific total revenue figures are not explicitly stated in the provided text snippet.

What is the company's primary business segment as indicated in the filing?

The filing mentions segments such as 'CashAndSpotMarketsMember' and 'DataAndAccessSolutionsMember', indicating these are key operational areas.

When was Cboe Global Markets previously known as CBOE Holdings, Inc.?

The company's name changed from CBOE Holdings, Inc. on August 31, 2006.

What is the fiscal year end for Cboe Global Markets?

The fiscal year end for Cboe Global Markets is December 31.

What is the SIC code for Cboe Global Markets?

The Standard Industrial Classification (SIC) code for Cboe Global Markets is 6200, related to Security & Commodity Brokers, Dealers, Exchanges & Services.

Filing Stats: 4,836 words · 19 min read · ~16 pages · Grade level 7.2 · Accepted 2024-11-01 08:15:19

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 September 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Income—Three and Nine Months Ended September 30, 2024 and 2023 9 Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2024 and 2023 10 Condensed Consolidated Statements of Changes in Stockholders' Equity—Three and Nine Months Ended September 30, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows— Nine Months Ended September 30, 2024 and 2023 13 Notes to Condensed Consolidated Financial Statements 14 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 48 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 81 Item 4.

Controls and Procedures

Controls and Procedures 86

OTHER INFORMATION

PART II. OTHER INFORMATION 87 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 D

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 th

—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 ) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 763.2 $ 543.2 Financial investments 39.4 57.5 Accounts receivable, net of $ 7.0 allowance for credit losses at September 30, 2024 and $ 4.5 at December 31, 2023 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 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value: 325,000,000 shares authorized, 106,009,818 and 104,677,388 shares issued and outstanding, respectively at September 30, 2024

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing