Cboe’s net revenue for the fourth quarter is up 86% YoY


Cboe Global Markets, Inc. (Nasdaq: CBOE) today reported financial results for the fourth quarter and full year of 2017.

Consolidated results for the fourth quarter and full year of 2017 include Bats Global Markets, Inc. (Bats), which was acquired by the company on February 28, 2017.

Edward T. Tilly

2017 was a transformational year for Cboe Global Markets. We made great strides in our integration with Bats Global Markets, while continuing to deliver value to our customers as well as our shareholders,” said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer. “We delivered on our key strategic initiatives and achieved record trading in our highest-margin proprietary products, including VIX futures and options and SPX options, while continuing to launch new innovative products such as Cboe Bitcoin Futures.

Looking ahead, I believe our strong financial position, proprietary products, diversified revenue mix and expanded global base will allow us to continue to grow our business and create shareholder value.

The fourth quarter marked a strong finish to 2017 on several financial measures, including 8 percent organic growth, EBITDA margin expansion and year-one acquisition-related synergies that exceeded our target,” added Brian Schell, Cboe Global Markets Executive Vice President and Chief Financial Officer. “In 2017, our strong cash flow generation allowed us to pay down $400 million of our term loan while continuing to invest in our business and increase our dividend to shareholders. We expect the new tax law changes to favorably impact our future cash flows and plan to maintain a balanced approach to capital deployment, with a focus on increasing long-term shareholder value.

Fourth Quarter and Full Year Highlights

  • Fourth Quarter and Full-Year Diluted EPS of $2.26 and $3.69, Respectively, Which Includes a One-Time Benefit of $191.5 Million or $1.70 Per Share and $1.78 Per Share, Respectively, From Enactment of Tax Reform
  • Fourth Quarter and Full-Year Adjusted Combined Diluted EPS of $0.871and $3.57, Respectively
  • Net Revenue of $265.6 Million for the Quarter, up 86 Percent, Reflects the Bats Acquisition
  • Net Revenue up 7 Percent for Fourth Quarter and Full-Year Compared to Adjusted Combined Net Revenue for Prior-Year Periods
  • Organic Net Revenue up 8 Percent for the Quarter and 9 Percent for the Year
  • Record-setting Year for Trading in VIX Futures, VIX Options, and SPX Options Volume
  • Bats Integration on Track; Realized Cost Synergies of Approximately $25 Million in 2017
  • Debt Reduction of $75 Million in 4Q17; $400 Million for the Year

The complete report can be seen here.

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Cboe's net revenue for the fourth quarter is up 86% YoY

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