Core Viewpoint - Cboe Global Markets has approved a 15% increase in its quarterly dividend, marking the 14th consecutive year of dividend growth, aimed at returning more profits to shareholders [1][2]. Dividend and Shareholder Returns - The new dividend payout is 63 cents per share, up from 55 cents, resulting in a yield of 1.03% based on the stock's closing price of $202.94 on August 16 [2]. - Shareholders of record on August 30 will receive the increased dividend on September 13 [2]. - Cboe has a compound annual growth rate (CAGR) of 12.2% for dividends over the past eight years (2017-2024) [2]. Share Repurchase Program - Cboe Global has approximately $179.8 million remaining under its existing share repurchase authorizations as of July 31, 2024, and has been authorized to repurchase an additional $500 million of its common stock [3]. - Since the buyback program's inception in 2011 through June 30, 2024, the company has repurchased shares totaling $1.6 billion [3]. Financial Position and Cash Flow - Cboe exited the second quarter with cash and cash equivalents of $614.6 million, a 13% increase from the end of 2023 [4]. - In the first half of 2024, the company returned 65% of adjusted earnings to shareholders through dividends and share repurchases [4]. - Cash flow from operations surged to $2.4 billion in the first half of 2024, indicating strong free cash flow generation [5]. Profitability and Performance Metrics - The return on equity (ROE) was 22.5% in the trailing 12 months, an increase of 50 basis points year over year, outperforming the industry average of 13.2% [6]. - Cboe's shares have gained 34.8% over the past year, compared to the industry's growth of 16.7% [7]. Growth Strategy - The company is focused on expanding product lines across asset classes, broadening geographic reach, diversifying its business mix with recurring revenues, and leveraging technology to maintain share momentum [7].

Market Overview - The stock market recently experienced a significant increase in volatility, with the S&P 500 seeing its longest streak without a 2% daily decline since the Great Financial Crisis, lasting 356 trading days [2][4] - The recent market downturn was unexpected, attributed to the unwinding of the Japanese yen carry trade, which had previously supported investments in riskier assets like tech stocks [6][12] - Economic indicators suggest weakening growth, with rising unemployment triggering the "Sahm Rule," indicating a potential recession [8][10] Company Analysis: Republic Services (RSG) - Republic Services is the second-largest waste management company in North America, operating in a $114 billion market with 80% annuity-type revenues [21][24] - The company has demonstrated strong financial performance, with a 16% annual EPS growth over the past three years and a total return of nearly 150% over five years, outperforming the S&P 500 by 41% [26][28] - Currently yielding 1.2%, the dividend has a payout ratio of 36% and has been increased for 20 consecutive years, with a five-year CAGR of 7.4% [27][28] Company Analysis: Cboe Global Markets (CBOE) - Cboe is a major exchange operator in the U.S. and Europe, benefiting from increased demand for options and elevated market volatility [31][32] - The company is shifting focus from M&A to organic growth, expanding its footprint in APAC nations and enhancing its data and access solutions segment, which has grown by 11% annually since 2Q21 [33][36] - Cboe has a dividend yield of 1.1% with a payout ratio of 26% and a five-year CAGR of 12.2%, indicating a commitment to shareholder returns [40][41] Company Analysis: Lockheed Martin (LMT) - Lockheed Martin is a leading defense contractor, generating nearly all revenue from government contracts, which provides a stable and anti-cyclical business model [42] - The company is experiencing positive momentum, with a recent increase in sales and EPS guidance, driven by demand for advanced military projects [44][45] - Lockheed Martin has a dividend yield of 2.3%, a payout ratio of 44%, and has increased its dividend for 21 consecutive years, reflecting strong financial health [47][49]

sarmoho/iStock via Getty Images Introduction While I am writing this, markets are panicking. Volatility, as measured by the CBOE Volatility Index, has spiked to more than 40, the highest number since 2020, when the world was hit by bad news from Wuhan, China (pandemic). Value Stocks Tumble Again Bloomberg This is the result of a number of headwinds, including poor economic growth in the United States, an unwinding carry trade that involves the Japanese yen, geopolitical uncertainty, and the fact that tech s ...

Cboe Global Markets, Inc. (BATS:CBOE) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Company Participants Ken Hill - Treasurer & Head, Investor Relations Fred Tomczyk - Chief Executive Officer Dave Howson - Global President Jill Griebenow - Chief Financial Officer Chris Isaacson - Chief Operating Officer Conference Call Participants Dan Fannon - Jefferies Patrick Moley - Piper Sandler Brian Bedell - Deutsche Bank Alex Kramm - UBS Financial Craig Siegenthaler - Bank of America Ben Budish - Barcla ...

For the quarter ended June 2024, CBOE Global (CBOE) reported revenue of $513.8 million, up 10% over the same period last year. EPS came in at $2.15, compared to $1.78 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $513.82 million, representing no surprise. The company delivered an EPS surprise of +1.90%, with the consensus EPS estimate being $2.11. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Cboe Global Markets, Inc. (CBOE) reported second-quarter 2024 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate by 1.8%. The bottom line increased 21% year over year. The quarterly results benefited from higher index options trading volumes, higher net transaction and clearing fees, growth in market data and access and capacity fees, as well as improved EBITDA margins. Operational Details Total adjusted revenues of CBOE Global were a record $513.8 million, which improved 10% year ...

CBOE Global (CBOE) came out with quarterly earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.11 per share. This compares to earnings of $1.78 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.90%. A quarter ago, it was expected that this holding company for the Chicago Board Options Exchange would post earnings of $2.04 per share when it actually produced earnings of $2.15, delivering a surprise of 5.39% ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34774 Cboe Global Markets, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of In ...

Financial Performance - Cboe reported record net revenue of $513.8 million for Q2 2024, an increase of 10% compared to $467.1 million in Q2 2023[2] - Total revenues for Q2 2024 reached $974.0 million, a 7.3% increase from $907.8 million in Q2 2023[21] - Net income allocated to common stockholders for Q2 2024 was $139.7 million, down from $167.0 million in Q2 2023, representing a decrease of 16.5%[21] - Basic earnings per share for Q2 2024 were $1.33, compared to $1.58 in Q2 2023, reflecting a decline of 15.8%[21] - Operating income for Q2 2024 was $210.1 million, a decrease of 14.2% from $244.8 million in Q2 2023[21] - Adjusted diluted earnings per share for the three months ended June 30, 2024, was $2.15, up from $1.78 in the same period of 2023, indicating an increase of 20.8%[29] - Adjusted operating income for the three months ended June 30, 2024, was $316.7 million, compared to $274.8 million in the same period of 2023, showing an increase of 15.2%[29] Expenses and Costs - Total operating expenses rose to $303.7 million, a 37% increase from $222.3 million in Q2 2023, primarily due to impairment of intangible assets[5] - Total operating expenses for Q2 2024 were $303.7 million, up from $222.3 million in Q2 2023, reflecting an increase of 36.6%[21] - Total cost of revenues for the three months ended June 30, 2024, was $460.2 million, up from $440.7 million in the same period of 2023, which is an increase of 4.0%[25] - Adjusted operating expenses for 2024 are expected to be between $795 million and $805 million, excluding $92 million of amortization of acquired intangible assets[10] - Depreciation and amortization expense for 2024 is expected to be in the range of $43 million to $47 million, excluding amortization of acquired intangible assets[10] Revenue Growth and Projections - Cboe anticipates organic total net revenue growth for 2024 to be in the range of 6-8%, up from the previous guidance of 5-7%[3] - Options net revenue increased by 8% to $306.7 million, driven by a 9% increase in index options trading volumes[6] - North American Equities net revenue reached $98.3 million, an 8% increase, with net transaction and clearing fees up by 25%[8] - Europe and Asia Pacific net revenue grew by 15% to $54.3 million, with a 4% increase in average daily notional value traded[8] - Global FX net revenue was $19.8 million, an 11% increase, with average daily notional value traded on the Cboe FX platform rising to $47.7 billion[8] - Data and Access Solutions anticipates organic net revenue growth in the range of 7 to 10 percentage points for 2024[10] Assets and Liabilities - Total current assets increased significantly to $3,899.5 million as of June 30, 2024, up from $1,979.3 million at the end of 2023, marking an increase of 96.7%[23] - Total assets rose to $9,255.6 million as of June 30, 2024, compared to $7,487.5 million at the end of 2023, an increase of 23.6%[23] - Total liabilities increased to $5,233.9 million as of June 30, 2024, up from $3,502.5 million at the end of 2023, representing a rise of 49.4%[23] Cash Flow and Dividends - The company paid cash dividends of $58.2 million, or $0.55 per share, during the second quarter of 2024[11] - Approximately $204.4 million of availability remains under existing share repurchase authorizations as of June 30, 2024[11] - Minority investments are expected to contribute a benefit of $37 million to $43 million to non-operating income in 2024[10] - The effective tax rate on adjusted earnings for the full year 2024 is expected to be in the range of 28.5% to 30.5%[10] Market Performance - Total industry ADV for options in Q2 2024 was 46,129 thousand, a decrease from 47,452 thousand in Q1 2024[17] - U.S. Equities exchange market share decreased to 11.4% in Q2 2024 from 12.8% in Q1 2024[17] - Canadian Equities ADV increased to 150.6 million in Q2 2024 from 146.3 million in Q1 2024, with a market share of 15.0%[17] - European Equities total industry ADNV in Q2 2024 was €42.6 billion, up from €41.8 billion in Q1 2024[17] - Global FX spot market share was 20.2% in Q2 2024, a slight decrease from 20.3% in Q1 2024[17] Impairments and Acquisitions - The Digital segment recorded an impairment of intangible assets of $81.0 million related to the wind down of the Cboe Digital spot market[8] - The company reported acquisition-related costs of $0.6 million for the three months ended June 30, 2024[32] - Impairment of intangible assets amounted to $81.0 million for the three months ended June 30, 2024[32] Other Financial Metrics - Cboe's adjusted EBITDA margins reached 67% in the first half of 2024, up more than two percentage points compared to the same period in 2023[3] - Adjusted EBITDA for the three months ended June 30, 2024, increased to $340.7 million, with an adjusted EBITDA margin of 66.3%, compared to $293.3 million and 62.8% in the same period of 2023[32] - The adjusted operating margin for the three months ended June 30, 2024, was 61.6%, compared to 58.8% in the same period of 2023, reflecting an improvement of 4.8 percentage points[29]

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. The combined assessment of analysts suggests that 'Revenues- Market data fees' will likely reach $75.41 million. The estimate points to a change of +2.6% from the year-ago quarter. The consensus estimate for 'Revenues- Transaction and clearing fees' stands at $737.28 million ...