Company Quick10K Filing
Cboe
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 112 $11,820
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-11 Quarter: 2017-03-31
10-K 2017-02-21 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-29
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-16 Annual: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-09-30
10-Q 2010-08-12 Quarter: 2010-06-30
10-Q 2010-06-11 Quarter: 2010-03-31
8-K 2020-02-11 Officers, Exhibits
8-K 2020-02-07 Earnings, Exhibits
8-K 2019-12-10 Regulation FD, Other Events, Exhibits
8-K 2019-10-30 Officers, Exhibits
8-K 2019-10-29 Earnings, Accountant, Exhibits
8-K 2019-08-09 Accountant, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-16 Officers, Shareholder Vote, Exhibits
8-K 2019-05-03 Earnings, Exhibits
8-K 2019-02-11 Amend Bylaw, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-01-07 Officers, Exhibits
8-K 2018-11-02 Earnings, Exhibits
8-K 2018-08-03 Earnings, Exhibits
8-K 2018-08-01 Officers, Exhibits
8-K 2018-05-17 Officers, Shareholder Vote, Exhibits
8-K 2018-05-04 Earnings, Exhibits
8-K 2018-04-23 Regulation FD, Exhibits
8-K 2018-03-22 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-28 Officers, Exhibits
8-K 2018-02-09 Earnings, Exhibits
8-K 2018-01-10 Officers, Exhibits
8-K 2017-12-31 Officers, Exhibits
CBOE 2019-09-30
Part I-Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex-31d1.htm
EX-31.2 ex-31d2.htm
EX-32.1 ex-32d1.htm
EX-32.2 ex-32d2.htm

Cboe Earnings 2019-09-30

CBOE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CBOE 11,820 5,159 1,832 2,547 1,169 408 758 12,584 46% 16.6 8%
SNSR 11,235 6 17 2 0 -4 -3 11,235 23% -3,357.0 -58%
NAN 9,676 68 1 0 0 0 0 9,676 0%
FMHI 2,762 1 0 0 0 -1 -1 2,761 40% -2,988.4 -172%
ACV 2,587 2,050 528 1,663 866 173 248 2,275 52% 9.2 8%
LXP 2,283 2,997 1,653 349 0 299 523 2,222 0% 4.2 10%
WRE 2,196 2,818 1,807 325 211 8 185 2,188 65% 11.8 0%
CNTF 2,064 349 61 0 0 0 0 2,149 0%
NMRK 1,819 3,507 2,464 2,053 0 189 416 2,237 0% 5.4 5%
ACT 1,672 1 0 0 0 -1 -1 1,672 0% -2,226.7 -153%

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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 September 30, 2019

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)

Delaware

20-5446972

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

400 South LaSalle Street, Chicago, Illinois

60605

(Address of Principal Executive Offices)

(Zip Code)

(312) 786-5600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

CBOE

CboeBZX

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Class

    

October 25, 2019

Common Stock, par value $0.01 per share

110,861,270 shares

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

8

Item 1.

Financial Statements (unaudited)

8

Condensed Consolidated Balance Sheets—As of September 30, 2019 and December 31, 2018

8

Condensed Consolidated Statements of Income—Three and Nine Months Ended September 30, 2019 and 2018

9

Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2019 and 2018

10

Condensed Consolidated Statement of Changes in Stockholders’ Equity—Three and Nine Months Ended September 30, 2019 and 2018

11

Condensed Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2019 and 2018

13

Notes to Condensed Consolidated Financial Statements

14

Item 2.

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

42

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

65

PART II. OTHER INFORMATION

66

Item 1.

Legal Proceedings

66

Item 1A.

Risk Factors

66

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3.

Defaults upon Senior Securities

67

Item 4.

Mine Safety Disclosures

67

Item 5.

Other Information

67

Item 6.

Exhibits

68

SIGNATURES

69

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.
"Bats Global Markets" and "Bats" refer to our wholly-owned subsidiary Bats Global Markets, Inc., now known as Cboe Bats, LLC, and its subsidiaries.
"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 Chi-X Europe" refers to our broker-dealer entity, Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc., operated in the U.K.
"Cboe Europe Limited" refers to Cboe Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc., the U.K. operator of our Multilateral Trading Facility ("MTF"), and our Regulated Market ("RM"), under Cboe Europe Limited’s Recognized Investment Exchange ("RIE") status, an Approved Publication Arrangement ("APA") and a Benchmark Administrator ("BA").
"Cboe Europe B.V." refers to Cboe Europe B.V., a wholly-owned subsidiary of Cboe Europe Limited, the Dutch operator of our European Union ("EU") MTF, RM, and APA.
"Cboe FX" refers to Cboe FX Holdings, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
"Cboe Options" refers to Cboe Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
"Cboe SEF" refers to Cboe SEF, LLC, our swap execution facility that is a wholly-owned subsidiary of Cboe Global Markets, Inc.
"Cboe Trading" refers to our broker-dealer entity, Cboe Trading, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc., operated in the United States.
"CFE" refers to Cboe Futures Exchange, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
"CFTC" refers to the U.S. Commodity Futures Trading Commission.
"EDGA" refers to Cboe EDGA Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
"EDGX" refers to Cboe EDGX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
"Exchange Act" refers to the Securities Exchange Act of 1934.
"Exchanges" refers to Cboe Options, C2, BZX, BYX, EDGX, and EDGA.
"FASB" refers to the Financial Accounting Standards Board.
"FCA" refers to the U.K. Financial Conduct Authority.
“FINRA” refers to the Financial Industry Regulatory Authority.
"GAAP" refers to Generally Accepted Accounting Principles in the United States.
"Merger" refers to our acquisition of Bats Global Markets, completed on February 28, 2017.
"OCC" refers to a service provider for central counterparty clearing for options and futures also known as The Options Clearing Corporation.

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"OPRA" refers to Options Price Reporting Authority, LLC.
"SEC" refers to the U.S. Securities and Exchange Commission.
"SPX" refers to our S&P 500 Index exchange-traded options products.
“TPH” refers to either a Trading Permit Holder or a Trading Privilege Holder.
"VIX" refers to the Cboe Volatility Index methodology.

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TRADEMARK AND OTHER INFORMATION

Cboe®, Cboe Global Markets®, Bats®, BXTR®, BYX®, BZX®, Cboe Options Institute®, Cboe Vest®, Cboe Volatility Index®, CFE®, EDGA®, EDGX®, FLEX®, LiveVol®, OEX®, Silexx®, XEO®, and VIX® are registered trademarks, and Cboe Futures ExchangeSM, C2SM, and SPXSM are service marks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, S&P 100® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by Cboe Exchange, Inc. Dow Jones®, Dow Jones Industrial Average®, DJIA® and Dow Jones Indexes are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. MSCI, and the MSCI index names are service marks of MSCI Inc., used under license. Russell® and the Russell index names are registered trademarks of Frank Russell Company, used under license. FTSE® and the FTSE indexes are trademarks and service marks of FTSE International Limited, used under license. All other trademarks and service marks are the property of their respective owners.

This Quarterly Report on Form 10-Q includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. We refer you to the “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and our other filings with the SEC.

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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 the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of this Report. 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 Part II, Item 1A of this Quarterly Report on Form 10-Q and our 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 that could cause actual results to differ include:

the loss of our right to exclusively list and trade certain index options and futures products;
economic, political and market conditions;
compliance with legal and regulatory obligations;
price competition and consolidation in our industry;
decreases in trading volumes, market data fees or a shift in the mix of products traded on our exchanges;
legislative or regulatory changes;
our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information;
increasing competition by foreign and domestic entities;
our dependence on and exposure to risk from third parties;
fluctuations to currency exchange rates;
our index providers' ability to maintain the quality and integrity of their indexes and to perform under our agreements;
our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights;
our ability to attract and retain skilled management and other personnel, including those experienced with post acquisition integration;
our ability to accommodate trading volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems;
misconduct by those who use our markets or our products;
challenges to our use of open source software code;
our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status;
damage to our reputation;
the ability of our compliance and risk management methods to effectively monitor and manage our risks;
our ability to manage our growth and strategic acquisitions or alliances effectively;
restrictions imposed by our debt obligations;
our ability to maintain an investment grade credit rating;
impairment of our goodwill, investments or intangible assets; and
the accuracy of our estimates and expectations.

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For a detailed discussion of these and other factors that might affect our performance, see Part II, Item 1A of this Report. We do not undertake, and expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this filing.

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PART I—FINANCIAL INFORMATION

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, 

    

December 31, 

 

2019

2018

Assets

Current Assets:

Cash and cash equivalents

$

150.0

$

275.1

Financial investments

21.4

35.7

Accounts receivables, net

235.5

287.3

Income taxes receivable

 

65.0

 

70.4

Other current assets

 

17.6

 

15.2

Total Current Assets

 

489.5

 

683.7

Investments

 

69.7

 

86.2

Land

 

 

4.9

Property and equipment, net

49.0

71.7

Property held for sale

21.0

Operating lease right of use assets

53.4

Goodwill

2,663.4

2,691.4

Intangible assets, net

1,598.6

1,720.2

Other assets, net

 

74.7

 

62.9

Total Assets

$

5,019.3

$

5,321.0

Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity

Current Liabilities:

Accounts payable and accrued liabilities

$

159.2

$

198.5

Section 31 fees payable

25.4

81.1

Deferred revenue

8.1

8.5

Income taxes payable

 

4.1

Current portion of long-term debt

299.8

Contingent consideration liability

 

6.3

 

3.9

Total Current Liabilities

 

199.0

 

595.9

Long-term debt

 

867.1

915.6

Income tax liability

 

134.8

114.9

Deferred income taxes

 

418.2

436.8

Non-current operating lease liabilities

47.4

Other non-current liabilities

24.1

 

7.4

Total Liabilities

1,690.6

2,070.6

Commitments and Contingencies

Redeemable Noncontrolling Interest

 

9.4

Stockholders’ Equity:

Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018

Common stock, $0.01 par value: 325,000,000 shares authorized, 125,683,151 and 111,255,022 shares issued and outstanding, respectively at September 30, 2019 and 125,080,496 and 111,601,976 shares issued and outstanding, respectively at December 31, 2018

 

1.2

 

1.2

Common stock in treasury, at cost, 14,428,129 shares at September 30, 2019 and 13,478,520 shares at December 31, 2018

 

(817.3)

 

(720.1)

Additional paid-in capital

 

2,686.5

 

2,660.2

Retained earnings

 

1,467.4

 

1,288.2

Accumulated other comprehensive income (loss), net

 

(9.1)

 

11.5

Total Stockholders’ Equity

 

3,328.7

 

3,241.0

Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity

$

5,019.3

$

5,321.0

See accompanying notes to condensed consolidated financial statements.

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Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(unaudited)

(in millions, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2019

    

2018

    

2019

    

2018

Revenues:

Transaction fees

$

465.8

$

411.8

$

1,322.0

$

1,423.7

Access and capacity fees

55.7

53.6

164.6

156.4

Market data fees

 

56.3

 

47.6

 

159.7

 

154.3

Regulatory fees

 

88.1

 

55.2

 

226.5

 

260.8

Other revenue

 

9.5

 

7.7

 

24.7

 

25.9

Total revenues

 

675.4

 

575.9

 

1,897.5

 

2,021.1

Cost of revenues:

Liquidity payments

 

269.7

 

229.2

 

749.2

 

803.2

Routing and clearing

9.3

8.7

27.7

28.8

Section 31 fees

79.4

46.8

197.9

236.7

Royalty fees

 

22.9

 

20.7

 

65.8

 

69.9

Other

 

0.1

 

 

0.3

 

Total cost of revenues

 

381.4

 

305.4

 

1,040.9

 

1,138.6

Revenues less cost of revenues

 

294.0

 

270.5

 

856.6

 

882.5

Operating expenses:

Compensation and benefits

 

49.7

 

51.8

 

150.0

 

168.1

Depreciation and amortization

 

42.9

 

50.3

 

133.8

 

154.9

Technology support services

 

10.6

 

10.6

 

34.3

 

34.5

Professional fees and outside services

 

17.5

 

16.6

 

52.9

 

51.9

Travel and promotional expenses

 

2.7

 

2.6

 

8.3

 

9.8

Facilities costs

 

2.7

 

3.3

 

7.8

 

8.6

Acquisition-related costs

 

16.7

 

5.9

 

39.8

 

23.3

Other expenses

3.8

3.3

11.7

8.5

Total operating expenses

 

146.6

 

144.4

 

438.6

 

459.6

Operating income

 

147.4

 

126.1

 

418.0

 

422.9

Non-operating (expenses) income:

Interest expense, net

 

(8.2)

 

(9.6)

 

(28.1)

 

(28.5)

Other (expense) income

 

1.7

 

(0.2)

 

(2.7)

 

1.1

Income before income tax provision

 

140.9

 

116.3

 

387.2

 

395.5

Income tax provision

 

35.0

 

30.6

 

102.7

 

108.7

Net income

105.9

85.7

284.5

286.8

Net loss attributable to redeemable noncontrolling interest

0.1

0.3

4.1

0.9

Net income excluding redeemable noncontrolling interest

106.0

86.0

288.6

287.7

Change in redemption value of redeemable noncontrolling interest

(0.1)

(0.3)

(0.5)

(0.9)

Net income allocated to participating securities

(0.4)

(0.7)

(1.5)

(2.1)

Net income allocated to common stockholders

$

105.5

$

85.0

$

286.6

$

284.7

Basic earnings per share

$

0.95

$

0.76

$

2.57

$

2.54

Diluted earnings per share

$

0.94

$

0.76

$

2.56

$

2.53

Basic weighted average shares outstanding

111.6

111.4

111.6

112.0

Diluted weighted average shares outstanding

111.9

111.8

112.0

112.4

See accompanying notes to condensed consolidated financial statements.

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Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

(in millions)

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

    

    

2019

    

2018

    

2019

    

2018

    

Net income

$

105.9

$

85.7

$

284.5

$

286.8

Other comprehensive income, net of tax:

Foreign currency translation adjustments

 

(17.2)

(9.1)

 

(20.6)

(23.9)

Post-retirement benefit obligations

(1.0)

Comprehensive income

88.7

76.6

263.9

261.9

Comprehensive loss attributable to redeemable noncontrolling interest

0.1

0.3

4.1

0.9

Comprehensive income excluding redeemable noncontrolling interest

88.8

76.9

268.0

262.8

Change in redemption value of redeemable noncontrolling interest

(0.1)

(0.3)

(0.5)

(0.9)

Comprehensive income allocated to participating securities

(0.4)

(0.7)

(1.5)

(2.1)

Comprehensive income allocated to common stockholders, net of tax

$

88.3

$

75.9

$

266.0

$

259.8

See accompanying notes to condensed consolidated financial statements.

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Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statement of Changes in Stockholders’ Equity

Three and Nine months ended September 30, 2019 and September 30, 2018

(unaudited)

(in millions, except per share amount)

Accumulated

 

Additional

other 

Total

Redeemable

Preferred

Common

Treasury

paid-in

Retained

comprehensive

stockholders’

Noncontrolling

    

Stock

    

Stock

    

Stock

    

capital

    

earnings

    

income (loss), net

    

equity

    

Interest

 

Balance at December 31, 2018

 

$

$

1.2

$

(720.1)

$

2,660.2

$

1,288.2

$

11.5

$

3,241.0

$

9.4

Cash dividends on common stock of $0.31 per share

(34.8)

(34.8)

Stock-based compensation

5.4

5.4

Exercise of common stock options

8.1

8.1

Common stock repurchased from employee stock plans

(10.0)

(10.0)

Purchase of common stock

(35.0)

(35.0)

Shares issued under employee stock purchase plan

0.8

0.8

Net income excluding noncontrolling interest

95.4

95.4

Other comprehensive income

14.7

14.7

Net loss attributable to redeemable noncontrolling interest

(0.2)

Redemption value adjustment of redeemable noncontrolling interest

(0.2)

(0.2)

0.2

Balance at March 31, 2019

$

$

1.2

$

(764.3)

$

2,673.7

$

1,348.6

$

26.2

$

3,285.4

$

9.4

Cash dividends on common stock of $0.31 per share

(34.8)

(34.8)

Stock-based compensation

6.3

6.3

Exercise of common stock options

0.4

0.4

Common stock repurchased from employee stock plans

(0.4)

(0.4)

Purchase of common stock

Shares issued under employee stock purchase plan