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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 March 31, 2022

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.)

433 West Van Buren Street, Chicago, Illinois

60607

(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

    

April 22, 2022

Common Stock, par value $0.01 per share

106,188,570 shares

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

7

Item 1.

Financial Statements (unaudited)

7

Condensed Consolidated Balance Sheets—As of March 31, 2022 and December 31, 2021

7

Condensed Consolidated Statements of Income—Three Months Ended March 31, 2022 and 2021

8

Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2022 and 2021

9

Condensed Consolidated Statements of Changes in Stockholders’ Equity—Three Months Ended March 31, 2022 and 2021

10

Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2022 and 2021

11

Notes to Condensed Consolidated Financial Statements

12

Item 2.

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

41

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

66

Item 4.

Controls and Procedures

69

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

69

Item 1A.

Risk Factors

70

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

72

Item 6.

Exhibits

73

SIGNATURES

74

2

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 Chi-X 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 Chi-X Europe” refers to Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe Europe Equities and Derivatives” refers to the combined businesses of Cboe Europe and Cboe NL.
“Cboe Europe” refers to Cboe Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc., the UK operator of our Multilateral Trading Facility (“MTF”), our Regulated Market (“RM”), and our Approved Publication Arrangement (“APA”) under its Recognized Investment Exchange (“RIE”) status.
“Cboe FX” refers to Cboe FX Markets, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe Japan” refers to Cboe Japan Ltd. (formerly known as Chi-X Japan Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe NL” refers to Cboe Europe BV, a wholly-owned subsidiary of Cboe Global Markets, Inc., the Netherlands operator of our MTF, RM, and APA.
“Cboe Options” refers to Cboe Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe SEF” refers to Cboe SEF, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe Swiss” refers to Cboe Switzerland GmbH, a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Cboe Trading” refers to 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.
“ErisX” refers to Eris Digital Holdings, LLC.
“ESMA” refers to the European Securities and Markets Authority.
“EuroCCP” refers to European Central Counterparty N.V., a wholly-owned subsidiary of Cboe Global Markets, Inc.
“Exchanges” refers to Cboe Options, C2, BZX, BYX, EDGX, and EDGA.
“FASB” refers to the Financial Accounting Standards Board.
“FCA” refers to the UK Financial Conduct Authority.
“FINRA” refers to the Financial Industry Regulatory Authority.
“GAAP” refers to Generally Accepted Accounting Principles in the United States.
“IIROC” refers to the Investment Industry Regulatory Organization of Canada.
“MATCHNow” refers to TriAct Canada Marketplace LP, a wholly-owned subsidiary of Cboe Global Markets, Inc., the operator of our Canadian ATS called MATCHNow.
“Merger” refers to our acquisition of Bats Global Markets, completed on February 28, 2017.
“NEO” refers to Aequitas Innovations, Inc.
“OCC” refers to The Options Clearing Corporation.
“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 our Cboe Volatility Index exchange traded options and futures products.

3

TRADEMARK AND OTHER INFORMATION

Cboe®, Cboe Global Markets®, Bats®, BIDS Trading®, BYX®, BZX®, Cboe Volatility Index®, CFE®, EDGA®, EDGX®, EuroCCP®, Hybrid®, LiveVol®, MATCHNow®, Options Institute®, Silexx®, VIX® and XSP® are registered trademarks, and Cboe Futures ExchangeSM, Cboe BIDS EuropeSM, C2SM, f(t)optionsSM, HanweckSM, NANOSM, Nanos by CboeSM, and Trade AlertSM are service marks of Cboe Global Markets, Inc. and its subsidiaries. Standard & Poor's®, S&P®, S&P 100®, S&P 500® and SPX® 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 Indices are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. Russell® and the Russell index names are registered trademarks of Frank Russell Company, used under license. FTSE® and the FTSE indices 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.

MSCI and the MSCI index names are service marks of MSCI Inc. (“MSCI”) or its affiliates and have been licensed for use by us. Any derivative indices and any financial products based on the derivative indices (“MCSI-Based Products”) are not sponsored, guaranteed or endorsed by MSCI, its affiliates or any other party involved in, or related to, making or compiling such MSCI index. Neither MSCI, its affiliates nor any other party involved in, or related to, making or compiling any MSCI index makes any representations regarding the advisability of investing in such MSCI-Based Products; makes any warranty, express or implied; or bears any liability as to the results to be obtained by any person or any entity from the use of any such MSCI index or any data included therein. No purchaser, seller or holder of any MSCI-Based Product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote any security without first contacting MSCI to determine whether MSCI’s permission is required.

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.

4

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 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 or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges;
legislative or regulatory changes or changes in tax regimes;
our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information;
our ability to attract and retain skilled management and other personnel;
increasing competition by foreign and domestic entities;
our dependence on and exposure to risk from third parties;
fluctuations to currency exchange rates;
factors that impact the quality and integrity of our indices;
the impact of the novel coronavirus (“COVID-19”) pandemic;
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 minimize the risks, including our credit and default risks, associated with operating a European clearinghouse;
our ability to accommodate trading and clearing 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 or for whom we clear transactions;
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;
our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges;
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 and our ability to make payments on or refinance our debt obligations;
our ability to maintain an investment grade credit rating;

5

impairment of our goodwill, long-lived assets, investments or intangible assets;
the accuracy of our estimates and expectations;
litigation risks and other liabilities; and
if the acquisition of ErisX is consummated, operating a digital asset business.

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.

6

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)

    

March 31, 

    

December 31, 

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

659.4

$

341.9

Financial investments

48.7

37.1

Accounts receivable, net of $0.9 allowance for credit losses at March 31, 2022 and $1.0 at December 31, 2021

380.3

326.9

Margin deposits and clearing funds

1,810.3

745.9

Income taxes receivable

 

 

42.7

Other current assets

 

36.5

 

36.8

Total current assets

 

2,935.2

 

1,531.3

Investments

 

244.5

 

245.8

Land

 

2.3

 

2.3

Property and equipment, net

106.7

105.2

Operating lease right of use assets

122.5

110.1

Goodwill

3,018.1

3,025.4

Intangible assets, net

1,628.6

1,668.6

Other assets, net

 

140.2

 

125.8

Total assets

$

8,198.1

$

6,814.5

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued liabilities

$

387.1

$

295.4

Section 31 fees payable

36.2

40.8

Deferred revenue

26.4

15.2

Margin deposits and clearing funds

1,810.3

745.9

Income taxes payable

32.5

 

8.2

Current portion of contingent consideration liabilities

 

48.6

 

63.8

Total current liabilities

 

2,341.1

 

1,169.3

Long-term debt

 

1,593.6

1,299.3

Unrecognized tax benefits

 

163.0

197.9

Deferred income taxes

 

352.4

372.7

Non-current operating lease liabilities

141.3

129.2

Contingent consideration liabilities

4.7

6.7

Other non-current liabilities

34.7

 

34.6

Total liabilities

4,630.8

3,209.7

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021

Common stock, $0.01 par value: 325,000,000 shares authorized, 108,369,053 and 106,188,570 shares issued and outstanding, respectively at March 31, 2022 and 108,159,319 and 106,646,498 shares issued and outstanding, respectively at December 31, 2021

 

1.1

 

1.1

Common stock in treasury, at cost, 2,180,483 shares at March 31, 2022 and 1,512,821 shares at December 31, 2021

 

(185.2)

 

(106.8)

Additional paid-in capital

 

1,518.6

 

1,509.4

Retained earnings

 

2,203.7

 

2,145.5

Accumulated other comprehensive income, net

 

29.1

 

55.6

Total stockholders’ equity

 

3,567.3

 

3,604.8

Total liabilities and stockholders’ equity

$

8,198.1

$

6,814.5

See accompanying notes to condensed consolidated financial statements.

7

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(unaudited)

(in millions, except per share data)

Three Months Ended

March 31, 

    

2022

    

2021

Revenues:

Cash and spot markets

$

461.9

$

548.9

Data and access solutions

118.9

100.6

Derivatives markets

393.7

361.3

Total revenues

 

974.5

 

1,010.8

Cost of revenues:

Liquidity payments

 

467.5

 

501.8

Routing and clearing

22.3

27.1

Section 31 fees

35.7

91.9

Royalty fees and other cost of revenues

 

30.9

 

24.5

Total cost of revenues

 

556.4

 

645.3

Revenues less cost of revenues

 

418.1

 

365.5

Operating expenses:

Compensation and benefits

 

81.2

 

72.3

Depreciation and amortization

 

40.9

 

42.0

Technology support services

 

19.2

 

17.2

Professional fees and outside services

 

19.7

 

15.6

Travel and promotional expenses

 

2.9

 

1.6

Facilities costs

 

6.5

 

5.3

Acquisition-related costs

 

2.0

 

3.4

Other expenses

6.0

3.5

Total operating expenses

 

178.4

 

160.9

Operating income

 

239.7

 

204.6

Non-operating (expenses) income:

Interest expense, net

 

(10.8)

 

(12.3)

Other (expense) income, net

 

(4.0)

 

0.6

Income before income tax provision

 

224.9

 

192.9

Income tax provision

 

115.3

 

55.7

Net income

109.6

137.2

Net income allocated to participating securities

(0.4)

(0.4)

Net income allocated to common stockholders

$

109.2

$

136.8

Basic earnings per share

$

1.02

$

1.27

Diluted earnings per share

$

1.02

$

1.27

Basic weighted average shares outstanding

106.6

107.3

Diluted weighted average shares outstanding

106.8

107.4

See accompanying notes to condensed consolidated financial statements.

8

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

(in millions)

    

Three Months Ended

March 31, 

    

2022

    

2021

Net income

$

109.6

$

137.2

Other comprehensive (loss) income, net of income tax:

Foreign currency translation adjustments

 

(26.5)

4.8

Comprehensive income

83.1

142.0

Comprehensive income allocated to participating securities

(0.4)

(0.4)

Comprehensive income allocated to common stockholders, net of income tax

$

82.7

$

141.6

See accompanying notes to condensed consolidated financial statements.

9

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2022 and March 31, 2021

(unaudited)

(in millions, except per share amounts)

Accumulated

Additional

other

Total

Preferred

Common

Treasury

paid-in

Retained

comprehensive

stockholders’

    

Stock

    

Stock

    

Stock

    

capital

    

earnings

    

income, net

    

equity

Balance at December 31, 2021

$

$

1.1

$

(106.8)

$

1,509.4

$

2,145.5

$

55.6

$

3,604.8

Cash dividends on common stock of $0.48 per share

(51.4)

(51.4)

Stock-based compensation

9.1

9.1

Repurchases of common stock from employee stock plans

(8.4)

(8.4)

Purchase of common stock

(70.0)

(70.0)

Shares issued under employee stock purchase plan

0.1

0.1

Net income

109.6

109.6

Other comprehensive loss

(26.5)

(26.5)

Balance at March 31, 2022

$

$

1.1

$

(185.2)

$

1,518.6

$

2,203.7

$

29.1

$

3,567.3

Accumulated

Additional

other 

Total

Preferred

Common

Treasury

paid-in

Retained

comprehensive

stockholders’

    

Stock

    

Stock

    

Stock

    

capital

    

earnings

    

income, net

    

equity

Balance at December 31, 2020

 

$

$

1.2

$

(1,250.4)

$

2,713.3

$

1,809.8

$

75.0

$

3,348.9

Cash dividends on common stock of $0.42 per share

(45.3)

(45.3)

Stock-based compensation

0.1

11.7

11.8

Repurchases of common stock from employee stock plans

(5.7)

(5.7)

Purchase of common stock

(47.6)

(47.6)

Shares issued under employee stock purchase plan

0.1

0.1

Net income

137.2

137.2

Other comprehensive income

4.8

4.8

Balance at March 31, 2021

$

$

1.3

$

(1,303.7)

$

2,725.1

$

1,901.7

$

79.8

$

3,404.2

See accompanying notes to condensed consolidated financial statements.

10

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in millions)

    

Three Months Ended

March 31, 

2022

    

2021

Cash flows from operating activities:

Net income

$

109.6

$

137.2

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

40.9

 

42.0

Amortization of debt issuance cost and debt discount

0.5

0.7

Provision for accounts receivable credit losses

0.2

0.2

Provision for deferred income taxes

(17.8)

(5.8)

Stock-based compensation expense

9.1

11.7

Loss on disposal of property and equipment

0.1

Impairment charge of investment

0.6

Equity loss in investments

3.1

0.4

Changes in assets and liabilities:

Accounts receivable

(56.2)

(37.6)

Restricted cash and cash equivalents (margin deposits and clearing funds)

1,064.4

447.9

Income taxes receivable

42.7

53.1

Other current assets

0.3

(12.8)

Other assets

(15.7)

(6.1)

Accounts payable and accrued liabilities

2.8

(2.5)

Section 31 fees payable

(4.6)

(60.6)

Deferred revenue

11.2

11.0

Income taxes payable

24.5

3.1

Unrecognized tax benefits

56.0

9.5

Other liabilities

(11.3)

7.1

Net cash provided by operating activities

 

1,259.8

599.1

Cash flows from investing activities:

 

Purchases of available-for-sale financial investments

 

(20.8)

(71.0)

Proceeds from maturities of available-for-sale financial investments

8.6

67.6

Contributions to investments

(1.9)

Purchases of property and equipment and leasehold improvements

 

(10.8)

(9.9)

Net cash used in investing activities

 

(24.9)

(13.3)

Cash flows from financing activities:

 

Proceeds from long-term debt

 

298.6

Principal payments of current portion of long-term debt

 

(20.0)

Debt issuance costs

 

(4.8)

Cash dividends on common stock

 

(51.4)

(45.3)

Repurchases of common stock from employee stock plans

 

(8.4)

(5.7)

Payment of contingent consideration from acquisition

(17.4)

(0.8)

Shares issued under employee stock purchase plan

(0.1)

(0.1)

Purchase of common stock

 

(70.0)

(47.6)

Net cash provided by (used in) financing activities

146.5

(119.5)

Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents

0.7

(0.5)

Increase in cash, cash equivalents, and restricted cash and cash equivalents

1,382.1

465.8

Cash, cash equivalents, and restricted cash and cash equivalents:

Beginning of period

1,092.2

1,057.5

End of period

$

2,474.3

$

1,523.3

Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:

Cash and cash equivalents

659.4

263.3

Restricted cash and cash equivalents (margin deposits and clearing funds)

1,810.3

1,260.0

Restricted cash and cash equivalents (included in other current assets)

4.6

Total

$

2,474.3

$

1,523.3

Supplemental disclosure of cash transactions:

Cash paid for income taxes

$

10.3

$

2.8

Cash paid for interest

8.8

13.8

See accompanying notes to condensed consolidated financial statements.

11

Cboe Global Markets, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

1.   ORGANIZATION AND BASIS OF PRESENTATION

Cboe Global Markets, Inc. (“Cboe” or “the Company”), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The Company is committed to operating a trusted, inclusive global marketplace, and to providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe, and Asia Pacific.

Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company operates one of the largest stock exchanges by value traded in Europe, and owns EuroCCP, a leading pan-European equities and derivatives clearinghouse, BIDS Trading, a leading block-trading ATS by volume in the U.S., MATCHNow, a leading equities ATS in Canada, Cboe Australia, an operator of trading venues in Australia, and Cboe Japan, an operator of trading venues in Japan. Cboe also is a leading market globally for exchange-traded products (“ETPs”) listings and trading.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Calgary, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo and Toronto.

Basis of Presentation

These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included.

Beginning in the first quarter of 2022, the Company updated the financial statement captions within its condensed consolidated statements of income for both periods presented to better reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the changes to the financial statement captions. The changes do not have a financial impact on the Company’s reported revenue, revenues less cost of revenues, reported net income, or cash flows from operations.

Revenues

Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, and Global FX segments.
Data and access solutions – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s five segments.
Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, and Europe and Asia Pacific segments.

12

Cost of Revenues

Royalty fees and other cost of revenues – includes royalty fees and other cost of revenues across the Company’s five segments.

Segment Information

The Company has five business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company’s chief operating decision-maker reviews and operates the business. See Note 14 (“Segment Reporting”) for more information.

Update to Significant Accounting Policies

There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, that are of significance, or potential significance, to the Company.

Recent Accounting Pronouncements - Adopted

There were no recent applicable material accounting pronouncements that have been adopted as of March 31, 2022.

Recent Accounting Pronouncements - Issued, not yet Adopted

There were no applicable material accounting pronouncements that have been issued, but not yet adopted as of March 31, 2022.

2.   REVENUE RECOGNITION

The Company’s main types of revenue contracts consist of the following, which are disaggregated from the condensed consolidated statements of income.

Transaction and clearing fees - Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by EuroCCP. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees are recognized in the Europe and Asia Pacific segment. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company’s published fee schedules.
Access and capacity fees - Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space and telecommunications services. Facilities, systems services and other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met.
Market data fees - Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are collected monthly based on published fee schedules and distributed quarterly to the Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company’s published fee schedules as the service is provided. Proprietary market data also includes revenue from various licensing agreements, which was classified as other revenue prior to January 1, 2022. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments.

13

Regulatory fees - There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company’s U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee (“ORF”) which supports the Company’s regulatory oversight function in the Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled.
Other revenue - Other revenue primarily includes interest income from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, listing fees, and revenue associated with advertisements through the Company’s websites.

All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):

Cash

Data and

and Spot

Access

Derivatives

    

Markets

    

Solutions

    

Markets

    

Total

Three Months Ended March 31, 2022

Transaction and clearing fees

$

395.5

$

$

374.1

$

769.6

Access and capacity fees

77.9

77.9

Market data fees

22.9

39.6

8.2

70.7

Regulatory fees

31.9

10.7

42.6

Other revenue

11.6

1.4

0.7

13.7

$

461.9

$

118.9

$

393.7

$

974.5

Cash

Data and

and Spot

Access

Derivatives

Markets

    

Solutions

    

Markets

    

Total

Three Months Ended March 31, 2021

Transaction and clearing fees

$

428.9

$

$

334.3

$

763.2

Access and capacity fees

66.4

66.4

Market data fees

26.9

29.7

7.2

63.8

Regulatory fees

82.4

19.1

101.5

Other revenue

10.7

4.5

0.7

15.9

$

548.9

$

100.6

$

361.3

$

1,010.8

14

The following table depicts the disaggregation of revenue according to segment (in millions):