Company Quick10K Filing
CME Group
Price213.89 EPS6
Shares358 P/E38
MCap76,652 P/FCF39
Net Debt-1,216 EBIT2,851
TEV75,435 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-03-20
8-K 2020-02-12
8-K 2020-02-05
8-K 2019-12-16
8-K 2019-11-12
8-K 2019-10-30
8-K 2019-08-07
8-K 2019-07-31
8-K 2019-05-08
8-K 2019-05-01
8-K 2019-05-01
8-K 2019-02-14
8-K 2018-11-29
8-K 2018-11-02
8-K 2018-11-01
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-06-21
8-K 2018-06-14
8-K 2018-05-23
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-02-07
8-K 2018-02-01

CME 10Q Quarterly Report

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 6.Exhibits
EX-31.1 cme-202063010qex311.htm
EX-31.2 cme-202063010qex312.htm
EX-32.1 cme-202063010qex321.htm

CME Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
856851341702012201420172020
Assets, Equity
3.02.41.81.20.60.02012201420172020
Rev, G Profit, Net Income
1.00.4-0.1-0.7-1.2-1.82012201420172020
Ops, Inv, Fin

cme-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
- 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 001-31553
CME GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware 36-4459170
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
20 South Wacker DriveChicagoIllinois 60606
(Address of principal executive offices) (Zip Code)
(312) 930-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading symbolName of each exchange on which registered
Class A Common StockCMENasdaq
        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  
The number of shares outstanding of each of the registrant’s classes of common stock as of July 15, 2020 was as follows: 358,623,764 shares of Class A common stock, $0.01 par value; 625 shares of Class B-1 common stock, $0.01 par value; 813 shares of Class B-2 common stock, $0.01 par value; 1,287 shares of Class B-3 common stock, $0.01 par value; and 413 shares of Class B-4 common stock, $0.01 par value.
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 CME GROUP INC.
FORM 10-Q
INDEX
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
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PART I. FINANCIAL INFORMATION
Certain Terms
All references to “options” or “options contracts” in the text of this document refer to options on futures contracts.
Further information about CME Group and its products can be found at http://www.cmegroup.com. Information made available on our website does not constitute a part of this Quarterly Report on Form 10-Q.
Information about Contract Volume and Average Rate per Contract
All amounts regarding contract volume and average rate per contract are for CME Group's listed futures and options on futures contracts unless otherwise noted.
Trademark Information
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. NEX, BrokerTec, EBS, TriOptima, and Traiana are trademarks of various entities of NEX Group Limited (NEX). Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
From time to time, in this Quarterly Report on Form 10-Q as well as in other written reports and verbal statements, we discuss our expectations regarding future performance. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “anticipate,” “could,” “estimate,” “intend,” “may,” “plan,” “expect” and similar expressions, including references to assumptions. These forward-looking statements are based on currently available competitive, financial and economic data, current expectations, estimates, forecasts and projections about the industries in which we operate and management's beliefs and assumptions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are:
increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities;
our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks;
our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services, including our ability to provide effective services to the swaps market;
our ability to adjust our fixed costs and expenses if our revenues decline;
our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers;
our ability to expand and globally offer our products and services;
changes in regulations, including the impact of any changes in laws or government policy with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers;
the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others;
decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions;
changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure;
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the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business;
the ability of our compliance and risk management methods to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets;
our dependence on third-party providers and exposure to risk through third-parties, including risks related to the performance, reliability and security of technology used by our third-party providers;
volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, fixed income instruments and foreign exchange rates;
economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers;
the impact of the COVID-19 pandemic and response by governments and other third parties;
our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our trading and clearing systems;
our ability to execute our growth strategy and maintain our growth effectively;
our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with the acquisition of NEX;
our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business;
industry and customer consolidation;
decreases in trading and clearing activity;
the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions;
our ability to maintain our brand and reputation; and
the unfavorable resolution of material legal proceedings.
For a detailed discussion of these and other factors that might affect our performance, see Item 1A. of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 28, 2020 and Item 1A. of this Quarterly Report on Form 10-Q.
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ITEM 1.FINANCIAL STATEMENTS
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value data; shares in thousands)
June 30, 2020December 31, 2019
(unaudited)
Assets
Current Assets:
Cash and cash equivalents$1,405.4  $1,551.4  
Marketable securities88.1  83.2  
Accounts receivable, net of allowance of $5.2 and $3.4532.1  491.8  
Other current assets (includes $4.4 and $4.3 in restricted cash)319.2  364.4  
Performance bonds and guaranty fund contributions79,441.4  37,077.0  
Total current assets81,786.2  39,567.8  
Property, net of accumulated depreciation and amortization of $894.4 and $867.5538.6  544.0  
Intangible assets—trading products17,175.3  17,175.3  
Intangible assets—other, net4,931.7  5,117.7  
Goodwill10,742.5  10,742.5  
Other assets (includes $0.7 and $0.9 in restricted cash)2,040.5  2,068.0  
Total Assets$117,214.8  $75,215.3  
Liabilities and Equity
Current Liabilities:
Accounts payable$88.0  $61.9  
Other current liabilities672.5  1,384.8  
Performance bonds and guaranty fund contributions79,440.9  37,075.8  
Total current liabilities80,201.4  38,522.5  
Long-term debt3,440.9  3,743.2  
Deferred income tax liabilities, net5,607.3  5,635.2  
Other liabilities1,126.3  1,155.1  
Total Liabilities90,375.9  49,056.0  
Shareholders’ Equity:
Preferred stock, $0.01 par value, 10,000 shares authorized at June 30, 2020 and December 31, 2019; none issued    
Class A common stock, $0.01 par value, 1,000,000 shares authorized at June 30, 2020 and December 31, 2019; 357,727 and 357,469 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively3.6  3.6  
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of June 30, 2020 and December 31, 2019    
Additional paid-in capital21,148.9  21,113.2  
Retained earnings5,668.5  5,008.7  
Accumulated other comprehensive income (loss)(13.1) 3.4  
Total CME Group Shareholders’ Equity26,807.9  26,128.9  
Non-controlling interests31.0  30.4  
Total Equity26,838.9  26,159.3  
Total Liabilities and Equity$117,214.8  $75,215.3  
See accompanying notes to unaudited consolidated financial statements.
5

Table of Contents
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data; shares in thousands)
(unaudited)
 
Quarter EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Revenues
Clearing and transaction fees$940.2  $1,051.8  $2,219.0  $2,004.4  
Market data and information services134.7  128.3  266.2  258.4  
Other107.4  92.6  219.2  189.5  
Total Revenues1,182.3  1,272.7  2,704.4  2,452.3  
Expenses
Compensation and benefits217.0  227.3  424.5  457.6  
Technology49.1  48.6  96.8  95.7  
Professional fees and outside services51.2  41.7  92.9  81.1  
Amortization of purchased intangibles76.6  76.1  153.9  156.8  
Depreciation and amortization36.7  46.3  72.0  79.2  
Licensing and other fee agreements55.4  44.8  129.3  85.3  
Other58.8  89.3  137.6  167.0  
Total Expenses544.8  574.1  1,107.0  1,122.7  
Operating Income637.5  698.6  1,597.4  1,329.6  
Non-Operating Income (Expense)
Investment income32.1  139.3  128.0  318.0  
Interest and other borrowing costs(41.9) (45.1) (82.8) (93.2) 
Equity in net earnings of unconsolidated subsidiaries48.8  43.8  100.0  84.3  
Other non-operating income (expense)(15.2) (134.5) (92.0) (296.4) 
Total Non-Operating Income (Expense)23.8  3.5  53.2  12.7  
Income before Income Taxes661.3  702.1  1,650.6  1,342.3  
Income tax provision158.0  187.5  380.5  331.8  
Net Income503.3  514.6  1,270.1  1,010.5  
Less: net (income) loss attributable to non-controlling interests  (0.8) (0.6) 0.2  
Net Income Attributable to CME Group$503.3  $513.8  $1,269.5  $1,010.7  
Earnings per Common Share Attributable to CME Group:
Basic$1.41  $1.44  $3.55  $2.83  
Diluted1.40  1.43  3.54  2.82  
Weighted Average Number of Common Shares:
Basic357,691  357,060  357,607  356,973  
Diluted358,457  358,155  358,453  358,103  
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
Quarter EndedSix Months Ended
June 30,June 30,
2020201920202019
Net income$503.3  $514.6  $1,270.1  $1,010.5  
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized holding gains (losses) arising during the period1.4  0.9  0.8  1.7  
Reclassification of net (gains) losses on sales included in investment income  (0.1)   (0.1) 
Income tax benefit (expense)(0.4) (0.2) (0.2) (0.4) 
Investment securities, net1.0  0.6  0.6  1.2  
Defined benefit plans:
Net change in defined benefit plans arising during the period    (2.0) (2.7) 
Amortization of net actuarial (gains) losses included in compensation and benefits expense1.1  1.2  2.3  2.4  
Income tax benefit (expense)(0.3) (0.3) (0.1) 0.1  
Defined benefit plans, net0.8  0.9  0.2  (0.2) 
Derivative investments:
Net unrealized holding gains (losses) arising during the period  (0.5)   (0.2) 
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense)(0.3) (0.3) (2.1) (0.6) 
Income tax benefit (expense)  0.1  0.4  0.1  
Derivative investments, net(0.3) (0.7) (1.7) (0.7) 
Foreign currency translation:
Foreign currency translation adjustments11.6  1.0  (16.2) (3.0) 
Reclassification of net currency (gains) losses from foreign entities to other expenses    0.6    
Income tax benefit (expense)  3.0    3.0  
Foreign currency translation, net11.6  4.0  (15.6)   
Other comprehensive income (loss), net of tax13.1  4.8  (16.5) 0.3  
Comprehensive income516.4  519.4  1,253.6  1,010.8  
Less: comprehensive (income) loss attributable to non-controlling interests  (0.8) (0.6) 0.2  
Comprehensive income attributable to CME Group$516.4  $518.6  $1,253.0  $1,011.0  
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(dollars in millions, except per share data; shares in thousands)
(unaudited) 
Six Months Ended, June 30, 2020
Class A
Common
Stock
(Shares)
Class B
Common
Stock
(Shares)
Common
Stock and
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total CME Group Shareholders' EquityNon-controlling InterestTotal
Equity
Balance at December 31, 2019357,469  3  $21,116.8  $5,008.7  $3.4  $26,128.9  $30.4  $26,159.3  
Net income1,269.5  1,269.5  0.6  1,270.1  
Other comprehensive income (loss)(16.5) (16.5) —  (16.5) 
Dividends on common stock of $1.70 per share(609.4) (609.4) (609.4) 
Impact of adoption of accounting standards updates on credit losses(0.3) (0.3) (0.3) 
Exercise of stock options66  3.8  3.8  3.8  
Vesting of issued restricted Class A common stock158  (19.4) (19.4) (19.4) 
Shares issued to Board of Directors17  2.9  2.9  2.9  
Shares issued under Employee Stock Purchase Plan17  2.9  2.9  2.9  
Stock-based compensation45.5  45.5  45.5  
Balance at June 30, 2020357,727  3  $21,152.5  $5,668.5  $(13.1) $26,807.9  $31.0  $26,838.9  














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Table of Contents
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(dollars in millions, except per share data; shares in thousands)
(unaudited)
Quarter Ended, June 30, 2020
Class A Common Stock (Shares)Class B Common Stock (Shares)Common Stock and Additional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total CME Group Shareholders' EquityNon-controlling InterestTotal Equity
Balance at March 31, 2020357,677  3  $21,124.0  $5,469.9  $(26.2) $26,567.7  $31.0  $26,598.7  
Net income503.3  503.3    503.3  
Other comprehensive income (loss)13.1  13.1  —  13.1  
Dividends on common stock of $0.85 per share(304.7) (304.7) (304.7) 
Exercise of stock options11  0.6  0.6  0.6  
Vesting of issued restricted Class A common stock5  (0.3) (0.3) (0.3) 
Shares issued to Board of Directors17  2.9  2.9  2.9  
Shares issued under Employee Stock Purchase Plan17  2.9  2.9  2.9  
Stock-based compensation22.4  22.4  22.4  
Balance at June 30, 2020357,727  3  $21,152.5  $5,668.5  $(13.1) $26,807.9  $31.0  $26,838.9  
See accompanying notes to unaudited consolidated financial statements.


























9

Table of Contents
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(dollars in millions, except per share data; shares in thousands)
(unaudited)
 
Six Months Ended, June 30, 2019
Class A
Common
Stock
(Shares)
Class B
Common
Stock
(Shares)
Common
Stock and
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total CME Group Shareholders' EquityNon-controlling InterestTotal
Equity
Balance at December 31, 2018356,824  3  $21,057.9  $4,855.3  $5.3  $25,918.5  $46.8  $25,965.3  
Net income 1,010.7  1,010.7  (0.2) 1,010.5  
Other comprehensive income (loss)0.3  0.3  0.3  
Dividends on common stock of $1.50 per share(536.1) (536.1) (536.1) 
Impact of adoption of standards updates on leasing