Loading...
•
Mar 31, 2023
Cboe Q1 2023 Earnings Report
Cboe reported record net revenue and record adjusted earnings, driven by strong growth in derivatives and data and access solutions businesses.
Key Takeaways
Cboe Global Markets reported record results for Q1 2023, with diluted EPS up 60 percent to $1.63 and adjusted diluted EPS up 10 percent to $1.90. Net revenue increased by 13 percent to a record $471.4 million, driven by growth in derivatives and data and access solutions. The company reaffirmed its organic total net revenue growth target of 7 to 9 percent for 2023.
Diluted EPS for the Quarter of $1.63, Up 60 percent
Record Adjusted Diluted EPS for the Quarter of $1.90, Up 10 percent
Record Net Revenue for the Quarter of $471.4 million, Up 13 percent
Reaffirmed Organic Total Net Revenue Growth Target for 2023 of 7 to 9 percent and Data and Access Solutions Organic Net Revenue Growth Target of 7 to 10 percent
Revenue by Segment
Forward Guidance
Cboe provided guidance for the 2023 fiscal year. Reaffirmed organic total net revenue growth is expected to be in the range of 7 to 9 percentage points in 2023, above medium-term organic total net revenue guidance expectations of 5 to 7 percentage points. Reaffirmed adjusted operating expenses in 2023 are expected to be in the range of $769 to $779 million, from a base of $652 million in 2022.
Positive Outlook
- Reaffirmed organic total net revenue growth is expected to be in the range of 7 to 9 percentage points in 2023, above medium-term organic total net revenue guidance expectations of 5 to 7 percentage points.
- Reaffirmed revenue from acquisitions held less than a year is expected to contribute total net revenue growth of 0.5 percentage points in 2023.
- Reaffirmed organic net revenue from Data and Access Solutions is expected to increase by approximately 7 to 10 percentage points in 2023, in line with medium-term guidance expectations.
- Reaffirmed other income (expense), net, is expected to contribute a $27 to $33 million benefit in 2023 given expected performance of minority investments.
- Reaffirmed capital expenditures for 2023 are expected to be in the range of $60 to $66 million.
Challenges Ahead
- Adjusted operating expenses in 2023 are expected to be in the range of $769 to $779 million, from a base of $652 million in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...