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Sep 30, 2023
Cboe Q3 2023 Earnings Report
Cboe reported strong earnings, record adjusted earnings, and record net revenues for Q3 2023, driven by Derivatives and Data and Access Solutions categories.
Key Takeaways
Cboe Global Markets reported a strong third quarter in 2023, with diluted EPS up 38 percent to $1.95 and a record adjusted diluted EPS of $2.06, up 18 percent. The company also achieved record net revenue of $480.5 million, a 9 percent increase compared to the same period last year. The company reaffirms high end of organic total net revenue growth range of 7 to 9 percent in 2023.
Diluted EPS for the Quarter of $1.95, Up 38 percent
Record Adjusted Diluted EPS for the Quarter of $2.06, Up 18 percent
Record Net Revenue for the Quarter of $480.5 million, Up 9 percent
Decreases 2023 Adjusted Operating Expense Guidance to $754 to $762 million, from $766 to $774 million.
Revenue by Segment
Forward Guidance
Cboe reaffirms its high-end organic total net revenue growth target of 7-9% for 2023 and expects Data and Access Solutions organic net revenue growth to finish in the range of 7-10%. Adjusted operating expense guidance for 2023 is decreased to $754 to $762 million.
Positive Outlook
- Reaffirms high end of organic total net revenue growth range of 7 to 9 percentage points in 2023
- Reaffirms revenue from acquisitions held less than a year is expected to contribute total net revenue growth of approximately 0.4 percentage points in 2023.
- Reaffirms organic net revenue from Data and Access Solutions is expected to increase by approximately 7 to 10 percentage points in 2023
- Adjusted operating expenses in 2023 are now expected to be in the range of $754 to $762 million, down from previous guidance of $766 to $774 million.
- Other income (expense) from minority investments is now expected to contribute a $38 to $44 million benefit in 2023, up from the previous range of $34 to $40 million.
Challenges Ahead
- Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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