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Dec 31, 2021
Cboe Q4 2021 Earnings Report
Cboe reported strong Q4 2021 results, marked by a 27% increase in net revenue and a 41% rise in adjusted diluted EPS.
Key Takeaways
Cboe Global Markets reported a remarkable year in 2021, with significant progress in strategic initiatives and record full-year results. The company's Q4 performance showed a 27% increase in net revenue to $391 million and a 41% increase in adjusted diluted EPS to $1.70. Cboe is focused on transformational opportunities in Data and Access Solutions, Derivatives, and Cboe Digital as it enters 2022.
Diluted EPS for the Quarter was $1.54, up 91 percent.
Adjusted Diluted EPS for the Quarter was $1.70, up 41 percent.
Net Revenue for the Quarter was $391 million, up 27 percent.
Cboe expects to deliver 5 to 7 percentage points of organic total net revenue growth in 2022.
Revenue by Segment
Forward Guidance
Cboe provided guidance for the 2022 fiscal year, expecting total organic net revenue growth in the range of 5 to 7 percentage points. Adjusted operating expenses are expected to be in the range of $617 to $625 million.
Positive Outlook
- Total organic net revenue growth is expected to be in the range of 5 to 7 percentage points in 2022.
- Revenue from acquisitions held less than a year is expected to contribute total net revenue growth in a range of 1 to 3 percentage points in 2022.
- Organic net revenue from Data and Access Solutions is expected to increase by approximately 7 to 10 percent in 2022, from a base of $419 million in 2021.
- Depreciation and amortization expense for 2022, which is included in adjusted operating expenses above, is expected to be in the range of $40 to $44 million, excluding the expected amortization of acquired intangible assets.
- Capital expenditures for 2022 are expected to be in the range of $47 to $52 million.
Challenges Ahead
- Adjusted operating expenses in 2022 are expected to be in the range of $617 to $625 million, from a base of $531 million in 2021.
- The 2022 guidance considers incremental investment spend in technology and headcount to support Cboe’s numerous growth initiatives, deals closed during 2021 but not fully reflected in the 2021 cost base, and increases in core expenses.
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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