CBOE Holdings Financials

$640.8 M

Revenue Q2, 2017

$14 B

Mkt cap, 22-Dec-2017
Gross profit (Q2, 2017)266.9 M
Gross profit margin (Q2, 2017), %42%
Net income (Q2, 2017)68 M
EBIT (Q2, 2017)117.8 M
Cash, 30-Jun-2017148.6 M
EV15.3 B

Market Value

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

572.1 m617.2 m634.5 m656.9 m

Revenue growth, %

8%3%4%

Sales and marketing expense

113.2 m

Operating expense total

113.2 m

EBIT

288 m318 m319.5 m298.2 m

EBIT margin, %

50%52%50%45%

Interest expense

43 k

Pre tax profit

324 m306.6 m

Income tax expense

107.7 m120 m119 m120.9 m

Net Income

176 m189.7 m205 m185.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

136.7 m157.9 m143.9 m148.9 m142.8 m148.7 m187 m162.3 m163.3 m156.2 m356.2 m640.8 m

Cost of goods sold

162.8 m373.9 m

Gross profit

193.4 m266.9 m

Gross profit Margin, %

54%42%

Sales and marketing expense

25.4 m24.1 m29.6 m27.1 m28.5 m28.3 m47.8 m50 m

R&D expense

4.6 m4.7 m4.8 m4.8 m

Operating expense total

68.3 m75.8 m74.2 m73.8 m73.3 m75.4 m85.9 m82.8 m85.4 m90.6 m167.3 m149.1 m

EBIT

68.4 m82 m69.7 m75.1 m69.6 m73.4 m101.1 m79.5 m78 m65.7 m26.1 m117.8 m

EBIT margin, %

50%52%48%50%49%49%54%49%48%42%7%18%

Interest expense

12.5 m

Pre tax profit

67.9 m81.5 m69.4 m74.8 m69.3 m73.6 m101.5 m80.5 m83.8 m67.3 m18.3 m106.1 m

Income tax expense

26.6 m32.5 m26.4 m26.4 m27 m28.8 m33.9 m31.3 m32.9 m26.9 m3.1 m38.1 m

Net Income

41.4 m49 m43 m48.4 m42.3 m44.8 m67.5 m49.2 m50.9 m40.5 m15.2 m68 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

221.3 m147.9 m102.3 m97.3 m

Current Assets

308.9 m244.1 m204.1 m235 m

Goodwill

7.7 m26.5 m

Accounts Payable

53 m58.6 m60.1 m79.4 m

Current Liabilities

107.5 m73.7 m74 m89.8 m

Non-Current Liabilities

49.6 m60.2 m51.1 m56.2 m

Total Liabilities

157.1 m133.8 m125.1 m146.1 m

Additional Paid-in Capital

91 m110.1 m123.6 m139.2 m

Retained Earnings

349.3 m472 m603.6 m710.8 m

Total Equity

284.5 m250.1 m259.6 m317.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

226.4 m199.1 m145.1 m126.5 m137.6 m89.6 m121.7 m107.5 m52.2 m72.8 m153.3 m148.6 m

Current Assets

308.9 m276 m243.9 m222.7 m209.4 m194.6 m222.7 m184.7 m173.9 m206.6 m455.7 m519.7 m

PP&E

74.6 m75.6 m

Goodwill

7.7 m26.5 m26.5 m26.5 m2.7 b2.7 b

Total Assets

5.3 b5.4 b

Accounts Payable

47 m41.4 m47.8 m50 m44.6 m52 m61.3 m50.4 m54.7 m66.4 m149.7 m151 m

Current Liabilities

65.4 m74.5 m69 m68.3 m70.7 m72.5 m78.7 m83.4 m15 k81.1 m260.9 m376.3 m

Long-term debt

1.4 b

Non-Current Liabilities

50.4 m51.7 m52.9 m53.7 m61.4 m62.6 m58.9 m50.9 m51.6 m58.1 m2.3 b

Total Debt

1.4 b

Total Liabilities

115.8 m126.2 m121.9 m122 m132.1 m135.1 m137.6 m134.3 m128.3 m139.2 m2.6 b

Additional Paid-in Capital

87 m98.7 m105.9 m108 m114 m117.2 m120.4 m128.1 m131.9 m135.6 m2.6 b2.6 b

Retained Earnings

362.8 m382.6 m410 m440.4 m496.5 m523.8 m572.2 m633.9 m666 m686 m697.7 m737.3 m

Total Equity

227 m259.8 m247.9 m265.8 m289.6 m2.7 b2.8 b

Financial Leverage

1.9 x1.9 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

176 m189.7 m205 m185.7 m

Depreciation and Amortization

34.5 m39.9 m46.3 m44.4 m

Accounts Receivable

(4.2 m)(8.5 m)(4.8 m)(7.4 m)

Accounts Payable

5.5 m5.9 m1.6 m19.8 m

Cash From Operating Activities

85.7 m(73.4 m)(45.7 m)

Cash From Investing Activities

(31.2 m)(52.1 m)(79.4 m)(84.4 m)

Cash From Financing Activities

(107.4 m)(283.9 m)(211.5 m)(150.1 m)

Income Taxes Paid

113.7 m104 m133.5 m142.1 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

41.4 m49 m43 m48.4 m42.3 m44.8 m67.5 m49.2 m50.9 m40.5 m15.2 m

Depreciation and Amortization

8.5 m8.6 m9.9 m10.4 m10.4 m11.3 m12.4 m11.9 m12.3 m10.2 m25.1 m

Ratios

Y, 2017

EV/EBIT

129.7 x

Financial Leverage

1.9 x

Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016

Average Daily Trading Volume

5.26 m4.77 m4.77 m5.25 m4.66 m4.77 m4.55 m4.63 m4.7 m

Average Daily Trading Volume (Options contracts)

5.06 m4.58 m4.58 m4.99 m4.45 m4.56 m4.29 m4.39 m4.46 m

Average Daily Trading Volume (Futures contracts)

200 k190 k190 k260 k210 k210 k260 k240 k240 k

Options Average Revenue per Contract

$0.33$0.28$0.28$0.37$0.33$0.35$0.33$0.3$0.32

Futures Average Revenue per Contract

$1.69$1.71$1.71$1.65$1.69$1.64$1.68$1.71$1.68

Average Revenue per Contract

$0.39$0.34$0.34$0.43$0.39$0.41$0.41$0.38$0.39

Options Volume (Equities)

488.58 m110.3 m110.3 m94.5 m392.98 m88.4 m87.2 m94.6 m364.37 m

Options Volume (Indexes)

406.45 m85.4 m85.4 m132.8 m408.28 m110.5 m108.2 m104.9 m433.26 m

Options Volume (Exchange-traded products)

379.74 m83.6 m83.6 m91.7 m321 m79.2 m79.3 m81.2 m326.74 m

Total Options Volume

1.27 b279.3 m279.3 m31.9 m1.12 b278.1 m274.7 m280.7 m1.12 b

Futures

50.62 m11.4 m11.4 m16.7 m51.67 m13.2 m16.5 m15.6 m60.18 m

Total Contract Volume

1.33 b290.7 m290.7 m335.7 m1.17 b291.3 m291.2 m296.3 m1.18 b