Cboe Global Markets Gross profit (Q3, 2018)270.5 M

Cboe Global Markets Gross profit margin (Q3, 2018), %47%

Cboe Global Markets Net income (Q3, 2018)85.7 M

Cboe Global Markets EBIT (Q3, 2018)126.1 M

Cboe Global Markets Cash, 30-Sep-2018136.8 M

Cboe Global Markets EV11.5 B

Cboe Global Markets revenue breakdown by business segment: 39.6% from Options, 48.1% from U.S. Equities, 6.5% from Futures and 5.7% from Other

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 572.1m | 617.2m | 634.5m | 656.9m | 2.2b |

| 8% | 3% | 4% | 239% | |

## Cost of goods sold | 1.2b | ||||

## Gross profit | 995.6m | ||||

| 45% | ||||

## Sales and marketing expense | 105.9m | 113.2m | 201.4m | ||

## R&D expense | 17.9m | ||||

## Operating expense total | 286.2m | 314.6m | 358.7m | 623.7m | |

## Depreciation and amortization | 34.5m | 46.3m | 44.4m | 192.2m | |

## EBIT | 285.8m | 318.0m | 319.9m | 298.2m | 371.9m |

| 50% | 52% | 50% | 45% | 17% |

## Interest expense | 43.0k | 41.3m | |||

## Pre tax profit | 324.0m | 306.6m | 334.4m | ||

## Income tax expense | 107.7m | 120.0m | 119.0m | 120.9m | (66.2m) |

## Net Income | 176.0m | 189.7m | 205.0m | 185.7m | 400.6m |

- Source: SEC Filings

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 136.7m | 157.9m | 143.9m | 148.9m | 142.8m | 148.7m | 187.0m | 162.3m | 163.3m | 156.2m | 356.2m | 777.7m | 6.7b | 575.9m | |

## Cost of goods sold | 162.8m | 449.2m | 384.0m | 305.4m | |||||||||||

## Gross profit | 193.4m | 328.5m | 6.3b | 270.5m | |||||||||||

| 54% | 42% | 94% | 47% | |||||||||||

## Sales and marketing expense | 25.4m | 24.1m | 29.6m | 27.1m | 28.5m | 28.3m | 47.8m | 50.0m | 58.9m | 57.4m | 51.8m | ||||

## R&D expense | 4.6m | 4.7m | 4.8m | 4.8m | |||||||||||

## Operating expense total | 68.3m | 75.8m | 74.2m | 73.8m | 73.3m | 75.4m | 85.9m | 82.8m | 85.4m | 90.6m | 167.3m | 50.0m | 160.8m | 154.4m | 144.4m |

## Depreciation and amortization | 8.6m | 9.9m | 10.4m | 11.3m | 11.9m | 12.3m | 54.2m | 50.4m | 50.3m | ||||||

## EBIT | 68.4m | 82.0m | 69.7m | 75.1m | 69.6m | 73.4m | 101.1m | 79.5m | 78.0m | 65.7m | 26.1m | 167.7m | 129.1m | 126.1m | |

| 50% | 52% | 48% | 50% | 49% | 49% | 54% | 49% | 48% | 42% | 7% | 22% | 2% | 22% | |

## Interest expense | 9.6m | 9.3m | 9.6m | ||||||||||||

## Pre tax profit | 67.9m | 81.5m | 69.4m | 74.8m | 69.3m | 73.6m | 101.5m | 80.5m | 83.8m | 67.3m | 18.3m | 159.4m | 119.8m | 116.3m | |

## Income tax expense | 26.6m | 32.5m | 26.4m | 26.4m | 27.0m | 28.8m | 33.9m | 31.3m | 32.9m | 26.9m | 3.1m | 41.3m | 36.8m | 30.6m | |

## Net Income | 41.4m | 49.0m | 43.0m | 48.4m | 42.3m | 44.8m | 67.5m | 49.2m | 50.9m | 40.5m | 15.2m | 68.0m | 118.1m | 83.0m | 85.7m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 221.3m | 147.9m | 102.3m | 97.3m | 143.5m |

## Accounts Receivable | 217.3m | ||||

## Inventories | |||||

## Current Assets | 308.9m | 244.1m | 204.1m | 235.0m | 434.7m |

## PP&E | 78.8m | ||||

## Goodwill | 7.7m | 26.5m | 2.7b | ||

## Total Assets | 5.3b | ||||

## Accounts Payable | 53.0m | 58.6m | 60.1m | 79.4m | 153.8m |

## Current Liabilities | 107.5m | 73.7m | 74.0m | 89.8m | 334.0m |

## Long-term debt | 1.2b | ||||

## Non-Current Liabilities | 49.6m | 60.2m | 51.1m | 56.2m | |

## Total Debt | 1.2b | ||||

## Total Liabilities | 157.1m | 133.8m | 125.1m | 146.1m | 2.1b |

## Common Stock | 1.2m | ||||

## Additional Paid-in Capital | 91.0m | 110.1m | 123.6m | 139.2m | 2.6b |

## Retained Earnings | 349.3m | 472.0m | 603.6m | 710.8m | 993.3m |

## Total Equity | 284.5m | 250.1m | 259.6m | 317.9m | 3.1b |

## Debt to Equity Ratio | 0.4 x | ||||

## Debt to Assets Ratio | 0.2 x | ||||

## Financial Leverage | 1.7 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 226.4m | 199.1m | 145.1m | 126.5m | 137.6m | 89.6m | 121.7m | 107.5m | 52.2m | 72.8m | 153.3m | 166.3m | 140.0m | 136.8m | ||

## Accounts Receivable | 268.4m | 252.2m | 221.9m | |||||||||||||

## Current Assets | 308.9m | 276.0m | 243.9m | 222.7m | 209.4m | 194.6m | 222.7m | 184.7m | 173.9m | 206.6m | 455.7m | 512.3m | 584.0m | 435.5m | ||

## PP&E | 74.6m | 79.1m | 70.3m | 70.8m | ||||||||||||

## Goodwill | 7.7m | 26.5m | 26.5m | 26.5m | 2.7b | 2.7b | 2.7b | 2.7b | ||||||||

## Total Assets | 5.3b | 5.3b | 5.3b | 5.1b | ||||||||||||

## Accounts Payable | 47.0m | 41.4m | 47.8m | 50.0m | 44.6m | 52.0m | 61.3m | 50.4m | 54.7m | 66.4m | 149.7m | 151.0m | 144.0m | 170.9m | 147.8m | |

## Short-term debt | 299.5m | 299.6m | ||||||||||||||

## Current Liabilities | 65.4m | 74.5m | 69.0m | 68.3m | 70.7m | 72.5m | 78.7m | 83.4m | 15.0k | 81.1m | 260.9m | 238.0m | 384.3m | 679.9m | 478.9m | |

## Long-term debt | 1.2b | 914.6m | 915.1m | |||||||||||||

## Non-Current Liabilities | 50.4m | 51.7m | 52.9m | 53.7m | 61.4m | 62.6m | 58.9m | 50.9m | 51.6m | 58.1m | 2.3b | |||||

## Total Debt | 1.4b | 1.2b | 1.2b | 1.2b | ||||||||||||

## Total Liabilities | 115.8m | 126.2m | 121.9m | 122.0m | 132.1m | 135.1m | 137.6m | 134.3m | 128.3m | 139.2m | 2.6b | 2.1b | 2.2b | 2.0b | ||

## Common Stock | 1.2m | 1.2m | 1.2m | |||||||||||||

## Additional Paid-in Capital | 87.0m | 98.7m | 105.9m | 108.0m | 114.0m | 117.2m | 120.4m | 128.1m | 131.9m | 135.6m | 2.6b | 2.6b | 2.6b | 2.6b | 2.7b | |

## Retained Earnings | 362.8m | 382.6m | 410.0m | 440.4m | 496.5m | 523.8m | 572.2m | 633.9m | 666.0m | 686.0m | 697.7m | 1.1b | 1.1b | 1.2b | ||

## Total Equity | 227.0m | 259.8m | 247.9m | 265.8m | 289.6m | 2.7b | 3.2b | 3.1b | 3.2b | |||||||

## Debt to Equity Ratio | 0.4 x | 0.4 x | 0.4 x | |||||||||||||

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | |||||||||||||

## Financial Leverage | 1.9 x | 1.7 x | 1.7 x | 1.6 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 176.0m | 189.7m | 205.0m | 185.7m | 400.6m |

## Depreciation and Amortization | 34.5m | 39.9m | 46.3m | 44.4m | 192.2m |

## Accounts Receivable | (4.2m) | (8.5m) | (4.8m) | (7.4m) | (20.6m) |

## Inventories | |||||

## Accounts Payable | 5.5m | 5.9m | 1.6m | 19.8m | 10.3m |

## Cash From Operating Activities | 224.4m | (73.4m) | 245.3m | 374.4m | |

## Purchases of PP&E | (37.5m) | ||||

## Cash From Investing Activities | (31.2m) | (52.1m) | (79.4m) | (84.4m) | (1.4b) |

## Long-term Borrowings | (700.0m) | ||||

## Dividends Paid | (118.1m) | ||||

## Cash From Financing Activities | (107.4m) | (283.9m) | (211.5m) | (150.1m) | 1.1b |

## Net Change in Cash | 46.2m | ||||

## Interest Paid | 27.0m | ||||

## Income Taxes Paid | 113.7m | 104.0m | 133.5m | 142.1m | 177.4m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 41.4m | 49.0m | 92.0m | 140.4m | 42.3m | 87.1m | 67.5m | 49.2m | 100.1m | 40.5m | 15.2m | 118.1m | 201.1m | 286.8m |

## Depreciation and Amortization | 8.5m | 8.6m | 18.5m | 28.9m | 10.4m | 21.7m | 12.4m | 11.9m | 24.1m | 10.2m | 25.1m | 54.2m | 104.6m | 154.9m |

## Accounts Receivable | (8.0m) | (5.6m) | (5.2m) | (5.2m) | 4.9m | (8.6m) | (50.3m) | (35.0m) | (3.8m) | |||||

## Accounts Payable | (12.3m) | (4.8m) | (3.8m) | (7.6m) | (10.2m) | (4.6m) | (8.8m) | 18.8m | (3.8m) | |||||

## Cash From Operating Activities | 88.3m | 121.2m | 184.1m | 105.8m | 97.4m | 114.9m | 163.5m | 349.3m | 308.1m | |||||

## Purchases of PP&E | (7.3m) | (12.6m) | (27.8m) | |||||||||||

## Cash From Investing Activities | (12.7m) | (29.3m) | (41.5m) | (48.3m) | (27.9m) | (63.8m) | (25.2m) | (97.4m) | 17.9m | |||||

## Short-term Borrowings | (15.0m) | (39.0m) | ||||||||||||

## Long-term Borrowings | (325.0m) | (325.0m) | (325.0m) | |||||||||||

## Dividends Paid | (30.6m) | (61.0m) | (95.6m) | |||||||||||

## Cash From Financing Activities | (97.9m) | (168.2m) | (237.4m) | (115.8m) | (64.3m) | (101.1m) | (114.2m) | (249.8m) | (332.3m) | |||||

## Net Change in Cash | 22.8m | (3.5m) | (6.7m) | |||||||||||

## Interest Paid | 13.8m | 18.9m | 33.2m | |||||||||||

## Income Taxes Paid | 10.0k | 53.5m | 78.3m | 53.9m | 67.2m | 6.8m | 122.2m | 161.7m |

USD | Y, 2018 |
---|---|

## EV/EBIT | 91.3 x |

## EV/CFO | 37.4 x |

## Debt/Equity | 0.4 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 1.6 x |

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