Cboe Global Markets (CBOE) FY2019 results: revenue $2.5 billion, down 9.8% on the year
Cboe Global Markets, Inc. (CBOE) reported revenue of $2.5 billion for fiscal 2019, the year ended 31 December 2019, down 9.8% on the year before. Net income was $375 million, down 12.1%, and diluted earnings per share $3.34. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$2.5 billion
-9.8% on the year
FY2012FY2019
Operating margin
21.5%
21.6% a year earlier
FY2012FY2019
Net income
$375 million
-12.1% on the year
FY2012FY2019
Diluted EPS
$3.34
-11.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,496
2,769
2,229
-9.8%
Cost of revenue
1,359
1,552
1,234
-12.4%
Gross profit
1,137
1,217
996
-6.6%
Gross margin
45.5%
44.0%
44.7%
Operating income
537
599
372
-10.4%
Operating margin
21.5%
21.6%
16.7%
Interest expense
37.8
40.5
42.6
-6.7%
Pre-tax income
501
571
334
-12.2%
Income tax
131
146
-66.2
-10.5%
Effective tax rate
26.0%
25.6%
-19.8%
Net income
375
426
402
-12.1%
Net margin
15.0%
15.4%
18.0%
Diluted EPS
$3.34
$3.76
$3.69
-11.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
633
535
374
+18.3%
Capital expenditure
35.1
36.3
37.5
-3.3%
Free cash flow
598
498
337
+19.9%
Free cash flow margin
23.9%
18.0%
15.1%
Cash from investing
-15.9
-25.6
-1,436
Cash from financing
-663
-372
1,100
Depreciation and amortisation
177
204
192
-13.4%
Share-based compensation
21.8
35.1
52.6
-37.9%
Buybacks
157
141
n/a
+11.4%
Dividends paid
150
130
118
+15.1%
Dividend per share
$1.34
$1.16
$1.04
+15.5%
Diluted shares, weighted
112m
112m
108m
-0.4%
Shares outstanding at period end
111m
112m
113m
-0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,356
3,241
3,111
+3.5%
Redeemable equity
n/a
9.4
9.4
Debt
868
1,215
1,238
-28.6%
Operating lease liabilities
46.7
n/a
n/a
Other liabilities
844
855
908
-1.3%
Total liabilities and equity
5,114
5,321
5,266
-3.9%
Fixed assets
47.0
71.7
73.9
-34.4%
Goodwill
2,682
2,691
2,707
-0.3%
Intangible assets
1,590
1,720
1,903
-7.6%
Investments
71.0
35.7
47.3
+98.9%
Trading assets
n/a
n/a
0.5
Cash and equivalents
229
275
144
-16.6%
Receivables
235
287
217
-18.3%
Other assets
260
240
173
+8.5%
Total assets
5,114
5,321
5,266
-3.9%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.