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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)

$ millionFY2019FY2018FY2017On the yearLast 8 years
Revenue2,4962,7692,229-9.8%
Cost of revenue1,3591,5521,234-12.4%
Gross profit1,1371,217996-6.6%
Gross margin45.5%44.0%44.7%
Operating income537599372-10.4%
Operating margin21.5%21.6%16.7%
Interest expense37.840.542.6-6.7%
Pre-tax income501571334-12.2%
Income tax131146-66.2-10.5%
Effective tax rate26.0%25.6%-19.8%
Net income375426402-12.1%
Net margin15.0%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

$ millionFY2019FY2018FY2017On the yearLast 8 years
Operating cash flow633535374+18.3%
Capital expenditure35.136.337.5-3.3%
Free cash flow598498337+19.9%
Free cash flow margin23.9%18.0%15.1%
Cash from investing-15.9-25.6-1,436
Cash from financing-663-3721,100
Depreciation and amortisation177204192-13.4%
Share-based compensation21.835.152.6-37.9%
Buybacks157141n/a+11.4%
Dividends paid150130118+15.1%
Dividend per share$1.34$1.16$1.04+15.5%
Diluted shares, weighted112m112m108m-0.4%
Shares outstanding at period end111m112m113m-0.8%

Balance sheet

$ millionFY2019FY2018FY2017On the yearLast 8 years
Shareholders' equity3,3563,2413,111+3.5%
Redeemable equityn/a9.49.4
Debt8681,2151,238-28.6%
Operating lease liabilities46.7n/an/a
Other liabilities844855908-1.3%
Total liabilities and equity5,1145,3215,266-3.9%
Fixed assets47.071.773.9-34.4%
Goodwill2,6822,6912,707-0.3%
Intangible assets1,5901,7201,903-7.6%
Investments71.035.747.3+98.9%
Trading assetsn/an/a0.5
Cash and equivalents229275144-16.6%
Receivables235287217-18.3%
Other assets260240173+8.5%
Total assets5,1145,3215,266-3.9%

10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.