Cboe Global Markets (CBOE) FY2020 results: revenue $3.4 billion, up 37.3% on the year
Cboe Global Markets, Inc. (CBOE) reported revenue of $3.4 billion for fiscal 2020, the year ended 31 December 2020, up 37.3% on the year before. Net income was $468 million, up 24.9%, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$3.4 billion
+37.3% on the year
FY2013FY2020
Operating margin
19.3%
21.5% a year earlier
FY2013FY2020
Net income
$468 million
+24.9% on the year
FY2013FY2020
Diluted EPS
$4.27
+27.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,427
2,496
2,769
+37.3%
Cost of revenue
2,173
1,359
1,552
+59.9%
Gross profit
1,254
1,137
1,217
+10.3%
Gross margin
36.6%
45.5%
44.0%
Operating income
662
537
599
+23.3%
Operating margin
19.3%
21.5%
21.6%
Interest expense
38.7
37.8
40.5
+2.4%
Pre-tax income
660
501
571
+31.7%
Income tax
192
131
146
+47.2%
Effective tax rate
29.1%
26.0%
25.6%
Net income
468
375
426
+24.9%
Net margin
13.7%
15.0%
15.4%
Diluted EPS
$4.27
$3.34
$3.76
+27.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,459
633
535
+130.5%
Capital expenditure
47.4
35.1
36.3
+35.0%
Free cash flow
1,411
598
498
+136.1%
Free cash flow margin
41.2%
23.9%
18.0%
Cash from investing
-430
-15.9
-25.6
Cash from financing
-202
-663
-372
Depreciation and amortisation
158
177
204
-10.2%
Share-based compensation
21.7
21.8
35.1
-0.5%
Buybacks
349
157
141
+122.5%
Dividends paid
171
150
130
+13.7%
Dividend per share
$1.56
$1.34
$1.16
+16.4%
Diluted shares, weighted
109m
112m
112m
-2.2%
Shares outstanding at period end
107m
111m
112m
-3.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,349
3,356
3,241
-0.2%
Redeemable equity
n/a
n/a
9.4
Debt
1,204
868
1,215
+38.8%
Operating lease liabilities
132
46.7
n/a
+182.9%
Other liabilities
1,832
844
855
+117.0%
Total liabilities and equity
6,516
5,114
5,321
+27.4%
Fixed assets
82.6
47.0
71.7
+75.7%
Goodwill
2,895
2,682
2,691
+7.9%
Intangible assets
1,729
1,590
1,720
+8.7%
Investments
92.4
71.0
35.7
+30.1%
Cash and equivalents
245
229
275
+7.0%
Receivables
337
235
287
+43.7%
Other assets
1,135
260
240
+336.6%
Total assets
6,516
5,114
5,321
+27.4%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.