The following is a summary of the Cboe Global Markets, Inc. (CBOE) Q1 2024 Earnings Call Transcript:
Financial Performance:
The company reported a 7% increase in net revenues to a record $502 million.
Adjusted diluted earnings per share increased by 13% to $2.15 driven by Derivatives franchise and Data and Access Solutions business.
Cboe posted a 4% increase in earnings compared to last year due to higher compensation and benefits and technology support services.
Due to the impairment of long-lived intangible assets, Cboe predicts a one-time pre-tax charge of $39 million to $82 million in Q2 2024.
Investor capital was returned by Cboe through $58.5 million in dividends and a $116 million share buyback in Q1 and April 2024.
Business Progress:
Cboe plans to integrate its digital assets derivatives into its global derivatives and global technology platform, while winding down operations of Cboe Digital Spot Market in Q3.
Cboe plans to unify its global clearing operations and aims for high index derivative volumes in its European platform, CEDX.
Aiming higher growth rates in Data and Access Solutions business, Cboe forecasts an organic total net revenue growth of 5%-7% in 2024.
After closing its spot digital asset trading platform, Cboe plans to invest in high-return areas of its business.
The company achieved a record activity level in CEDX in March, a YoY increase of 30%, and continues to grow its single-stock options coverage.
More details: Cboe Global Markets IR
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