Cboe Global Markets Reports Results For Second Quarter 2023

Second Quarter Highlights*

• Diluted EPS for the Quarter of $1.57
• Adjusted Diluted EPS¹ for the Quarter of $1.78, Up 7 percent
• Net Revenue for the Quarter of $467.1 million, Up 10 percent
• Anticipates Higher End of Organic Total Net Revenue Growth2 Range of 7 to 9 percent in 2023; Reaffirms Data and Access Solutions Organic Net Revenue Growth Target2 of 7 to 10 percent
• Decreases 2023 Adjusted Operating Expense Guidance2 to $766 to $774 million, from $769 to $779 million.

Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2023.

"In the second quarter, Cboe reported its ninth consecutive quarter of double-digit, year-over-year net revenue growth," said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer. "Our strong results were again driven by our Derivatives and Data and Access Solutions categories. The expanding toolkit of tradeable products at Cboe allows customers to choose the right product, size and time to effectively navigate market environments. Data and Access Solutions also turned in a strong quarter with trends accelerating sequentially as we continued to expand our global ecosystem of capabilities. Overall, the first half of 2023 is off to an exceptional start, and I look forward to building upon these trends in the second half of the year and beyond."

"Cboe reported solid 10% year-over-year net revenue growth and 7% growth in adjusted diluted EPS for the second quarter," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer, Treasurer and Chief Accounting Officer. "Our Derivatives business continued to generate robust growth, delivering a 21% year-over-year net revenue increase in the second quarter of 2023. Data and Access Solutions net revenue trends remained solid, increasing by 9% year-over-year, while Cash and Spot markets net revenue decreased by 11% given the challenging volume environment across geographies in the second quarter. Moving forward, we expect to be at the higher end of our unchanged organic total net revenue growth2 target of 7-9% for 2023, and we continue to anticipate Data and Access Solutions organic net revenue growth2 will finish in the range of 7-10%. Our adjusted operating expense guidance2 range for 2023 moves lower to $766 to $774 million from $769 to $779 million. The positive revenue and expense guidance revisions for 2023 speak to our ability to effectively monetize the near-term environment while continuing to invest prudently in future growth."

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