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First-Quarter 2016 Financial Highlights
- Operating Revenue Increases 14 Percent to $162.3 Million
- GAAP Net Income Allocated to Common Stockholders Increases 17 Percent to $49.2 Million; Diluted EPS of $0.60, Up 20 Percent
- Adjusted Net Income Allocated to Common Stockholders Rose 18 Percent to $49.9 Million; Adjusted Diluted EPS of $0.61, Up 22 Percent1
- GAAP Operating Margin of 49.0 Percent Compared With 48.7 Percent, Up 30 Basis Points; Adjusted Operating Margin of 49.7 Percent, Up 100 Basis Points1
CBOE Holdings, Inc. (NASDAQ: CBOE) today reported net income allocated to common stockholders of $49.2 million, or $0.60 per diluted share, for the first quarter of 2016, compared with $42.1 million, or $0.50 per diluted share, in the first quarter of 2015. On an adjusted basis, net income allocated to common stockholders was $49.9 million, or $0.61 per share, up 18 percent and 22 percent, respectively, over the first quarter of last year. Operating revenue for the quarter was $162.3 million, up 14 percent compared with $142.8 million in the first quarter of 2015.
Financial results presented on an adjusted basis for the first quarter of 2016 and 2015 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
"Our first-quarter results reflect the strong contribution and utility of our proprietary products. S&P 500® Index (SPX) options, Russell 2000 Index (RUT) options and CBOE Volatility Index® (VIX®) futures and options posted a 28 percent rise in trading volume, significantly outpacing the 3 percent increase reported for multiply-listed options traded industrywide. Moreover, our team is energized by the opportunities we see for ongoing growth as a result of advancing our strategy to continue to define and lead the options and volatility space globally, develop unique products, leverage strategic alliances and expand our customer base,” said Edward T. Tilly, CBOE Holdings' Chief Executive Officer.
"Our first-quarter results represent a strong start to 2016, reporting record first-quarter diluted EPS and year-over- year gains in revenues and operating margin. We plan to continue to be disciplined in managing expenses while making prudent investments to strengthen and grow our business for the long term, with a steadfast focus on enhancing shareholder value,” said Alan J. Dean, CBOE Holdings' Executive Vice President and Chief Financial Officer.
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(1) A full reconciliation of our non-GAAP results to our GAAP results for the 2016 and 2015 reporting periods is included in the attached tables. See "Non-GAAP Information” in the accompanying financial tables.
