001-34774 | 20-5446972 | |
(Commission File Number) | (IRS Employer Identification No.) |
CBOE HOLDINGS, INC. | ||
(Registrant) | ||
By: | /s/ Alan J. Dean | |
Alan J. Dean | ||
Executive Vice President and Chief Financial Officer | ||
Dated: October 30, 2015 |
Exhibit Number | Description | |
99.1 | Press Release, dated October 30, 2015. |
![]() | |
News Release |
(in millions, except per share, revenue per contract and trading days) | 3Q 2015 | 3Q 2014 | Y/Y Change | YTD 2015 | YTD 2014 | Y/Y Change | ||||||||||
Key Statistics: | ||||||||||||||||
Total Trading Days | 64 | 64 | 188 | 188 | ||||||||||||
Average Daily Volume (options and futures) | 5.25 | 4.95 | 6 | % | 4.80 | 5.13 | (6 | %) | ||||||||
Total Trading Volume (options and futures) | 335.7 | 316.9 | 6 | % | 902.3 | 964.2 | (6 | %) | ||||||||
Average Revenue Per Contract | $ | 0.431 | $ | 0.329 | 31 | % | $ | 0.383 | $ | 0.327 | 17 | % | ||||
GAAP Financial Highlights: | ||||||||||||||||
Total Operating Revenues | $ | 187.0 | $ | 148.9 | 26 | % | $ | 478.6 | $ | 450.7 | 6 | % | ||||
Total Operating Expenses | 85.9 | 73.8 | 16 | % | 234.6 | 223.9 | 5 | % | ||||||||
Operating Income | 101.1 | 75.1 | 35 | % | 244.0 | 226.8 | 8 | % | ||||||||
Operating Margin % | 54.1 | % | 50.4 | % | 370 | bps | 51.0 | % | 50.3 | % | 70 | bps | ||||
Net Income | $ | 67.5 | $ | 48.4 | 39 | % | $ | 154.6 | $ | 140.4 | 10 | % | ||||
Net Income Allocated to Common Stockholders | $ | 67.2 | $ | 48.1 | 40 | % | $ | 153.9 | $ | 139.3 | 10 | % | ||||
Diluted EPS | $ | 0.81 | $ | 0.57 | 42 | % | $ | 1.85 | $ | 1.62 | 14 | % | ||||
Weighted Average Shares Outstanding | 82.8 | 85.1 | (3 | %) | 83.3 | 85.8 | (3 | %) | ||||||||
Adjusted Financial Highlights (1) | ||||||||||||||||
Total Operating Expenses | $ | 85.9 | $ | 73.8 | 16 | % | $ | 234.6 | $ | 221.4 | 6 | % | ||||
Operating Income | 101.1 | 75.1 | 35 | % | 244.0 | 229.4 | 6 | % | ||||||||
Operating Margin % | 54.1 | % | 50.4 | % | 370 | bps | 51.0 | % | 50.9 | % | 10 | bps | ||||
Net Income | $ | 63.2 | $ | 48.4 | 31 | % | $ | 150.6 | $ | 141.9 | 6 | % | ||||
Net Income Allocated to Common Stockholders | $ | 63.0 | $ | 48.1 | 31 | % | $ | 149.9 | $ | 140.8 | 6 | % | ||||
Diluted EPS | $ | 0.76 | $ | 0.57 | 33 | % | $ | 1.80 | $ | 1.64 | 10 | % |
• | On October 20, CBOE started trading options on three FTSE Russell indexes: the Russell 1000® Index, the Russell 1000 Value Index and the Russell 1000 Growth Index. |
• | On October 16, the company announced a minority investment in CurveGlobal, a new interest rate derivatives venture of the London Stock Exchange Group (LSEG) and a number of major dealer banks. |
• | On October 1, the company added SPXPM index options to its 2:00 a.m. to 8:00 a.m. CT extended trading session. |
• | On September 10, the company announced its plans to work with Environmental Financial Products, LLC (EFP) to provide a new interbank lending exchange, the American Financial Exchange (AFX), and to launch a new interest rate benchmark (Ameribor). The company has a minority equity interest in AFX. |
• | In August, several trading records were set at CBOE Holdings, including new single-day volume highs for CBOE, C2, total index options and S&P 500® Index (SPX) options, and new monthly average daily volume (ADV) records in CBOE Volatility Index® (VIX® Index) options and S&P 500 Index (SPX) options. |
• | On August 7, the company finalized its acquisition of the market data services and trading analytics platforms of Livevol, Inc., a leading provider of equity and index options technology and market data services to professional and retail traders. |
• | On July 23, CFE introduced the trading of futures with weekly expirations on the VIX Index and on October 8, CBOE started trading VIX Weeklys options. |
• | Core expenses for the 2015 fiscal year are now expected to be in the range of $194.0 million to $196.0 million. The previous guidance range was $190.0 million to $194.0 million. The increase primarily reflects higher incentive-based compensation, which is aligned with the company's financial performance. |
• | Continuing stock-based compensation expense included in core expenses is expected to be approximately $12.0 million for the full year. |
• | Capital expenditures are expected to be in the range of $37.0 million to $40.0 million. |
• | Depreciation and amortization expense is expected to be in the range of $46.0 million to $48.0 million. |
• | The adjusted effective tax rate for the full-year 2015 is expected to be in the range of 38.5 percent to 39.5 percent. Significant changes in trading volume, expenses, state and local tax rates and other items, including ongoing state and federal tax audits, could materially impact this expectation. |
CBOE Media Contacts: | Analyst Contact: | |||||
Suzanne Cosgrove | Gary Compton | Debbie Koopman | ||||
(312) 786-7123 | (312) 786-7612 | (312) 786-7136 | ||||
cosgrove@cboe.com | comptong@cboe.com | koopman@cboe.com |
3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | ||||||
PRODUCT: | ||||||||||
Equities | 1,476 | 1,530 | 1,808 | 1,940 | 1,852 | |||||
Indexes | 2,076 | 1,445 | 1,399 | 1,759 | 1,476 | |||||
Exchange-traded products | 1,432 | 1,221 | 1,371 | 1,709 | 1,426 | |||||
Total Options Average Daily Volume | 4,984 | 4,196 | 4,578 | 5,408 | 4,754 | |||||
Futures | 261 | 183 | 187 | 236 | 198 | |||||
Total Average Daily Volume | 5,245 | 4,379 | 4,765 | 5,644 | 4,952 |
3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | ||||||
PRODUCT: | ||||||||||
Equities | 28.1 | % | 34.9 | % | 37.9 | % | 34.4 | % | 37.4 | % |
Indexes | 39.6 | % | 33.0 | % | 29.4 | % | 31.1 | % | 29.8 | % |
Exchange-traded products | 27.3 | % | 27.9 | % | 28.8 | % | 30.3 | % | 28.8 | % |
Futures | 5.0 | % | 4.2 | % | 3.9 | % | 4.2 | % | 4.0 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | |
Trading Days | 64 | 63 | 61 | 64 | 64 |
PRODUCT: | |||||
Equities | $0.106 | $0.093 | $0.077 | $0.068 | $0.077 |
Indexes | 0.709 | 0.697 | 0.712 | 0.696 | 0.680 |
Exchange-traded products | 0.143 | 0.117 | 0.118 | 0.105 | 0.115 |
Total Options Average Revenue Per Contract | 0.368 | 0.308 | 0.284 | 0.284 | 0.275 |
Futures | 1.647 | 1.758 | 1.705 | 1.616 | 1.625 |
Total Average Revenue Per Contract | $0.431 | $0.368 | $0.340 | $0.340 | $0.329 |
3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | |||||||||||
PRODUCT: | |||||||||||||||
Equities | $ | 10,036 | $ | 8,942 | $ | 8,541 | $ | 8,429 | $ | 9,075 | |||||
Indexes | 94,192 | 63,441 | 60,807 | 78,359 | 64,205 | ||||||||||
Exchange-traded products | 13,089 | 8,966 | 9,893 | 11,508 | 10,451 | ||||||||||
Total Options Transaction Fees | $ | 117,317 | $ | 81,349 | $ | 79,241 | $ | 98,296 | $ | 83,731 | |||||
Futures | 27,506 | 20,268 | 19,482 | 24,435 | 20,580 | ||||||||||
Total Transaction Fees | $ | 144,823 | $ | 101,617 | $ | 98,723 | $ | 122,731 | $ | 104,311 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Total Operating Expenses | $ | 85,925 | $ | 73,826 | $ | 234,565 | $ | 223,898 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | 12,394 | 10,361 | 34,071 | 28,860 | ||||||||||||
Accelerated stock-based compensation expense | — | — | — | 2,530 | ||||||||||||
Volume-based expenses: | ||||||||||||||||
Royalty fees | 21,840 | 16,235 | 52,744 | 46,844 | ||||||||||||
Order routing | 581 | 961 | 1,994 | 3,207 | ||||||||||||
Core Operating Expenses (non-GAAP): | $ | 51,110 | $ | 46,269 | $ | 145,756 | $ | 142,457 | ||||||||
Less: Continuing stock-based compensation expense | 3,185 | 2,109 | 8,987 | 10,950 | ||||||||||||
Core Operating Expenses Excluding Continuing Stock-Based Compensation (non-GAAP) | $ | 47,925 | $ | 44,160 | $ | 136,769 | $ | 131,507 | ||||||||
Detail of Core Operating Expenses (non-GAAP) | ||||||||||||||||
Compensation and benefits | $ | 29,583 | $ | 28,698 | $ | 79,158 | $ | 89,848 | ||||||||
Technology support services | 5,342 | 4,769 | 15,480 | 14,273 | ||||||||||||
Professional fees and outside services | 12,619 | 8,204 | 37,163 | 23,437 | ||||||||||||
Travel and promotional expenses | 1,407 | 1,885 | 6,434 | 6,319 | ||||||||||||
Facilities costs | 874 | 1,373 | 3,552 | 4,275 | ||||||||||||
Other expenses | 1,285 | 1,340 | 3,969 | 4,305 | ||||||||||||
Total | $ | 51,110 | $ | 46,269 | $ | 145,756 | $ | 142,457 |
(in thousands, except per share amounts) | Three Months Ended September 30, 2015 | ||||||||||
Items Impacting Results | |||||||||||
Reported (GAAP) | Income tax provision 1 | After Considering Items (non-GAAP) | |||||||||
Total Operating Revenues | $ | 187,035 | $ | 187,035 | |||||||
Total Operating Expenses | 85,925 | 85,925 | |||||||||
Operating Income | 101,110 | 101,110 | |||||||||
Operating Margin | 54.1 | % | 54.1 | % | |||||||
Total Other Income/(Expense) | 341 | 341 | |||||||||
Income Before Income Taxes | 101,451 | 101,451 | |||||||||
Income tax provision | 33,935 | 4,286 | 38,221 | ||||||||
Effective Income Tax Rate | 33.4 | % | 37.7 | % | |||||||
Net Income | $ | 67,516 | $ | (4,286 | ) | $ | 63,230 | ||||
Net Income Allocated to Participating Securities | (297 | ) | 19 | (278 | ) | ||||||
Net Income Allocated to Common Stockholders | $ | 67,219 | $ | (4,267 | ) | $ | 62,952 | ||||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 0.81 | $ | (0.05 | ) | $ | 0.76 | ||||
(in thousands, except per share amounts) | Nine months ended September 30, 2015 | Nine months ended September 30, 2014 | ||||||||||||||||||||||||
Items Impacting Results | Items Impacting Results | |||||||||||||||||||||||||
Reported (GAAP) | Other Income/(Expense) 2 | Other Income/(Expense)3 | Income tax provision 1 | After Considering Items (non-GAAP) | Reported (GAAP) | Operating Expenses4 | After Considering Items (non-GAAP) | |||||||||||||||||||
Total Operating Revenues | $ | 478,599 | $ | 478,599 | $ | 450,737 | $ | 450,737 | ||||||||||||||||||
Total Operating Expenses | 234,565 | 234,565 | 223,898 | (2,530 | ) | 221,368 | ||||||||||||||||||||
Operating Income | 244,034 | 244,034 | 226,839 | 2,530 | 229,369 | |||||||||||||||||||||
Operating Margin | 51.0 | % | 51.0 | % | 50.3 | % | 50.9 | % | ||||||||||||||||||
Total Other Income/(Expense) | 326 | 246 | 118 | 690 | (1,088 | ) | (1,088 | ) | ||||||||||||||||||
Income Before Income Taxes | 244,360 | 246 | 118 | 244,724 | 225,751 | 2,530 | 228,281 | |||||||||||||||||||
Income Tax Provision | 89,739 | 95 | 45 | 4,286 | 94,165 | 85,379 | 1,009 | 86,388 | ||||||||||||||||||
Effective Income Tax Rate | 36.7 | % | 38.5 | % | 37.8 | % | 37.8 | % | ||||||||||||||||||
Net Income | $ | 154,621 | $ | 151 | $ | 73 | $ | (4,286 | ) | $ | 150,559 | $ | 140,372 | $ | 1,521 | $ | 141,893 | |||||||||
Net Income Allocated to Participating Securities | (676 | ) | (1 | ) | (1 | ) | 19 | (659 | ) | (1,099 | ) | (15 | ) | (1,114 | ) | |||||||||||
Net Income Allocated to Common Stockholders | $ | 153,945 | $ | 150 | $ | 72 | $ | (4,267 | ) | $ | 149,900 | $ | 139,273 | $ | 1,506 | $ | 140,779 | |||||||||
Diluted Net Income per Share Allocated to Common Stockholders | $ | 1.85 | $ | — | $ | — | $ | (0.05 | ) | $ | 1.80 | $ | 1.62 | $ | 0.02 | $ | 1.64 |
1) | In the third quarter of 2015, the company recorded a benefit from the release of an uncertain tax position related to research and development credits, which was effectively settled. |
2) | In the first quarter of 2015, the company recorded an impairment of an advance to an affiliate. |
3) | In the first quarter of 2015, the company recorded an impairment for an investment in an affiliate. |
4) | In the first quarter of 2014, the company accelerated the vesting of certain stock awards. |
CBOE Holdings, Inc. and Subsidiaries | |||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||
Nine Months Ended September 30, 2015 and 2014 | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating Revenues: | |||||||||||||||||
Transaction fees | $ | 144,823 | $ | 104,311 | $ | 345,162 | $ | 315,033 | |||||||||
Access fees | 13,062 | 14,695 | 40,119 | 44,802 | |||||||||||||
Exchange services and other fees | 10,978 | 9,485 | 30,443 | 28,652 | |||||||||||||
Market data fees | 7,133 | 7,764 | 22,702 | 22,737 | |||||||||||||
Regulatory fees | 8,204 | 8,923 | 25,332 | 28,524 | |||||||||||||
Other revenue | 2,835 | 3,732 | 14,841 | 10,989 | |||||||||||||
Total Operating Revenues | 187,035 | 148,910 | 478,599 | 450,737 | |||||||||||||
Operating Expenses: | |||||||||||||||||
Compensation and benefits | 29,583 | 28,698 | 79,158 | 92,378 | |||||||||||||
Depreciation and amortization | 12,394 | 10,361 | 34,071 | 28,860 | |||||||||||||
Technology support services | 5,342 | 4,769 | 15,480 | 14,273 | |||||||||||||
Professional fees and outside services | 12,619 | 8,204 | 37,163 | 23,437 | |||||||||||||
Royalty fees | 21,840 | 16,235 | 52,744 | 46,844 | |||||||||||||
Order routing | 581 | 961 | 1,994 | 3,207 | |||||||||||||
Travel and promotional expenses | 1,407 | 1,885 | 6,434 | 6,319 | |||||||||||||
Facilities costs | 874 | 1,373 | 3,552 | 4,275 | |||||||||||||
Other expenses | 1,285 | 1,340 | 3,969 | 4,305 | |||||||||||||
Total Operating Expenses | 85,925 | 73,826 | 234,565 | 223,898 | |||||||||||||
Operating Income | 101,110 | 75,084 | 244,034 | 226,839 | |||||||||||||
Other Income/(Expense): | |||||||||||||||||
Investment income | 68 | 47 | 177 | 73 | |||||||||||||
Net income (loss) from investment in affiliates | 289 | (318 | ) | 165 | (1,161 | ) | |||||||||||
Interest expense | (16 | ) | — | (16 | ) | — | |||||||||||
Total Other Income/(Expense) | 341 | (271 | ) | 326 | (1,088 | ) | |||||||||||
Income Before Income Taxes | 101,451 | 74,813 | 244,360 | 225,751 | |||||||||||||
Income tax provision | 33,935 | 26,447 | 89,739 | 85,379 | |||||||||||||
Net Income | 67,516 | 48,366 | 154,621 | 140,372 | |||||||||||||
Net Income Allocated to Participating Securities | (297 | ) | (220 | ) | (676 | ) | (1,099 | ) | |||||||||
Net Income Allocated to Common Stockholders | $ | 67,219 | $ | 48,146 | $ | 153,945 | $ | 139,273 | |||||||||
Net Income Per Share Allocated to Common Stockholders: | |||||||||||||||||
Basic | $ | 0.81 | $ | 0.57 | $ | 1.85 | $ | 1.62 | |||||||||
Diluted | 0.81 | 0.57 | 1.85 | 1.62 | |||||||||||||
Weighted average shares used in computing income per share: | |||||||||||||||||
Basic | 82,755 | 85,051 | 83,329 | 85,773 | |||||||||||||
Diluted | 82,755 | 85,051 | 83,329 | 85,773 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
September 30, 2015 and December 31, 2014 | |||||||
(in thousands, except share amounts) | September 30, 2015 | December 31, 2014 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 121,678 | $ | 147,927 | |||
Accounts receivable - net of allowances | 65,863 | 58,386 | |||||
Marketing fee receivable | 6,755 | 10,697 | |||||
Income taxes receivable | 19,381 | 21,503 | |||||
Other prepaid expenses | 8,035 | 4,622 | |||||
Other current assets | 988 | 972 | |||||
Total Current Assets | 222,700 | 244,107 | |||||
Investments in Affiliates | 43,680 | 12,351 | |||||
Land | 4,914 | 4,914 | |||||
Total Property and Equipment—Net | 58,222 | 66,856 | |||||
Goodwill | 7,655 | — | |||||
Total Other Assets—Net | 60,248 | 55,673 | |||||
Total | $ | 397,419 | $ | 383,901 | |||
Liabilities and Stockholders’ Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 61,307 | $ | 58,566 | |||
Marketing fee payable | 7,210 | 11,236 | |||||
Deferred revenue and other liabilities | 7,488 | 1,988 | |||||
Post-retirement benefit obligation - current | 24 | 101 | |||||
Income tax payable | 2,634 | 1,774 | |||||
Total Current Liabilities | 78,663 | 73,665 | |||||
Total Long-term Liabilities | 58,939 | 60,169 | |||||
Total Liabilities | 137,602 | 133,834 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2015 or December 31, 2014 | — | — | |||||
Unrestricted common stock, $0.01 par value: 325,000,000 shares authorized; 92,738,803 issued and 82,605,193 outstanding at September 30, 2015; 92,569,189 issued and 84,114,475 outstanding at December 31, 2014 | 927 | 926 | |||||
Additional paid-in-capital | 120,383 | 110,112 | |||||
Retained earnings | 572,213 | 472,005 | |||||
Treasury stock at cost – 10,133,610 shares at September 30, 2015 and 8,454,714 shares at December 31, 2014 | (432,868 | ) | (332,287 | ) | |||
Accumulated other comprehensive loss | (838 | ) | (689 | ) | |||
Total Stockholders’ Equity | 259,817 | 250,067 | |||||
Total | $ | 397,419 | $ | 383,901 |
CBOE Holdings, Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
Nine Months Ended September 30, 2015 and 2014 | |||||||
Nine Months Ended September 30, | |||||||
(in thousands) | 2015 | 2014 | |||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 154,621 | $ | 140,372 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 34,071 | 28,860 | |||||
Other amortization | 59 | 60 | |||||
Provision for deferred income taxes | (1,718 | ) | (1,192 | ) | |||
Stock-based compensation | 8,987 | 13,480 | |||||
Loss on disposition of property | 617 | 599 | |||||
(Gain)/Loss on investment in affiliate | (528 | ) | 1,161 | ||||
Impairment of investment in affiliate | 118 | — | |||||
Net change in assets and liabilities | (2,090 | ) | 726 | ||||
Net Cash Flows provided by Operating Activities | 194,137 | 184,066 | |||||
Cash Flows from Investing Activities: | |||||||
Capital and other assets expenditures | (26,931 | ) | (39,974 | ) | |||
Acquisition of a business | (2,960 | ) | — | ||||
Investment in affiliates | (30,919 | ) | (1,499 | ) | |||
Other | (1,827 | ) | 3 | ||||
Net Cash Flows used in Investing Activities | (62,637 | ) | (41,470 | ) | |||
Cash Flows from Financing Activities: | |||||||
Payment of quarterly dividends | (54,413 | ) | (49,221 | ) | |||
Payment of special dividend | — | (43,831 | ) | ||||
Purchase of unrestricted common stock from employees | (3,178 | ) | (8,319 | ) | |||
Payment of outstanding debt in conjunction with acquisition of a business | (4,040 | ) | — | ||||
Excess tax benefit from stock-based compensation | 1,285 | 3,554 | |||||
Purchase of unrestricted common stock under announced program | (97,403 | ) | (139,601 | ) | |||
Net Cash Flows used in Financing Activities | (157,749 | ) | (237,418 | ) | |||
Net Decrease in Cash and Cash Equivalents | (26,249 | ) | (94,822 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 147,927 | 221,341 | |||||
Cash and Cash Equivalents at End of Period | $ | 121,678 | $ | 126,519 | |||
Supplemental Disclosure of Cash Flow Information | |||||||
Cash paid for income taxes | $ | 89,140 | $ | 78,336 | |||
Non-cash activities: | |||||||
Unpaid liability to acquire equipment and software | $ | 1,697 | $ | 3,831 | |||
Contingent consideration | $ | 3,336 | $ | — |
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