Cboe Global Markets Reports Record Results for First Quarter 2023.

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

"Cboe marked an important milestone last week as we celebrated our fiftieth anniversary. The years since our founding in 1973 have been marked by relentless innovation and our record first quarter results reported today demonstrate that Cboe is as well positioned as ever to deliver value for our customers and shareholders for years to come," said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer. "The first quarter highlighted continued strength in Cboe's global Derivatives and Data and Access Solutions businesses. Recent innovations including expanded trading hours and new expirations have increased access to our suite of derivatives products, providing our diverse set of customers with tools to navigate any market environment. The strong start to the year demonstrates continued progress as we invest across our global ecosystem. I would like to thank all of the employees and partners who helped make Cboe's first 50 years so successful, and I look forward to building on our five decades of trusted expertise as we plan for the next 50 years with the same passion and entrepreneurial spirit we had in 1973."

"Cboe built on its strong performance in 2022 by reporting record net revenue and record adjusted earnings in the first quarter of 2023. I am pleased with the steady progress we made on our key initiatives while continuing to deliver on our financial objectives," said Brian N. Schell, Cboe Global Markets Executive Vice President, Chief Financial Officer and Treasurer. "Our derivatives business continued to generate robust growth, delivering a 29% year-over-year net revenue increase in the first quarter of 2023. Data and Access Solutions net revenue trends remained steady, increasing by 9% year-over-year, while cash and spot markets net revenue decreased by 12% given the strength of volumes in 1Q22 compared to 1Q23. Moving forward, we are reaffirming our organic total net revenue growth2 target of 7-9% for 2023, and we continue to anticipate Data and Access Solutions organic net revenue growth2 of 7-10%. Our expense guidance also remains unchanged as we see meaningful investment opportunities across our ecosystem to help drive long-term shareholder value. 2023 is off to an impressive start and we look forward to delivering on our objectives in the quarters ahead."

*All comparisons are first quarter 2023 compared to the same period in 2022.

(1)A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

(2)Specific quantifications of the amounts that would be required to reconcile the company's organic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and expenses that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Consolidated First Quarter Results -Table 1

Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended March 31, 2023 and 2022.


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