Q2 2024 Cboe Global Markets Inc Earnings Call Transcript
Key Points
- Cboe Global Markets Inc (CBOE) reported a 10% year-over-year increase in net revenue to a record $514 million.
- Adjusted diluted earnings per share grew by 21% to $2.15, driven by strong performance across various business segments.
- The Derivatives business saw an 11% year-over-year increase in organic net revenue, with significant growth in S&P 500 index options and VIX products.
- The Data and Access Solutions business delivered a 5% year-over-year increase in organic net revenue, with strong international sales.
- Cboe Global Markets Inc (CBOE) repurchased $90 million in shares during the second quarter, demonstrating a commitment to returning capital to shareholders.
- The Data and Access Solutions business experienced slower growth in the second quarter, attributed to longer sales cycles and timing issues.
- Cboe Global Markets Inc (CBOE) recorded an $81 million non-cash impairment charge related to the wind-down of its digital spot market.
- The company also reported a $60 million impairment from a routine review of the carrying value of other minority investments.
- Adjusted operating expenses increased by 2% year-over-year, driven by higher compensation-related expenses and professional fees.
- Despite strong performance, the company anticipates hitting the lower end of its 7% to 10% targeted net revenue growth range for 2024.
Thank you for standing by. My name is J.L, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cboe Global Markets' second quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
I would now like to turn the conference over to Ken Hill, Treasurer and Head of Investor Relations. You may begin.
Good morning, and thank you for joining us for our second quarter earnings conference call.
On the call today, Fred Tomczyk, our CEO, and Dave Howson, our Global President, will discuss our performance for the quarter and provide an update on our strategic initiatives. Then, Jill Griebenow, our Chief Financial Officer, will provide an overview of our financial results for the quarter as well as discuss our 2024 financial outlook. Following their comments, we will open the call for Q&A. Also joining us for Q&A will be
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