Cboe Global Markets Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
CBOE$364.81+3.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $764.9 | $761.4 | $235.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 133.0 | 158.0 | 166.8 |
| Impairment of intangible assets or goodwill | 81.0 | — | 460.9 |
| Stock-based compensation expense | 41.8 | 41.3 | 30.7 |
| Impairment of investments | 31.6 | 1.8 | 10.6 |
| Provision for accounts receivable credit losses | 3.1 | 4.0 | 1.1 |
| Amortization of debt issuance cost and debt discount | 2.3 | 2.6 | 2.4 |
| Change in contingent consideration | 2.0 | (14.4) | (5.2) |
| Equity earnings on investments | (26.5) | (36.9) | (4.2) |
| Benefit for deferred income taxes | (23.6) | (15.2) | (155.7) |
| Gain on investment | — | — | (7.5) |
| Gain from Cboe Digital non-recourse notes and warrants wind down | (2.4) | — | — |
| Other | (3.7) | (2.6) | 0.3 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (124.3) | 39.4 | (49.8) |
| Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 76.0 | 282.6 | (217.5) |
| Income taxes receivable | 0.5 | (26.3) | (5.4) |
| Other current assets | (26.0) | (17.4) | (4.0) |
| Other assets | 17.3 | (26.7) | (20.8) |
| Accounts payable and accrued liabilities | (36.4) | (19.1) | 38.8 |
| Section 31 fees payable | 130.1 | (95.2) | 106.3 |
| Deferred revenue | 0.5 | (5.8) | (4.1) |
| Income taxes payable | 0.8 | (2.8) | (3.8) |
| Unrecognized tax benefits | 61.2 | 47.7 | 89.1 |
| Other liabilities | (2.6) | (0.8) | (12.9) |
| Net cash provided by operating activities | 1,100.6 | 1,075.6 | 651.1 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | — | — | (708.3) |
| Contributions to investments | (40.2) | (57.1) | (14.6) |
| Purchases of available-for-sale financial investments | (115.6) | (89.8) | (104.7) |
| Proceeds from maturities of available-for-sale financial investments | 67.9 | 135.7 | 51.2 |
| Proceeds from sale of intangible assets | 0.1 | 0.8 | — |
| Proceeds from sale of property held for sale | 3.3 | — | — |
| Proceeds from sale property and equipment | 0.7 | — | — |
| Payments on notes receivable | 2.8 | — | — |
| Proceeds from investments | — | — | 1.1 |
| Proceeds from insurance | 0.1 | 0.3 | — |
| Purchases of property and equipment and leasehold improvements | (60.9) | (45.0) | (59.8) |
| Net cash used in investing activities | (141.8) | (55.1) | (835.1) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | — | — | 663.6 |
| Principal payments of current portion of long-term debt | — | (305.0) | (220.0) |
| Debt issuance costs | — | — | (4.9) |
| Cash dividends on common stock | (249.4) | (223.5) | (209.4) |
| Repurchases of common stock from employee stock plans | (29.5) | (13.9) | (8.9) |
| Shares issued under employee stock purchase plan | 8.6 | (16.7) | (0.6) |
| Payments of contingent consideration related to acquisitions | (13.9) | (13.1) | (38.7) |
| (Payments)/Proceeds related to Cboe Digital syndication | (6.0) | — | 1.5 |
| Purchase of common stock | (204.8) | (83.9) | (100.9) |
| Net cash (used in) provided by financing activities | (495.0) | (656.1) | 81.7 |
| Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | (95.1) | 52.8 | (10.0) |
| Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 368.7 | 417.2 | (112.3) |
| Cash, cash equivalents, and restricted cash and cash equivalents: | |||
| Beginning of period | 1,397.1 | 979.9 | 1,092.2 |
| End of period | 1,765.8 | 1,397.1 | 979.9 |
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: | |||
| Cash and cash equivalents | $915.3 | $543.2 | $432.7 |
| Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | 841.4 | 834.8 | 530.3 |
| Restricted cash and cash equivalents (included in cash and cash equivalents) | 5.0 | — | — |
| Restricted cash and cash equivalents (included in other current assets) | — | 5.1 | 4.2 |
| Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 4.1 | 14.0 | 12.7 |
| Total | 1,765.8 | 1,397.1 | 979.9 |
| Supplemental disclosure of cash transactions: | |||
| Cash paid for income taxes, net of refunds | $362.4 | $286.4 | $271.1 |
| Cash paid for interest | 100.1 | 56.7 | 51.0 |
| Supplemental disclosure of noncash investing activities: | |||
| Accounts receivable acquired | $— | $— | $4.4 |
| Financial investments acquired | — | — | 1.5 |
| Other current assets acquired | — | — | 1.6 |
| Goodwill acquired | — | — | 593.5 |
| Intangible assets earned or acquired | 1.2 | — | 164.1 |
| Property and equipment, net acquired | — | — | 1.6 |
| Data processing software and other assets acquired | — | — | 2.0 |
| Operating lease right of use asset acquired | — | — | 1.2 |
| Accounts payable and accrued liabilities assumed | — | — | (6.1) |
| Deferred revenue acquired | — | — | (0.6) |
| Operating lease liability - non-current acquired | — | — | (1.2) |
| Contingent consideration related to acquisitions | — | — | (10.1) |
| Note receivable from property held for sale | 6.4 | — | — |
| Deferred income taxes acquired | — | — | (22.6) |
| Other non-current liabilities acquired | — | — | (0.4) |
| Supplemental disclosure of noncash financing activities: | |||
| Paycheck Protection Program loan forgiveness | $— | $— | $1.3 |
| Excise tax on purchases of common stock | 1.3 | — | — |
| Cboe Digital investor member revenue asset | 16.2 | (3.2) | (19.9) |
| Cboe Digital non-recourse notes and warrants | (16.2) | 3.2 | 21.4 |
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