Cboe Global Markets Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
CBOE$364.81+3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · 2023 · · 2022 · 2021 | ||||||||||
| Cash flows from operating activities: | | | | | | | | | | |
| Net income | | $761.4 | | $235.0 | | $529.0 | | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 158.0 | | 166.8 | | 167.4 | | |||
| Amortization of debt issuance cost and debt discount | | 2.6 | | 2.4 | | | 2.2 | | ||
| Change in contingent consideration | | (14.4) | | (5.2) | | | (2.7) | | ||
| Realized gain on available-for-sale financial investments | | (2.7) | | — | | | — | | ||
| Provision for accounts receivable credit losses | | 4.0 | | 1.1 | | | 0.4 | | ||
| Benefit for deferred income taxes | | (15.2) | | (155.7) | | | (18.9) | | ||
| Stock-based compensation expense | | 41.3 | | 30.7 | | | 26.6 | | ||
| Loss on disposal of property and equipment | | | 0.1 | | | 0.3 | | | 0.4 | |
| Impairment charge of investment | | 1.8 | | 10.6 | | | 5.6 | | ||
| Goodwill impairment | | — | | 460.9 | | | — | | ||
| Equity (earnings) loss in investments | | | (36.9) | | | (4.2) | | | 0.4 | |
| Gain on investment | | | — | | | (7.5) | | | — | |
| Changes in assets and liabilities: | | | | | | | | | ||
| Accounts receivable | | 39.4 | | (49.8) | | | 12.0 | | ||
| Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | | | 282.6 | | | (217.5) | | | (66.2) | |
| Restricted cash and cash equivalents (included in other current assets) | | | — | | | — | | | 4.4 | |
| Income taxes receivable | | (26.3) | | (5.4) | | | 10.3 | | ||
| Other current assets | | (17.4) | | (4.0) | | | (8.8) | | ||
| Other assets | | | (26.7) | | | (20.8) | | | (47.4) | |
| Accounts payable and accrued liabilities | | (19.1) | | 38.8 | | | 45.0 | | ||
| Section 31 fees payable | | (95.2) | | 106.3 | | | (112.1) | | ||
| Deferred revenue | | | (5.8) | | | (4.1) | | | 4.9 | |
| Income taxes payable | | (2.8) | | (3.8) | | | 3.9 | | ||
| Unrecognized tax benefits | | 47.7 | | 89.1 | | | 33.2 | | ||
| Other liabilities | | (0.8) | | (12.9) | | | 7.2 | | ||
| Net cash provided by operating activities | | 1,075.6 | | 651.1 | | | 596.8 | | ||
| Cash flows from investing activities: | | | | | | | | | ||
| Acquisitions, net of cash acquired | | — | | (708.3) | | | (151.5) | | ||
| Proceeds from acquisition-related escrow | | | — | | | — | | | 0.6 | |
| Contributions to investments | | (57.1) | | (14.6) | | | (209.8) | | ||
| Purchases of available-for-sale financial investments | | (89.8) | | (104.7) | | | (101.2) | | ||
| Proceeds from maturities of available-for-sale financial investments | | | 135.7 | | | 51.2 | | | 160.2 | |
| Proceeds from sale of intangible assets | | | 0.8 | | | — | | | — | |
| Proceeds from investments | | | — | | | 1.1 | | | — | |
| Proceeds from insurance | | | 0.3 | | | — | | | — | |
| Purchases of property and equipment and leasehold improvements | | (45.0) | | (59.8) | | | (51.0) | | ||
| Net cash used in investing activities | | (55.1) | | (835.1) | | | (352.7) | | ||
| Cash flows from financing activities: | | | | | | | | | ||
| Proceeds from long-term debt | | — | | 663.6 | | | 110.0 | | ||
| Principal payments of current portion of long-term debt | | (305.0) | | (220.0) | | | (20.0) | | ||
| Debt issuance costs | | — | | (4.9) | | | — | | ||
| Cash dividends on common stock | | (223.5) | | (209.4) | | | (193.3) | | ||
| Repurchases of common stock from employee stock plans | | (13.9) | | (8.9) | | | (6.2) | | ||
| Shares issued under employee stock purchase plan | | (16.7) | | (0.6) | | | (0.4) | | ||
| Payments of contingent consideration related to acquisitions | | | (13.1) | | | (38.7) | | | (9.1) | |
| Proceeds from Cboe Digital syndication | | | — | | | 1.5 | | | — | |
| Purchase of common stock | | (83.9) | | (100.9) | | | (81.3) | | ||
| Net cash (used in) provided by financing activities | | | (656.1) | | | 81.7 | | | (200.3) | |
| Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | | | 52.8 | | | (10.0) | | | (9.1) | |
| Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | | | 417.2 | | | (112.3) | | | 34.7 | |
| Cash, cash equivalents, and restricted cash and cash equivalents: | | | | | | | | | | |
| Beginning of period | | | 979.9 | | | 1,092.2 | | | 1,057.5 | |
| End of period | | $1,397.1 | | $979.9 | | $1,092.2 | | |||
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: | | | | | | | | | | |
| Cash and cash equivalents | | | 543.2 | | | 432.7 | | | 341.9 | |
| Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | | | 834.8 | | | 530.3 | | | 745.9 | |
| Restricted cash and cash equivalents (included in other current assets) | | | 5.1 | | | 4.2 | | | 4.4 | |
| Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | | | 14.0 | | | 12.7 | | | — | |
| Total | | $1,397.1 | | $979.9 | | $1,092.2 | | |||
| Supplemental disclosure of cash transactions: | | | | | | | | | | |
| Cash paid for income taxes, net of refunds | | $286.4 | | $271.1 | | $209.8 | | |||
| Cash paid for interest | | | 56.7 | | | 51.0 | | | 42.1 | |
| Supplemental disclosure of noncash investing activities: | | | | | | | | | | |
| Accounts receivable acquired | | $— | | $4.4 | | $3.5 | | |||
| Financial investments acquired | | | — | | | 1.5 | | | — | |
| Other current assets acquired | | — | | 1.6 | | | 1.0 | | ||
| Goodwill acquired | | — | | 593.5 | | | 133.6 | | ||
| Intangible assets acquired | | | — | | | 164.1 | | | 73.8 | |
| Property and equipment, net acquired | | | — | | | 1.6 | | | 3.1 | |
| Data processing software and other assets acquired | | | — | | | 2.0 | | | — | |
| Operating lease right of use asset acquired | | | — | | | 1.2 | | | — | |
| Other assets, net acquired | | | — | | | — | | | 0.5 | |
| Accounts payable and accrued liabilities assumed | | | — | | | (6.1) | | | (1.8) | |
| Income taxes payable acquired | | | — | | | — | | | (0.1) | |
| Deferred revenue acquired | | | — | | | (0.6) | | | — | |
| Operating lease liability - non-current acquired | | | — | | | (1.2) | | | — | |
| Contingent consideration related to acquisitions | | | — | | | (10.1) | | | (49.6) | |
| Deferred income taxes acquired | | | — | | | (22.6) | | | (15.6) | |
| Other non-current liabilities acquired | | | — | | | (0.4) | | | — | |
| Supplemental disclosure of noncash financing activities: | | | | | | | | | | |
| Paycheck Protection Program loan forgiveness | | $— | | $1.3 | | $— | | |||
| Cboe Digital investor member revenue asset | | | (3.2) | | | (19.9) | | | — | |
| Cboe Digital option grant liability | | | 3.2 | | | 21.4 | | | — | |
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