Press Release: Cboe Global Markets Reports 2020 -2-
North American (N.A.) Equities:
(1) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.
2021 Fiscal Year Financial Guidance
The company provided guidance for the 2021 fiscal year as noted below. This guidance takes into account the company's acquisitions completed through December 31, 2020, including BIDS Trading; its investment in launching European derivatives trading and clearing; investments to support the company's growth initiatives; and one-time and non-recurring savings recognized in 2020.
At December 31, 2020, the company had adjusted cash(2) of $210.3 million. Total debt as of December 31, 2020 was $1,203.9 million.
The company paid cash dividends of $45.4 million, or $0.42 per share, during the fourth quarter of 2020 and utilized $88.0 million to repurchase 1.0 million shares of its common stock under its share repurchase program at an average price of $86.79 per share. For the full-year 2020, the company paid cash dividends of $170.6 million, or $1.56 per share, and utilized $349.1 million to repurchase 3.5 million shares of its common stock under its share repurchase program at an average price of $98.78 per share. In addition, through January 31, 2021, the company used $0.5 million to repurchase 4,957 shares at an average price of $91.97. The company also announced today that its Board of Directors authorized up to an additional $200 million in share repurchases. This new authorization will be in addition to any unused amount remaining under the company's existing share repurchase authorization, resulting in approximately $399.7 million of remaining availability under its share repurchase program.
The share repurchase program has no expiration date. The repurchase program permits the company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the company to make any repurchases at any specific time or situation. The timing and extent to which the company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice.
Earnings Conference Call
Executives of Cboe Global Markets will host a conference call to review its fourth-quarter financial results today, February 5, 2021, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (877) 255--4313 from the United States, (866) 450--4696 from Canada or (412) 317--5466 for international callers. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay. A telephone replay of the earnings call also will be available from approximately 11:00 a.m. CT, February 5, 2021, through 11:00 p.m. CT, February 12, 2021, by calling (877) 344--7529 from the U.S., (855) 669--9658 from Canada or (412) 317--0088 for international callers, using replay code 10150489.
(1) Specific quantifications of the amounts that would be required to reconcile the company's 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 expenses that would be required to reconcile to 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 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.
(2) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading and investment solutions to investors around the world. The company is committed to defining markets through product innovation, leading edge technology and seamless trading solutions.
Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S., Canadian and European equities, exchange-traded products ("ETPs"), global foreign exchange ("FX") and volatility products based on the VIX Index, recognized as the world's premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the company operates one of the largest stock exchanges by value traded in Europe, and owns EuroCCP, a leading pan-European equities clearinghouse, BIDS Trading, a leading block-trading alternative trading system ("ATS") by volume in the U.S., and MATCHNow, a leading equities ATS in Canada. Cboe also is a leading market globally for ETP listings and trading.
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February 05, 2021 07:30 ET (12:30 GMT)