Cboe Global Markets (NASDAQ: CBOE) reported Q1 EPS of $1.65, $0.11 better than the analyst estimate of $1.54. Revenue for the quarter came in at $358.3 million versus the consensus estimate of $353.2 million.

2020 Fiscal Year Financial Guidance

• The company updated or reaffirmed its guidance for the 2020 fiscal year as noted below. This guidance does not take into account the company's planned acquisition of EuroCCP, which is subject to satisfaction or waiver of conditions precedent, and its investment in launching pan-European derivatives trading and clearing, which is subject to regulatory approval. The company plans to update its guidance for 2020 after the acquisition closes, which is currently expected in the second quarter of this year.
• Adjusted operating expenses are now expected to be in the range of $419 to $427 million, down $16 million from the previous guidance of $435 to $443 million, primarily reflecting near-term cost reductions due to the COVID-19 pandemic. The guidance excludes the expected amortization of acquired intangible assets of $120 million, which the company plans to include in its non-GAAP reconciliation.¹
• Reaffirmed that depreciation and amortization expense, which is included in adjusted operating expenses above, is expected to be in the range of $34 to $38 million, excluding the expected amortization of acquired intangible assets of $120 million.
• Reaffirmed that the effective tax rate¹ on adjusted earnings for the full year is expected to be in the range of 26.5 to 28.5 percent. Significant changes in trading volume, expenses, federal, state and local tax laws or rates and other items could materially impact this expectation.
• Reaffirmed that capital expenditures are expected to be in the range of $65 to $70 million, which includes expenditures associated with the company's Chicago headquarters relocation occurring later this year and its trading floor relocation planned for 2021.

For earnings history and earnings-related data on Cboe Global Markets (CBOE) click here.