Cboe Global Markets (Cboe: CBOE) reported Q1 EPS of $1.53, $0.13 better than the analyst estimate of $1.40. Revenue for the quarter came in at $366 million versus the consensus estimate of $353.75 million.

2021 Fiscal Year Financial Guidance

The company updated or reaffirmed its guidance for the 2021 fiscal year as noted below. This guidance does not take into account the company's planned acquisition of Chi-X Asia Pacific, which is subject to regulatory review and other customary closing conditions. The company plans to further update its guidance for 2021 after the acquisition closes, which is expected in the second or third quarter of this year.

• Recurring non-transaction revenue, defined as access and capacity fees plus proprietary market data, is now expected to increase by 11 to 12 percent, from a base of $342 million in 2020, up from previous guidance of 7 to 8 percent, with organic growth targeted in a range of 10 to 11 percent versus previous guidance of 6 to 7 percent.
• Reaffirmed that it expects acquisitions closed in 2020 to contribute net revenue growth in a range of 4 to 6 percentage points in 2021.
• Reaffirmed that adjusted operating expenses are expected to be in the range of $531 to $539 million. The guidance excludes the expected amortization of acquired intangible assets of $122 million, the company plans to reflect the exclusion of this amount 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 $38 to $42 million, excluding the expected amortization of acquired intangible assets of $122 million.
• Reaffirmed that the effective tax rate² on adjusted earnings for the full year is expected to be in the range of 27.5 to 29.5 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 $60 to $65 million, which includes expenditures associated with the company's trading floor relocation planned for the first half of 2022.

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