Cboe Results Presentation Deck
Non-GAAP Information
EBITDA Reconciliations
EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial
measures of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented
as supplemental information that the company believes is useful to investors to evaluate its results because it excludes certain items that are not
directly related to the company's core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax
expense, depreciation and amortization. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related expenses, provision for
notes receivable, bargain purchase gain and impairment charges attributed to noncontrolling interest. EBITDA and Adjusted EBITDA should not
be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow, as a measure of the
company's liquidity. In addition, because EBITDA and Adjusted EBITDA may not be calculated identically by all companies, the presentation here
may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA margin represents Adjusted EBITDA divided by
net revenue.
Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and Ajdusted EBITDA
(in millions, except per share amounts)
4Q19
2019
1Q20
Net income allocated to common stockholders
$ 86.1
$ 157.0
2Q20 3Q20 4Q20 2020
$113.3 $109.6 $ 87.1 $ 467.0
7.3
13.5
9.5
1Q19 2Q19 3Q19
$94.6 $ 87.6 $105.5
9.9
10.0
8.2
32.6 35.1 35.0
47.2 43.7 42.9
$184.3 $176.4 $191.6 $164.6 $ 715.8 $ 264.9 $201.6 $212.1 $176.7 $
65.7% 62.3% 65.2% 58.7% 63.0% 73.9% 67.9% 72.6% 57.5%
7.8
27.9
42.8
$ 372.7
35.9
130.6
176.6
7.3
60.1
40.5
43.0
53.5
35.6
37.6
192.2
158.5
38.0
39.5
40.5
855.3
68.2%
Interest expense
Income tax provision
Depreciation and amortization
EBITDA
EBITDA Margin
Non-GAAP adjustments not included in above line items
Acquisition-related expenses
Impairment charges attributed to noncontrolling interest
Provision for notes receivable
Bargain purchase gain
Adjusted EBITDA
Adjusted EBITDA Margin
2.3
20.8
(3.6)
16.7
$186.6 $193.6 $208.3
66.5% 68.4% 70.9%
8.7 $ 48.5
(3.6)
23.4
23.4
$196.7 $ 784.1
70.2%
69.0%
0.8
$ 265.7
74.2%
9.4
6.2
28.8
6.7
(32.6)
$211.0 $192.4 $205.5 $
71.1% 65.9% 66.9%
45.2
6.7
(32.6)
874.6
69.7%
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