XML 42 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 235.0 $ 529.0 $ 468.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 166.8 167.4 158.5
Amortization of debt issuance cost and debt discount 2.4 2.2 2.0
Change in contingent consideration (5.2) (2.7)  
Realized gain on available-for-sale financial investments     (0.4)
Provision for accounts receivable credit losses 1.1 0.4 0.1
Benefit for deferred income taxes (155.7) (18.9) (30.9)
Provision for notes receivable credit losses     6.7
Stock-based compensation expense 30.7 26.6 21.7
Loss on disposal of property and equipment 0.3 0.4  
Impairment of property held for sale     8.1
Impairment charge of investment 10.6    
Goodwill impairment 460.9    
Equity (earnings) loss in investments (4.2) 0.4 (1.1)
Impairment of investments   5.6 15.1
Gain on investment (7.5)    
Bargain purchase gain     (32.6)
Changes in assets and liabilities:      
Accounts receivable (49.8) 12.0 (90.0)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits and clearing funds) (217.5) (66.2) 812.1
Restricted cash and cash equivalents (included in other current assets)   4.4  
Income taxes receivable (5.4) 10.3 5.4
Digital assets - safeguarded assets (22.9)    
Other current assets (4.0) (8.8) (5.1)
Other assets (20.8) (47.4) (23.4)
Accounts payable and accrued liabilities 38.8 45.0 59.4
Digital assets - safeguarded liabilities 22.9    
Section 31 fees payable 106.3 (112.1) 53.9
Deferred revenue (4.1) 4.9 4.5
Income taxes payable (3.8) 3.9 (1.1)
Unrecognized tax benefits 89.1 33.2 28.8
Other liabilities (12.9) 7.2 (1.1)
Net cash provided by operating activities 651.1 596.8 1,458.8
Cash flows from investing activities:      
Acquisitions, net of cash acquired (708.3) (151.5) (351.5)
Proceeds from acquisition-related escrow   0.6  
Contributions to investments (14.6) (209.8) (12.1)
Purchases of available-for-sale financial investments (104.7) (101.2) (222.5)
Proceeds from maturities of available-for-sale financial investments 51.2 160.2 202.5
Proceeds from investments 1.1    
Proceeds from insurance     0.5
Purchases of property and equipment and leasehold improvements (59.8) (51.0) (47.4)
Net cash used in investing activities (835.1) (352.7) (430.5)
Cash flows from financing activities:      
Proceeds from long-term debt 663.6 110.0 493.7
Principal payments of long-term debt (220.0) (20.0) (155.0)
Proceeds from credit facility     70.0
Payments of credit facility     (70.0)
Debt issuance costs (4.9)   (4.5)
Cash dividends on common stock (209.4) (193.3) (170.6)
Repurchases of common stock from employee stock plans (8.9) (6.2) (14.2)
Exercise of common stock options     0.2
Shares issued under employee stock purchase plan (0.6) (0.4)  
Payments of contingent consideration related to acquisitions (38.7) (9.1) (2.2)
Proceeds from Cboe Digital syndication 1.5    
Purchase of common stock (100.9) (81.3) (349.1)
Net cash provided by (used in) financing activities 81.7 (200.3) (201.7)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents (10.0) (9.1) 1.6
(Decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents (112.3) 34.7 828.2
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period 1,092.2 1,057.5 229.3
Cash, cash equivalents, and restricted cash and cash equivalents: End of period 979.9 1,092.2 1,057.5
Supplemental disclosure of cash transactions:      
Cash paid for income taxes, net of refunds 271.1 209.8 191.5
Cash paid for interest 51.0 42.1 29.2
Supplemental disclosure of noncash investing activities:      
Accounts receivable acquired 4.4 3.5 11.0
Financial investments acquired 1.5    
Income taxes receivable acquired     1.7
Other current assets acquired 1.6 1.0 5.9
Goodwill acquired 593.5 133.6 201.2
Intangible assets acquired 164.1 73.8 247.7
Property and equipment, net acquired 1.6 3.1 4.4
Data processing software and other assets acquired 2.0    
Operating lease right of use asset acquired 1.2    
Other assets, net acquired   0.5 0.9
Accounts payable and accrued liabilities assumed (6.1) (1.8) (16.7)
Income taxes payable acquired   (0.1) (1.3)
Deferred revenue acquired (0.6)   (1.0)
Operating lease liability - non-current acquired (1.2)    
Contingent consideration related to acquisitions (10.1) (49.6) (32.7)
Deferred income taxes acquired (22.6) $ (15.6) $ (6.7)
Other non-current liabilities acquired (0.4)    
Paycheck Protection Program loan forgiveness 1.3    
Cboe Digital investor member revenue asset (19.9)    
Cboe Digital option grant liability $ 21.4