CBOE Holdings, Inc. (NASDAQ:CBOE) Q4 2017 Earnings Conference Call - Final Transcript

Feb 09, 2018 • 08:30 am ET


CBOE Holdings, Inc. (NASDAQ:CBOE) Q4 2017 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Cboe 2017 Fourth Quarter Financial Results Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I'd now like to turn the call over to Debbie Koopman. Ms. Koopman, please go ahead.

Debbie Koopman

Thank you. Good morning and thank you for joining us for our fourth quarter earnings conference call. On the call today, Ed Tilly, our Chairman and CEO, will discuss the quarter and provide an update on our strategic initiatives. Then, Brian Schell, our Executive Vice President and CFO, will provide an overview of our fourth quarter 2017 financial results and guidance for certain financial metrics for 2018. Following their comments, we will open the call to Q&A. Also joining us for Q&A will be our President and COO, Chris Concannon; and our Chief Strategy Officer, John Deters.

In addition, I'd like to point out that this presentation will include the use of several slides. We will be showing the slides and providing commentary on each. A downloadable copy of the slide presentation is available on the Investor Relations portion of our website.

During our remarks, we will make some forward-looking statements, which represent our current judgment on what the future may hold, and while we believe these judgments are reasonable, these forward-looking statements are not guarantees of future performance and involve certain assumptions, risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, after this conference call.

During the course of the call this morning, we will be referring non-GAAP measures as defined and reconciled in our earnings materials. We will also refer to non-GAAP adjusted combined results, which are also reconciled in our earnings materials. As you know, we completed our acquisition of Bats Global Markets on February 28th, 2017. The combined results present information regarding the combined operations, as if the Bats acquisition had closed at the beginning of 2016, in order to provide a supplemental discussion of our results and review of our business.

Now, I'd like to turn the call over to Ed Tilly.

Edward T. Tilly

Thank you, Debbie, and good morning. I know many of you joined us for our call on Wednesday, thank you, and thank you again for joining us today. I am pleased to report on a strong fourth quarter 2017 at Cboe Global Markets. As we approach the one year anniversary of our acquisition of Bats Global Markets, I am gratified to report that we accomplished what we set out to do within the first year, chiefly, to integrate two great teams, while continuing to serve our customers with superior products and services, and to grow our respective business lines.

A strong fourth quarter capped off a