Cboe Global Markets sees FY23 CapEx $60M-$66M

Cboe provided guidance for the FY23: Sees FY23 organic total net revenue growth 7%-9%, above medium-term organic total net revenue guidance expectations of 5%-7%; revenue from acquisitions held less than a year is expected to contribute total net revenue growth of 0.5% points in 2023; organic net revenue from Data and Access Solutions is expected to increase by approximately 7%-10% in 2023, in line with medium-term guidance expectations; adjusted operating expenses in 2023 are expected to be $769M-$779M, from a base of $652M in 2022. The guidance excludes the expected amortization of acquired intangible assets of $112M; the company plans to reflect the exclusion of this amount in its non-GAAP reconciliation. Depreciation and amortization expense for 2023, which is included in adjusted operating expenses above, is expected to be in the range of $48M-$52M, excluding the expected amortization of acquired intangible assets. Other income net, is expected to contribute a $27M-$33M benefit in 2023 given expected performance of minority investments. The effective tax rate on adjusted earnings for the FY23 is expected to be in the range of 28.5%-30.5%. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation. Capital expenditures for 2023 are expected to be $60M-$66M.