good Ed and to Thanks morning everyone.
comments with general begin, our grow I the relate that fourth as overachievement expansion XXXX, On earnings basis, heard we non-GAAP to I Summarizing versus unless with compared increases revenue, to the results continued for each quarter and coupled driven X% strength by all to you noted, to results, growth. same in theme the that a of Bats. based specifically that everyone, remind and us quarter including year combined fourth our Before from my non-transaction expense quarter backdrop throughout segment. XXXX, prior the follow our our period results, increase revenue, across XXXX adjusted low the and posting combined XXXX, net net continue results have margin want of growth in solid business to fourth on revenue, are financial market volatility, of leading combined of products, synergies, with expense discipline against proprietary indexed primarily
for our $X.XX, our for adjustments. each of capture diluted key reforms. key we $X.XX as release this tax the In press in our the of our revenue the revenue point, issued operating quarter, or legislation largest influencing come each tax in lower had segment margin. for futures highlight drivers segment. index lower the and was well as deferred reflects index drove of our flat earnings adjusted basis growth improvement increase our in given regulatory Decline with diluted was an somewhat in the revenue our impact as we contributed tax expenses benefit to quarter, increase in X% Options recorded a net The on a the year. options resulted provide due which full deck, some products which royalty key combined and tax fees, and in segments, offset the fees, point slide the and traded. segment, in this performance organic regulatory variances. XXX shift morning We in The net I'd of regulatory driven lastly, between X% of of is the Our transaction and to gains, royalties growth, non-GAAP EBITDA a $XXX on by our in as quarter a products, path volume our in primarily reform by metrics fees Adjusted higher onetime of fourth in mix point operating revenue per our like in in and XX costs. At overview to More lift X% relatively an operating basis volume adjusted approximately increase higher payments. margin, included well up which revenue XX% licensed our million for the per later share revalued December, liability, share
$XX to XXXX's to be month, full net regulatory our below we lowered revenue revenue of regulatory year and million. options However fee regulatory this expect XX% XXXX's about XX%
revenues in regulatory our However, line given be for have fees bottom from regulatory no costs, XXXX. this that impact used must on should
to delivery noted, and plan remain we SPX did the our with with our in we of and and As education, programs, options. over-the-counter in In aimed as proprietary products, development such XXXX, record volumes. volume XXXX, growing large, Ed ongoing we incentive both proprietary efforts VIX focused on trades at index those our as continue on products, to retail business various focus growing
overall While on some net may be impact the programs, RPC, expect to the incentive put we positive. pressure
futures; contract and year with growth to we another Turning volume record both RPC. in had
latter feed and the modification day our trade program, reflecting quarter, the a year. fourth entire impact the had on With favorable which for a RPC to
to we have believe trading a be CFE participants provide migration and successful enhanced optimistic trading, which a about a positive continue month, we XXXX, this with tools technology experience. market trading as For on better we impact later will
lower driven overall revenue, partially offset XQ fees. XXXX exchange. off by U.S. was revenue equity traded in a volumes in slightly, non-transaction volume higher growth levels produced volatility net up lower percentage to low continued and The of Turning by net transaction equities,
this shows, for for accounting data market As full Proprietary SIP flat and the was Market quarter revenue the our market gain. year, year-over-year nearly of all data slide revenue data
XX% Proprietary saw and customers, existing the the new data and approximately Our for growth customers changes. the coming a each from sales a fourth remainder year, quarter to Market with from in of of additional revenue XX% or pricing
as additional see revenue, to continued proprietary we in European trading. data reflecting consolidation the U.S. fees XX%. growth of industry transaction off pound XX% potential equities we revenue, While on well increased net to growth sterling a expect a On pressure non-transaction local and expect on basis, continued and as increased from for the in downward basis, benefitting currency strength net versus SIP market revenue XXXX, of dollar the revenue also in exchange Net due dollar.
efforts building new regulatory high equities global marked overall notional suite with and data point year, plan been full both while traded a for Matching Ed experiencing and progress we revenue continuing for As increased this the of for the our in showed fill European success addresses FX the with to to quarter early that ready, on share our our on to platform. new has the look to Net noted, on be core Engine products, was daily our the Cboe steady expanding Much a and MiFID volumes FX on under fourth forward the diversifying offering. our rates. the new this We volume II. London services FX by of requirements focus better driven We revenues year spot of average and focus offering, products and are market the day grow one, also growth market regime.
relatively were guidance. expenses; total $XXX of prior with quarter our for to operating the Turning compared line million year, with flat and in expenses adjusted the
key decline incentive increase based compensation, in aligned the synergies. expense and performance. professional reflects at reflects Looking The variances, compensation fees realization and outside of with the services, our benefits financial in higher operational the primarily and
services. XXXX, synergies year fees from $X.X We expense pre-tax quarter and realized million outside $XX.X fourth in approximately run the and million million compensation and XXXX For benefits GAAP with in respectively, $XX and professional primarily full rate synergies. ended and we
expected the we earlier forecasting expense For run synergies related to realization XXXX, $XX forecast. of equivalent originally still CX. XXXX too come million expenses. synergies rate mind, a run-rate XXXX, the savings for projected we planned, largest technology revise long Most to than are while synergy of expense is are to incremental run total and our reflecting from term synergy rate million. expense exchange, toward rate And is early projected expected our is an weighted relative it of of or run $XX migration for in expense XXXX our to the IT the Keep most complex heavily
run forecast. once on any to we CFE better As we further stated be complete rate we target guidance migration CX the date long complete in our technology previous in provide for revisions technology to CX we to technology calls, after term synergy to migration. on the expect plan And a the make of migration, position May, expense a
sterling, we operating expectations to million, be year expense reflecting includes this to in our be [indiscernible] Looking XXXX recent we expenses an at for of of full the X% the XXXX, the in versus strength Silexx or revenues. to XXXX. the million for $XXX range acquisition, benefit with adjusted pound guidance expect related of and increased million approximately associated that net adjusted to our up X% guidance Note, expenses, expenses our expenses $X incremental offsetting the primarily for that have X% $XXX expenses operating
about which and million, results. acquired depreciation will $XX assets, is amortization is of our excludes expense; in which amortization and excluded non-GAAP million, million expense be to to our total from intangible expected Turning be to included guidance, $XX $XXX of
investment Options platform. spending is XXXX Lastly, and $XX software range investment trading in expected migrate includes to Cboe million ongoing Futures well from the technology technology, Bats to support our to as million, $XX Cboe's which on and to in the capital exchanges current to proprietary as
recently income included a are our U.S. most reform. spend results one-time corporate U.S. impacted benefit enacted and $XXX results of tax fourth future Now some our through companies, the time taxes; let's positions. on Consequently, like a of remeasurement our tax million, current by quarter deferred
fourth XX%, tax However, range rate the for again quarter our on effective was call. last provided our earnings we guidance on adjusted within the approximately
earnings a Looking impact primarily from U.S. XXXX, statutory corporate in predominance in of to of given tax our further tax contribution, on the corporate Cboe see rate, expect reduction driven by and the our rate XX%. XX% at significant we reduction tax reform overall to the
Cboe, also earnings. a deductibility and of referred However the number new tax introducing law incremental the XXX, and notably, both domestic repeals Section foreign to on deduction, production to of deductions as activities relevant most expenses the certain taxes other
of expected State increase, reduction the adjusted reform to points. We guidance expect This XX.X%. tax rate rate XXXX, tax tax Illinois percentage on impact the range in the a net effective of our effective corporate in rate total and enacted of July net an the in be a tax in full range year of to to XX.X% resulting XX X the tax reflects in earnings of
we allocation; efficient on long create the term to manner shareholder remain capital most focused in value. Turning to allocating capital
the evaluate is our to not and expected priorities to increase rate in earnings through with corporate our return our debt increases, business, the goal continue have down cash, tax allocation additional and steady pay of provide our reduction share growth in invest capital capital We repurchases. changed. to dividends, While annual a of plan
focus us while ongoing of enabled base index out to results growth. and proprietary summarize, during momentum to on plan ending realization, flows, resulting producing million, dividends we continued return back call and expense revenue strong XXXX, I to on once experienced quarter, by dividends. synergy adjusted X.X our of reducing integration Ed. growing reduce and $XXX capital and expense quarterly on cash again business additional with by products, built and still will strength ratio to demonstrate generated of With which shareholders $XX Diversifying management, allocation through and million over capital in of the streams, our disciplined leverage investments turn improved million, Our throughout the with while and the and $XX the our year leveraging we cash times. pay non-transaction track, debt continuing strong profitability higher stabilizing organic quarterly on focus to nearly scale of strong margins, with debt, our a To that, revenue, of fourth a our a model,
