Thanks, Ed, and good everyone. morning
XQ as remind to to and on everyone begin I based XQ XXXX relate to I adjusted compared my want that our are specifically XXXX Before results. comments noted, unless non-GAAP
our finally year $X.XX. comparisons this and X%.; XX.X% first operating XX%, of quarter decreased down unchanged; to XX% revenue Overall, transaction the was up net and weaker fees down XX%; revenue, the difficult strength our XX% had we mentioned, given non-transaction operating margin per volumes expenses share trading year. Ed last diluted was earnings net with As adjusted declined adjusted adjusted of
results quarter reflect industry-wide and business each segments. of across first trading Our our volume lower
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a share up XX.X%, addition, market basis high grew nearly points to In XX of year-over-year. we new
over just compared Total down expenses. the expenses to year's for with Turning adjusted were last quarter, operating first $XX quarter. million XX%
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and As we've largest variable discussed is financial our previously, self-adjusting results. based expense this is on
quarter $XXX down net versus first be decline, to million, In million don't our are expense about we year had recur we million expect of guidance expense quarters. our quarter Given guidance. XXXX million in subsequent lowering to first range $X the in that our the $XXX in full previous to favorable we expense adjustments $X
the range XXXX guidance, a continue $XXX enhancing greater we to to engagement in million to invest the later support of to With CX our to be expense a customer-facing in XXXX products. our expected Additionally, drive discussed, synergies investing in of and proprietary to still business. takes benefit as account this we $XXX our I team, of migration plan continuation to the expect development the into from growth million, realized our of year business respect which
We expect exit we million to as run XXXX with rate $XX synergies of and synergy exit million. $XX rate targets, with run are maintaining our XXXX
income to Turning taxes.
of adjusted due earnings rate of awards was Our rate to and first quarter range last related to XX.X%, benefit, first in effective our on nearly excess guidance decrease below quarter equity the rate exercised tax primarily for XXXX. tax was year's The the tax XX%. quarter annual
in tax year. range the the our subsequent guidance for the at rate of XX% of higher are be We year be guidance the rate the XX%, each expect to the to range full we as to reaffirming end remainder quarter of in
for the also and noted the and depreciation reaffirming with on guidance slide. We capital amount are amortization our spending as
in create to the to We long-term remain efficient manner allocating capital value. on capital allocation. Turning focused most shareholder
returning to generation to flow financial dividends million while position and cash our through We shareholders our and enabled nearly quarter of to business, currently the in also During growth invest us continue the repurchases. share repurchase plan allocation. $XXX have share adjusted the our as to quarter program under part million share overall nearly cash our and $XXX of evaluate capital to of of We with million. availability repurchases ended we continue $XX
versus elevated of is for levels balance a cash Our historical couple reasons.
second that needs working First, end tax-related higher first in due at quarter. of are capital to are typically the liabilities the quarter, the due
call, in consideration. potential and under referenced The reason strategic most we significant second is acquisition our earnings last remains
our want any we we relating if specifics this anticipate is that, still point to transaction, are ratio year-end from funding. it any times. deal, or current to quarter out will with While in we stock end our do to to leverage issuing there provide are assurance potential not unable its completing no at ratio a to significant leverage unchanged ultimately occur. successful the again I XXXX At respect X.X was change
the With through of growth our it I call. to capital leverage the targets, to of business, business, for a of and and to globally, maintaining products, and the will cash our plan actions return to summary, over portion results defining our share long-term, balance shareholders focus flow create recurring Our instructions to cash on Cboe strategic index and free remain And proprietary and the invest our allows flexibility our delivering taking expense Q&A to implement solid while disciplined growing the returning capital scale that, initiatives that our confident to positions sheet us amid that plan completing value we in our streams, we environment delivered drive quarterly synergy on repurchases. remain markets strong. are allocation revenue our and capital operating continued dividends In on challenging Debbie integration a shareholders. management sustainable growing will
