and Ed, morning, good everyone. Thanks,
I noted, adjusted are Before me 'XX results. comments relate non-GAAP my based let our specifically to 'XX that XQ begin, on and unless everyone XQ remind as compared to
margin nontransaction fourth the EBITDA XXXX versus achieved comparisons and XX%, diluted was revenue down 'XX. of nearly we of but year's per share Adjusted XX% XX%, Ed in to healthy compared trading achieved to net And adjusted noted, results As last Overall, weaker net volumes in fees quarter given XQ quarter. we fourth revenue declined of XX% transaction our our the in with finally, XX% $X.XX. had XX% over earnings up margin decreased the down a XX%. record difficult financial record
revenue expectations stream, XXXX, X% and recurring a proprietary line the XXXX, the same for Combined, capacity. our market compared to was Cboe fourth they growth. a full data year for in for the with the in and our period increased Throughout to consistent theme single mid- high digit both of growth to access quarter
relates incremental subscriptions, As of access to was data, it was quarter and nearly fees of the of about this result incremental capacity growth proprietary our XX% the units. attributable of a market to growth XX%
to can see stream we believe of across basis. digits an on continue opportunity We all our to revenue grow and classes at in mid-single XXXX low this organic asset
this additional access fees fees or XXX points approximately in reported the shift million primary that growth transaction Note revenue XXXX. in in and XXXX previously The $X.X reflects contribution rate Options FT of the capacity revenue to market basis digits. is the reported from expected is to be and our data expected in in to revenue. rate a result basis, Thus, single high acquisitions growth Hanweck on of
fees. fourth X%, and options average a with our like or decrease XX%, options, In overall segments. in of by RPC, type a lower higher was to revenue somewhat per turn and up ADV, our daily SPX or segment, was net the ADV I'd In volume, a shift percentage was XXXX. quarter, by RPC rebates to volume capture, particularly million multi-listed Options due order in XX% Now Options royalty $XX market the shift transaction primarily our higher XX% data volume. the fell options, mix index the fees, due index while by fees mix or down lift representing to the higher of net for latter and revenue in down with X%. versus was lower offset quarter reflects volume to The Index RPC
volume-based reflects royalty primarily Turning in or decrease million RPC to a a increase revenue XX% Futures. rebates. The higher net $X year-over-year ADV, X% lower somewhat by decrease fees. RPC primarily The to XX% in was and in due offset lower
million, driven in $X offset a of regulatory In was fees, data net down X% decline U.S. in decline or ADV latter result higher the was a market due fines. somewhat matched XX% by capture. This primarily revenue by a and to equities, and decrease lower transaction fees, revenue XX%
reinvested attract total third capture fourth market additional a our which measured quarter by shown In has market net to quarter XXXX. of XXXX, of share as of share, we the mixed through portion higher-than-expected results
However, not the The reflecting of has competed. impact total the trading increasing Cboe volumes lower the changes. actually the market closing share during continuous pricing course where auction, the XXXX, of and share trading off exchange increased Cboe has during of portion of reflects
With closing price Close, of auction the an alternatives. volume, to market tap Market we'll into on-exchange competitive launch Cboe part the the of with able upcoming be benefiting industry a
was The volumes final attribute revenue local currency continued transaction a periodic to net decline Swiss reflecting Net offset fees, strong market fees to offer revenue decreased XX% decrease of in We of equivalency auction volume. portion market equities The a and to somewhat loss on reflects share due a market for to and capture. a and and for XX% volumes. due the basis, Swiss lower somewhat dollar volumes by net uncertainty of trading favorable and European share, U.S. increase resulted and The access around offset Brexit revenue. timing capture in a ongoing higher fees market and from licensing revenue revenue, lower The reflects LIS capacity in the the decline in issues. by ability in securities outcome XX% lower transaction and nontransaction which increases trade growth other non-transaction net includes revenue. reporting
reflecting revenue of In portion addition, in X% trading XX% Global FX in decreased driven this off-exchange Net volume volumes we for low closing pricing. increase decline auctions, net latter volumes, of lower a on by the tiered the with quarter, continue in see the capture, impact a and volume market growing offset market by X% to muted our in reflecting part somewhat and volatility.
reached up amount to a offering. full In response driven addition, points share basis of primarily year-over-year, market XX new customer XX%, new by positive high our
primarily in Turning adjusted quarter. performance performance. and year year's versus operating versus decline last million quarter, was compensation. incentive-based The our to compensation key is compensation expense our The benefits, for resulting about in aligned expenses. Total the in fourth down targeted financial from variance decrease $XX incentive-based XX% expenses with were full a
fourth a our to Additionally, of notes migration. items the I'd for the out adjustments associated $XX quarter. the million expense development non-GAAP Audit Command million write-off technology a of point One, or like with completion receivable of and following provision two funding in included the charge for two, Trail, CX in the $X.X the Cboe for the Consolidated CAT;
$XXX guidance of But FT absent updating expense and with million would guidance here, $XXX our was expense the we to respect when prior want of year guidance, same I to of operations, $XXX ago. our Options, new these a are the it XXXX more as the we very our announced announced than recently inclusion to With expense million clear Hanweck We plan expected and be exactly occur for year guidance closing acquisitions be to XXXX of and does subject the the million note and of our that other full the not regulatory of derivatives which conditions. to guidance Take our pan-European $XXX EuroCCP after a acquisition to year, million. acquisition clearing. to update first this XXXX in approvals trading is planned half closes, buildout in range and include of this to
I'd now. our a to drivers, like key slide to XXXX detailing XXXX our This expense adjusted operating provides bridge expense review guidance the from which
transitioning continuation referenced which an CX growth previously; corporate support cost in moving in initiatives, be XXXX. for is in to approximately $X in incremental last new in full a million of expense core synergies duplicate about prior XXXX expense completed XXXX expected realized offset X%, to $X XXXX, adjustments million occupancy million; $X trading $XX $X investing our to headquarters of about the million our the Ed migration in and of of our readiness year expense with line growth expense our in which Brexit primarily Our favorable The result from reflects in to of organic XXXX. in X% XXXX years, floor to absence in expected year; from million of to
decline in incremental benefits $X expect about to XXXX. with We accrue starting costs million to cost these in XXXX, to
in that development capitalized of software assumption million, total, $XX and projects; the of guidance versus million. our million; of to the million expense to and at implement achieve $XXX Hanweck in XXXX we expenses of impact The approximately acquisitions expense compensation shift technology to for will $X $XX of in cadence our $X to at million for operating the accounting scale our faster FT of technology related XXXX, targeted $XXX and incentive our operating incremental adjusted which reflecting $XX million arriving million we Options, updates a
Additionally, EPS of derivatives EUR EuroCCP, XXXX of clearing with build-out building pending including the by a the and backup About X.X as acquisition we billion our and per XXXX investment XXXX. incremental to both the in share trading are acquisition out potential $X.XX about in associated to in $X.XX to The reduce disclosed relates previously, our costs remainder earnings impact half of line expected of business. new pan-European derivatives and EuroCCP of estimated reflects credit.
in to to expect We initiatives. EuroCCP slightly positive it growth share be XXXX build earnings on neutral to as per
this As the positive XX% EuroCCP results, We're particularly generated million you to can market trading, in -- XXXX derivatives XXXX table, XX.X revenue the grow in and preliminary for generated on and see based up about about earnings. opportunity to in see net EUR from unaudited versus excited options.
levels, index in to equity Xx the the wealth have the U.S. notional U.S. than and and value similar greater traded in the X Europe. and notional traded options value GDPs is While Europe of
with exited migration of and $XX run million completed, technology XXXX $XX still we exit final the XXXX with expect to rate synergies million. With
our call, run in synergies noted cost royalty of $X expect to on of earnings we XXXX result remaining rate As revenues prior of in expenses million reflected reduction fees. in versus the most in
taxes. to Turning income
guidance, our rate tax tax to tax increase due earnings the recognized primarily of effective our benefits The adjusted net was below year's with quarter for prior remeasuring fourth liabilities but on quarter rate fourth XX.X%, was associated Our XX.X%. of deferred tax the last quarter in rate XXXX. above
the XX.X% discrete Our in adjustments reduction XXXX to The range adjusted XXXX be in XX.X% a XX.X% versus increase is tax year tax projected earnings full in of reflects XXXX. rate to XXXX. on in expected versus
Capital million $XX to to associated $XX XXXX. depreciation This million in spending in relocation to million due trading XXXX in be leasehold expected amortization move compared million million is for million $XXX $XX XXXX, XXXX of to be in in XXXX. excludes headquarters our with slated up $XX million, from of to other improvements a and XXXX and primarily $XX in versus million amortization and Chicago floor $XXX Furthermore, for expect XXXX XXXX. we to $XX intangibles approximately costs
to and steady providing our capital growth Turning share We order with consistent in organic disciplined shareholder allocation. reinvesting to and that strategy a in shareholders maximize allocation repurchase distributions remain acquisitions complementing our opportunistic business, value. dividends to through increased to includes capital and committed our
$XX to we million over During shareholders the $XX dividends fourth share quarter, through returned repurchases. million and through
share nearly returned million this year, full $XXX January year, of our repurchase through the million month XX, at used XXXX. shares, over shareholders to authorization repurchase available we first leaving through dividends and $XX $XXX the share repurchases. we million to of And For approximately
Our million, have $XXX debt need arises. in and million under funding and short-term $XXX if revolver our availability remains we at
of $XXX a year-end, with about end ended year activity reflecting the at XX from leverage reflects the is cash Our January the the the year-end at funding repurchase X.Xx announced recently $XXX share adjusted -- lower X.Xx The up earnings. And of million. balance of million slightly trailing acquisitions. anticipated cash in we of months the at quarter, third and ratio
our our performance for our proprietary growing of and both closer focused pre customers the up disciplined our organic strategic our growing leveraging scale resources executing is focus to freed disciplined summary, the on executing short-term volume; and trade Cboe to markets continued globally, and getting In expense our capital diversifying post-trade and at our growth. and to allocation leverage trade, index recurring revenue a with long-term on on initiatives focus defining plan of stage drive streams; on technology long-term business management products, setting growth initiatives; shareholder initiatives on to
With it the turn on Debbie call. to of that, over I instructions Q&A will the for portion
