Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected financial and operating data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the accompanying notes included in Items 7 and 8, respectively of this Form 10-K. The information set forth below is not necessarily indicative of our future results for any period. We completed the acquisition of Bats during 2017 and included the financial results of Bats in our consolidated financial results from March 1, 2017.


	Year Ended December 31,
	2018		2017		2016		2015		2014
	(in millions, except per share data)
Consolidated Statements of Operations Data:
Revenues:
Transaction fees	$	1,986.9	$	1,564.9	$	509.3	$	485.3	$	466.9
Access fees		127.9		106.8		52.4		53.3		59.3
Exchange services and other fees		83.1		74.8		46.3		42.2		38.0
Market data fees		204.0		164.5		33.2		30.0		30.5
Regulatory fees		333.9		291.5		48.3		33.5		37.1
Other revenue		33.0		26.6		13.6		19.5		14.6
Total revenues		2,768.8		2,229.1		703.1		663.8		646.4
Cost of revenues:
Liquidity payments		1,113.0		849.7		35.8		29.2		29.1
Routing and clearing		39.1		37.6		11.1		2.3		4.1
Section 31 fees (1)		302.4		260.0		11.8		—		—
Royalty fees		97.4		86.2		78.0		70.6		66.1
Total cost of revenues		1,551.9		1,233.5		136.7		102.1		99.3
Revenues less cost of revenues		1,216.9		995.6		566.4		561.7		547.1
Operating expenses:
Compensation and benefits		228.8		201.4		113.2		105.9		121.7
Depreciation and amortization		204.0		192.2		44.4		46.3		40.0
Technology support services		47.9		42.1		22.5		20.7		19.2
Professional fees and outside services		68.3		66.0		53.1		50.1		32.0
Travel and promotional expenses		13.0		17.2		11.0		9.0		9.0
Facilities costs		11.5		10.3		5.7		5.0		5.7
Acquisition-related costs		30.0		84.4		13.6		—		—
Other expenses		14.0		10.1		4.7		4.8		5.7
Total operating expenses		617.5		623.7		268.2		241.8		233.3
Operating income		599.4		371.9		298.2		319.9		313.8
Interest (expense) income, net		(38.2)		(41.3)		(5.7)		—		—
Other income (expense)		10.0		3.8		14.1		4.1		(4.1)
Income before income tax provision		571.2		334.4		306.6		324.0		309.7
Income tax provision		146.0		(66.2)		120.9		119.0		120.0
Net income	$	425.2	$	400.6	$	185.7	$	205.0	$	189.7
Net loss attributable to noncontrolling interests		1.3		1.1		1.1		—		—
Net income excluding noncontrolling interests		426.5		401.7		186.8		205.0		189.7
Change in redemption value of noncontrolling interests		(1.3)		(1.1)		(1.1)		—		—
Net income allocated to participating securities		(3.1)		(3.9)		(0.8)		(0.9)		(1.3)
Net income allocated to common stockholders	$	422.1	$	396.7	$	184.9	$	204.1	$	188.4

Basic earnings per share	$	3.78	$	3.70	$	2.27	$	2.46	$	2.21
Diluted earnings per share	$	3.76	$	3.69	$	2.27	$	2.46	$	2.21

Basic weighted average shares outstanding		111.8		107.2		81.4		83.1		85.4
Diluted weighted average shares outstanding		112.2		107.5		81.4		83.1		85.4
Distributions per share	$	1.16	$	1.04	$	0.96	$	0.88	$	0.78

	(1)		As national securities exchanges, Cboe Options, C2, BZX, BYX, EDGX, and EDGA are assessed fees pursuant to Section 31 of the Exchange Act. Section 31 fees are assessed on the notional value traded and are designed to recover the costs to the government of supervision and regulation of securities markets and securities professionals. Section 31 fees are paid directly to the SEC, and our national securities exchanges then pass these costs along to our members as regulatory transaction fees, recognizing these amounts as incurred in cost of revenues and revenues, respectively.


	As of December 31,
	2018		2017		2016		2015		2014
		(in millions)
Balance Sheet Data:
Assets:
Cash and cash equivalents	$	275.1	$	143.5	$	97.3	$	102.3	$	147.9
Financial investments		35.7		47.3		—		—		—
Goodwill and intangible assets, net		4,411.6		4,610.0		35.2		10.1		—
Total assets	$	5,321.0	$	5,265.7	$	476.7	$	384.8	$	383.9
Liabilities and stockholders' equity:
Short-term and long-term debt	$	1,215.4	$	1,237.9	$	—	$	—	$	—
Total liabilities		2,070.6		2,145.7		146.2		125.2		133.8
Total redeemable noncontrolling interest		9.4		9.4		12.6		—		—
Total stockholders' equity		3,241.0		3,110.6		317.9		259.6		250.1
Total liabilities, redeemable noncontrolling interest, and stockholders' equity	$	5,321.0	$	5,265.7	$	476.7	$	384.8	$	383.9

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