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. Additionally, the below tables include results of other acquisitions from the effective date of each acquisition.


	Year Ended December 31,
	2020		2019		2018		2017		2016

	(in millions, except per share data)
Consolidated Statements of Operations Data:
Revenues:
Transaction and clearing fees	$	2,418.0	$	1,716.2	$	1,986.9	$	1,564.9	$	509.3
Access and capacity fees		236.7		221.9		211.0		181.6		98.7
Market data fees		232.0		213.5		204.0		164.5		33.2
Regulatory fees		500.2		311.7		333.9		291.5		48.3
Other revenue		40.2		32.8		33.0		26.6		13.6
Total revenues		3,427.1		2,496.1		2,768.8		2,229.1		703.1
Cost of revenues:
Liquidity payments		1,554.1		964.7		1,113.0		849.7		35.8
Routing and clearing		70.4		35.8		39.1		37.6		11.1
Section 31 fees (1)		465.0		271.4		302.4		260.0		11.8
Royalty fees		83.4		86.8		97.4		86.2		78.0
Other		(0.1)		0.5		—		—		—
Total cost of revenues		2,172.8		1,359.2		1,551.9		1,233.5		136.7
Revenues less cost of revenues		1,254.3		1,136.9		1,216.9		995.6		566.4
Operating expenses:
Compensation and benefits		224.9		199.0		228.8		201.4		113.2
Depreciation and amortization		158.5		176.6		204.0		192.2		44.4
Technology support services		54.5		46.2		47.9		42.1		22.5
Professional fees and outside services		60.6		68.3		68.3		66.0		53.1
Travel and promotional expenses		6.6		11.9		13.0		17.2		11.0
Facilities costs		17.6		11.0		11.5		10.3		5.7
Acquisition-related costs		45.2		48.5		30.0		84.4		13.6
Other expenses		24.2		38.2		14.0		10.1		4.7
Total operating expenses		592.1		599.7		617.5		623.7		268.2
Operating income		662.2		537.2		599.4		371.9		298.2
Non-operating (expenses) income:
Interest expense, net		(37.6)		(35.9)		(38.2)		(41.3)		(5.7)
Other income, net		35.8		0.1		10.0		3.8		14.1
Income before income tax provision		660.4		501.4		571.2		334.4		306.6
Income tax provision		192.2		130.6		146.0		(66.2)		120.9
Net income	$	468.2	$	370.8	$	425.2	$	400.6	$	185.7
Net loss attributable to redeemable noncontrolling interest		—		4.1		1.3		1.1		1.1
Net income excluding redeemable noncontrolling interest		468.2		374.9		426.5		401.7		186.8
Change in redemption value of redeemable noncontrolling interest		—		(0.5)		(1.3)		(1.1)		(1.1)
Net income allocated to participating securities		(1.2)		(1.7)		(3.1)		(3.9)		(0.8)
Net income allocated to common stockholders	$	467.0	$	372.7	$	422.1	$	396.7	$	184.9

Basic earnings per share	$	4.28	$	3.35	$	3.78	$	3.70	$	2.27
Diluted earnings per share	$	4.27	$	3.34	$	3.76	$	3.69	$	2.27

Basic weighted average shares outstanding		109.1		111.4		111.8		107.2		81.4
Diluted weighted average shares outstanding		109.3		111.8		112.2		107.5		81.4
Distributions per share	$	1.56	$	1.34	$	1.16	$	1.04	$	0.96

(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,
	2020		2019		2018		2017		2016

		(in millions)
Balance Sheet Data:
Assets:
Cash and cash equivalents	$	245.4	$	229.3	$	275.1	$	143.5	$	97.3
Financial investments		92.4		71.0		35.7		47.3		—
Accounts receivable, net of $0.6 allowance for credit losses at December 31, 2020 and $0.7 at December 31, 2019		337.3		234.7		287.3		217.3		76.7
Margin deposits and clearing funds		812.1		—		—		—		—
Current assets		1,566.8		607.6		683.7		434.7		235.1
Goodwill and intangible assets, net		4,624.1		4,272.0		4,411.6		4,610.0		35.2
Total assets		6,516.5		5,113.9		5,321.0		5,265.7		476.7

Liabilities and stockholders' equity:
Margin deposits and clearing funds	$	812.1	$	—	$	—	$	—	$	—
Short-term and long-term debt		1,203.9		867.6		1,215.4		1,237.9		—
Current liabilities		1,313.3		281.6		595.9		334.0		89.9
Total liabilities		3,167.6		1,758.3		2,070.6		2,145.7		146.2
Total redeemable noncontrolling interest		—		—		9.4		9.4		12.6
Total stockholders' equity		3,348.9		3,355.6		3,241.0		3,110.6		317.9
Total liabilities, redeemable noncontrolling interest, and stockholders' equity		6,516.5		5,113.9		5,321.0		5,265.7		476.7

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