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IAS Reports Fourth Quarter and Full Year 2023 Financial Results

Published

3 years ago

on

Fourth quarter revenue increased 14% to $134.3 million

Fourth quarter net income of $10.2 million at an 8% margin; fourth quarter adjusted EBITDA increased 19% to $47.5 million at a 35% margin

NEW YORK, Feb. 27, 2024 /PRNewswire/ — Integral Ad Science Holding Corp. (Nasdaq: IAS), a leading global media measurement and optimization platform, today announced financial results for the fourth quarter and full year ended December 31, 2023.

“We ended 2023 with strong fourth quarter performance across optimization and measurement with revenue growth of 16% and 18%, respectively,” said Lisa Utzschneider, CEO of IAS. “Social media revenue increased 37% in the fourth quarter as marketers trusted IAS to maximize their advertising spend globally, particularly in short-form video. In 2024, we will continue to invest in data science and innovate with AI to empower marketers with actionable data to drive superior results. We expect to deliver double-digit revenue growth for the full year.”  

Fourth Quarter 2023 Financial Highlights

Total revenue was $134.3 million, a 14% increase compared to $117.4 million in the prior-year period.Optimization revenue was $63.6 million, a 16% increase compared to $55.1 million in the prior-year period.Measurement revenue was $52.6 million, an 18% increase compared to $44.7 million in the prior-year period.Publisher revenue was $18.1 million, a 2% increase compared to $17.6 million in the prior-year period.International revenue, excluding the Americas, was $43.3 million, a 16% increase compared to $37.3 million in the prior-year period, or 32% of total revenue for the fourth quarter of 2023.Gross profit was $106.0 million, an 11% increase compared to $95.5 million in the prior-year period. Gross profit margin was 79% for the fourth quarter of 2023.Net income was $10.2 million, or $0.06 per basic and diluted share, compared to $11.5 million, or $0.07 per basic and diluted share, in the prior-year-period. Net income margin was 8% for the fourth quarter of 2023.Adjusted EBITDA* was $47.5 million, a 19% increase compared to $40.0 million in the prior-year period. Adjusted EBITDA* margin was 35% for the fourth quarter of 2023.

Full Year 2023 Financial Highlights

Total revenue was $474.4 million, a 16% increase compared to $408.3 million in the prior year.Optimization revenue was $224.5 million, an 18% increase compared to $190.6 million in the prior year.Measurement revenue was $186.0 million, a 20% increase compared to $154.9 million in the prior year.Publisher revenue was $63.8 million, a 2% increase compared to $62.8 million in the prior year.International revenue, excluding the Americas, was $146.8 million, a 14% increase compared to $129.1 million in the prior year, or 31% of total revenue for the full year 2023.Gross profit was $375.0 million, a 13% increase compared to $332.6 million in the prior year. Gross profit margin was 79% for the full year 2023.Net income was $7.2 million, or $0.04 per diluted share, compared to $15.4 million, or $0.10 per basic and diluted share, in the prior year. Net income margin was 2% for the full year 2023.Adjusted EBITDA* was $159.5 million, a 26% increase compared to $126.6 million in the prior year. Adjusted EBITDA* margin was 34% for the full year 2023.Cash and cash equivalents were $124.8 million at December 31, 2023.

Recent Business Highlights

Meta Expansion – In February, IAS announced the availability of its AI-driven Total Media Quality (TMQ) brand safety and suitability measurement product across Facebook and Instagram Feed and Reels. IAS’s new post-bid brand safety and suitability expansion with Meta gives advertisers increased transparency into whether their campaigns are appearing next to safe and suitable content.IAS MRC Continuing Accreditation for Measurement of Meta Platforms – In January, IAS received continuing accreditation from the MRC for viewability measurement of Meta, including impressions and two-second video viewability, on Facebook Feed and Instagram Feed and Stories.YouTube TMQ Expansion – During the fourth quarter, IAS expanded its partnership to YouTube Shorts to offer its brand safety and suitability measurement product to advertisers for YouTube Shorts inventory, as part of its existing Total Media Quality for YouTube product suite.X Expansion – In February, IAS expanded its partnership with X to all U.S. advertisers. IAS classifies all vertical video ad adjacencies for brand safety and suitability aligned to the GARM framework, giving advertisers maximum control over where their ads appear on the X vertical video feed.Quality Attention Expansion – In January, IAS announced the general availability of its Quality Attention measurement product. Quality Attention uses advanced machine learning technology, actionable data from Lumen Research’s eye-tracking technology, and a variety of signals obtained as part of IAS’s core technology.

Financial Outlook

“We reported profitable growth in the fourth quarter with a 14% revenue increase at a 35% adjusted EBITDA* margin,” said Tania Secor, CFO of IAS. “As we move through 2024, we expect to ramp both revenue growth and profitability from forecasted first quarter levels as we expand availability and customer adoption of new products. We also plan to maintain our strong financial profile and healthy balance sheet.”

IAS is introducing the following financial outlook for the first quarter and full year 2024:

First Quarter Ending March 31, 2024:

Total revenue of $111 million to $113 millionAdjusted EBITDA* of $28 million to $30 million

Year Ending December 31, 2024:

Total revenue of $530 million to $540 millionAdjusted EBITDA* of $171 million to $179 million

* See “Supplemental Disclosure Regarding Non-GAAP Financial Information” section herein for an explanation of Non-GAAP measures. IAS is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net income (loss), the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization, interest expense, income tax expense (benefit), restructuring and severance costs, and acquisition and integration costs, cannot be estimated due to factors outside of IAS’s control and could have a material impact on the reported results. However, IAS estimates stock-based compensation expense for the first quarter of 2024 in the range of $14 million to $16 million and for the full year 2024 in the range of $72 million to $76 million. A reconciliation is not available without unreasonable effort.

 

INTEGRAL AD SCIENCE HOLDING CORP.

CONSOLIDATED BALANCE SHEETS

 

(IN THOUSANDS, EXCEPT SHARE DATA)

December 31, 2023

December 31, 2022

ASSETS

Current assets:

Cash and cash equivalents

$      124,759

$        86,877

Restricted cash

54

45

Accounts receivable, net

74,609

67,884

Unbilled receivables

46,548

41,550

Prepaid expenses and other current assets

18,959

24,761

Due from related party

—

29

Total current assets

264,929

221,146

Property and equipment, net

3,769

2,412

Internal use software, net

40,301

23,642

Intangible assets, net

178,908

217,558

Goodwill

675,282

674,094

Operating lease right-of-use assets, net

21,668

22,787

Deferred tax asset, net

2,465

2,020

Other long-term assets

4,402

5,024

Total assets

$   1,191,724

$   1,168,683

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued expenses

$        72,232

$        60,799

Operating lease liabilities, current

9,435

6,749

Due to related party

121

122

Deferred revenue

682

99

Total current liabilities

82,470

67,769

Deferred tax liability, net

20,367

45,495

Long-term debt

153,725

223,262

Operating lease liabilities, non-current

19,523

22,875

Other long-term liabilities

6,183

1,066

Total liabilities

282,268

360,467

Commitments and Contingencies

Stockholders’ Equity

Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023; 0
     shares issued and outstanding at December 31, 2023 and 2022

—

—

Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023,
     158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and
     2022, respectively

159

154

Additional paid-in-capital

901,259

810,186

Accumulated other comprehensive loss

(916)

(2,899)

Accumulated earnings

8,954

775

Total stockholders’ equity

909,456

808,216

Total liabilities and stockholders’ equity

$   1,191,724

$   1,168,683

 

INTEGRAL AD SCIENCE HOLDING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

Three months ended December 31,

Year ended December 31,

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

2023

2022

2023

2022

Revenue

$       134,295

$       117,435

$      474,369

$      408,348

Operating expenses:

Cost of revenue (excluding depreciation and amortization shown below)

28,252

21,891

99,352

75,755

Sales and marketing

30,423

28,325

117,989

106,286

Technology and development

19,056

22,280

72,906

76,351

General and administrative

25,961

23,572

111,634

79,654

Depreciation and amortization

14,593

12,811

54,966

50,396

Foreign exchange (gain) loss, net

(501)

1,246

430

4,749

Total operating expenses

117,784

110,125

457,277

393,191

Operating income

16,511

7,310

17,092

15,157

Interest expense, net

(2,489)

(3,194)

(12,236)

(9,053)

Employee retention tax credit

—

—

—

6,981

Net income before income taxes

14,022

4,116

4,856

13,085

(Provision) benefit from income taxes

(3,858)

7,371

2,382

2,288

Net income

$         10,164

$         11,487

$          7,238

$        15,373

Net income per share:

Basic

$             0.06

$             0.07

$           0.05

$           0.10

Diluted

$             0.06

$             0.07

$           0.04

$           0.10

Weighted average shares outstanding:

Basic

158,243,619

153,792,438

156,272,335

154,699,694

Diluted

163,060,805

155,288,725

161,723,131

157,258,083

Other comprehensive income:

Foreign currency translation adjustments

2,772

8,634

1,983

(2,584)

Total comprehensive income

$         12,936

$         20,121

$          9,221

$        12,789

 

INTEGRAL AD SCIENCE HOLDING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’/MEMBERS’ EQUITY

Members’ Interest

Common Stock

(IN THOUSANDS, EXCEPT UNITS
AND SHARES DATA)

Units

Amount

Shares

Amount

Additional

paid-in

capital

Accumulated

other

comprehensive

income (loss)

Accumulated
earnings

(deficit)

Total members’/
stockholders’ 
equity

Balances at January 1, 2021

134,039,494

$            553,717

—

$                     —

$                     —

$               4,523

$          (126,761)

$            431,479

Repurchase of units

(99,946)

(413)

—

—

—

—

(791)

(1,204)

Units vested

17,486

—

—

—

—

—

—

—

Option exercises

246,369

1,075

—

—

3,360

—

—

4,435

Foreign currency translation
adjustment

—

—

—

—

—

(4,838)

—

(4,838)

Net loss prior to corporate conversion

—

—

—

—

—

—

(37,832)

(37,832)

Conversion to Delaware corporation

(134,203,403)

(554,379)

134,203,403

134

388,860

—

165,385

—

Rounding units/shares as a result of
corporate conversion

—

—

(17)

—

—

—

—

—

Stock-based compensation

—

—

—

—

55,222

—

—

55,222

RSUs vested

—

—

26,931

—

150

—

—

150

Issuance of common stock in
connection with initial public offering

—

—

16,821,330

17

274,340

—

—

274,357

Issuance of common stock for Publica
acquisition

—

—

2,888,889

3

49,628

—

—

49,631

Issuance of common stock for Context
acquisition

—

—

457,959

—

10,391

—

—

10,391

Net loss

—

—

—

—

—

—

(14,600)

(14,600)

Balances at December 31, 2021

—

$                     —

154,398,495

$                  154

$            781,951

$                 (315)

$            (14,600)

$            767,190

RSUs vested

—

—

1,084,966

1

—

—

—

1

Option exercises

—

—

1,586,728

2

7,153

—

—

7,155

Stock-based compensation

—

—

—

—

44,733

—

—

44,733

Foreign currency translation
adjustment

—

—

—

—

—

(2,584)

—

(2,584)

Repurchase of common stock

—

—

(3,080,061)

(3)

(23,652)

—

—

(23,655)

Net income

—

—

—

—

—

—

15,373

15,373

Balances at December 31, 2022

—

$                     —

153,990,128

$                  154

$            810,186

$              (2,899)

$                  775

$            808,216

RSUs and MSUs vested

—

—

3,492,130

4

—

—

—

4

Option exercises

—

—

1,001,793

1

7,988

—

—

7,989

ESPP purchase

—

—

273,569

—

2,306

—

—

2,306

Stock-based compensation

—

—

—

—

80,779

—

—

80,779

Foreign currency translation adjustment

—

—

—

—

—

1,983

—

1,983

Adoption of ASC 326, net of tax

—

—

—

—

—

—

941

941

Net income

—

—

—

—

—

—

7,238

7,238

Balances at December 31, 2023

—

$                     —

158,757,620

$                  159

$            901,259

$                 (916)

$               8,954

$            909,456

 

INTEGRAL AD SCIENCE HOLDING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended December 31,

(IN THOUSANDS)

2023

2022

Cash flows from operating activities:

Net income

$          7,238

$        15,373

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

54,966

50,396

Stock-based compensation

81,103

44,752

Foreign exchange (gain) loss, net

(484)

5,233

Deferred tax benefit

(21,531)

(8,880)

Amortization of debt issuance costs

463

464

Allowance for credit losses

3,816

1,837

Employee retention tax credit

—

(6,981)

Impairment of assets

33

974

Changes in operating assets and liabilities:

Increase in accounts receivable

(8,148)

(18,581)

Increase in unbilled receivables

(4,685)

(5,830)

Decrease (increase) in prepaid expenses and other current assets

6,418

(10,641)

Increase in operating leases, net

(29)

(852)

Decrease (increase) in other long-term assets

375

(1,057)

Increase in accounts payable and accrued expenses and other long-term liabilities

11,478

6,286

Increase (decrease) in deferred revenue

582

(88)

Increase in due to/from related party

28

62

Net cash provided by operating activities

131,623

72,467

Cash flows from investing activities:

Payment for acquisitions, net of acquired cash

(966)

(1,603)

Purchase of property and equipment

(1,975)

(2,016)

Acquisition and development of internal use software and other

(31,777)

(14,673)

Net cash used in investing activities

(34,718)

(18,292)

Cash flows from financing activities:

Repayment of long-term debt

(145,000)

(35,000)

Repayment of short-term debt

—

(1,816)

Proceeds from the Revolver

75,000

15,000

Proceeds from exercise of stock options

7,989

7,155

Payments for repurchase of common stock

—

(23,655)

Cash received from Employee Stock Purchase Program (ESPP)

3,160

845

Net cash used in financing activities

(58,851)

(37,471)

Net increase in cash, cash equivalents, and restricted cash

38,054

16,704

Effect of exchange rate changes on cash and cash equivalents, and restricted cash

(435)

(3,111)

Cash, cash equivalents, and restricted cash, at beginning of year

89,671

76,078

Cash, cash equivalents, and restricted cash, at end of year

$      127,290

$        89,671

Supplemental Disclosures:

Cash paid during the year for:

Interest

$        11,229

$          8,511

Taxes

$        10,985

$        16,396

Non-cash investing and financing activities:

Property and equipment acquired included in accounts payable

$             431

$               97

Internal use software acquired included in accounts payable

$          1,444

$          1,517

Lease liabilities arising from right of use assets

$          6,282

$        29,624

Supplemental Disclosure Regarding Non-GAAP Financial Information

We use supplemental measures of our performance, which are derived from our consolidated financial information, but which are not presented in our consolidated financial statements prepared in accordance with GAAP. Adjusted EBITDA is the primary financial performance measure used by management to evaluate our business and monitor ongoing results of operations. Adjusted EBITDA is defined as income/loss before depreciation and amortization, stock-based compensation, interest expense, income taxes, restructuring and severance costs, acquisition and integration costs, foreign exchange gains and losses, and other one-time, non-recurring costs. Adjusted EBITDA margin represents the adjusted EBITDA for the applicable period divided by the revenue for that period presented in accordance with GAAP.

We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our shareholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, these measures are not a substitute for, or superior to, U.S. GAAP financial measures or disclosures. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

Reconciliation of historical Adjusted EBITDA and corresponding margin to their most directly comparable GAAP financial measures, net income/loss and corresponding margin are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.

Reconciliation of Adjusted EBITDA

Three months ended December 31,

Year ended December 31,

(in thousands, except percentages)

2023

2022

2023

2022

Net income

$       10,164

$       11,487

$         7,238

$      15,373

Depreciation and amortization

14,593

12,811

54,966

50,396

Stock-based compensation

15,462

11,645

81,103

44,752

Interest expense, net

2,489

3,194

12,236

9,053

Provision (benefit) from income taxes

3,858

(7,371)

(2,382)

(2,288)

Restructuring and severance costs

1,054

5,904

4,028

10,321

Acquisition and integration costs

—

118

—

97

Foreign exchange (gain) loss, net

(501)

1,246

430

4,798

Employee retention tax credit

—

—

—

(6,981)

Offering costs, impairments and other costs

396

1,003

1,913

1,058

Adjusted EBITDA

$       47,515

$       40,037

$     159,532

$    126,579

Revenue

$     134,295

$     117,435

$     474,369

$    408,348

Net income margin

8 %

10 %

2 %

4 %

Adjusted EBITDA margin

35 %

34 %

34 %

31 %

 

Stock-Based Compensation 

Three months ended December 31,

Year ended December 31,

(in thousands)

2023

2022

2023

2022

Cost of revenue

$             124

$             249

$             452

$             507

Sales and marketing

5,512

2,871

23,371

13,520

Technology and development

4,104

2,958

17,538

9,937

General and administrative

5,722

5,567

39,742

20,788

Total stock-based compensation

$         15,462

$         11,645

$         81,103

$         44,752

Conference Call and Webcast Information
IAS will host a conference call and live webcast to discuss its fourth quarter and full year 2023 financial results today at 5:00 p.m. ET. To access the live webcast and conference call dial-in, please register under the “News & Events” section of IAS’s investor relations website. A replay will be available on IAS’s investor relations website following the live call: https://investors.integralads.com.

About Integral Ad Science
Integral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry’s most actionable data to drive superior results for the world’s largest advertisers, publishers, and media platforms. IAS’s software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust, safety, and transparency in digital media quality. For more information, visit integralads.com.

Forward-Looking Statements
This earnings press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: (i) the adverse effect on our business, operating results, financial condition, and prospects from various macroeconomic factors, including instability in geopolitical or market conditions; (ii) our failure to innovate or make the right investment decisions; (iii) our ability to provide digital or cross-platform analytics; (iv) our failure to maintain or achieve industry accreditation standards; (v) our dependence on integrations with advertising platforms, demand side providers (“DSPs”) and proprietary platforms that we do not control; (vi) our ability to compete successfully with our current or future competitors in an intensely competitive market; (vii) our inability to use software licensed from third parties; (viii) our international expansion; (ix) our ability to expand into new channels; (x) our ability to sustain our profitability and revenue growth rate; (xi) risks that our customers do not pay or choose to dispute their invoices; (xii) risks of material changes to revenue share agreements with certain DSPs; (xiii) our dependence on the overall demand for advertising; (xiv) our ability to effectively manage our growth; (xv) the impact that any acquisitions we have completed in the past and may consummate in the future, strategic investments, or alliances may have on our business, financial condition, and results of operations; (xvi) our ability to successfully execute our international plans; (xvii) the risks associated with the seasonality of our market; (xviii) our ability to maintain high impression volumes; (xix) the difficulty in evaluating our future prospects given our short operating history; (xx) uncertainty in how the market for buying digital advertising verification solutions will evolve; (xxi) interruption by man-made problems such as terrorism, computer viruses, or social disruptions; (xxii) the risk of failures in the systems and infrastructure supporting our solutions and operations; (xxiii) our ability to avoid operational, technical, and performance issues with our platform; (xxiv) risks associated with any unauthorized access to user, customer, or inventory and third-party provider data; (xxv) our ability to provide the non-proprietary technology, software, products, and services that we use; (xxvi) the risk that we are sued by third parties for alleged infringement, misappropriation, or other violation of their proprietary rights; (xxvii) our ability to obtain, maintain, protect, or enforce intellectual property and proprietary rights that are important to our business; (xxviii) our involvement in lawsuits to protect or enforce our intellectual property; (xxix) risks that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers; (xxx) risks that our trademarks and trade names are not adequately protected; (xxxi) the impact of unforeseen changes to privacy and data protection laws and regulation on digital advertising; (xxxii) our ability to maintain our corporate culture; (xxxiii) public health outbreaks, epidemics, pandemics, or other public health crises; (xxxiv) risks posed by earthquakes, fires, floods, and other natural catastrophic events; (xxxv) the risk that a perceived failure to comply with laws and industry self-regulation may damage our reputation; and (xxxvi) other factors disclosed in our filings with the SEC. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to update or revise any forward- looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Investor Contact:
Jonathan Schaffer / Lauren Hartman
ir@integralads.com

Media Contact:
press@integralads.com

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SOURCE Integral Ad Science, Inc.

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SEC registration enables Cboe Clear U.S. to clear binary securities options alongside futures, positioning it to support innovation across the market

CHICAGO, Oct. 23, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced that Cboe Clear U.S., LLC (CCUS) has received temporary registration from the U.S. Securities and Exchange Commission (SEC) to operate as a Covered Clearing Agency.

The registration expands CCUS’s clearing capabilities beyond its existing authorities as a Commodity Futures Trading Commission (CFTC)-registered Derivatives Clearing Organization (DCO) to clear securities products in addition to futures and swaps products. Together with recent enhancements to its regulatory framework and product scope, the milestone positions CCUS to support innovation and emerging opportunities across a broad range of assets and markets.

CCUS will initially use its SEC registration to clear Cboe’s binary securities options tied to specified corporate key performance indicators (KPIs), which are planned to list on Cboe Options Exchange and be available on Robinhood in the fourth-quarter 2026. CCUS also recently received CFTC approval to clear margined futures broadly and continues to clear digital asset derivatives under its DCO designation.

“Clearing plays a critical role in bringing innovation to market,” said Dale Michaels, Head of Cboe Clear U.S. “These expanded capabilities position Cboe Clear U.S. to become an innovation lane to support new products and meet evolving customer needs, while maintaining the rigorous risk management standards that are fundamental to our business.”

These efforts complement Cboe’s longstanding partnership with The Options Clearing Corporation (OCC)® and Cboe’s continued commitment to supporting the established clearing infrastructure for traditional equity options.

The development builds on the growth of Cboe’s established European clearing business, where Cboe Clear Europe has become the leading pan-European equities central counterparty, while expanding into new services such as securities financing transaction clearing. Together, these advances demonstrate Cboe’s ability to extend its clearing capabilities across markets and asset classes.

To support its own future growth, CCUS has strengthened its infrastructure over the past year, including electing in June to become a Subpart C DCO. In doing so, CCUS is voluntarily adopting the enhanced standards the CFTC applies to systemically important DCOs for financial resources, risk management and operational resilience, aligning with those applied to leading global clearing organizations.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

 

Cboe Analyst Contact

 

Angela Tu

+1-646-856-8734

atu@cboe.com

Tim Cave

+44 (0) 7593-506-719

tcave@cboe.com

Kenneth Hill, CFA

+1-312-786-7559

khill@cboe.com

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Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor’s Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our  clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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SOURCE Cboe Global Markets, Inc.

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Technology

Hears Everything, Uploads Nothing: VoxNexus Launches Android’s First Low-Power On-Device Always-On Voice Artificial Intelligence (AI)

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29 minutes ago

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October 23, 2026

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VoxNexus’ new on-device ambient listening solution runs for 12 hours on 2.49% of a phone’s battery and never sends audio to the cloud

MADRID, Oct. 23, 2026 /PRNewswire/ — VoxNexus (www.VoxNexus.ai) released VoxEdge, an on-device voice stack that brings speech recognition, translation and speech synthesis to affordable Android devices, entirely offline. VoxEdge supports speech recognition in 36 languages, translation in 103 languages, and speech synthesis in 45 languages—all running with no connection, no data bundle, and no cloud token bills.

AI should work for everyone, not just for speakers of a handful of mainstream languages. Yet across much of Africa, voice AI has been held back by scarce training data and the lack of targeted fine-tuning. Everyday speech also includes code-switching and dialect variation, while cloud-based inference costs can make deployment at scale expensive. 

VoxNexus’s solutions run entirely on device, and every query is free once the model is installed on the device. Its speech recognition model has as few as 65 million parameters and achieves a lower word error rate than open-source models nearly ten times its size.

“Under-resource languages aren’t small languages. Hundreds of millions of people speak them. Until now, AI models just haven’t learned them yet,” said Charles Shi, CEO of VoxNexus.

VoxNexus also launched VoxSense, an on-device ambient listening solution that uses only 162 mAh for 12 hours of continuous listening, around 2.5% of a 6,500 mAh phone battery. By keeping all processing on device, VoxSense makes always-on listening practical without draining the battery and without sending any audio to the cloud. Developers and device makers can easily integrate it through a license and a simple SDK. Developers can request a free trial here: www.VoxNexus.ai.

VoxSense and VoxEdge were unveiled at the MediaTek Dimensity 9600 launch in Madrid on October 19.

Distributed by APO Group on behalf of VoxNexus AI. 

About VoxNexus:
VoxNexus builds AI that hears and speaks — for everyone, everywhere, all the time. Its audio intelligence runs entirely on-device, delivering low latency, built-in privacy, and zero token cost across any device with a chip. VoxNexus is headquartered in Singapore. Website: www.VoxNexus.ai. Contact: public@voxnexus.ai  

VoxNexus demonstrates live on-device speech recognition at the MediaTek Dimensity 9600 launch in Madrid on Oct. 19, 2026. Spanish and English conversations were transcribed in real time on the phone, with no cloud connection. (Photo: VoxNexus) 

Speaks Your Language, No Internet Needed: VoxNexus Brings On-Device Voice Artificial Intelligence (AI) in 100+ Languages to Affordable Android Devices

View original content:https://www.prnewswire.com/news-releases/hears-everything-uploads-nothing-voxnexus-launches-androids-first-low-power-on-device-always-on-voice-artificial-intelligence-ai-302918304.html

SOURCE VoxNexus AI

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Technology

team.blue extends €1.1 billion of its Term Loan B to 2032 in the largest software Euro term loan issuance in the last 12 months

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29 minutes ago

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October 23, 2026

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GHENT, Belgium, Oct. 23, 2026 /PRNewswire/ — team.blue, a leading pan-European provider of digital solutions for small and medium-sized businesses (SMBs) backed by Hg, CPP Investments and Sofina, today announces the successful pricing of an amendment and maturity extension for €1.1 billion of its existing €1.35 billion Term Loan B. The transaction priced on 22 October 2026, with the refinanced tranche extended from September 2029 to July 2032, reinforcing the Company’s prudent capital structure approach.

Strong demand from a broad group of institutional investors enabled team.blue to upsize the transaction twice in-market, taking the final deal size to €1.1 billion from a minimum initial launch size of €500 million, despite recent credit market volatility. Pro forma for the transaction, c.90% of team.blue’s term debt now matures in 2032.

The transaction comes at a time of significant momentum for team.blue, with continued double-digit revenue growth and strong cash generation supporting its deleveraging trajectory. Its products help Europe’s SMBs get online, get customers, get paid and stay compliant, and AI-enabled products are increasingly driving new customer growth. team.blue continues to innovate across its portfolio, from smarter tools within its brands to secure European cloud hosting built for customers’ growing AI workloads. Its category-leading SaaS brands are also integrating with leading AI assistants, bringing team.blue’s products to customers wherever they work.

Transaction highlights

The largest software Euro term loan issuance in the last 12 months€1.1 billion Term Loan B, borrowed by team.blue Finco S.à r.l., maturing July 2032Priced at E + 425bps with a 0% floor and an OID of 98.5Upsized twice from an initial €500 million, reflecting a heavily oversubscribed order bookCorporate and facility ratings of B3 (Moody’s) and B (S&P), both with stable outlooksBofA acted as Global Coordinator and Left Lead Physical Bookrunner, alongside Barclays. ABN AMRO, BNP Paribas, Citi, ING and J.P. Morgan acted as Bookrunners

Jonathan Thackray, Chief Financial Officer of team.blue, said:
“We set out to extend €500 million of our Term Loan B, and the depth of support from our institutional investor base allowed us to go much further. This reflects confidence in team.blue’s highly recurring, cash-generative model and our position as a leading digital partner for Europe’s SMBs. It gives us the flexibility to keep innovating and investing in the digital and AI-enabled tools our customers rely on.”

About team.blue
team.blue is the pan-European digital partner for small and medium businesses, serving more than 3.5 million customers in 24 countries. From web hosting, domains, email and cloud and AI infrastructure to e-commerce, engagement, payments and compliance tools, team.blue helps SMBs get online, get customers, get paid and stay compliant. Supported by more than 4,000 employees, team.blue’s vision is to make online business success simpler, with artificial intelligence at every step. 

View original content:https://www.prnewswire.co.uk/news-releases/teamblue-extends-1-1-billion-of-its-term-loan-b-to-2032-in-the-largest-software-euro-term-loan-issuance-in-the-last-12-months-302918306.html

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