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Marketaxess Holdings Inc (MKTX) SEC Filing 8-K Material Event for the period ending Wednesday, January 26, 2022

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS FOURTH QUARTER 2021 REVENUES

OF $165.1 MILLION, OPERATING INCOME OF $72.6 MILLION AND

DILUTED EPS OF $1.37

Company Announces Increase in Regular Quarterly Dividend to $0.70 per Share, up from $0.66, and

Approval of $150 Million Share Repurchase Program

Full Year 2021 Financial Highlights*

 

   

Record revenues of $699.0 million, up 1%; 2-year compound annual growth rate of 17%

 

   

Record Emerging Markets commission revenue of $104.1 million, up 17%

 

   

Operating income of $337.2 million, down 10%

 

   

Operating margin of 48.2%

 

   

Free cash flow of $296.7 million

 

   

Diluted EPS of $6.77, down 14% from $7.85

 

   

Estimated combined U.S. High-Grade and High-Yield market share of 19.3%; approximately 92% of credit volume on the platform was executed by institutional clients

Fourth Quarter Financial Highlights**

 

   

Revenues of $165.1 million, down 4%

 

   

Operating income of $72.6 million, down 21%

 

   

Diluted EPS of $1.37, down 28% from $1.91

 

   

Estimated combined U.S. High-Grade and High-Yield market share of 19.5%; approximately 92% of credit volume on the platform was executed by institutional clients

 

   

Emerging Markets volume of $160.6 billion, up 15%

 

   

Record estimated Eurobond market share of 13.2%, up from 11.1%

 

   

Record active total client firms of 1,877 and international client firms of 956

 

*

All comparisons versus full year 2020.

 

**

All comparisons versus fourth quarter 2020.

NEW YORK, January 26, 2022 – MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the quarter and year ended December 31, 2021.

 

1


“In 2021, we continued to execute our growth strategy, significantly enhancing the value of our unique liquidity solutions for clients on our global marketplace,” said Rick McVey, Chairman and CEO of MarketAxess. “We delivered strong performance across our core markets compared to pre-pandemic levels, and momentum continued to build in our newer markets, including Global EM, Munis, and Rates, where we are growing our share of the addressable e-trading opportunity. Our investments in new trading protocols and trading automation solutions continue to gain traction, driving higher trading efficiency and lower trading costs for our clients. We also benefited from strong revenue growth in Data and Post-Trade Services, reflecting their increasing importance in driving trading activity and diversifying our revenue streams. Lastly, our powerful network of clients continued to grow to a record 1,877 active client firms utilizing our global marketplace. As a result of our strong execution and continued investment in new growth drivers, we are in a great position for 2022 and beyond.”

Fourth Quarter Results

Total revenues for the fourth quarter of 2021 decreased 3.7% to $165.1 million, compared to $171.3 million for the fourth quarter of 2020. Operating income was $72.6 million, compared to $91.7 million for the fourth quarter of 2020, a decrease of 20.8%. Operating margin was 44.0%, compared to 53.5% for the fourth quarter of 2020. Net income totaled $52.2 million, or $1.37 per share on a diluted basis, compared to $72.9 million, or $1.91 per share, for the fourth quarter of 2020.    

Commission revenue for the fourth quarter of 2021 decreased 6.4% to $145.9 million, compared to $155.8 million for the fourth quarter of 2020. Variable transaction fees decreased 11.0% to $113.9 million for the fourth quarter of 2021, compared to variable transaction fees of $128.0 million for the fourth quarter of 2020. Commission revenue includes $1.2 million generated by MuniBrokers, which was acquired in April 2021. Combined U.S. high-grade and high-yield trading volume as a percentage of FINRA’s combined high-grade and high-yield TRACE trading volume was an estimated 19.5% for the fourth quarter of 2021, compared to an estimated 21.1% for the fourth quarter of 2020.

All other revenue, which consists of information services, post-trade services and other revenue, increased to $19.1 million, compared to $15.5 million for the fourth quarter of 2020. The $3.6 million increase in all other revenue was principally due to an incremental $1.8 million of regulatory trade reporting revenue generated by Regulatory Reporting Hub which was acquired on November 30, 2020 and $0.8 million of revenue due to new data contracts.

Total expenses for the fourth quarter of 2021 increased 16.1% to $92.5 million, compared to $79.6 million for the fourth quarter of 2020. The increase in total expenses was largely due to higher employee compensation and benefit costs of $4.7 million, mainly due to an increase in headcount; higher depreciation and amortization of $4.0 million, which includes acquired intangibles expense of $1.8 million; and higher technology and communications costs of $2.3 million which was partially offset by a decrease in clearing costs of $1.3 million. Expenses in the fourth quarter of 2021 reflect incremental operating expenses and costs associated with the MuniBrokers and Regulatory Reporting Hub businesses totaling $5.0 million. Excluding the MuniBrokers and Regulatory Reporting Hub expenses, total expenses for the quarter were up 10.1%.

The effective tax rate for the fourth quarter of 2021 was 27.1%, compared to 19.2% for the fourth quarter of 2020. The higher effective tax rate for the fourth quarter of 2021 was due to lower excess tax benefits and return-to-provision adjustments. The income tax provision for the fourth quarter of 2021 and 2020 reflected $0.3 million and $6.2 million, respectively, of excess tax benefits related to share-based compensation awards.

 

2


Full Year 2021 Results

Total revenues for the year ended December 31, 2021 increased 1.4% to a record $699.0 million, compared to $689.1 million for 2020. Operating income was $337.2 million, compared to $374.7 million for 2020, a decrease of 10.0%. Operating margin was 48.2%, compared to 54.4% for 2020. Net income totaled $257.9 million, or $6.77 per share on a diluted basis, compared to $299.4 million, or $7.85 per share, for 2020.

Commission revenue for the year ended December 31, 2021 decreased 2.1% to $621.0 million, compared to $634.4 million for 2020. Variable transaction fees decreased 4.7% to $501.6 million, compared to variable transaction fees of $526.3 million for 2020. Commission revenue includes $3.5 million generated by MuniBrokers, which was acquired in April 2021. Combined U.S. high-grade and high-yield trading volume as a percentage of FINRA’s combined high-grade and high-yield TRACE trading volume was an estimated 19.3% for the year ended December 31, 2021, compared to an estimated 19.5% for 2020.

All other revenue, which consists of information services, post-trade services and other revenue, increased 42.5% to $77.9 million in 2021, compared to $54.7 million for 2020. The $23.3 million increase in all other revenue was principally due to an incremental $13.0 million of regulatory trade reporting revenue generated by Regulatory Reporting Hub which was acquired on November 30, 2020 and $3.8 million of revenue due to new data contracts.

Total expenses for the year ended December 31, 2021 increased 15.1% to $361.7 million, compared to $314.4 million for 2020. The increase in total expenses was principally due to higher depreciation and amortization of $17.5 million, which includes acquired intangibles expense of $9.7 million; higher employee compensation and benefits costs of $14.0 million, mainly due to an increase in headcount; professional and consulting fees of $9.6 million; technology and communications costs of $8.4 million; offset by a decrease in clearing costs of $5.0 million. Expenses in 2021 reflect incremental operating expenses and costs associated with the MuniBrokers and Regulatory Reporting Hub businesses totaling $21.9 million. Excluding MuniBrokers and Regulatory Reporting Hub expenses, total expenses for the year were up 8.1%.

The effective tax rate for 2021 was 22.8%, compared to 20.0% for 2020. The income tax provision for 2021 and 2020 reflected $11.7 million and $24.1 million, respectively, of excess tax benefits related to share-based compensation awards.

Employee headcount was 676 as of December 31, 2021 compared to 606 as of December 31, 2020. The increase in headcount was due to the continued investment in the Company’s growth initiatives, including geographic expansion, trading automation, new trading protocols and the transition to self-clearing.

Dividend

The Company’s board of directors declared a 6% increase in the quarterly cash dividend to $0.70 per share of common stock outstanding, to be paid on February 23, 2022 to stockholders of record as of the close of business on February 9, 2022.

Share Repurchases

A total of 111,694 shares were repurchased in the fourth quarter of 2021 at a cost of $45.0 million. In January 2022, the Board of Directors authorized a new repurchase program for up to $150.0 million of the Company’s common stock. The Company expects repurchases under the new program to commence in the first quarter of 2022.

Balance Sheet Data

As of December 31, 2021, total assets were $1.5 billion and included $542.8 million in cash, cash equivalents and investments. Total stockholders’ equity as of December 31, 2021 was $1.0 billion.

 

3


Guidance for 2022

For 2022, the Company is providing the following guidance:

 

   

Expenses are expected to be in the range of $385.0 million to $415.0 million. Based on the midpoint of the stated guidance range, operating expenses are expected to increase by approximately 11% in 2022.

 

   

Capital expenditures are expected to be in the range of $58.0 million to $62.0 million and include an expected increase in capitalized software development to support new protocols, products and trading platform enhancements.

 

   

The Company’s overall effective tax rate is expected to be between 24.0% to 26.0% and reflects a lower benefit from estimated excess tax benefits on share-based compensation awards.

Non-GAAP Financial Measures and Other Items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures of financial performance, including earnings before interest, taxes, depreciation and amortization (“EBITDA”) and free cash flow. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in understanding the Company’s operating results. See the attached schedule for a reconciliation of GAAP net income to EBITDA and GAAP cash flow from operating activities to free cash flow.

Webcast and Conference Call Information

Rick McVey, Chairman and Chief Executive Officer, Chris Concannon, President and Chief Operating Officer and Christopher Gerosa, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Wednesday, January 26, 2022 at 10:00 a.m. EST. To access the conference call, please dial 855-425-4206 (U.S.) or 484-756-4249 (international). The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company’s website at http://investor.marketaxess.com. A replay of the call will be made available by dialing 855-859-2056 (U.S.) or 404-537-3406 (international) and using the conference ID: 2650986 for one week after the announcement. The Webcast will also be archived on http://investor.marketaxess.com for 90 days following the announcement.

About MarketAxess

MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,800 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading® marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services. For more information, please visit www.marketaxess.com.

 

4


Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

 

Media and Investor Relations Contacts:   
David Cresci    William McBride
MarketAxess Holdings Inc.    RF|Binder
+1-212-813-6027    +1-917-239-6726

Kyle White

MarketAxess Holdings Inc.

+1-212-813-6355

 

5


MarketAxess Holdings Inc.

Consolidated Statements of Operations

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2021     2020     2021     2020  
                          
     (In thousands, except per share data)  
     (unaudited)  

Revenues

        

Commissions

   $ 145,913     $ 155,813     $ 621,008     $ 634,445  

Information services

     9,561       8,771       38,175       34,341  

Post-trade services

     9,369       6,564       38,922       19,460  

Other

     217       198       846       879  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     165,060       171,346       698,951       689,125  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

        

Employee compensation and benefits

     41,218       36,472       170,916       156,885  

Depreciation and amortization

     14,607       10,592       53,447       35,996  

Technology and communications

     11,229       8,922       42,474       34,092  

Professional and consulting fees

     10,734       10,295       41,925       32,304  

Occupancy

     3,438       3,220       13,320       13,425  

Marketing and advertising

     2,906       2,307       9,059       7,940  

Clearing costs

     3,739       4,997       16,074       21,058  

General and administrative

     4,608       2,844       14,501       12,697  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     92,479       79,649       361,716       314,397  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     72,581       91,697       337,235       374,728  

Other income (expense)

        

Investment income

     79       119       401       2,446  

Interest expense

     (166     (96     (842     (1,142

Other, net

     (919     (1,431     (2,871     (1,673
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (1,006     (1,408     (3,312     (369
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     71,575       90,289       333,923       374,359  

Provision for income taxes

     19,390       17,358       76,035       74,982  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 52,185     $ 72,931     $ 257,888     $ 299,377  
  

 

 

   

 

 

   

 

 

   

 

 

 

Per Share Data:

        

Net income per common share

        

Basic

   $ 1.39     $ 1.95     $ 6.88     $ 8.01  

Diluted

   $ 1.37     $ 1.91     $ 6.77     $ 7.85  

Cash dividends declared per common share

   $ 0.66     $ 0.60     $ 2.64     $ 2.40  

Weighted-average common shares:

        

Basic

     37,527       37,405       37,508       37,359  

Diluted

     38,046       38,188       38,097       38,144  

 

6


MarketAxess Holdings Inc.

Commission Revenue Details

 

     Three Months Ended      Year Ended  
     December 31,      December 31,  
     2021      2020      2021      2020  
                             
     Total Commissions Revenue  
     (In thousands)  
     (unaudited)  

Transaction Fees

           

U.S. high-grade

   $ 46,173      $ 59,645      $ 213,790      $ 253,684  

Other credit 1

     62,767        65,045        271,215        256,763  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total credit

     108,940        124,690        485,005        510,447  

Rates 2

     4,992        3,267        16,572        15,890  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total transaction fees

     113,932        127,957        501,577        526,337  
  

 

 

    

 

 

    

 

 

    

 

 

 

Distribution Fees

           

U.S. high-grade

     22,665        21,524        87,265        81,893  

Other credit1

     9,262        6,261        31,913        25,834  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total credit

     31,927        27,785        119,178        107,727  

Rates2

     54        71        253        381  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total distribution fees

     31,981        27,856        119,431        108,108  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total commissions

   $ 145,913      $ 155,813      $ 621,008      $ 634,445  
  

 

 

    

 

 

    

 

 

    

 

 

 
     Average Variable Transaction Fee Per Million  
     (unaudited)  

U.S. high-grade—fixed-rate

   $ 171.56      $ 193.51      $ 176.91      $ 191.34  

U.S. high-grade—floating-rate

     43.08        40.14        42.36        48.21  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total U.S. high-grade

     166.15        187.27        171.97        185.40  

Other credit 1

     192.23        202.55        196.30        203.45  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total credit

     180.24        194.94        184.78        194.06  

Rates2

     4.14        3.95        4.00        3.99  

 

1

Other credit includes high-yield, emerging markets, Eurobonds and municipal bonds.

2 

Rates includes U.S. Government bonds, agencies and other government bonds.

 

7


MarketAxess Holdings Inc.

Consolidated Condensed Balance Sheet Data

 

     As of  
     December 31, 2021     December 31, 2020  
              
     (In thousands)  
     (unaudited)  

Assets

    

Cash and cash equivalents

   $ 506,735     $ 460,858  

Cash segregated under federal regulations

     50,159       50,059  

Investments, at fair value

     36,078       28,111  

Accounts receivable, net

     63,881       79,577  

Receivables from broker-dealers, clearing organizations and customers

     408,346       279,915  

Goodwill

     154,789       147,388  

Intangible assets, net of accumulated amortization

     116,377       95,354  

Furniture, equipment, leasehold improvements and capitalized software, net

     96,061       85,204  

Operating lease right-of-use assets

     70,960       75,924  

Prepaid expenses and other assets

     27,066       29,039  
  

 

 

   

 

 

 

Total assets

   $ 1,530,452     $ 1,331,429  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Liabilities

    

Accrued employee compensation

   $ 59,719     $ 62,326  

Payables to broker-dealers, clearing organizations and customers

     229,325       133,326  

Income and other tax liabilities

     40,456       42,750  

Accounts payable, accrued expenses and other liabilities

     71,218       44,354  

Operating lease liabilities

     88,425       93,612  
  

 

 

   

 

 

 

Total liabilities

     489,143       376,368  
  

 

 

   

 

 

 

Stockholders’ equity

    

Common stock

     123       123  

Additional paid-in capital

     330,262       329,742  

Treasury stock

     (232,712     (169,523

Retained earnings

     956,966       799,369  

Accumulated other comprehensive loss

     (13,330     (4,650
  

 

 

   

 

 

 

Total stockholders’ equity

     1,041,309       955,061  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,530,452     $ 1,331,429  
  

 

 

   

 

 

 

 

8


MarketAxess Holdings Inc.

Reconciliation of Non-GAAP Financial Measures

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2021     2020     2021     2020  
                          
     Earnings Before Interest, Taxes, Depreciation and
Amortization
 
     (In thousands)  
     (unaudited)  

Net income

   $ 52,185     $ 72,931     $ 257,888     $ 299,377  

Add back:

        

Interest expense

     166       96       842       1,142  

Provision for income taxes

     19,390       17,358       76,035       74,982  

Depreciation and amortization

     14,607       10,592       53,447       35,996  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before interest, taxes, depreciation and amortization

   $ 86,348     $ 100,977     $ 388,212     $ 411,497  
  

 

 

   

 

 

   

 

 

   

 

 

 
     Free Cash Flow  
     (In thousands)  
     (unaudited)  

Cash flows from operating activities

   $ 145,711     $ 227,620     $ 282,091     $ 404,489  

Exclude: Net change in trading investments

     5       (5,316     5,574       (67,952

Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers

     (62,318     (115,519     59,651       49,278  

Less: Purchases of furniture, equipment and leasehold improvements

     (2,926     (1,988     (17,493     (15,010

Less: Capitalization of software development costs

     (8,473     (9,494     (33,123     (30,618
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 71,999     $ 95,303     $ 296,700     $ 340,187  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

9


MarketAxess Holdings Inc.

Volume Statistics*

 

     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2021      2020      2021      2020  
                             
     Total Trading Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade—fixed-rate

   $ 266,182      $ 305,537      $ 1,197,526      $ 1,311,512  

U.S. high-grade—floating-rate

     11,709        12,956        45,654        56,786  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total U.S. high-grade

     277,891        318,493        1,243,180        1,368,298  

Other credit

     326,512        321,135        1,381,604        1,262,074  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total credit

     604,403        639,628        2,624,784        2,630,372  

Rates

     1,206,095        826,276        4,144,964        3,987,424  
     Average Daily Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade

   $ 4,482      $ 5,137      $ 4,973      $ 5,451  

Other credit

     5,229        5,140        5,511        5,014  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total credit

     9,711        10,277        10,484        10,465  

Rates

     19,447        13,327        16,579        15,886  

Number of U.S. Trading Days 1

     62        62        250        251  

Number of U.K. Trading Days 2

     64        64        253        254  

 

1 

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

2 

The number of U.K. trading days is based on the U.K. Bank holiday schedule.

 

*

Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. Government Bond trades are single-counted.

 

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Marketaxess Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Marketaxess Holdings Inc provided additional information to their SEC Filing as exhibits

Ticker: MKTX
CIK: 1278021
Form Type: 8-K Corporate News
Accession Number: 0001193125-22-017613
Submitted to the SEC: Wed Jan 26 2022 6:30:32 AM EST
Accepted by the SEC: Wed Jan 26 2022
Period: Wednesday, January 26, 2022
Industry: Security Brokers Dealers And Flotation Companies
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Other Events

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