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Last10K.com | 10-K Annual Report Wed Feb 21 2018
Exhibit 99.1
MARKETAXESS REPORTS FOURTH QUARTER 2017 REVENUES
OF $99.6 MILLION, PRE-TAX INCOME OF $49.4 MILLION AND
DILUTED EPS OF $0.88
Company Announces 27% Increase in Regular Quarterly Dividend to $0.42 per Share,
up from $0.33
Fourth Quarter Financial Highlights*
| • | Revenues of $99.6 million, up 5.4% |
| • | Pre-tax income of $49.4 million, a decrease of 1.9% |
| • | One-time tax charge of $11.7 million related to the Tax Cuts and Jobs Act |
| • | Diluted EPS of $0.88, consistent with prior year |
| • | Trading volume of $355.6 billion, up 5.1% |
| * | All comparisons versus fourth quarter 2016. |
Full Year 2017 Financial Highlights**
| • | Record revenues of $397.5 million, up 7.4% |
| • | Record commission revenue of $355.3 million, up 6.9% |
| • | Expenses of $195.7 million, up 9.8% |
| • | Record pre-tax income of $201.8 million, up 5.3% |
| • | Diluted EPS of $3.89, up 16.5% |
| • | Record total trading volume of $1.5 trillion, up 11.4% |
| • | Record estimated U.S. high-grade market share of 16.9%, up from 16.0% |
| ** | All comparisons versus full year 2016. |
NEW YORK, January 31, 2018 – 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 ended December 31, 2017.
“We are pleased to report our ninth straight year of record trading volumes, revenues and operating income. These results were accomplished in spite of the difficult fixed income trading environment in 2017 that had unusually low volatility in both credit spreads and interest rates. As we enter 2018, we are encouraged to see signs of more normal fixed income trading conditions, including improving global economic growth and declining central bank quantitative easing. Client adoption of electronic trading in fixed income continues to grow, and our international client diversification creates a valuable foundation for long term growth.”
1
The following information was filed by Marketaxess Holdings Inc (MKTX) on Wednesday, January 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Marketaxess Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Revenue - Product Highlight
The $0.5 million increase in net cash used in investing activities was primarily due to an increase in capital expenditures of $7.1 million offset by an increase in net proceeds from sales and maturities of securities available-for-sale of $7.1 million.
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Revenue - Product Highlight
The $15.2 million increase in net cash used in investing activities was attributable to an increase in purchases of securities available-for-sale of $24.3 million and an increase in capital expenditures of $3.1 million offset by proceeds from sales and maturities and other investing activities of $12.2 million.
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Financial - Shares Highlight
Effective upon our adoption of ASU 2016-09 on January 1, 2017, Improvements to Employee Share-Based Payment Accounting ASU-2016-09 , we account for forfeitures are recognized as they occur.
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Financial - Expense Highlight
This increase was primarily due to higher employee compensation and benefits of $6.0 million, general and administrative costs of $3.0 million, technology and communication expenses of $2.8 million, professional and consulting fees of $2.2 million, occupancy of $1.4 million and depreciation and amortization of $1.4 million.
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Financial - Expense Highlight
In general, we compete on the basis of a number of key factors, including, among others, the liquidity provided on our platform, the magnitude and frequency of price improvement enabled by our platform, total transaction costs and the quality and speed of execution.
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Revenue - Product
Because a significant percentage of...Read more
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Revenue - Geography
A 4.0% change in the...Read more
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Revenue - Geography
An 11.8% change in the...Read more
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Other - Other
Intangible assets with definite lives,...Read more
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Revenue - Geography
In 2017, our business faced...Read more
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Revenue - Product
Liquid products volume excluding credit...Read more
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Financial - Shares
Effective upon our adoption of...Read more
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Financial - Cash Flow
Free Cash Flow is defined...Read more
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Financial - Expense
This increase was primarily due...Read more
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Financial - Expense
Total expenses increased by $23.1...Read more
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Financial - Expense
Total expenses increased by $17.4...Read more
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Financial - Dividend
The $51.8 million increase in...Read more
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Revenue - Product
The decrease was due to...Read more
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Other - Other
However, based on past experience,...Read more
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Revenue - Product
Liquid products volume excluding credit...Read more
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Revenue - Product
This increase in total revenues...Read more
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Revenue - Product
This increase in total revenues...Read more
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Financial - Expense
These costs are recognized as...Read more
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Financial - Income
The global fixed-income securities industry...Read more
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Financial - Expense
We capitalize certain costs associated...Read more
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Revenue - Product
Other credit average variable transaction...Read more
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Revenue - Geography
to add new content and...Read more
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Financial - Expense
Expenses may grow in the...Read more
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Revenue - Geography
The tax provision for the...Read more
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Other - Other
Business Combinations, Goodwill and Intangible...Read more
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Financial - Shares
to innovate and efficiently add...Read more
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Other - Other
As of December 31, 2017,...Read more
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Financial - Dividend
The $9.9 million increase in...Read more
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Financial - Income
Various rules promulgated since the...Read more
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Revenue - Product
We believe that our ability...Read more
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Financial - Expense
We also expect occupancy expense...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Capitalized Software, Furniture, Equipment And Leasehold Improvements
Capitalized Software, Furniture, Equipment And Leasehold Improvements (tables)
Capitalized Software, Furniture, Equipment And Leasehold Improvements - Additional Information (detail)
Capitalized Software, Furniture, Equipment And Leasehold Improvements - Capitalized Software Development Costs, Furniture, Equipment And Leasehold Improvements, Net Of Accumulated Depreciation And Amortization (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Summary Of Minimum Rental Commitments Under Operating Leases (detail)
Credit Agreement
Credit Agreement - Additional Information (detail)
Customer Concentration
Customer Concentration - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Fair Values And Unrealized Losses On Investments (detail)
Fair Value Measurements - Summary Of Company's Investments (detail)
Fair Value Measurements - Summary Of Fair Value Of Investments Based Upon Contractual Maturities (detail)
Fair Value Measurements - Summary Of Foreign Currency Forward Contracts (detail)
Fair Value Measurements - Valuation Of Company's Assets And Liabilities Measured At Fair Value (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Summary Of Company's Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Difference Between The Company's Reported Provision For Income Taxes And The U.s. Federal Statutory Rate (detail)
Income Taxes - Reconciliation Of The Unrecognized Tax Benefits (detail)
Income Taxes - Schedule Of Provision For Income Taxes (detail)
Income Taxes - Summary Of Changes In Valuation Allowance (detail)
Income Taxes - Summary Of Company's Net Deferred Tax Assets (detail)
Net Capital Requirements
Net Capital Requirements - Additional Information (detail)
Organization And Principal Business Activity
Organization And Principal Business Activity - Additional Information (detail)
Retirement And Deferred Compensation Plans
Retirement And Deferred Compensation Plans - Additional Information (detail)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Additional Information (detail)
Segment And Geographic Information - Summary Of Revenue And Long-lived Assets (detail)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies - Additional Information (detail)
Stock-based Compensation Plans
Stock-based Compensation Plans (tables)
Stock-based Compensation Plans - Additional Information (detail)
Stock-based Compensation Plans - Assumptions Used For The Black-scholes Option-pricing Model To Determine The Per Share Weighted Average Fair Value For Options Granted (detail)
Stock-based Compensation Plans - Restricted Stock And Performance Share Activity (detail)
Stock-based Compensation Plans - Stock Option Activity (detail)
Stock-based Compensation Plans - Stock-based Compensation Expense (detail)
Stock-based Compensation Plans - Summary Of Performance Of Share Activity For Annual Awards (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Summary Of The Companys Change In The Common Stock (detail)
Material Contracts, Statements, Certifications & more
Marketaxess Holdings Inc provided additional information to their SEC Filing as exhibits
Exhibit 10.12: Material Contract
Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: MKTX
CIK: 1278021
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-002713
Submitted to the SEC: Wed Feb 21 2018 5:20:24 PM EST
Accepted by the SEC: Wed Feb 21 2018
Period: Sunday, December 31, 2017
Industry: Security Brokers Dealers And Flotation Companies
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