Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1278021/000156459018025116/mktx-10q_20180930.htm
January 2023
January 2023
October 2022
July 2022
June 2022
April 2022
January 2022
December 2021
October 2021
August 2021
Exhibit 99.1
MARKETAXESS REPORTS THIRD QUARTER 2018 REVENUES
OF $101.4 MILLION, OPERATING INCOME OF $46.4 MILLION AND
DILUTED EPS OF $1.02
Third Quarter Financial Highlights*
| Revenues of $101.4 million, up 6.1% |
| Expenses of $55.0 million, including $1.9 million of duplicate occupancy expense |
| Diluted EPS of $1.02, up 13.3% |
| Trading volume of $385.5 billion, up 11.2% |
| Open Trading volume of $88.3 billion, up 58.3% |
*All comparisons versus third quarter 2017.
NEW YORK, October 24, 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 September 30, 2018.
Strong market share gains across our core products and increased Open Trading activity led to a solid increase in trading volume in the third quarter in spite of quiet credit trading conditions, said Rick McVey, Chairman and CEO of MarketAxess. Product diversification is evident in the results with a record 9.2% estimated high-yield market share, 22% year-on-year increase in emerging market trading volume and a 28% increase in Eurobond volumes. We are encouraged by the improvement in market conditions for credit trading that we started to see in September.
Third Quarter Results
Total revenues for the third quarter of 2018 increased 6.1% to $101.4 million, compared to $95.6 million for the third quarter of 2017. Operating income was $46.4 million, compared to $46.6 million for the third quarter of 2017, a decrease of 0.5%. Operating margin was 45.8%, compared to 48.8% for the third quarter of 2017. Net income totaled $38.6 million, or $1.02 per share on a diluted basis, compared to $34.1 million, or $0.90 per share, for the third quarter of 2017.
Commission revenue for the third quarter of 2018 increased 4.9% to $90.5 million, compared to $86.3 million for the third quarter of 2017. Variable transaction fees were $66.0 million on total trading volume of $385.5 billion for the third quarter of 2018, compared to variable transaction fees of $65.9 million on total trading volume of $346.8 billion for the third quarter of 2017. U.S. high-grade trading volume as a percentage of FINRAs high-grade TRACE trading volume increased to an estimated 17.5% for the third quarter of 2018, compared to an estimated 17.2% for the third quarter of 2017.
All other revenue increased 17.4% to $10.9 million, compared to $9.3 million for the third quarter of 2017, principally due to higher information services revenue of $0.8 million and post-trade services revenue of $0.8 million.
Total expenses for the third quarter of 2018 increased 12.4% to $55.0 million, compared to $48.9 million for the third quarter of 2017. The increase in total expenses was largely due to higher occupancy costs of $1.7 million, depreciation and amortization of $1.6 million, marketing and advertising expenses of $0.9
1
Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1278021/000156459018025116/mktx-10q_20180930.htm
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Marketaxess Holdings Inc.
Marketaxess Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
Rating
Learn More![]()
Revenue from professional and consulting services are recognized as services are performed and software license subscription revenue and maintenance and support services are recognized ratably over the period.
Factors that could cause or contribute to such differences include those discussed below and elsewhere in this report, particularly in the section captioned Part II, Item 1A, Risk Factors.
This increase in total revenues was primarily due to higher commissions of $4.2 million, information services of $0.8 million and post-trade services revenues of $0.8 million.
This increase in total revenues was primarily due to higher commissions of $22.1 million, post-trade services revenues of $4.0 million and information services of $2.2 million.
Free Cash Flow is defined as cash flow from operating activities excluding net purchases of corporate debt trading investments less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs.
Various rules promulgated since the...Read more
The $32.2 million increase in...Read more
A decrease in cash flows...Read more
Our estimated market share of...Read more
Liquid products volume excluding credit...Read more
The global fixed-income securities industry...Read more
Total expenses increased by $6.1...Read more
Total revenues increased by $5.8...Read more
Total revenues increased by $28.3...Read more
Expenses may grow in the...Read more
In October 2018, our Board...Read more
The 10.2% increase in our...Read more
A 5.3% increase in the...Read more
Liquid products volume excluding credit...Read more
This increase was primarily due...Read more
to innovate and efficiently add...Read more
As of September 30, 2018,...Read more
Total other income increased by...Read more
Net income increased by $4.5...Read more
Other credit volumes increased by...Read more
Net income increased by $12.4...Read more
Other credit volumes increased by...Read more
The tax provision for the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Marketaxess Holdings Inc provided additional information to their SEC Filing as exhibits
Ticker: MKTX
CIK: 1278021
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025116
Submitted to the SEC: Thu Oct 25 2018 12:10:28 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Security Brokers Dealers And Flotation Companies