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Marketaxess Holdings Inc (MKTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

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 FINRA’s 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


The following information was filed by Marketaxess Holdings Inc (MKTX) on Wednesday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Marketaxess Holdings Inc's 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
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Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Operations
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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)
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)
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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)
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Goodwill And Intangible Assets (Tables)
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Goodwill And Intangible Assets - Summary Of Company's Intangible Assets (Detail)
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Net Capital Requirements
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Retirement And Deferred Compensation Plans
Retirement And Deferred Compensation Plans - Additional Information (Detail)
Segment And Geographic Information
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Segment And Geographic Information - Additional Information (Detail)
Segment And Geographic Information - Summary Of Revenue And Long-Lived Assets (Detail)
Share Repurchase Program
Share Repurchase Program - Additional Information (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Summary Of Commission Revenue By Fee Type (Detail)
Significant Accounting Policies - Summary Of Information Services Revenue By Timing Of Recognition (Detail)
Significant Accounting Policies - Summary Of Post-Trade Services Revenue By Timing Of Recognition (Detail)
Significant Accounting Policies - Summary Of Revenue Recognized From Contract Liabilities And Remaining Balance (Detail)
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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

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