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Marketaxess Holdings Inc (MKTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS FIRST QUARTER 2019 RECORD REVENUES

OF $124.5 MILLION, RECORD OPERATING INCOME OF $63.2 MILLION AND

RECORD DILUTED EPS OF $1.39

First Quarter Financial Highlights*

 

   

Record revenues of $124.5 million, up 8.5%

 

   

Record operating income of $63.2 million, up 5.0%

 

   

Record EBITDA of $71.3 million, up 7.6%

 

   

Record diluted EPS of $1.39, up 9.4% from $1.27

 

   

Record trading volume of $526.2 billion, up 13.2%

 

   

Record Open TradingTM volume of $134.4 billion, up 65.6%

 

   

Record trading volume in each of our four core products: U.S. high-grade, U.S. high-yield, Eurobonds and emerging market bonds

 

* 

All comparisons versus first quarter 2018.

NEW YORK, April 24, 2019 – 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 March 31, 2019.

“MarketAxess trading volumes set records across all of our core products in a quarter with rapidly narrowing credit spreads,” said Rick McVey, Chairman and CEO of MarketAxess. “Open Trading continued to contribute to our growth as market participants seek to benefit from increased liquidity options and significant transaction cost savings. The trend to automated execution is gaining momentum in fixed income globally, putting MarketAxess in a strong position to capitalize on its technology, global client network and extensive data resources.”

First Quarter Results

Total revenues for the first quarter of 2019 increased 8.5% to $124.5 million, compared to $114.7 million for the first quarter of 2018. Operating income was $63.2 million, compared to $60.2 million for the first quarter of 2018, an increase of 5.0%. Operating margin was 50.8%, compared to 52.5% for the first quarter of 2018. Net income totaled $52.5 million, or $1.39 per share on a diluted basis, compared to $47.9 million, or $1.27 per share, for the first quarter of 2018.

Commission revenue for the first quarter of 2019 increased 9.7% to $112.8 million, compared to $102.8 million for the first quarter of 2018. Variable transaction fees increased 11.7% to $89.1 million on total trading volume of $526.2 billion for the first quarter of 2019, compared to variable transaction fees of $79.8 million on total trading volume of $465.0 billion for the first quarter of 2018. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume decreased to an estimated 17.6% for the first quarter of 2019, compared to an estimated 18.0% for the first quarter of 2018.

All other revenue, which consists of information services, post-trade services and other revenue, decreased to $11.7 million, compared to $11.9 million for the first quarter of 2018. The decrease in all other revenue was principally due to the unfavorable impact of the stronger U.S. dollar of $0.5 million offset by higher data revenue.

 

1


The following information was filed by Marketaxess Holdings Inc (MKTX) on Wednesday, April 24, 2019 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Credit Agreement
Credit Agreement - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Basic And Diluted Weighted Average Shares Outstanding Used To Compute Earnings Per 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 - Schedule Of Provision For Income Taxes (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Components Of Occupancy Expense (Detail)
Leases - Schedule Of Maturity Of Lease Liabilities (Detail)
Leases - Summary Of Minimum Lease Commitments (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)
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 1)
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)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Additional Information (Detail)
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail)

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: 0001564590-19-013062
Submitted to the SEC: Thu Apr 25 2019 12:22:21 PM EST
Accepted by the SEC: Thu Apr 25 2019
Period: Sunday, March 31, 2019
Industry: Security Brokers Dealers And Flotation Companies

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