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Exhibit 99.1
MARKETAXESS REPORTS FOURTH QUARTER 2019 REVENUES
OF $129.8 MILLION, OPERATING INCOME OF $60.9 MILLION AND
DILUTED EPS OF $1.32
11 Consecutive Years of Record Volume, Revenue and Earnings
Company Announces 18% Increase in Regular Quarterly Dividend to $0.60 per Share, up from $0.51
Fourth Quarter Financial Highlights*
| Revenues of $129.8 million, up 15% |
| Operating income of $60.9 million, up 13% |
| Diluted EPS of $1.32, up 9% from $1.21 |
| Open TradingTM volume of $136.0 billion, up 16% |
* | All comparisons versus fourth quarter 2018. |
Full Year 2019 Financial Highlights*
| Record revenues of $511.4 million, up 17% |
| Record operating income of $250.9 million, up 18% |
| Record diluted EPS of $5.40, up 18% |
| Record Open TradingTM volume of $542.8 billion, up 44% |
* | All comparisons versus full year 2018. |
NEW YORK, January 29, 2020 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, 2019.
The fourth quarter results contributed to our 11th straight year of record revenues and earnings with 2019 revenue growth of 17%, said Rick McVey, Chairman and CEO of MarketAxess. We are encouraged by the breadth of growth we see in our business with record volumes, revenues and active institutional clients in all four of our core credit products. Investor and dealer demand for trading automation is fueling a new round of growth in electronic market share for fixed income trading. Open Trading is delivering valuable transaction cost savings to our clients, helping to extend our leadership position in global credit electronic trading with institutional clients. We are excited about many new opportunities emerging in new products and new trading protocols, including our entry into the Rates trading space with our acquisition of LiquidityEdge.
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Compare this 10-K Annual 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 2020 10-K Annual Report includes:
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In addition, the cost and complexity of operating across increasingly divergent regulatory regimes could increase following Brexit.
Expenses Our expenses for the years ended December 31, 2019 and 2018, and the resulting dollar and percentage changes, were as follows: Employee compensation and benefits increased by $22.0 million primarily due increases in salaries, taxes and benefits on higher employee headcount of $10.3 million, stock-based compensation of $9.5 million resulting from higher employee equity awards granted in 2019 and employee incentive compensation of $3.3 million, which is tied to operating performance.
Expenses may grow in the future, notably in employee compensation and benefits as we increase headcount to support investment in new products and geographic expansion, depreciation and amortization due to increased investment in new products and enhancements to our trading platforms, and technology and communication costs.
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, the quality and speed of execution and our platforms' features and trading functionalities.
Because a significant percentage of our revenue is tied directly to the volume of securities traded on our platforms, it is likely that a general decline in trading volumes, regardless of the cause of such decline, would reduce our revenues and have a significant negative impact on profitability.
General and administrative expenses increased...Read more
Intangible assets with definite lives,...Read more
Clearing costs increased by $3.6...Read more
For the years ended December...Read more
We define FCF as cash...Read more
Other, net consists of unrealized...Read more
Technology and communications expenses increased...Read more
Clients can use our auto-execution...Read more
We amortize leasehold improvements on...Read more
We believe these non-GAAP financial...Read more
Historically, market conditions are typically...Read more
Other credit average variable transaction...Read more
However, based on past experience,...Read more
See Note 2 to the...Read more
Our trading volume for each...Read more
This expense also includes costs...Read more
The significant decrease in the...Read more
Certain dealers participate in a...Read more
Information services revenue increased $2.5...Read more
The global fixed-income securities industry...Read more
The 14.0% increase in our...Read more
Open trading volume increased by...Read more
Leveraging the benefits of our...Read more
However, we believe new regulations...Read more
Occupancy costs consist primarily of...Read more
Our estimated market share of...Read more
EBITDA and FCF are not...Read more
As of December 31, 2019,...Read more
Our quarterly results have varied...Read more
Our estimated market share of...Read more
In addition to historical information,...Read more
Revenues Our revenues for the...Read more
The provision for income taxes...Read more
The decrease in capital expenditures...Read more
We believe that our ability...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual 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-K Annual Report
Accession Number: 0001564590-20-004935
Submitted to the SEC: Tue Feb 18 2020 9:40:30 AM EST
Accepted by the SEC: Tue Feb 18 2020
Period: Tuesday, December 31, 2019
Industry: Security Brokers Dealers And Flotation Companies