Last10K.com

Marketaxess Holdings Inc (MKTX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS FIRST QUARTER 2020 RECORD REVENUES

OF $169.0 MILLION, RECORD OPERATING INCOME OF $91.1 MILLION AND

RECORD DILUTED EPS OF $1.96

First Quarter Financial Highlights*

 

   

Record revenues of $169.0 million, up 36%

 

   

Record operating income of $91.1 million, up 44%

 

   

Operating margin of 53.9%, up from 50.8%

 

   

Record diluted EPS of $1.96, up 41% from $1.39

 

   

Record credit trading volume of $659.7 billion, up 29%

 

   

Record Open TradingTM volume of $208.6 billion, up 55%

 

   

Record trading volume in U.S. high-grade, U.S. high-yield, emerging market, Eurobond, municipal and U.S. Treasury bonds

 

* 

All comparisons versus first quarter 2019.

NEW YORK, April 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 March 31, 2020.

“Our heartfelt thoughts go out to the millions of people around the world that have lost loved ones and had their lives turned upside down by the Covid-19 pandemic.” said Rick McVey, Chairman and CEO of MarketAxess. “The steep drop in economic activity in the first quarter had an immediate and substantial impact on global credit markets with sharp credit spread widening, especially in High-Yield and Emerging Markets. During this market disruption, credit trading volumes reached record levels in March, and electronic trading market share on MarketAxess increased. We believe Open Trading liquidity was essential to the functioning of credit markets during the quarter, and MarketAxess played a valuable role keeping our clients connected to the market as traders moved from their centralized trading floors to home offices. The indespensible role of electronic fixed-income trading networks was evident in the record number of client firms and individual traders that transacted on MarketAxess during the month of March.”

First Quarter Results

Total revenues for the first quarter of 2020 increased 36% to $169.0 million, compared to $124.5 million for the first quarter of 2019. Operating income was $91.1 million, compared to $63.2 million for the first quarter of 2019, an increase of 44%. Operating margin was 53.9%, compared to 50.8% for the first quarter of 2019. Net income totaled $74.8 million, or $1.96 per share on a diluted basis, compared to $52.5 million, or $1.39 per share, for the first quarter of 2019.    

Commission revenue for the first quarter of 2020 increased 38% to $156.0 million, compared to $112.8 million for the first quarter of 2019. Variable transaction fees increased 45% to $129.2 million for the first quarter of 2020, compared to variable transaction fees of $89.1 million for the first quarter of 2019. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume increased to an estimated 20.0% for the first quarter of 2020, compared to an estimated 17.6% for the first quarter of 2019. Variable transaction fees in the first quarter of 2020 includes approximately $4.8 million of U.S. Treasuries trading commissions related to the November 2019 acquisition of LiquidityEdge LLC, now operating as MarketAxess Rates.

 

1


The following information was filed by Marketaxess Holdings Inc (MKTX) on Wednesday, April 29, 2020 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.

View differences made from one quarter to another to evaluate Marketaxess Holdings Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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.

Continue

Assess how Marketaxess Holdings Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Marketaxess Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
Other
Filter by Subcategory:
All
Expense
Product
Cash Flow
Geography
Shares
Dividend
Income
Debt
Earnings
Other
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
Acquisition
Acquisition (Tables)
Acquisition - Additional Information (Detail)
Acquisition - Summary Of Acquired Intangible Assets (Detail)
Acquisition - Summary Of Purchase Price Allocation (Detail)
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 Weighted Average Remaining Lease Term And Discount Rate (Details)
Net Capital Requirements
Net Capital Requirements - Additional Information (Detail)
Organization And Principal Business Activity
Organization And Principal Business Activity - 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: 0001564590-20-020511
Submitted to the SEC: Fri May 01 2020 4:21:49 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Security Brokers Dealers And Flotation Companies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mktx/0001564590-20-020511.htm