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Marketaxess Holdings Inc (MKTX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS SECOND QUARTER 2020 RECORD REVENUES

OF $184.8 MILLION, RECORD OPERATING INCOME OF $104.1 MILLION AND

RECORD DILUTED EPS OF $2.20

Second Quarter Financial Highlights*

 

 

Record revenues of $184.8 million, up 47%

 

 

Record operating income of $104.1 million, up 71%

 

 

Record operating margin of 56.4%, up from 48.5%

 

 

Record diluted EPS of $2.20, up 73% from $1.27

 

 

Record estimated U.S. high-grade and high-yield market share of 21.5% and 14.0%, respectively

 

 

Record credit trading volume of $741.8 billion, up 44%

 

 

Record Open TradingTM volume of $243.8 billion, up 87%

 

* 

All comparisons versus second quarter 2019.

NEW YORK, July 22, 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 June 30, 2020.

“Record corporate bond new issuance and elevated credit spread volatility led to record corporate bond market volumes in the second quarter,” said Rick McVey, Chairman and CEO of MarketAxess. “Institutional investors and dealers both leaned into our Open Trading marketplace to meet their trading and liquidity needs, driving record estimated market share for both high-grade and high-yield bonds on the system. Estimated transaction cost savings delivered back to our clients reached an all-time high, with client savings exceeding company revenue for the second quarter in a row. We are encouraged by the breadth of volume and market share gains across all credit products and geographic regions, leading to robust revenue and earnings growth. Accelerating market share gains, record active clients, and growing product diversification all position the company well for future growth.”

Second Quarter Results

Total revenues for the second quarter of 2020 increased 47% to $184.8 million, compared to $125.5 million for the second quarter of 2019. Operating income was $104.1 million, compared to $60.9 million for the second quarter of 2019, an increase of 71%. Operating margin was 56.4%, compared to 48.5% for the second quarter of 2019. Net income totaled $83.9 million, or $2.20 per share on a diluted basis, compared to $48.1 million, or $1.27 per share, for the second quarter of 2019.    

Commission revenue for the second quarter of 2020 increased 51% to $172.1 million, compared to $114.1 million for the second quarter of 2019. Variable transaction fees increased 61% to $146.0 million for the second quarter of 2020, compared to variable transaction fees of $90.8 million for the second quarter of 2019. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume increased to an estimated 21.5% for the second quarter of 2020, compared to an estimated 18.7% for the second quarter of 2019. Variable transaction fees in the second quarter of 2020 includes approximately $3.2 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, July 22, 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.

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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 Changes In Stockholders' Equity (Parenthetical)
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 Lease 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: 0001564590-20-033405
Submitted to the SEC: Fri Jul 24 2020 5:26:56 PM EST
Accepted by the SEC: Fri Jul 24 2020
Period: Tuesday, June 30, 2020
Industry: Security Brokers Dealers And Flotation Companies

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