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Marketaxess Holdings Inc (MKTX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Marketaxess Holdings Inc

CIK: 1278021 Ticker: MKTX

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS RECORD FIRST QUARTER 2021 REVENUES

OF $195.5 MILLION, OPERATING INCOME OF $103.5 MILLION AND

DILUTED EPS OF $2.11

First Quarter Financial Highlights*

 

 

Record revenues of $195.5 million, up 16%

 

 

Operating income of $103.5 million, up 14%

 

 

Diluted EPS of $2.11, up 8% from $1.96

 

 

Record Open TradingTM credit volume of $246.3 billion, up 20%

 

 

Estimated U.S. high-grade market share of 20.5%, up from 20.0%

 

 

Estimated U.S. high-yield market share of 15.6%, up from 12.2%

 

*

All comparisons versus first quarter 2020.

NEW YORK, April 22, 2021 – 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, 2021.

“MarketAxess started the new year on a strong note with record quarterly credit trading volume and record revenue,” said Rick McVey, Chairman and CEO of MarketAxess. “Market share gains are driving the volume and revenue growth as electronic trading continues to advance in fixed-income markets around the world. We are seeing positive signs in new product areas, and in all geographic regions, as we invest to support long-term growth. Trading automation continues to accelerate with both our investor and dealer clients.”

First Quarter Results

Total revenues for the first quarter of 2021 increased 15.7% to $195.5 million, compared to $169.0 million for the first quarter of 2020. Operating income was $103.5 million, compared to $91.1 million for the first quarter of 2020, an increase of 13.6%. Operating margin was 52.9%, compared to 53.9% for the first quarter of 2020. Net income totaled $80.5 million, or $2.11 per share on a diluted basis, compared to $74.8 million, or $1.96 per share, for the first quarter of 2020.    

Commission revenue for the first quarter of 2021 increased 12.7% to $175.8 million, compared to $156.0 million for the first quarter of 2020. Variable transaction fees increased 14.9% to $148.4 million for the first quarter of 2021, compared to variable transaction fees of $129.2 million for the first quarter of 2020. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume increased to an estimated 20.5% for the first quarter of 2021, compared to an estimated 20.0% for the first quarter of 2020.

All other revenue, which consists of information services, post-trade services and other revenue, increased to $19.6 million, compared to $13.0 million for the first quarter of 2020. The increase in all other revenue was principally due to $4.0 million of regulatory trade reporting revenue generated by Regulatory Reporting Hub, which was acquired from Deutsche Börse Group in November 2020, and $0.7 million of revenue due to the weaker U.S. dollar to U.K. pound sterling exchange rate.

 

1


The following information was filed by Marketaxess Holdings Inc (MKTX) on Thursday, April 22, 2021 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
Acquisitions
Acquisitions - Additional Information (Detail)
Cash And Cash Equivalents And Restricted Cash
Cash And Cash Equivalents And Restricted Cash (Tables)
Cash And Cash Equivalents And Restricted Cash - Summary Of Reconciliation Of Cash And Cash Equivalents With Restricted Or Segregated Cash (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Credit Agreements And Short-Term Financing
Credit Agreements And Short-Term Financing - 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 - Carrying Value Of Financial Asset And Liability Not Measured At Fair Value (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)
Organization And Principal Business Activity
Organization And Principal Business Activity - Additional Information (Detail)
Receivables From And Payables To Broker-Dealers, Clearing Organizations And Customers
Receivables From And Payables To Broker-Dealers, Clearing Organizations And Customers (Tables)
Receivables From And Payables To Broker-Dealers, Clearing Organizations And Customers - Schedule Of Receivables From And Payables To Broker-Dealers, Clearing Organizations And Customers (Detail)
Regulatory Capital Requirements
Regulatory Capital Requirements - 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: 0001564590-21-021356
Submitted to the SEC: Wed Apr 28 2021 4:14:53 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Security Brokers Dealers And Flotation Companies

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