MARKETAXESS HOLDINGS INC

10-K & 10-Q Filings

MarketAxess Holdings Inc. is a leading electronic trading platform provider for fixed-income securities. The company's proprietary technology enables institutional investor and broker-dealer clients to access the large and growing market of credit and rates products, including U.S. high-grade and high-yield bonds, emerging market debt, Eurobonds, municipal bonds, and U.S. government bonds. MarketAxess operates in a large and growing market, with approximately $10.6 trillion in principal amount of fixed-income securities outstanding in the U.S. corporate bond market and approximately $26.4 trillion in principal amount of fixed-income securities outstanding in the U.S. government bond market as of December 31, 2023. The company's business strategy includes increasing penetration in credit markets, expanding into new product areas, expanding trading protocols, and pursuing select acquisitions and strategic alliances. MarketAxess offers a range of trading protocols, including disclosed request for quote (RFQ) and Open Trading, as well as automated and algorithmic trading solutions. The company's platforms provide end-to-end trading solutions, with 88.1% of revenues derived from commissions for transactions executed on the platforms, 6.2% from data products, and 5.3% from post-trade services. MarketAxess was founded in 2000 and is headquartered in New York, NY. The company's website is www.marketaxess.com, and its common stock is traded on the NASDAQ Global Select Market under the ticker symbol MKTX.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 2023CAGR %YoY %Revenue (+)
$181.10
198.20
238.73
262.77
303.10
369.92
397.47
435.56
511.35
687.98
698.11
722.64
772.99
12.86%6.97%Net Interest Income (+)
$25.66
24.00
36.88
37.61
42.19
-1.14
-0.84
4.34
20.44
-1.88%371.01%Interest Expense (-)
$
1.14
0.84
0.70
1.98
183.29%Non Interest Income (+)
$155.44
174.20
266.22
332.31
355.28
Selling, General & Administrative (-)
$4.88
5.47
4.63
5.77
6.15
8.93
9.76
12.11
11.56
7.94
9.06
9.98
11.05
7.04%10.74%Marketing Expenses (-)
$4.88
5.47
4.63
5.77
6.15
8.93
9.76
12.11
11.56
7.94
9.06
9.98
11.05
7.04%10.74%Depreciation & Amortization (-)
$6.78
8.23
14.12
17.38
18.54
17.84
19.27
23.08
26.86
36.00
53.45
61.45
70.56
21.55%14.83%Operating Expenses (-)
$102.37
111.52
131.45
144.24
155.20
178.32
195.70
222.98
260.47
314.40
361.72
391.42
437.53
12.87%11.78%Operating Income/Loss (+)
$78.73
86.69
107.28
118.54
147.90
191.60
201.77
212.58
250.88
374.73
337.24
326.88
315.02
12.25%-3.63%Non-operating Income/Expense (+)
$
5.50
6.54
-0.37
-3.31
11.41
17.68
54.93%Earnings before Tax (+)
$78.73
86.69
107.28
118.54
147.90
191.60
201.77
218.09
257.42
374.36
333.92
338.29
332.70
12.76%-1.65%Tax Expense (-)
$31.03
26.62
38.72
43.73
51.86
65.43
53.68
45.23
52.52
74.98
76.03
88.06
74.64
7.59%-15.24%Income/Loss (Continuing Operations) (+)
$47.70
60.07
68.56
74.81
96.04
126.17
148.09
172.85
204.90
299.38
257.89
250.22
258.06
15.11%3.13%Income/Loss (Discontinued Operations) (+)
$
7.45
Net Income/Loss (+)
$47.70
60.07
76.02
74.81
96.04
126.17
148.09
172.85
204.90
299.38
257.89
250.22
258.06
15.11%3.13%Net Income/Loss (Common) (+)
$47.70
60.07
76.02
74.81
96.04
126.17
148.09
172.85
204.90
299.38
257.89
250.22
258.06
15.11%3.13%EPS (Basic)
$1.29
1.65
2.06
2.03
2.62
3.42
4.02
4.68
5.53
8.01
6.88
6.68
6.87
14.96%2.84%EPS (Diluted)
$1.20
1.59
2.01
1.97
2.55
3.34
3.89
4.57
5.40
7.85
6.77
6.65
6.85
15.62%3.01%Weighted Avg Shares (Basic)
37.01
36.52
36.89
36.93
36.69
36.84
36.86
36.96
37.08
37.36
37.51
37.47
37.55
0.12%0.21%Weighted Avg Shares (Diluted)
39.61
37.82
37.89
37.89
37.64
37.74
38.04
37.85
37.96
38.14
38.10
37.64
37.65
-0.42%0.03%Cash
$169.62
128.91
132.69
168.92
199.73
168.24
167.01
246.32
270.12
460.86
506.74
430.75
451.28
8.50%4.77%Receivables
$36.17
31.04
34.16
33.84
40.46
50.67
52.64
57.53
62.02
79.58
63.88
78.45
89.84
7.88%14.52%Securities & Long-term Investments
$78.11
51.21
67.74
64.86
84.71
194.40
239.52
240.10
230.48
28.11
36.08
83.79
134.86
4.66%60.95%Property, Plant & Equipment (Net)
$14.46
18.01
32.70
32.19
30.90
31.10
38.55
63.01
153.19
161.13
167.02
166.36
165.72
22.54%-0.39%Goodwill & Intangibles
$
207.85
242.74
271.17
252.85
355.81
40.72%Other Assets
$51.10
50.67
84.28
80.08
83.25
83.62
83.51
88.57
31.27
359.01
485.57
595.57
817.56
25.99%37.27%Assets (Total)
$349.46
279.84
351.58
379.88
439.04
528.04
581.23
695.54
954.93
1331.43
1530.45
1607.78
2015.07
15.72%25.33%Accounts Payable
$31.69
32.26
38.50
43.21
46.02
57.51
63.80
87.66
86.85
282.76
400.72
444.01
642.43
28.50%44.69%Securities (Liabilities)
$
133.33
229.32
303.99
537.40
76.78%Debt (Non-current)
$
97.99
93.61
Other Liabilities
$5.33
4.86
2.71
2.47
2.31
2.52
2.66
93.61
88.42
82.68
79.68
25.29%-3.63%Liabilities (Total)
$37.02
37.12
41.22
45.68
48.33
60.03
66.46
87.66
184.84
376.37
489.14
526.68
722.10
28.09%37.10%Treasury Stock
$25.93
32.27
32.27
70.25
93.41
117.33
159.79
184.96
153.39
169.52
232.71
328.33
260.30
21.19%-20.72%Retained Earnings
$-0.58
-5.64
51.04
101.81
168.01
255.14
353.58
463.25
591.09
799.37
956.97
1101.53
1244.22
12.95%AOCI
$-1.88
-3.09
-4.08
-4.54
-5.23
-12.23
-10.23
-12.39
-10.27
-4.65
-13.33
-37.70
-24.37
35.35%Shareholder's Equity
$312.44
242.72
310.36
334.21
390.71
468.01
514.77
607.88
770.09
955.06
1041.31
1081.09
1292.96
12.56%19.60%Liabilities & Equity
$349.46
279.84
351.58
379.88
439.04
528.04
581.23
695.54
954.93
1331.43
1530.45
1607.78
2015.07
15.72%25.33%Net Income/Loss
$47.70
60.07
76.02
74.81
96.04
126.17
148.09
172.85
204.90
299.38
257.89
250.22
258.06
15.11%3.13%Depreciation & Amortization
$6.78
8.23
13.05
17.38
18.54
17.84
19.27
23.08
26.86
36.00
53.45
67.15
70.56
21.55%5.07%Increase/Decrease in Working Capital
$13.17
-5.02
0.13
-6.65
6.53
76.82
22.29
-11.99
-3.31
-29.78
66.01
43.24
25.68
5.72%-40.61%Share-based Compensation
$6.86
8.38
8.88
9.77
12.52
14.51
14.42
15.85
25.29
25.61
27.31
29.86
29.19
12.83%-2.26%Adjustments to Reconcile Net Income
$17.77
21.51
14.86
35.15
24.16
-45.88
19.95
52.00
63.15
107.78
24.20
39.01
75.71
12.84%94.10%Net Cash (Operating)
$65.48
81.58
90.88
109.95
120.20
80.29
168.03
223.92
265.94
404.49
282.09
289.23
333.77
14.54%15.40%Capital Expenditure
$7.23
10.36
51.76
14.79
15.38
18.50
25.56
47.59
34.70
45.63
50.62
86.27
52.45
17.96%-39.21%Net Cash (Investing)
$-8.58
15.03
-69.12
-13.03
-37.95
-53.18
-53.65
-50.30
-122.05
68.87
-67.69
-86.27
-155.29
-80.00%Increase/Decrease in Debt
$
Increase/Decrease in Equity
$-4.54
-66.61
3.04
-35.46
-21.33
-21.63
-40.49
-22.20
-16.05
-12.13
-56.09
-86.87
0.94
101.08%Interest Expenses
$
1.14
0.83
0.65
1.87
186.81%Dividends Paid
$13.68
64.04
19.84
23.94
29.53
38.49
48.89
62.43
76.23
90.57
99.79
105.94
109.66
18.94%3.51%Net Cash (Financing)
$-11.20
-136.18
-17.07
-60.22
-51.05
-55.84
-117.07
-92.67
-118.10
-145.11
-189.78
-242.38
-147.06
39.33%Cash Taxes Paid
$10.18
15.10
30.77
31.26
51.82
55.05
38.23
44.24
51.58
28.86
75.64
93.45
109.50
21.89%17.19%Effect of Exchange Rate
$-1.08
-1.15
-0.90
-0.47
-0.39
-2.76
1.46
-1.64
1.01
5.55
-7.11
-13.48
7.59
156.27%Increase/Decrease in Cash
$44.63
-40.71
3.78
36.23
30.80
-31.48
-1.23
79.31
26.80
333.80
17.52
-52.90
39.01
-1.11%173.73%Cash (Beginning)
$124.99
169.62
128.91
132.69
168.92
199.73
168.24
168.15
247.46
274.25
608.05
625.57
572.66
13.52%-8.46%Cash (Ending)
$169.62
128.91
132.69
168.92
199.73
168.24
167.01
247.46
274.25
608.05
625.57
572.66
611.67
11.28%6.81%NOPAT
$68.56
71.58
76.51
87.27
96.08
136.55
163.54
169.46
200.61
345.84
260.84
236.58
211.33
9.84%-10.67%Operating Margin %
43.48%
43.74%
44.94%
45.11%
48.80%
51.80%
50.76%
48.81%
49.06%
54.47%
48.31%
45.23%
40.75%
NOPAT Margin %
37.86%
36.12%
32.05%
33.21%
31.70%
36.91%
41.15%
38.91%
39.23%
50.27%
37.36%
32.74%
27.34%
Net Margin %
26.34%
30.31%
31.84%
28.47%
31.69%
34.11%
37.26%
39.68%
40.07%
43.52%
36.94%
34.63%
33.38%
Tax Rate %
12.93%
17.42%
28.68%
26.37%
35.03%
28.73%
18.95%
20.29%
20.04%
7.71%
22.65%
27.62%
32.91%
ROA
19.62%
25.58%
21.76%
22.97%
21.88%
25.86%
28.14%
24.36%
21.01%
25.98%
17.04%
14.71%
10.49%
ROE
21.94%
29.49%
24.65%
26.11%
24.59%
29.18%
31.77%
27.88%
26.05%
36.21%
25.05%
21.88%
16.34%
Equity Multiplier
1.12
1.15
1.13
1.14
1.12
1.13
1.13
1.14
1.24
1.39
1.47
1.49
1.56
Debt/Equity Ratio
0.13
0.10
Dividend Payout Ratio %
19.96%
89.46%
25.93%
27.43%
30.74%
28.19%
29.89%
36.84%
38.00%
26.19%
38.26%
44.78%
51.89%
Total Payout
$18.23
130.65
16.80
59.40
50.87
60.12
89.38
84.63
92.28
102.69
155.88
192.81
108.72
16.05%-43.61%Payout Ratio %
26.59%
182.51%
21.95%
68.07%
52.94%
44.03%
54.65%
49.94%
46.00%
29.69%
59.76%
81.50%
51.44%