0001193125-22-197372.txt : 20220720 0001193125-22-197372.hdr.sgml : 20220720 20220720063103 ACCESSION NUMBER: 0001193125-22-197372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220720 DATE AS OF CHANGE: 20220720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARKETAXESS HOLDINGS INC CENTRAL INDEX KEY: 0001278021 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 522230784 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34091 FILM NUMBER: 221092726 BUSINESS ADDRESS: STREET 1: 55 HUDSON YARDS, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 212-831-6000 MAIL ADDRESS: STREET 1: 55 HUDSON YARDS, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: MARKETAXESS HOLDING INC DATE OF NAME CHANGE: 20040129 8-K 1 d346631d8k.htm 8-K 8-K
MARKETAXESS HOLDINGS INC false 0001278021 0001278021 2022-07-20 2022-07-20

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 20, 2022

 

 

MarketAxess Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   001-34091   52-2230784

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

55 Hudson Yards

New York, New York 10001

(Address of principal executive offices, including zip code)

(212) 813-6000

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, par value $0.003 per share   MKTX   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On July 20, 2022, MarketAxess Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for its second quarter ended June 30, 2022. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

 

Item 8.01

Other Events

On July 20, 2022, the Company also announced that its Board of Directors has declared a regular quarterly dividend to be paid to the holders of the outstanding shares of capital stock. A cash dividend of $0.70 per share of common stock outstanding will be paid on August 17, 2022 to stockholders of record as of the close of business on August 3, 2022.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits:

 

99.1    Press Release issued by MarketAxess Holdings Inc. on July 20, 2022.
104    Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    MARKETAXESS HOLDINGS INC.
Date: July 20, 2022     By:  

/s/ Christopher N. Gerosa

    Name:   Christopher N. Gerosa
    Title:   Chief Financial Officer
 EX-99.1 2 d346631dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

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MarketAxess Reports Second Quarter 2022 Results

NEW YORK | July 20, 2022 - 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 financial results for the second quarter of 2022.

2Q22 Financial and operational highlights*

 

•   Record levels of estimated market share driving strong growth in trading volume.

 

•   Record composite corporate bond1 estimated market share of 20.2%, up from 17.8%, reflecting broad-based estimated market share gains across global credit.

 

•   Record estimated combined U.S. high-grade and U.S. high-yield market share of 20.9%, up from 19.1% in the prior year.

 

•   Record estimated market share across U.S. high-yield, emerging markets, Eurobonds and U.S. Treasuries.

 

•   Revenues of $182.2 million, up 3%.

 

•   Total expenses of $97.4 million, up 9% on continued investment in the business.

 

•   $105.2 million in EBITDA and EBITDA margin of 57.7%, up from 56.3%.

 

•   Diluted EPS of $1.78, includes an $0.11 per share benefit from foreign currency transaction gains.

 

•   Declared $0.70 per share dividend; repurchased 178,801 shares for a total cost of $48.7 million.

 

•   Record 1,935 total active clients, up 5%, reflecting the continued expansion of our global liquidity pool.

 

•   Total trading average daily volume (“ADV”) of $35.4 billion, up 43%, driven principally by a 64% increase in U.S. Treasury ADV to $22.7 billion and a 15% increase in total credit ADV to $12.3 billion.

 

•   $238 million in estimated transaction cost savings2 for clients via Open Trading®, our differentiated liquidity pool; $439 million in estimated transaction cost savings2 year-to-date.

 

•   Record $23 billion in portfolio trading volume, up from $4 billion in 2Q21 and $14 billion in 1Q22.

   

Rick McVey, Chairman of the Board and CEO of MarketAxess, commented:

 

“Record levels of market share in the quarter reflect the strides that we have made over the past year in executing our growth strategy, expanding our geographic diversification and establishing a broader global foundation for growth.

 

The macro backdrop is now much improved, with credit spreads and credit spread volatility moving back into more historical ranges, driving increased estimated cost savings for clients through Open Trading®, our unique liquidity pool.

 

We believe that our strong growth in trading volume, broad-based market share gains, both year-over-year and sequentially, and increasing momentum in new product areas, including U.S. Treasuries and municipal bonds, are driving our improved performance.”

 

*

All comparisons versus second quarter 2021 unless otherwise noted.

Table 1: 2Q22 select financial results

 

$ in millions, except

per share data

(unaudited)

    Revenues  

Operating

Income

  

Operating

Margin (%)

   Net Income   Diluted EPS   EBITDA  

EBITDA

Margin (%)

2Q22

    $182   $85   47%   $67   $1.78   $105   58%

2Q21

    $176   $87   49%   $67   $1.77   $99   56%

2Q22 vs. 2Q21 % Change

    3%   (3%)   (291) bps   (1%)   1%   6%   +138 bps

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Table 2: 2Q22 trading volume (ADV)

 

        CREDIT   RATES

$ in millions

(unaudited)

   Total
Volumes		   High-Grade   High-Yield   Emerging
Markets		   Eurobonds   Other
Credit Prod.		   Total Other
Credit		   Total
Credit		   US Govt.
Bonds		   Agcy./Other
Govt. Bonds		   Total
Rates

2Q22

   $35,389   $5,803   $1,771   $2,828   $1,491   $397   $6,487   $12,290   $22,657   $442   $23,099

2Q21

   $24,777   $5,143   $1,457   $2,496   $1,463   $105   $5,521   $10,664   $13,850   $263   $14,113

2Q22 vs. 2Q21 % Change

   43%   13%   22%   13%   2%   278%   17%   15%   64%   68%   64%

Table 3: 2Q22 Estimated Market Share

 

     CREDIT   RATES
(unaudited)    High-Grade   High-Yield  

High-Grade/High-

Yield Combined

   Eurobonds  

Composite

Corporate Bond1

   Municipals   US Govt.
Bonds

2Q22

    22.3%   17.3%   20.9%   15.1%   20.2%   3.9%   3.7%

1Q22

    20.7%   15.2%   19.1%   12.2%   18.1%   4.3%   3.6%

2Q21

    21.1%   14.3%   19.1%   11.7%   17.8%   2.2%   2.3%

2Q22 vs. 2Q21 BPS Change

    +120 bps   +300 bps   +180 bps   +340 bps   +240 bps   +170 bps   +140 bps

2Q22 vs. 1Q22 BPS Change

    +160 bps   +210 bps   +180 bps   +290 bps   +210 bps   (40) bps   +10 bps

Overview of results

Revenues

Credit

 

•  

U.S. high-grade: Commission revenue of $75.1 million (including $23.5 million in fixed-distribution fees) decreased $2.7 million, or 3%, compared to $77.8 million (including $21.4 million in fixed-distribution fees) in the prior year. Higher trading volumes and an increase in estimated market share were more than offset by lower average fees per million (“FPM”). The decline in average FPM for high-grade to $143.35, compared to $174.11 in the second quarter of 2021, was mainly due to the shorter duration of bonds traded (driven by higher bond yields and shorter years-to-maturity). There have been no changes to the U.S. high-grade fee plan.

 

  •  

Increase of approximately +120 basis points in estimated U.S. high-grade market share, from 21.1% in the prior year period.

 

•  

Other credit: Commission revenue of $82.3 million (including $8.1 million in fixed-distribution fees) increased $7.4 million, or 10%, compared to $75.0 million (including $7.9 million in fixed-distribution fees) in the prior year. The increase was driven principally by strong estimated market share gains across all other credit products, slighly offset by lower average FPM. The FPM for other credit products was $185.93, compared to $194.49 in the second quarter of 2021. The decline in other credit FPM was due to a larger percentage of trading volume in local market emerging market bonds which have lower fees per million and dealer migration to fixed-distribution fee plans that command lower transaction fees.

 

  •  

Record U.S. high-yield estimated market share of 17.3%, up from 14.3% in the prior year on ADV of $1.8 billion, representing an increase 22%.

 

  •  

Record Eurobonds estimated market share of 15.1% on ADV of $1.5 billion, up 2%. Excluding the impact of foreign currency fluctuations, Eurobonds ADV would have increased approximately 13%.

 

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  •  

Record emerging markets estimated market share on ADV of $2.8 billion, up 13%, with estimated market ADV down 10%. Excluding the impact of foreign currency fluctuations, emerging markets ADV would have increased approximately 14%.

 

  •  

Record municipal bond trading volume and ADV of $23.0 billion and $371 million, respectively, driven in part by an approximate 170-basis point increase in estimated market share.

 

  •  

Total credit: Commission revenue of $157.4 million increased $4.6 million, or 3%. A 15% increase in credit ADV to $12.3 billion, driven by strong estimated market share gains across credit products, was partially offset by lower average FPM. The average FPM for total credit products was $165.75, compared to $184.62 in the second quarter of 2021, reflecting the impact of lower U.S. high-grade average FPM discussed above.

 

  •  

Record total credit trading volume.

 

  •  

Record estimated combined U.S. high-grade and U.S. high-yield market share of 20.9%, up from 19.1% in the prior year.

 

  •  

Record composite corporate bond1 estimated market share of 20.2%, up from 17.8%.

 

  •  

35% of total credit trading volume was executed via Open Trading.

 

  •  

$238 million ($439 million year-to-date) in estimated transaction cost savings2 for clients delivered via Open Trading, representing $1,030 in average cost savings per million.

 

  •  

Record 1.6 million total credit trades executed, up from 1.3 million executed in the prior year.

 

  •  

92% of credit volume on the platform was executed by institutional clients.

Rates

 

  •  

Total rates commission revenue of $6.1 million increased $2.4 million, or 65%, compared to the prior year, driven by a 64% increase in U.S. Treasury ADV to $22.7 billion on strong estimated market share gains. The average FPM for total rates products was $4.21, compared to $4.07 in the second quarter of 2021.

 

  •  

Record U.S. Treasury estimated market share of 3.7%, up from 2.3%.

Information services & post-trade services

 

  •  

Combined information and post-trade services revenue of $18.5 million decreased $1.2 million, or 6%, compared to the prior year. The decrease in revenue was principally driven by the impact of currency fluctuations and planned customer attrition in connection with the Regulatory Reporting Hub integration. Adjusting for foreign currency fluctuations, combined information and post-trade services revenue would have increased approximately 3%.

Expenses

 

  •  

Total expenses of $97.4 million increased $8.3 million, or 9%. The increase in expenses was driven principally by higher employee compensation and benefits as a result of the increase in headcount, increased investments to enhance the trading system and data products, as well as higher technology and communication expenses due to higher subscription costs, market data expense and platform licensing fees.

Non-operating

 

  •  

Other income: Other income was $4.8 million, representing a $5.9 million increase from the prior year. The current quarter included a $5.5 million foreign currency transaction gain that benefited earnings per share by $0.11.

 

  •  

Tax rate: The effective tax rate was 25.3%, compared to 21.8% in the prior year. The higher effective tax rate was driven by a $5.7 million decrease in estimated excess tax benefits related to share based compensation awards.

 

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Capital

 

  •  

The Company has $324.8 million in cash, cash equivalents and investments; there are no outstanding borrowings under the Company’s credit facility.

 

  •  

A total of 178,801 shares were repurchased in the quarter at a cost of $48.7 million. A total of $100.0 million remains under the current authorization by the Company’s Board of Directors (the “Board”).

 

  •  

The Board declared a quarterly cash dividend of $0.70 per share, payable on August 17, 2022 to stockholders of record as of the close of business on August 3, 2022.

Other

 

  •  

The Company had a record 1,935 total active client firms and a record 982 active international client firms, representing year-over-year increases of 5% and 6%, respectively.

 

  •  

Employee headcount was 684 as of June 30, 2022, compared to 637 as of June 30, 2021, and 676 as of December 31, 2021. The increase in headcount was due to the continued investment in the Company’s growth initiatives, including geographic expansion, trading automation and new trading protocols.

Guidance for 2022

 

  •  

Based on the progression of operating expenses year-to-date, the Company is re-confirming its full year 2022 expense guidance range of $385.0 million to $415.0 million and capital expenditure guidance range of $58.0 million to $62.0 million. The Company expects the full year effective tax rate to be at the upper-end of the previously stated range of 24.0% to 26.0%.

Other highlights

 

  •  

MarketAxess, Virtu Financial and several leading liquidity providers in the fixed income ETF space, including Citadel Securities, Flow Traders, Jane Street Capital and asset manager BlackRock, announced the formation of a consortium to support the growth of RFQ-hub, a bilateral multi-asset and multi-dealer request for quote platform. RFQ-hub brings asset managers and liquidity providers together to help electronically deliver aggregated and competitive liquidity, streamline workflow and improve pricing with a focus on equity and fixed-income listed and OTC derivatives, structured products and exchange-traded funds.

 

  •  

State Street Global Advisors launched the SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG). The MKTX 400 Index tracks the performance of 400 U.S. dollar denominated investment grade corporate bonds with higher-than-average liquidity relative to the broader U.S. corporate bond market. Powered by MarketAxess’ proprietary liquidity and pricing data – our Relative Liquidity Score and Composite+™ pricing engine – the Index combines actionable liquidity with broad market exposure.

 

  •  

MarketAxess and MSCI agreed to enter into a strategic collaboration to create innovative portfolio analytics solutions and co-branded fixed-income indexes incorporating MarketAxess’ liquidity data, including Relative Liquidity Score and Tradability. In addition, MarketAxess plans to leverage MSCI’s ESG ratings to identify and create more liquid and sustainable fixed-income portfolios for its global institutional clients.

 

1 

Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE reported data), U.S. high-yield (derived from FINRA TRACE reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas.

2 

Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry.

 

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Non-GAAP financial measures and other items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures of financial performance, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in understanding the Company’s operating results. See the attached schedule for a reconciliation of GAAP net income to EBITDA and EBITDA margin and GAAP cash flow from operating activities to free cash flow.

Webcast and conference call information

Rick McVey, Chairman and Chief Executive Officer, Chris Concannon, President and Chief Operating Officer and Christopher Gerosa, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Wednesday, July 20, 2022 at 10:00 a.m. EDT. To access the conference call, please dial 866-374-5140 (U.S.) and use the PIN/ID 68886811# or 404-400-0571 (international) and use the PIN/ID 68886811#. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company’s website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints

 

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and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

# # #

 

 

 

Contacts   
INVESTOR RELATIONS    MEDIA RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

sdavidson2@marketaxess.com

   

Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

mmistry@marketaxess.com

  

William McBride

RF | Binder

+1 917 239 6726

 

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Table 4

MarketAxess Holdings Inc.

Consolidated Statements of Operations

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2022     2021     2022     2021  
     (In thousands, except per share data)  
     (unaudited)  

Revenues

         

Commissions

    $ 163,463     $ 156,431     $ 329,576     $ 332,269  

Information services

      9,396       9,844       19,205       19,006  

Post-trade services

      9,144       9,848       19,056       20,109  

Other

      226       211       449       414  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      182,229       176,334       368,286       371,798  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Employee compensation and benefits

      45,435       40,732       93,191       88,820  

Depreciation and amortization

      15,240       13,097       30,414       24,876  

Technology and communications

      12,490       10,544       24,682       20,580  

Professional and consulting fees

      8,920       10,704       18,541       20,344  

Occupancy

      3,700       3,300       7,087       6,617  

Marketing and advertising

      2,949       3,128       4,738       4,332  

Clearing costs

      4,263       4,372       8,838       9,066  

General and administrative

      4,444       3,280       7,903       6,512  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      97,441       89,157       195,394       181,147  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      84,788       87,177       172,892       190,651  

Other income (expense)

         

Investment income

      254       107       313       214  

Interest expense

      (337 )      (171 )      (510 )      (362 ) 

Equity in earnings of unconsolidated affiliate

      191       —         191       —    

Other, net

      4,682       (1,060 )      7,111       (2,649 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income (expense)

      4,790       (1,124 )      7,105       (2,797 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      89,578       86,053       179,997       187,854  

Provision for income taxes

      22,656       18,765       48,306       40,109  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 66,922     $ 67,288     $ 131,691     $ 147,745  
  

 

 

    

 

 

    

 

 

    

 

 

  

Per Share Data:

         

Net income per common share

         

Basic

    $ 1.78     $ 1.79     $ 3.52     $ 3.94  

Diluted

    $ 1.78     $ 1.77     $ 3.49     $ 3.87  

Cash dividends declared per common share

    $ 0.70     $ 0.66     $ 1.40     $ 1.32  

Weighted-average common shares:

         

Basic

      37,529       37,508       37,456       37,489  

Diluted

      37,608       38,104       37,716       38,129  

 

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Table 5

MarketAxess Holdings Inc.

Commission Revenue Details

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
     2022      2021      2022      2021  
     Total Commissions Revenue  
     (In thousands)  
     (unaudited)  

Transaction Fees

            

U.S. high-grade

    $ 51,576      $ 56,413      $ 104,454      $ 121,769  

Other credit 1

      74,226        67,074        150,030        145,973  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      125,802        123,487        254,484        267,742  

Rates 2

      6,020        3,612        12,211        7,755  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total transaction fees

      131,822        127,099        266,695        275,497  
  

 

 

     

 

 

     

 

 

     

 

 

  

Distribution Fees

            

U.S. high-grade

      23,496        21,373        46,522        42,343  

Other credit1

      8,096        7,895        16,248        14,299  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      31,592        29,268        62,770        56,642  

Rates2

      49        64        111        130  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total distribution fees

      31,641        29,332        62,881        56,772  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total commissions

    $ 163,463      $ 156,431      $ 329,576      $ 332,269  
  

 

 

     

 

 

     

 

 

     

 

 

  
     Average Variable Transaction Fee Per Million  
     (unaudited)  

U.S. high-grade - fixed-rate

    $ 145.93      $ 179.02      $ 151.87      $ 182.21  

U.S. high-grade - floating-rate

      48.15        36.40        50.12        41.19  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total U.S. high-grade

      143.35        174.11        148.82        177.13  

Other credit 1

      185.93        194.49        186.85        198.36  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      165.75        184.62        169.11        188.11  

Rates2

      4.21        4.07        4.05        3.86  

 

1 

Other credit includes high-yield, emerging markets, Eurobonds and municipal bonds.    

2 

Rates includes U.S. Government bonds, agencies and other government bonds.    

 

Page 8

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Table 6

MarketAxess Holdings Inc.

Consolidated Condensed Balance Sheet Data

 

     As of  
     June 30,
2022		     December 31,
2021		  
     (In thousands)  
     (unaudited)  

Assets

     

Cash and cash equivalents

    $ 290,544     $ 506,735  

Cash segregated under federal regulations

      50,276       50,159  

Investments, at fair value

      34,297       36,078  

Accounts receivable, net

      87,475       63,881  

Receivables from broker-dealers, clearing organizations and customers

      617,817       408,346  

Goodwill

      154,789       154,789  

Intangible assets, net of accumulated amortization

      105,607       116,377  

Furniture, equipment, leasehold improvements and capitalized software, net

      93,255       96,061  

Operating lease right-of-use assets

      68,602       70,960  

Prepaid expenses and other assets

      65,048       27,066  
  

 

 

    

 

 

  

Total assets

    $ 1,567,710     $ 1,530,452  
  

 

 

    

 

 

  

Liabilities and stockholders’ equity

     

Liabilities

     

Accrued employee compensation

    $ 35,685     $ 59,719  

Payables to broker-dealers, clearing organizations and customers

      375,211       229,325  

Income and other tax liabilities

      27,660       40,456  

Accounts payable, accrued expenses and other liabilities

      42,797       71,218  

Operating lease liabilities

      85,555       88,425  
  

 

 

    

 

 

  

Total liabilities

      566,908       489,143  
  

 

 

    

 

 

  

Stockholders’ equity

     

Common stock

      123       123  

Additional paid-in capital

      325,047       330,262  

Treasury stock

      (320,252 )      (232,712 ) 

Retained earnings

      1,035,723       956,966  

Accumulated other comprehensive loss

      (39,839 )      (13,330 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      1,000,802       1,041,309  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 1,567,710     $ 1,530,452  
  

 

 

    

 

 

  

 

Page 9

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Table 7

MarketAxess Holdings Inc.

Reconciliation of Non-GAAP Financial Measures

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2022     2021     2022     2021  
     Earnings Before Interest, Taxes, Depreciation and
Amortization		  
     (In thousands)  
     (unaudited)  

Net income

    $ 66,922     $ 67,288     $ 131,691     $ 147,745  

Add back:

         

Interest expense

      337       171       510       362  

Provision for income taxes

      22,656       18,765       48,306       40,109  

Depreciation and amortization

      15,240       13,097       30,414       24,876  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)

    $ 105,155     $ 99,321     $ 210,921     $ 213,092  
  

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA margin1

      57.7 %      56.3 %      57.3 %      57.3 % 
     Free Cash Flow  
     (In thousands)  
     (unaudited)  

Cash flows from operating activities

    $ 93,637     $ 96,726     $ 69,907     $ 73,567  

Exclude: Net change in trading investments

      —         11,064       —         5,569  

Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers

      (20,376 )      (26,596 )      48,166       66,774  

Less: Purchases of furniture, equipment and leasehold improvements

      (1,285 )      (5,552 )      (2,681 )      (9,809 ) 

Less: Capitalization of software development costs

      (9,136 )      (8,384 )      (18,561 )      (16,459 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow

    $ 62,840     $ 67,258     $ 96,831     $ 119,642  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1 

EBITDA margin is derived by dividing EBITDA by revenue for the applicable period.

 

Page 10

LOGO

 

Table 8

MarketAxess Holdings Inc.

Volume Statistics*

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2022      2021      2022      2021  
     Total Trading Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade - fixed-rate

    $ 350,296      $ 312,858      $ 680,854      $ 662,673  

U.S. high-grade - floating-rate

      9,489        11,153        21,024        24,779  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total U.S. high-grade

      359,785        324,011        701,878        687,452  

Other credit

      399,209        344,865        802,927        735,885  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      758,994        668,876        1,504,805        1,423,337  

Rates

      1,431,595        888,267        3,012,829        2,009,135  
     Average Daily Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade

    $ 5,803      $ 5,143      $ 5,660      $ 5,544  

Other credit

      6,487        5,521        6,487        5,935  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      12,290        10,664        12,147        11,479  

Rates

      23,099        14,113        24,297        16,203  

Number of U.S. Trading Days 1

      62        63        124        124  

Number of U.K. Trading Days 2

      60        61        123        124  

 

1 

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.    

2 

The number of U.K. trading days is based on the U.K. Bank holiday schedule.    

*

Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. Government Bond trades are single-counted.    

 

Page 11

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Document and Entity Information
Jul. 20, 2022
Cover [Abstract]  
Entity Registrant Name MARKETAXESS HOLDINGS INC
Amendment Flag false
Entity Central Index Key 0001278021
Document Type 8-K
Document Period End Date Jul. 20, 2022
Entity Incorporation State Country Code DE
Entity File Number 001-34091
Entity Tax Identification Number 52-2230784
Entity Address, Address Line One 55 Hudson Yards
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10001
City Area Code (212)
Local Phone Number 813-6000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.003 per share
Trading Symbol MKTX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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