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
September 30, 2019.
“Broad-based growth in trading volumes across
all major products and geographic regions drove record results in
the third quarter as dealers and investors continue to embrace new
solutions for credit trading automation,” said Rick McVey, Chairman
and CEO of MarketAxess. “In addition to the acceleration of growth
in current products, we are excited about new growth opportunities
in U.S. Treasury trading, portfolio trading and Live Markets.
Our investment in new technology solutions and products for our
clients continues to grow while at the same time we produced
operating margins in excess of 50% during the third
quarter.”
Third Quarter
Results
Total revenues for the third quarter of 2019
increased 29.7% to $131.6 million, compared to $101.4 million for
the third quarter of 2018. Operating income was $66.0 million,
compared to $46.4 million for the third quarter of 2018, an
increase of 42.1%. Operating margin was 50.1%, compared to 45.8%
for the third quarter of 2018. Net income totaled $54.0
million, or $1.42 per share on a diluted basis, compared to $38.6
million, or $1.02 per share, for the third quarter of
2018.
Commission revenue for the third quarter of 2019
increased 32.4% to $119.9 million, compared to $90.5 million for
the third quarter of 2018. Variable transaction fees increased
45.5% to $96.0 million on total trading volume of $528.7 billion
for the third quarter of 2019, compared to variable transaction
fees of $66.0 million on total trading volume of $385.5 billion for
the third quarter of 2018. U.S. high-grade trading volume as a
percentage of FINRA’s high-grade TRACE trading volume increased to
an estimated 20.2% for the third quarter of 2019, compared to an
estimated 17.5% for the third quarter of 2018.
All other revenue, which consists of information
services, post-trade services and other revenue, increased to $11.7
million, compared to $10.9 million for the third quarter of
2018. The increase in all other revenue was principally due
to higher revenue from data sales and post-trade services,
partially offset by the unfavorable impact of the stronger U.S.
dollar of $0.5 million.
Total expenses for the third quarter of 2019
increased 19.3% to $65.6 million, compared to $55.0 million for the
third quarter of 2018. The increase in total expenses was largely
due to higher employee compensation and benefit costs, mainly due
to an increase in headcount, of $6.4 million, technology and
communications expense of $1.5 million, professional and consulting
fees of $1.3 million, general and administrative costs of $1.0
million and clearing costs of $1.0 million.
Other income was $1.4 million for each of the
third quarters of 2019 and 2018.
The effective tax rate for the third quarter of
2019 was 19.8%, compared to 19.3% for the third quarter of
2018.
Employee headcount was 511 as of September 30,
2019 compared to 444 as of September 30, 2018.
Dividend
The Company’s board of directors declared a cash
dividend of $0.51 per share of common stock outstanding, to be paid
on November 20, 2019 to stockholders of record as of the close of
business on November 6, 2019.
Share
Repurchases
A total of 7,500 shares were repurchased in the
third quarter of 2019 at a cost of $2.8 million.
Balance Sheet
Data
As of September 30, 2019, total assets were
$855.0 million and included $556.2 million in cash, cash
equivalents and investments. Total stockholders’ equity as of
September 30, 2019 was $694.6 million.
Guidance for
2019
The Company is reconfirming its full year 2019
expense guidance range of $244.0 million to $256.0 million.
The expense guidance range excludes any post-acquisition impact of
the LiquidityEdge transaction. The Company is also
reconfirming its full year 2019 overall effective tax rate of 20.5%
to 22.5%. Finally, the Company is updating its full year 2019
capital expenditure guidance range to $31.0 million to $33.0
million, up from $25.0 million to $30.0 million.
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”) 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 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 Tony DeLise, Chief Financial Officer, will host a
conference call to discuss the Company’s financial results and
outlook on Wednesday, October 23, 2019 at 10:00 a.m.
EST. To access the conference call, please dial 855-425-4206 (U.S.)
or 484-756-4249 (international). 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. A replay of the call will be made
available by dialing 855-859-2056 (U.S.) or 404-537-3406
(international) for one week after the announcement. The passcode
for replay callers is 1878106. The Webcast will also be archived on
http://investor.marketaxess.com for 90 days following the
announcement.
About MarketAxess
MarketAxess operates a leading,
institutional electronic trading platform delivering expanded
liquidity opportunities, improved execution quality and significant
cost savings across global fixed-income markets. A record $1.7
trillion of U.S. investment-grade bonds, U.S. high-yield
bonds, emerging market debt, Eurobonds and other fixed income
securities traded through MarketAxess’ patented trading technology
in 2018. The global community of 1,600 firms trading
on MarketAxess today include the world’s leading asset
managers and institutional broker-dealers. MarketAxess’
award-winning Open Trading™ marketplace is regarded as the
preferred all-to-all trading solution in the global credit markets,
creating a unique liquidity pool for a broad range of credit market
participants. Drawing on its deep data and analytical
resources, MarketAxess enables automated trading
solutions and, through its Trax® division, provides a range of pre-
and post-trade services and products.
MarketAxess is headquartered in New
York and has offices
in London, Amsterdam, Boston, Chicago, Los
Angeles, Miami, Salt Lake City, San Francisco, São
Paulo, Hong Kong and Singapore. For more
information, please visit www.marketaxess.com.
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; the volatility of financial services markets generally;
the level of trading volume transacted on the MarketAxess platform;
the absolute level and direction of interest rates and the
corresponding volatility in the corporate fixed-income market; the
level and intensity of competition in the fixed-income electronic
trading industry and the pricing pressures that may result; the
variability of our growth rate; the rapidly evolving nature of the
electronic financial services industry; our ability to introduce
new fee plans and our clients’ response; 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; our dependence on our broker-dealer
clients; the loss of any of our significant institutional investor
clients; our ability to develop new products and offerings and the
market’s acceptance of those products; the effect of rapid market
or technological changes on us and the users of our technology; our
ability to successfully maintain the integrity of our trading
platform and our response to system failures, capacity constraints
and business interruptions; our vulnerability to cyber security
risks; 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 ability to comply with new and existing laws, rules
and regulations both domestically and internationally; our ability
to maintain effective compliance and risk management methods; the
strain of growth initiatives on management and other resources; 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.
Media and Investor Relations Contacts:
David Cresci MarketAxess
Holdings Inc. +1-212-813-6027
William McBrideRF|Binder+1-917-239-6726
Mary SedaratMarketAxess Holdings
Inc.+1-212-813-6226
MarketAxess Holdings Inc.Consolidated
Statements of Operations |
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
(In thousands, except per share data) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
$ |
119,869 |
|
|
$ |
90,513 |
|
|
$ |
346,753 |
|
|
$ |
289,398 |
|
Information services |
|
7,693 |
|
|
|
7,174 |
|
|
|
22,215 |
|
|
|
21,170 |
|
Post-trade services |
|
3,784 |
|
|
|
3,475 |
|
|
|
11,840 |
|
|
|
11,671 |
|
Other |
|
251 |
|
|
|
281 |
|
|
|
770 |
|
|
|
882 |
|
Total revenues |
|
131,597 |
|
|
|
101,443 |
|
|
|
381,578 |
|
|
|
323,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
32,681 |
|
|
|
26,282 |
|
|
|
97,962 |
|
|
|
81,315 |
|
Depreciation and amortization |
|
6,700 |
|
|
|
6,173 |
|
|
|
19,127 |
|
|
|
17,232 |
|
Technology and communications |
|
7,381 |
|
|
|
5,879 |
|
|
|
19,637 |
|
|
|
17,451 |
|
Professional and consulting fees |
|
7,018 |
|
|
|
5,685 |
|
|
|
19,145 |
|
|
|
16,168 |
|
Occupancy |
|
2,802 |
|
|
|
3,528 |
|
|
|
8,549 |
|
|
|
10,332 |
|
Marketing and advertising |
|
2,506 |
|
|
|
2,980 |
|
|
|
8,472 |
|
|
|
8,580 |
|
Clearing costs |
|
2,782 |
|
|
|
1,760 |
|
|
|
7,969 |
|
|
|
5,497 |
|
General and administrative |
|
3,762 |
|
|
|
2,744 |
|
|
|
10,686 |
|
|
|
7,927 |
|
Total expenses |
|
65,632 |
|
|
|
55,031 |
|
|
|
191,547 |
|
|
|
164,502 |
|
Operating
income |
|
65,965 |
|
|
|
46,412 |
|
|
|
190,031 |
|
|
|
158,619 |
|
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
2,211 |
|
|
|
1,635 |
|
|
|
6,296 |
|
|
|
4,186 |
|
Other, net |
|
(838 |
) |
|
|
(250 |
) |
|
|
(860 |
) |
|
|
(785 |
) |
Total other income |
|
1,373 |
|
|
|
1,385 |
|
|
|
5,436 |
|
|
|
3,401 |
|
Income before income
taxes |
|
67,338 |
|
|
|
47,797 |
|
|
|
195,467 |
|
|
|
162,020 |
|
Provision for income
taxes |
|
13,336 |
|
|
|
9,203 |
|
|
|
40,838 |
|
|
|
34,999 |
|
Net
income |
$ |
54,002 |
|
|
$ |
38,594 |
|
|
$ |
154,629 |
|
|
$ |
127,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.46 |
|
|
$ |
1.04 |
|
|
$ |
4.17 |
|
|
$ |
3.44 |
|
Diluted |
$ |
1.42 |
|
|
$ |
1.02 |
|
|
$ |
4.08 |
|
|
$ |
3.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
$ |
0.51 |
|
|
$ |
0.42 |
|
|
$ |
1.53 |
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,066 |
|
|
|
36,951 |
|
|
|
37,053 |
|
|
|
36,952 |
|
Diluted |
|
37,995 |
|
|
|
37,828 |
|
|
|
37,913 |
|
|
|
37,859 |
|
MarketAxess Holdings Inc.Commission
Revenue Details |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commissions Revenue |
|
|
(In thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade |
$ |
45,409 |
|
|
$ |
32,385 |
|
|
$ |
130,824 |
|
|
$ |
107,553 |
|
Other credit 1 |
|
50,009 |
|
|
|
33,088 |
|
|
|
143,276 |
|
|
|
108,280 |
|
Liquid products 2 |
|
567 |
|
|
|
482 |
|
|
|
1,739 |
|
|
|
1,553 |
|
Total transaction fees |
|
95,985 |
|
|
|
65,955 |
|
|
|
275,839 |
|
|
|
217,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade |
|
17,777 |
|
|
|
18,032 |
|
|
|
53,238 |
|
|
|
53,520 |
|
Other credit1 |
|
5,986 |
|
|
|
6,385 |
|
|
|
17,318 |
|
|
|
17,967 |
|
Liquid products2 |
|
121 |
|
|
|
141 |
|
|
|
358 |
|
|
|
525 |
|
Total distribution fees |
|
23,884 |
|
|
|
24,558 |
|
|
|
70,914 |
|
|
|
72,012 |
|
Total commissions |
$ |
119,869 |
|
|
$ |
90,513 |
|
|
$ |
346,753 |
|
|
$ |
289,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Variable Transaction Fee Per Million |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade -
fixed-rate |
$ |
181 |
|
|
$ |
162 |
|
|
$ |
169 |
|
|
$ |
161 |
|
U.S. high-grade -
floating-rate |
|
56 |
|
|
|
91 |
|
|
|
66 |
|
|
|
94 |
|
Total U.S. high-grade |
|
173 |
|
|
|
157 |
|
|
|
163 |
|
|
|
156 |
|
Other credit |
|
196 |
|
|
|
198 |
|
|
|
194 |
|
|
|
199 |
|
Liquid products |
|
49 |
|
|
|
39 |
|
|
|
44 |
|
|
|
40 |
|
Total |
|
182 |
|
|
|
171 |
|
|
|
174 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Other credit
includes high-yield, emerging markets, Eurobonds and municipal
bonds. |
|
2 Liquid products
includes U.S. agencies and European government bonds. |
|
|
|
|
|
MarketAxess Holdings Inc.Consolidated
Condensed Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30,
2019 |
|
|
December 31,
2018 |
|
|
(In thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
320,527 |
|
|
$ |
246,322 |
|
Investments, at fair value |
|
235,625 |
|
|
|
240,105 |
|
Accounts receivable, net |
|
72,812 |
|
|
|
57,535 |
|
Goodwill and intangible assets, net |
|
62,387 |
|
|
|
62,675 |
|
Furniture, equipment, leasehold improvements and capitalized
software, net |
|
66,531 |
|
|
|
63,010 |
|
Operating lease right-of-use assets |
|
75,390 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
18,591 |
|
|
|
22,468 |
|
Deferred tax assets, net |
|
3,163 |
|
|
|
3,424 |
|
Total assets |
$ |
855,026 |
|
|
$ |
695,539 |
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accrued employee compensation |
$ |
35,082 |
|
|
$ |
39,053 |
|
Income and other tax liabilities |
|
13,274 |
|
|
|
16,432 |
|
Deferred revenue |
|
3,731 |
|
|
|
2,810 |
|
Accounts payable, accrued expenses and other liabilities |
|
16,285 |
|
|
|
29,366 |
|
Operating lease liabilities |
|
92,031 |
|
|
|
— |
|
Total liabilities |
|
160,403 |
|
|
|
87,661 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Common stock |
|
122 |
|
|
|
122 |
|
Additional paid-in capital |
|
343,543 |
|
|
|
341,860 |
|
Treasury stock |
|
(196,402 |
) |
|
|
(184,962 |
) |
Retained earnings |
|
560,164 |
|
|
|
463,252 |
|
Accumulated other comprehensive loss |
|
(12,804 |
) |
|
|
(12,394 |
) |
Total stockholders' equity |
|
694,623 |
|
|
|
607,878 |
|
Total liabilities and stockholders' equity |
$ |
855,026 |
|
|
$ |
695,539 |
|
|
|
|
|
|
|
|
|
MarketAxess Holdings Inc.Reconciliation of
Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest, Taxes, Depreciation and
Amortization |
|
|
(In thousands) |
|
|
(unaudited) |
|
Net
income |
$ |
54,002 |
|
|
$ |
38,594 |
|
|
$ |
154,629 |
|
|
$ |
127,021 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Provision for income taxes |
|
13,336 |
|
|
|
9,203 |
|
|
|
40,838 |
|
|
|
34,999 |
|
Depreciation and amortization |
|
6,700 |
|
|
|
6,173 |
|
|
|
19,127 |
|
|
|
17,232 |
|
Earnings before
interest, taxes, depreciation and
amortization |
$ |
74,038 |
|
|
$ |
53,970 |
|
|
$ |
214,594 |
|
|
$ |
179,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
(In thousands) |
|
|
(unaudited) |
|
Cash flows from
operating activities |
$ |
67,692 |
|
|
$ |
67,994 |
|
|
$ |
176,794 |
|
|
$ |
153,812 |
|
Exclude: Net change in trading investments |
|
9,225 |
|
|
|
(9,959 |
) |
|
|
371 |
|
|
|
(6,671 |
) |
Less: Purchases of furniture, equipment and leasehold
improvements |
|
(2,569 |
) |
|
|
(7,786 |
) |
|
|
(8,683 |
) |
|
|
(23,821 |
) |
Less: Capitalization of software development costs |
|
(6,553 |
) |
|
|
(2,635 |
) |
|
|
(13,863 |
) |
|
|
(9,171 |
) |
Free cash
flow |
$ |
67,795 |
|
|
$ |
47,614 |
|
|
$ |
154,619 |
|
|
$ |
114,149 |
|
MarketAxess Holdings Inc.Volume
Statistics* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trading Volume |
|
|
(In millions) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade -
fixed-rate |
$ |
245,027 |
|
|
$ |
191,950 |
|
|
$ |
753,885 |
|
|
$ |
643,781 |
|
U.S. high-grade -
floating-rate |
|
16,918 |
|
|
|
14,066 |
|
|
|
50,830 |
|
|
|
43,739 |
|
Total U.S. high-grade |
|
261,945 |
|
|
|
206,016 |
|
|
|
804,715 |
|
|
|
687,520 |
|
Other credit |
|
255,097 |
|
|
|
166,990 |
|
|
|
738,091 |
|
|
|
544,614 |
|
Liquid products |
|
11,661 |
|
|
|
12,505 |
|
|
|
39,111 |
|
|
|
39,134 |
|
Total |
$ |
528,703 |
|
|
$ |
385,511 |
|
|
$ |
1,581,917 |
|
|
$ |
1,271,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Volume |
|
|
(In millions) |
|
|
(unaudited) |
|
U.S. high-grade |
$ |
4,093 |
|
|
$ |
3,270 |
|
|
$ |
4,280 |
|
|
$ |
3,657 |
|
Other credit |
|
3,972 |
|
|
|
2,641 |
|
|
|
3,921 |
|
|
|
2,893 |
|
Liquid products |
|
182 |
|
|
|
198 |
|
|
|
208 |
|
|
|
208 |
|
Total |
$ |
8,247 |
|
|
$ |
6,109 |
|
|
$ |
8,409 |
|
|
$ |
6,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of U.S. Trading Days
1 |
|
64 |
|
|
|
63 |
|
|
|
188 |
|
|
|
188 |
|
Number of U.K. Trading Days
2 |
|
65 |
|
|
|
64 |
|
|
|
189 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
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