Marketaxess Holdings Inc - Understand $mktx stock

$MKTX Market Cap: $9.365 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$811.9M

TTM

Gross Margin

89.67%

TTM

Net Earnings

$278.7M

TTM

Current Assets

$1.155B

Q3 2024

Current Liabilities

$446.8M

Q3 2024

Current Ratio

258.58%

Q3 2024

Total Assets

$1.833B

Q3 2024

Total Liabilities

$446.8M

Q3 2024

Book Value

$1.386B

Q3 2024

Cash

$446.3M

Q3 2024

P/E

33.61

Nov 29, 2024 EST

Free Cash Flow

$305.8M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
Revenue	$752.5M	$718.3M	$699.0M	$689.1M	$511.4M	$435.6M	$393.4M	$369.9M	$303.1M	$262.8M	$238.7M	$190.8M	$171.9M	$146.2M	$114.4M	$93.10M	$93.60M	$83.30M	$78.60M	$75.80M	$58.50M	$18.70M	$6.600M	$1.700M
YoY Change	4.77%	2.77%	1.43%	34.77%	17.4%	10.71%	6.35%	22.05%	15.35%	10.07%	25.1%	11.03%	17.56%	27.8%	22.88%	-0.53%	12.36%	5.98%	3.69%	29.57%	212.83%	183.33%	288.24%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
Revenue	$752.5M	$718.3M	$699.0M	$689.1M	$511.4M	$435.6M	$393.4M	$369.9M	$303.1M	$262.8M	$238.7M	$190.8M	$171.9M	$146.2M	$114.4M	$93.10M	$93.60M	$83.30M	$78.60M	$75.80M	$58.50M	$18.70M	$6.600M	$1.700M
Cost Of Revenue	$62.80M	$52.96M	$42.47M	$34.10M	$26.80M	$23.90M	$20.00M	$34.50M	$29.00M	$32.10M	$34.30M	$24.70M	$19.60M	$18.50M	$15.30M	$16.50M	$15.10M	$15.80M	$16.80M	$11.30M	$8.900M	$8.600M	$18.10M	$7.300M
Gross Profit	$689.7M	$665.3M	$656.5M	$655.0M	$484.6M	$411.7M	$373.4M	$335.5M	$274.1M	$230.7M	$204.5M	$166.2M	$152.2M	$127.7M	$99.10M	$76.60M	$78.50M	$67.50M	$61.80M	$64.50M	$49.60M	$10.10M	-$11.50M	-$5.600M
Gross Profit Margin	91.65%	92.63%	93.92%	95.05%	94.77%	94.52%	94.91%	90.7%	90.43%	87.79%	85.66%	87.09%	88.55%	87.35%	86.63%	82.28%	83.87%	81.03%	78.63%	85.09%	84.79%	54.01%	-174.24%	-329.41%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
Selling, General & Admin	$287.2M	$259.4M	$249.7M	$223.3M	$195.5M	$168.3M	$148.7M	$126.0M	$107.7M	$94.80M	$83.10M	$70.00M	$65.60M	$70.50M	$62.30M	$55.90M	$54.10M	$52.20M	$44.60M	$42.50M	$38.60M	$39.40M	$37.30M	$9.800M
YoY Change	10.73%	3.86%	11.83%	14.22%	16.16%	13.18%	18.02%	16.99%	13.61%	14.08%	18.71%	6.71%	-6.95%	13.16%	11.45%	3.33%	3.64%	17.04%	4.94%	10.1%	-2.03%	5.63%	280.61%
% of Gross Profit	41.63%	38.98%	38.04%	34.09%	40.34%	40.88%	39.82%	37.56%	39.29%	41.09%	40.64%	42.12%	43.1%	55.21%	62.87%	72.98%	68.92%	77.33%	72.17%	65.89%	77.82%	390.1%
Research & Development	$62.80M	$52.96M	$42.47M	$34.09M	$26.79M	$23.87M		$17.28M	$15.92M	$17.69M	$16.04M	$12.52M	$10.62M
YoY Change	18.57%	24.7%	24.59%	27.25%	12.26%			8.54%	-10.0%	10.28%	28.06%	17.93%
% of Gross Profit	9.1%	7.96%	6.47%	5.2%	5.53%	5.8%		5.15%	5.81%	7.67%	7.84%	7.53%	6.98%
Depreciation & Amortization	$70.56M	$61.45M	$53.45M	$36.00M	$26.90M	$23.10M	$19.30M	$17.80M	$18.50M	$17.40M	$13.10M	$8.200M	$6.800M	$6.400M	$6.800M	$7.900M	$7.200M	$6.700M	$5.600M	$3.500M	$4.700M	$6.700M	$5.100M	$1.400M
YoY Change	14.83%	14.97%	48.46%	33.83%	16.45%	19.69%	8.43%	-3.78%	6.32%	32.82%	59.76%	20.59%	6.25%	-5.88%	-13.92%	9.72%	7.46%	19.64%	60.0%	-25.53%	-29.85%	31.37%	264.29%
% of Gross Profit	10.23%	9.24%	8.14%	5.5%	5.55%	5.61%	5.17%	5.31%	6.75%	7.54%	6.41%	4.93%	4.47%	5.01%	6.86%	10.31%	9.17%	9.93%	9.06%	5.43%	9.48%	66.34%
Operating Expenses	$374.7M	$338.5M	$361.7M	$314.4M	$260.5M	$223.0M	$193.8M	$178.3M	$155.2M	$144.2M	$131.5M	$12.52M	$10.62M	$76.80M	$69.10M	$63.80M	$61.30M	$58.90M	$50.20M	$47.20M	$45.20M	$46.90M	$43.00M	$11.20M
YoY Change	10.72%	-6.43%	15.05%	20.7%	16.81%	15.05%	8.69%	14.9%	7.6%	9.73%	949.69%	17.93%	-86.17%	11.14%	8.31%	4.08%	4.07%	17.33%	6.36%	4.42%	-3.62%	9.07%	283.93%
Operating Profit	$315.0M	$326.9M	$337.2M	$374.7M	$250.9M	$212.6M	$199.6M	$190.0M	$118.9M	$86.46M	$73.05M	$153.7M	$141.6M	$50.90M	$30.00M	$12.80M	$17.20M	$8.600M	$11.60M	$17.30M	$4.400M	-$36.80M	-$54.50M	-$16.80M
YoY Change	-3.63%	-3.07%	-10.01%	49.36%	18.02%	6.5%	5.07%	59.78%	37.52%	18.36%	-52.47%	8.54%	178.16%	69.67%	134.38%	-25.58%	100.0%	-25.86%	-32.95%	293.18%	-111.96%	-32.48%	224.4%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Interest Expense	$21.18M	$5.466M	$842.0K	$1.142M	$8.100M	$6.100M	$3.600M
YoY Change	287.43%	549.17%	-26.27%	-85.9%	32.79%	69.44%
% of Operating Profit	6.72%	1.67%	0.25%	0.3%	3.23%	2.87%	1.8%
Other Income/Expense, Net	-$3.496M	$5.946M	-$3.312M	-$369.0K	$6.542M	$5.502M	$2.153M	$1.617M
YoY Change	-158.8%	-279.53%	797.56%	-105.64%	18.9%	155.55%	33.15%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
Pretax Income	$332.7M	$338.3M	$333.9M	$374.4M	$257.4M	$218.1M	$201.8M	$191.6M	$147.9M	$118.5M	$107.3M	$89.37M	$81.45M	$50.90M	$30.00M	$12.80M	$17.30M	$8.600M	$11.60M	$17.30M	$4.400M	-$36.10M	-$62.70M	-$16.80M
YoY Change	-1.65%	1.31%	-10.8%	45.43%	18.04%	8.09%	5.31%	29.55%	24.77%	10.49%	20.04%	9.72%	60.02%	69.67%	134.38%	-26.01%	101.16%	-25.86%	-32.95%	293.18%	-112.19%	-42.42%	273.21%
Income Tax	$74.65M	$88.06M	$76.04M	$74.98M	$52.52M	$45.23M	$53.68M	$65.43M	$51.86M	$43.73M	$38.72M	$27.59M	$32.00M	$19.50M	$13.90M	$4.900M	$6.900M	$3.200M	$3.400M	-$40.30M	$200.0K	$0.00	$0.00	$0.00
% Of Pretax Income	22.44%	26.03%	22.77%	20.03%	20.4%	20.74%	26.6%	34.15%	35.07%	36.89%	36.09%	30.87%	39.29%	38.31%	46.33%	38.28%	39.88%	37.21%	29.31%	-232.95%	4.55%
Net Earnings	$258.1M	$250.2M	$257.9M	$299.4M	$204.9M	$172.9M	$148.1M	$126.2M	$96.04M	$74.81M	$76.02M	$60.07M	$47.70M	$31.40M	$16.10M	$7.900M	$10.30M	$5.400M	$8.100M	$57.60M	$4.200M	-$36.10M	-$62.70M	-$16.80M
YoY Change	3.13%	-2.97%	-13.86%	46.11%	18.54%	16.72%	17.37%	31.38%	28.38%	-1.59%	26.55%	25.92%	51.92%	95.03%	103.8%	-23.3%	90.74%	-33.33%	-85.94%	1271.43%	-111.63%	-42.42%	273.21%
Net Earnings / Revenue	34.29%	34.84%	36.9%	43.44%	40.07%	39.68%	37.64%	34.11%	31.69%	28.47%	31.84%	31.48%	27.76%	21.48%	14.07%	8.49%	11.0%	6.48%	10.31%	75.99%	7.18%	-193.05%	-950.0%	-988.24%
Basic Earnings Per Share	$6.87	$6.68	$6.88	$8.01	$5.53	$4.68	$4.02	$3.42	$2.62	$2.03	$2.06	$1.65	$1.29
Diluted Earnings Per Share	$6.85	$6.647M	$6.77	$7.85	$5.40	$4.57	$3.89	$3.34	$2.55	$1.97	$2.01	$1.59	$1.20	$803.1K	$422.6K	$221.3K	$298.6K	$153.8K	$228.2K	$1.587M	$190.0K	-$1.633M	-$2.837M	-$760.2K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001
Cash & Short-Term Investments	$451.3M	$430.7M	$506.7M	$460.9M	$270.1M	$246.3M	$167.0M	$168.2M	$199.7M	$168.9M	$132.7M	$128.9M	$169.6M	$125.0M	$103.3M	$107.3M	$72.70M	$82.00M	$58.20M	$97.70M	$20.60M	$12.20M	$11.90M
YoY Change	4.77%	-15.0%	9.94%	70.64%	9.66%	47.49%	-0.71%	-15.77%	18.24%	27.28%	2.95%	-24.0%	35.68%	21.01%	-3.73%	47.59%	-11.34%	40.89%	-40.43%	374.27%	68.85%	2.52%
Cash & Equivalents	$451.3M	$430.7M	$506.7M	$460.9M	$270.1M	$246.3M	$167.0M	$168.2M	$199.7M	$168.9M	$132.7M	$128.9M	$169.6M	$125.0M	$103.3M	$107.3M	$72.70M	$82.00M	$58.20M	$97.70M	$20.60M	$12.20M	$11.90M
Short-Term Investments
Other Short-Term Assets	$84.50M	$68.29M	$77.23M	$79.10M	$26.70M	$21.40M	$18.70M	$11.60M	$9.900M	$6.700M	$10.60M	$8.100M	$8.500M	$7.900M	$3.000M	$3.200M	$1.900M	$2.000M	$3.100M	$2.800M	$900.0K	$1.500M	$1.100M
YoY Change	23.74%	-11.57%	-2.37%	196.25%	24.77%	14.44%	61.21%	17.17%	47.76%	-36.79%	30.86%	-4.71%	7.59%	163.33%	-6.25%	68.42%	-5.0%	-35.48%	10.71%	211.11%	-40.0%	36.36%
Inventory
Prepaid Expenses
Receivables	$777.8M	$554.8M	$472.2M	$359.5M	$62.00M	$57.50M	$52.60M	$50.70M	$40.50M	$33.80M	$34.20M	$31.00M	$36.20M	$25.70M	$23.20M	$13.30M	$18.40M	$17.40M	$14.80M	$14.40M	$9.100M	$3.100M	$1.200M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Short-Term Assets	$1.314B	$1.054B	$1.056B	$899.5M	$358.8M	$325.2M	$238.3M	$230.5M	$250.1M	$209.4M	$177.5M	$168.0M	$214.3M	$158.6M	$129.5M	$123.8M	$93.00M	$101.4M	$76.10M	$114.9M	$30.60M	$16.80M	$14.20M
YoY Change	24.65%	-0.22%	17.42%	150.7%	10.33%	36.47%	3.38%	-7.84%	19.44%	17.97%	5.65%	-21.61%	35.12%	22.47%	4.6%	33.12%	-8.28%	33.25%	-33.77%	275.49%	82.14%	18.31%
Property, Plant & Equipment	$165.7M	$166.4M	$167.0M	$161.1M	$153.2M	$63.00M	$38.50M	$31.10M	$30.90M	$32.20M	$32.70M	$18.00M	$14.50M	$12.50M	$6.900M	$3.400M	$2.900M	$4.300M	$4.600M	$5.100M	$3.000M	$3.500M	$6.100M
YoY Change	-0.39%	-0.39%	3.68%	5.16%	143.17%	63.64%	23.79%	0.65%	-4.04%	-1.53%	81.67%	24.14%	16.0%	81.16%	102.94%	17.24%	-32.56%	-6.52%	-9.8%	70.0%	-14.29%	-42.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$180.0M	$134.7M	$36.08M	$28.10M	$234.6M	$241.2M	$239.5M	$194.4M	$84.70M	$64.90M	$67.70M	$51.20M	$78.10M	$72.60M	$76.00M	$39.50M	$56.00M	$52.80M	$63.80M	$9.600M	$19.10M	$15.20M	$29.80M
YoY Change	33.58%	273.47%	28.39%	-88.02%	-2.74%	0.71%	23.2%	129.52%	30.51%	-4.14%	32.23%	-34.44%	7.58%	-4.47%	92.41%	-29.46%	6.06%	-17.24%	564.58%	-49.74%	25.66%	-48.99%
Other Assets					$500.0K	$3.400M	$1.700M	$8.600M	$9.200M	$7.000M	$7.300M	$9.400M	$8.100M	$19.80M	$24.00M	$35.70M	$37.20M	$38.90M	$39.80M	$40.40M	$0.00
YoY Change					-85.29%	100.0%	-80.23%	-6.52%	31.43%	-4.11%	-22.34%	16.05%	-59.09%	-17.5%	-32.77%	-4.03%	-4.37%	-2.26%	-1.49%
Total Long-Term Assets	$701.5M	$554.0M	$474.3M	$431.9M	$596.1M	$370.3M	$342.9M	$297.5M	$188.9M	$170.5M	$176.4M	$111.8M	$135.2M	$140.9M	$147.8M	$122.6M	$105.4M	$102.9M	$114.4M	$60.70M	$26.60M	$22.60M	$41.80M
YoY Change	26.64%	16.8%	9.81%	-27.55%	60.98%	7.99%	15.26%	57.49%	10.79%	-3.34%	57.78%	-17.31%	-4.05%	-4.67%	20.55%	16.32%	2.43%	-10.05%	88.47%	128.2%	17.7%	-45.93%
Total Assets	$2.015B	$1.608B	$1.530B	$1.331B	$954.9M	$695.5M	$581.2M	$528.0M	$439.0M	$379.9M	$353.9M	$279.8M	$349.5M	$299.5M	$277.3M	$246.4M	$198.4M	$204.3M	$190.5M	$175.6M	$57.20M	$39.40M	$56.00M
YoY Change
Accounts Payable	$574.4M	$304.0M	$229.3M	$133.3M	$19.30M	$29.40M	$14.20M	$15.10M	$12.30M	$12.00M	$12.90M	$12.30M	$12.30M	$12.40M	$11.10M	$8.900M	$8.800M	$5.300M	$6.400M	$5.800M	$4.800M	$5.000M	$10.30M
YoY Change	88.96%	32.56%	72.04%	590.67%	-34.35%	107.04%	-5.96%	22.76%	2.5%	-6.98%	4.88%	0.0%	-0.81%	11.71%	24.72%	1.14%	66.04%	-17.19%	10.34%	20.83%	-4.0%	-51.46%
Accrued Expenses	$139.8M	$139.0M	$148.1M	$155.9M	$145.4M	$39.10M	$36.50M	$34.80M	$29.30M	$25.30M	$24.00M	$19.90M	$19.40M	$17.80M	$15.20M	$10.40M	$14.30M	$12.80M	$11.80M	$11.80M	$9.300M	$6.100M
YoY Change	0.59%	-6.19%	-4.97%	7.22%	271.87%	7.12%	4.89%	18.77%	15.81%	5.42%	20.6%	2.58%	8.99%	17.11%	46.15%	-27.27%	11.72%	8.47%	0.0%	26.88%	52.46%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$722.1M	$471.4M	$255.6M	$332.0M	$181.4M	$84.90M	$63.80M	$57.50M	$46.10M	$43.20M	$40.90M	$32.20M	$31.70M	$30.20M	$26.30M	$19.30M	$23.10M	$18.10M	$18.20M	$17.60M	$48.90M	$34.70M	$22.50M
YoY Change	53.18%	84.46%	-23.02%	83.02%	113.66%	33.07%	10.96%	24.73%	6.71%	5.62%	27.02%	1.58%	4.97%	14.83%	36.27%	-16.45%	27.62%	-0.55%	3.41%	-64.01%	40.92%	54.22%
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$4.539M	$3.990M	$4.248M	$4.200M	$3.500M	$2.800M	$2.700M	$2.500M	$2.300M	$2.500M	$2.700M	$4.900M	$5.300M	$4.600M	$4.300M	$2.300M	$800.0K	$900.0K	$1.300M	$2.800M	$3.700M	$100.0K
YoY Change	13.76%	-6.07%	1.14%	20.0%	25.0%	3.7%	8.0%	8.7%	-8.0%	-7.41%	-44.9%	-7.55%	15.22%	6.98%	86.96%	187.5%	-11.11%	-30.77%	-53.57%	-24.32%	3600.0%
Total Long-Term Liabilities	$4.539M	$3.990M	$4.248M	$4.200M	$3.500M	$2.800M	$2.700M	$2.500M	$2.300M	$2.500M	$2.700M	$4.900M	$5.300M	$4.600M	$4.300M	$2.300M	$800.0K	$900.0K	$1.300M	$2.800M	$3.700M	$100.0K	$0.00
YoY Change	13.76%	-6.07%	1.14%	20.0%	25.0%	3.7%	8.0%	8.7%	-8.0%	-7.41%	-44.9%	-7.55%	15.22%	6.98%	86.96%	187.5%	-11.11%	-30.77%	-53.57%	-24.32%	3600.0%
Total Liabilities	$722.1M	$526.7M	$489.1M	$376.4M	$184.8M	$87.70M	$66.50M	$60.00M	$48.30M	$45.70M	$43.50M	$37.10M	$37.00M	$34.70M	$30.50M	$21.60M	$24.00M	$19.00M	$19.60M	$20.40M	$52.60M	$34.80M	$22.40M
YoY Change	37.1%	7.67%	29.95%	103.68%	110.72%	31.88%	10.83%	24.22%	5.69%	5.06%	17.25%	0.27%	6.63%	13.77%	41.2%	-10.0%	26.32%	-3.06%	-3.92%	-61.22%	51.15%	55.36%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Basic Shares Outstanding	37.55M	37.47M	37.51M	37.36M	37.08M	36.96M	36.86M	36.84M	36.69M	36.93M	36.89M	36.52M shares	37.01M shares
Diluted Shares Outstanding	37.65M	37.64M	38.10M	38.14M	37.96M	37.86M	38.04M	37.74M	37.64M	37.89M	37.89M	37.82M shares	39.61M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $9.3654 Billion

About MARKETAXESS HOLDINGS INC

MarketAxess Holdings, Inc. engages in an electronic trading platform that allows investment industry professionals to trade corporate bonds and other types of fixed-income instruments. The company is headquartered in New York City, New York and currently employs 881 full-time employees. The company went IPO on 2004-11-05. The company provides Open Trading marketplace, which offers an all-to-all trading solution in the global credit markets, creating a liquidity pool for a range of credit market participants. The firm leverages its diverse set of trading protocols, automated and algorithmic trading solutions, intelligent data and index products and a range of post-trade services to provide an end-to-end trading solution to its robust network of platform participants. The company also provides a number of integrated and actionable data offerings, including CP+ and Axess All, to assist clients with real-time pricing and trading decisions and transaction cost analysis. The company offers a range of post-trade services, including straight-through processing, post-trade matching, trade publication, and regulatory transaction reporting.

Industry: Security Brokers, Dealers & Flotation Companies Peers: MARKETWISE, INC. Cboe Global Markets, Inc. Coinbase Global, Inc. Donnelley Financial Solutions, Inc. FACTSET RESEARCH SYSTEMS INC S&P Global Inc. Open Lending Corp Morningstar, Inc. Tradeweb Markets Inc.