$MKTX
MARKETAXESS HOLDINGS INC

2014 Q1 Form 10-Q Financial Statement

#000119312514159062 Filed on April 25, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $63.40M $53.65M
YoY Change 18.17% 5.82%
Cost Of Revenue $8.500M $7.400M
YoY Change 14.86% 23.33%
Gross Profit $54.90M $46.20M
YoY Change 18.83% 3.36%
Gross Profit Margin 86.6% 86.11%
Selling, General & Admin $23.10M $19.20M
YoY Change 20.31% -4.95%
% of Gross Profit 42.08% 41.56%
Research & Development $4.492M $3.146M
YoY Change 42.78%
% of Gross Profit 8.18% 6.81%
Depreciation & Amortization $4.100M $2.600M
YoY Change 57.69% 36.84%
% of Gross Profit 7.47% 5.63%
Operating Expenses $4.492M $3.146M
YoY Change 42.78% -85.7%
Operating Profit $50.41M $43.05M
YoY Change 17.08% 89.67%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $27.71M $24.67M
YoY Change 12.31% 8.68%
Income Tax $10.23M $9.126M
% Of Pretax Income 36.93% 36.99%
Net Earnings $17.48M $15.33M
YoY Change 14.02% 13.53%
Net Earnings / Revenue 27.56% 28.57%
Basic Earnings Per Share $0.47 $0.42
Diluted Earnings Per Share $0.46 $0.41
COMMON SHARES
Basic Shares Outstanding 37.12M 36.77M shares
Diluted Shares Outstanding 38.10M 37.67M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.0M $125.9M
YoY Change 3.26% 5.09%
Cash & Equivalents $130.0M $125.9M
Short-Term Investments
Other Short-Term Assets $9.300M $8.900M
YoY Change 4.49% 30.88%
Inventory
Prepaid Expenses
Receivables $39.10M $35.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.4M $170.3M
YoY Change 4.76% 6.7%
LONG-TERM ASSETS
Property, Plant & Equipment $33.39M $18.70M
YoY Change 78.57% 25.5%
Goodwill $26.09M $26.09M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $63.50M $17.10M
YoY Change 271.35% -71.55%
Other Assets $2.900M $4.600M
YoY Change -36.96% -19.3%
Total Long-Term Assets $168.0M $112.6M
YoY Change 49.18% -2.0%
TOTAL ASSETS
Total Short-Term Assets $178.4M $170.3M
Total Long-Term Assets $168.0M $112.6M
Total Assets $346.4M $282.9M
YoY Change 22.44% 3.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.20M $19.20M
YoY Change 0.0% 32.41%
Accrued Expenses $6.200M $5.800M
YoY Change 6.9% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.40M $25.00M
YoY Change 1.6% 23.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.700M $5.400M
YoY Change -50.0% 3.85%
Total Long-Term Liabilities $2.700M $5.400M
YoY Change -50.0% 3.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.40M $25.00M
Total Long-Term Liabilities $2.700M $5.400M
Total Liabilities $28.11M $30.40M
YoY Change -7.53% 18.75%
SHAREHOLDERS EQUITY
Retained Earnings $62.47M
YoY Change
Common Stock $295.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.66M
YoY Change
Treasury Stock Shares 1.549M shares
Shareholders Equity $318.3M $252.5M
YoY Change
Total Liabilities & Shareholders Equity $346.4M $282.9M
YoY Change 22.44% 3.06%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $17.48M $15.33M
YoY Change 14.02% 13.53%
Depreciation, Depletion And Amortization $4.100M $2.600M
YoY Change 57.69% 36.84%
Cash From Operating Activities $10.15M $10.28M
YoY Change -1.28% -23.29%
INVESTING ACTIVITIES
Capital Expenditures $1.622M $794.0K
YoY Change 104.28% -141.79%
Acquisitions $37.83M $37.83M
YoY Change 0.0%
Other Investing Activities $6.000K -$64.00K
YoY Change -109.38% -100.36%
Cash From Investing Activities -$449.0K -$5.544M
YoY Change -91.9% -134.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.386M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.92M -7.927M
YoY Change 50.32% -89.93%
NET CHANGE
Cash From Operating Activities 10.15M 10.28M
Cash From Investing Activities -449.0K -5.544M
Cash From Financing Activities -11.92M -7.927M
Net Change In Cash -2.218M -3.192M
YoY Change -30.51% -93.54%
FREE CASH FLOW
Cash From Operating Activities $10.15M $10.28M
Capital Expenditures $1.622M $794.0K
Free Cash Flow $8.525M $9.485M
YoY Change -10.12% -38.01%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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CY2013Q1 us-gaap Proceeds From Stock Options Exercised
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CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2013Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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1927000
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200000
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CY2013Q1 us-gaap Occupancy Net
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CY2013Q1 us-gaap Current Foreign Tax Expense Benefit
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CY2013Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2013Q1 us-gaap Labor And Related Expense
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15016000
CY2013Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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2770000
CY2013Q1 us-gaap Current Federal Tax Expense Benefit
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CY2013Q1 us-gaap Income Tax Expense Benefit
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CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
203000
CY2013Q1 mktx Information And Post Trade Services Revenue
InformationAndPostTradeServicesRevenue
3703000
CY2013Q1 mktx Business Acquisitions Pro Forma Income Loss Before Tax
BusinessAcquisitionsProFormaIncomeLossBeforeTax
24707000
CY2013Q1 mktx Deferred Provision Income Tax Expense Benefit
DeferredProvisionIncomeTaxExpenseBenefit
3924000
CY2013Q1 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0 Customer
CY2013Q1 mktx Percentage Of Trading Volumes By Single Client
PercentageOfTradingVolumesBySingleClient
0.127 pure
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
MARKETAXESS HOLDINGS INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2000-04-11
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001278021
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2014Q1 us-gaap Concentration Risk Customer
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CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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38096000 shares
CY2014Q1 us-gaap Earnings Per Share Basic
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0.47
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
382 shares
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
975000 shares
CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
54000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.25
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10147000
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.47
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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37121000 shares
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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0.0030 pure
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
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9000
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
3386000
CY2014Q1 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
6232000
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.46
CY2014Q1 us-gaap Revenues
Revenues
63398000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-1313000
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OtherNoncashIncomeExpense
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CY2014Q1 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
51989000
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4927000
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-234000
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17271000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
27708000
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
6000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
878000
CY2014Q1 us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
1100000
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
419000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2646000
CY2014Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
2036000
CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
30000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4919000
CY2014Q1 us-gaap Other Income
OtherIncome
1148000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
17475000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2316000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
13000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3386000
CY2014Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
17475000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
2252000
CY2014Q1 us-gaap Net Investment Income
NetInvestmentIncome
146000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1622000
CY2014Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2571000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
52000
CY2014Q1 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
4492000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4743000
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-42000
CY2014Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-17628000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2198000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11916000
CY2014Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
4121000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2159000
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3400000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4121000
CY2014Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
6046000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2316000
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
35690000
CY2014Q1 us-gaap Occupancy Net
OccupancyNet
1089000
CY2014Q1 us-gaap Professional Fees
ProfessionalFees
3972000
CY2014Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-267000
CY2014Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
478000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
18609000
CY2014Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1186000
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000
CY2014Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4927000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
32000
CY2014Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3331000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-449000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
22000
CY2014Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
419000
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
-146000
CY2014Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
511000
CY2014Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1209000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2252000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000
CY2014Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
5913000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3800000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
3750000
CY2014Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4994000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10233000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-428000
CY2014Q1 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option One
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionOne
0.0050 pure
CY2014Q1 mktx Information And Post Trade Services Revenue
InformationAndPostTradeServicesRevenue
8079000
CY2014Q1 mktx Number Of Subsidiaries
NumberOfSubsidiaries
2 Subsidiary
CY2014Q1 mktx Cash Equivalents Maximum Period
CashEquivalentsMaximumPeriod
P3M
CY2014Q1 mktx Expected Pay Out Target Of Common Stock
ExpectedPayOutTargetOfCommonStock
29678 shares
CY2014Q1 mktx Line Of Credit Facility Default Percentage
LineOfCreditFacilityDefaultPercentage
0.0200 pure
CY2014Q1 mktx Period Of Agreements For Revenue Recognition
PeriodOfAgreementsForRevenueRecognition
P2Y
CY2014Q1 mktx Percentage Of Foreign Subsidiary Interest Pledged
PercentageOfForeignSubsidiaryInterestPledged
0.65 pure
CY2014Q1 mktx Line Of Credit Facility Basis Spread On Federal Funds Effective Rate
LineOfCreditFacilityBasisSpreadOnFederalFundsEffectiveRate
0.0050 pure
CY2014Q1 mktx Accounts Receivable Contractual Maturities Maximum
AccountsReceivableContractualMaturitiesMaximum
less than one year
CY2014Q1 mktx Post Contract Technical Support Term Period
PostContractTechnicalSupportTermPeriod
P1Y
CY2014Q1 mktx Deferred Provision Income Tax Expense Benefit
DeferredProvisionIncomeTaxExpenseBenefit
4320000
CY2014Q1 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0 Customer
CY2014Q1 mktx Percentage Of Trading Volumes By Single Client
PercentageOfTradingVolumesBySingleClient
0.136 pure
CY2014Q1 mktx Hedge Derivative Expiration Period
HedgeDerivativeExpirationPeriod
One-month period
CY2014Q1 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option Two
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionTwo
0.0150 pure
CY2014Q1 mktx Settlement Days Of Bond Transaction
SettlementDaysOfBondTransaction
Within one to three trading days
CY2014Q1 mktx Line Of Credit Facility Basis Spread On Variable Rate
LineOfCreditFacilityBasisSpreadOnVariableRate
0.0100 pure
CY2014Q1 mktx Line Of Credit Facility Description Of Variable Rate
LineOfCreditFacilityDescriptionOfVariableRate
The federal funds effective rate plus 0.50% and (c) one month adjusted LIBOR plus 1.00% plus (ii) 0.50% or (B) the sum of (i) adjusted LIBOR plus (ii) 1.50%
CY2014Q1 mktx Lease Expiration Dates
LeaseExpirationDates
November 2015 and November 2020

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