$MKTX
MARKETAXESS HOLDINGS INC

2016 Q1 Form 10-Q Financial Statement

#000156459016016948 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $88.57M $76.77M
YoY Change 15.37% 21.09%
Cost Of Revenue $8.200M $7.600M
YoY Change 7.89% -10.59%
Gross Profit $80.40M $69.20M
YoY Change 16.18% 26.05%
Gross Profit Margin 90.77% 90.14%
Selling, General & Admin $31.40M $26.00M
YoY Change 20.77% 12.55%
% of Gross Profit 39.05% 37.57%
Research & Development $4.304M $4.338M
YoY Change -0.78% -3.43%
% of Gross Profit 5.35% 6.27%
Depreciation & Amortization $4.700M $4.600M
YoY Change 2.17% 12.2%
% of Gross Profit 5.85% 6.65%
Operating Expenses $44.20M $38.27M
YoY Change 15.51% 751.94%
Operating Profit $36.20M $30.93M
YoY Change 17.02% -38.64%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $44.37M $38.50M
YoY Change 15.24% 38.96%
Income Tax $15.41M $13.91M
% Of Pretax Income 34.72% 36.13%
Net Earnings $28.96M $24.59M
YoY Change 17.77% 40.73%
Net Earnings / Revenue 32.7% 32.03%
Basic Earnings Per Share $0.79 $0.67
Diluted Earnings Per Share $0.77 $0.65
COMMON SHARES
Basic Shares Outstanding 36.78M 36.71M
Diluted Shares Outstanding 37.67M 37.63M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.0M $161.0M
YoY Change -14.29% 23.85%
Cash & Equivalents $138.0M $161.0M
Short-Term Investments
Other Short-Term Assets $12.80M $7.200M
YoY Change 77.78% -22.58%
Inventory
Prepaid Expenses
Receivables $52.80M $46.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $203.6M $214.3M
YoY Change -4.99% 20.12%
LONG-TERM ASSETS
Property, Plant & Equipment $32.10M $31.19M
YoY Change 2.92% -6.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $147.2M $62.20M
YoY Change 136.66% -2.05%
Other Assets $5.200M $5.100M
YoY Change 1.96% 75.86%
Total Long-Term Assets $248.2M $164.4M
YoY Change 50.97% -2.13%
TOTAL ASSETS
Total Short-Term Assets $203.6M $214.3M
Total Long-Term Assets $248.2M $164.4M
Total Assets $451.8M $378.7M
YoY Change 19.3% 9.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $12.80M
YoY Change 32.81% -33.33%
Accrued Expenses $10.90M $9.000M
YoY Change 21.11% 45.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.80M $31.40M
YoY Change 23.57% 23.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.600M $2.700M
YoY Change -3.7% 0.0%
Total Long-Term Liabilities $2.600M $2.700M
YoY Change -3.7% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.80M $31.40M
Total Long-Term Liabilities $2.600M $2.700M
Total Liabilities $41.40M $34.00M
YoY Change 21.76% 20.94%
SHAREHOLDERS EQUITY
Retained Earnings $118.9M
YoY Change 90.4%
Common Stock $309.3M
YoY Change 4.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.19M
YoY Change 122.06%
Treasury Stock Shares $2.259M
Shareholders Equity $410.4M $344.7M
YoY Change
Total Liabilities & Shareholders Equity $451.8M $378.7M
YoY Change 19.3% 9.33%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $28.96M $24.59M
YoY Change 17.77% 40.73%
Depreciation, Depletion And Amortization $4.700M $4.600M
YoY Change 2.17% 12.2%
Cash From Operating Activities -$57.38M $10.03M
YoY Change -671.89% -1.11%
INVESTING ACTIVITIES
Capital Expenditures $2.652M $817.0K
YoY Change 224.6% -49.63%
Acquisitions
YoY Change
Other Investing Activities -$26.00K -$19.00K
YoY Change 36.84% -416.67%
Cash From Investing Activities $6.339M -$1.048M
YoY Change -704.87% 133.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.199M $8.939M
YoY Change -86.59% 164.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.69M -17.24M
YoY Change -38.03% 44.69%
NET CHANGE
Cash From Operating Activities -57.38M 10.03M
Cash From Investing Activities 6.339M -1.048M
Cash From Financing Activities -10.69M -17.24M
Net Change In Cash -61.73M -8.255M
YoY Change 647.78% 272.18%
FREE CASH FLOW
Cash From Operating Activities -$57.38M $10.03M
Capital Expenditures $2.652M $817.0K
Free Cash Flow -$60.04M $9.217M
YoY Change -751.35% 8.12%

Facts In Submission

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP 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>
CY2016Q1 dei Entity Incorporation Date Of Incorporation
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CY2016Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
7078000
CY2015Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
7316000
CY2016Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1289000
CY2015Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1478000
CY2016Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1135000
CY2015Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
520000
CY2016Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
9502000
CY2015Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
9314000
CY2016Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
4977000
CY2015Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3840000
CY2016Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
713000
CY2015Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
624000
CY2016Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
215000
CY2015Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
131000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5905000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4595000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3494000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3042000
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31400000
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
896000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
920000
CY2013Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2015Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
100000000
CY2016Q1 us-gaap Line Of Credit
LineOfCredit
1100000
CY2013Q1 mktx Line Of Credit Facility Additional Borrowing Capacity
LineOfCreditFacilityAdditionalBorrowingCapacity
50000000
CY2016Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
98900000
CY2013Q1 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P3Y
CY2016Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
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%
CY2016Q1 mktx Line Of Credit Facility Basis Spread On Federal Funds Effective Rate
LineOfCreditFacilityBasisSpreadOnFederalFundsEffectiveRate
0.0050
CY2016Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100
CY2016Q1 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option One
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionOne
0.0050
CY2016Q1 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option Two
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionTwo
0.0150
CY2016Q1 mktx Line Of Credit Facility Default Percentage
LineOfCreditFacilityDefaultPercentage
0.0200
CY2016Q1 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0040
CY2016Q1 mktx Percentage Of Foreign Subsidiary Interest Pledged
PercentageOfForeignSubsidiaryInterestPledged
0.65
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2527000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3294000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3015000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2836000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2836000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8509000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
23017000
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000
CY2016Q1 mktx Number Of Lease Agreements
NumberOfLeaseAgreements
1
CY2016Q1 mktx Lease Expiration Dates
LeaseExpirationDates
2020-11
CY2016Q1 us-gaap Contractual Obligation
ContractualObligation
1400000
CY2016Q1 mktx Number Of Subsidiaries
NumberOfSubsidiaries
2
CY2016Q1 mktx Settlement Period Of Bond Transaction
SettlementPeriodOfBondTransaction
Within one to three trading days
CY2016Q1 us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
7500000
CY2015Q1 us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
3500000
CY2016Q1 us-gaap Deposits Assets
DepositsAssets
1500000
CY2016Q1 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0
CY2015Q1 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
35000000
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
65000000
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
9852
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1200000
CY2016Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2016-02-29
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
23800000
CY2016Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
1200000
CY2015 mktx Non Qualified Deferred Cash Incentive Plan Maximum Eligibility Percentage Of Employees
NonQualifiedDeferredCashIncentivePlanMaximumEligibilityPercentageOfEmployees
1.00
CY2016Q1 mktx Mutual Fund Investments At Fair Value
MutualFundInvestmentsAtFairValue
1300000
CY2016Q1 mktx Deferred Compensation Arrangement Trading Gain And Compensation Expense
DeferredCompensationArrangementTradingGainAndCompensationExpense
100000

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