$MKTX
MARKETAXESS HOLDINGS INC

2016 Q2 Form 10-Q Financial Statement

#000156459016021803 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $96.64M $190.0K
YoY Change 50762.63% 37.68%
Cost Of Revenue $8.500M $7.000M
YoY Change 21.43% -11.39%
Gross Profit $88.10M $68.50M
YoY Change 28.61% 19.96%
Gross Profit Margin 91.16% 36052.63%
Selling, General & Admin $33.00M $26.90M
YoY Change 22.68% 13.5%
% of Gross Profit 37.46% 39.27%
Research & Development $3.967M
YoY Change -10.83%
% of Gross Profit 5.79%
Depreciation & Amortization $4.500M $4.600M
YoY Change -2.17% 4.55%
% of Gross Profit 5.11% 6.72%
Operating Expenses $46.09M $38.43M
YoY Change 19.92% 7.07%
Operating Profit $42.01M $30.07M
YoY Change 39.72% 41.78%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $50.55M $37.06M
YoY Change 36.41% 27.48%
Income Tax $17.43M $12.82M
% Of Pretax Income 34.47% 34.6%
Net Earnings $33.10M $24.24M
YoY Change 36.56% 33.24%
Net Earnings / Revenue 34.25% 12756.84%
Basic Earnings Per Share $0.66
Diluted Earnings Per Share $0.88 $0.64
COMMON SHARES
Basic Shares Outstanding 36.88M 36.70M
Diluted Shares Outstanding 37.64M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.3M $169.3M
YoY Change -9.45% 27.1%
Cash & Equivalents $153.3M $169.3M
Short-Term Investments
Other Short-Term Assets $13.50M $12.60M
YoY Change 7.14% 1.61%
Inventory
Prepaid Expenses
Receivables $62.90M $46.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $229.7M $228.8M
YoY Change 0.39% 22.68%
LONG-TERM ASSETS
Property, Plant & Equipment $31.50M $31.30M
YoY Change 0.64% -9.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $146.3M $67.50M
YoY Change 116.74% 2.74%
Other Assets $6.100M $6.100M
YoY Change 0.0% 134.62%
Total Long-Term Assets $247.4M $170.1M
YoY Change 45.4% -0.04%
TOTAL ASSETS
Total Short-Term Assets $229.7M $228.8M
Total Long-Term Assets $247.4M $170.1M
Total Assets $477.1M $398.9M
YoY Change 19.59% 11.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.10M $13.30M
YoY Change 13.53% -28.49%
Accrued Expenses $20.20M $16.10M
YoY Change 25.47% 31.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.30M $36.50M
YoY Change 4.93% 18.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.600M $2.700M
YoY Change -3.7% -10.0%
Total Long-Term Liabilities $2.600M $2.700M
YoY Change -3.7% -10.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.30M $36.50M
Total Long-Term Liabilities $2.600M $2.700M
Total Liabilities $41.00M $39.09M
YoY Change 4.89% 15.85%
SHAREHOLDERS EQUITY
Retained Earnings $135.7M
YoY Change 81.81%
Common Stock $313.6M
YoY Change 4.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $84.71M
YoY Change 84.07%
Treasury Stock Shares $2.322M
Shareholders Equity $436.2M $359.9M
YoY Change
Total Liabilities & Shareholders Equity $477.1M $398.9M
YoY Change 19.59% 11.84%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $33.10M $24.24M
YoY Change 36.56% 33.24%
Depreciation, Depletion And Amortization $4.500M $4.600M
YoY Change -2.17% 4.55%
Cash From Operating Activities $37.30M $30.60M
YoY Change 21.9% 16.35%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$3.700M
YoY Change 16.22% -17.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$6.200M
YoY Change -100.0% 148.0%
Cash From Investing Activities -$4.300M -$9.900M
YoY Change -56.57% 39.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.50M -11.60M
YoY Change 50.86% -25.64%
NET CHANGE
Cash From Operating Activities 37.30M 30.60M
Cash From Investing Activities -4.300M -9.900M
Cash From Financing Activities -17.50M -11.60M
Net Change In Cash 15.50M 9.100M
YoY Change 70.33% 152.78%
FREE CASH FLOW
Cash From Operating Activities $37.30M $30.60M
Capital Expenditures -$4.300M -$3.700M
Free Cash Flow $41.60M $34.30M
YoY Change 21.28% 11.36%

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>
dei Entity Incorporation Date Of Incorporation
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
872000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
943000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
884000
CY2013Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2015Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
100000000
CY2016Q2 us-gaap Line Of Credit
LineOfCredit
900000
CY2013Q1 mktx Line Of Credit Facility Additional Borrowing Capacity
LineOfCreditFacilityAdditionalBorrowingCapacity
50000000
CY2016Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
99100000
CY2013Q1 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P3Y
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
(A) the sum of (i) the greatest of (a) the prime rate, as defined, (b) 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%
mktx Line Of Credit Facility Basis Spread On Federal Funds Effective Rate
LineOfCreditFacilityBasisSpreadOnFederalFundsEffectiveRate
0.0050
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100
mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option One
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionOne
0.0050
mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option Two
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionTwo
0.0150
mktx Line Of Credit Facility Default Percentage
LineOfCreditFacilityDefaultPercentage
0.0200
us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0040
mktx Percentage Of Foreign Subsidiary Interest Pledged
PercentageOfForeignSubsidiaryInterestPledged
0.65
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1643000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3210000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2930000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2751000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2751000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8028000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
21313000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1900000
CY2016Q2 mktx Number Of Lease Agreements
NumberOfLeaseAgreements
1
mktx Lease Expiration Dates
LeaseExpirationDates
2020-11
CY2016Q2 us-gaap Contractual Obligation
ContractualObligation
1200000
mktx Number Of Subsidiaries
NumberOfSubsidiaries
2
mktx Settlement Period Of Bond Transaction
SettlementPeriodOfBondTransaction
Within one to three trading days
us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
16400000
us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
7400000
CY2016Q2 us-gaap Deposits Assets
DepositsAssets
1400000
CY2015Q4 us-gaap Deposits Assets
DepositsAssets
1500000
mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0
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
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
41667
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5400000
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2016-02-29
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
19600000
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
CY2016Q2 mktx Mutual Fund Investments At Fair Value
MutualFundInvestmentsAtFairValue
1300000
mktx Deferred Compensation Arrangement Trading Gain And Compensation Expense
DeferredCompensationArrangementTradingGainAndCompensationExpense
100000

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