2016 Q4 Form 10-K Financial Statement

#000156459017001915 Filed on February 21, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $94.40M $369.9M $76.60M
YoY Change 23.24% 22.05% 9.12%
Cost Of Revenue $9.200M $34.50M $7.300M
YoY Change 26.03% 18.97% -6.41%
Gross Profit $85.30M $335.5M $69.40M
YoY Change 22.91% 22.4% 11.4%
Gross Profit Margin 90.36% 90.7% 90.6%
Selling, General & Admin $30.60M $126.0M $27.70M
YoY Change 10.47% 16.99% 13.52%
% of Gross Profit 35.87% 37.56% 39.91%
Research & Development $17.28M
YoY Change 8.54%
% of Gross Profit 5.15%
Depreciation & Amortization $4.300M $17.80M $4.600M
YoY Change -6.52% -3.78% 4.55%
% of Gross Profit 5.04% 5.31% 6.63%
Operating Expenses $34.90M $178.3M $32.40M
YoY Change 7.72% 14.9% 12.11%
Operating Profit $50.40M $190.0M $37.00M
YoY Change 36.22% 59.78% 10.78%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.617M
YoY Change
Pretax Income $50.30M $191.6M $37.00M
YoY Change 35.95% 29.55% 10.45%
Income Tax $17.20M $65.43M $12.50M
% Of Pretax Income 34.19% 34.15% 33.78%
Net Earnings $33.20M $126.2M $24.50M
YoY Change 35.51% 31.38% 13.43%
Net Earnings / Revenue 35.17% 34.11% 31.98%
Basic Earnings Per Share $3.42
Diluted Earnings Per Share $880.6K $3.34 $651.6K
COMMON SHARES
Basic Shares Outstanding 37.58M 36.84M
Diluted Shares Outstanding 37.74M

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $362.6M $168.2M $284.4M
YoY Change 27.5% -15.77% 68.4%
Cash & Equivalents $168.2M $168.2M $199.7M
Short-Term Investments $194.4M $84.71M
Other Short-Term Assets $11.60M $11.60M $9.900M
YoY Change 17.17% 17.17% 47.76%
Inventory
Prepaid Expenses
Receivables $50.70M $50.70M $40.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $230.5M $230.5M $250.1M
YoY Change -7.84% -7.84% 19.44%
LONG-TERM ASSETS
Property, Plant & Equipment $31.10M $31.10M $30.90M
YoY Change 0.66% 0.65% -4.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $194.4M $194.4M $84.70M
YoY Change 129.52% 129.52% 30.51%
Other Assets $8.600M $8.600M $9.200M
YoY Change -6.52% -6.52% 31.43%
Total Long-Term Assets $297.5M $297.5M $188.9M
YoY Change 57.46% 57.49% 10.83%
TOTAL ASSETS
Total Short-Term Assets $230.5M $230.5M $250.1M
Total Long-Term Assets $297.5M $297.5M $188.9M
Total Assets $528.0M $528.0M $439.0M
YoY Change 20.26% 20.27% 15.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.10M $15.10M $12.30M
YoY Change 22.76% 22.76% 2.5%
Accrued Expenses $34.80M $34.80M $29.30M
YoY Change 18.77% 18.77% 15.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.50M $57.50M $46.10M
YoY Change 24.73% 24.73% 6.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.500M $2.500M $2.300M
YoY Change 8.7% 8.7% -8.0%
Total Long-Term Liabilities $2.500M $2.500M $2.300M
YoY Change 8.7% 8.7% -8.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.50M $57.50M $46.10M
Total Long-Term Liabilities $2.500M $2.500M $2.300M
Total Liabilities $60.00M $60.00M $48.33M
YoY Change 24.15% 24.22% 5.81%
SHAREHOLDERS EQUITY
Retained Earnings $168.0M
YoY Change 65.02%
Common Stock $321.2M
YoY Change 4.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.41M
YoY Change 32.97%
Treasury Stock Shares $2.412M
Shareholders Equity $468.0M $468.0M $390.7M
YoY Change
Total Liabilities & Shareholders Equity $528.0M $528.0M $439.0M
YoY Change 20.26% 20.27% 15.57%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income $33.20M $126.2M $24.50M
YoY Change 35.51% 31.38% 13.43%
Depreciation, Depletion And Amortization $4.300M $17.80M $4.600M
YoY Change -6.52% -3.78% 4.55%
Cash From Operating Activities $65.70M $89.75M $48.20M
YoY Change 36.31% -25.33% 16.43%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M $6.385M -$4.200M
YoY Change 11.9% 33.16% 23.53%
Acquisitions
YoY Change
Other Investing Activities -$24.60M -$414.0K $9.700M
YoY Change -353.61% -164.49% -218.29%
Cash From Investing Activities -$29.30M -$53.18M $5.500M
YoY Change -632.73% 40.12% -147.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.93M
YoY Change 3.31%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.90M -65.29M -14.50M
YoY Change 92.41% 27.89% -10.49%
NET CHANGE
Cash From Operating Activities 65.70M 89.75M 48.20M
Cash From Investing Activities -29.30M -53.18M 5.500M
Cash From Financing Activities -27.90M -65.29M -14.50M
Net Change In Cash 8.500M -31.49M 39.20M
YoY Change -78.32% -200.95% 186.13%
FREE CASH FLOW
Cash From Operating Activities $65.70M $89.75M $48.20M
Capital Expenditures -$4.700M $6.385M -$4.200M
Free Cash Flow $70.40M $83.36M $52.40M
YoY Change 34.35% -27.76% 16.96%

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0
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8417000
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3731000
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200000
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4000
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270000
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175000
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450000
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7757000
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2300000
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400000
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400000
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400000
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400000
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75179000
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69981000
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10600000
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4923000
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1980000
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126400000
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0.013
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-0.023
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11307000
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9115000
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1468000
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3745000
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22734000
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7235000
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7294000
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14684000
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15440000
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1456000
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1953000
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4344000
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1037000
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0
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36900000
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1200000
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51100000
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0.26
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0.26
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0.26
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959000
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50000000
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1310000
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7833000
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155000
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59000
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265000
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236000
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32.24
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36.46
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19.25
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P7Y
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P5Y
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0.019
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0.019
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0.017
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0.330
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0.567
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0.355
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0.010
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0.011
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0.010
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1220449
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382
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41071
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1014420
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120650
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874
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195410
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855740
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623076
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15.01
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
63.07
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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41.47
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15.85
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13.81
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88.15
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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894000
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947000
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23.83
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102.40
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101.77
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12.35
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.80
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.98
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y9M18D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y2M12D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
21929000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
94235000
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
82208000
CY2016Q4 mktx Closing Price Of Common Stock
ClosingPriceOfCommonStock
146.92
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4100000
CY2016 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2016 mktx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Shares Payout Range Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceSharesPayoutRangeMinimum
0.00
CY2016 mktx Settlement Period Of Bond Transaction
SettlementPeriodOfBondTransaction
Within one to three trading days
CY2016 us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
37700000
CY2016Q4 us-gaap Deposits Assets
DepositsAssets
1100000
CY2016 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1800000
CY2015 mktx Non Qualified Deferred Cash Incentive Plan Maximum Eligibility Percentage Of Employees
NonQualifiedDeferredCashIncentivePlanMaximumEligibilityPercentageOfEmployees
1.00
CY2015Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
100000000
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
900000
CY2013Q1 mktx Line Of Credit Facility Additional Borrowing Capacity
LineOfCreditFacilityAdditionalBorrowingCapacity
50000000
CY2016Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
99100000
CY2013Q1 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P3Y
CY2016 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%
CY2016 mktx Line Of Credit Facility Basis Spread On Federal Funds Effective Rate
LineOfCreditFacilityBasisSpreadOnFederalFundsEffectiveRate
0.0050
CY2016 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100
CY2016 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option One
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionOne
0.0050
CY2016 mktx Line Of Credit Facility Basis Spread On Aggregate Interest Rate Option Two
LineOfCreditFacilityBasisSpreadOnAggregateInterestRateOptionTwo
0.0150
CY2016 mktx Line Of Credit Facility Default Percentage
LineOfCreditFacilityDefaultPercentage
0.0200
CY2016 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0040
CY2016 mktx Percentage Of Foreign Subsidiary Interest Pledged
PercentageOfForeignSubsidiaryInterestPledged
0.65
CY2016 mktx Operating Leases Expiration Date
OperatingLeasesExpirationDate
2033-12-31
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
4438000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4296000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
9205000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
10492000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
10079000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
107815000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
146325000
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4000000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4100000
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3800000
CY2016 mktx Number Of Subsidiaries
NumberOfSubsidiaries
2
CY2016 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0
CY2015 mktx Concentration Risk Number Of Customer
ConcentrationRiskNumberOfCustomer
0
CY2016 mktx Percentage Of Outstanding Shares Owned By Single Client
PercentageOfOutstandingSharesOwnedBySingleClient
0.076

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