10-Q Filing

MARKETAXESS HOLDINGS INC CIK: 1278021 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-007588`
Period End Date	20170331
Filing Date	20170427
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	mktx-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 44 Cash Flow Statement 57 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$57.00K	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$82.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.86M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.86M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$199.73M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$138.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments, at fair value	`MarketableSecurities`	$194.40M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments, at fair value	`MarketableSecurities`	$218.56M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of $57 and $82 as of March 31, 2017 and December 31, 2016, respectively	`AccountsReceivableNet`	$56.64M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $57 and $82 as of March 31, 2017 and December 31, 2016, respectively	`AccountsReceivableNet`	$50.67M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill and intangible assets, net of accumulated amortization	`IntangibleAssetsNetIncludingGoodwill`	$63.35M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	110.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	110.00M	shares	Point-in-time
Goodwill and intangible assets, net of accumulated amortization	`IntangibleAssetsNetIncludingGoodwill`	$63.44M	USD	Point-in-time
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$31.10M	USD	Point-in-time
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$33.89M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.11M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.17M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.54M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$13.79M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$11.62M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.54M	shares	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$8.56M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$6.83M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.63M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.56M	shares	Point-in-time
Total assets	`Assets`	$528.04M	USD	Point-in-time
Total assets	`Assets`	$530.71M	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrentAndNoncurrent`	$13.87M	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrentAndNoncurrent`	$34.78M	USD	Point-in-time
Income and other tax liabilities	`TaxesPayableCurrentAndNoncurrent`	$15.03M	USD	Point-in-time
Income and other tax liabilities	`TaxesPayableCurrentAndNoncurrent`	$7.58M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCredits`	$2.52M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCredits`	$3.19M	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$16.27M	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$15.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$60.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$48.36M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$339.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$342.31M	USD	Point-in-time
Treasury stock - Common stock voting, at cost, 2,625,402 and 2,562,585 shares as of March 31, 2017 and December 31, 2016, respectively	`TreasuryStockValue`	$129.54M	USD	Point-in-time
Treasury stock - Common stock voting, at cost, 2,625,402 and 2,562,585 shares as of March 31, 2017 and December 31, 2016, respectively	`TreasuryStockValue`	$117.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$255.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$285.15M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.57M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.23M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$468.01M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$482.36M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$528.04M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$530.71M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Commissions	`FeesAndCommissions`	$94.02M	USD	1 Quarter
Commissions	`FeesAndCommissions`	$79.09M	USD	1 Quarter
Information and post-trade services	`InformationAndPostTradeServicesRevenue`	$7.82M	USD	1 Quarter
Information and post-trade services	`InformationAndPostTradeServicesRevenue`	$7.78M	USD	1 Quarter
Investment income	`NetInvestmentIncome`	$747.00K	USD	1 Quarter
Investment income	`NetInvestmentIncome`	$418.00K	USD	1 Quarter
Other	`OtherIncome`	$1.28M	USD	1 Quarter
Other	`OtherIncome`	$1.31M	USD	1 Quarter
Total revenues	`Revenues`	$88.57M	USD	1 Quarter
Total revenues	`Revenues`	$103.89M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$24.53M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$27.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.68M	USD	1 Quarter
Technology and communications	`CommunicationsAndInformationTechnology`	$4.58M	USD	1 Quarter
Technology and communications	`CommunicationsAndInformationTechnology`	$4.30M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$3.86M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$4.28M	USD	1 Quarter
Occupancy	`OccupancyNet`	$1.40M	USD	1 Quarter
Occupancy	`OccupancyNet`	$1.16M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$1.89M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$1.78M	USD	1 Quarter
Clearing costs	`TransactionCosts`	$1.33M	USD	1 Quarter
Clearing costs	`TransactionCosts`	$1.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.12M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.71M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$44.20M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$48.28M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.37M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.14M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.96M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.79	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.77	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.11	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.26	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.33	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.77M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.85M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.67M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.11M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$4.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$4.68M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.94M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.49M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.83M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$2.33M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-393.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.97M	USD	1 Quarter
(Increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.11M	USD	1 Quarter
(Increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.35M	USD	1 Quarter
(Increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.00M	USD	1 Quarter
(Increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.15M	USD	1 Quarter
(Decrease) in accrued employee compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-20.91M	USD	1 Quarter
(Decrease) in accrued employee compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-18.39M	USD	1 Quarter
Increase in income and other tax liabilities	`IncreaseDecreaseInIncomeTaxes`	$6.03M	USD	1 Quarter
Increase in income and other tax liabilities	`IncreaseDecreaseInIncomeTaxes`	$7.37M	USD	1 Quarter
Increase in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$675.00K	USD	1 Quarter
Increase in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$290.00K	USD	1 Quarter
Increase in accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.07M	USD	1 Quarter
Increase in accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.72M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$30.55M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-52.74M	USD	1 Quarter
Proceeds from maturities, available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$12.00M	USD	1 Quarter
Proceeds from maturities, available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$46.48M	USD	1 Quarter
Purchases, available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$68.17M	USD	1 Quarter
Purchases of furniture, equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	1 Quarter
Purchases of furniture, equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.15M	USD	1 Quarter
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$3.17M	USD	1 Quarter
Capitalization of software development costs	`PaymentsToDevelopSoftware`	$3.04M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$5.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-26.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$6.34M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.01M	USD	1 Quarter
Cash dividend on common stock	`PaymentsOfOrdinaryDividends`	$9.73M	USD	1 Quarter
Cash dividend on common stock	`PaymentsOfOrdinaryDividends`	$12.36M	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$500.00K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$831.00K	USD	1 Quarter
Withholding tax payments on restricted stock vesting and stock option exercises	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$7.64M	USD	1 Quarter
Withholding tax payments on restricted stock vesting and stock option exercises	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.23M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.20M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$12.21M	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-31.70M	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-15.32M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-425.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-4.00K	USD	1 Quarter
Net (decrease) for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-30.59M	USD	1 Quarter
Net (decrease) for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-61.73M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$199.73M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$138.00M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$199.73M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$138.00M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$468.01M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$482.36M	USD	Point-in-time
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.96M	USD	1 Quarter
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-365.00K	USD	1 Quarter
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.24M	USD	1 Quarter
Unrealized net gain on securities available-for-sale, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$23.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.94M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$500.00K	USD	1 Quarter
Withholding tax payments on restricted stock vesting and stock option exercises	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$7.64M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$12.21M	USD	1 Quarter
Cumulative effect of change in accounting for employee share-based payments	`CumulativeEffectOfChangeInAccountingForEmployeeShareBasedPayments`	$28.00K	USD	1 Quarter
Cash dividend on common stock	`DividendsCommonStockCash`	$12.40M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$468.01M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$482.36M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Foreign currency exchange hedge, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-527.00K	USD	1 Quarter
Foreign currency exchange hedge, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$2.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.96M	USD	1 Quarter
Net cumulative translation adjustment and foreign currency exchange hedge, net of tax of $(527) and $2,012, respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-365.00K	USD	1 Quarter
Securities available-for-sale, tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$115.00K	USD	1 Quarter
Net cumulative translation adjustment and foreign currency exchange hedge, net of tax of $(527) and $2,012, respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.24M	USD	1 Quarter
Securities available-for-sale, tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$14.00K	USD	1 Quarter
Net unrealized gain on securities available-for-sale, net of tax of $14 and $115, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$187.00K	USD	1 Quarter
Net unrealized gain on securities available-for-sale, net of tax of $14 and $115, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$23.00K	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$42.12M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$26.91M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.