10-Q Filing

MARKETAXESS HOLDINGS INC CIK: 1278021 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-009322`
Period End Date	20180331
Filing Date	20180426
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mktx-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 52 Cash Flow Statement 58 Stockholders Equity 14 Comprehensive Income 12

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$96.00K	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$178.00K	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$167.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$156.17M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments, at fair value	`MarketableSecurities`	$239.52M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments, at fair value	`MarketableSecurities`	$244.27M	USD	Point-in-time
Accounts receivable, net of allowance of $96 and $178 as of March 31, 2018 and December 31, 2017, respectively	`AccountsReceivableNet`	$67.53M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $96 and $178 as of March 31, 2018 and December 31, 2017, respectively	`AccountsReceivableNet`	$52.64M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill and intangible assets, net of accumulated amortization	`IntangibleAssetsNetIncludingGoodwill`	$63.06M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	110.00M	shares	Point-in-time
Goodwill and intangible assets, net of accumulated amortization	`IntangibleAssetsNetIncludingGoodwill`	$62.96M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	110.00M	shares	Point-in-time
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$38.55M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.40M	shares	Point-in-time
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$39.62M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.62M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$18.72M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.61M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$17.89M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$830.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.78M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.81M	shares	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$1.74M	USD	Point-in-time
Total assets	`Assets`	$589.27M	USD	Point-in-time
Total assets	`Assets`	$581.23M	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrentAndNoncurrent`	$15.61M	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrentAndNoncurrent`	$36.50M	USD	Point-in-time
Income and other tax liabilities	`TaxesPayableCurrentAndNoncurrent`	$18.41M	USD	Point-in-time
Income and other tax liabilities	`TaxesPayableCurrentAndNoncurrent`	$13.06M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCredits`	$2.66M	USD	Point-in-time
Deferred revenue	`DeferredRevenueAndCredits`	$3.55M	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$14.53M	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$14.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$52.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$66.46M	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`	$327.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$331.08M	USD	Point-in-time
Treasury stock - Common stock voting, at cost, 2,809,345 and 2,781,323 shares as of March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$166.06M	USD	Point-in-time
Treasury stock - Common stock voting, at cost, 2,809,345 and 2,781,323 shares as of March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$159.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$385.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$353.58M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.29M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.23M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$537.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$514.77M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$589.27M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$581.23M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Commissions	`FeesAndCommissions`	$102.77M	USD	1 Quarter
Commissions	`FeesAndCommissions`	$94.02M	USD	1 Quarter
Information services	`InformationServicesRevenue`	$6.18M	USD	1 Quarter
Information services	`InformationServicesRevenue`	$7.07M	USD	1 Quarter
Post-trade services	`PostTradeServicesRevenue`	$2.46M	USD	1 Quarter
Post-trade services	`PostTradeServicesRevenue`	$4.58M	USD	1 Quarter
Other	`OtherIncome`	$301.00K	USD	1 Quarter
Other	`OtherIncome`	$300.00K	USD	1 Quarter
Total revenues	`Revenues`	$114.71M	USD	1 Quarter
Total revenues	`Revenues`	$102.96M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$27.28M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$28.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.27M	USD	1 Quarter
Technology and communications	`CommunicationsAndInformationTechnology`	$4.58M	USD	1 Quarter
Technology and communications	`CommunicationsAndInformationTechnology`	$5.78M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$5.06M	USD	1 Quarter
Professional and consulting fees	`ProfessionalFees`	$4.28M	USD	1 Quarter
Occupancy	`OccupancyNet`	$3.34M	USD	1 Quarter
Occupancy	`OccupancyNet`	$1.40M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$2.06M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$1.89M	USD	1 Quarter
Clearing costs	`TransactionCosts`	$1.73M	USD	1 Quarter
Clearing costs	`TransactionCosts`	$1.33M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.48M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$47.81M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$54.54M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$60.17M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$55.16M	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$1.17M	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$747.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-298.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-328.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$449.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$840.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$61.01M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.14M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$47.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.15	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.30	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.27	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.11	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.33	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.42	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.85M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.95M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.89M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.11M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$47.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$4.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$5.27M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.94M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.95M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.83M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$2.06M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$186.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-393.00K	USD	1 Quarter
(Increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.96M	USD	1 Quarter
(Increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.11M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.15M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-852.00K	USD	1 Quarter
(Decrease) in accrued employee compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-20.89M	USD	1 Quarter
(Decrease) in accrued employee compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-20.91M	USD	1 Quarter
Increase in income and other tax liabilities	`IncreaseDecreaseInIncomeTaxes`	$4.30M	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`	$894.00K	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`	$307.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$30.55M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$31.44M	USD	1 Quarter
Proceeds from maturities and sales, available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$51.00M	USD	1 Quarter
Proceeds from maturities and sales, available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$46.48M	USD	1 Quarter
Purchases, available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$57.84M	USD	1 Quarter
Purchases, available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$68.17M	USD	1 Quarter
Purchases of furniture, equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.28M	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`	$3.59M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$24.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$5.00K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-12.73M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.01M	USD	1 Quarter
Cash dividend on common stock	`PaymentsOfOrdinaryDividends`	$15.81M	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`	$258.00K	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`	$7.62M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$6.27M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$12.21M	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-29.45M	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-31.70M	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`	$-110.00K	USD	1 Quarter
Net (decrease) for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-30.59M	USD	1 Quarter
Net (decrease) for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.85M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$167.01M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$156.17M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$167.01M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$156.17M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$168.24M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$137.66M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$537.16M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$514.77M	USD	Point-in-time
Net income	`NetIncomeLoss`	$47.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.46M	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`	$268.00K	USD	1 Quarter
Unrealized net loss on securities available-for-sale, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-334.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.95M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$258.00K	USD	1 Quarter
Withholding tax payments on restricted stock vesting and stock option exercises	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$7.62M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$6.27M	USD	1 Quarter
Cash dividend on common stock	`DividendsCommonStockCash`	$15.80M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$537.16M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$514.77M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$47.94M	USD	1 Quarter
Foreign currency exchange hedge, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-823.00K	USD	1 Quarter
Foreign currency exchange hedge, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-527.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.46M	USD	1 Quarter
Net cumulative translation adjustment and foreign currency exchange hedge, net of tax of $(823)and $(527), respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-365.00K	USD	1 Quarter
Securities available-for-sale, tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$14.00K	USD	1 Quarter
Securities available-for-sale, tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-107.00K	USD	1 Quarter
Net cumulative translation adjustment and foreign currency exchange hedge, net of tax of $(823)and $(527), respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$268.00K	USD	1 Quarter
Net unrealized (loss) gain on securities available-for-sale, net of tax of $(107) and $14, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$23.00K	USD	1 Quarter
Net unrealized (loss) gain on securities available-for-sale, net of tax of $(107) and $14, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-334.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$42.12M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$47.87M	USD	1 Quarter

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