MKTX FY 2020 Earnings Report — MarketAxess Holdings Inc. Revenue & Financial Results | Market Cap Arena

MarketAxess Holdings Inc.MKTX

FY 2020 Earnings

Reported February 19, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$689M	—	$511M	—	34.8%
Op. Income	$375M	—	$251M	—	49.4%
Gross Margin	80.6%	—	80.9%	—	-0.4pp
Net Margin	43.4%	—	40.1%	—	3.4pp
EPS (Diluted)	$7.85	—	$5.40	—	45.4%
Free Cash Flow	$359M	—	$231M	—	55.2%

Revenue Flow

Item	Amount
REVENUE	$689M
Cost of Revenue	$134M
GROSS PROFIT	$555M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$180M
Operating Expenses	$180M
Cost & Expenses	$314M
OPERATING INCOME	$375M
Interest Income	$2M
Interest Expense	$1M
Other Income/Expenses	-$369.0K
INCOME BEFORE TAX	$374M
Income Tax Expense	$75M
Net Income from Continuing Ops	$299M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$299M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$299M
D&A	$43M
EBIT	$376M
EBITDA	$418M
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$689M
Cost of Revenue	$134M
GROSS PROFIT	$555M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$180M
Operating Expenses	$180M
Cost & Expenses	$314M
OPERATING INCOME	$375M
Interest Income	$2M
Interest Expense	$1M
Other Income/Expenses	-$369.0K
INCOME BEFORE TAX	$374M
Income Tax Expense	$75M
Net Income from Continuing Ops	$299M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$299M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$299M
D&A	$43M
EBIT	$376M
EBITDA	$418M
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$299M
Depreciation & Amortization	$43M
Stock-Based Compensation	$26M
Deferred Income Tax	$10M
Other Non-Cash Items	-$550.0K
Change in Working Capital	$27M
OPERATING CASH FLOW	$404M
Capital Expenditure	-$46M
Acquisitions (Net)	-$23M
Purchases of Investments	-$33M
Sales/Maturities of Investments	$171M
Other Investing Activities	-$31M
NET CASH FROM INVESTING	$69M
Net Debt Issuance	$0
Common Stock Repurchased	-$16M
Common Dividends Paid	-$91M
Other Financing Activities	-$38M
NET CASH FROM FINANCING	-$145M
FREE CASH FLOW	$359M
Net Change in Cash	$334M

Balance Sheet

Item	Amount
Cash & Equivalents	$461M
Short-Term Investments	$18M
Net Receivables	$359M
Inventory	$0
Other Current Assets	$21M
TOTAL CURRENT ASSETS	$889M
PP&E (Net)	$161M
Goodwill	$147M
Intangible Assets	$95M
Long-Term Investments	$10M
Tax Assets	$0
Other Non-Current Assets	$29M
TOTAL NON-CURRENT ASSETS	$443M
TOTAL ASSETS	$1.3B
Account Payables	$44M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$62M
TOTAL CURRENT LIABILITIES	$220M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$62M
TOTAL NON-CURRENT LIABILITIES	$156M
TOTAL LIABILITIES	$376M
Common Stock	$123.0K
Additional Paid-In Capital	$330M
Retained Earnings	$799M
Treasury Stock	-$170M
Accum. Other Comp. Income	-$5M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$955M
Minority Interest	$0
TOTAL EQUITY	$955M
TOTAL LIABILITIES & EQUITY	$1.3B
Total Debt	$94M
Net Debt	-$367M