Provided By Business Wire
Last update: May 7, 2025
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2025.
1Q25 select financial and operational highlights*
*All comparisons versus 1Q24
Chris Concannon, CEO of MarketAxess, commented:
“We generated record daily volumes across most of our product areas in the first quarter, including record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds.
During 1Q25 and continuing in early 2Q25, we have been encouraged by the performance of our platform and protocols as our clients have navigated the ongoing credit market volatility. Open Trading activity reached record levels in 1Q25, and we continue to see higher levels of velocity. We believe that MarketAxess’ platform is well-positioned in this environment. Looking ahead, we expect the new capabilities launched with our targeted block solution and enhancements to portfolio trading should help drive higher levels of market share in U.S. credit in the coming quarters.”
Table 1: 1Q25 select financial results
Quarter | % Change | |||||||||||||||
|
1Q25 |
|
|
4Q24 |
|
|
1Q24 |
|
YoY | QoQ | ||||||
$ in millions, except per share data (unaudited) | ||||||||||||||||
Revenues |
$ |
209 |
|
$ |
202 |
|
$ |
210 |
|
(1 |
) |
% |
3 |
|
% |
|
Operating Income |
|
88 |
|
|
80 |
|
|
93 |
|
(4 |
) |
11 |
|
|||
Net Income |
|
15 |
|
|
65 |
|
|
73 |
|
(79 |
) |
(77 |
) |
|||
Diluted EPS |
|
0.40 |
|
|
1.73 |
|
|
1.92 |
|
(79 |
) |
(77 |
) |
|||
Net Income Margin |
|
7.2 |
% |
|
32.2 |
% |
|
34.5 |
% |
(79 |
) |
(78 |
) |
|||
EBITDA2 |
|
107 |
|
|
97 |
|
|
109 |
|
(2 |
) |
11 |
|
|||
EBITDA Margin2 |
|
51.5 |
% |
|
47.8 |
% |
|
51.9 |
% |
(1 |
) |
8 |
|
1Q25 overview of results
Table 1A: Notable items
Quarter | |||
1Q25 |
4Q24 |
1Q24 |
|
$ in millions, except per share data (unaudited) | |||
Reserve for uncertain tax positions related to prior periods |
54.9 |
- |
- |
EPS impact |
1.47 |
- |
- |
Notable items1
Commission revenue
Table 1B: 1Q25 variable transaction fees per million (FPM)
Quarter | % Change | ||||||||||||||
|
1Q25 |
|
4Q24 |
|
1Q24 |
YoY | QoQ | ||||||||
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) | |||||||||||||||
Total Credit |
$ |
139 |
$ |
150 |
$ |
154 |
(10 |
) |
% |
(7 |
) |
% |
|||
Total Rates |
|
4.20 |
|
4.31 |
|
4.79 |
(12 |
) |
(3 |
) |
|||||
Credit
Rates
Other
Services revenue
Information services
Post-trade services
Technology services
Expenses
Non-operating
Capital
Other
Guidance
1 |
See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures. |
2 |
EBITDA and EBITDA margin are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures. |
Non-GAAP financial measures and other items
To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company’s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) GAAP net income, EPS and the effective tax rate to net income, EPS and the effective tax rate, each excluding notable items; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure.
Webcast and conference call information
Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer will host a conference call to discuss the Company’s financial results and outlook on Wednesday, May 7, 2025 at 10:00 a.m. ET. To access the conference call, please dial 646-307-1963 (U.S./International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.
General Notes Regarding the Data Presented
Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.
About MarketAxess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.
Table 2: Consolidated Statements of Operations |
|||||||||||||
|
|
Three Months Ended |
|
|
|||||||||
|
|
March 31, |
|
|
|||||||||
In thousands, except per share data (unaudited) |
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
$ |
181,343 |
|
|
$ |
184,873 |
|
|
|
(2 |
) |
% |
Information services |
|
|
12,904 |
|
|
|
11,881 |
|
|
|
9 |
|
|
Post-trade services |
|
|
11,088 |
|
|
|
10,730 |
|
|
|
3 |
|
|
Technology services |
|
|
3,241 |
|
|
|
2,834 |
|
|
|
14 |
|
|
Total revenues |
|
|
208,576 |
|
|
|
210,318 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
|
61,916 |
|
|
|
61,264 |
|
|
|
1 |
|
|
Depreciation and amortization |
|
|
18,236 |
|
|
|
18,200 |
|
|
|
— |
|
|
Technology and communications |
|
|
18,048 |
|
|
|
17,051 |
|
|
|
6 |
|
|
Professional and consulting fees |
|
|
6,410 |
|
|
|
6,395 |
|
|
|
— |
|
|
Occupancy |
|
|
3,622 |
|
|
|
3,425 |
|
|
|
6 |
|
|
Marketing and advertising |
|
|
2,061 |
|
|
|
1,833 |
|
|
|
12 |
|
|
Clearing costs |
|
|
4,185 |
|
|
|
4,911 |
|
|
|
(15 |
) |
|
General and administrative |
|
|
5,716 |
|
|
|
4,739 |
|
|
|
21 |
|
|
Total expenses |
|
|
120,194 |
|
|
|
117,818 |
|
|
|
2 |
|
|
Operating income |
|
|
88,382 |
|
|
|
92,500 |
|
|
|
(4 |
) |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
7,169 |
|
|
|
5,973 |
|
|
|
20 |
|
|
Interest expense |
|
|
(213 |
) |
|
|
(316 |
) |
|
|
(33 |
) |
|
Equity in earnings of unconsolidated affiliate |
|
|
289 |
|
|
|
370 |
|
|
|
(22 |
) |
|
Other, net |
|
|
527 |
|
|
|
(1,810 |
) |
|
NM |
|
|
|
Total other income (expense) |
|
|
7,772 |
|
|
|
4,217 |
|
|
|
84 |
|
|
Income before income taxes |
|
|
96,154 |
|
|
|
96,717 |
|
|
|
(1 |
) |
|
Provision for income taxes |
|
|
81,089 |
|
|
|
24,102 |
|
|
|
236 |
|
|
Net income |
|
$ |
15,065 |
|
|
$ |
72,615 |
|
|
|
(79 |
) |
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.40 |
|
|
$ |
1.92 |
|
|
|
|
|
|
Diluted |
|
$ |
0.40 |
|
|
$ |
1.92 |
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
0.76 |
|
|
$ |
0.74 |
|
|
|
|
|
|
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
37,388 |
|
|
|
37,740 |
|
|
|
|
|
|
Diluted |
|
|
37,456 |
|
|
|
37,790 |
|
|
|
|
|
|
NM - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3: Commission Revenue Detail |
|||||||||||||||||||||||||||
In thousands, except fee per million data |
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Variable transaction fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit |
|
|
$ |
135,840 |
|
|
$ |
141,504 |
|
|
|
(4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rates |
|
|
|
6,919 |
|
|
|
5,166 |
|
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
5,232 |
|
|
|
4,849 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total variable transaction fees |
|
|
|
147,991 |
|
|
|
151,519 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed distribution fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit |
|
|
|
33,265 |
|
|
|
33,288 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rates |
|
|
|
87 |
|
|
|
66 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed distribution fees |
|
|
|
33,352 |
|
|
|
33,354 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commission revenue |
|
|
$ |
181,343 |
|
|
$ |
184,873 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average variable transaction fee per million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit |
|
|
$ |
139 |
|
|
$ |
154 |
|
|
|
(10 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rates |
|
|
|
4.20 |
|
|
|
4.79 |
|
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4: Trading Volume Detail* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
461,308 |
|
|
$ |
7,562 |
|
|
$ |
455,998 |
|
|
|
$ |
7,475 |
|
|
|
1 |
|
% |
|
1 |
|
% |
High-yield |
|
|
|
89,997 |
|
|
|
1,475 |
|
|
|
85,379 |
|
|
|
|
1,400 |
|
|
|
5 |
|
|
|
5 |
|
|
Emerging markets |
|
|
|
240,285 |
|
|
|
3,939 |
|
|
|
221,427 |
|
|
|
|
3,630 |
|
|
|
9 |
|
|
|
9 |
|
|
Eurobonds |
|
|
|
147,917 |
|
|
|
2,348 |
|
|
|
128,849 |
|
|
|
|
2,045 |
|
|
|
15 |
|
|
|
15 |
|
|
Other credit |
|
|
|
36,482 |
|
|
|
598 |
|
|
|
26,335 |
|
|
|
|
432 |
|
|
|
39 |
|
|
|
38 |
|
|
Total credit trading |
|
|
|
975,989 |
|
|
|
15,922 |
|
|
|
917,988 |
|
|
|
|
14,982 |
|
|
|
6 |
|
|
|
6 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds |
|
|
|
1,582,081 |
|
|
|
25,936 |
|
|
|
1,045,796 |
|
|
|
|
17,144 |
|
|
|
51 |
|
|
|
51 |
|
|
Agency and other government bonds |
|
|
|
65,825 |
|
|
|
1,047 |
|
|
|
31,626 |
|
|
|
|
506 |
|
|
|
108 |
|
|
|
107 |
|
|
Total rates trading |
|
|
|
1,647,906 |
|
|
|
26,983 |
|
|
|
1,077,422 |
|
|
|
|
17,650 |
|
|
|
53 |
|
|
|
53 |
|
|
Total trading |
|
|
$ |
2,623,895 |
|
|
$ |
42,905 |
|
|
$ |
1,995,410 |
|
|
|
$ |
32,632 |
|
|
|
31 |
|
|
|
31 |
|
|
Number of U.S. Trading Days1 |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
||
Number of U.K. Trading Days2 |
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
||
1 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. |
|||||||||||||||||||||||||||
2 The number of U.K. trading days is based on the U.K. Bank holiday schedule. |
|||||||||||||||||||||||||||
*Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. government bond trades are single-counted. |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Table 5: Consolidated Condensed Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|||||
In thousands (unaudited) |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
||
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
486,224 |
|
|
$ |
544,478 |
|
|
Cash segregated under federal regulations |
|
|
47,514 |
|
|
|
47,107 |
|
|
Investments, at fair value |
|
|
166,113 |
|
|
|
165,260 |
|
|
Accounts receivable, net |
|
|
109,171 |
|
|
|
91,845 |
|
|
Receivables from broker-dealers, clearing organizations and customers |
|
|
493,613 |
|
|
|
357,728 |
|
|
Goodwill |
|
|
236,706 |
|
|
|
236,706 |
|
|
Intangible assets, net of accumulated amortization |
|
|
94,430 |
|
|
|
98,078 |
|
|
Furniture, equipment, leasehold improvements and capitalized software, net |
|
|
107,858 |
|
|
|
107,298 |
|
|
Operating lease right-of-use assets |
|
|
56,624 |
|
|
|
58,132 |
|
|
Prepaid expenses and other assets |
|
|
79,843 |
|
|
|
82,584 |
|
|
Total assets |
|
$ |
1,878,096 |
|
|
$ |
1,789,216 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accrued employee compensation |
|
$ |
30,912 |
|
|
$ |
68,054 |
|
|
Payables to broker-dealers, clearing organizations and customers |
|
|
318,866 |
|
|
|
218,845 |
|
|
Income and other tax liabilities |
|
|
80,987 |
|
|
|
3,683 |
|
|
Accounts payable, accrued expenses and other liabilities |
|
|
29,215 |
|
|
|
37,320 |
|
|
Operating lease liabilities |
|
|
70,803 |
|
|
|
72,654 |
|
|
Total liabilities |
|
|
530,783 |
|
|
|
400,556 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
123 |
|
|
|
123 |
|
|
Additional paid-in capital |
|
|
348,708 |
|
|
|
350,701 |
|
|
Treasury stock |
|
|
(370,342 |
) |
|
|
(333,369 |
) |
|
Retained earnings |
|
|
1,392,279 |
|
|
|
1,405,904 |
|
|
Accumulated other comprehensive loss |
|
|
(23,455 |
) |
|
|
(34,699 |
) |
|
Total stockholders' equity |
|
|
1,347,313 |
|
|
|
1,388,660 |
|
|
Total liabilities and stockholders' equity |
|
$ |
1,878,096 |
|
|
$ |
1,789,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6: Reconciliation of Notable Items |
|||||||||||||
|
|
|
|||||||||||
$ in thousands, except per share data (unaudited) |
|
1Q 2025 |
|
|
4Q 2024 |
|
|
1Q 2024 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, GAAP-basis |
|
$ |
15,065 |
|
|
$ |
65,139 |
|
|
$ |
72,615 |
|
|
Exclude: Notable items |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for uncertain tax positions related to prior periods |
|
|
54,939 |
|
|
|
— |
|
|
|
— |
|
|
Net income, excluding notable items |
|
$ |
70,004 |
|
|
$ |
65,139 |
|
|
$ |
72,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS, GAAP-basis |
|
$ |
0.40 |
|
|
$ |
1.73 |
|
|
$ |
1.92 |
|
|
Notable items as reconciled above |
|
|
1.47 |
|
|
|
— |
|
|
|
— |
|
|
Diluted EPS, excluding notable items |
|
$ |
1.87 |
|
|
$ |
1.73 |
|
|
$ |
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate, GAAP-basis |
|
|
84.3 |
% |
|
|
23.0 |
% |
|
|
24.9 |
% |
|
Notable items as reconciled above |
|
|
(57.1 |
) |
|
|
— |
|
|
|
— |
|
|
Effective tax rate, excluding notable items |
|
|
27.2 |
% |
|
|
23.0 |
% |
|
|
24.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin |
|||||||||||||
|
|
|
|||||||||||
In thousands (unaudited) |
|
1Q 2025 |
|
|
4Q 2024 |
|
|
1Q 2024 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,065 |
|
|
$ |
65,139 |
|
|
$ |
72,615 |
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(7,169 |
) |
|
|
(6,719 |
) |
|
|
(5,973 |
) |
|
Interest expense |
|
|
213 |
|
|
|
318 |
|
|
|
316 |
|
|
Provision for income taxes |
|
|
81,089 |
|
|
|
19,456 |
|
|
|
24,102 |
|
|
Depreciation and amortization |
|
|
18,236 |
|
|
|
18,540 |
|
|
|
18,200 |
|
|
EBITDA |
|
$ |
107,434 |
|
|
$ |
96,734 |
|
|
$ |
109,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income margin1 |
|
|
7.2 |
% |
|
|
32.2 |
% |
|
|
34.5 |
% |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(3.4 |
) |
|
|
(3.3 |
) |
|
|
(2.8 |
) |
|
Interest expense |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
Provision for income taxes |
|
|
38.9 |
|
|
|
9.5 |
|
|
|
11.4 |
|
|
Depreciation and amortization |
|
|
8.7 |
|
|
|
9.2 |
|
|
|
8.6 |
|
|
EBITDA margin2 |
|
|
51.5 |
% |
|
|
47.8 |
% |
|
|
51.9 |
% |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|||||||||||||
|
|
|
|||||||||||
In thousands (unaudited) |
|
1Q 2025 |
|
|
4Q 2024 |
|
|
1Q 2024 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/provided by operating activities |
|
$ |
29,629 |
|
|
$ |
176,248 |
|
|
$ |
(4,949 |
) |
|
Exclude: Net change in trading investments |
|
|
— |
|
|
|
— |
|
|
|
(255 |
) |
|
Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers |
|
|
34,399 |
|
|
|
(51,833 |
) |
|
|
51,288 |
|
|
Less: Purchases of furniture, equipment and leasehold improvements |
|
|
(1,930 |
) |
|
|
(215 |
) |
|
|
(1,197 |
) |
|
Less: Capitalization of software development costs |
|
|
(15,031 |
) |
|
|
(10,833 |
) |
|
|
(13,963 |
) |
|
Free cash flow |
|
$ |
47,067 |
|
|
$ |
113,367 |
|
|
$ |
30,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Net income margin is derived by dividing net income by total revenues for the applicable period. |
|||||||||||||
2 EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period. |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250506701330/en/
NASDAQ:MKTX (5/9/2025, 2:22:01 PM)
232.075
+5.83 (+2.58%)
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