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Sep 30, 2023
MarketAxess Q3 2023 Earnings Report
MarketAxess's performance reflected stability in revenues and strategic investments amidst low credit spread volatility.
Key Takeaways
MarketAxess reported total revenues of $172.3 million, consistent with the prior year, while diluted EPS reached $1.46 on a net income of $54.9 million, with record information services revenue of $11.8 million, marking a 21.5% increase.
Total revenues remained stable at $172.3 million, matching the previous year's figure.
Diluted EPS stood at $1.46, derived from a net income of $54.9 million.
Information services revenue reached a record $11.8 million, demonstrating a 21.5% growth.
International products average daily volume increased by 11.3%.
Revenue by Segment
Forward Guidance
MarketAxess refined its full-year 2023 expense guidance range to $432.0 million to $438.0 million, which includes an estimated $12.5 million of M&A-related expenses, and reconfirmed its full-year 2023 capital expenditures guidance range of $52.0 million to $58.0 million. The company now expects the full-year 2023 effective tax rate to be approximately 23.5%.
Positive Outlook
- Company is reconfirming its full-year 2023 capital expenditures guidance range of $52.0 million to $58.0 million.
- Company expects the full-year 2023 effective tax rate to be approximately 23.5%.
- Guidance includes an estimated $12.5 million of M&A related expenses.
- Guidance includes $8.5 million of direct operating expenses related to Pragma.
- Guidance includes $4.0 million of non-recurring M&A expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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