Business
MarketAxess Reports Second Quarter 2024 Financial Results
Revenue Growth of 10% Driven by Growth in Total Credit ADV and Pragma Revenues Second Strongest Quarter for Total Credit ADV with Strong Growth Across Most
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRevenue Growth of 10% Driven by Growth in Total Credit ADV and Pragma Revenues\n\n\nSecond Strongest Quarter for Total Credit ADV with Strong Growth Across Most Products\n\n\nRecord Eurobonds ADV, Portfolio Trading Volume and Muni Bond Estimated Market Share\n\n\nBoard Increases Share Repurchase Authorization to $250 Million\n\n\n NEW YORK--(BUSINESS WIRE)--\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the second quarter ended June 30, 2024.\n\n\n2Q24 select financial and operational highlights*\n\n\n\nTotal revenues of $197.7 million, up 10%, includes Pragma revenues of $7.9 million and an increase of approximately $0.3 million from the impact of foreign currency fluctuations.\n\n\nStrong geographic and product/protocol diversification with 16% growth across emerging markets, Eurobonds and municipals commission revenue helping to offset a decrease in U.S. high-yield trading activity, driven by lower credit spread volatility.\n\n\n\nRecord portfolio trading volume of $55.0 billion.1\n\n\n\n22% increase in services revenue (combined information, post-trade and technology services revenue) to $26.0 million, includes record information services revenue and an increase of approximately $2.9 million from Pragma revenues.\n\n\n\n\n\n\nTotal expenses of $116.3 million, up 12%, includes Pragma operating expenses of $7.8 million and an increase of approximately $0.2 million from the impact of foreign currency fluctuations.\n\n\n\nDiluted earnings per share (“EPS”) of $1.72 on net income of $64.9 million, compared to EPS of $1.59 on net income of $59.9 million. The prior year quarter included a negative $0.04 per diluted share impact from foreign currency transaction losses and unrealized losses on investments.\n\n\n\nRecord 2,119 (+2%) active client firms, 1,626 (+1%) active U.S. credit client firms, record 1,076 (+2%) international active client firms and 1,167 (+4%) active client firms trading three or more products.\n\n\n\nRecord automation suite trade count (+37%) and record active client firms (+70%); automation suite trading volume up 21% and dealer algorithmic responses up 38%.\n\n\n\nIn August 2024, the Board of Directors authorized a new share repurchase program for up to $200.0 million of the Company’s common...