Marketaxess holdings inc (MKTX)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income

74,816

50,273

54,002

48,105

52,522

45,831

38,594

40,487

47,940

33,473

34,130

38,023

42,463

33,165

30,918

33,126

28,963

24,491

22,715

24,238

24,593

21,636

17,504

18,191

17,475

23,133

18,214

19,343

15,326

20,465

13,482

12,629

13,493

11,543

13,444

11,937

10,780

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

8,067

7,730

6,700

6,345

6,082

5,848

6,173

5,790

5,269

5,208

4,583

4,790

4,693

4,292

4,325

4,540

4,681

4,685

4,642

4,603

4,612

4,425

4,482

4,351

4,121

3,746

3,559

3,177

2,569

2,337

2,081

1,961

1,854

1,793

1,799

1,627

1,562

Amortization of operating lease right-of-use assets

1,645

1,491

1,469

1,544

1,291

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

6,677

6,225

7,944

5,929

5,196

4,299

3,950

3,650

3,951

3,432

3,521

3,525

3,943

3,875

3,699

3,443

3,494

3,243

3,251

2,983

3,042

2,590

2,528

2,335

2,316

2,460

2,241

2,181

1,997

2,201

2,156

2,066

1,962

1,862

1,898

809

2,290

Deferred taxes

2,734

2,609

-1,558

-391

2,022

-1,420

-1,286

-613

2,061

6,264

-1,073

-428

1,827

-1,194

-1,694

-2,024

2,331

-1,174

-2,108

-861

1,719

-1,949

-971

387

2,159

-2,000

-1,593

-502

2,764

-2,601

-661

-4

2,623

1,633

4,719

5,747

4,030

Provision for bad debts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-37

92

354

-

178

-58

-64

Other

-2,036

1,672

-1,182

-291

587

-333

-991

-1,200

186

-663

-550

-347

-393

-584

-825

-4,250

-4,969

-4,721

-437

-772

-429

-243

-630

-294

-558

-381

-267

677

267

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
(Increase) in accounts receivable

31,640

-12,517

6,596

-4,570

13,453

-4,443

210

-5,605

14,955

-10,182

7,866

-1,444

6,113

-6,010

-6,238

10,331

12,346

-8,847

2,398

908

12,289

-3,148

-4,443

1,845

4,919

-3,056

-2,657

6,291

1,136

-2,260

168

262

-2,777

5,433

-2,458

4,372

4,318

Decrease in prepaid expenses and other assets

-8,539

8,479

-3,986

5,395

-5,264

3,888

-2,427

3,182

-852

2,536

-4,904

7,261

2,146

-26

-1,423

574

3,000

2,315

-5,560

5,366

541

-2,099

-2,928

2,996

-1,313

3,702

-4,062

2,282

-76

-494

-5,159

6,906

-1,665

-2,445

2,141

3,480

898

Decrease in trading investments

-56,394

-4,416

9,225

-2,839

-6,015

5,815

-9,959

6,342

-3,054

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) in accrued employee compensation

-25,436

12,283

8,413

9,970

-22,354

7,585

7,856

8,001

-20,891

5,475

7,947

9,208

-20,911

6,237

8,334

9,302

-18,386

6,458

6,729

7,149

-16,350

6,926

6,188

6,013

-17,818

4,504

7,572

6,903

-14,969

4,310

4,932

4,686

-13,608

3,753

3,741

5,959

-11,819

Increase in income and other tax liabilities

1,950

3,466

382

-5,928

2,267

3,720

409

-5,468

4,304

9,047

-209

-10,434

7,366

4,064

1,013

-7,882

6,026

368

-2,645

-2,374

3,710

2,475

-2,681

-891

3,462

-

-

-

-

-

-

-

-

-

-

-

-

Increase in deferred revenue

451

-232

-79

265

735

-975

190

41

894

-531

115

-114

675

-491

400

4

290

97

-435

-75

260

-806

321

228

9

-506

-63

39

-1,041

-200

-62

-103

-97

289

594

-236

108

Increase (decrease) in accounts payable, accrued expenses and other liabilities

15,941

491

-1,123

2,887

-3,764

9,760

-945

5,252

307

1,303

-2,476

-1,515

1,074

-302

-62

-2,015

4,723

-1,253

-5

400

849

576

-3,195

198

1,471

-569

-2,106

-1,921

4,960

1,879

207

-2,109

2,351

-319

692

410

-605

(Decrease) in operating lease liabilities

-1,516

-1,629

2,222

-1,101

-321

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

120,369

89,141

67,692

69,733

39,369

70,105

67,994

54,379

31,439

46,452

52,465

38,569

30,549

56,607

53,236

32,647

-52,743

48,168

35,743

30,561

10,034

41,363

32,177

26,265

10,147

23,550

37,080

19,970

10,279

28,312

27,375

12,521

13,374

18,687

27,382

18,343

1,066

Cash flows from investing activities
Acquisition of business, net of cash and cash equivalents acquired

533

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

709

37,118

-

-

-

-

-

-

-

-

Proceeds from sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

30,900

10,086

0

0

13,577

-

-

-

-

Proceeds from maturities and sales, available-for-sale investments

45,154

14,127

25,934

63,272

67,603

77,490

103,966

101,333

51,002

41,499

44,941

54,869

46,485

14,322

12,025

8,000

12,000

10,200

9,720

4,813

10,515

4,038

8,126

1,660

3,750

1,825

5,505

2,415

2,770

2,850

4,040

3,461

7,962

6,574

10,972

5,542

4,331

Purchases, available-for-sale investments

8,995

11,252

21,386

74,996

53,193

76,215

101,126

101,353

57,839

19,021

53,596

75,048

68,166

-

-

-

-

0

38,077

10,987

8,111

-

-

-

-

-

-

-

-

10,167

0

2,662

3,714

4,583

15,163

931

11,625

Purchases of furniture, equipment and leasehold improvements

4,291

3,609

2,569

5,465

649

12,067

7,786

13,757

2,278

4,841

1,468

1,628

4,149

1,631

850

1,252

2,652

1,065

1,385

1,528

817

625

248

2,132

1,622

5,980

1,941

6,622

794

198

3,911

437

607

643

1,001

1,018

498

Capitalization of software development costs

6,778

8,545

6,553

4,126

3,184

2,534

2,635

2,946

3,590

3,377

3,427

3,495

3,172

3,060

2,916

3,107

3,035

3,072

2,701

2,162

2,654

2,748

2,441

2,400

2,571

2,539

2,122

1,918

1,366

1,334

1,315

1,260

1,298

1,167

1,108

948

842

Other

-

52

-20

-17

15

-14

-9

-40

24

6

20

28

5

-31

-284

-73

-26

501

137

23

-19

-16

-628

27

6

22

59

1

-64

6

28

-19

28

-34

-3,523

-3

28

Net cash provided by investing activities

24,557

-106,761

-4,554

-21,298

10,562

-13,312

-7,572

-16,683

-12,729

14,254

-13,570

-25,330

-29,007

-29,281

-25,887

-4,351

6,339

5,562

-32,580

-9,887

-1,048

-11,561

6,065

-7,080

-449

-8,547

-48,195

-6,835

-5,544

1,231

-1,214

-879

15,892

215

-2,777

2,648

-8,662

Cash flows from financing activities
Cash dividend on common stock

23,244

18,998

18,910

18,911

19,412

15,539

15,543

15,536

15,814

12,171

12,182

12,179

12,356

9,581

9,601

9,586

9,727

7,333

7,339

7,345

7,517

5,879

5,898

5,932

6,232

4,809

4,770

4,853

5,405

51,653

4,106

4,081

4,201

3,447

3,432

3,416

3,388

Exercise of stock options

80

322

363

350

172

1,586

1,016

113

258

332

302

838

500

127

34

1,307

831

294

540

298

692

1,121

545

426

419

1,223

436

750

630

2,528

569

5,102

326

1,944

-1,380

1,635

4,608

Withholding tax payments on restricted stock vesting and stock option exercises

21,243

7,549

6,210

258

11,803

103

-57

376

7,621

14,785

4,795

469

7,642

-756

344

355

5,230

46

207

95

4,148

12

40

41

4,927

0

0

0

5,001

0

0

14,185

5,818

0

95

-97

4,417

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

447

1,084

2,671

1,040

627

324

2,252

1,963

418

724

1,927

1,136

-42

11,518

2,163

1,832

2,539

105

2,829

Repurchases of common stock

5,415

5,816

2,770

3,486

5,184

6,186

6,081

6,636

6,268

6,109

12,205

11,940

12,207

10,051

8,474

4,201

1,199

3,133

5,561

5,525

8,939

12,532

11,694

10,362

3,386

-

-

-

-

2,530

1,460

27

71,116

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-42

-68

-81

-80

-78

-76

-76

-74

-72

-72

-69

-69

-68

Net cash (used in) financing activities

-49,822

-32,041

-27,527

-22,305

-36,227

-20,242

-20,551

-22,435

-29,445

-32,733

-28,880

-23,750

-31,705

-18,749

-18,385

-12,835

-15,325

-14,420

-12,120

-11,583

-17,241

-16,262

-16,460

-15,585

-11,916

-1,691

-3,997

-3,459

-7,927

-50,595

-5,115

-1,747

-78,718

-6,678

-2,437

-1,648

-436

Effect of exchange rate changes on cash and cash equivalents

-3,360

2,272

-1,282

-922

943

-314

-472

-744

-110

49

834

999

-425

-1,778

-795

-181

-4

42

70

-876

379

284

164

-491

-428

-286

-691

-127

203

-141

-540

-109

-359

-226

-314

-142

-395

Cash and cash equivalents including restricted cash
Net increase for the period

91,744

-47,389

34,329

25,208

14,647

36,237

39,399

14,517

-10,845

28,022

10,849

-9,512

-30,588

6,799

8,169

15,280

-61,733

39,352

-8,887

8,215

-7,876

13,824

21,946

3,109

-2,646

13,026

-15,803

9,549

-2,989

-21,193

20,506

9,786

-49,811

11,998

21,854

19,201

-8,427

Supplemental cash flow information
Non-cash activity
Cash paid during the year for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,874

5,282

11,783

829

4,500

3,666

5,948

988

603

3,594

5,680

300

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

674

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of business, net of cash and cash equivalents acquired

533

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities assumed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

46

0

-450

7,368

-

-

-

-

-

-

-

-

Non-cash investing and financing activity:
Conversion of Series B Preferred Stock to common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

30,315

Conversion of common stock non-voting to common stock voting

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

15,880

-

-

-

-

Liabilities assumed in connection with the Xtrakter acquisition:
Fair value of assets acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

46

0

259

44,486

-

-

-

-

-

-

-

-

Cash paid for the capital stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

709

37,118

-

-

-

-

-

-

-

-

Corporate Debt [Member]
Decrease (Increase) in trading securities

-

-

-

-

-

-

-

-

-

-

-8,449

-1,085

1,196

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds Held In Rabbi Trust [Member]
Decrease in trading investments

289

348

27

197

1,546

-384

114

42

1,161

109

110

101

1,519

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-