Marketaxess holdings inc (MKTX)
CashFlow / TTM
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

227,196

204,902

200,460

185,052

177,434

172,852

160,494

156,030

153,566

148,089

147,781

144,569

139,672

126,172

117,498

109,295

100,407

96,037

93,182

87,971

81,924

74,806

76,303

77,013

78,165

76,016

73,348

68,616

61,902

60,069

51,147

51,109

50,417

47,704

0

0

0

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

28,842

26,857

24,975

24,448

23,893

23,080

22,440

20,850

19,850

19,274

18,358

18,100

17,850

17,838

18,231

18,548

18,611

18,542

18,282

18,122

17,870

17,379

16,700

15,777

14,603

13,051

11,642

10,164

8,948

8,233

7,689

7,407

7,073

6,781

0

0

0

Amortization of operating lease right-of-use assets

6,149

5,795

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

26,775

25,294

23,368

19,374

17,095

15,850

14,983

14,554

14,429

14,421

14,864

15,042

14,960

14,511

13,879

13,431

12,971

12,519

11,866

11,143

10,495

9,769

9,639

9,352

9,198

8,879

8,620

8,535

8,420

8,385

8,046

7,788

6,531

6,859

0

0

0

Deferred taxes

3,394

2,682

-1,347

-1,075

-1,297

-1,258

6,426

6,639

6,824

6,590

-868

-1,489

-3,085

-2,581

-2,561

-2,975

-1,812

-2,424

-3,199

-2,062

-814

-374

-425

-1,047

-1,936

-1,331

-1,932

-1,000

-502

-643

3,591

8,971

14,722

16,129

0

0

0

Provision for bad debts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Other

-1,837

786

-1,219

-1,028

-1,937

-2,338

-2,668

-2,227

-1,374

-1,953

-1,874

-2,149

-6,052

-10,628

-14,765

-14,377

-10,899

-6,359

-1,881

-2,074

-1,596

-1,725

-1,863

-1,500

-529

296

0

0

0

-

-

-

-

-

-

-

-

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

21,149

2,962

11,036

4,650

3,615

5,117

-622

7,034

11,195

2,353

6,525

-7,579

4,196

10,429

7,592

16,228

6,805

6,748

12,447

5,606

6,543

-827

-735

1,051

5,497

1,714

2,510

5,335

-694

-4,607

3,086

460

4,570

11,665

0

0

0

Decrease in prepaid expenses and other assets

1,349

4,624

33

1,592

-621

3,791

2,439

-38

4,041

7,039

4,477

7,958

1,271

2,125

4,466

329

5,121

2,662

-1,752

880

-1,490

-3,344

2,457

1,323

609

1,846

-2,350

-3,447

1,177

-412

-2,363

4,937

1,511

4,074

0

0

0

Decrease in trading investments

-54,424

-4,045

6,186

-12,998

-3,817

-856

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) in accrued employee compensation

5,230

8,312

3,614

3,057

1,088

2,551

441

532

1,739

1,719

2,481

2,868

2,962

5,487

5,708

4,103

1,950

3,986

4,454

3,913

2,777

1,309

-1,113

271

1,161

4,010

3,816

1,176

-1,041

320

-237

-1,428

-155

1,634

0

0

0

Increase in income and other tax liabilities

-130

187

441

468

928

2,965

8,292

7,674

2,708

5,770

787

2,009

4,561

3,221

-475

-4,133

1,375

-941

1,166

1,130

2,613

2,365

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Increase in deferred revenue

405

689

-54

215

-9

150

594

519

364

145

185

470

588

203

791

-44

-123

-153

-1,056

-300

3

-248

52

-332

-521

-1,571

-1,265

-1,264

-1,406

-462

27

683

550

755

0

0

0

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

18,196

-1,509

7,760

7,938

10,303

14,374

5,917

4,386

-2,381

-1,614

-3,219

-805

-1,305

2,344

1,393

1,450

3,865

-9

1,820

-1,370

-1,572

-950

-2,095

-1,006

-3,125

364

2,812

5,125

4,937

2,328

130

615

3,134

178

0

0

0

(Decrease) in operating lease liabilities

-2,024

-829

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

346,935

265,935

246,899

247,201

231,847

223,917

200,264

184,735

168,925

168,035

178,190

178,961

173,039

89,747

81,308

63,815

61,729

124,506

117,701

114,135

109,839

109,952

92,139

97,042

90,747

90,879

95,641

85,936

78,487

81,582

71,957

71,964

77,786

65,478

0

0

0

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

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37,827

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,900

40,986

40,986

40,986

23,663

0

0

0

-

-

-

-

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

148,487

170,936

234,299

312,331

350,392

333,791

297,800

238,775

192,311

187,794

160,617

127,701

80,832

46,347

42,225

39,920

36,733

35,248

29,086

27,492

24,339

17,574

15,361

12,740

13,495

12,515

13,540

12,075

13,121

18,313

22,037

28,969

31,050

27,419

0

0

0

Purchases, available-for-sale investments

116,629

160,827

225,790

305,530

331,887

336,533

279,339

231,809

205,504

215,831

0

0

0

-

-

-

-

57,175

0

0

0

-

-

-

-

-

-

-

-

16,543

10,959

26,122

24,391

32,302

0

0

0

Purchases of furniture, equipment and leasehold improvements

15,934

12,292

20,750

25,967

34,259

35,888

28,662

22,344

10,215

12,086

8,876

8,258

7,882

6,385

5,819

6,354

6,630

4,795

4,355

3,218

3,822

4,627

9,982

11,675

16,165

15,337

9,555

11,525

5,340

5,153

5,598

2,688

3,269

3,160

0

0

0

Capitalization of software development costs

26,002

22,408

16,397

12,479

11,299

11,705

12,548

13,340

13,889

13,471

13,154

12,643

12,255

12,118

12,130

11,915

10,970

10,589

10,265

10,005

10,243

10,160

9,951

9,632

9,150

7,945

6,740

5,933

5,275

5,207

5,040

4,833

4,521

4,065

0

0

0

Other

-

30

-36

-25

-48

-39

-19

10

78

59

22

-282

-383

-414

118

539

635

642

125

-640

-636

-611

-573

114

88

18

2

-29

-49

43

3

-3,548

-3,532

-3,532

0

0

0

Net cash provided by investing activities

-108,056

-122,051

-28,602

-31,620

-27,005

-50,296

-22,730

-28,728

-37,375

-53,653

-97,188

-109,505

-88,526

-53,180

-18,337

-25,030

-30,566

-37,953

-55,076

-16,431

-13,624

-13,025

-10,011

-64,271

-64,026

-69,121

-59,343

-12,362

-6,406

15,030

14,014

12,451

15,978

-8,576

0

0

0

Cash flows from financing activities
Cash dividend on common stock

80,063

76,231

72,772

69,405

66,030

62,432

59,064

55,703

52,346

48,888

46,298

43,717

41,124

38,495

36,247

33,985

31,744

29,534

28,080

26,639

25,226

23,941

22,871

21,743

20,664

19,837

66,681

66,017

65,245

64,041

15,835

15,161

14,496

13,683

0

0

0

Exercise of stock options

1,115

1,207

2,471

3,124

2,887

2,973

1,719

1,005

1,730

1,972

1,767

1,499

1,968

2,299

2,466

2,972

1,963

1,824

2,651

2,656

2,784

2,511

2,613

2,504

2,828

3,039

4,344

4,477

8,829

8,525

7,941

5,992

2,525

6,807

0

0

0

Withholding tax payments on restricted stock vesting and stock option exercises

35,260

25,820

18,374

12,107

12,225

8,043

22,725

27,577

27,670

27,691

12,150

7,699

7,585

5,173

5,975

5,838

5,578

4,496

4,462

4,295

4,241

5,020

5,008

4,968

4,927

5,001

5,001

5,001

19,186

20,003

20,003

20,098

5,816

4,415

0

0

0

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,242

5,422

4,662

4,243

5,166

4,957

5,357

5,032

4,205

3,745

14,539

14,775

15,471

18,052

6,639

7,305

0

0

0

Repurchases of common stock

17,487

17,256

17,626

20,937

24,087

25,171

25,094

31,218

36,522

42,461

46,403

42,672

34,933

23,925

17,007

14,094

15,418

23,158

32,557

38,690

43,527

37,974

0

0

0

-

-

-

-

75,133

0

0

0

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-42

-110

-191

-271

-307

-315

-310

-304

-298

-294

-287

-282

-278

0

0

0

Net cash (used in) financing activities

-131,695

-118,100

-106,301

-99,325

-99,455

-92,673

-105,164

-113,493

-114,808

-117,068

-103,084

-92,589

-81,674

-65,294

-60,965

-54,700

-53,448

-55,364

-57,206

-61,546

-65,548

-60,223

-45,652

-33,189

-21,063

-17,074

-65,978

-67,096

-65,384

-136,175

-92,258

-89,580

-89,481

-11,199

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-3,292

1,011

-1,575

-765

-587

-1,640

-1,277

29

1,772

1,457

-370

-1,999

-3,179

-2,758

-938

-73

-768

-385

-143

-49

336

-471

-1,041

-1,896

-1,532

-901

-756

-605

-587

-1,149

-1,234

-1,008

-1,041

-1,077

0

0

0

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

103,892

26,795

110,421

115,491

104,800

79,308

71,093

42,543

18,514

-1,229

-22,452

-25,132

-340

-31,485

1,068

-15,988

-23,053

30,804

5,276

36,109

31,003

36,233

35,435

-2,314

4,126

3,783

-30,436

5,873

6,110

-40,712

-7,521

-6,173

3,242

44,626

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,768

22,394

20,778

14,943

15,102

11,205

11,133

10,865

10,177

0

0

0

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

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of business, net of cash and cash equivalents acquired

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities assumed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,964

0

0

0

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,315

0

0

0

Conversion of common stock non-voting to common stock voting

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,880

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

44,791

0

0

0

-

-

-

-

-

-

-

-

Cash paid for the capital stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37,827

0

0

0

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

861

2,118

1,386

1,473

1,318

933

1,426

1,422

1,481

1,839

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-