MarketAxess Holdings Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2016; Provides Earnings Guidance for the Year 2017
For the year, the company reported total revenues of $369,919,000, income before taxes of $191,602,000, net income of $126,172,000 or $3.34 basic and diluted per share compared to the total revenues of $303,098,000, income before taxes of $147,900,000, net income of $96,037,000 or $2.55 basic and diluted per share for the previous year. Earnings before interest, taxes, depreciation and amortization were $209,440,000 against $166,442,000 a year ago. Cash flow from operating activities was $80,289,000 against $120,196,000 a year ago. Purchases of furniture, equipment and leasehold improvements were $6,385,000 against $4,795,000 a year ago. Free cash flow was $135,981,000 against $104,812,000 a year ago. Capitalization of software development costs was $12,118,000 against $10,589,000 a year ago.
The company expects total expenses for 2017 to be in the range of $192.0 million to $208.0 million and its capital expenditures for 2017 to be in the range of $25.0 million to $30.0 million. The company also anticipates that the overall effective tax rate for 2017 will be between 32% and 34%.