MarketAxess Holdings Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2016. For the quarter, the company reported total revenues of $94,436,000, income before taxes of $50,327,000, net income of $33,165,000 or $0.88 basic and diluted per share compared to the total revenues of $76,644,000, income before taxes of $36,986,000, net income of $24,491,000 or $0.65 basic and diluted per share for the same quarter a year ago. Earnings before interest, taxes, depreciation and amortization were $54,619,000 against $41,671,000 a year ago. Cash flow from operating activities was $56,315,000 against $43,858,000 a year ago. Purchases of furniture, equipment and leasehold improvements were $1,631,000 against $1,065,000 a year ago. Free cash flow was $51,284,000 against $39,721,000 a year ago. Capitalization of software development costs was $3,060,000 against $3,072,000 a year ago.

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%.