MarketAxess Holdings Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $99,565,000 against $94,436,000 a year ago. Income before income taxes was $49,371,000 against $50,327,000 a year ago. Net income was $33,473,000 against $33,165,000 a year ago. Diluted net income per common share was $0.88 against $0.88 a year ago. Earnings before interest, taxes, depreciation and amortization were $54,579,000 against $54,619,000 a year ago. Cash flow from operating activities was $46,452,000 against $56,607,000 a year ago. Purchases of furniture, equipment and leasehold improvements were $4,841,000 against $1,631,000 a year ago. Free cash flow was $63,653,000 against $51,576,000 a year ago.

For the year, the company reported total revenues of $397,471,000 against $369,919,000 a year ago. Income before income taxes was $201,768,000 against $191,602,000 a year ago. Net income was $148,089,000 against $126,172,000 a year ago. Diluted net income per common share was $3.89 against $3.34 a year ago. Earnings before interest, taxes, depreciation and amortization were $221,042,000 against $209,440,000 a year ago. Cash flow from operating activities was $168,035,000 against $89,747,000 a year ago. Purchases of furniture, equipment and leasehold improvements were $12,086,000 against $6,385,000 a year ago. Free cash flow was $159,559,000 against $145,439,000 a year ago.

For 2018, the company is providing guidance: Expenses are expected to be in the range of $220.0 million to $232.0 million, including duplicate occupancy costs of approximately $8.0 million for the company's new corporate offices in New York during the build-out phase. Capital expenditures are expected to be in the range of $43.0 million to $50.0 million, including approximately $25 million of buildout costs for the new corporate offices. The company's overall effective tax rate is expected to be between 23.0% to 25.0%, including the estimated impact of the Tax Act and excess tax benefits on share awards that are expected to vest in 2018.