Overview

• Electronic bond trading platform's Q1 revenue rose 12%, slightly beating analyst expectations

• Adjusted EPS for Q1 rose 20% and beat analyst expectations

• Company completed $300 mln accelerated share repurchase, reducing share count by about 6%

Outlook

• Company did not provide specific financial guidance or outlook for the current or future periods

Result Drivers

• GLOBAL DEMAND - Co said heightened demand for its liquidity from a global client network drove record trading volume and revenue

• INTERNATIONAL GROWTH - Revenue outside U.S. credit products grew 20%, with record commission revenue in emerging markets and eurobonds

• STRATEGIC CHANNELS - Record block and portfolio trading activity contributed to broad-based revenue gains

Company press release: ID:nBw3F9GQ9a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$233 mln	$231.16 mln (10 Analysts)
Q1 Adjusted EPS	Beat	$2.25	$2.15 (11 Analysts)
Q1 EPS		$2.20
Q1 Net Income		$78 mln
Q1 EBITDA		$122 mln
Q1 Operating Income		$100.92 mln
Q1 Operating Margin		43.20%
Q1 Pretax Profit		$103.89 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

• Wall Street's median 12-month price target for Marketaxess Holdings Inc is $189.00, about 27% above its May 6 closing price of $148.84

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 21 three months ago

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