MKTX Stock Cash Flow Statements

MarketAxess Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

MarketAxess Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31

cash flows from operating activities
net income	71,180,000	15,065,000	65,139,000	71,489,000	64,938,000	72,615,000	69,627,000	54,941,000	59,859,000	73,628,000	59,226,000	59,307,000	66,922,000	64,769,000	52,185,000	57,958,000	67,288,000	80,457,000	72,931,000	67,776,000	83,854,000	74,816,000	50,273,000	54,002,000	48,105,000	52,522,000	45,831,000	38,594,000	40,487,000	47,940,000	33,473,000	34,130,000	38,023,000	42,463,000	33,165,000	30,918,000	33,126,000	28,963,000	24,491,000	22,715,000	24,238,000	24,593,000	21,636,000	17,504,000	18,191,000	17,475,000	23,133,000	18,214,000	19,343,000	15,326,000	20,465,000	13,482,000	12,629,000	13,493,000	11,543,000	13,444,000	11,937,000	10,780,000	8,947,000	8,611,000	7,169,000	6,701,000	5,436,000	4,640,000	3,187,000	2,839,000	1,936,000	1,519,000	2,848,000	1,596,000	1,908,000	2,410,000	3,552,000	2,450,000	2,238,000	1,297,000	800,000	1,086,000	2,090,000	1,171,000	1,824,000	3,057,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	19,195,000	18,236,000	18,540,000	18,728,000	18,356,000	18,200,000	19,530,000	17,561,000	17,005,000	16,461,000	15,730,000	15,302,000	15,240,000	15,174,000	14,607,000	13,964,000	13,097,000	11,779,000	10,592,000	9,032,000	8,305,000	8,067,000	7,730,000	6,700,000	6,345,000	6,082,000	5,848,000	6,173,000	5,790,000	5,269,000	5,208,000	4,583,000	4,790,000	4,693,000	4,292,000	4,325,000	4,540,000	4,681,000	4,685,000	4,642,000	4,603,000	4,612,000	4,425,000	4,482,000	4,351,000	4,121,000	3,746,000	3,559,000	3,177,000	2,569,000	2,337,000	2,081,000	1,961,000	1,854,000	1,793,000	1,799,000	1,627,000	1,562,000	1,552,000	1,560,000	1,622,000	1,616,000		1,654,000	1,679,000	1,791,000	1,789,000	2,494,000	1,816,000	1,780,000	1,694,000	1,686,000			1,703,000	1,703,000	1,637,000	1,685,000		1,175,000	1,084,000	1,008,000
amortization of operating lease right-of-use assets	1,863,000	1,763,000	1,614,000	1,787,000	1,639,000	1,599,000	1,646,000	1,490,000	1,349,000	1,368,000	1,476,000	1,233,000	1,403,000	1,596,000	1,744,000	1,687,000	1,704,000	1,664,000	1,696,000	1,821,000	1,680,000	1,645,000	1,491,000	1,469,000	1,544,000	1,291,000
stock-based compensation expense	8,012,000	7,333,000	6,619,000	7,981,000	7,981,000	7,103,000	7,331,000	7,481,000	6,890,000	7,488,000	7,911,000	7,351,000	6,503,000	8,099,000	7,002,000	6,754,000	6,134,000	7,424,000	6,694,000	6,451,000	5,791,000	6,677,000	6,225,000	7,944,000	5,929,000	5,196,000	4,299,000	3,950,000	3,650,000	3,951,000	3,432,000	3,521,000	3,525,000	3,943,000	3,875,000	3,699,000	3,443,000	3,494,000	3,243,000	3,251,000	2,983,000	3,042,000	2,590,000	2,528,000	2,335,000	2,316,000	2,460,000	2,241,000	2,181,000	1,997,000	2,201,000	2,156,000	2,066,000	1,962,000	1,862,000	1,898,000	809,000	2,290,000	2,341,000	2,128,000	2,306,000	2,194,000	2,110,000	2,152,000	2,113,000	2,039,000	1,765,000	1,785,000	1,772,000	1,739,000
deferred taxes	-582,000	-124,000	-2,055,000	638,000	-1,123,000	-1,338,000	-313,000	-3,060,000	-1,009,000	-1,433,000	-3,201,000	-1,182,000	-1,521,000	-643,000	80,000	1,438,000	1,009,000	591,000	1,444,000	3,914,000	2,007,000	2,734,000	2,609,000	-1,558,000	-391,000	2,022,000	-1,420,000	-1,286,000	-613,000	2,061,000	6,264,000	-1,073,000	-428,000	1,827,000	-1,194,000	-1,694,000	-2,024,000	2,331,000	-1,174,000	-2,108,000	-861,000	1,719,000	-1,949,000	-971,000	387,000	2,159,000	332,000	-1,593,000	-502,000	2,764,000	-2,601,000	-661,000	-4,000	2,623,000	1,633,000	4,719,000	5,747,000	4,030,000	4,785,000	3,749,000	3,856,000	3,377,000	5,102,000	2,957,000	2,052,000	2,144,000	966,000	471,000	1,886,000	1,496,000	-654,000	1,096,000	2,655,000	1,599,000	141,000	554,000	656,000	-448,000		493,000	1,025,000	2,004,000
foreign currency transaction losses	2,389,000	1,691,000				187,000
other	1,983,000	-4,809,000	9,881,000	-3,348,000	-1,221,000	1,730,000	-3,960,000	3,488,000	-109,000	-2,532,000	-175,000	1,798,000	161,000	-1,229,000	-420,000	130,000	-102,000	-74,000	-1,277,000	-1,472,000	163,000	2,036,000	-1,672,000	1,182,000	291,000	-587,000	333,000	991,000	1,200,000	-186,000	663,000	550,000	347,000	393,000	292,000	232,000	317,000	329,000	411,000	437,000	772,000	429,000	243,000	630,000	294,000	558,000			152,000	-307,000	-72,000	286,000	543,000	-72,000	-71,000	-182,000	3,000	-28,000	-66,000	530,000	54,000	-62,000	-62,000	66,000	52,000	-28,000
changes in operating assets and liabilities:
(increase) in accounts receivable	3,268,000	-16,414,000	7,947,000	-8,795,000	7,609,000	-10,491,000	4,534,000	1,428,000	8,857,000	-21,935,000			-12,029,000	-11,699,000			446,000	-7,880,000	2,217,000	17,225,000	-5,817,000	-31,640,000	12,517,000	-6,596,000	4,570,000	-13,453,000	4,443,000	-210,000	5,605,000	-14,955,000	10,182,000	-7,866,000	1,444,000	-6,113,000		6,238,000	-10,331,000	-12,346,000		-2,398,000	-908,000	-12,289,000		4,443,000	-1,845,000	-4,919,000									-5,433,000	2,458,000	-4,372,000	-4,318,000		-3,313,000	2,531,000	-3,777,000
(increase)/decrease in receivables from broker-dealers, clearing organizations and customers	-30,167,000	-129,508,000
decrease/(increase) in prepaid expenses and other assets	-2,744,000	5,570,000	-2,194,000
(increase)/decrease in trading investments
(increase) in mutual funds held in rabbi trust				115,000	-169,000	-529,000				-630,000				-117,000	-392,000	46,000	-347,000	-1,613,000	-852,000	-460,000	-1,070,000	-289,000	-348,000	-27,000	-197,000	-1,546,000	384,000	-114,000	-42,000	-1,161,000	-109,000	-110,000	-101,000	-1,519,000	1,000	-44,000	-31,000	-1,253,000
(decrease) in accrued employee compensation	14,614,000	-34,310,000		10,048,000	11,174,000	-29,017,000		8,340,000	10,821,000	-31,567,000		9,532,000	9,519,000	-33,553,000			11,055,000	-34,103,000			17,505,000	-25,436,000		8,413,000	9,970,000	-22,354,000		7,856,000	8,001,000	-20,891,000		7,947,000	9,208,000	-20,911,000		8,334,000	9,302,000	-18,386,000		6,729,000	7,149,000	-16,350,000		5,998,000	6,013,000	-17,628,000		7,231,000	6,903,000	-14,969,000		4,932,000	4,686,000	-13,608,000		3,741,000	5,959,000	-11,819,000						3,986,000	3,275,000	-7,486,000		2,691,000	2,498,000	-11,214,000		2,943,000	3,116,000	-7,401,000		3,000,000				2,963,000
increase/(decrease) in payables to broker-dealers, clearing organizations and customers	3,693,000	96,275,000
increase in securities sold, not yet purchased
increase/(decrease) in income and other tax liabilities	14,111,000	77,295,000
(decrease)/increase in accounts payable, accrued expenses and other liabilities							262,000
(decrease) in operating lease liabilities	-2,248,000	-2,125,000	-2,084,000	-2,368,000	-2,124,000	-2,154,000	-2,014,000	-1,612,000	-1,547,000	-1,562,000	-1,685,000	-1,401,000	-1,488,000	-1,799,000	-1,663,000	-1,606,000	-1,887,000	-1,845,000			-1,556,000	-1,516,000			-1,101,000	-321,000
net cash from operating activities			176,248,000	95,089,000			141,685,000	79,161,000	105,394,000	7,527,000	134,226,000	85,098,000			145,711,000	62,813,000	96,726,000	-23,159,000	227,620,000	-48,353,000	104,853,000	120,369,000	89,141,000	67,692,000	69,733,000	39,369,000	70,105,000	67,994,000	54,379,000	31,439,000	46,452,000	52,465,000	38,569,000	30,549,000	56,315,000	52,643,000	28,714,000	-57,383,000	43,858,000	35,743,000	30,561,000	10,034,000	41,363,000	32,177,000	26,265,000	10,147,000	23,550,000	37,080,000	19,970,000	10,279,000	28,312,000	27,375,000	12,521,000	13,374,000	18,687,000	27,382,000	18,343,000	1,066,000	22,563,000	19,026,000	22,638,000	-81,000	19,314,000	18,126,000			9,785,000	8,928,000			6,790,000	10,031,000			9,022,000	7,467,000	5,431,000	-4,819,000	7,784,000	5,769,000	7,282,000	-3,927,000
capex			-215,000	-835,000			-2,071,000	-5,983,000	-1,055,000	-217,000	-6,500,000	-3,961,000			-2,926,000	-4,758,000	-5,552,000	-4,257,000	-1,988,000	-3,758,000	-4,973,000	-4,291,000	-3,609,000	-2,569,000	-5,465,000	-649,000	-12,067,000	-7,786,000	-13,757,000	-2,278,000	-4,841,000	-1,468,000	-1,628,000	-4,149,000	-1,631,000	-850,000	-1,252,000	-2,652,000	-1,065,000	-1,385,000	-1,528,000	-817,000	-625,000	-248,000	-2,132,000	-1,622,000	-5,980,000	-1,941,000	-6,622,000	-794,000	-198,000	-3,911,000	-437,000	-607,000	-643,000	-1,001,000	-1,018,000	-498,000	-521,000	-860,000	-935,000	-2,889,000	-3,349,000	-634,000			-362,000	-646,000			-396,000	-480,000			0	0	0	0	0	0	0	0
free cash flows			176,033,000	94,254,000			139,614,000	73,178,000	104,339,000	7,310,000	127,726,000	81,137,000			142,785,000	58,055,000	91,174,000	-27,416,000	225,632,000	-52,111,000	99,880,000	116,078,000	85,532,000	65,123,000	64,268,000	38,720,000	58,038,000	60,208,000	40,622,000	29,161,000	41,611,000	50,997,000	36,941,000	26,400,000	54,684,000	51,793,000	27,462,000	-60,035,000	42,793,000	34,358,000	29,033,000	9,217,000	40,738,000	31,929,000	24,133,000	8,525,000	17,570,000	35,139,000	13,348,000	9,485,000	28,114,000	23,464,000	12,084,000	12,767,000	18,044,000	26,381,000	17,325,000	568,000	22,042,000	18,166,000	21,703,000	-2,970,000	15,965,000	17,492,000			9,423,000	8,282,000			6,394,000	9,551,000			9,022,000	7,467,000	5,431,000	-4,819,000	7,784,000	5,769,000	7,282,000	-3,927,000
cash flows from investing activities
available-for-sale investments
proceeds from maturities and sales	1,975,000	5,271,000	3,445,000	1,531,000	3,162,000	4,302,000	1,141,000	1,340,000	923,000	1,048,000									0	102,061,000	23,442,000	45,154,000	14,127,000	25,934,000	63,272,000	67,603,000	77,490,000	103,966,000	101,333,000	51,002,000	41,499,000	44,941,000			14,322,000																				6,574,000				9,885,000										11,633,000	21,065,000	9,387,000
purchases	-3,773,000	-5,458,000	-4,064,000	-30,880,000	-2,894,000	-4,972,000	-947,000	-1,120,000	-3,856,000	-22,895,000									0	0	-23,870,000	-8,995,000	-11,252,000	-21,386,000	-74,996,000	-53,193,000	-76,215,000	-101,126,000	-101,353,000	-57,839,000	-19,021,000	-53,596,000	-75,048,000	-68,166,000	-38,943,000	-34,430,000			0	-38,077,000	-10,987,000	-8,111,000	-12,242,000	0			-11,177,000				-10,167,000	0	-2,662,000	-3,714,000	-4,583,000	-15,163,000	-931,000	-11,625,000	-8,814,000	-25,831,000	-20,154,000	-11,209,000	-21,421,000	-6,557,000			-25,127,000	-1,199,000	221,000	-3,854,000	-7,472,000	-3,917,000	-30,605,000	-6,728,000		-18,676,000	-32,244,000	-12,293,000
acquisition, net of cash acquired
purchases of furniture, equipment and leasehold improvements	-1,206,000	-1,930,000	-215,000	-835,000	-7,695,000	-1,197,000	-2,071,000	-5,983,000	-1,055,000	-217,000	-6,500,000	-3,961,000	-1,285,000	-1,396,000	-2,926,000	-4,758,000	-5,552,000	-4,257,000	-1,988,000	-3,758,000	-4,973,000	-4,291,000	-3,609,000	-2,569,000	-5,465,000	-649,000	-12,067,000	-7,786,000	-13,757,000	-2,278,000	-4,841,000	-1,468,000	-1,628,000	-4,149,000	-1,631,000	-850,000	-1,252,000	-2,652,000	-1,065,000	-1,385,000	-1,528,000	-817,000	-625,000	-248,000	-2,132,000	-1,622,000	-5,980,000	-1,941,000	-6,622,000	-794,000	-198,000	-3,911,000	-437,000	-607,000	-643,000	-1,001,000	-1,018,000	-498,000	-521,000	-860,000	-935,000	-2,889,000	-3,349,000	-634,000	-441,000	-485,000	-362,000	-646,000	-348,000	-321,000	-396,000	-480,000	-309,000	-348,000
capitalization of software development costs	-11,510,000	-15,031,000	-10,833,000	-11,331,000	-10,496,000	-13,963,000	-11,320,000	-10,087,000	-11,025,000	-10,690,000	-11,621,000	-8,548,000	-9,136,000	-9,425,000	-8,473,000	-8,191,000	-8,384,000	-8,075,000	-9,494,000	-8,121,000	-6,225,000	-6,778,000	-8,545,000	-6,553,000	-4,126,000	-3,184,000	-2,534,000	-2,635,000	-2,946,000	-3,590,000	-3,377,000	-3,427,000	-3,495,000	-3,172,000	-3,060,000	-2,916,000	-3,107,000	-3,035,000	-3,072,000	-2,701,000	-2,162,000	-2,654,000	-2,748,000	-2,441,000	-2,400,000	-2,571,000	-2,539,000	-2,122,000	-1,918,000	-1,366,000	-1,334,000	-1,315,000	-1,260,000	-1,298,000	-1,167,000	-1,108,000	-948,000	-842,000	-573,000	-510,000	-350,000	-471,000	-468,000	-424,000	-624,000	-373,000	-483,000	-526,000	-670,000	-686,000	-725,000	-937,000	-808,000	-900,000	-1,302,000	-656,000	-818,000	-1,350,000	-881,000	-1,168,000	-792,000	-554,000
net cash (used in) investing activities	-51,029,000	-17,148,000	-11,667,000	-41,515,000	-17,923,000	-15,830,000	-91,673,000	-15,850,000	-15,013,000	-32,754,000		-12,509,000	-44,821,000	-10,821,000									-106,761,000	-4,554,000			-13,312,000	-7,572,000	-16,683,000	-12,729,000	14,254,000				-29,281,000				5,562,000	-32,580,000															215,000	-2,777,000							-19,331,000	-685,000				2,973,000
cash flows from financing activities
cash dividends on common stock	-28,241,000	-29,464,000	-27,698,000	-27,703,000
exercise of stock options			567,000	444,000	0	1,977,000	215,000	0	18,000	707,000	388,000	148,000	86,000	50,000	148,000	2,283,000	4,421,000	244,000	3,259,000	9,000	659,000	80,000	322,000	363,000	350,000	172,000	1,586,000	1,016,000	113,000	258,000	332,000	302,000	838,000	500,000	127,000	34,000	1,307,000	831,000	294,000	540,000	298,000	692,000	1,121,000	545,000	426,000	419,000	1,223,000	436,000	750,000	630,000	2,528,000	569,000	5,102,000	326,000
withholding tax payments on full value awards vesting and stock option exercises	-321,000	-9,525,000	-931,000	-164,000	-206,000	-14,893,000
repurchases of common stock	-36,687,000	-38,077,000	-16,845,000	-15,032,000	-33,450,000	-10,147,000					0	0	-48,740,000	-38,800,000	-44,997,000	-4,236,000	-13,436,000	-520,000	-682,000	-4,165,000	-5,873,000	-5,415,000	-5,816,000	-2,770,000	-3,486,000	-5,184,000	-6,186,000	-6,081,000	-6,636,000	-6,268,000	-6,109,000	-12,205,000	-11,940,000	-12,207,000	-10,051,000	-8,474,000	-4,201,000	-1,199,000	-3,133,000	-5,561,000	-5,525,000	-8,939,000	-12,532,000	-11,694,000	-10,362,000	-3,386,000
proceeds from short-term borrowings			0	244,925,000			70,000,000	3,995,000	0	50,000,000	0	0	0	100,000,000	0	0	1,046,000	69,302,000	100,000,000
repayments of short-term borrowings			0	-244,925,000			-73,995,000	0	0	-50,000,000	0	0	0	-100,000,000	0	-1,046,000	-34,302,000	-35,000,000	-100,000,000
net cash (used in) financing activities	-65,249,000	-77,066,000	-44,907,000	-42,455,000	-61,472,000	-52,543,000	-36,275,000	-23,112,000	-39,528,000	-48,142,000	-26,898,000	-28,432,000	-100,581,000	-86,467,000	-70,161,000	-26,849,000	-73,915,000	-18,850,000	-27,741,000	-33,376,000	-34,173,000	-49,822,000	-32,041,000	-27,527,000	-22,305,000	-36,227,000	-20,242,000	-20,551,000	-22,435,000	-29,445,000	-32,733,000	-28,880,000	-23,750,000	-31,705,000	-18,457,000	-17,792,000	-8,902,000	-10,685,000	-10,110,000	-12,120,000	-11,583,000	-17,241,000	-16,262,000	-16,460,000	-15,585,000	-11,916,000	-1,691,000	-3,997,000			-50,595,000	-5,115,000	-1,747,000	-78,718,000	-6,678,000	-2,437,000	-1,648,000	-436,000								-506,000				-3,411,000
effect of exchange rate changes on cash and cash equivalents	18,564,000	8,580,000	-19,220,000	14,756,000	-488,000	-3,186,000	9,039,000	-8,632,000	3,836,000	3,345,000	14,627,000	-4,217,000	-19,538,000	-4,356,000	-2,385,000	-4,457,000	764,000	-1,027,000	5,122,000	4,109,000	-318,000	-3,360,000	2,272,000	-1,282,000	-922,000	943,000	-314,000	-472,000	-744,000	-110,000	49,000	834,000	999,000	-425,000	-1,778,000	-795,000	-181,000	-4,000	42,000	70,000	-876,000	379,000	284,000	164,000	-491,000	-428,000	-286,000	-691,000	-127,000	203,000	-141,000	-540,000	-109,000	-359,000	-226,000	-314,000	-142,000	-395,000	-357,000
cash and cash equivalents including restricted cash
net decrease for the period	6,000,000	-56,005,000			38,966,000	-76,508,000			54,689,000	-70,024,000		39,940,000	-71,303,000	-125,374,000																																				-2,989,000																											-867,000	-6,031,000		16,863,000	-19,412,000	-40,610,000
beginning of period	0	700,459,000	0	0	0	611,672,000	0	0	0	572,664,000	0	0	0	625,567,000	0	0	0	608,050,000	0	0	0	274,253,000	0	0	0	247,458,000	1,136,000	0	0	167,014,000	0	0	0	168,243,000	0	0	0	199,728,000	0	0	0	168,924,000	0	0	0	132,691,000								169,620,000																	0	0				0	0	58,189,000		0	0	97,652,000
end of period	6,000,000	644,454,000	100,454,000	25,875,000	38,966,000	535,164,000	22,776,000	31,567,000	54,689,000	502,640,000	103,834,000	39,940,000	-71,303,000	500,193,000	61,766,000	18,558,000	-7,439,000	552,682,000	170,749,000	12,568,000	58,736,000	365,997,000	-47,389,000	34,329,000	25,208,000	262,105,000	37,373,000	39,399,000	14,517,000	156,169,000	28,022,000	10,849,000	-9,512,000	137,655,000	6,799,000	8,169,000	15,280,000	137,995,000	39,352,000	-8,887,000	8,215,000	161,048,000	13,824,000	21,946,000	3,109,000	130,045,000			9,549,000	125,919,000	-21,193,000	20,506,000	9,786,000	119,809,000	11,998,000	21,854,000	19,201,000	116,567,000	16,249,000	-4,781,000	8,974,000	104,552,000	-2,792,000	17,396,000	-21,086,000	109,823,000	-7,639,000	18,706,000	41,957,000	54,299,000	-1,639,000	9,000,000				14,002,000	-867,000	52,158,000		16,863,000	-19,412,000	57,042,000
the accompanying notes are an integral part of these consolidated financial statements.
decrease in trading investments																		5,495,000			6,880,000	56,394,000				6,015,000
decrease/(increase) in mutual funds held in rabbi trust		837,000
(decrease) in accounts payable, accrued expenses and other liabilities		-7,146,000				-8,385,000
net cash provided by/(used in) operating activities		29,629,000
foreign currency transaction losses/
decrease/(increase) in receivables from broker-dealers, clearing organizations and customers			111,571,000			21,735,000
(increase) in trading investments			0							-419,000
(increase)/decrease in mutual funds held in rabbi trust							-897,000
increase/(decrease) in accrued employee compensation
(decrease)/increase in payables to broker-dealers, clearing organizations and customers			-56,511,000			-71,135,000
(decrease) in income and other tax liabilities			1,866,000	47,000			-10,770,000	3,799,000				1,838,000												382,000				409,000				-209,000
increase/(decrease) in accounts payable, accrued expenses and other liabilities
acquisitions, net of cash and cash equivalents acquired															0	0
acquisition of equity method investment											0	0
payment of contingent consideration							0	0			0	0
net increase for the period			100,454,000												61,766,000	18,558,000	-7,439,000	-55,368,000	170,749,000	12,568,000	58,736,000	91,744,000	-47,389,000	34,329,000	25,208,000	14,647,000	36,237,000	39,399,000											39,352,000	-8,887,000			13,824,000	21,946,000							-21,193,000	20,506,000			11,998,000	21,854,000	19,201,000	-8,427,000	16,249,000	-4,781,000	8,974,000	1,211,000	-2,792,000	17,396,000	-21,086,000	2,500,000	-7,639,000	18,706,000			-1,639,000
supplemental cash flow information
cash paid for income taxes				28,837,000	10,020,000	37,187,000		19,341,000	52,141,000	11,660,000	19,592,000	21,094,000	39,504,000	8,487,000	21,334,000	11,871,000																											7,675,000	10,722,000	14,352,000	878,000	12,874,000	5,282,000	11,783,000	829,000	4,500,000	3,666,000	5,948,000	988,000
cash paid for interest				542,000	426,000	431,000		155,000	54,000	187,000	-6,000	229,000	295,000	134,000	154,000	314,000
non-cash investing and financing activity
operating lease right-of-use assets obtained in exchange for operating lease liabilities				887,000	130,000	630,000						19,000	1,560,000	91,000		683,000	330,000	878,000		17,000	14,000	674,000
furniture, equipment, software and leasehold improvement additions included in accounts payable				161,000	-4,340,000	4,825,000
stock-based and accrued incentive compensation relating to capitalized software development costs				1,454,000	1,510,000	921,000
exercise of stock options - cashless				0	0	1,735,000									0	0
foreign currency transaction (gains) losses							3,131,000	-2,345,000	2,233,000	1,699,000
decrease in receivables from broker-dealers, clearing organizations and customers
(increase) in prepaid expenses and other assets							6,342,000	-5,827,000				-1,061,000																			-2,536,000	4,904,000	-7,261,000	-2,146,000		1,423,000	-574,000	-3,000,000														5,159,000					-3,480,000	-898,000
(decrease) in payables to broker-dealers, clearing organizations and customers
(increase)/decrease in prepaid expenses and other assets						-1,323,000
decrease/(increase) in trading investments						255,000
(decrease)/increase in income and other tax liabilities						-4,001,000
net cash (used in)/provided by operating activities						-4,949,000
cash dividend on common stock						-29,480,000	-27,519,000	-26,891,000	-26,891,000	-28,357,000	-26,087,000	-26,328,000	-26,102,000	-27,425,000	-24,793,000	-24,761,000	-24,784,000	-25,454,000	-22,462,000	-22,436,000	-22,424,000	-23,244,000	-18,998,000	-18,910,000	-18,911,000	-19,412,000	-15,539,000	-15,543,000	-15,536,000	-15,814,000	-12,171,000	-12,182,000	-12,179,000	-12,356,000	-9,581,000	-9,601,000	-9,586,000	-9,727,000	-7,333,000	-7,339,000	-7,345,000	-7,517,000	-5,879,000	-5,898,000	-5,932,000	-6,232,000	-4,809,000	-4,770,000	-4,853,000	-5,405,000		-4,106,000	-4,081,000	-4,201,000
(increase) in receivables from broker-dealers, clearing organizations and customers							-134,898,000			-52,549,000	100,927,000	41,516,000	105,941,000	-296,015,000	131,198,000	-76,673,000	59,057,000	-270,491,000	121,152,000
increase in payables to broker-dealers, clearing organizations and customers							169,210,000	80,459,000	-34,030,000	12,281,000	-32,892,000	-38,326,000	-83,265,000	229,151,000	-74,114,000	25,136,000	-29,965,000	174,942,000	-4,794,000
withholding tax payments on restricted stock vesting and stock option exercises							-4,976,000	-216,000	-155,000	-20,492,000	-1,199,000	-2,252,000	339,000	-20,292,000	-519,000	911,000	-6,860,000	-27,422,000	-7,856,000	-6,784,000	-6,535,000	-21,243,000	-7,549,000	-6,210,000	-258,000	-11,803,000	-103,000	57,000	-376,000	-7,621,000	-14,785,000	-4,795,000	-469,000	-7,642,000	756,000	-344,000	-355,000	-5,230,000	-46,000	-207,000	-95,000	-4,148,000	-12,000	-40,000	-41,000	-4,927,000	0	0	0	-5,001,000	0	0
net increase/(decrease) for the period							22,776,000
non-cash activity
decrease (increase) in receivables from broker-dealers, clearing organizations and customers
increase in mutual funds held in rabbi trust
increase in accounts payable, accrued expenses and other liabilities									-2,924,000	-6,838,000	8,622,000	1,621,000	-791,000	1,932,000	1,633,000	61,000	-4,078,000	2,599,000	220,000	2,326,000	-12,481,000	15,941,000	491,000	-1,123,000	2,887,000	-3,764,000	9,760,000	-945,000	5,252,000	307,000	1,303,000	-2,476,000	-1,515,000	1,074,000	-302,000	-62,000	-2,015,000	4,723,000	-1,253,000	-5,000	400,000	849,000	576,000	-5,576,000	-693,000	4,743,000	-5,908,000	4,050,000	-1,921,000	4,960,000	-1,163,000	207,000	-2,109,000	2,351,000	-319,000	692,000	410,000	-605,000	-240,000	515,000	950,000	350,000
decrease (increase) in prepaid expenses and other assets										3,163,000																				852,000																								1,665,000												591,000				-38,000
increase in income and other tax liabilities										10,904,000				3,049,000	-4,724,000	2,187,000	-7,915,000	4,814,000	6,091,000	6,259,000	1,889,000	1,950,000				2,267,000				4,304,000				7,366,000			-7,882,000	6,026,000			-2,374,000	3,710,000	2,475,000
foreign currency transaction gains											4,812,000
increase in accounts receivable											8,875,000																																				3,056,000	2,657,000	-6,291,000	-1,136,000
increase in prepaid expenses and other assets														-2,445,000		2,709,000																										-541,000													2,445,000						119,000	-130,000
increase in trading investments															-5,000	0
decrease (increase) in mutual funds held in rabbi trust											-526,000	1,003,000
increase in accrued employee compensation															10,673,000				11,400,000
net cash from investing activities															-11,399,000	-12,949,000	-31,014,000	-12,332,000	-34,252,000	90,188,000	-11,626,000	24,557,000				10,562,000							-25,330,000	-29,007,000			-4,351,000	6,339,000										-48,195,000	-6,835,000	-5,544,000	1,231,000	-1,214,000	-879,000	15,892,000				-8,662,000		-984,000	-11,506,000	4,789,000				5,478,000				-13,029,000	-3,034,000	1,677,000	-13,184,000	3,362,000	7,496,000	5,715,000	-6,483,000	-2,497,000	-4,309,000	10,311,000	-28,332,000	-36,704,000
supplemental cash flow information:
non-cash investing and financing activity:
right-of-use assets obtained in exchange for operating lease liabilities
contingent consideration payable recognized in connection with acquisitions
decrease (increase) in trading investments
net cash (used in) operating activities														-23,730,000																																																				-2,330,000				-1,908,000				-1,760,000
decrease (increase) in accounts receivable															3,778,000																																				2,260,000	-168,000	-262,000	2,777,000
liabilities assumed in connection with acquisition:
fair value of assets acquired																																															46,000	0	259,000	44,486,000
cash paid for acquisition of business, net of cash and cash equivalents acquired
treasury stock used for acquisition of business
liabilities assumed																																															46,000	0	-450,000	7,368,000
contingent consideration payable assumed in connection with acquisitions
contingent consideration payable assumed in connection with acquisition
decrease in prepaid expenses and other assets																		3,082,000				8,539,000				5,264,000																				1,313,000				76,000														252,000				606,000				141,000	640,000	118,000
acquisition of business
intangible assets acquired in exchange for contingent consideration payable
increase in deferred revenue																				1,024,000	118,000	451,000	-232,000	-79,000	265,000	735,000	-975,000	190,000	41,000	894,000	-531,000	115,000	-114,000	675,000	-491,000	400,000	4,000	290,000		-435,000	-75,000	260,000		321,000	228,000	9,000					-200,000			-97,000	289,000	594,000	-236,000	108,000	-307,000	599,000	-149,000	166,000	-163,000	2,334,000	-139,000	-73,000	-265,000	801,000	37,000	45,000				95,000
increase in operating lease liabilities
acquisition of business, net of cash and cash equivalents acquired																				6,000	0	-533,000
cash paid during the year for income taxes
liabilities assumed in connection with the liquidityedge acquisition:
decrease in corporate debt trading investments
cash and cash equivalents
(increase) in corporate debt trading investments																																	1,085,000	-1,196,000	340,000	-2,139,000	839,000	-73,235,000
decrease (increase) in corporate debt trading investments																														3,054,000
net (decrease) for the period																														-10,845,000		10,849,000	-9,512,000	-30,588,000				-61,733,000				-7,876,000				-2,646,000								-49,811,000																-18,412,000			-2,941,000	-13,709,000
available-for-sale investments:
proceeds from maturities																																		46,485,000			8,000,000	12,000,000	10,200,000	9,720,000	4,813,000	10,515,000	4,038,000	8,126,000	1,660,000	3,750,000	1,825,000	5,505,000	2,415,000	2,770,000	2,850,000	4,040,000	3,461,000	7,962,000			5,542,000	4,331,000			9,913,000	19,301,000	6,322,000	6,916,000	1,130,000	7,694,000														-2,109,000	29,666,000	5,797,000
excess tax benefits from stock-based compensation																																			292,000	593,000	3,933,000	4,640,000	108,000	447,000	1,084,000	2,671,000	1,040,000	627,000	324,000	2,252,000	1,963,000	418,000	724,000	1,927,000	1,136,000	-42,000	11,518,000	2,163,000																	1,771,000	94,000
cash paid during the year
gain on the sale of discontinued operations
(decrease) in deferred revenue																																																-63,000	39,000	-1,041,000
acquisition of business, net of cash acquired																																															0	0	-709,000	-37,118,000
cash proceeds from the sale of discontinued operations, net of cash sold
securities available-for-sale:
proceeds from sales																																															0	0	0	30,900,000	10,086,000	0	0	13,577,000																			18,500,000	11,305,000				12,200,000		0
liabilities assumed in connection with the xtrakter acquisition:
cash paid for the capital stock																																															0	0	-709,000	-37,118,000
net cash (used in ) investing activities																																										-1,048,000		6,065,000	-7,080,000	-449,000
net cash (used in ) provided by investing activities
conversion of common stock non-voting to common stock voting																																																			0	0	0	15,880,000
less: cash classified within assets from discontinued operations
end of period cash from continuing operations
increase in securities and cash provided as collateral
repurchase of common stock																																																			-2,530,000	-1,460,000	-27,000	-71,116,000
conversion of series b preferred stock to common stock
non-cash out-of-period adjustment																																																0
benefit from bad debts																																																112,000	143,000	40,000	110,000	-37,000	92,000	354,000	1,121,000	178,000	-58,000	-64,000	213,000	84,000	63,000	242,000	-21,000	229,000	346,000	98,000	332,000	357,000	283,000	288,000	140,000	120,000	73,000	79,000	123,000	483,000	12,000	43,000		141,000	-107,000	25,000
changes in operating assets and liabilities
beginning of year																																																0	0	128,908,000		0				0	0	124,994,000		0	0	103,341,000		0	0	107,323,000		0	0	72,711,000				82,000,000
end of period cash
cash paid during the period:
(decrease) in prepaid expenses and other assets
net cash from financing activities																																																		-7,927,000									-5,938,000	-22,766,000	-1,947,000	-3,198,000	-2,628,000	57,000			-41,000	6,988,000			-5,347,000	-2,666,000	-3,734,000	-15,268,000	226,000	972,000	373,000	1,247,000	217,000	833,000	1,638,000	21,000
securities and cash (provided) received as collateral																																																			-6,000
cash dividend on common stock and series b preferred stock																																																							-3,447,000	-3,432,000	-3,416,000	-3,388,000	-2,591,000	-2,658,000	-2,700,000	-2,681,000
non-cash activity:
securities and cash provided as collateral																																																					19,000	-28,000	34,000				4,000	-49,000	20,000	57,000	-415,000	14,000	-264,000	10,000	100,000	58,000	6,000	-25,000	-689,000	-39,000	38,000	33,000	-41,000			35,000		25,000	-19,000	20,000
withholding tax payments on restricted stock vesting																																																						-5,818,000
gain on sale of securities																																																											0
proceeds from exercise of stock options and grants of restricted stock, net of surrenders on stock option exercises and withholding tax on stock vesting																																																							1,943,000	-1,474,000	1,732,000	191,000
excess tax benefits (decrements) from stock-based compensation
purchase of treasury stock — common stock voting																																																																			0	0	0	-2,773,000	-7,197,000	-3,520,000	-5,318,000	-18,539,000
converion of series b preferred stock to common stock																																																									0	30,315,000
capital lease obligation																																																															0	0	0	723,000	32,000
purchase of treasury stock
windfall tax benefits from stock-based compensation																																																								2,539,000	105,000	2,829,000		428,000
income taxes paid																																																								3,594,000	5,680,000	300,000		574,000	571,000	493,000		313,000	-146,000	46,000		16,000	19,000	16,000		70,000	17,000	40,000	60,000	115,000	0	88,000
changes in operating assets and liabilities, net of business acquired:
issuance of series b preferred stock and common stock purchase warrants																																																																			0	6,750,000
issuance of common stock in connection with business acquisition																																																																			0	0	0	5,775,000
decrease in accrued employee compensation																																																												5,043,000	4,171,000	-10,820,000																-9,011,000				-8,681,000
proceeds from exercise of stock options and grants of restricted stock, net of withholding tax																																																												2,192,000	596,000	-830,000	31,000	-24,000	390,000	-155,000	22,000
cash paid during the year:
effect of exchange rate changes on cash																																																													-211,000	-299,000	-147,000	-102,000	-107,000	-142,000	-123,000	-183,000	-464,000	-64,000	-48,000	-42,000	-82,000	-43,000	-37,000	-152,000	-188,000	38,000
acqusition of business
increment (decrement) in windfall tax benefits from stock-based compensation																																																														375,000
changes in operating assets and liabilities, net of businesses acquired:
increase in accounts receivable, including increase of (1,501), 4,360 and 2,289 from related parties for the years ended december 31, 2009, 2008 and 2007, respectively
increase in accounts payable, accrued expenses and other liabilities, including increase of 18, (166) and 67 to related parties for the years ended december 31, 2009, 2008 and 2007, respectively
acquisition of businesses, net of cash acquired																																																															0	0	0	-1,368,000	0	315,000	-6,025,000	-29,208,000
(decrement in windfall) excess tax benefits from stock-based compensation																																																																			-54,000	76,000	-31,000	-182,000
exercise of warrants and issuance of common stock
increase in accounts receivable, including an increase of (619) and 2,486 from related parties for the nine months ended september 30, 2009 and 2008, respectively
increase in accounts payable, accrued expenses and other liabilities, including an increase of 9 and (145) to related parties for the nine months ended september 30, 2009 and 2008, respectively
decrement in windfall tax benefits from stock-based compensation																																																																15,000	-11,000	-323,000
increase in accounts receivable, including an (increase) of (1,447) and a decrease of 2,569 from related parties for the six months ended june 30, 2009 and 2008, respectively
increase in accounts payable, accrued expenses and other liabilities, including an increase of 1 and a (decrease) of (167) to related parties for the six months ended june 30, 2009 and 2008, respectively
adjustments to reconcile net income to net cash (used in) operating activities:																																																																										1,911,000
increase in accounts receivable, including an (increase) of (741) and a decrease of 3,402 from related parties for the three months ended march 31, 2009 and 2008, respectively																																																																		-4,732,000
increase in accounts payable, accrued expenses and other liabilities, including a (decrease) of 0 and (177) to related parties for the three months ended march 31, 2009 and 2008, respectively																																																																		459,000
decrease (increase) in accounts receivable, including decreases (increases) of 4,360, 2,289 and (1,828) from related parties for the years ended december 31, 2008, 2007 and 2006, respectively
increase in accounts payable, accrued expenses and other liabilities, including increase of (166), 67 and 22 to related parties for the years ended december 31, 2008, 2007 and 2006, respectively
decrease (increase) in accounts receivable, including decrease of 2,486 and 2,168 from related parties for the nine months ended september 30, 2008 and 2007, respectively
increase in accounts payable, accrued expenses and other liabilities, including increase of (145) and 8 to related parties for the nine months ended september 30, 2008 and 2007, respectively
repayment of promissory notes																																																																				48,000			0	110,000
decrease (increase) in accounts receivable, including decrease of 2,569 and 2,128 from related parties for the six months ended june 30, 2008 and 2007, respectively
increase in accounts payable, accrued expenses and other liabilities, including (decrease) of (167) and (35) to related parties for the six months ended june 30, 2008 and 2007, respectively
grants of restricted stock, net of withholding tax
non-cash exercise of warrants and issuance of common stock																																																																							0	0			0
decrease (increase) in accounts receivable, including decrease of 3,402 and 1,891 from related parties for the three months ended march 31, 2008 and 2007, respectively																																																																						2,832,000
increase in accounts payable, accrued expenses and other liabilities, including (decrease) of (177) and (51) to related parties for the three months ended march 31, 2008 and 2007																																																																						-432,000
grants of restricted stock, net of withholding tax net-down																																																																						-456,000
non-cash exerise of warrants and issuance of common stock																																																																										882,000
(increase) in accounts receivable, including decreases (increases) of 2,289, (1,828) and (3,940) from related parties for the years ended december 31, 2007, 2006 and 2005, respectively
increase in accounts payable, accrued expenses and other liabilities, including increase of 67, 22 and (442) to related parties for the years ended december 31, 2007, 2006 and 2005, respectively
proceeds from maturities of short-term investments
securities held to maturity:
proceeds from the exercise of stock options and grants of restricted stock																																																																							79,000	650,000
stock based compensation expense																																																																								1,270,000	1,235,000	1,596,000
(increase) in accounts receivable, including decrease (increase) of 2,168 and (2,167) from related parties for the nine months ended september 30, 2007 and 2006, respectively
increase in accounts payable, accrued expenses and other liabilities, including increase of 8 and 157 to related parties for the nine months ended september 30, 2007 and 2006
(increase) in accounts receivable, including decrease (increase) of 2,128 and (1,230) from related parties for the six months ended june 30, 2007 and 2006, respectively
increase in accounts payable, accrued expenses and other liabilities, including (decrease) of (35) and (49) to related parties for the six months ended june 30, 2007 and 2006
(increase) in accounts receivable, including decrease (increase) of 1,891 and (195) from related parties for the three months ended march 31, 2007 and 2006, respectively																																																																										-2,648,000
increase in accounts payable, accrued expenses and other liabilities, including (decrease) of (51) and to related parties for the three months ended march 31, 2007 and 2006																																																																										441,000
proceeds from the exercise of stock options and issuance of restricted stock																																																																										2,567,000
excess tax benefits from stock based compensation																																																																										704,000
end of year																																																																										68,291,000
warrant-related expense
amortization of unearned compensation
compensation expense related to employee stock options and restricted stock issuance
issuance of stock options and restricted stock to non-employees																																																																											160,000
(increase) in accounts receivable, including increases of 1,828 3,940 and 3,069 from related parties for the years ended december 31, 2006, 2005 and 2004, respectively
increase in accounts payable, accrued expenses and other liabilities, including increases (decreases) of 22, (442) and 34 to related parties for the years ended december 31, 2006, 2005 and 2004, respectively
short-term investments:
proceeds from the issuance of restricted stock and exercise of stock options
proceeds from initial public offering, net of underwriting discounts
direct costs of initial public offering
excess tax benefits from share-based compensation																																																																											598,000	510,000
net increase for the year
accrued and undeclared dividends on redeemable convertible preferred stock
compensation expense related to stock options and restricted stock
(increase) in accounts receivable, including increases of 2,167 and 1,315 from related parties for the nine months ended september 30, 2006 and 2005, respectively
increase in prepaid expenses																																																																												-8,000				95,000
(decrease) in deferred license revenue																																																																												-118,000	-187,000	-274,000		-247,000
increase in accounts payable, accrued expenses and other liabilities, including increases of 157 and 0 from related parties for the nine months ended september 30, 2006 and 2005, respectively
purchase of furniture, equipment and leasehold improvements																																																																												-444,000	-776,000	-1,089,000		-163,000	-208,000	-142,000
proceeds received from the exercise of stock options																																																																												462,000				833,000
deferred taxes on disqualifying dispositions of incentive stock options
amortization of earned compensation																																																																														838,000			144,000	162,000
issuance of stock options to non-employees
compensation expense related to stock option and restricted stock issuance
(increase) in accounts receivable, including increases of 1,230 and 1,247 from related parties for the six months ended june 30, 2006 and 2005, respectively
increase in accounts payable, accrued expenses and other liabilities, including (decreases) increases of (49) and 0 from related parties for the six months ended june 30, 2006 and 2005,
deferred tax asset related to unrealized losses on securities-available-for-sale and foreign exchange																																																																													57,000	155,000
issuance of common stock to employees																																																																														8,200,000
adjustments to reconcile net income to net cash from operating activities
issuance of stock options to directors and non-employees																																																																														184,000			16,000	27,000
compensation expense related to stock option issuance																																																																														938,000		369,000	360,000	400,000
(increase) in accounts receivable, including (decreases) increases of (195) and 490 from related parties for the three months ended ended march 31, 2006 and 2005, respectively																																																																														-1,113,000
decrease (increase) in prepaid expenses																																																																														1,280,000
(decrease) in accounts payable, accrued expenses and other liabilities, including decrease of and of 0 to related parties for the three months ended march 31, 2006, and 2005, respectively																																																																														-27,000
short-term investments
securities-available-for-sale
securities held-to-maturity
excess tax benefit from share-based compensation																																																																														613,000
proceeds from the exercise of stock options																																																																														634,000				21,000
purchase of short-term investments
maturity of short-term investments
securities available-for-sale
purchase of furniture, equipment and leasehold improvements, net of write-offs
proceeds from the issuance of common stock
effect of exchange rate differences																																																																															4,000
cash paid during the year for:
income taxes
stock option issuance to directors
deferred tax asset related to unrealized losses on securities available-for-sale and foreign exchange
issuance of restricted stock and stock options to directors and non-employees
write-off of an intangible asset
(increase) in accounts receivable, including increases of 1,315 and 1,018 from related parties for nine months ended september 30, 2005 and 2004, respectively
increase in other assets
increase in accounts payable, accrued expenses and other liabilities, including decreases of 0 and 276 to related parties for the nine months ended september 30, 2005 and 2004, respectively
other comprehensive																																																																																	66,000	-136,000
(increase) in accounts receivable, including increases of 1,247 and 266 from related parties for six months ended june 30, 2005 and 2004, respectively
increase in accounts payable, accrued expenses and other liabilities, including increases of 0 and 140 from related parties for the six months ended june 30, 2005 and 2004, respectively
(increase) in accounts receivable, including increases of 490 and 604 from related parties for quarters ended march 31, 2005 and 2004, respectively																																																																																		-205,000
decrease in prepaid expenses																																																																																		-347,000
decrease in other assets
increase in deferred license revenue																																																																																		-801,000
decrease in accounts payable, accrued expenses and other liabilities, including 0 and a decrease of 32 to related parties for march 31, 2005, and 2004, respectively																																																																																		-440,000
issuance of preferred stock
supplemental cash flow disclosures:
non-cash activities, see note 14

We provide you with 20 years of cash flow statements for MarketAxess stock, allowing you to gain comprehensive visibility into the fundamentals of the company. Our detailed breakdowns include key financial metrics such as operating cash flows, cash levels, capital expenditures, profits, stock-based compensations and profit margins. This in-depth information is essential for making informed investment decisions and understanding the financial health and performance of MarketAxess stock. Explore the full financial landscape of MarketAxess stock with our expertly curated income statements.

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