Expanding the Client Network
2Q22 Financial Summary
(in $ thousands)
Financial Results
2Q22
1Q22
2Q21
2Q22 vs.
2Q21
Commissions
163,463 166,113 156,431
4.5%
Information Services
9,396
9,809
9,844
Post-trade Services
9,144 9,912
9,848
Other
226
223
211
(4.6%)
(7.1%)
7.1%
Total Revenues
182,229 186,057 176,334
3.3%
Expenses
Operating Income
97,441 97,953
84,788
89,157
9.3%
88,104 87,177
(2.7%)
•
Other income (expense)
4,790
2,315 (1,124)
N/M
Income Before Taxes
89,578
90,419 86,053
4.1%
Provision for Income Taxes
22,656
25,650 18,765
20.7%
Net Income
66,922 64,769 67,288
(0.5%)
$176
Operating Margin
46.5% 47.4% 49.4%
-2.9 pts
Market
Volume
$(5)
Fee
$18 Capture
COMMENTARY
Commission revenue benefited from strong estimated market
share gains, partiality offset by lower average fees per million,
principally in U.S. high-grade
Lower information services and post-trade revenue was driven by
currency fluctuations and anticipated customer attrition in
connection with the Regulatory Reporting Hub integration
Excluding impact of currency fluctuations, combined information
services/post-trade revenue would have been up 3%
• Other income (expense) net gain of $4.8 million, compared to
prior year loss of ($1.1) million
Includes FX gain of $5.5 million ($0.11 per diluted share impact)
Increase in effective tax rate driven by a $5.7 million decrease in
estimated excess tax benefits related to share-based
compensation awards
REVENUE MIX ANALYSIS 2Q21 to 2Q22
(in $ millions)
$3
$4
$182
Market
Share
$(14) Distribution Other
Fees
EBITDA
105,155 105,593 99,321
5.9%
EBITDA Margin
57.7% 56.8% 56.3%
1.4 pts
ETR
25.3%
28.4% 21.8%
3.5 pts
Diluted EPS
Diluted Shares
N/M = not meaningful
$ 1.78 $ 1.71 $ 1.77 $ 0.01
37,608 37,824 38,104
(1.3%)
2Q21
2022
X Market Axess
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