MarketAxess Holdings Inc. (NASDAQ:MKTX) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET

Company Participants

Steve Davidson - Head-Investor Relations
Chris Concannon - Chief Executive Officer
Rich Schiffman - Global Head-Trading Solutions
Ilene Fiszel Bieler - Chief Financial Officer

Conference Call Participants

Chris Allen - Citigroup
Patrick Moley - Piper Sandler
Dan Fannon - Jefferies
Kyle Voigt - KBW
Alex Blostein - Goldman Sachs
Benjamin Budish - Barclays
Jeff Schmitt - William Blair
Brian Bedell - Deutsche Bank
Simon Clinch - Redburn Atlantic
Michael Cyprys - Morgan Stanley
Eli Abboud - Bank of America

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Second Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded on August 6, 2024.

I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

Steve Davidson

Good morning, and welcome to the MarketAxess second quarter 2024 earnings conference call. For the call, Chris Concannon, Chief Executive Officer, will provide you with a strategic update on the company; Rich Schiffman, Global Head of Trading Solutions, will update you on the performance of our markets this quarter; and then Ilene Fiszel Bieler, Chief Financial Officer, will review the financial results.

Before I turn the call over to Chris, let me remind you that today’s call may include forward-looking statements. These statements represent the company’s belief regarding future events that, by their nature, are uncertain. The company’s actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

For a discussion of some of the risks and factors that could affect the company’s future results, please see the description of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2023. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website.

Now let me turn the call over to Chris.

Chris Concannon

Good morning, and thank you for joining us to review our second quarter results. Turning to Slide 3 of my strategic update. We delivered 10% total revenue growth, including the benefit of the Pragma acquisition, and diluted earnings per share was $1.72. We continue to execute our strategy this quarter and delivered solid growth in commission revenue across most credit products, with strong revenue growth in our international product areas. We continue to be disciplined around our expense management with total operating expenses increasing 12%, including the impact of Pragma.