MarketAxess reaffirms FY23 CapEx view $52.0M-$58.0M

Based on the progression of operating expenses and the acquisition of Pragma, which closed on October 2, the Company is refining its previously stated FY23 expense guidance range of $418.0M-$446.0M, to a new range of $432.0M-$438.0M. The new range includes an estimated $12.5M of M&A related expenses, including $8.5M of direct operating expenses related to Pragma and $4.0M of non-recurring M&A expenses. The Company is reconfirming its FY23 capital expenditures guidance range of $52.0M-$58.0M. The Company now expects the FY23 effective tax rate to be approximately 23.5%, below the previously stated range of 25.0%-26.0%. The lower effective tax rate for the year is mainly driven by favorable apportionment in connection with state tax filings and other federal tax filing positions.