-- Record Q2 Net revenue of $141 million (+35% YoY)
-- Q2 GAAP diluted EPS of $0.40; Adjusted diluted EPS of $0.48
-- Q2 Adjusted EBITDA of $77 million (+57% YoY); Adjusted EBITDA margin of
54% (+>700 bps YoY)
-- Updates full-year 2026 expense guidance
PRINCETON, N.J. and MIAMI, Aug. 5, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX or MIH) $(MIAX)$, a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the second quarter of 2026.
MIAX achieved strong financial performance in Q2 2026 with record net revenue, adjusted EBITDA, and adjusted earnings. Total net revenue grew 35% year-over-year to $141.1 million, adjusted EBITDA increased 57% to $76.8 million, and adjusted EBITDA margin expanded by more than 700 basis points to 54%. Adjusted diluted earnings per share was $0.48. The company's options business benefited from elevated market volatility during the quarter, which led to a 25% year-over-year increase in average daily volume to 11.0 million contracts.
"We delivered another record quarter, growing net revenue 35% year-over-year and successfully navigating a shifting market backdrop, demonstrating both our ability to execute consistently as well as sustained customer demand," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Our options business remains strong, our model's operating leverage drove record margins, and our Bloomberg$(R)$ index futures suite is now live."
Mr. Gallagher added: "We remain disciplined in how we allocate capital and execute our strategy, and continue to invest in a product pipeline that we expect will contribute meaningfully to continued, long-term growth."
Second Quarter 2026 Highlights
All figures are compared to the second quarter of 2025 unless otherwise stated.
-- Net revenue, defined as revenues less cost of revenues, grew 35%, or
$36.5 million, to a record $141.1 million, compared to $104.7 million in
the prior-year period. The increase was primarily driven by strong
options business performance, including increased industry volumes and
higher non-transaction revenue.
-- Total operating expenses were $113.3 million, compared to $77.4 million
in the prior-year period. The increase was primarily due to a litigation
settlement charge as well as planned investments in headcount and
technology to support growth initiatives, and increased marketing spend.
These were partially offset by lower regulatory costs, lower share-based
compensation, and 2025 acquisition-related costs.
-- Operating income was $27.8 million, compared to $27.3 million in the
prior-year period.
-- Realized an income tax benefit of $15.4 million, primarily driven by a
discrete tax benefit of $22.4 million related to share-based
compensation.
-- GAAP net income was $44.2 million, compared to $23.5 million in the
prior-year period.
-- Adjusted earnings increased 41% to $53.3 million, compared to $37.8
million in the prior-year period.
-- Adjusted EBITDA increased 57% to $76.8 million, compared to $49.1 million
in the prior-year period, driven primarily by strong growth in net
revenues.
-- Adjusted EBITDA margin expanded to 54% from 47% in the prior-year period.
Second Quarter 2026 Business Updates
-- MIAX options exchanges reached average daily volume of 11.0 million
contracts in the second quarter of 2026, a 25.3% year-over-year (YoY)
increase.
-- MIAX options exchanges achieved market share of 16.5% in the second
quarter of 2026, compared to 16.7% in the prior year period.
-- Successfully launched Tini$(TM)$ B100 Index Futures, Tini B500 Index
Futures and B500 Index Futures during the quarter.
Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)
Consolidated Second Quarter 2Q26 2Q25
Results June 30, 2026 June 30, 2025 Change
---------------------------- ------------------- ------------------- ------
Total revenues less cost of
revenues ("Net revenue") $ 141,113 $ 104,662 35 %
Operating income $ 27,797 $ 27,291 2 %
Net income attributable to
MIH stockholders $ 44,208 $ 23,527 88 %
Diluted EPS $ 0.40 $ 0.30 33 %
Adjusted earnings* $ 53,272 $ 37,760 41 %
Adjusted diluted EPS* $ 0.48 $ 0.48 -- %
EBITDA $ 32,350 $ 35,077 (8) %
Adjusted EBITDA* $ 76,778 $ 49,059 57 %
Adjusted EBITDA margin %* 54 % 47 % 16 %
* Reconciliation of non-GAAP results is included in the tables below. See
"Non-GAAP Financial Information" below.
Segment Results
($000)
Net Revenue by Business 2Q26 2Q25
Segment June 30, 2026 June 30, 2025 Change
----------------------------- ------------------ ------------------- ------
Options $ 124,394 $ 92,765 34 %
Equities 5,542 4,363 27 %
Futures 5,094 4,990 2 %
International 5,744 2,291 151 %
Corporate/Other 339 253 34 %
------------------ -------------------
Total $ 141,113 $ 104,662 35 %
Options
-- Net revenue grew 34% to $124.4 million, compared to $92.8 million in the
prior-year period. Growth was primarily driven by higher net transaction
fees tied to increased industry volume, and higher revenue per contract
$(RPC)$. Higher non-transaction fees were primarily driven by increased
member connections, 2026 fee increases, the expiration of certain MIAX
Sapphire related fee waivers, and new market data products.
-- Operating income increased 10% to $64.9 million, compared to $59.2
million in the prior-year period. Growth was primarily due to higher net
revenues, partially offset by a $22.5 million litigation settlement
charge.
-- Adjusted EBITDA grew 44% to $96.7 million, compared to $67.0 million in
the prior-year period.
Equities
-- Net revenue grew 27% to $5.5 million, compared to $4.4 million in the
prior-year period. The increase was primarily due to higher net
transaction fees from improved pricing.
-- Operating loss of $2.3 million in the second quarter, compared to an
operating loss of $3.1 million in the prior-year period. Growth was
primarily due to higher net revenues.
-- Adjusted EBITDA of ($0.5) million, compared to ($0.9) million in the
prior-year period.
Futures
-- Net revenue was $5.1 million, compared to $5.0 million in the prior-year
period. Net transaction fees were flat as increases in agricultural
future revenues were offset by inverted financial futures revenue.
-- Operating loss was $12.7 million, compared to an operating loss of $12.8
million in the prior-year period.
-- Adjusted EBITDA of ($9.5) million, compared to ($9.0) million in the
prior-year period.
International
-- Net revenue was $5.7 million, compared to $2.3 million in the prior-year
period. The increase was primarily due to revenue generated by The
International Stock Exchange Group Limited (TISE), which the company
acquired in June 2025.
-- Operating income was $1.1 million, compared to an operating loss of $1.2
million in the prior-year period. The increase was primarily due to the
impact of the TISE acquisition.
-- Adjusted EBITDA of $2.0 million, compared to ($0.6) million in the
prior-year period.
Capital and Liquidity
-- As of June 30, 2026, MIAX had cash and cash equivalents of $660.5 million
and total debt of $1.5 million.
FY 2026 Guidance
The company is updating full year 2026 expense guidance and now expects:
-- Adjusted operating expenses, which exclude share-based compensation,
depreciation and amortization, and litigation expenses, in a range
between $260 million and $270 million, down from previous guidance of
between $265 million and $275 million;
-- Share-based compensation expense in a range between $29 million and $32
million, up from previous guidance of between $27 million and $30
million;
-- Capital expenditures, including capitalization of internally developed
software, in a range between $40 million and $45 million, unchanged from
previous guidance;
-- Depreciation and amortization expense in a range between $35 million and
$39 million, up from previous guidance of between $33 million and $38
million;
-- Adjusted effective tax rate post valuation allowance release in a range
between 27% and 29%, unchanged from previous guidance.
Webcast and Conference Call
MIAX will host a webcast and conference call to review its second quarter financial results today, August 5, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.
Non-GAAP Financial Information
Adjusted earnings, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, impairment charges, and non-GAAP tax adjustments.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, and impairment charges.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.
Adjusted diluted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).
Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company's ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company's ongoing operations.
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX(R) operates eight exchanges across options, futures, equities and international markets including MIAX Options(R) , MIAX Pearl(R) , MIAX Emerald(R) , MIAX Sapphire(R) , MIAX Pearl Equities(TM), MIAX Futures(R) , The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX's public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.
All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contacts:
Investors
John T. Williams
investor.relations@miaxglobal.com
Media
Andy Nybo
media@miaxglobal.com
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three and Six Months Ended June 30, 2026 and 2025
($000, except share amounts)
Three Months Ended June 30, Six Months Ended June 30,
------------------------------------ ------------------------------
2026 2025 2026 2025
----------------- ----------------- ----------------- -----------
Revenues:
Transaction and
clearing fees $ 331,884 $ 286,139 $ 647,294 $ 575,443
Access fees 34,941 26,106 68,298 50,189
Market data fees 12,206 10,253 25,161 19,895
Other revenue 8,598 5,286 16,566 9,334
----------------- ----------------- ----------------- -----------
Total revenues 387,629 327,784 757,319 654,861
Cost of revenues:
Liquidity payments 206,633 195,651 430,159 389,697
Brokerage, clearing,
and exchange fees 15,360 14,481 31,637 30,935
Section 31 fees 22,976 11,815 22,976 35,225
Other cost of
revenues 1,547 1,175 2,841 2,458
----------------- ----------------- ----------------- -----------
Total cost of
revenues 246,516 223,122 487,613 458,315
----------------- ----------------- ----------------- -----------
Revenues less cost
of revenues 141,113 104,662 269,706 196,546
Operating expenses:
Compensation and
benefits 40,966 40,210 85,356 77,981
Information
technology and
communication
costs 10,202 8,851 19,685 16,399
Depreciation and
amortization 8,778 6,938 16,866 13,108
Occupancy costs 2,977 3,002 6,220 5,450
Professional fees
and outside
services 11,448 10,095 22,855 19,352
Marketing and
business
development 3,176 555 4,160 1,318
Acquisition-related
costs -- 2,247 -- 2,901
Litigation
settlement 30,000 -- 30,000 --
General,
administrative, and
other 5,769 5,473 10,799 10,453
----------------- ----------------- ----------------- -----------
Total operating
expenses 113,316 77,371 195,941 146,962
----------------- ----------------- ----------------- -----------
Operating income 27,797 27,291 73,765 49,584
----------------- ----------------- ----------------- -----------
Non-operating (expense)
income:
Change in fair value
of puttable common
stock -- (1,688) -- (1,891)
Change in fair value
of puttable
warrants issued
with debt -- (1,486) -- (917)
Interest income 5,254 1,418 9,640 2,713
Interest expense and
amortization of
debt issuance
costs (44) (4,902) (89) (9,332)
Loss on sale of
intangible asset -- (2,054) -- (2,054)
Unrealized loss on
derivative and
digital assets (337) (4,605) (2,878) (47,018)
Gain on sale of
business 23 -- 50,570 --
Other, net (3,911) 10,681 (2,179) 12,360
----------------- ----------------- ----------------- -----------
Income before income tax
provision 28,782 24,655 128,829 3,445
Income tax benefit
(expense) 15,426 (1,128) 85,603 (1,338)
----------------- ----------------- ----------------- -----------
Net income attributable
to Miami International
Holdings, Inc $ 44,208 $ 23,527 $ 214,432 $ 2,107
================= ================= ================= ===========
Weighted-average shares
of common stock
outstanding
Basic 95,305,096 64,942,755 93,559,319 64,249,928
================= ================= ================= ===========
Diluted 110,713,513 78,458,195 109,943,953 77,952,959
================= ================= ================= ===========
Net income per share
attributable to common
stock
Basic $ 0.46 $ 0.36 $ 2.29 $ 0.03
================= ================= ================= ===========
Diluted $ 0.40 $ 0.30 $ 1.95 $ 0.03
================= ================= ================= ===========
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
June 30, 2026 and December 31, 2025
($000, except share and per share amounts)
June 30, December 31,
2026 2025
------------------- ---------------
Assets
Current assets:
Cash and cash equivalents $ 660,462 $ 433,648
Cash and securities segregated under
federal and other regulations 26,894 27,618
Accounts receivable, net 119,864 98,107
Restricted cash 13,654 6,005
Clearing house performance bonds and
guarantee funds 103,279 70,078
Receivables from broker-dealers,
futures commission merchants, and
clearing organizations 138,329 133,533
Current portion of derivative assets 3,819 6,017
Other current assets 36,248 39,232
Assets held for sale -- 40,976
------------------- ---------------
Total current assets 1,102,549 855,214
Investments 28,850 19,180
Fixed assets, net 64,149 46,854
Internally developed software, net 36,401 36,333
Goodwill 61,942 62,211
Other intangible assets, net 169,019 170,774
Deferred tax asset, net 74,404 --
Derivative assets, net of current
portion -- 5,114
Other assets, net 63,073 63,745
------------------- ---------------
Total assets $ 1,600,387 $ 1,259,425
=================== ===============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other
liabilities $ 135,917 $ 69,780
Accrued compensation payable 27,115 39,412
Current portion of long-term debt 1,514 1,508
Deferred transaction revenues 9,207 9,572
Clearing house performance bonds and
guarantee funds 102,779 69,578
Payables to customers 140,923 144,641
Payables to clearing organizations 5,716 11
Liabilities held for sale -- 2,758
------------------- ---------------
Total current liabilities 423,171 337,260
Deferred income taxes 10,863 22,386
Other non-current liabilities 16,052 18,762
------------------- ---------------
Total liabilities 450,086 378,408
Commitments and contingencies -- --
Stockholders' equity:
Common stock - voting and nonvoting,
par value $0.001 (600,000,000
authorized (400,000,000 voting,
200,000,000 nonvoting); 99,213,601
issued and 98,610,560 outstanding
common stock at June 30, 2026 and
85,890,086 issued and 85,536,287
outstanding common stock at
December 31, 2025 99 86
Common stock in treasury, at cost,
603,041 shares at June 30, 2026 and
353,799 shares at December 31, 2025 (18,296) (8,232)
Additional paid-in capital 1,588,634 1,522,143
Accumulated deficit (417,907) (632,339)
Accumulated other comprehensive loss,
net (2,229) (641)
------------------- ---------------
Total stockholders' equity 1,150,301 881,017
------------------- ---------------
Total liabilities and
stockholders' equity $ 1,600,387 $ 1,259,425
=================== ===============
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):
Three Months Ended June 30, 2026
Corporate /
Options Equities Futures International Other Total
------------ ------------- ------------- ------------- -------------- ------------
Net income
(loss)
allocated to
common
stockholders $ 65,047 $ (2,336) $ (15,744) $ 879 $ (3,638) $ 44,208
Interest expense
and
amortization of
debt issuance
costs -- -- -- -- 44 44
Interest income (114) -- (151) (186) (4,803) (5,254)
Income tax
(benefit)
expense -- -- -- 64 (15,490) (15,426)
Depreciation and
amortization 4,494 1,306 1,800 551 627 8,778
------------ ------------- ------------- ------------- -------------- ------------
EBITDA 69,427 (1,030) (14,095) 1,308 (23,260) 32,350
Share-based
compensation(1) 2,545 540 1,303 338 2,361 7,087
Investment
loss(2) -- -- 3,279 -- 731 4,010
Litigation costs
and
settlement(3) 24,763 -- -- -- 8,254 33,017
Unrealized loss
on derivative
and digital
assets(4) -- -- -- 337 -- 337
Gain on sale of
business(5) -- -- -- -- (23) (23)
------------ ------------- ------------- ------------- -------------- ------------
Adjusted EBITDA $ 96,735 $ (490) $ (9,513) $ 1,983 $ (11,937) 76,778
============ ============= ============= ============= ============== ============
(1) Share-based compensation represents expenses associated with stock
options of $2.8 million, restricted stock awards of $2.4 million,
restricted stock units of $1.8 million, and warrants of less than $0.1
million that have been granted to employees, directors and service
providers. The 2026 expense of $7.1 million is made up of $5.2 million to
employees within compensation and benefits, $0.2 million to service
providers within professional fees and outside services, and $1.6 million
to directors within general, administrative, and other.
(2) Investment loss of $4.0 million represents an unrealized loss on
marketable equity securities.
(3) Litigation costs and settlement are associated with litigation related to
the Nasdaq matter.
(4) Reflects the aggregate unrealized loss resulting from the mark-to-market
valuation of digital assets related to unlocked Pyth tokens and
derivative assets related to the 125 million Pyth tokens that remain
locked by the Pyth Network as of June 30, 2026.
(5) Represents an adjustment to the gain on the sale of MIAXdx in January
2026.
Three Months Ended June 30, 2025
Corporate /
Options Equities Futures International Other Total
------------ ------------- -------------- ------------- ------------- ------------
Net income (loss)
allocated to common
stockholders $ 59,529 $ (3,105) $ (12,023) $ (7,928) $ (12,946) $ 23,527
Interest expense and
amortization of
debt issuance
costs -- -- 35 -- 4,867 4,902
Interest income (336) -- (196) (20) (866) (1,418)
Income tax expense -- -- -- 77 1,051 1,128
Depreciation and
amortization 3,405 1,553 984 446 550 6,938
------------ ------------- -------------- ------------- ------------- ------------
EBITDA 62,598 (1,552) (11,200) (7,425) (7,344) 35,077
Share-based
compensation(1) 3,781 642 2,703 150 2,148 9,424
Investment gain(2) -- -- (454) -- (8,650) (9,104)
Litigation costs(3) 632 -- -- -- 211 843
Acquisition-related
costs(4) -- -- -- -- 2,247 2,247
Change in fair value
of puttable
warrants issued
with debt(5) -- -- -- -- 1,486 1,486
Change in fair value
of puttable common
stock(6) -- -- -- -- 1,688 1,688
Loss on intangible
asset(7) -- -- -- 2,054 -- 2,054
Impairment
charges(8) -- -- -- -- 739 739
Unrealized loss on
derivative and
digital assets(9) -- -- -- 4,605 -- 4,605
------------ ------------- -------------- ------------- ------------- ------------
Adjusted EBITDA $ 67,011 $ (910) $ (8,951) $ (616) $ (7,475) $ 49,059
============ ============= ============== ============= ============= ============
(1) Share-based compensation represents expenses associated with stock
options of $3.0 million, restricted stock awards of $6.2 million and
warrants of $0.3 million that have been granted to employees, directors
and service providers. The 2025 expense of $9.4 million is made up of
$8.3 million to employees within compensation and benefits, $0.6 million
to service providers within professional fees and outside services, and
$0.5 million to directors within general, administrative, and other.
(2) Investment gain of $9.1 million represents an unrealized gain of $8.6
million from the TISE acquisition, and $0.5 million of unrealized gain on
available for sale marketable securities.
(3) Litigation costs are associated with litigation related to the Nasdaq
matter.
(4) Relates to the TISE acquisition.
(5) The change in fair value of warrants issued with debt represents the
change in fair value of outstanding puttable warrants issued in
connection with the issuance of the 2029 Senior Secured Term Loan. The
right to put warrants terminated upon completion of the IPO in August
2025.
(6) The change in fair value of puttable common stock represents the change
in fair value of outstanding puttable common stock issued in connection
with the company's ERPs I and II that had an associated put right which
required the company to repurchase a certain percentage of the fair
market value of the award upon exercise. The right to put shares
terminated upon completion of the IPO in August 2025.
(7) Represents the realized loss on the second tranche of the 125
million Pyth tokens that were unlocked in the second quarter of 2025 by
the Pyth Network and sold by BSX during the second quarter of 2025.
(8) Impairment charges of $0.7 million related to owned land and building
impairments.
(9) Reflects the unrealized loss resulting from the mark-to-market valuation
of the 250 million Pyth tokens that remain locked by the Pyth Network as
of June 30, 2025.
Segment Operating Results
The following sets forth our results of operations by segment ($000):
Three Months Ended June 30, 2026
Corporate /
Options Equities Futures International Other Total
------------ ------------- -------------- ------------- ------------- -------------
Revenues:
Transaction and
clearing fees $ 276,641 $ 34,957 $ 20,221 $ 65 $ -- $ 331,884
Access fees 30,756 3,797 406 39 (57) 34,941
Market data fees 8,996 1,825 1,312 80 (7) 12,206
Other revenue 101 -- 2,623 5,560 314 8,598
------------ ------------- -------------- ------------- ------------- -------------
Total revenues 316,494 40,579 24,562 5,744 250 387,629
Cost of revenues:
Liquidity
payments 174,153 28,336 4,144 -- -- 206,633
Brokerage,
clearing, and
exchange fees 1,454 218 13,688 -- -- 15,360
Section 31 fees 16,493 6,483 -- -- -- 22,976
Other cost of
revenues(1) -- -- 1,636 -- (89) 1,547
------------ ------------- -------------- ------------- ------------- -------------
Total cost of
revenues 192,100 35,037 19,468 -- (89) 246,516
------------ ------------- -------------- ------------- ------------- -------------
Revenues less
cost of
revenues 124,394 5,542 5,094 5,744 339 141,113
Operating expenses:
Compensation and
benefits 18,945 3,915 9,701 2,297 6,108 40,966
Information
technology and
communication
costs 4,597 1,656 3,041 620 288 10,202
Depreciation and
amortization 4,494 1,306 1,800 551 627 8,778
Occupancy costs 1,514 199 463 285 516 2,977
Professional
fees and
outside
services 4,860 327 256 308 5,697 11,448
Marketing and
business
development 622 117 1,636 136 665 3,176
Litigation
settlement 22,500 -- -- -- 7,500 30,000
General,
administrative,
and other 1,928 358 887 453 2,143 5,769
------------ ------------- -------------- ------------- ------------- -------------
Total operating
expenses 59,460 7,878 17,784 4,650 23,544 113,316
------------ ------------- -------------- ------------- ------------- -------------
Operating income /
(loss) 64,934 (2,336) (12,690) 1,094 (23,205) 27,797
------------ ------------- -------------- ------------- ------------- -------------
Non-operating
(expense) income:
Interest income 114 -- 151 186 4,803 5,254
Interest expense
and
amortization of
debt issuance
costs -- -- -- -- (44) (44)
Unrealized loss
on derivative
and digital
assets -- -- -- (337) -- (337)
Gain on sale of
business -- -- -- -- 23 23
Other, net (1) -- (3,205) -- (705) (3,911)
------------ ------------- -------------- ------------- ------------- -------------
Income (loss) before
income tax
provision 65,047 (2,336) (15,744) 943 (19,128) 28,782
Income tax
benefit
(expense) -- -- -- (64) 15,490 15,426
------------ ------------- -------------- ------------- ------------- -------------