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TRADEWEB REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS
A new quarterly record for average daily volume of $646.6 billion
Record quarterly revenues of $186.8 million increased 10.2%
(12.6% on a constant currency basis)
Net income of $42.4 million
Adjusted EBITDA margin of 43.0%
Declared first quarterly cash dividend of $0.08 per share
NEW YORK May 9, 2019 Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended March 31, 2019.1
Lee Olesky, Chief Executive Officer of Tradeweb Markets, said, The global fixed income market is digitizing and, along with it, creating greater demand for electronic trading and market data. Tradewebs compelling performance in the first quarter of 2019 reflects our diversification across a number of growth markets. Client trading activity drove double-digit revenue increases in rates, credit, equities and money markets trading. Broader distribution drove growth in market data. Were excited to recently make our debut as a public company and continue working in collaboration with clients during a time of such sweeping shifts in the markets.
First Quarter Highlights
§ A new quarterly record for average daily volume (ADV) of $646.6 billion represented an increase of 21.0%
§ New quarterly records for ADV in numerous products, including U.S. Treasuries, TBA mortgage-backed securities, European interest rate swaps, U.S. high-grade credit, Chinese bonds and European ETFs
§ During the quarter, U.S. high-grade credit volume accounted for 11.2% of total TRACE volume
§ Double-digit increases in revenues from rates, credit, equities and money markets
§ Net income of $42.4 million and net income per diluted share of $0.19
§ Adjusted EBITDA margin of 43.0% for the quarter
Gross revenue increased 10.2% (12.6% on a constant currency basis) to a record $186.8 million for the first quarter of 2019 from $169.5 million for the first quarter of 2018. Net income decreased 6.5% to $42.4 million for the first quarter of 2019 from $45.3 million from the first quarter of 2018. Net income per diluted share was $0.19 for the first quarter of 2019 compared to $0.21 for the first quarter of 2018. First quarter 2019 results were impacted by higher depreciation and amortization expense as a result of the Refinitiv Transaction and the resulting revaluation of our balance sheet.
Adjusted EBITDA increased 10.5% to $80.3 million with an Adjusted EBITDA margin of 43.0% for the first quarter of 2019 compared to an Adjusted EBITDA margin of 42.9% for the first quarter of 2018 (on a constant currency basis, Adjusted EBITDA margin increased almost 80 basis points compared to the first quarter of 2018). Adjusted Net Income increased 11.9% to $52.2 million for the first quarter of 2019 from $46.7 million for the first quarter of 2018. Adjusted Net Income per diluted share (Adjusted Diluted EPS) was $0.23 for the first quarter of 2019 compared to $0.22 for the first quarter of 2018.
The following information was filed by Tradeweb Markets Inc. (TW) on Thursday, May 9, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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