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Tradeweb Markets Inc. (TW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Tradeweb Markets Inc.

CIK: 1758730 Ticker: TW

_12

 

[PLACEHOLDER FOR NARRATIVE]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

  

 

 

    

 

    

Constant

 

Select Financial Results

 

 

 

 

 

 

 

Currency

 

($ in thousands except per share amounts)

 

1Q20

 

1Q19

 

% Change

 

Growth  (1)

 

Gross revenue

 

$

234,606

 

$

186,792

 

25.6

%  

26.3

%

Rates

 

$

126,039

 

$

104,090

 

21.1

%  

21.9

%

Credit

 

$

53,978

 

$

39,435

 

36.9

%  

37.8

%

Equities

 

$

19,434

 

$

11,798

 

64.7

%  

66.2

%

Money Markets

 

$

11,208

 

$

9,562

 

17.2

%  

17.5

%

Market Data

 

$

18,562

 

$

16,903

 

9.8

%  

10.1

%

Other

 

$

5,385

 

$

5,004

 

7.6

%  

7.6

%

Net income

 

$

62,485

 

$

42,352

 

47.5

%  

 —

%

Net income attributable to Tradeweb Markets Inc.(2)

 

$

43,928

 

$

 -

 

 —

 

 —

%  

Diluted EPS (3)

 

$

0.25

(a)

$

0.19

(b)

31.6

%  

 —

%

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (4)

 

$

119,650

 

$

80,347

 

48..9

%  

45.4

%

Adjusted EBITDA margin (4)

 

 

51.0%

 

 

43.0%

 

+799

bps

+678

bps

Adjusted EBIT (4)

 

$

108,747

 

$

70,053

 

55.2

%  

51.9

%

Adjusted EBIT margin (4)

 

 

46.4%

 

 

37.5%

 

+885

bps

+767

bps

Adjusted Net Income (4)

 

$

85,368

 

$

52,190

 

63.6

%  

51.0

%

Adjusted Diluted EPS (3)(4)(5)

 

$

0.37

(a)

$

0.23

(b)

60.9

%  

 —

%

 

(1)

Constant currency growth is a non-GAAP financial measure that reflects growth for the period excluding the impact of foreign currency fluctuations. See "Non-GAAP Financial Measures" below for additional information.

(2)

Represents net income less net income attributable to non-controlling interests.

(3)

As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc.

a.

(a) Presents information for Tradeweb Markets Inc. (post-IPO period).

b.

(b) Presents information for Tradeweb Markets LLC (pre-IPO period).

See “Basis of Presentation” elsewhere herein and “Note 18 – Earnings Per Share” to the audited consolidated financial statements of Tradeweb Markets Inc. appearing in the 2019 Form 10-K, incorporated by reference in this process

(4)

For the definitions of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS, see note 6 in “- Summary Historical and Pro Forma Consolidated Financial and Other Data.” For reconciliations to their most directly comparable financial measures presented in accordance with GAAP, see the tables below.

(5)

Adjusted Diluted EPS includes certain tax related adjustments to reflect an assumed effective tax rate for all periods presented and, for the three months ended March 31, 2020, assumes all LLC Interests are exchanged for shares of Class A or Class B common stock. As a result, we believe that Adjusted Diluted EPS for Tradeweb Markets Inc. and Tradeweb Markets LLC are comparable.

 

 

 

1

 

_12

 

TRADEWEB MARKETS INC.

INCOME STATEMENT

Dollars in Thousands, Except Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31, 2020

 

March 31, 2019

Revenues

 

 

 

 

 

 

Transaction fees

 

$

140,824

 

$

102,640

Subscription fees

 

 

34,483

 

 

34,445

Commissions

 

 

42,493

 

 

34,197

Refinitiv market data fees

 

 

14,628

 

 

13,616

Other

 

 

2,178

 

 

1,894

Gross revenue

 

 

234,606

 

 

186,792

 

 

 

 

 

 

 

Expenses

 

 

  

 

 

  

Employee compensation and benefits

 

 

90,520

 

 

77,273

Depreciation and amortization

 

 

37,176

 

 

33,503

Technology and communications

 

 

10,318

 

 

10,040

General and administrative

 

 

8,340

 

 

9,089

Professional fees

 

 

6,911

 

 

6,971

Occupancy

 

 

3,726

 

 

3,639

Total expenses

 

 

156,991

 

 

140,515

Operating income

 

 

77,615

 

 

46,277

Net interest income

 

 

699

 

 

858

Income before taxes

 

 

78,314

 

 

47,135

Provision for income taxes

 

 

(15,829)

 

 

(4,783)

Net income

 

$

62,485

 

$

42,352

Less: Net income attributable to non-controlling interests

 

 

18,557

 

 

 

Net income attributable to Tradeweb Markets Inc.

 

$

43,928

 

 

 

 

 

 

 

 

 

 

EPS calculations for post-IPO and pre-IPO periods (1)

 

 

 

 

 

 

Earnings per share

 

 

  

 

 

 

Basic

 

$

0.26 (a)

 

$

0.19 (b) 

Diluted

 

$

0.25 (a)

 

$

0.19 (b)

Weighted average shares outstanding

 

 

  

 

 

 

Basic

 

 

166,234,749 (a)

 

 

222,222,197 (b)

Diluted

 

 

174,517,244 (a)

 

 

223,320,457 (b)

(1)

In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period.  Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods.

 

a)

Presents information for Tradeweb Markets Inc. (post-IPO period).

 

b)

Presents information for Tradeweb Markets LLC (pre-IPO period).

 

See “Basic and Diluted EPS Calculations” below for additional information.

2

 

_12

 

TRADEWEB MARKETS INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

Dollars in Thousands, Except per Share Data

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Adjusted EBITDA, Adjusted

 

Three Months Ended

 

Three Months Ended

 

EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin

    

March 31, 2020

    

March 31, 2019

    

 

 

(in thousands)

Net income

 

$

62,485

 

$

42,352

 

Net interest income

 

 

(699)

 

 

(858)

 

Depreciation and amortization

 

 

37,176

 

 

33,503

 

Stock-based compensation expense(1)

 

 

3,497

 

 

 —

 

Provision for income taxes

 

 

15,829

 

 

4,783

 

Unrealized foreign exchange (gains) / losses

 

 

1,164

 

 

(293)

 

Loss from revaluation of foreign denominated cash(2)

 

 

198

 

 

860

 

Adjusted EBITDA

 

$

119,650

 

$

80,347

 

Less: Depreciation and amortization

 

 

(37,176)

 

 

(33,503)

 

Add: Acquisition and Refinitiv Transaction related D&A(3)

 

 

26,273

 

 

23,209

 

Adjusted EBIT

 

$

108,747

 

$

70,053

 

Adjusted EBITDA margin(4)

 

 

51.0

%

 

43.0

%

Adjusted EBIT margin(4)

 

 

46.4

%

 

37.5

%

 

(1)

Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with exercises of such options during the applicable period. Represents non-cash stock-based compensation expense associated with the Special Option Award discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates — Stock-Based Compensation”  in the 2019 Form 10-K, incorporated by reference in this prospectus, and post-IPO options awarded in 2019 and payroll taxes associated with exercises of such options during the applicable period.

 

(2)

Represents foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

 

(3)

Represents acquisition-related intangibles amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the Refinitiv Transaction and the application of pushdown accounting (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

 

(4)

For the three months ended March 31, 2020 and 2019, Adjusted EBITDA margin increased compared to the prior year period by 799 basis points, or 678 basis points on a constant currency basis. For the three months ended March 31, 2020 and 2019, Adjusted EBIT margin increased compared to the prior year period by 885 basis points, or 767 basis points on a constant currency basis. The changes in Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis, which are non-GAAP financial measures, are defined as the changes in Adjusted EBITDA margin and Adjusted EBIT margin excluding the effects of foreign currency fluctuations. Adjusted EBITDA margin and Adjusted EBIT margin excluding the effects of foreign currency fluctuations are calculated by translating the current period and prior period’s results using the average exchange rates for the prior period. We use the changes in Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis as supplemental metrics to evaluate our underlying margin performance between periods by removing the impact of foreign currency fluctuations. We believe that providing changes in Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis provide useful comparisons of our Adjusted EBITDA margin and Adjusted EBIT margin and trends between periods.

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to

 

Three Months Ended

 

Three Months Ended

 

Adjusted Net Income and Adjusted Diluted EPS

 

March 31, 2020

    

March 31, 2019

    

 

 

(in thousands)

 

Earnings per diluted share(1)

 

$

0.25

(a)

$

0.19

(b)

Pre-IPO net income attributable to Tradeweb Markets LLC (1)

 

 

 —

 

 

42,352

 

Net income attributable to Tradeweb Markets Inc. (1)

 

 

43,928

 

 

 —

 

Net income attributable to non-controlling interests (1)(2)

 

 

18,557

 

 

 —

 

Net income

 

$

62,485

 

$

42,352

 

Provision for income taxes

 

 

15,829

 

 

4,783

 

Acquisition and Refinitiv Transaction related D&A(3)

 

 

26,273

 

 

23,209

 

Stock-based compensation expense(4)

 

 

3,497

 

 

 —

 

Unrealized foreign exchange (gains) / losses

 

 

1,164

 

 

(293)

 

Loss from revaluation of foreign denominated cash(5)

 

 

198

 

 

860

 

Adjusted Net Income before income taxes

 

 

109,446

 

 

70,911

 

Adjusted income taxes(6)

 

 

(24,078)

 

 

(18,721)

 

Adjusted Net Income

 

$

85,368

 

$

52,190

 

Adjusted Diluted EPS (1)(7)

 

$

0.37

(a)

$

0.23

(b)

 

 

 

3

 

_12

 

(1)

 As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc.

(a) Presents information for Tradeweb Markets Inc. (post-IPO period).

(b) Presents information for Tradeweb Markets LLC (pre-IPO period).

See “Basis of Presentation” elsewhere herein and “Note 18 — Earnings Per Share”  to the audited consolidated financial statements of Tradeweb Markets Inc. appearing in the 2019 Form 10-K, incorporated by reference in this prospectus.

(2)

For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock.

(3)

Represents acquisition-related intangibles amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the Refinitiv Transaction and the application of pushdown accounting (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(4)

Represents non-cash stock-based compensation expense associated with the Special Option Award discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates — Stock-Based Compensation”  in the 2019 Form 10-K, incorporated by reference in this prospectus, and post-IPO options awarded in 2019 and payroll taxes associated with exercises of such options during the applicable period.

(5)

Represents foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

(6)

Represents corporate income taxes at an assumed effective tax rate of 22.0% and 26.4% applied to Adjusted Net Income before income taxes for the three months ended March 31, 2020 and March 31, 2019, respectively.

(7)

Due to the Reorganization Transactions and the IPO completed in April 2019, shares outstanding during the three months ended March 31, 2019 represent shares of TWM LLC (pre-IPO period) and shares outstanding during the three months ended March 31, 2020 represent shares of Class A and Class B common stock of Tradeweb Markets, Inc. (post-IPO period). For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding”  below.

 

 

The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:

 

 

 

 

 

 

 

 

 

Reconciliation of Diluted Weighted Average Shares Outstanding to

 

Three Months Ended

 

Three Months Ended

 

Adjusted Diluted Weighted Average Shares Outstanding

    

March 31, 2020

 

March 31, 2019

    

Diluted weighted average TWM LLC shares outstanding

 

 

 —

 

 

223,320,457

 

Diluted weighted average shares of Class A and Class B common stock outstanding

 

 

174,517,244

 

 

 —

 

Assumed exchange of LLC interests for shares of Class A or Class B common stock (1)

 

 

57,644,547

 

 

 —

 

Adjusted diluted weighted average shares outstanding

 

 

232,161,791

 

 

223,320,457

 

Adjusted Net Income (in thousands)

 

$

85,368

 

$

52,190

 

Adjusted Diluted EPS

 

$

0.37

 

$

0.23

 

(1)

Assumes the exchange of all outstanding LLC Interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

 

Three Months Ended

Reconciliation of Operating Expenses to Adjusted Expenses

 

March 31, 2020

 

  

March 31, 2019

 

 

(in thousands)

Operating Expenses

 

$

156,991

 

 

$

140,515

Acquisition and Refinitiv Transaction related D&A(1)

 

 

(26,273)

 

 

 

(23,209)

Stock-based compensation expense(2)

 

 

(3,497)

 

 

 

 —

Unrealized foreign exchange gains / (losses)

 

 

(1,164)

 

 

 

293

Loss from revaluation of foreign-denominated cash(3)

 

 

(198)

 

 

 

(860)

Adjusted Expenses

 

$

125,859

 

 

$

116,739

4

 

_12

 

(1)

Represents acquisition-related intangibles amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the Refinitiv Transaction and the application of pushdown accounting (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(2)

Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with exercises of such options during the applicable period.

(3)

Represents foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

 

 

 

 

 

 

Reconciliation of Cash Flows from Operating Activities to

    

Trailing Twelve Months

    

Free Cash Flow

 

March 31, 2020

    

Cash flow from operating activities

 

$

289,245

 

Less: Capitalization of software development costs

 

 

(35,744)

 

Less: Purchases of furniture, equipment and leasehold improvements

 

 

(17,079)

 

Free Cash Flow

 

$

236,422

 

 

 

 

TRADEWEB MARKETS INC.

BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED)

Dollars in Thousands, Except per Share Data

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period):

 

 

 

 

 

 

 

Three Months Ended

EPS: Net income attributable to Tradeweb Markets LLC(1)

March 31, 2019

(in thousands, except share and per share amounts)

Numerator:

 

 

Net income attributable to Tradeweb Markets LLC

$

42,352

 

 

 

Denominator:

 

 

Weighted average LLC Interests outstanding - Basic

 

222,222,197

Dilutive effect of equity-settled PRSUs

 

1,098,260

Weighted average LLC Interests outstanding - Diluted

 

223,320,457

 

 

 

Earnings per share - Basic

$

0.19

Earnings per share - Diluted

$

0.19

(1)

Earnings per share and weighted average shares outstanding for the pre-IPO periods have been computed to give effect to the Reorganization Transactions, including the amendment and restatement of the fourth amended and restated limited liability company agreement of Tradeweb Markets LLC to, among other things, (i) provide for a new single class of common membership interests in Tradeweb Markets LLC (“LLC Interests”) and (ii) exchange all of the original members’ existing membership interests for LLC Interests.

 

 

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period):

 

 

 

 

 

 

 

Three Months Ended

EPS: Net income attributable to Tradeweb Markets Inc.

March 31, 2020

(in thousands, except share and per share amounts)

Numerator:

 

 

Net income attributable to Tradeweb Markets Inc.

$

43,928

 

 

 

Denominator:

 

 

Weighted average shares of Class A and Class B common stock outstanding - Basic

 

166,234,749

Dilutive effect of equity-settled PRSUs

 

2,038,422

Dilutive effect of options

 

6,221,549

Dilutive effect of RSUs

 

22,524

5

 

_12

 

Weighted average shares of Class A and Class B common stock outstanding - Diluted

 

174,517,244

 

 

 

Earnings per share - Basic

$

0.26

Earnings per share - Diluted

$

0.25

6

 

_12

 

TRADEWEB MARKETS INC.

GROSS REVENUES BY ASSET CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

March 31, 2019

 

$ Change

 

% Change

 

Revenues

    

Variable

    

Fixed

  

Variable

    

Fixed

    

Variable

    

Fixed

    

Variable

    

Fixed

 

 

 

(dollars in thousands)

 

Rates

 

$

75,541

 

$

50,498

 

$

53,650

 

$

50,440

 

$

21,891

 

$

58

 

40.8

%

0.1

%

Credit

 

 

48,575

 

 

5,403

 

 

34,358

 

 

5,077

 

 

14,217

 

 

326

 

41.4

%

6.4

%

Equities

 

 

17,100

 

 

2,334

 

 

10,152

 

 

1,646

 

 

6,948

 

 

688

 

68.4

%

41.8

%

Money Markets

 

 

7,137

 

 

4,071

 

 

5,823

 

 

3,739

 

 

1,314

 

 

332

 

22.6

%

8.9

%

Market Data

 

 

 —

 

 

18,562

 

 

 —

 

 

16,903

 

 

 —

 

 

1,659

 

 —

 

9.8

%

Other

 

 

 —

 

 

5,385

 

 

 —

 

 

5,004

 

 

 —

 

 

381

 

 —

 

7.6

%

Gross revenue

 

$

148,353

 

$

86,253

 

$

103,983

 

$

82,809

 

$

44,370

 

$

3,444

 

42.7

%

4.2

%

 

 

TRADEWEB MARKETS INC.

AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

YoY

 

 

    

March 31, 2020

 

March 31, 2019

    

% Change

 

Rates

 

$

2.05

 

$

2.04

 

0.5

%

Rates - excluding short-tenor swaps (less than 1 year)

 

$

2.39

 

$

2.09

 

14.4

%

Credit

 

$

23.46

 

$

34.02

 

(31.0)

%

Equities

 

$

15.39

 

$

21.15

 

(27.2)

%

Money Markets

 

$

0.45

 

$

0.49

 

(8.2)

%

Total Fees per Million

 

$

2.65

 

$

2.62

 

1.1

%

Total Fees per Million - excluding short-tenor swaps (less than 1 year)

 

$

2.93

 

$

2.67

 

9.7

%

 

 

TRADEWEB MARKETS INC.

AVERAGE DAILY VOLUME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31, 2020

 

March 31, 2019

 

ADV 

 

 

    

ADV

    

Volume

    

ADV

    

Volume

    

% Change

 

 

 

(dollars in millions)

 

 

 

Rates

 

$

590,773

 

$

36,867,838

 

$

429,226

 

$

26,357,344

 

37.6

%

Credit

 

 

32,997

 

 

2,070,811

 

 

16,386

 

 

1,010,037

 

101.4

%

Equities

 

 

17,793

 

 

1,111,272

 

 

7,771

 

 

479,937

 

129.0

%

Money Markets

 

 

256,193

 

 

15,948,560

 

 

192,264

 

 

11,771,636

 

33.3

%

Total

 

$

897,756

 

$

55,998,481

 

$

645,647

 

$

39,618,954

 

39.0

%

7

 

_12

 

 

 

TRADEWEB MARKETS INC.

AVERAGE DAILY VOLUME

 

 

 

 

 

 

 

 

 

 

 

2020 Q1

2019 Q1

YoY

Asset Class

Product

ADV (USD mm)

Volume (USD mm)

ADV (USD mm)

Volume (USD mm)

ADV

Rates

Cash

341,556
21,229,545
274,976
16,819,267
24.21%

 

U.S. Government Bonds

93,517
5,798,066
82,128
5,009,806
13.87%

 

European Government Bonds

28,116
1,799,420
23,033
1,451,106
22.07%

 

Mortgages

214,946
13,326,659
166,277
10,142,913
29.27%

 

Other Government Bonds

4,976
305,401
3,537
215,442
40.70%

 

Derivatives

249,217
15,638,292
154,251
9,538,077
61.57%

 

Swaps/Swaptions 1Y

159,515
10,013,269
142,263
8,794,997
12.13%

 

Swaps/Swaptions < 1Y

89,092
5,587,159
11,486
712,441
675.68%

 

Futures

611
37,865
502
30,638
21.60%

 

Total

590,773
36,867,838
429,226
26,357,344
37.64%

Credit

Cash

7,255
449,797
5,631
343,725
28.84%

 

U.S. High-Grade

3,903
241,959
2,812
171,553
38.77%

 

U.S. High-Yield

487
30,167
329
20,090
47.74%

 

European Credit

1,658
106,115
1,321
83,203
25.54%

 

Municipal Bonds

289
17,902
279
17,027
3.44%

 

Chinese Bonds

857
49,715
833
48,293
2.95%

 

Other Credit Bonds

62
3,939
57
3,560
8.82%

 

Derivatives

25,741
1,621,014
10,755
666,312
139.34%

 

Swaps

25,741
1,621,014
10,755
666,312
139.34%

 

Total

32,997
2,070,811
16,386
1,010,037
101.37%

Money Markets

Cash

256,193
15,948,560
192,264
11,771,636
33.25%

 

Repurchase Agreements (Repo)

237,211
14,769,141
173,522
10,626,099
36.70%

 

Other Money Markets

18,982
1,179,419
18,742
1,145,538
1.28%

 

Total

256,193
15,948,560
192,264
11,771,636
33.25%

Equities

Cash

9,218
576,880
4,479
276,207
105.81%

 

U.S. ETFs

6,527
404,656
2,979
181,745
119.06%

 

Europe ETFs

2,691
172,223
1,499
94,462
79.47%

 

Derivatives

8,576
534,392
3,292
203,730
160.51%

 

Options/Convertibles/Swaps

3,973
248,646
1,438
90,194
176.30%

 

Futures

4,602
285,746
1,854
113,535
148.27%

 

Total

17,793
1,111,272
7,771
479,937
128.98%

 

 

 

 

 

 

 

 

 

ADV (USD mm)

Average Daily Trades

ADV (USD mm)

Average Daily Trades

YoY

 

Total

897,756
63,079
645,647
50,951
39.05%

8

 

_12

 

 

To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.

9

 


The following information was filed by Tradeweb Markets Inc. (TW) on Thursday, May 7, 2020 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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Tradeweb Markets Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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  • Executive Team
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Income
Business Segment And Geographic Information
Business Segment And Geographic Information (Tables)
Business Segment And Geographic Information - Revenue And Long-Lived Assets By Geographic Region (Details)
Business Segment And Geographic Information - Revenue By Client Sector (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Credit Risk
Credit Risk (Details)
Credit Risk (Tables)
Credit Risk - Credit Losses (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Finite Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Future Amortization (Details)
Intangible Assets And Goodwill - Indefinite Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Summary Of Goodwill (Details)
Non-Controlling Interests
Non-Controlling Interests (Details)
Non-Controlling Interests (Tables)
Organization
Organization (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Balances (Details)
Related Party Transactions - Consolidated Statements Of Income (Details)
Related Party Transactions - Narrative (Details)
Restricted Cash
Restricted Cash (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Breakdown Of Revenues Between Fixed And Variable (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Deferred Ipo Cost And Deferred Tax Assets Correction (Details)
Significant Accounting Policies - Pushdown Accounting (Details)
Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Significant Accounting Policies - Stock-Based Compensation (Details)
Significant Accounting Policies - Useful Lives Of Assets (Details)
Significant Accounting Policies - Useful Lives Of Intangible Assets (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details)
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Options (Details)
Stock-Based Compensation Plans - Psrus-Settled Activity (Details)
Stockholder's Equity
Stockholder's Equity (Details)
Stockholder's Equity - Authorized Shares (Details)
Stockholder's Equity - Common Units Outstanding (Details)
Stockholder's Equity - Issuance And Cancellation Of Common Stock (Details)
Stockholder's Equity - Redemptions And Exchange Of Llc Interests (Details)
Stockholders??? Equity (Tables)
Subsequent Events
Subsequent Events (Details)
Tax Receivable Agreement
Tax Receivable Agreement (Details)
Ticker: TW
CIK: 1758730
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-006433
Submitted to the SEC: Tue May 12 2020 4:23:31 PM EST
Accepted by the SEC: Tue May 12 2020
Period: Tuesday, March 31, 2020
Industry: Security And Commodity Brokers Dealers Exchanges And Services

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