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Tradeweb Markets Inc. (TW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Tradeweb Markets Inc.

CIK: 1758730 Ticker: TW
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Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com
Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com
TRADEWEB REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS
New York, April 29, 2021 – 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, 2021.
$273.4 million quarterly revenues increased 16.5% (13.9% on a constant currency basis) compared to prior year period
$1.06 trillion record average daily volume (“ADV”) for the quarter, an increase of 18.0% compared to prior year period with ADV records in U.S. and European government bonds, mortgages, rates derivatives, U.S. High Grade bonds, U.S. High Yield bonds, European Credit, Chinese bonds, Repurchase Agreements and European ETFs. Tradeweb share of fully electronic TRACE volume for the quarter was 10.1% for U.S. High Grade and 4.0% for U.S. High Yield, compared to 5.9% and 2.0% respectively in prior year period
$81.6 million net income and $101.6 million adjusted net income for the quarter, increases of 30.5%, and 19.0% respectively from prior year period
52.0% adjusted EBITDA margin or $142.1 million adjusted EBITDA for the quarter, compared to 51.0% or $119.7 million respectively for prior year period
$0.33 diluted earnings per share (“Diluted EPS”) for the quarter and $0.43 adjusted diluted earnings per share
$0.08 per share quarterly cash dividend declared
Lee Olesky, CEO of Tradeweb Markets:

“Tradeweb experienced sustained momentum throughout the first quarter of 2021 thanks in part to stronger client engagement, changing user behaviors and accelerated trends in electronic trading adoption and innovation. We averaged more than $1 trillion per day in trading volume during each of these three months, which was especially remarkable given the quarter’s relatively subdued volatility. Our first quarter’s record volume was driven by changing behaviors, which we believe will continue to fuel our growth over the long term.”
SELECT FINANCIAL
RESULTS
1Q211Q20Change
Constant
Currency
Growth(1)
ADV (US $bn)
(Unaudited)
(dollars in thousands except per share amounts)(Unaudited)Asset ClassProduct1Q211Q20YoY
GAAP Financial MeasuresRatesCash$378 $342 10.8 %
Total revenue$273,399 $234,606 16.5%13.9 %Derivatives287 249 15.4 %
Rates$142,929 $126,039 13.4%10.7 %Total666 591 12.7 %
Credit$74,368 $53,978 37.8%35.0 %CreditCash10 43.1 %
Equities$18,861 $19,434 (2.9)%(7.1)%Derivatives17 26 (35.2)%
Money Markets$10,818 $11,208 (3.5)%(5.0)%Total27 33 (18.0)%
Market Data$19,972 $18,562 7.6%6.3 %EquitiesCash(2.2)%
Other$6,451 $5,385 19.8%19.8 %Derivatives(16.6)%
Net income$81,565 $62,485 30.5%Total16 18 (9.1)%
Net Income attributable to Tradeweb Markets Inc.(2)
$67,859 $43,928 54.5%Money MarketsCash350 256 36.7 %
Total350 256 36.7 %
Diluted EPS
$0.33 $0.25 32.0%Total$1,059 $897 18.0 %
Non-GAAP Financial Measures
Adjusted EBITDA (1)
$142,084 $119,650 18.7%18.5 %
(1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency growth are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.

(2) Represents net income less net income attributable to non-controlling interests.

Adjusted EBITDA margin (1)
52.0 %51.0 %+97bps+201bps
Adjusted EBIT (1)
$130,721 $108,747 20.2%20.0 %
Adjusted EBIT margin (1)
47.8 %46.4 %+146bps+243bps
Adjusted Net Income (1)
$101,578 $85,368 19.0%18.7 %
Adjusted Diluted EPS (1)
$0.43 $0.37 16.2%16.2 %


The following information was filed by Tradeweb Markets Inc. (TW) on Thursday, April 29, 2021 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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Inside Tradeweb Markets Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Financial Condition
Condensed Consolidated Statements Of Financial Condition (Parenthetical)
Condensed 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)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Financial Instruments Measured At Fair Value (Details)
Fair Value Of Financial Instruments - Financial Instruments Not Measured At Fair Value (Details)
Fair Value Of Financial Instruments - Foreign Currency Forward Contracts (Details)
Fair Value Of Financial Instruments - Unrealized Gains(Losses) On Foreign Currency Forwards (Details)
Income Taxes
Income Taxes (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Summary Of Equity Changes Due To Changes In Corporation Ownership (Details)
Non-Controlling Interests - Summary Of Ownership Interest (Details)
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 (Tables)
Revenue - Breakdown Of Revenues Between Fixed And Variable (Details)
Revenue - Narrative (Details)
Revenue - Recognized Revenue And Remaining Balances (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Deferred Ipo Cost Follow-On Offering Costs (Details)
Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements And Software Development Cost (Details)
Significant Accounting Policies - Intangible Assets (Details)
Significant Accounting Policies - Translation Of Foreign Currency And Foreign Currency Forward Contracts (Details)
Stockholders' Equity And Stock-Based Compensation Plans
Stockholders' Equity And Stock-Based Compensation Plans (Tables)
Stockholders' Equity And Stock-Based Compensation Plans - Narrative (Details)
Stockholders' Equity And Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events (Details)
Tax Receivable Agreement
Tax Receivable Agreement (Details)

Material Contracts, Statements, Certifications & more

Tradeweb Markets Inc. provided additional information to their SEC Filing as exhibits

Ticker: TW
CIK: 1758730
Form Type: 10-Q Quarterly Report
Accession Number: 0001758730-21-000014
Submitted to the SEC: Fri Apr 30 2021 4:08:37 PM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Security And Commodity Brokers Dealers Exchanges And Services

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