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Tradeweb Markets Inc. (TW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 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 SECOND QUARTER 2021 FINANCIAL RESULTS
New York, July 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 June 30, 2021.
$260.8 million quarterly revenues increased 23.0% (20.2% on a constant currency basis) compared to prior year period
$976.9 billion average daily volume (“ADV”) for the quarter, an increase of 25.5% compared to prior year period with new ADV records in U.S. High Yield credit and Repurchase Agreements. In U.S. credit, Tradeweb set new records for its share of fully electronic TRACE volume: High Grade was 12.1% up from 5.8% in the prior year period and High Yield was 4.8%, up from 1.5% over prior year period
$66.2 million net income and $93.6 million adjusted net income for the quarter, increases of 56.2%, and 32.9% respectively from prior year period
50.6% adjusted EBITDA margin or $131.9 million adjusted EBITDA for the quarter, compared to 47.8% or $101.3 million respectively for prior year period
$0.27 diluted earnings per share (“Diluted EPS”) for the quarter and $0.39 adjusted diluted earnings per share
$0.08 per share quarterly cash dividend declared; $51.7 million of shares repurchased
Lee Olesky, CEO of Tradeweb Markets:
"Broadening client choice was an important theme this quarter in both credit and rates. Our clients utilized a wider range of electronic trading tools and protocols in credit including RFQ, Tradeweb AllTrade and Portfolio Trading — further evidence that electronic trading activity continues to grow in terms of both volume and sophistication. With the acquisition of the Nasdaq Fixed Income platform completed in June, clients trading wholesale U.S. Treasuries have more choice between our popular streams protocol and the new central limit order book. From a broader Tradeweb perspective, this acquisition is a great opportunity and we believe it positions us well to drive additional shareholder value.”
SELECT FINANCIAL
RESULTS
2Q212Q20Change
Constant
Currency
Growth (1)
ADV (US $bn)
(Unaudited)
(dollars in thousands except per share amounts)(Unaudited)Asset ClassProduct2Q212Q20YoY
GAAP Financial MeasuresRatesCash$319 $298 7.2 %
Total revenue$260,840 $212,107 23.0%20.2 %Derivatives257 209 22.7 %
Rates$134,003 $112,823 18.8%15.9 %Total576 507 13.6 %
Credit$72,212 $49,105 47.1%44.3 %CreditCash10 21.9 %
Equities$17,397 $15,407 12.9%8.7 %Derivatives10 (15.5)%
Money Markets$11,340 $10,539 7.6%5.7 %Total18 18 0.8 %
Market Data$20,007 $18,497 8.2%6.1 %EquitiesCash30.2 %
Other$5,881 $5,736 2.5%2.5 %Derivatives113.1 %
Net income$66,233 $42,408 56.2%Total16 10 60.6 %
Net Income attributable to Tradeweb Markets Inc. (2)
$55,316 $30,496 81.4%Money MarketsCash367 244 50.6 %
Total367 244 50.6 %
Diluted EPS$0.27 $0.16 68.8%Total$977 $778 25.5 %
Non-GAAP Financial Measures
Adjusted EBITDA (1)
$131,898 $101,309 30.2%27.7 %
(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)
50.6 %47.8 %280bps297bps
Adjusted EBIT (1)
$120,271 $90,521 32.9%30.2 %
Adjusted EBIT margin (1)
46.1 %42.7 %343bps353bps
Adjusted Net Income (1)
$93,558 $70,383 32.9%30.2 %
Adjusted Diluted EPS (1)
$0.39 $0.30 30.0%30.0 %



The following information was filed by Tradeweb Markets Inc. (TW) on Thursday, July 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 Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Financial Condition
Condensed Consolidated Statements Of Financial Condition (Parenthetical)
Condensed Consolidated Statements Of Income
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Preliminary Purchase Price (Details)
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 (Tables)
Earnings Per Share - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
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 - Goodwill (Details)
Significant Accounting Policies - Intangible Assets (Details)
Significant Accounting Policies - Leases (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: 0001758730-21-000022
Submitted to the SEC: Fri Jul 30 2021 4:09:50 PM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Security And Commodity Brokers Dealers Exchanges And Services

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