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Tradeweb Markets Inc. (TW) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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 THIRD QUARTER 2021 FINANCIAL RESULTS
New York, October 28, 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 September 30, 2021.
$265.3 million quarterly revenues increased 24.6% (23.9% on a constant currency basis) compared to prior year period
$964.5 billion average daily volume (“ADV”) for the quarter, an increase of 23.6% compared to prior year period, with record ADV in U.S. government bonds. In U.S. credit, Tradeweb set new records for its share of fully electronic TRACE volume: High Grade was 12.6%, up from 7.7% in the prior year period, and High Yield was 6.2%, up from 2.5% in the prior year period
$65.3 million net income and $94.2 million adjusted net income for the quarter, increases of 38.8%, and 34.6% respectively from prior year period
50.1% adjusted EBITDA margin or $132.9 million adjusted EBITDA for the quarter, compared to 47.4% or $100.9 million respectively for prior year period
$0.26 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; $12.0 million of shares repurchased
Lee Olesky, CEO of Tradeweb Markets:
“Tradeweb’s strong momentum from the first half of the year continued through the third quarter of 2021, producing our second-best revenue quarter ever. Growth in trading volume was broad-based across our markets, with U.S. Credit, global swaps and U.S. Treasuries leading the way. We were delighted to welcome Sara Furber as our new CFO, helping us navigate Tradeweb’s next phase of growth and development. Finally, we published our inaugural Corporate Sustainability Report to increase transparency for our strong foundation in ESG.”
SELECT FINANCIAL
RESULTS
3Q213Q20Change
Constant
Currency
Growth (1)
ADV (US $bn)
(Unaudited)
(dollars in thousands except per share amounts)(Unaudited)Asset ClassProduct3Q213Q20YoY
GAAP Financial MeasuresRatesCash$337 $311 8.4 %
Total revenue$265,325 $212,870 24.6%23.9 %Derivatives247 179 37.9 %
Rates$139,418 $115,766 20.4%19.7 %Total584 490 19.2 %
Credit$72,243 $50,216 43.9%43.2 %CreditCash20.0 %
Equities$16,457 $11,857 38.8%37.7 %Derivatives14 13 10.3 %
Money Markets$11,221 $10,491 7.0%6.4 %Total22 20 13.8 %
Market Data$20,515 $18,598 10.3%9.2 %EquitiesCash38.8 %
Other$5,471 $5,942 (7.9)%(7.9)%Derivatives92.9 %
Net income$65,305 $47,048 38.8%Total15 60.4 %
Net Income attributable to Tradeweb Markets Inc. (2)
$54,763 $36,812 48.8%Money MarketsCash344 262 31.3 %
Total344 262 31.3 %
Diluted EPS$0.26 $0.19 36.8%Total$964 $780 23.6 %
Non-GAAP Financial Measures
Adjusted EBITDA (1)
$132,946 $100,913 31.7%30.0 %
(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)
50.1 %47.4 %+270bps+234bps
Adjusted EBIT (1)
$121,079 $90,015 34.5%32.6 %
Adjusted EBIT margin (1)
45.6 %42.3 %+335bps+298bps
Adjusted Net Income (1)
$94,160 $69,939 34.6%32.7 %
Adjusted Diluted EPS (1)
$0.39 $0.30 30.0%30.0 %
    



The following information was filed by Tradeweb Markets Inc. (TW) on Thursday, October 28, 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)
Ticker: TW
CIK: 1758730
Form Type: 10-Q Quarterly Report
Accession Number: 0001758730-21-000028
Submitted to the SEC: Fri Oct 29 2021 4:03:16 PM EST
Accepted by the SEC: Fri Oct 29 2021
Period: Thursday, September 30, 2021
Industry: Security And Commodity Brokers Dealers Exchanges And Services

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