Business
Tradeweb Reports First Quarter 2020 Financial Results
NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money
About this update from Tradeweb Markets Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nTradeweb 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, 2020.\n\n\n$897.8 billion in average daily volume (“ADV”), a quarterly record and an increase of 39.0% year over year including $1.0 trillion ADV record in March. Quarterly records for ADV in U.S. treasuries, European government bonds, mortgages, long-tenor swaps, U.S. and European credit, credit derivatives, repos, U.S. and European ETFs, and equity derivatives\n\n\n$234.6 million quarterly record gross revenues increased 25.6% (26.3% on a constant currency basis)\n\n\n$62.5 million net income and $85.4 million adjusted net income, increases of 47.5% and 63.6% respectively from the prior year period\n\n\n51.0% adjusted EBITDA margin for the quarter compared to 43.0% for the prior year period\n\n\n$0.25 earnings per diluted share (“Diluted EPS”) and $0.37 adjusted diluted earnings per share\n\n\n$0.08 per share quarterly cash dividend declared\n\n\nLee Olesky, CEO of Tradeweb Markets:\n\n\n“As the human and economic impact of COVID-19 continues to be felt around the world, we remain focused on keeping our people safe, helping our clients find liquidity, and discovering new ways for markets to operate more efficiently. We see the long-term trend towards more electronic markets accelerating, which is reflected in both client behavior and record trading volumes. Our clients are interacting with Tradeweb in new ways, expanding their use of tools like portfolio trading and net-spotting, and demonstrating greater confidence in electronic trading and digital workflows. For many, and we hear this all the time, there’s simply no going back to the old way of doing things.”\n\n\n\n\n \n\n\nSELECT FINANCIAL RESULTS\n\n\n\n\n1Q20\n\n\n\n\n1Q19\n\n\n\n\nChange\n\n\n\n\nConstant \n\n\nCurrency \n\n\nGrowth (1)\n\n\n\n\n\n(dollars in thousands except per share amounts) (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP Financial Measures\n\n\n\n\n\n\n\n\n\n \n\n\n\nGross revenue\n\n\n\n\n$234,606\n\n\n\n\n$186,792\n\n\n\n\n25.6%\n\n\n\n\n26.3%\n\n\n\n\n\nRates\n\n\n\n\n$126,039\n\n\n\n\n$104,090\n\n\n\n\n21.1%\n\n\n\n\n21.9%\n\n\n\n\n\nCredit\n\n\n\n\n$53,978\n\n\n\n\n$39,435\n\n\n\n\n36.9%\n\n\n\n\n37.8%\n\n\n\n\n\nEquitie...