Business
Tradeweb Reports Fourth Quarter and Full Year 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 and full year ended December 31, 2020.\n\n$233.1 million quarterly gross revenues increased 18.1% (15.9% on a constant currency basis) year over year. Full Year 2020 gross revenue increase of 15.1% vs Full Year 2019\n\n$897.9 billion record average daily volume (“ADV”) for the quarter, an increase of 30.9% year over year with ADV records in U.S. High Yield bonds, Chinese bonds and Repos. Quarterly records for TRACE market share in U.S. High Grade and U.S. High Yield bonds\n\n$66.4 million net income and $80.5 million adjusted net income for the quarter, increases of 16.0%, and 33.1% respectively from the prior year period\n\n49.2% adjusted EBITDA margin or $114.6 million adjusted EBITDA for the quarter, compared to 46.9% or $92.4 million respectively for the prior year period\n\n$0.28 diluted earnings per share (“Diluted EPS”) for the quarter and $0.34 adjusted diluted earnings per share\n\n$0.08 per share quarterly cash dividend declared and $150 million share repurchase program launched\n\nLee Olesky, CEO of Tradeweb Markets:\n\n“Strong financial results for the fourth quarter capped off a transformative year for Tradeweb. We reported record average daily volumes for Q4 thanks to broad-based momentum across asset classes. Wherever our clients were working in 2020, we know that electronic trading, digital processing and data helped them navigate unprecedented debt issuance and market volatility. Our markets are evolving, and with 2021 volumes off to a strong start we are excited about the role electronic trading continues to play in that evolution.\"\n\n\n\nSELECT FINANCIAL\nRESULTS\n\n\n\n4Q20\n\n\n\n4Q19\n\n\n\nChange\n\n\n\nConstant\nCurrency\nGrowth(1)\n\n\n\n\n\n(dollars in thousands except per share amounts)(Unaudited)\n\n\n\n\n\nGAAP Financial Measures\n\n\n\n\n\nGross revenue\n\n\n\n$\n\n\n\n233,076\n\n\n\n \n\n\n\n$\n\n\n\n197,308\n\n\n\n \n\n\n\n18.1\n\n\n\n%\n\n\n\n15.9\n\n\n\n%\n\n\n\n\n\nRates\n\n\n\n$\n\n\n\n121,699\n\n\n\n \n\n\n\n$\n\n\n\n107,539\n\n\n\n \n\n\n\n13.2\n\n\n\n%\n\n\n\n10.8\n\n\n\n%\n\n\n\n\n\nCredit\n\n\n\n$\n\n\n\n59,255\n\n\n\n \n\n\n\n$\n\n\n\n43,542\n\n\n\n \n\n\n\n36.1\n\n\n\n%\n\...