Press release
Tradeweb Reports Third Quarter 2021 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 September 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028005163/en/Tradeweb CEO Lee Olesky (Photo: Business Wire)\n$265.3 million quarterly revenues increased 24.6% (23.9% on a constant currency basis) compared to prior year period\n\n$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\n\n$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\n\n50.1% 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\n\n$0.26 diluted earnings per share (“Diluted EPS”) for the quarter and $0.39 adjusted diluted earnings per share\n\n$0.08 per share quarterly cash dividend declared; $12.0 million of shares repurchased\n\nLee Olesky, CEO of Tradeweb Markets:\n\n“Tradeweb’s strong momentum from the first half of the year continued through the third quarter of 2021, producing our second-best revenue quarter ever. Growth in trading volume was broad-based across our markets, with U.S. Credit, global swaps and U.S. Treasuries leading the way. We were delighted to welcome Sara Furber as our new CFO, helping us navigate Tradeweb’s next phase of growth and development. Finally, we published our inaugural Corporate Sustainability Report to increase transparency for our strong foundation in ESG.” \n\n\n\nSELECT FINANCIAL\nRESULTS\n\n\n\n3Q21\n\n\n\n3Q20\n\n\n\nChange\n\n\n\nConstant\nCurrency\nGrowth (1)\n\n\n\n\n\n\n(dollars in thousands except per share amounts)(Unaudited)\n\n\n\n\n\n\nGAAP Financial Measures\n\n\n\n\n\n\nTotal revenue\n\n\n\n$\n\n\n\n265,325\n\n\n\n \n\n\n\n$\n\n\n\n212,870\n\n\n\n \n\n\n\n24.6\n\n\n\n%\n\n\n\n23.9\n\n\n\n%\n\n\n\n\n\n\nRates\n\n\n\n$...