Press release
TRADEWEB REPORTS THIRD QUARTER 2022 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":"\n \n\n 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, 2022.\n\n\n$287.1 million quarterly revenues increased 8.2% (13.1% on a constant currency basis) compared to prior year period\n\n\n$1.1 trillion average daily volume (“ADV”) for the quarter, an increase of 14.0% compared to prior year period, with record ADV in fully electronic U.S. High Grade credit, equity convertibles/swaps/options and institutional municipal bonds. Tradeweb captured a record 13.9% of fully electronic U.S. High Grade TRACE\n\n\n$81.6 million net income and $106.5 million adjusted net income for the quarter, increases of 24.9% and 13.1% respectively from prior year period\n\n\n51.0% adjusted EBITDA margin and $146.3 million adjusted EBITDA for the quarter, compared to 50.1% and $132.9 million respectively for prior year period\n\n\n$0.33 diluted earnings per share (“Diluted EPS”) for the quarter and $0.45 adjusted diluted earnings per share\n\n\n$0.08 per share quarterly cash dividend declared; $9.0 million of shares repurchased\n\n\nLee Olesky, Chairman and CEO, Tradeweb Markets:\n\n\"Tradeweb reported record third quarter revenues driven by strong trading volumes across asset classes and products. Despite challenging markets, we delivered double-digit revenue growth on a constant currency basis in rates, credit, equities and money markets. Our clients leveraged a wide range of electronic tools and protocols to help advance their trading strategies as markets reflected concerns around inflation and geopolitical conflict. Client engagement was strong across all of our markets and we’ve seen increased interest in electronifying markets that have been persistently analog, like swaps and repos.\n\nAs I prepare to retire as CEO at year-end and stay on as chairman, I am proud that Tradeweb has continued to grow, innovate and collaborate with our clients to make markets more efficient. Billy Hult and our leadership team are well positioned to drive our next wave of growth, and I can’t wait to see what comes next. I am grateful to our clients and employees for their confidence and support.”\n\n\n \n\nSELECT FINANCIAL\n\n\nRESULTS\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n...