Tradeweb Reports Fourth Quarter and Full Year 2024 Financial Results
Tradeweb Markets (TW) reported strong Q4 2024 financial results with quarterly revenues of $463.3 million, up 25.2% year-over-year. The company achieved $2.3 trillion in average daily volume (ADV), marking a 36.7% increase from the previous year.
Key financial highlights include $159.9 million in net income (up 54.2%) and $181.2 million in adjusted net income (up 19.2%). The company maintained a solid adjusted EBITDA margin of 52.8% with $244.7 million in adjusted EBITDA. Diluted EPS reached $0.66, while adjusted diluted EPS was $0.76.
The company increased its quarterly cash dividend by 20% to $0.12 per share. 2024 marked Tradeweb's 25th consecutive year of record annual revenues, with total revenues reaching $1.7 billion, up 29% from 2023. The company set quarterly ADV records in U.S. government bonds, mortgages, and global repurchase agreements, along with achieving a record 7.9% share of fully electronic U.S. high yield TRACE.
Tradeweb Markets (TW) ha riportato solidi risultati finanziari per il quarto trimestre del 2024, con ricavi trimestrali di 463,3 milioni di dollari, in aumento del 25,2% rispetto all'anno precedente. L'azienda ha raggiunto un volume medio giornaliero (ADV) di 2,3 trilioni di dollari, segnando un incremento del 36,7% rispetto all'anno scorso.
I punti salienti finanziari includono un reddito netto di 159,9 milioni di dollari (in aumento del 54,2%) e un reddito netto rettificato di 181,2 milioni di dollari (in aumento del 19,2%). L'azienda ha mantenuto un solido margine di EBITDA rettificato del 52,8%, con 244,7 milioni di dollari in EBITDA rettificato. L'EPS diluito ha raggiunto 0,66 dollari, mentre l'EPS diluito rettificato era di 0,76 dollari.
L'azienda ha aumentato il suo dividendo in contante trimestrale del 20% a 0,12 dollari per azione. Il 2024 ha segnato il 25° anno consecutivo di record per i ricavi annuali di Tradeweb, con ricavi totali che hanno raggiunto 1,7 miliardi di dollari, in aumento del 29% rispetto al 2023. L'azienda ha stabilito record trimestrali di ADV nei titoli di stato statunitensi, nei mutui e negli accordi di riacquisto globali, oltre a raggiungere una quota record del 7,9% del mercato completamente elettronico ad alto rendimento TRACE negli Stati Uniti.
Tradeweb Markets (TW) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con ingresos trimestrales de $463.3 millones, un aumento del 25.2% interanual. La empresa alcanzó un volumen diario promedio (ADV) de $2.3 billones, marcando un incremento del 36.7% respecto al año anterior.
Los aspectos financieros clave incluyen un ingreso neto de $159.9 millones (un aumento del 54.2%) y un ingreso neto ajustado de $181.2 millones (un aumento del 19.2%). La compañía mantuvo un sólido margen de EBITDA ajustado del 52.8% con $244.7 millones en EBITDA ajustado. El EPS diluido alcanzó $0.66, mientras que el EPS diluido ajustado fue de $0.76.
La empresa aumentó su dividendo en efectivo trimestral en un 20% a $0.12 por acción. 2024 marcó el 25° año consecutivo de ingresos anuales récord para Tradeweb, con ingresos totales que alcanzaron $1.7 mil millones, un aumento del 29% respecto a 2023. La compañía estableció récords trimestrales de ADV en bonos del gobierno de EE. UU., hipotecas y acuerdos de recompra globales, logrando también una cuota récord del 7.9% en el mercado totalmente electrónico de alto rendimiento TRACE en EE. UU.
Tradeweb Markets (TW)는 2024년 4분기 재무 결과를 발표하며 분기 매출이 4억 6,330만 달러에 달해 전년 대비 25.2% 증가했다고 보고했습니다. 이 회사는 평균 일일 거래량(ADV)이 2.3조 달러에 이르렀으며, 이는 전년 대비 36.7% 증가한 수치입니다.
주요 재무 하이라이트로는 순이익 1억 5,990만 달러 (54.2% 증가)와 조정된 순이익 1억 8,120만 달러 (19.2% 증가)가 있습니다. 이 회사는 2억 4,470만 달러의 조정된 EBITDA로 52.8%의 견고한 조정된 EBITDA 마진을 유지했습니다. 희석 EPS는 0.66달러에 도달했으며, 조정된 희석 EPS는 0.76달러였습니다.
회사는 분기당 현금 배당금을 20% 인상하여 0.12달러로 설정했습니다. 2024년은 Tradeweb의 연간 매출이 25년 연속으로 신기록을 기록한 해로, 총 매출은 17억 달러에 이르러 2023년 대비 29% 증가했습니다. 이 회사는 미국 정부 채권, 주택 담보 대출 및 글로벌 환매 계약에서 분기 ADV 기록을 세웠으며, 전자식 고수익 TRACE의 점유율도 7.9%로 신기록을 달성했습니다.
Tradeweb Markets (TW) a publié des résultats financiers solides pour le quatrième trimestre 2024, avec des revenus trimestriels de 463,3 millions de dollars, soit une augmentation de 25,2 % par rapport à l’année précédente. L’entreprise a enregistré un volume quotidien moyen (ADV) de 2,3 billions de dollars, marquant une augmentation de 36,7 % par rapport à l’année précédente.
Les points saillants financiers incluent un bénéfice net de 159,9 millions de dollars (en hausse de 54,2 %) et un bénéfice net ajusté de 181,2 millions de dollars (en hausse de 19,2 %). L’entreprise a maintenu une solide marge EBITDA ajustée de 52,8 % avec 244,7 millions de dollars en EBITDA ajusté. Le bénéfice par action dilué a atteint 0,66 dollar, tandis que le bénéfice par action dilué ajusté était de 0,76 dollar.
L’entreprise a augmenté son dividende en espèces trimestriel de 20 % à 0,12 dollar par action. L’année 2024 a marqué la 25e année consécutive de revenus annuels records pour Tradeweb, avec des revenus totaux atteignant 1,7 milliard de dollars, soit une augmentation de 29 % par rapport à 2023. L’entreprise a établi des records d’ADV trimestriels pour les obligations gouvernementales américaines, les hypothèques et les accords de rachat mondiaux, tout en atteignant une part record de 7,9 % du marché entièrement électronique des TRACE à haut rendement aux États-Unis.
Tradeweb Markets (TW) berichtete starke Finanzzahlen für das 4. Quartal 2024 mit quartalsweisen Einnahmen von 463,3 Millionen US-Dollar, was einem Anstieg von 25,2% im Jahresvergleich entspricht. Das Unternehmen erzielte ein durchschnittliches tägliches Handelsvolumen (ADV) von 2,3 Billionen US-Dollar, was einem Anstieg von 36,7% im Vergleich zum Vorjahr entspricht.
Wichtige finanzielle Highlights umfassen 159,9 Millionen US-Dollar an Nettogewinn (Steigerung um 54,2%) und 181,2 Millionen US-Dollar an bereinigtem Nettogewinn (Steigerung um 19,2%). Das Unternehmen hielt eine solide EBITDA-Marge von 52,8% mit 244,7 Millionen US-Dollar an bereinigtem EBITDA aufrecht. Der verwässerte EPS erreichte 0,66 US-Dollar, während der bereinigte verwässerte EPS bei 0,76 US-Dollar lag.
Das Unternehmen erhöhte seine vierteljährliche Bardividende um 20% auf 0,12 US-Dollar pro Aktie. 2024 markierte Tradewebs 25. aufeinanderfolgendes Jahr mit Rekordjahreseinnahmen, wobei die Gesamteinnahmen 1,7 Milliarden US-Dollar erreichten, was einem Anstieg von 29% im Vergleich zu 2023 entspricht. Das Unternehmen setzte vierteljährliche ADV-Rekorde bei US-Staatsanleihen, Hypotheken und globalen Rückkaufvereinbarungen, und erreichte ebenfalls einen Rekordanteil von 7,9% im vollständig elektronischen US-Hochzins-TRACE.
- Record quarterly revenues of $463.3M, up 25.2% YoY
- Net income increased 54.2% to $159.9M
- Average daily volume up 36.7% to $2.3T
- 20% increase in quarterly dividend to $0.12 per share
- 25th consecutive year of record annual revenues
- Record 7.9% share in U.S. high yield TRACE
- Slight decline in adjusted EBITDA margin to 52.8% from 53.0%
- Operating expenses increased 20.3% to $274.8M
- Adjusted expenses increased 24.8% to $236.0M
Insights
Tradeweb's Q4 2024 results showcase exceptional operational execution and market share gains across multiple segments. The standout 166.5% revenue growth in Money Markets to
Particularly noteworthy is Tradeweb's expanding market share in U.S. credit markets, achieving 18.3% share in fully electronic U.S. high grade TRACE (up 102 bps) and a record 7.9% share in high yield (up 120 bps). These gains reflect successful penetration of various trading protocols, including RFQ, AllTrade and portfolio trading.
The company's strategic positioning is further strengthened by key partnerships, notably becoming Goldman Sachs' first strategic partner for their GS DAP platform and collaborating with the Tokyo Stock Exchange for Japanese ETF liquidity. The 20% dividend increase and strong free cash flow generation of
Looking ahead, management's 2025 guidance suggests continued investment in growth initiatives, with adjusted expenses projected at
Quarterly Cash Dividend Raised by
Billy Hult, CEO of Tradeweb:
"2024 was a banner year for Tradeweb, marking our 25th consecutive year of record annual revenues. This achievement reflects our commitment to growing our geographical footprint, entering new markets and client channels through organic and inorganic collaborations, and consistently delivering value to our clients. The year culminated with a strong fourth quarter, driven in part by a favorable market environment that created additional tailwinds for our global business. Our strong performance in the fourth quarter was highlighted by ADV records across money markets and rates, as well as record share of fully electronic
We forged key partnerships in the fourth quarter, becoming the first strategic partner to Goldman Sachs for its GS DAP technology platform, and collaborating with the Tokyo Stock Exchange to provide institutional investors with better access to liquidity in Japanese ETFs. What’s more, we celebrated major milestones, such as the 10-year anniversary of our
We also continued to strengthen our global reach, appointing Enrico Bruni and Troy Dixon as Co-Heads of Global Markets in newly created leadership roles. As we close this remarkable year, I am energized by the opportunities ahead and look forward to collaborating with our clients to reach new heights in 2025.”
SELECT FINANCIAL RESULTS |
|
4Q24 |
|
|
4Q23 |
|
Change |
Constant
|
||
(dollars in thousands except per share amounts)(Unaudited) |
||||||||||
GAAP Financial Measures |
||||||||||
Total revenue |
$ |
463,344 |
|
$ |
370,000 |
|
25.2 |
% |
25.5 |
% |
Rates |
$ |
240,192 |
|
$ |
191,743 |
|
25.3 |
% |
25.8 |
% |
Credit |
$ |
113,572 |
|
$ |
104,267 |
|
8.9 |
% |
9.1 |
% |
Equities |
$ |
28,749 |
|
$ |
26,056 |
|
10.3 |
% |
10.6 |
% |
Money Markets |
$ |
44,258 |
|
$ |
16,606 |
|
166.5 |
% |
165.5 |
% |
Market Data |
$ |
30,011 |
|
$ |
25,908 |
|
15.8 |
% |
15.9 |
% |
Other |
$ |
6,562 |
|
$ |
5,420 |
|
21.1 |
% |
21.0 |
% |
Net income |
$ |
159,942 |
|
$ |
103,741 |
|
54.2 |
% |
|
|
| Net income attributable to Tradeweb Markets Inc. (2) | $ |
142,210 |
|
$ |
89,314 |
|
59.2 |
% | ||
Diluted EPS |
$ |
0.66 |
|
$ |
0.42 |
|
57.1 |
% |
|
|
Net income margin |
|
34.5 |
% |
|
28.0 |
% |
+648 |
bps |
|
|
Non-GAAP Financial Measures |
||||||||||
Adjusted EBITDA (1) |
$ |
244,743 |
|
$ |
195,943 |
|
24.9 |
% |
25.0 |
% |
Adjusted EBITDA margin (1) |
|
52.8 |
% |
|
53.0 |
% |
-14 |
bps |
-20 |
bps |
Adjusted EBIT (1) |
$ |
227,347 |
|
$ |
180,957 |
|
25.6 |
% |
25.8 |
% |
Adjusted EBIT margin (1) |
|
49.1 |
% |
|
48.9 |
% |
+16 |
bps |
+11 |
bps |
Adjusted Net Income (1) |
$ |
181,183 |
|
$ |
151,937 |
|
19.2 |
% |
19.4 |
% |
Adjusted Diluted EPS (1) |
$ |
0.76 |
|
$ |
0.64 |
|
18.8 |
% |
18.8 |
% |
(1) |
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change 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. |
ADV (US $bn) (Unaudited) |
|||||||
Asset Class |
Product |
|
4Q24 |
|
4Q23 |
YoY |
|
Rates |
Cash |
$ |
509 |
$ |
398 |
27.9 |
% |
|
Derivatives |
|
744 |
|
690 |
7.9 |
% |
|
Total |
|
1,253 |
|
1,087 |
15.2 |
% |
Credit |
Cash |
|
15 |
|
14 |
3.2 |
% |
|
Derivatives |
|
13 |
|
10 |
27.9 |
% |
|
Total |
|
27 |
|
24 |
13.3 |
% |
Equities |
Cash |
|
11 |
|
11 |
1.9 |
% |
|
Derivatives |
|
12 |
|
12 |
(1.4 |
)% |
|
Total |
|
24 |
|
24 |
0.1 |
% |
Money Markets |
Cash |
|
988 |
|
541 |
82.5 |
% |
|
Total |
|
988 |
|
541 |
82.5 |
% |
|
Total |
$ |
2,292 |
$ |
1,677 |
36.7 |
% |
DISCUSSION OF RESULTS: FOURTH QUARTER 2024
Rates – Revenues of
Credit – Revenues of
Equities – Revenues of
Money Markets – Revenues of
Market Data – Revenues of
Other – Revenues of
Operating Expenses of
Adjusted Expenses of
DISCUSSION OF RESULTS: FULL-YEAR 2024
Tradeweb recorded its 25th consecutive year of record annual revenues for the year ended December 31, 2024, as total revenues increased
RECENT HIGHLIGHTS
January 2025
-
The
U.S. Securities and Exchange Commission (SEC) approved the registration of Tradeweb's swap execution facility, TW SEF LLC, as a security-based swap execution facility (SBSEF) under the SEC's new Regulation SE.
Fourth Quarter 2024
- Appointed Enrico Bruni and Troy Dixon to the newly-created roles of Co-Heads of Global Markets, effective January 2025.
- Announced Tradeweb's collaboration with Tokyo Stock Exchange ("TSE") to offer institutional investors enhanced access to liquidity in Japanese ETFs.
-
Celebrated the 10-year anniversary of the launch of Tradeweb's
U.S. Credit platform and the five-year anniversary of the launch of portfolio trading in European Credit. -
Announced that Tradeweb FTSE benchmark closing prices for
U.S. Treasuries,UK Gilts and European Government Bonds will be included in FTSE Russell's premiere World Government Bond Index ("WGBI"). - Became the first strategic partner for Goldman Sachs' GS DAP platform, introducing our trading and liquidity capabilities across fixed income to help bring new commercial use cases to GS DAP.
-
Recognized in numerous awards celebrating our company, as well as our outstanding and diverse talent, including: America's Best Companies 2025 (Forbes); European Women in Finance Awards, Excellence in Trading Platforms - Alessandra Stagliano (Markets Media);
U.S. Women in Finance Awards, Rising Star - Bridget Silver (Markets Media);U.S. Women in Finance Awards, CFO of the Year - Sara Furber (Markets Media); 100 Most Influential Women in European Finance - Nawel Khelil (Financial News); RFQ Platform of the Year, ETF Stream Awards (ETF Stream)
CAPITAL MANAGEMENT
-
$1.3 billion $500.0 million -
Cash capital expenditures and capitalized software development in the fourth quarter 2024 of
$38.0 million $88.9 million -
Free cash flow for the year ended December 31, 2024 of
$808.9 million 18.2% compared to prior year period. See “Non-GAAP Financial Measures” for additional information -
During the year ended December 31, 2024, as part of its share repurchase program, Tradeweb purchased a total of 478,915 shares of Class A common stock, at an average price of
$125.07 $59.9 million $132.11 $34.9 million $179.9 million -
$1.6 million $48.0 million -
The Board of Directors declared a quarterly cash dividend of
$0.12 20.0% per share increase from prior year. This dividend will be payable on March 17, 2025 to stockholders of record as of March 3, 2025
OTHER MATTERS
Full-Year 2025 Guidance*
-
Adjusted Expenses:
$970 -
Acquisition and Refinitiv Transaction related depreciation and amortization expense:
$176 million -
Assumed non-GAAP tax rate: ~
24.5% -25.5% -
Cash capital expenditures and capitalized software development: ~
$99 -
LSEG Market Data Contract Revenue:
~ $90 million
LSEG Market Data Contract Revenue guidance is unchanged from the prior quarter guidance.
*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2025 Sterling/US$ foreign exchange rate of 1.28.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss fourth quarter and full year 2024 results starting at 9:30 AM EST today, February 6, 2025. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.
- To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/cw4zesjo/
- To join the call via phone, please register in advance here: https://register.vevent.com/register/BI82aeb5b6b0af4127af700cf95f163d3b. Registered participants will receive an email confirmation with a unique PIN to access the conference call.
An archived recording of the call will be available afterward at https://investors.tradeweb.com.
ABOUT TRADEWEB MARKETS
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than
TRADEWEB MARKETS INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||||||||||||
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
(dollars in thousands, except per share amounts) |
||||||||||||||
Transaction fees and commissions |
|
$ |
384,128 |
|
|
$ |
301,800 |
|
|
$ |
1,423,547 |
|
|
$ |
1,078,344 |
|
Subscription fees |
|
|
55,026 |
|
|
|
47,489 |
|
|
|
206,659 |
|
|
|
183,972 |
|
LSEG market data fees |
|
|
20,552 |
|
|
|
17,821 |
|
|
|
82,145 |
|
|
|
64,336 |
|
Other |
|
|
3,638 |
|
|
|
2,890 |
|
|
|
13,598 |
|
|
|
11,567 |
|
Total revenue |
|
|
463,344 |
|
|
|
370,000 |
|
|
|
1,725,949 |
|
|
|
1,338,219 |
|
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
|
|
152,206 |
|
|
|
125,872 |
|
|
|
592,690 |
|
|
|
460,305 |
|
Depreciation and amortization |
|
|
62,854 |
|
|
|
47,500 |
|
|
|
219,999 |
|
|
|
185,350 |
|
Technology and communications |
|
|
28,728 |
|
|
|
21,505 |
|
|
|
98,568 |
|
|
|
77,506 |
|
General and administrative |
|
|
12,291 |
|
|
|
19,803 |
|
|
|
56,317 |
|
|
|
51,495 |
|
Professional fees |
|
|
13,574 |
|
|
|
10,043 |
|
|
|
60,132 |
|
|
|
42,364 |
|
Occupancy |
|
|
5,151 |
|
|
|
3,647 |
|
|
|
20,215 |
|
|
|
15,930 |
|
Total expenses |
|
|
274,804 |
|
|
|
228,370 |
|
|
|
1,047,921 |
|
|
|
832,950 |
|
Operating income |
|
|
188,540 |
|
|
|
141,630 |
|
|
|
678,028 |
|
|
|
505,269 |
|
Tax receivable agreement liability adjustment |
|
|
8,600 |
|
|
|
(9,517 |
) |
|
|
7,730 |
|
|
|
(9,517 |
) |
Interest income |
|
|
14,803 |
|
|
|
20,952 |
|
|
|
74,037 |
|
|
|
67,397 |
|
Interest expense |
|
|
(573 |
) |
|
|
(667 |
) |
|
|
(4,279 |
) |
|
|
(2,047 |
) |
Other income (loss), net |
|
|
(1,124 |
) |
|
|
(11,100 |
) |
|
|
(1,114 |
) |
|
|
(13,122 |
) |
Income before taxes |
|
|
210,246 |
|
|
|
141,298 |
|
|
|
754,402 |
|
|
|
547,980 |
|
Provision for income taxes |
|
|
(50,304 |
) |
|
|
(37,557 |
) |
|
|
(184,439 |
) |
|
|
(128,477 |
) |
Net income |
|
|
159,942 |
|
|
|
103,741 |
|
|
|
569,963 |
|
|
|
419,503 |
|
Less: Net income attributable to non-controlling interests |
|
|
17,732 |
|
|
|
14,427 |
|
|
|
68,456 |
|
|
|
54,637 |
|
Net income attributable to Tradeweb Markets Inc. |
|
$ |
142,210 |
|
|
$ |
89,314 |
|
|
$ |
501,507 |
|
|
$ |
364,866 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.67 |
|
|
$ |
0.42 |
|
|
$ |
2.35 |
|
|
$ |
1.73 |
|
Diluted |
|
$ |
0.66 |
|
|
$ |
0.42 |
|
|
$ |
2.33 |
|
|
$ |
1.71 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
213,039,958 |
|
|
|
211,843,460 |
|
|
|
213,030,056 |
|
|
|
210,796,802 |
|
Diluted |
|
|
215,043,352 |
|
|
|
213,833,001 |
|
|
|
214,924,763 |
|
|
|
212,668,808 |
|
TRADEWEB MARKETS INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(dollars in thousands) |
||||||||||||||
Net income |
|
$ |
159,942 |
|
|
$ |
103,741 |
|
|
$ |
569,963 |
|
|
$ |
419,503 |
|
Merger and acquisition transaction and integration costs (1) |
|
|
1,071 |
|
|
|
1,631 |
|
|
|
22,823 |
|
|
|
8,042 |
|
Interest income |
|
|
(14,803 |
) |
|
|
(20,952 |
) |
|
|
(74,037 |
) |
|
|
(67,397 |
) |
Interest expense |
|
|
573 |
|
|
|
667 |
|
|
|
4,279 |
|
|
|
2,047 |
|
Depreciation and amortization |
|
|
62,854 |
|
|
|
47,500 |
|
|
|
219,999 |
|
|
|
185,350 |
|
Stock-based compensation expense (2) |
|
|
701 |
|
|
|
987 |
|
|
|
6,096 |
|
|
|
2,947 |
|
Provision for income taxes |
|
|
50,304 |
|
|
|
37,557 |
|
|
|
184,439 |
|
|
|
128,477 |
|
Foreign exchange (gains) / losses (3) |
|
|
(8,423 |
) |
|
|
4,195 |
|
|
|
(6,326 |
) |
|
|
(47 |
) |
Tax receivable agreement liability adjustment (4) |
|
|
(8,600 |
) |
|
|
9,517 |
|
|
|
(7,730 |
) |
|
|
9,517 |
|
Other (income) loss, net |
|
|
1,124 |
|
|
|
11,100 |
|
|
|
1,114 |
|
|
|
13,122 |
|
Adjusted EBITDA |
|
$ |
244,743 |
|
|
$ |
195,943 |
|
|
$ |
920,620 |
|
|
$ |
701,561 |
|
Less: Depreciation and amortization |
|
|
(62,854 |
) |
|
|
(47,500 |
) |
|
|
(219,999 |
) |
|
|
(185,350 |
) |
Add: D&A related to acquisitions and the Refinitiv Transaction (5) |
|
|
45,458 |
|
|
|
32,514 |
|
|
|
156,489 |
|
|
|
127,731 |
|
Adjusted EBIT |
|
$ |
227,347 |
|
|
$ |
180,957 |
|
|
$ |
857,110 |
|
|
$ |
643,942 |
|
Net income margin (6) |
|
|
34.5 |
% |
|
|
28.0 |
% |
|
|
33.0 |
% |
|
|
31.3 |
% |
Adjusted EBITDA margin (6) |
|
|
52.8 |
% |
|
|
53.0 |
% |
|
|
53.3 |
% |
|
|
52.4 |
% |
Adjusted EBIT margin (6) |
|
|
49.1 |
% |
|
|
48.9 |
% |
|
|
49.7 |
% |
|
|
48.1 |
% |
(1) |
Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. |
|
(2) |
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and |
|
(3) |
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. |
|
(4) |
Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. |
|
(5) |
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). |
|
(6) |
Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. |
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(dollars in thousands, except per share amounts) |
||||||||||||||
Earnings per diluted share |
|
$ |
0.66 |
|
|
$ |
0.42 |
|
|
$ |
2.33 |
|
|
$ |
1.71 |
|
Net income attributable to Tradeweb Markets Inc. |
|
$ |
142,210 |
|
|
$ |
89,314 |
|
|
$ |
501,507 |
|
|
$ |
364,866 |
|
Net income attributable to non-controlling interests (1) |
|
|
17,732 |
|
|
|
14,427 |
|
|
|
68,456 |
|
|
|
54,637 |
|
Net income |
|
|
159,942 |
|
|
|
103,741 |
|
|
|
569,963 |
|
|
|
419,503 |
|
Provision for income taxes |
|
|
50,304 |
|
|
|
37,557 |
|
|
|
184,439 |
|
|
|
128,477 |
|
Merger and acquisition transaction and integration costs (2) |
|
|
1,071 |
|
|
|
1,631 |
|
|
|
22,823 |
|
|
|
8,042 |
|
D&A related to acquisitions and the Refinitiv Transaction (3) |
|
|
45,458 |
|
|
|
32,514 |
|
|
|
156,489 |
|
|
|
127,731 |
|
Stock-based compensation expense (4) |
|
|
701 |
|
|
|
987 |
|
|
|
6,096 |
|
|
|
2,947 |
|
Foreign exchange (gains) / losses (5) |
|
|
(8,423 |
) |
|
|
4,195 |
|
|
|
(6,326 |
) |
|
|
(47 |
) |
Tax receivable agreement liability adjustment (6) |
|
|
(8,600 |
) |
|
|
9,517 |
|
|
|
(7,730 |
) |
|
|
9,517 |
|
Other (income) loss, net |
|
|
1,124 |
|
|
|
11,100 |
|
|
|
1,114 |
|
|
|
13,122 |
|
Adjusted Net Income before income taxes |
|
|
241,577 |
|
|
|
201,242 |
|
|
|
926,868 |
|
|
|
709,292 |
|
Adjusted income taxes (7) |
|
|
(60,394 |
) |
|
|
(49,305 |
) |
|
|
(231,717 |
) |
|
|
(173,777 |
) |
Adjusted Net Income |
|
$ |
181,183 |
|
|
$ |
151,937 |
|
|
$ |
695,151 |
|
|
$ |
535,515 |
|
Adjusted Diluted EPS (8) |
|
$ |
0.76 |
|
|
$ |
0.64 |
|
|
$ |
2.92 |
|
|
$ |
2.26 |
|
(1) |
Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. |
|
(2) |
Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. |
|
(3) |
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). |
|
(4) |
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and |
|
(5) |
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. |
|
(6) |
Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. |
|
(7) |
Represents corporate income taxes at an assumed effective tax rate of |
|
(8) |
For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below. |
The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:
Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Diluted weighted average shares of Class A and Class B common stock outstanding |
|
|
215,043,352 |
|
|
213,833,001 |
|
|
214,924,763 |
|
|
212,668,808 |
Weighted average of other participating securities (1) |
|
|
249,907 |
|
|
281,059 |
|
|
165,565 |
|
|
270,249 |
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2) |
|
|
23,073,616 |
|
|
23,079,809 |
|
|
23,076,373 |
|
|
23,902,379 |
Adjusted diluted weighted average shares outstanding |
|
|
238,366,875 |
|
|
237,193,869 |
|
|
238,166,701 |
|
|
236,841,436 |
Adjusted Net Income (in thousands) |
|
$ |
181,183 |
|
$ |
151,937 |
|
$ |
695,151 |
|
$ |
535,515 |
Adjusted Diluted EPS |
|
$ |
0.76 |
|
$ |
0.64 |
|
$ |
2.92 |
|
$ |
2.26 |
(1) |
Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. |
|
(2) |
Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests. |
Reconciliation of Operating Expenses to Adjusted Expenses |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(dollars in thousands) |
||||||||||||||
Operating expenses |
|
$ |
274,804 |
|
|
$ |
228,370 |
|
|
$ |
1,047,921 |
|
|
$ |
832,950 |
|
Merger and acquisition transaction and integration costs (1) |
|
|
(1,071 |
) |
|
|
(1,631 |
) |
|
|
(22,823 |
) |
|
|
(8,042 |
) |
D&A related to acquisitions and the Refinitiv Transaction (2) |
|
|
(45,458 |
) |
|
|
(32,514 |
) |
|
|
(156,489 |
) |
|
|
(127,731 |
) |
Stock-based compensation expense (3) |
|
|
(701 |
) |
|
|
(987 |
) |
|
|
(6,096 |
) |
|
|
(2,947 |
) |
Foreign exchange gains / (losses) (4) |
|
|
8,423 |
|
|
|
(4,195 |
) |
|
|
6,326 |
|
|
|
47 |
|
Adjusted Expenses |
|
$ |
235,997 |
|
|
$ |
189,043 |
|
|
$ |
868,839 |
|
|
$ |
694,277 |
|
(1) |
Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. |
|
(2) |
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). |
|
(3) |
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and |
|
(4) |
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. |
|
|
Year Ended December 31, |
||||||
Reconciliation of Cash Flow from Operating Activities to Free Cash Flow |
|
|
2024 |
|
|
|
2023 |
|
|
(dollars in thousands) |
|||||||
Cash flow from operating activities |
|
$ |
897,741 |
|
|
$ |
746,089 |
|
Less: Capitalization of software development costs |
|
|
(47,909 |
) |
|
|
(43,235 |
) |
Less: Purchases of furniture, equipment and leasehold improvements |
|
|
(40,960 |
) |
|
|
(18,529 |
) |
Free Cash Flow |
|
$ |
808,872 |
|
|
$ |
684,325 |
|
TRADEWEB MARKETS INC. BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED) |
||||||||||||||||
The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.: |
||||||||||||||||
EPS: Net income attributable to Tradeweb Markets Inc. |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(dollars in thousands, except per share amounts) |
||||||||||||||
Numerator: |
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Tradeweb Markets Inc. |
|
$ |
142,210 |
|
|
$ |
89,314 |
|
|
$ |
501,507 |
|
|
$ |
364,866 |
|
Less: Distributed and undistributed earnings allocated to participating securities (1) |
|
|
(167 |
) |
|
|
(118 |
) |
|
|
(389 |
) |
|
|
(467 |
) |
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted |
|
$ |
142,043 |
|
|
$ |
89,196 |
|
|
$ |
501,118 |
|
|
$ |
364,399 |
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator: |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of Class A and Class B common stock outstanding - Basic |
|
|
213,039,958 |
|
|
|
211,843,460 |
|
|
|
213,030,056 |
|
|
|
210,796,802 |
|
Dilutive effect of PRSUs |
|
|
661,696 |
|
|
|
691,150 |
|
|
|
589,171 |
|
|
|
458,343 |
|
Dilutive effect of options |
|
|
303,253 |
|
|
|
877,866 |
|
|
|
428,926 |
|
|
|
1,150,159 |
|
Dilutive effect of RSUs and RSAs |
|
|
561,703 |
|
|
|
394,812 |
|
|
|
415,957 |
|
|
|
257,076 |
|
Dilutive effect of PSUs |
|
|
476,742 |
|
|
|
25,713 |
|
|
|
460,653 |
|
|
|
6,428 |
|
Weighted average shares of Class A and Class B common stock outstanding - Diluted |
|
|
215,043,352 |
|
|
|
213,833,001 |
|
|
|
214,924,763 |
|
|
|
212,668,808 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share - Basic |
|
$ |
0.67 |
|
|
$ |
0.42 |
|
|
$ |
2.35 |
|
|
$ |
1.73 |
|
Earnings per share - Diluted |
|
$ |
0.66 |
|
|
$ |
0.42 |
|
|
$ |
2.33 |
|
|
$ |
1.71 |
|
(1) |
During the quarters ended December 31, 2024 and 2023, there was a total of 249,907 and 281,059, respectively, and during the years ended December 31, 2024 and 2023, there was a total of 165,565 and 270,249, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. |
TRADEWEB MARKETS INC. REVENUES BY ASSET CLASS (UNAUDITED) |
||||||||||||||||||||||||
|
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||
Revenues |
|
Variable |
|
Fixed |
|
Variable |
|
Fixed |
|
Variable |
|
Fixed |
|
Variable |
|
Fixed |
||||||||
|
|
(dollars in thousands) |
||||||||||||||||||||||
Rates |
|
$ |
175,407 |
|
$ |
64,785 |
|
$ |
132,248 |
|
$ |
59,495 |
|
$ |
660,438 |
|
$ |
244,500 |
|
$ |
462,132 |
|
$ |
233,302 |
Credit |
|
|
103,377 |
|
|
10,195 |
|
|
96,799 |
|
|
7,468 |
|
|
423,708 |
|
|
35,332 |
|
|
338,981 |
|
|
28,413 |
Equities |
|
|
26,470 |
|
|
2,279 |
|
|
23,673 |
|
|
2,383 |
|
|
94,964 |
|
|
9,220 |
|
|
86,003 |
|
|
9,292 |
Money Markets |
|
|
40,030 |
|
|
4,228 |
|
|
12,448 |
|
|
4,158 |
|
|
98,216 |
|
|
17,004 |
|
|
45,830 |
|
|
17,180 |
Market Data |
|
|
89 |
|
|
29,922 |
|
|
108 |
|
|
25,800 |
|
|
457 |
|
|
117,563 |
|
|
268 |
|
|
93,806 |
Other |
|
|
468 |
|
|
6,094 |
|
|
— |
|
|
5,420 |
|
|
981 |
|
|
23,566 |
|
|
— |
|
|
23,012 |
Total revenue |
|
$ |
345,841 |
|
$ |
117,503 |
|
$ |
265,276 |
|
$ |
104,724 |
|
$ |
1,278,764 |
|
$ |
447,185 |
|
$ |
933,214 |
|
$ |
405,005 |
TRADEWEB MARKETS INC. AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME (UNAUDITED) |
|||||||||
|
|
Quarter Ended December 31, |
|
YoY |
|||||
|
|
|
2024 |
|
|
2023 |
|
% Change |
|
Rates |
|
$ |
2.23 |
|
$ |
1.95 |
|
14.5 |
% |
Rates Cash |
|
$ |
2.37 |
|
$ |
2.47 |
|
(4.2 |
)% |
Rates Derivatives |
|
$ |
2.14 |
|
$ |
1.66 |
|
29.1 |
% |
Rates Derivatives (greater than 1 year) |
|
$ |
3.65 |
|
$ |
2.36 |
|
54.6 |
% |
Other Rates Derivatives (1) |
|
$ |
0.23 |
|
$ |
0.21 |
|
9.4 |
% |
|
|
|
|
|
|
|
|||
Credit |
|
$ |
60.36 |
|
$ |
64.64 |
|
(6.6 |
)% |
Cash Credit (2) |
|
$ |
148.07 |
|
$ |
168.34 |
|
(12.0 |
)% |
Credit Derivatives, China Bonds and |
|
$ |
7.98 |
|
$ |
7.90 |
|
1.0 |
% |
|
|
|
|
|
|
|
|||
Equities |
|
$ |
17.56 |
|
$ |
15.97 |
|
9.9 |
% |
Equities Cash |
|
$ |
29.00 |
|
$ |
27.92 |
|
3.9 |
% |
Equities Derivatives |
|
$ |
7.07 |
|
$ |
5.38 |
|
31.4 |
% |
|
|
|
|
|
|
|
|||
Money Markets |
|
$ |
0.57 |
|
$ |
0.37 |
|
54.8 |
% |
|
|
|
|
|
|
|
|||
Total |
|
$ |
2.28 |
|
$ |
2.54 |
|
(10.4 |
)% |
Total excluding Other Rates Derivatives (3) |
|
$ |
2.60 |
|
$ |
2.91 |
|
(10.7 |
)% |
(1) |
Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures. |
|
(2) |
The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) |
|
(3) |
Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on totals for all periods presented. |
TRADEWEB MARKETS INC. AVERAGE DAILY VOLUME (UNAUDITED) (1) |
||||||||||||||
|
|
|
2024 Q4 |
|
2023 Q4 |
|
YoY |
|||||||
Asset Class |
Product |
|
ADV (USD mm) |
Volume (USD mm) |
|
ADV (USD mm) |
Volume (USD mm) |
|
ADV |
|||||
Rates |
Cash |
|
$ |
508,863 |
$ |
31,654,127 |
|
$ |
397,946 |
$ |
24,713,727 |
|
27.87 |
% |
|
|
|
224,928 |
|
13,945,561 |
|
|
162,335 |
|
10,064,801 |
|
38.56 |
% |
|
European Government Bonds |
|
|
48,016 |
|
3,073,052 |
|
|
40,491 |
|
2,550,927 |
|
18.59 |
% |
|
Mortgages |
|
|
226,707 |
|
14,055,856 |
|
|
185,883 |
|
11,524,751 |
|
21.96 |
% |
|
Other Government Bonds |
|
|
9,211 |
|
579,657 |
|
|
9,236 |
|
573,248 |
|
(0.27 |
)% |
|
|
Derivatives |
|
|
744,189 |
|
46,916,987 |
|
|
689,543 |
|
43,033,453 |
|
7.92 |
% |
Swaps/Swaptions ≥ 1Y |
|
|
416,896 |
|
26,248,749 |
|
|
459,943 |
|
28,695,380 |
|
(9.36 |
)% |
|
Swaps/Swaptions < 1Y |
|
|
320,517 |
|
20,205,645 |
|
|
226,131 |
|
14,121,397 |
|
41.74 |
% |
|
Futures |
|
|
6,776 |
|
462,593 |
|
|
3,469 |
|
216,676 |
|
95.37 |
% |
|
|
Total |
|
|
1,253,052 |
|
78,571,114 |
|
|
1,087,489 |
|
67,747,180 |
|
15.22 |
% |
Credit |
Cash |
|
|
14,751 |
|
919,420 |
|
|
14,291 |
|
882,253 |
|
3.22 |
% |
|
|
|
6,481 |
|
401,793 |
|
|
5,134 |
|
318,320 |
|
26.22 |
% |
|
|
|
|
3,116 |
|
193,168 |
|
|
2,500 |
|
154,994 |
|
24.63 |
% |
|
|
|
|
794 |
|
49,248 |
|
|
642 |
|
39,825 |
|
23.66 |
% |
|
|
|
|
219 |
|
13,598 |
|
|
300 |
|
18,620 |
|
(26.97 |
)% |
|
European Credit |
|
|
2,280 |
|
145,902 |
|
|
2,044 |
|
128,744 |
|
11.56 |
% |
|
Municipal Bonds |
|
|
421 |
|
26,113 |
|
|
454 |
|
28,175 |
|
(7.32 |
)% |
|
Chinese Bonds |
|
|
1,166 |
|
72,276 |
|
|
2,984 |
|
179,032 |
|
(60.93 |
)% |
|
Other Credit Bonds |
|
|
275 |
|
17,322 |
|
|
232 |
|
14,544 |
|
18.51 |
% |
|
|
Derivatives |
|
|
12,613 |
|
793,229 |
|
|
9,864 |
|
615,208 |
|
27.87 |
% |
Swaps |
|
|
12,613 |
|
793,229 |
|
|
9,864 |
|
615,208 |
|
27.87 |
% |
|
|
Total |
|
|
27,364 |
|
1,712,648 |
|
|
24,154 |
|
1,497,461 |
|
13.29 |
% |
Equities |
Cash |
|
|
11,263 |
|
720,851 |
|
|
11,054 |
|
696,386 |
|
1.90 |
% |
|
|
|
8,103 |
|
518,579 |
|
|
8,308 |
|
523,379 |
|
(2.47 |
)% |
|
European ETFs |
|
|
3,161 |
|
202,272 |
|
|
2,746 |
|
173,007 |
|
15.09 |
% |
|
|
Derivatives |
|
|
12,295 |
|
786,854 |
|
|
12,474 |
|
785,845 |
|
(1.44 |
)% |
Convertibles/Swaps/Options |
|
|
8,906 |
|
570,007 |
|
|
8,495 |
|
535,199 |
|
4.84 |
% |
|
Futures |
|
|
3,388 |
|
216,847 |
|
|
3,979 |
|
250,646 |
|
(14.84 |
)% |
|
|
Total |
|
|
23,558 |
|
1,507,705 |
|
|
23,527 |
|
1,482,230 |
|
0.13 |
% |
Money Markets |
Cash |
|
|
988,081 |
|
69,906,820 |
|
|
541,367 |
|
33,641,259 |
|
82.52 |
% |
Repurchase Agreements (Repo) |
|
|
687,695 |
|
42,873,437 |
|
|
524,267 |
|
32,578,498 |
|
31.17 |
% |
|
Other Money Markets |
|
|
300,386 |
|
27,033,383 |
|
|
17,100 |
|
1,062,761 |
|
1656.68 |
% |
|
|
Total |
|
|
988,081 |
|
69,906,820 |
|
|
541,367 |
|
33,641,259 |
|
82.52 |
% |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
ADV (USD mm) |
Volume (USD mm) |
|
ADV (USD mm) |
Volume (USD mm) |
|
YoY |
|||||
|
Total |
|
$ |
2,292,055 |
$ |
151,698,287 |
|
$ |
1,676,537 |
$ |
104,368,131 |
|
36.70 |
% |
(1) |
We acquired Yieldbroker, r8fin and ICD on August 31, 2023, January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the closing date of the applicable acquisition. |
To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
BASIS OF PRESENTATION
Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries.
Numerical figures included in this release have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total
Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein.
UNAUDITED INTERIM AND FULL YEAR RESULTS
The interim and full year financial results presented herein for the three months and the year ended December 31, 2024 and 2023 are unaudited.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2025 guidance and full-year 2025 revenue guidance related to the LSEG market data license agreement, pending and completed acquisitions, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition, or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
NON-GAAP FINANCIAL MEASURES
This release contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation is based in part on components of Adjusted EBITDA.
We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. Each of the normal recurring adjustments and other adjustments included in Adjusted Net Income and Adjusted Diluted EPS help to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
We use Adjusted Expenses as a supplemental metric to evaluate our underlying operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
We use Free Cash Flow to assess our liquidity in a way that considers the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.
We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in
See the attached schedules for reconciliations of the non-GAAP financial measures contained in this release to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Expenses and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of these non-GAAP financial measures.
Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this release may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
MARKET AND INDUSTRY DATA
This release includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.
TRADEWEB SOCIAL MEDIA
Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250206827450/en/
Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com
Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com
Source: Tradeweb Markets Inc.
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