Tradeweb Markets Inc. · Q1 2021 earnings

Briefing

Tradeweb reported financial results for Q1 2021, showing revenue growth and increased trading volume.

Tradeweb's Q1 2021 revenues increased by 16.5% to $273.4 million, with a record average daily volume of $1.06 trillion, up 18.0% year-over-year. Net income rose 30.5% to $81.6 million, and adjusted EBITDA reached $142.1 million, a 52.0% margin.

• Quarterly revenues increased 16.5% to $273.4 million.
• Record average daily volume of $1.06 trillion, an 18.0% increase.
• Net income increased 30.5% to $81.6 million.
• Adjusted EBITDA margin was 52.0%, with adjusted EBITDA of $142.1 million.

Headline financials

Revenue & EPS history

Tradeweb updated its full-year 2021 guidance, with adjusted expenses expected in the upper half of the $530 - $560 million range. The guidance does not include expenses tied to the pending acquisition of Nasdaq’s U.S. fixed income electronic trading platform. Acquisition and Refinitiv Transaction related depreciation and amortization expense is projected at $120 million, with an assumed non-GAAP tax rate of 22.0%. Capital expenditures and capitalization of software development are estimated at $45 - $50 million.