Tradeweb Reports Third Quarter 2019 Financial Results

A new quarterly record for average daily volume of $815.0 billion increased 53.3%

Record quarterly revenues of $201.0 million increased 21.6% (23.4% on a constant currency basis)

Net income of $48.6 million

Adjusted EBITDA margin of 46.5%

Declared quarterly cash dividend of $0.08 per share

NEW YORK – November 7, 2019 – Tradeweb 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, 2019. The financial results announced today are consistent with the preliminary financial results for the three and nine months ended September 30, 2019, announced on October 15, 2019.

Lee Olesky, Chief Executive Officer of Tradeweb Markets, said, “Tradeweb generated record revenue in the third quarter and double-digit growth in revenue year over year. The diversity of our revenue growth is a testament to our ability to drive electronic trading by collaborating with clients and leveraging our network to deliver innovative new offerings across both cornerstone and newer products. We remain focused on capitalizing on a number of long-term secular trends and organically enhancing customer workflows to continue aggressively pursuing growth while working to increase margins.”

Third Quarter Highlights

• A new quarterly record for average daily volume (“ADV”) of $815.0 billion represented an increase of 53.3% year over year
• During the quarter, a total of 13 trading days with greater than $1 trillion in notional volume
• New quarterly records for ADV in rates and credit derivatives, European government bonds, mortgages, European ETFs and Chinese bonds
• New quarterly records for U.S. high-grade and high-yield credit of 12.5% and 4.1% market share of TRACE volume, respectively, during the quarter
• Net income of $48.6 million, including net income attributable to Tradeweb Markets Inc. of $29.6 million, and GAAP earnings per diluted share (“Diluted EPS”) of $0.20 for the quarter
• Adjusted EBITDA margin of 46.5%, Adjusted EBIT margin of 41.3%, Adjusted Net Income of $61.6 million and Adjusted Net Income per diluted share (“Adjusted Diluted EPS”) of $0.27 for the quarter

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