New York, February 3, 2022 – 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 fourth quarter and full year ended December 31, 2021.
$276.9 million quarterly revenues increased 18.8% (19.9% on a constant currency basis) compared to prior year period
$1.1 trillion average daily volume (“ADV”) for the quarter, an increase of 24.1% compared to prior year period; quarterly ADV records in U.S. government bonds, U.S. High Yield credit and swaps/swaptions ≥ 1- year; Tradeweb's share of fully electronic TRACE volume for U.S. High Grade and U.S. High Yield for the quarter increased by +331 bps and +334 bps respectively compared to prior year period
$60.0 million net income for the quarter decreased by 9.7% from prior year period due to higher tax expense, as state apportionment rate changes drove a reduction in deferred tax assets. $99.7 million adjusted net income increased by 23.9% from prior year period
50.6% adjusted EBITDA margin or $140.1 million adjusted EBITDA for the quarter, compared to 49.2% or $114.6 million respectively in prior year period
$0.23 diluted earnings per share (“Diluted EPS”) for the quarter and $0.42 adjusted diluted earnings per share for the quarter
$0.08 per share quarterly cash dividend declared; $12.0 million of shares repurchased in the fourth quarter