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Jun 30, 2024
Tradeweb Q2 2024 Earnings Report
Tradeweb reported strong organic growth and strategic investments, leading to a 30.4% revenue increase. The company achieved record ADV in rates, money markets, and credit, including a record 18.8% share of fully electronic U.S. high grade TRACE. Strategic acquisitions and partnerships were pursued to expand client reach and technological capabilities.
Key Takeaways
Tradeweb reported a strong second quarter with a 30.4% increase in revenue, reaching $405.0 million. The company saw a 48.3% increase in average daily volume (ADV), hitting $1.9 trillion, driven by records in rates, money markets, and credit. Net income increased by 33.8% to $136.4 million, and adjusted net income rose by 34.7% to $166.7 million.
Revenue increased by 30.4% year-over-year, reaching $405.0 million.
Average daily volume (ADV) increased by 48.3% year-over-year, reaching $1.9 trillion.
Net income increased by 33.8% year-over-year, reaching $136.4 million.
Adjusted diluted earnings per share increased by 34.6% to $0.70.
Revenue by Geographic Location
Forward Guidance
Tradeweb updated its full-year 2024 guidance, reflecting higher expenses and expenditures due to strong business momentum and the anticipated closing of the ICD acquisition. The assumed non-GAAP tax rate and LSEG Market Data Contract Revenue guidance remain unchanged from the prior quarter.
Positive Outlook
- Adjusted Expenses: $830 - 860 million
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $158 million
- Assumed non-GAAP tax rate: ~ 24.5% - 25.5%
- Cash capital expenditures and capitalized software development: $77 - 85 million
- LSEG Market Data Contract Revenue: ~$80 million (~$90 million in 2025)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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