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Sep 30, 2023
Tradeweb Q3 2023 Earnings Report
Tradeweb reported record third-quarter revenues driven by strong volumes in rates, credit, equities and money markets.
Key Takeaways
Tradeweb reported a strong third quarter with record revenues of $328.4 million, a 14.4% increase year-over-year. Average daily volume (ADV) reached $1.4 trillion, up 29.6% year-over-year. Net income increased by 36.9% to $111.6 million, and adjusted EBITDA was $170.4 million, a 16.4% increase. The company also closed the Yieldbroker acquisition and announced a new licensing agreement with LSEG Data & Analytics (Refinitiv).
Reported $328.4 million in quarterly revenues, a 14.4% increase compared to the prior year period.
Achieved $1.4 trillion in average daily volume (ADV), a 29.6% increase compared to the prior year period.
Net income reached $111.6 million, a 36.9% increase from the prior year period.
Adjusted EBITDA was $170.4 million, a 16.4% increase from the prior year period, with a 51.9% adjusted EBITDA margin.
Revenue by Segment
Forward Guidance
Tradeweb provided updated full-year 2023 guidance and revenue guidance related to the Refinitiv Market Data Contract for 2024 and 2025.
Positive Outlook
- Adjusted Expenses: $659 - 670 million
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $128 million
- Assumed non-GAAP tax rate: ~24% - 25%
- Cash costs of non-acquisition capital expenditures and capitalized software development: $56 - 63 million
- 2024 Revenues (Related to the Refinitiv Market Data Contract): ~$80 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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