Tradeweb Reports Fourth Quarter and Full Year 2019 Financial Results

FOURTH QUARTER 2019

• Average daily volume (ADV) of $684.6 billion for the quarter increased 16.3%
• Record quarterly ADV in US high-grade and high-yield credit; record market share for US high-grade TRACE volume of 15.8% and fully-electronic US high-grade TRACE volume of 7.3%
• Revenues of $197.3 million increased 10.5% (11.7% on a constant currency basis)
• Net income of $57.3 million for the quarter compared to $29.3 million for the prior year period
• Adjusted EBITDA margin of 46.9% for the quarter compared to 36.6% for the prior year period
• Declared quarterly cash dividend of $0.08 per share

FULL YEAR 2019

• Record full year ADV of $725.4 billion increased 32.3%
• Record full year ADV in US and European government bonds, mortgages, interest rate swaps, US high-grade and high-yield credit, credit derivatives, US and European ETFs, and repurchase agreements
• Record revenues of $775.6 million increased 13.3% (15.1% on a constant currency basis)
• Net income of $173.0 million for the year
• Adjusted EBITDA margin of 45.5% for the year

NEW YORK – February 12, 2020 – 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 and full-year ended December 31, 2019.

Lee Olesky, Chief Executive Officer of Tradeweb Markets, said, “A strong fourth quarter contributed to another record year at Tradeweb. The resulting revenue growth, margin expansion and free cash flow generation underscore the power of Tradeweb’s model. Adoption of electronic trading is accelerating as market participants gain a deeper appreciation for the functionality, efficiencies, data and analytics it delivers. Record full-year average daily volume of $725 billion in 2019 demonstrates the extent to which innovation is driving Tradeweb’s growth within an expanding market. We’re excited about the opportunity ahead and remain focused on driving greater connectivity across the global markets and broad client network we serve.”

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