500 Internal Server Error


nginx

TRADEWEB MARKETS INC.

(TW)
  Report
Delayed Nasdaq  -  04:00 2022-08-09 pm EDT
70.47 USD   -2.17%
08/08UBS Adjusts Tradeweb Markets Price Target to $85 From $84, Maintains Buy Rating
MT
08/04Deutsche Bank Trims Tradeweb Markets' Price Target to $76 From $77, Maintains Hold Rating
MT
08/03TRANSCRIPT : Tradeweb Markets Inc., Q2 2022 Earnings Call, Aug 03, 2022
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies
503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156558


Varnish cache server

Tradeweb Markets : Current Investor Presentation

08/03/2022 | 07:08am EDT

TRADEWEB INVESTOR PRESENTATION

AUGUST 2022

© 2022 Tradeweb Markets LLC. All rights reserved.

Disclaimer

The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise.

This presentation includes estimates regarding market and industry data that we prepared based on our management's knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Basis of Presentation

The historical financial information and other disclosures contained in this presentation relate to periods that ended both prior to and after the completion of the Reorganization Transactions and the IPO of Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as "we," "our," "Tradeweb," "Tradeweb Markets" or the "Company"). The IPO closed on April 8, 2019. As a result of certain reorganization transactions (the "Reorganization Transactions") completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose only material assets consist of its equity interest in Tradeweb Markets LLC ("TWM LLC") and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries. The historical financial information contained in this presentation relating to periods prior to and including March 31, 2019, which we refer to as the "pre-IPO period," pertain to TWM LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes. The historical financial information contained in this presentation relating to periods beginning on April 1, 2019, and through and including June 30, 2022, which we refer to as the "post-IPO period," pertain to Tradeweb Markets Inc. The pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material.

On October 1, 2018, Refinitiv Holdings Ltd. ("Refinitiv"), which is controlled by certain investment funds affiliated with The Blackstone Group L.P., an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, indirectly acquired substantially all of the financial and risk business of Thomson Reuters Corporation and Thomson Reuters Corporation indirectly acquired a non-controlling ownership interest in Refinitiv (collectively, the "Refinitiv Transaction"). As a result of the Refinitiv Transaction, as a consolidating subsidiary of Refinitiv, we accounted for the Refinitiv Transaction using pushdown accounting. Due to the change in the basis of accounting resulting from the application of pushdown accounting, the financial information for the period beginning on October 1, 2018, and through and including June 30, 2022, or the "successor" period, and the financial information for the periods prior to, and including, September 30, 2018, or the "predecessor" period, are not comparable.

We believe that gross revenue is the key driver of our operating performance and therefore is the revenue measure we utilize to assess our business on a period by period basis. Subsequent to September 30, 2018, there is no difference between references to "gross revenue" and "total revenue," "net revenue" or "revenue". Numerical figures included in this presentation have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%.

Please refer to the Company's previously filed Annual Report on Form 10-K for capitalized terms not otherwise defined herein.

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including 2022 guidance, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading "Risk Factors" in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this presentation, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this presentation speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation.

Non-GAAP Financial Measures

This presentation contains "non-GAAP financial measures," including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Free Cash Flow and Adjusted Expenses, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

See "Appendix" for reconciliations of the non-GAAP financial measures contained in this presentation to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Adjusted Expenses, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentations of these non-GAAP financial measures.

We present certain growth information on a "constant currency" basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency growth, which is a non-GAAP financial measure, is defined as growth excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period's results using the annual average exchange rates for 2021. We use constant currency growth as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency growth information because we believe it provides investors and analysts a useful comparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.

Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this presentation may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

Unaudited Interim Results

The interim financial results presented herein for the three and six months ended June 30, 2022 and 2021 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Tradeweb Social Media

Investors and others should note that Tradeweb Markets announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb Markets, its business and its results of operations may also be announced by posts on the Company's accounts on the following social media channels: Instagram, LinkedIn and Twitter. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb Markets to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.

2

© 2022 Tradeweb Markets LLC. All rights reserved.

BUSINESS OVERVIEW

3

© 2022 Tradeweb Markets LLC. All rights reserved.

Tradeweb at a Glance - 20+ Years of Innovation

Conceived in 1996, starting with $8mm of capital, Tradeweb is a leader in building and operating electronic marketplaces for its network of clients located in 65+ countries globally

$1.2B

$1.1T

June 30, 2022

June 30, 2022 TTM

TTM REVENUE

AVERAGE DAILY VOLUME

PEOPLE

+ NETWORK + TECHNOLOGY

= GROWTH

1,000+

40+

350+

14.3%

EMPLOYEES

PRODUCTS

TECHNOLOGISTS

ADV CAGR

2004-20211

OFFICES IN

2,500+

60,000+

12.9%

7

CLIENTS

DAILY TRADES

REVENUE CAGR

COUNTRIES

GLOBALLY

2004-20211

1. 2004 marks the acquisition of Tradeweb by The Thomson Corporation.

4

© 2022 Tradeweb Markets LLC. All rights reserved.

Balancing Investment to Drive Revenues & Margins

STRONG GROWTH ACROSS ASSET CLASSES1

($ in millions)

$1,200

$1,076

$1,000

$893

$800

$684

$776

$600

$518

$563

$400

$200

$0

2016

2017

2018

2019

2020

2021

Rates

Credit

Equities

Money Markets

Market Data

Other

INTERNATIONAL REVENUES CONTINUE TO SCALE1

($ in millions)

$450

$403

$400

$350

$323

$300

$278

$244

$250

$200

$153

$178

$150

$100

$50

$0

2016

2017

2018

2019

2020

2021

BALANCING HIGHER INVESTMENTS & ADJ EBITDA MARGINS1,2

ANNUAL REVENUE GROWTH ATTRIBUTION1,3

($ in millions)

+1,200 bps

100%

$100

Adj. Margin

55.0%

90%

$90

Expansion

50.0%

80%

$80

45.0%

70%

40.0%

$70

60%

35.0%

$60

30.0%

50%

$50

25.0%

40%

$40

20.0%

30%

$30

15.0%

20%

$20

10.0%

$10

5.0%

10%

$0

0.0%

0%

15%

9%

26%

27%

21%

25%

43%

37%

28%

43%

60%

36%

45%

47%

36%

2016

2017

2018

2019

2020

2021

Total Tech Investments

Adj. EBITDA Margin

1. Based on TW gross revenues.

5

© 2022 Tradeweb Markets LLC. All rights reserved.

2017

2018

2019

2020

2021

Rates

Credit

Other

  1. Tech investments include technology compensation related to development and other investment areas, technology-relatednon-compensation costs in investment areas, and capital expenditures and excludes tech infrastructure operating expenses and maintenance spend.
  2. Other includes Equities, Money Markets, Market Data, and Other Trading Revenues.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Tradeweb Markets Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 11:07:00 UTC.


© Publicnow 2022
503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156560


Varnish cache server

503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156562


Varnish cache server

All news about TRADEWEB MARKETS INC.
08/08UBS Adjusts Tradeweb Markets Price Target to $85 From $84, Maintains Buy Rating
MT
08/04Deutsche Bank Trims Tradeweb Markets' Price Target to $76 From $77, Maintains Hold Rati..
MT
08/03TRANSCRIPT : Tradeweb Markets Inc., Q2 2022 Earnings Call, Aug 03, 2022
CI
08/03SECTOR UPDATE : Financial Stocks Gain Premarket Wednesday
MT
08/03Tradeweb Markets Q2 Adjusted Earnings, Revenue Increase
MT
08/03TRADEWEB MARKETS : Q2 2022 Prepared Remarks
PU
08/03TRADEWEB MARKETS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ..
AQ
08/03TRADEWEB : Q2 Earnings Snapshot
AQ
08/03Earnings Flash (TW) TRADEWEB MARKETS Posts Q2 Revenue $297.1M
MT
08/03TRADEWEB MARKETS : Purchase Agreement - Form 8-K
PU
More news
Analyst Recommendations on TRADEWEB MARKETS INC.
More recommendations
Financials (USD)
Sales 2022 1 203 M - -
Net income 2022 302 M - -
Net cash 2022 1 130 M - -
P/E ratio 2022 53,9x
Yield 2022 0,46%
Capitalization 14 405 M 14 405 M -
EV / Sales 2022 11,0x
EV / Sales 2023 9,55x
Nbr of Employees 1 046
Free-Float 45,8%
503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156564


Varnish cache server

Technical analysis trends TRADEWEB MARKETS INC.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 70,47 $
Average target price 82,73 $
Spread / Average Target 17,4%
EPS Revisions
Managers and Directors
William Hult President, CEO-Elect & Director
Lee Olesky Chairman & Chief Executive Officer
Sara Hassan Furber Chief Financial Officer
Justin Peterson Chief Technology Officer
Devi Shanmugham Global Head-Compliance
Sector and Competitors
1st jan.Capi. (M$)
TRADEWEB MARKETS INC.-29.63%14 724
CME GROUP INC.-11.82%72 412
ASX LIMITED-9.30%11 417
JAPAN EXCHANGE GROUP, INC.-13.76%8 494
INDIAN ENERGY EXCHANGE LIMITED-34.36%1 869
BOURSA KUWAIT SECURITIES COMPANY K.P.S.C.22.72%1 606
503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156566


Varnish cache server

503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 354156568


Varnish cache server