Tradeweb reports 13.9% Y/Y rise in revenues for Q1 2022
Tradeweb Markets Inc. (NASDAQ:TW), a global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended March 31, 2022.
The company reported $311.5 million in quarterly revenues, an increase of 13.9% (15.9% on a constant currency basis) compared to prior year period.
Net income for the first quarter of 2022 was $97.4 million, up 19.5% from prior year period.
Rates delivered revenues of $160.3 million in the first quarter of 2022, staging an increase of 12.2% compared to prior year period (14.4% on a constant currency basis).
Equities revenues amounted to $26.5 million in the first quarter of 2022, up 40.7% compared to prior year period (45.6% on a constant currency basis).
Money Markets revenues reached $11.5 million in the first quarter of 2022, increasing 6.5% from prior year period (8.1% on a constant currency basis). Money Markets ADV was up 6.4% led by record ADV in Repurchase Agreements.
Market Data revenues were $21.4 million in the first quarter of 2022, an increase of 7.0% compared to prior year period (7.5% on a constant currency basis). The increase was derived from increased third party market data fees, Refinitiv market data fees and revenue from Tradeweb’s APA reporting service.
During the first quarter of 2022, as part of its Share Repurchase Program, Tradeweb purchased 559,428 shares of Class A common stock, at an average price of $84.59, for purchases totaling $47.3 million. As of March 31, 2022, a total of $27.0 million remained available for repurchase pursuant to the Share Repurchase Program.
The Board of Directors of Tradeweb Markets Inc. declared a quarterly cash dividend of $0.08 per share of Class A common stock and Class B common stock. The dividend will be payable on June 15, 2022 to stockholders of record as of June 1, 2022
Lee Olesky, Chairman and CEO, Tradeweb Markets, commented:
“Tradeweb surpassed $300 million in quarterly revenue for the first time in our history, showcasing the diversity of our business with strong contributions from rates, credit and equities. Increased rates volatility in the first quarter of 2022 contributed to record volumes in U.S. Treasuries, European government bonds and swaps. Credit delivered a record revenue quarter driven by broad-based product growth and strong corporate bond client engagement across RFQ, Tradeweb AllTrade, and Portfolio Trading – which saw a ~60% YoY increase in the number of firms using the tool.