Tradeweb Investor Presentation Deck
6. STRONG REVENUE AND EARNINGS GROWTH
Strong & Broad-based Revenue and YTD Margin Expansion vs. FY21 Tradeweb
Q1 2022 REVENUE GROWTH BY ASSET CLASS AND YTD MARGIN EXPANSION VS. FY21 ($M)
22
$273.4
1Q21
1Q22 y/y growth %
GROSS REVENUE GROWTH ($M)
$518 $563
2016
Volume
($B)
ADV ($B) $324
3
$81,151
$17.4
Rates
CAGR: 15.7%
$398
12.2%
3
$684 $776
$549
2.3
$12.0
$727
Credit
16.1%
$893
$7.7
$1,076
13.9% Revenue Growth
+75 bps YTD Margin Expansion vs. FY21
2017 2018 2019 2020 2021 1Q21
$99,615 $137,237 $182,283 $211,219 $258,939 $65,051
Equities
40.7%
13.9% y/y
$273 $311
1Q22
$0.7
$73,113
$838 $1,028 $1,059 $1,175
Adj. EBITDA
margin¹
Adj. Net
Income ¹
Money
Markets
6.5%
(16.2)%
ADJUSTED EBITDA GROWTH ($M)¹
$201
$1.4
38.7%
Market Data
$118
7.0%
CAGR: 22.2%
$215
38.2%
$279
$131
3
2,3
2016 2017 2018² 2019 2020
45.5%
48.9%
$(1.0)
40.8%
Other
$178
$353
$436
$231
$306
ooo..
$311.5
$547
50.8%
1Q22
$389
13.9%
13.1% y/y
2021 1Q21 1Q22
$142 $161
52.0%
$102
51.6%
$115
Notes:
1. See "Appendix" for reconciliation of Adjusted EBITDA and Adjusted Net Income to net income. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period.
2. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by
mathematical addition and is not a presentation made in accordance with GAAP. See "Disclaimer" for additional information and "Appendix" for additional reconciliations.
3. The 2016, 2017 and 2018 years represent gross revenue amounts as the revenue measure we utilize to assess our business. Subsequent to September 30, 2018, there is no difference between "gross revenue", "total revenue," "net revenue"
or "revenue".
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