(Updated - May 9, 2019 8:01 AM EDT)

(Update corrects headline and body for correct adjusted EPS)

Tradeweb Markets (NASDAQ: TW) reported Q1 EPS of $0.23, $0.01 better than the analyst estimate of $0.22. Revenue for the quarter came in at $186.6 million versus the consensus estimate of $186.01 million.

• A new quarterly record for average daily volume (“ADV”) of $646.6 billion represented an increase of 21.0%
• New quarterly records for ADV in numerous products, including U.S. Treasuries, TBA mortgage-backed securities, European interest rate swaps, U.S. high-grade credit, Chinese bonds and European ETFs
• During the quarter, U.S. high-grade credit volume accounted for 11.2% of total TRACE volume
• Double-digit increases in revenues from rates, credit, equities and money markets
• Net income of $42.4 million and net income per diluted share of $0.19
• Adjusted EBITDA margin of 43.0% for the quarter

Lee Olesky, Chief Executive Officer of Tradeweb Markets, said, “The global fixed income market is digitizing and, along with it, creating greater demand for electronic trading and market data. Tradeweb’s compelling performance in the first quarter of 2019 reflects our diversification across a number of growth markets. Client trading activity drove double-digit revenue increases in rates, credit, equities and money markets trading. Broader distribution drove growth in market data. We’re excited to recently make our debut as a public company and continue working in collaboration with clients during a time of such sweeping shifts in the markets.”

Introducing Full-Year 2019 Guidance*

• Adjusted expenses of $460 - $475 million
• Assumed non-GAAP tax rate of 26.4%
• Capital expenditures and capitalization of software of $42 - $48 million
• Acquisition and Refinitiv Transaction related depreciation and amortization expense of $98 million
• Net interest income of approximately $(0.4) million in the second quarter of 2019 and $0.5 - $1.0 million for the full year

For earnings history and earnings-related data on Tradeweb Markets (TW) click here.