Tradeweb Markets, Inc. (TW) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 27, 2022 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to Tradeweb's Third Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded and will be available for playback.

To begin, I'll turn the call over to Head of Treasury, FP&A & Investor Relations, Ashley Serrao. Please go ahead.

Ashley Serrao

Thank you and good morning. Joining me today for the call are our Chairman and CEO, Lee Olesky, who will review the highlights for the quarter and provide a brief business update, our CEO Elect and President, Billy Hult, who will dive a little deeper into some growth initiatives and our CFO, Sara Furber, who will review our financial results. We intend to use the website as a means of disclosing material, non-public information and complying with disclosure obligations under SEC regulation FD.

I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements related to, among other things, our guidance are forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release and periodic reports filed with the SEC.

In addition, on today's call we will reference certain non-GAAP measures. Information regarding these non- GAAP measures, including reconciliations to GAAP measures are in our posted earnings release and presentation.

To recap, this morning we reported GAAP earnings per diluted share of $0.33. Excluding certain non-cash stock-based compensation expense, acquisition-related transaction costs, acquisition- and Refinitiv-related D&A and certain FX items, and assuming an effective tax rate of 22%, we reported Adjusted Net Income per diluted share of $0.45. Please see the earnings release and the Form 10-Q to be filed with the SEC for additional information regarding the presentation of our historical results.

Now, let me turn the call over to Lee.

Lee Olesky

Thanks, Ashley. Good morning everyone, and thank you for joining our third quarter earnings call. As I take part in my last Tradeweb earnings call, I sit back and reflect upon this startup that I co-founded over 25 years ago with $10 million in capital. The core approach was simple. Listen to our clients and build services, products, protocols and functionalities that enhance their trading workflows.