{"id":484008,"date":"2021-04-29T07:04:27","date_gmt":"2021-04-29T11:04:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-first-quarter-2021-financial-results\/"},"modified":"2021-04-29T07:04:27","modified_gmt":"2021-04-29T11:04:27","slug":"tradeweb-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-first-quarter-2021-financial-results\/","title":{"rendered":"Tradeweb Reports First Quarter 2021 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports First Quarter 2021 Financial Results<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended March 31, 2021.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210429005194\/en\/<\/a><\/p>\n

\"Tradeweb<\/p>\n

Tradeweb CEO Lee Olesky (Photo: Business Wire)<\/p>\n<\/div>\n

$273.4<\/b>million<\/b> quarterly revenues increased 16.5%<\/b> (13.9%<\/b> on a constant currency basis) compared to prior year period\n<\/p>\n

$1.06 trillion <\/b>record average daily volume (\u201cADV\u201d) for the quarter, an increase of 18.0%<\/b> compared to prior year period with ADV records in U.S. and European government bonds, mortgages, rates derivatives, U.S. High Grade bonds, U.S. High Yield bonds, European Credit, Chinese bonds, Repurchase Agreements and European ETFs. Tradeweb share of fully electronic TRACE volume for the quarter was 10.1%<\/b> for U.S. High Grade and 4.0%<\/b> for U.S. High Yield, compared to 5.9% and 2.0% respectively in prior year period\n<\/p>\n

$81.6<\/b>million<\/b> net income and $101.6 million<\/b> adjusted net income for the quarter, increases of 30.5%<\/b>, and 19.0%<\/b> respectively from prior year period\n<\/p>\n

52.0%<\/b> adjusted EBITDA margin or $142.1 million<\/b> adjusted EBITDA for the quarter, compared to 51.0% or $119.7 million respectively for prior year period\n<\/p>\n

$0.33<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) for the quarter and $0.43<\/b> adjusted diluted earnings per share\n<\/p>\n

$0.08<\/b> per share quarterly cash dividend declared\n<\/p>\n

Lee Olesky, CEO of Tradeweb Markets:<\/b><\/p>\n

\n\u201cTradeweb experienced sustained momentum throughout the first quarter of 2021 thanks in part to stronger client engagement, changing user behaviors and accelerated trends in electronic trading adoption and innovation. We averaged more than $1 trillion per day in trading volume during each of these three months, which was especially remarkable given the quarter\u2019s relatively subdued volatility. Our first quarter\u2019s record volume was driven by changing behaviors, which we believe will continue to fuel our growth over the long term.\u201d\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

SELECT FINANCIAL<\/b><\/p>\n

RESULTS<\/b><\/p>\n<\/td>\n

\n

1Q21<\/b><\/p>\n<\/td>\n

\n

1Q20<\/b><\/p>\n<\/td>\n

\n

Change<\/b><\/p>\n<\/td>\n

\n

Constant<\/b><\/p>\n

Currency<\/b><\/p>\n

Growth(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n(dollars in thousands except per share amounts)(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP Financial Measures\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenue\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n273,399\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n234,606\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n16.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n13.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRates\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n142,929\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n126,039\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n10.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n74,368\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n53,978\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n35.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n18,861\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n19,434\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2.9)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n(7.1)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n10,818\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n11,208\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3.5)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n(5.0)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMarket Data\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n19,972\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n18,562\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n6.3\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n6,451\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n5,385\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n19.8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n81,565\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n62,485\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net Income attributable to Tradeweb Markets Inc.(2)<\/sup><\/td>\n$<\/td>\n\n

\n67,859\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n43,928\n<\/p>\n<\/td>\n

\n\n

\n54.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nDiluted EPS\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.33\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.25\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n32.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP Financial Measures\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n142,084\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n119,650\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n18.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n52.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n51.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n+97\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n

\n+201\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n130,721\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n108,747\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n20.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n20.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n47.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n46.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n+146\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n

\n+243\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Net Income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n101,578\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n85,368\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n18.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Diluted EPS (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.37\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n16.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n16.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n(1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency growth are non-GAAP financial measures. See “Non-GAAP Financial Measures” below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.
\n
(2) Represents net income less net income attributable to non-controlling interests.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ADV <\/b>(US $bn)\n<\/p>\n

\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Asset Class<\/b><\/p>\n<\/td>\n

\n

Product<\/b><\/p>\n<\/td>\n

\n

1Q21<\/b><\/p>\n<\/td>\n

\n

1Q20<\/b><\/p>\n<\/td>\n

\n

YoY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRates\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n378\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n342\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n287\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n249\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n15.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n666\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n591\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n10\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n43.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n17\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(35.2)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n27\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n33\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(18.0)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2.2)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(16.6)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n16\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(9.1)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n350\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n256\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n36.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n350\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n256\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n36.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,059 <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

897 <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

18.0 <\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

DISCUSSION OF RESULTS<\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $142.9 million in the first quarter of 2021 increased 13.4% compared to prior year period (10.7% on a constant currency basis). Higher global issuance and increased client adoption drove higher volumes in government bonds, mortgages and swaps. Government bond trading saw growth in execution via streams and session-based trading, while swaps saw growth in RFM List trading and Emerging Markets IRS.\n<\/p>\n

Credit<\/b> \u2013 Revenues of $74.4 million in the first quarter of 2021 increased 37.8% compared to prior year period (35.0% on a constant currency basis). U.S. and European corporate bond trading volumes grew to record levels. Corporate bond client activity was strong across trading protocols, most notably in global portfolio trading, as well as Tradeweb AllTrade with anonymous all-to-all and session-based trading being highlights. CDS volumes, which carry a lower fee per million than overall credit, decreased as volatility declined from unprecedented levels seen last year.\n<\/p>\n

Equities<\/b> \u2013 Revenues of $18.9 million in the first quarter of 2021 decreased 2.9% compared to prior year period (7.1% on a constant currency basis). Continued growth in institutional equities driven by new client adoption and higher AiEX activity was more than offset by lower volumes and revenue in wholesale ETFs as lower equity market volatility weighed on overall activity.\n<\/p>\n

Money Markets<\/b> \u2013 Revenues of $10.8 million in the first quarter of 2021 decreased 3.5% compared to prior year period (5.0% on a constant currency basis). Growth in institutional repo driven by the addition of new dealers and participants was more than offset by continued pressure on retail money markets activity due to the low interest rate environment.\n<\/p>\n

Market Data<\/b> \u2013 Revenues of $20.0 million in the first quarter of 2021 increased 7.6% compared to prior year period (6.3% on a constant currency basis) due to delivery of additional data under our market data license agreements with Refinitiv.\n<\/p>\n

Other<\/b> \u2013 Revenues of $6.5 million in the first quarter of 2021 increased 19.8% compared to prior year period (19.8% on a constant currency basis).\n<\/p>\n

Operating Expenses<\/b> \u2013 Operating expenses of $175.1 million in the first quarter of 2021 increased 11.5% compared to $157.0 million in the prior year period due to: higher employee compensation and benefits expense; higher depreciation and amortization expense; and higher technology and communications expense. Adjusted Expenses of $142.7 million increased 13.4% (8.8% on a constant currency basis) compared to the prior year period due to: higher employee compensation and benefits expense associated with performance-related compensation and higher headcount to support growth; higher technology and communications expense; and the adverse impact of foreign exchange. Please see “Non-GAAP Financial Measures” below for additional information.\n<\/p>\n

RECENT HIGHLIGHTS<\/b><\/p>\n

\nFirst Quarter 2021\n<\/p>\n