Tradeweb Markets Inc.

Good morning and welcome to TradeWeb's first quarter 2024 earnings conference call. As a reminder, today's call is being recorded and will be available for playback. To begin, I will turn the call over to Head of Treasury, FP&A, and Investor Relations, Ashley Sorrell. Please go ahead.

Thank you and good morning. Joining me today for the call are CEO Billy Holt, who will review the highlights for the quarter and provide a brief business update. Our President Tom Pluta, who will dive a little deeper into some growth initiatives, and our CFO Sarah Ferber, who will review our financial results. We intend to use the website as a means of disclosing material, non-public information, and complying with our disclosure obligations under 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, presentation, and periodic reports filed with the SEC. In addition, on today's call, we will reference certain non-GAAP measures, as well as certain market and industry data. Information regarding these non-GAAP measures, including reconciliations to GAAP measures, is in our earnings release and presentation. Information regarding market and industry data, including sources, is in our earnings presentation. Now, let me turn the call over to Billy.

Thanks, Ashley. Good morning, everyone, and thank you for joining our first quarter earnings call. This was another record quarter as our strategy and focus on building deeper relationships with our clients through our one-stop shop offering continues to pay off. I believe it's a great time to be in the fixed income trading business. Macro debate is flourishing and electronification continues to take hold, leaving me optimistic about our future. Even as there is consensus around rate cuts in the U.S., questions remain on the number of cuts this year ultimate level of rates, and the shape of the yield curve. In fact, Jamie Dimon, in his most recent annual letter, highlighted the potential for US rates to range from as low as 2% to as high as 8%. Traders can make a lot of money with that sort of spread. While capitalizing on the array of organic growth opportunities in front of us remains our focus, we also continue to selectively use M&A to complement our offerings with the goal to create better outcomes for our clients. This year, we have deepened our penetration into the U.S. Treasury market and added new futures and algorithmic functionality with RateFin and are adding corporates as a fourth client channel with our pending ICD acquisition. Diving into the first quarter, the momentum we saw in January persisted into February and March as we eclipsed $400 million in quarterly revenues for the first time. Specifically, strong client activity, share gains, and improved risk appetite drove 24.1% year-over-year revenue growth on a reported basis. We continue to balance investing for growth and profitability as adjusted EBITDA margins expanded by 141 basis points relative to the first quarter of 2023. Turning to slide five, rates and credit led the way, accounting for 55% and 34% of our revenue growth, respectively. Record revenues across rates were primarily driven by organic growth across global government bonds and swaps, and were also supplemented by the addition of rate fin and yield broker. Similarly, record revenues across credit were led by strong U.S. and European corporate credit, with record quarterly market share and electronic U.S. investment grade being a highlight. Money markets also hit a record, fueled by continued growth in institutional repos. Equities also hit a record, despite challenging industry volumes in our core ETF business. Finally, market data revenues were driven by growth in our LSAG market data contract and proprietary data products. Turning to slide six, I will provide a brief update on two of our focus areas, U.S. Treasuries and ETFs, and then turn it over to Tom, who will dig deeper into U.S. credit and global interest rate swaps. Starting with U.S. Treasuries, record first quarter revenues increased by 22% year over year, led by records across our institutional and wholesale businesses. Our institutional business saw growing adoption of our streaming and RFQ plus offering. The leading indicators of the institutional business remained strong. We gained share and achieved record quarterly market share of U.S. Treasuries versus Bloomberg. Client engagement was healthy, with institutional average daily trades up 40% year over year. Automation continues to be an important theme with institutional US Treasury AIX average daily trades increasing by more than 80% year-over-year and over 50% of our institutional tickets utilizing our AIX functionality. Our wholesale business featured record volumes across our streaming and session protocols. Our recent acquisition of Ratefin is off to a strong start, contributing approximately 1.5% to our overall US Treasury market share, complementing our CLOB and streaming protocols. While the central limit order book continued to face tougher market conditions, the team remains focused on onboarding more liquidity providers over the coming quarters as they deliver on a holistic strategy across our wholesale protocols. Within equities, our ETF business saw its second highest quarterly revenues, which were up 1% year over year, despite challenging industry volumes. Other initiatives to expand our equity brand beyond our flagship ETF franchise continue to bear fruit. First quarter equity derivatives revenues were up 10% year over year, driven by strong equity futures growth. Looking ahead, the client pipeline remains strong as the benefits of our electronic solutions continue to resonate. We believe we are well positioned to capitalize on the long-term secular ETF growth story, not just in equities, but across our fixed income business. With that, I will turn it over to Tom.