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Tradeweb Markets Inc

For the period ended Dec 31, 2023. Filed Feb 9, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 9, 2024

TW$129.63+1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

Year Ended
December 31,
202320222021
Cash flows from operating activities
Net income$419,503$359,613$273,108
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization185,350178,879171,308
Stock-based compensation expense65,12866,64451,943
Deferred taxes89,89652,86385,409
Tax receivable agreement liability adjustment9,517(13,653)(12,745)
Other (income) loss, net13,1221,000—
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net(28,946)(368)116
Deposits with clearing organizations(12,799)(3,597)9,273
Accounts receivable(21,081)(17,228)(22,369)
Receivable and due from affiliates/payable and due to affiliates, net(4,241)3,135(4,590)
Other assets(3,919)(2,120)6,016
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase21,612——
Accrued compensation7,964(552)24,789
Deferred revenue2,796(1,989)1,143
Accounts payable, accrued expenses and other liabilities2,18710,195(3,480)
Employee equity compensation payable——(1,900)
Net cash provided by operating activities746,089632,822578,021
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired(69,712)—(207,762)
Cash paid for foreign currency call option, net of sale proceeds(1,289)——
Purchases of furniture, equipment, software and leasehold improvements(18,529)(23,214)(16,878)
Capitalized software development costs(43,235)(36,882)(34,470)
Net cash used in investing activities(132,765)(60,096)(259,110)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs(35,205)(99,323)(75,676)
Proceeds from stock-based compensation exercises15,23810,19093,104
Deferred financing costs(2,794)——
Dividends(75,909)(66,006)(64,570)
Distributions to non-controlling interests(12,439)(10,894)(11,129)
Payroll taxes paid for stock-based compensation(51,341)(101,675)(71,024)
Payments on tax receivable agreement liability(5,724)(8,995)(6,805)
Net cash used in financing activities(168,174)(276,703)(136,100)
Effect of exchange rate changes on cash, cash equivalents and restricted cash4,089(10,842)(2,043)
Net increase (decrease) in cash, cash equivalents and restricted cash449,239285,181180,768
Cash, cash equivalents and restricted cash
Beginning of period1,258,229973,048792,280
End of period$1,707,468$1,258,229$973,048

Consolidated Statements of Cash Flows - (Continued)

Year Ended
December 31,
202320222021
Supplemental disclosure of cash flow information:
Income taxes paid, net of (refunds)$28,641$13,198$3,880
Non-cash investing and financing activities:
Furniture, equipment, software and leasehold improvement additions included in accounts payable$1,834$3,632$—
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation$178$—$—
Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations$10,395$9,122$(575)
Stock-based compensation expense capitalized to software development costs$1,474$928$—
Items arising from follow-on offering and other LLC Interest ownership changes:
Establishment of liabilities under Tax Receivable Agreement$28,006$35,923$27,666
Deferred tax asset$81,401$124,154$123,336
Other - See Note 14$—$3,100$1,573
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:December 31,
202320222021
Cash and cash equivalents$1,706,468$1,257,229$972,048
Restricted cash1,0001,0001,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows$1,707,468$1,258,229$973,048
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.