Tradeweb Markets Inc
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
TW$129.63+1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2023 | 2022 | 2021 | |
| 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 amortization | 185,350 | 178,879 | 171,308 |
| Stock-based compensation expense | 65,128 | 66,644 | 51,943 |
| Deferred taxes | 89,896 | 52,863 | 85,409 |
| Tax receivable agreement liability adjustment | 9,517 | (13,653) | (12,745) |
| Other (income) loss, net | 13,122 | 1,000 | — |
| (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 repurchase | 21,612 | — | — |
| Accrued compensation | 7,964 | (552) | 24,789 |
| Deferred revenue | 2,796 | (1,989) | 1,143 |
| Accounts payable, accrued expenses and other liabilities | 2,187 | 10,195 | (3,480) |
| Employee equity compensation payable | — | — | (1,900) |
| Net cash provided by operating activities | 746,089 | 632,822 | 578,021 |
| 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 exercises | 15,238 | 10,190 | 93,104 |
| 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 cash | 4,089 | (10,842) | (2,043) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 449,239 | 285,181 | 180,768 |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 1,258,229 | 973,048 | 792,280 |
| End of period | $1,707,468 | $1,258,229 | $973,048 |
Consolidated Statements of Cash Flows - (Continued)
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2023 | 2022 | 2021 | |
| 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, | ||
| 2023 | 2022 | 2021 | |
| Cash and cash equivalents | $1,706,468 | $1,257,229 | $972,048 |
| Restricted cash | 1,000 | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash shown in the statement of cash flows | $1,707,468 | $1,258,229 | $973,048 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.