Tradeweb Markets Inc

For the period ended Mar 31, 2024. Filed Apr 25, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 25, 2024

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

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Contents

Condensed Consolidated Statements of Cash Flows for the

Condensed Consolidated Statements of Cash Flows

(dollars in thousands)

	Three Months Ended
	March 31,
	2024	2023
Cash flows from operating activities
Net income	$143,382	$102,193
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	49,337	45,404
Stock-based compensation expense	16,402	11,610
Deferred taxes	8,118	24,223
Other (income) loss, net	—	(341)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(155)	367
Deposits with clearing organizations	(77,811)	(10,240)
Accounts receivable	(24,657)	(27,311)
Receivable and due from affiliates/payable and due to affiliates, net	(3,493)	1,787
Other assets	1,477	(2,894)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	(21,612)	—
Accrued compensation	(85,330)	(88,883)
Deferred revenue	1,538	7,729
Accounts payable, accrued expenses and other liabilities	30,718	7,196
Net cash provided by operating activities	37,914	70,840
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	(89,224)	—
Cash paid for investments	(500)	—
Purchases of furniture, equipment, software and leasehold improvements	(6,589)	(6,879)
Capitalized software development costs	(10,678)	(9,835)
Net cash used in investing activities	(106,991)	(16,714)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	—	(20,811)
Proceeds from stock-based compensation exercises	2,807	4,392
Dividends	(21,286)	(18,733)
Distributions to non-controlling interests	(6,095)	(2,283)
Payroll taxes paid for stock-based compensation	(40,653)	(37,297)
Payments on tax receivable agreement liability	(25,543)	(5,724)
Net cash used in financing activities	(90,770)	(80,456)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,740)	1,776
Net increase (decrease) in cash, cash equivalents and restricted cash	(161,587)	(24,554)
Cash, cash equivalents and restricted cash
Beginning of period	1,707,468	1,258,229
End of period	$1,545,881	$1,233,675

Consolidated Statements of Cash Flows - (Continued)

(in thousands)

	Three Months Ended
	March 31,
	2024	2023
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	$4,453	$4,300
Cash paid for interest	$1,242	$76
Non-cash investing and financing activities
Issuance of common stock for business acquisition	$36,692	$—
Furniture, equipment, software and leasehold improvement additions included in accounts payable	$605	$1,215
Unsettled stock-based compensation exercises included in other assets	$—	$1,928
Unsettled share repurchases included in other liabilities	$—	$1,895
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	$3,356	$2,581
Items arising from LLC Interest ownership changes:
Establishment of liabilities under tax receivable agreement	$—	$71
Deferred tax asset	$18,356	$15,153
	March 31,	December 31,
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:	2024	2023
Cash and cash equivalents	$1,544,881	$1,706,468
Restricted cash	1,000	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$1,545,881	$1,707,468

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.