Tradeweb Markets Inc
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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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.
Sep 30, 2024 · Filed Oct 30, 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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Condensed Consolidated Statements of Cash Flows for the
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $410,021 | $315,762 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 157,145 | 137,850 |
| Stock-based compensation expense | 66,286 | 44,670 |
| Deferred taxes | 30,334 | 70,071 |
| Tax receivable agreement liability adjustment | 870 | — |
| Other (income) loss, net | (10) | 2,022 |
| (Increase) decrease in operating assets: | ||
| Receivable from/payable to brokers and dealers and clearing organizations, net | 17,650 | 368 |
| Deposits with clearing organizations | (27,692) | (2,502) |
| Accounts receivable | (65,548) | (22,330) |
| Receivable and due from affiliates/payable and due to affiliates, net | 62 | (8,071) |
| Other assets | (1,757) | (2,890) |
| Increase (decrease) in operating liabilities: | ||
| Securities sold under agreements to repurchase | (21,612) | — |
| Accrued compensation | 10,191 | (33,814) |
| Deferred revenue | 3,219 | 8,510 |
| Accounts payable, accrued expenses and other liabilities | 36,557 | (8,318) |
| Net cash provided by operating activities | 615,716 | 501,328 |
| Cash flows from investing activities | ||
| Cash paid for acquisitions, net of cash acquired | (860,407) | (69,648) |
| Cash paid for foreign currency call option, net of sale proceeds | — | (1,289) |
| Cash paid for investments | (11,585) | — |
| Purchases of furniture, equipment, software and leasehold improvements | (15,729) | (17,467) |
| Capitalized software development costs | (35,182) | (32,105) |
| Net cash used in investing activities | (922,903) | (120,509) |
| Cash flows from financing activities | ||
| Share repurchases pursuant to share repurchase programs | (24,391) | (32,874) |
| Proceeds from stock-based compensation exercises | 6,743 | 7,994 |
| Dividends | (63,927) | (56,830) |
| Distributions to non-controlling interests | (24,826) | (7,532) |
| Payroll taxes paid for stock-based compensation | (46,558) | (49,184) |
| Payments on tax receivable agreement liability | (76,956) | (5,724) |
| Net cash used in financing activities | (229,915) | (144,150) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 4,368 | (488) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (532,734) | 236,181 |
| Cash, cash equivalents and restricted cash | ||
| Beginning of period | 1,707,468 | 1,258,229 |
| End of period | $1,174,734 | $1,494,410 |
Consolidated Statements of Cash Flows - (Continued)
(in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Supplemental disclosure of cash flow information | ||
| Income taxes paid, net of (refunds) | $70,590 | $24,624 |
| Cash paid for interest | $2,140 | $748 |
| Non-cash investing and financing activities | ||
| Issuance of common stock for business acquisitions | $40,025 | $— |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $511 | $478 |
| Unsettled share repurchases included in other liabilities | $613 | $2,331 |
| Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation | $— | $337 |
| Items arising from LLC Interest ownership changes: | ||
| Establishment of liabilities under tax receivable agreement | $— | $27,976 |
| Deferred tax asset | $(17,045) | $73,686 |
| September 30, | December 31, | |
| Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition: | 2024 | 2023 |
| Cash and cash equivalents | $1,173,734 | $1,706,468 |
| Restricted cash | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash shown in the statement of cash flows | $1,174,734 | $1,707,468 |
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