Tradeweb Markets Inc
For the period ended Dec 31, 2024. Filed Feb 7, 2025.
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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.
FY2024 · Filed Feb 7, 2025
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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income | $569,963 | $419,503 | $359,613 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 219,999 | 185,350 | 178,879 |
| Stock-based compensation expense | 89,649 | 65,128 | 66,644 |
| Deferred tax expense | 32,314 | 89,896 | 52,863 |
| Tax receivable agreement liability adjustment | (7,730) | 9,517 | (13,653) |
| Other (income) loss, net | 1,114 | 13,122 | 1,000 |
| (Increase) decrease in operating assets: | |||
| Receivable from/payable to brokers and dealers and clearing organizations, net | 29,325 | (28,946) | (368) |
| Deposits with clearing organizations | (17,352) | (12,799) | (3,597) |
| Accounts receivable | (44,221) | (21,081) | (17,228) |
| Receivable and due from affiliates/payable and due to affiliates, net | (8,538) | (4,241) | 3,135 |
| Deferred tax asset as a result of transferable tax credit purchase | (23,857) | — | — |
| Other assets | (12,107) | (3,919) | (2,120) |
| Increase (decrease) in operating liabilities: | |||
| Securities sold under agreements to repurchase | (21,612) | 21,612 | — |
| Accrued compensation | 56,459 | 7,964 | (552) |
| Deferred revenue | 4,577 | 2,796 | (1,989) |
| Accounts payable, accrued expenses and other liabilities | 29,758 | 2,187 | 10,195 |
| Net cash provided by operating activities | 897,741 | 746,089 | 632,822 |
| Cash flows from investing activities | |||
| Cash paid for acquisitions, net of cash acquired | (860,126) | (69,712) | — |
| Cash paid for foreign currency call option, net of sale proceeds | — | (1,289) | — |
| Cash paid for investments | (20,195) | — | — |
| Purchases of furniture, equipment, software and leasehold improvements | (40,960) | (18,529) | (23,214) |
| Capitalized software development costs | (47,909) | (43,235) | (36,882) |
| Net cash used in investing activities | (969,190) | (132,765) | (60,096) |
| Cash flows from financing activities | |||
| Share repurchases pursuant to share repurchase programs | (59,052) | (35,205) | (99,323) |
| Proceeds from stock-based compensation exercises | 6,743 | 15,238 | 10,190 |
| Deferred financing costs | — | (2,794) | — |
| Dividends | (85,232) | (75,909) | (66,006) |
| Distributions to non-controlling interests | (27,767) | (12,439) | (10,894) |
| Payroll taxes paid for stock-based compensation | (47,997) | (51,341) | (101,675) |
| Payments on tax receivable agreement liability | (76,956) | (5,724) | (8,995) |
| Net cash used in financing activities | (290,261) | (168,174) | (276,703) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,456) | 4,089 | (10,842) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (366,166) | 449,239 | 285,181 |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 1,707,468 | 1,258,229 | 973,048 |
| End of period | $1,341,302 | $1,707,468 | $1,258,229 |
Consolidated Statements of Cash Flows - (Continued)
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2024 | 2023 | 2022 | |
| Supplemental disclosure of cash flow information: | |||
| Income taxes paid, net of (refunds) | $152,012 | $28,641 | $13,198 |
| Cash paid for interest | $2,574 | $1,305 | $1,470 |
| 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 | $162 | $1,834 | $3,632 |
| Unsettled share repurchases included in other liabilities | $844 | $— | $— |
| Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation | $133 | $178 | $— |
| Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations | $19,718 | $10,395 | $9,122 |
| Stock-based compensation expense capitalized to software development costs | $2,344 | $1,474 | $928 |
| Items arising from LLC Interest ownership changes: | |||
| Establishment of liabilities under tax receivable agreement | $3 | $28,006 | $35,923 |
| Deferred tax asset | $(15,323) | $81,401 | $124,154 |
| Other - See Note 14 | $— | $— | $3,100 |
| Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition: | December 31, | ||
| 2024 | 2023 | 2022 | |
| Cash and cash equivalents | $1,340,302 | $1,706,468 | $1,257,229 |
| Restricted cash | 1,000 | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash shown in the statement of cash flows | $1,341,302 | $1,707,468 | $1,258,229 |
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