XML 37 R96.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Quarterly Results of Operations (Unaudited) - Operating results (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Apr. 08, 2019
Revenues                              
Financial Designation, Predecessor and Successor [Fixed List]       Successor   Successor       Successor Predecessor Successor Successor Predecessor  
Gross revenue           $ 178,637         $ 505,771 $ 775,566   $ 562,968  
Contingent consideration                     (26,830)     (58,520)  
Net revenue           178,637         478,941 775,566   504,448  
Expenses                              
Employee compensation and benefits           80,436         209,053 329,457   248,963  
Depreciation and amortization           33,020         48,808 139,330   68,615  
Technology and communications           9,907         26,598 39,285   30,013  
General and administrative           11,837         23,056 34,960   33,973  
Professional fees           8,194         20,360 28,029   19,351  
Occupancy           3,308         10,732 14,686   14,441  
Total expenses           146,702         338,607 585,747   415,356  
Operating income           31,935         140,334 189,819   89,092  
Tax receivable agreement liability adjustment $ 240,817                 $ 240,817   240,817     $ 171,400
Net interest income           787         1,726 2,373   685  
Income before taxes           32,722         142,060 225,326   89,777  
Provision for income taxes           (3,415)         (11,900) (52,302)   (6,129)  
Net income       $ 42,352 $ 29,307 $ 29,307       $ 130,672 $ 130,160 173,024   $ 83,648  
Net income attributable to non-controlling interests                       46,903      
Net income attributable to Tradeweb Markets Inc.                       $ 83,769      
Earnings per share                              
Basic                   $ 0.57   $ 0.57      
Diluted                   $ 0.54   $ 0.54      
Weighted average shares outstanding                              
Basic           222,221,628       148,013,274 215,365,920 148,013,274   215,568,635  
Diluted           222,243,851       156,540,246 215,365,920 156,540,246   215,568,635  
Transaction fees                              
Revenues                              
Gross revenue           $ 97,130         $ 273,751 $ 423,583   $ 267,020  
Subscription fees                              
Revenues                              
Gross revenue           33,052         107,130 138,731   144,409  
Commissions                              
Revenues                              
Gross revenue           32,840         79,830 149,365   96,745  
Refinitiv market data fees                              
Revenues                              
Gross revenue           13,467         36,851 55,635   50,125  
Other                              
Revenues                              
Gross revenue           $ 2,148         8,209 8,252   4,669  
Tradeweb Markets Inc                              
Revenues                              
Financial Designation, Predecessor and Successor [Fixed List] Successor Successor Successor                        
Gross revenue $ 197,308 $ 200,981 $ 190,485                        
Net revenue 197,308 200,981 190,485                        
Expenses                              
Employee compensation and benefits 76,545 79,644 95,995                        
Depreciation and amortization 36,402 35,133 34,292                        
Technology and communications 10,199 9,527 9,519                        
General and administrative 8,999 7,507 9,365                        
Professional fees 7,048 7,272 6,738                        
Occupancy 3,786 3,640 3,621                        
Total expenses 142,979 142,723 159,530                        
Operating income 54,329 58,258 30,955                        
Tax receivable agreement liability adjustment 33,134                 $ 33,134   33,134      
Net interest income 704 636 175                        
Income before taxes 88,167 58,894 31,130                        
Provision for income taxes (30,889) (10,316) (6,314)                        
Net income 57,278 48,578 24,816                        
Net income attributable to non-controlling interests 15,949 18,966 11,988                        
Net income attributable to Tradeweb Markets Inc. $ 41,329 $ 29,612 $ 12,828                        
Earnings per share                              
Basic $ 0.26 $ 0.21 $ 0.09                        
Diluted $ 0.25 $ 0.20 $ 0.09                        
Weighted average shares outstanding                              
Basic 157,950,550 142,935,206 142,933,192                        
Diluted 167,323,520 151,362,643 150,847,183                        
Tradeweb Markets Inc | Transaction fees                              
Revenues                              
Gross revenue $ 104,245 $ 112,746 $ 103,952                        
Tradeweb Markets Inc | Subscription fees                              
Revenues                              
Gross revenue 34,333 35,387 34,566                        
Tradeweb Markets Inc | Commissions                              
Revenues                              
Gross revenue 41,165 37,590 36,413                        
Tradeweb Markets Inc | Refinitiv market data fees                              
Revenues                              
Gross revenue 15,383 13,251 13,385                        
Tradeweb Markets Inc | Other                              
Revenues                              
Gross revenue $ 2,182 $ 2,007 $ 2,169                        
Tradeweb Markets LLC                              
Revenues                              
Financial Designation, Predecessor and Successor [Fixed List]       Successor   Successor Predecessor Predecessor Predecessor            
Gross revenue       $ 186,792   $ 178,637 $ 165,253 $ 171,015 $ 169,503            
Contingent consideration             2,537 (19,297) (10,070)            
Net revenue       186,792   178,637 167,790 151,718 159,433            
Expenses                              
Employee compensation and benefits       77,273   80,436 69,076 68,407 71,570            
Depreciation and amortization       33,503   33,020 16,362 16,178 16,268            
Technology and communications       10,040   9,907 9,112 9,023 8,463            
General and administrative       9,089   11,837 9,386 7,153 6,517            
Professional fees       6,971   8,194 7,546 7,276 5,538            
Occupancy       3,639   3,308 3,491 3,519 3,722            
Total expenses       140,515   146,702 114,973 111,556 112,078            
Operating income       46,277   31,935 52,817 40,162 47,355            
Net interest income       858   787 673 582 471            
Income before taxes       47,135   32,722 53,490 40,744 47,826            
Provision for income taxes       (4,783)   (3,415) (7,535) (1,847) (2,518)            
Net income       $ 42,352   29,307 $ 45,955 $ 38,897 $ 45,308            
Net income attributable to Tradeweb Markets Inc.           $ 29,307         $ 130,160 $ 42,352   $ 83,648  
Earnings per share                              
Basic       $ 0.19   $ 0.13 $ 0.21 $ 0.18 $ 0.21   $ 0.60 $ 0.19   $ 0.39  
Diluted       $ 0.19   $ 0.13 $ 0.21 $ 0.18 $ 0.21   $ 0.60 $ 0.19   $ 0.39  
Weighted average shares outstanding                              
Basic       222,222,197   222,221,628 219,165,997 213,435,314 213,435,321   215,365,920 222,222,197   212,568,635  
Diluted       223,320,457   222,243,851 219,165,997 213,435,314 213,435,321   215,365,920 223,320,457   212,568,635  
Tradeweb Markets LLC | Transaction fees                              
Revenues                              
Gross revenue       $ 102,640   $ 97,130 $ 92,582 $ 91,030 $ 90,139            
Tradeweb Markets LLC | Subscription fees                              
Revenues                              
Gross revenue       34,445   33,052 33,157 37,647 36,326            
Tradeweb Markets LLC | Commissions                              
Revenues                              
Gross revenue       34,197   32,840 24,394 27,553 27,883            
Tradeweb Markets LLC | Refinitiv market data fees                              
Revenues                              
Gross revenue       13,616   13,467 12,533 12,081 12,237            
Tradeweb Markets LLC | Other                              
Revenues                              
Gross revenue       $ 1,894   $ 2,148 $ 2,587 $ 2,704 $ 2,918