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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Gross revenue $ 212,870 $ 200,981 $ 659,583 $ 578,258
Expenses        
Employee compensation and benefits 83,967 79,644 263,353 252,912
Depreciation and amortization 38,857 35,133 113,952 102,928
Technology and communications 12,037 9,527 34,397 29,086
General and administrative 8,657 7,507 24,520 25,961
Professional fees 7,388 7,272 20,908 20,981
Occupancy 3,443 3,640 10,678 10,900
Total expenses 154,349 142,723 467,808 442,768
Operating income 58,521 58,258 191,775 135,490
Net interest income (expense) (349) 636 64 1,669
Income before taxes 58,172 58,894 191,839 137,159
Provision for income taxes (11,124) (10,316) (39,898) (21,413)
Net income 47,048 48,578 151,941 115,746
Net income attributable to Tradeweb Markets Inc. $ 36,812 $ 29,612 $ 111,236 42,440
EPS calculations for post-IPO and pre-IPO periods        
Basic (in dollars per share) $ 0.20 $ 0.21 $ 0.63  
Diluted (in dollars per share) $ 0.19 $ 0.20 $ 0.60  
Weighted average shares outstanding        
Basic (in shares) [1],[2] 187,774,170 142,935,206 177,257,994  
Diluted (in shares) [1],[2] 194,955,695 151,362,643 185,026,108  
Tradeweb Markets LLC        
Expenses        
Less: Net income attributable to non-controlling interests $ 0 $ 0 $ 0 $ 42,352
EPS calculations for post-IPO and pre-IPO periods        
Basic (in dollars per share) [1],[3]       $ 0.19
Diluted (in dollars per share) [1],[3]       $ 0.19
Weighted average shares outstanding        
Basic (in shares) [1],[3]       222,222,197
Diluted (in shares) [1],[3]       223,320,457
Tradeweb Markets Inc        
Expenses        
Net income 47,048 48,578 151,941 $ 73,394
Less: Net income attributable to non-controlling interests $ 10,236 $ 18,966 $ 40,705 $ 30,954
EPS calculations for post-IPO and pre-IPO periods        
Basic (in dollars per share) $ 0.20 $ 0.21 $ 0.63 $ 0.30 [1],[2]
Diluted (in dollars per share) $ 0.19 $ 0.20 $ 0.60 $ 0.28 [1],[2]
Weighted average shares outstanding        
Basic (in shares) 187,774,170 142,935,206 177,257,994 142,934,221 [1],[2]
Diluted (in shares) 194,955,695 151,362,643 185,026,108 151,158,760 [1],[2]
Transaction fees        
Revenues        
Gross revenue $ 120,582 $ 112,746 $ 383,552 $ 319,338
Subscription fees        
Revenues        
Gross revenue 36,217 35,387 105,706 104,398
Commissions        
Revenues        
Gross revenue 39,593 37,590 120,201 108,200
Refinitiv market data fees        
Revenues        
Gross revenue 14,273 13,251 43,466 40,252
Other        
Revenues        
Gross revenue $ 2,205 $ 2,007 $ 6,658 $ 6,070
[1] In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period. Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods. See Note 15 – Earnings Per Share for additional information.
[2] Presents information for Tradeweb Markets Inc. (post-IPO period).
[3] Presents information for Tradeweb Markets LLC (pre-IPO period).