XML 74 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Year
Summary
Compensation
Table Total
for PEO (Hult)
($)(1)
Compensation
Actually Paid
to PEO (Hult) ($)(2)
Summary
Compensation
Table Total
for PEO (Olesky)
($)(1)
Compensation
Actually Paid
to PEO (Olesky)
($)(2)
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs ($)(1)
Average
Compensation
Actually Paid
to Non-PEO
NEOs ($)(2)
Value of Initial Fixed $100
Investment Based On:
Net Income
($)(5)
Constant
Currency
Revenue
Change
(%)(6)
Total
Shareholder
Return ($)(3)
Peer Group
Total
Shareholder
Return ($)(4)
2024
$16,737,931
$41,752,621
$
$
$6,457,328
$13,326,396
$288.78
$167.00
$569,963,000
29.0%
2023
$14,307,658
$25,769,303
$
$
$8,643,595
$14,815,455
$199.77
$131.91
$419,503,000
12.2%
2022
$
$
$17,370,247
$(6,603,081)
$5,461,901
$(613,799)
$142.08
$113.64
$359,613,000
14.0%
2021
$
$
$14,771,567
$110,340,110
$5,375,755
$23,246,352
$218.10
$131.62
$273,108,000
19.3%
2020
$
$
12,312,994
66,016,725
$    4,759,476
17,470,321
$      135.50
$        99.47
$218,390,000
14.5%
       
Company Selected Measure Name constant currency revenue change        
Named Executive Officers, Footnote (1)Mr. Hult became our principal executive officer ("PEO") effective January 1, 2023, succeeding Mr. Olesky. The names of each of the NEOs (excluding our
then-current PEO) included for purposes of calculating the average amounts in each applicable year are as follows (collectively, our "Non-PEO NEOs"): (i)
for 2024, Sara Furber, Enrico Bruni, Justin Peterson, Amy Clack and Thomas Pluta; (ii) for 2023, Sara Furber, Thomas Pluta, Enrico Bruni and Justin
Peterson; (iii) for 2022, Sara Furber, Billy Hult, Enrico Bruni and Justin Peterson; (iv) for 2021, Robert Warshaw, Sara Furber, Billy Hult, Enrico Bruni and
Justin Peterson; and (v) for 2020, Robert Warshaw, Billy Hult, Enrico Bruni and Justin Peterson.
       
Peer Group Issuers, Footnote The dollar amounts reported represent the amount of cumulative total return for the Dow Jones US Financials Index ("Peer Group Cumulative TSR")
calculated as of the end of each measurement period based on an initial investment of $100 in shares of the Dow Jones US Financials Index on December
31, 2019, assuming the reinvestment of all dividends.
       
PEO Total Compensation Amount $ 16,737,931 $ 14,307,658 $ 17,370,247 $ 14,771,567 $ 12,312,994
PEO Actually Paid Compensation Amount $ 41,752,621 25,769,303 (6,603,081) 110,340,110 66,016,725
Adjustment To PEO Compensation, Footnote (2)The dollar amounts reported represent the amount of "compensation actually paid", as computed in accordance with Item 402(v) of Regulation S-K. The
dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following
adjustments were made to total compensation to determine the compensation actually paid:
Year
Reported Summary
Compensation Table
Total
Reported Grant Date
Fair Value of Equity
Awards in SCT(a)
Equity Award
Adjustments(b)
Compensation
Actually Paid
Billy Hult
2024
$16,737,931
$12,575,284
$37,589,974
$41,752,621
Average of Non-PEO NEOs
2024
$6,457,328
$3,437,535
$10,306,603
$13,326,396
(a)Represents the grant date fair value of equity awards as reported in the "Stock Awards" columns in the Summary Compensation Table ("SCT") in this
Proxy Statement.
(b)The equity award adjustments include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards
granted that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the year (from the end of the prior
fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the year; (iii) for awards that are
granted and vest in the same year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the year, the amount equal
to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail
to meet the applicable vesting conditions during the year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi)
the dollar value of any dividends or other earnings paid on stock or option awards in the year prior to the vesting date that are not otherwise reflected
in the fair value of such award or included in any other component of total compensation for the year. The valuation assumptions used to calculate
fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award
adjustments are as follows:
Year
Year End Fair
Value of
Equity
Awards
Granted in the
Year
Year over
Year Change
in Fair Value
of
Outstanding
and Unvested
Equity
Awards
Granted in
Prior Year
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Year
Change in
Fair Value
During the
Fiscal Year
Through the
Vesting Date
of Equity
Awards
Granted in
Prior Fiscal
Years that
Vested in the
Fiscal Year
Fair Value at
the End of the
Prior Year of
Equity
Awards that
Failed to Meet
Vesting
Conditions in
the Year
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value
Total Equity
Award
Adjustments
Billy Hult
2024
$24,811,941
$12,222,989
$
$416,763
$
$138,281
$37,589,974
Average of Non-PEO NEOs
2024
$5,262,557
$5,818,547
$
$131,744
$(946,000)
$39,755
$10,306,603
       
Non-PEO NEO Average Total Compensation Amount $ 6,457,328 8,643,595 5,461,901 5,375,755 4,759,476
Non-PEO NEO Average Compensation Actually Paid Amount $ 13,326,396 14,815,455 (613,799) 23,246,352 17,470,321
Compensation Actually Paid vs. Total Shareholder Return
7781
       
Compensation Actually Paid vs. Net Income
10545
       
Compensation Actually Paid vs. Company Selected Measure
15003
       
Total Shareholder Return Vs Peer Group
7781
       
Total Shareholder Return Amount $ 288.78 199.77 142.08 218.10 135.50
Peer Group Total Shareholder Return Amount 167.00 131.91 113.64 131.62 99.47
Net Income (Loss) $ 569,963,000 $ 419,503,000 $ 359,613,000 $ 273,108,000 $ 218,390,000
Company Selected Measure Amount 0.290 0.122 0.140 0.193 0.145
PEO Name Mr. Hult Mr. Olesky Mr. Olesky Mr. Olesky  
Additional 402(v) Disclosure The dollar amounts reported represent the amount of cumulative total return for the Class A common stock ("Company Cumulative TSR") calculated as of
the end of each measurement period based on an initial investment of $100 in the Class A common stock on December 31, 2019, assuming the
reinvestment of all dividends.
The dollar amounts reported represent the amount of net income reflected in the Company's audited financial statements for the applicable year.
       
Measure:: 1          
Pay vs Performance Disclosure          
Name Constant Currency Revenue Change        
Non-GAAP Measure Description (6)The percentage amounts reported represent the constant currency revenue change, which is a non-GAAP financial measure, defined as total revenue
change excluding the effects of foreign currency fluctuations. Total revenue excluding the effects of foreign currency fluctuations is calculated by translating
the current period and prior period's total revenue using the annual average exchange rates for the prior period.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Constant Currency Adjusted EBITDA Change        
Measure:: 3          
Pay vs Performance Disclosure          
Name Constant Currency Adjusted EBITDA Margin        
Measure:: 4          
Pay vs Performance Disclosure          
Name Total Shareholder Return        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (12,575,284)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 37,589,974        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 24,811,941        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,222,989        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 416,763        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 138,281        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,437,535)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,306,603        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,262,557        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,818,547        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 131,744        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (946,000)        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 39,755