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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38860
Tradeweb Markets Inc.
(Exact name of registrant as specified in its charter)
________________________________________
Delaware
83-2456358
(State of other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1177 Avenue of the Americas
New York, New York
10036
(Address of principal executive offices)
(Zip Code)
(646) 430-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.00001
TW
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
¨
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Class of Stock
Shares Outstanding as of October 21, 2020
Class A Common Stock, par value $0.00001 per share
91,225,923 
Class B Common Stock, par value $0.00001 per share
96,933,192 
Class C Common Stock, par value $0.00001 per share
5,109,991 
Class D Common Stock, par value $0.00001 per share
34,403,255 


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TRADEWEB MARKETS INC.
TABLE OF CONTENTS
Page
2

Table of Contents
INTRODUCTORY NOTE
The financial statements and other disclosures contained in this report include those of Tradeweb Markets Inc., which is the registrant, and those of its consolidating subsidiaries, including Tradeweb Markets LLC, which became the principal operating subsidiary of Tradeweb Markets Inc. on April 4, 2019 in a series of reorganization transactions (the “Reorganization Transactions”) that were completed in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. For more information regarding the transactions described above, see Note 1 – Organization to our unaudited consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
The financial statements and other disclosures contained in this Quarterly Report on Form 10-Q relate to periods that ended both prior to and after the completion of the Reorganization Transactions and the IPO. As a result of the Reorganization Transactions completed in connection with the IPO, Tradeweb Markets Inc. became a holding company whose only material assets consist of its equity interest in Tradeweb Markets LLC and related deferred tax assets. As the sole manager of Tradeweb Markets LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of Tradeweb Markets LLC and, through Tradeweb Markets LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in Tradeweb Markets LLC, Tradeweb Markets Inc. consolidates the financial results of Tradeweb Markets LLC and its subsidiaries.
The unaudited consolidated financial statements and other financial disclosures included elsewhere in this Quarterly Report on Form 10-Q relating to periods prior to and including March 31, 2019, which we sometimes refer to as the “pre-IPO period,” reflect the results of operations, financial position and cash flows of Tradeweb Markets LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes, and its subsidiaries. The unaudited consolidated financial statements and other financial disclosures included elsewhere in this Quarterly Report on Form 10-Q relating to periods beginning on April 1, 2019, and through and including September 30, 2020, which we sometimes refer to as the “post-IPO period,” reflect the results of operations, financial position and cash flows of Tradeweb Markets Inc. and its subsidiaries, including the consolidation of its investment in Tradeweb Markets LLC. As a result, for financial reporting purposes, the pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material. The unaudited consolidated financial statements and other financial disclosures included elsewhere in this Quarterly Report on Form 10-Q do not reflect what the results of operations, financial position or cash flows would have been had the Reorganization Transactions and the IPO taken place at the beginning of the periods presented.
As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to:
“We,” “us,” “our,” the “Company,” “Tradeweb” and similar references refer: (i) on or prior to the completion of the Reorganization Transactions to Tradeweb Markets LLC, which we refer to as “TWM LLC,” and, unless otherwise stated or the context otherwise requires, all of its subsidiaries and any predecessor entities, and (ii) following the completion of the Reorganization Transactions to Tradeweb Markets Inc., and, unless otherwise stated or the context otherwise requires, TWM LLC and all of its subsidiaries and any predecessor entities.
“Bank Stockholders” refer collectively to entities affiliated with the following clients: Barclays Capital Inc., BofA Securities Inc. (a subsidiary of Bank of America Corporation), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC. Following the IPO and the application of the net proceeds therefrom, entities affiliated with BofA Securities, Inc., RBS Securities Inc. and UBS Securities LLC no longer hold LLC Interests and, except as otherwise indicated, are not considered Bank Stockholders for post-IPO periods.
“Continuing LLC Owners” refer collectively to (i) those Original LLC Owners, including an indirect subsidiary of Refinitiv (as defined below), certain of the Bank Stockholders and members of management, that continue to own LLC Interests after the completion of the IPO and Reorganization Transactions, that received shares of our Class C common stock, shares of our Class D common stock or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, and that may redeem or exchange their LLC Interests for shares of our Class A common stock or Class B common stock and (ii) solely with respect to the Tax Receivable Agreement (as defined below), also includes those Original LLC Owners, including certain Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO.
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“Investor Group” refer to certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.), an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, which collectively hold indirectly a 55% ownership interest in Refinitiv (as defined below).
“LLC Interests” refer to the single class of common membership interests of TWM LLC issued in connection with the Reorganization Transactions.
“LSEG Transaction” refer to the acquisition of the Refinitiv business by London Stock Exchange Group plc in an all share transaction for a total enterprise value of approximately $27 billion.
“Original LLC Owners” refer to the owners of TWM LLC prior to the Reorganization Transactions.
“Refinitiv” refer to Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries, which owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in Tradeweb, and is controlled by the Investor Group.
“Refinitiv Transaction” refer to the transaction pursuant to which Refinitiv indirectly acquired on October 1, 2018 substantially all of the financial and risk business of Thomson Reuters and Thomson Reuters indirectly acquired a 45% ownership interest in Refinitiv.
“Thomson Reuters” refer to Thomson Reuters Corporation, which indirectly holds a 45% ownership interest in Refinitiv.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including our expectations about market trends, our market opportunity and the growth of our various markets, our expansion into new markets, any potential tax savings we may realize as a result of our organizational structure, our dividend policy and our expectations, beliefs, plans, strategies, objectives, prospects or assumptions regarding future events, including the pending LSEG Transaction, our performance or otherwise, contained in this Quarterly Report on Form 10-Q are forward-looking statements. In addition, statements contained in this Quarterly Report on Form 10-Q relating to the COVID-19 pandemic, the potential impacts of which are inherently uncertain, are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect our share price.
Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:
changes in economic, political, social and market conditions and the impact of these changes on trading volumes;
our failure to compete successfully;
our failure to adapt our business effectively to keep pace with industry changes;
consolidation and concentration in the financial services industry;
our dependence on dealer clients that, in some cases, are also stockholders;
our inability to maintain and grow the capacity of our trading platforms, systems and infrastructure;
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design defects, errors, failures or delays with our platforms or solutions;
systems failures, interruptions, delays in services, cybersecurity incidents, catastrophic events and any resulting interruptions;
our dependence on third parties for certain market data and certain key functions;
our ability to implement our business strategies profitably;
our ability to successfully integrate any acquisition or to realize benefits from any strategic alliances, partnerships or joint ventures;
our ability to retain the services of certain members of our management;
inadequate protection of our intellectual property;
extensive regulation of our industry;
limitations on operating our business and incurring additional indebtedness as a result of covenant restrictions under our $500.0 million senior secured revolving credit facility (the “Revolving Credit Facility”) with Citibank, N.A., as administrative agent and collateral agent, and the other lenders party thereto, and certain Refinitiv indebtedness;
our dependence on distributions from TWM LLC to fund our expected dividend payments and to pay our taxes and expenses, including payments under the tax receivable agreement (the “Tax Receivable Agreement”) entered into in connection with the IPO;
our ability to realize any benefit from our organizational structure;
Refinitiv’s control of us and our status as a controlled company; and
other risks and uncertainties, including those listed under “Item 1A. Risk Factors” of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2019 (the “2019 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”), “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q, and in other filings we may make from time to time with the SEC.
Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, they may not be predictive of results or developments in future periods.
Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q.
Investors and others should note that we announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, our business and our results of operations may also be announced by posts on Tradeweb’s accounts on the following social media channels: Instagram, LinkedIn and Twitter. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media and others interested in Tradeweb to monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.
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PART I — FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
Tradeweb Markets Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(in thousands, except share and per share amounts)
(Unaudited)
September 30, 2020December 31, 2019
Assets
Cash and cash equivalents
$677,352 $460,711 
Restricted cash
1,000 1,000 
Receivable from brokers and dealers and clearing organizations
57,346 30,641 
Deposits with clearing organizations
10,163 9,724 
Accounts receivable, net of allowance for credit losses of $120 and $195 at September 30, 2020 and December 31, 2019, respectively
97,783 92,814 
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization
33,428 40,405 
Right-of-use assets
28,073 24,504 
Software development costs, net of accumulated amortization
169,877 173,086 
Goodwill
2,694,797 2,694,797 
Intangible assets, net of accumulated amortization
1,206,886 1,281,441 
Receivable from affiliates
36 2,525 
Deferred tax asset
516,051 256,450 
Other assets
44,561 27,236 
Total assets
$5,537,353 $5,095,334 
Liabilities and Stockholders' Equity
Liabilities
Payable to brokers and dealers and clearing organizations
$56,802 $30,452 
Accrued compensation
101,436 119,415 
Deferred revenue
29,857 23,990 
Accounts payable, accrued expenses and other liabilities
36,791 32,834 
Employee equity compensation payable
1,513 1,048 
Lease liability
33,240 30,955 
Payable to affiliates
4,977 1,506 
Deferred tax liability
20,565 21,572 
Tax receivable agreement liability
372,953 240,817 
Total liabilities
658,134 502,589 
Commitments and contingencies (Note 14)


Stockholders' Equity
Preferred stock, $.00001 par value; 250,000,000 shares authorized; none issued or outstanding
  
Class A common stock, $.00001 par value; 1,000,000,000 shares authorized; 90,985,582 shares issued and outstanding as of September 30, 2020
1 1 
Class B common stock, $.00001 par value; 450,000,000 shares authorized; 96,933,192 shares issued and outstanding as of September 30, 2020
1 1 
Class C common stock, $.00001 par value; 350,000,000 shares authorized; 5,109,991 shares issued and outstanding as of September 30, 2020
  
Class D common stock, $.00001 par value; 300,000,000 shares authorized; 34,403,255 shares issued and outstanding as of September 30, 2020
 1 
Additional paid-in capital
3,940,592 3,329,386 
Accumulated other comprehensive income100 1,366 
Retained earnings
116,161 47,833 
Total stockholders' equity attributable to Tradeweb Markets Inc.
4,056,855 3,378,588 
Non-controlling interests
822,364 1,214,157 
Total equity
4,879,219 4,592,745 
Total liabilities and stockholders' equity
$5,537,353 $5,095,334 
The accompanying notes are an integral part of these consolidated financial statements.
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Tradeweb Markets Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except share and per share amounts)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Revenues
Transaction fees
$120,582 $112,746 $383,552 $319,338 
Subscription fees
36,217 35,387 105,706 104,398 
Commissions
39,593 37,590 120,201 108,200 
Refinitiv market data fees
14,273 13,251 43,466 40,252 
Other
2,205 2,007 6,658 6,070 
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 
Less: Pre-IPO net income attributable to Tradeweb Markets LLC   42,352 
Net income attributable to Tradeweb Markets Inc. and non-controlling interests47,048 48,578 151,941 73,394 
Less: Net income attributable to non-controlling interests
10,236 18,966 40,705 30,954 
Net income attributable to Tradeweb Markets Inc.
$36,812 $29,612 $111,236 $42,440 
EPS calculations for post-IPO and pre-IPO periods (1)
Earnings per share
Basic$0.20
(a)
$0.21
(a)
$0.63
(a)
$0.19 /
0.30
(b)/
(a)
Diluted$0.19
(a)
$0.20
(a)
$0.60
(a)
$0.19 /
0.28
(b)/
(a)
Weighted average shares outstanding
Basic187,774,170 
(a)
142,935,206
(a)
177,257,994
(a)
222,222,197 /
142,934,221
(b)/
(a)
Diluted194,955,695
(a)
151,362,643
(a)
185,026,108
(a)
223,320,457 /
151,158,760
(b)/
(a)
(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.
(a)Presents information for Tradeweb Markets Inc. (post-IPO period).
(b)Presents information for Tradeweb Markets LLC (pre-IPO period).
The accompanying notes are an integral part of these consolidated financial statements.
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Tradeweb Markets Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Comprehensive income - Tradeweb Markets Inc.
Net income attributable to Tradeweb Markets Inc.$36,812 $29,612 $111,236 $42,440 
Other comprehensive income:
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.2,793 (1,329)(1,024)(1,976)
Comprehensive income attributable to Tradeweb Markets Inc.$39,605 $28,283 $110,212 $40,464 
Comprehensive income - Non-controlling interests
Net income attributable to non-controlling interests$10,236 $18,966 $40,705 $30,954 
Other comprehensive income:
Foreign currency translation adjustments attributable to non-controlling interests588 (737)(715)(1,096)
Comprehensive income attributable to non-controlling interests$10,824 $18,229 $39,990 $29,858 
Comprehensive income - Pre-IPO attributable to Tradeweb Markets LLC
Pre-IPO net income attributable to Tradeweb Markets LLC$42,352 
Other comprehensive income:
Foreign currency translation adjustments attributable to Tradeweb Markets LLC988 
Pre-IPO comprehensive income attributable to Tradeweb Markets LLC$43,340 
The accompanying notes are an integral part of these consolidated financial statements.
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Tradeweb Markets Inc. and Subsidiaries
Consolidated Statements of Changes in Equity
(in thousands, except share amounts)
(Unaudited)
Class A
Common Stock
Class B
Common Stock
Class C
Common Stock
Class D
Common Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Non-
Controlling
Interests
Total
Stockholders'
Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 201966,408,328 $1 96,933,192 $1 8,328,983 $ 50,853,172 $1 $3,329,386 $1,366 $47,833 $1,214,157 $4,592,745 
Activities related to exchanges of LLC Interests, net of offering costs and cancellations1,920,941 — — — (939,000)— (981,941)(1)(335)— — — (336)
Issuance of common stock from equity incentive plans2,341,171 — — — — — — — 35,422 — — — 35,422 
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges— — — — — — — — 32,736 — — — 32,736 
Adjustments to non-controlling interests— — — — — — — — 45,436 7 — (45,443) 
Dividends ($0.08 per share)
— — — — — — — — — — (13,400)— (13,400)
Stock-based compensation expense under the PRSU Plan— — — — — — — — 5,407 — — — 5,407 
Stock-based compensation expense under the RSU Plan— — — — — — — — 315 — — — 315 
Stock-based compensation expense under the Option Plan— — — — — — — — 2,249 — — — 2,249 
Payroll taxes paid for stock-based compensation exercises— — — — — — — — (23,991)— — — (23,991)
Net income— — — — — — — — — 43,928 18,557 62,485 
Foreign currency translation adjustments— — — — — — — — — (3,552)— (1,232)(4,784)
Balance at March 31, 202070,670,440 $1 96,933,192 $1 7,389,983 $ 49,871,231 $ $3,426,625 $(2,179)$78,361 $1,186,039 $4,688,848 
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations17,747,968 — — — (2,279,992)— (15,467,976)— (1,406)— — — (1,406)
Issuance of common stock from equity incentive plans2,223,700 — — — — — — — 27,197 — — — 27,197 
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges— — — — — — — — 127,846 — — — 127,846 
Adjustments to non-controlling interests— — — — — — — — 379,623 (249)— (379,374) 
Distributions to non-controlling interests— — — — — — — — — — — (3,605)(3,605)
Dividends ($0.08 per share)
— — — — — — — — — — (14,483)— (14,483)
Stock-based compensation expense under the PRSU Plan— — — — — — — — 7,392 — — — 7,392 
Stock-based compensation expense under the RSU Plan— — — — — — — — 1,675 — — — 1,675 
Stock-based compensation expense under the Option Plan— — — — — — — — 1,279 — — — 1,279 
Payroll taxes paid for stock-based compensation exercises— — — — — — — — (47,672)— — — (47,672)
Net income— — — — — — — — — — 30,496 11,912 42,408 
Foreign currency translation adjustments— — — — — — — — — (265)— (71)(336)
Balance at June 30, 202090,642,108 $1 96,933,192 $1 5,109,991 $ 34,403,255 $ $3,922,559 $(2,693)$94,374 $814,901 $4,829,143 
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations— — — — — — — — (766)— — — (766)
Issuance of common stock from equity incentive plans343,474 — — — — — — — 10,700 — — — 10,700 
Adjustments to non-controlling interests— — — — — — — — (1,478)— — 1,478  
Distributions to non-controlling interests— — — — — — — — — — — (4,839)(4,839)
Dividends ($0.08 per share)
— — — — — — — — — — (15,025)— (15,025)
Stock-based compensation expense under the PRSU Plan— — — — — — — — 6,778 — — — 6,778 
Stock-based compensation expense under the RSU Plan— — — — — — — — 1,684 — — — 1,684 
Stock-based compensation expense under the Option Plan— — — — — — — — 1,295 — — — 1,295 
Payroll taxes paid for stock-based compensation exercises— — — — — — — — (180)— — — (180)
Net income— — — — — — — — — — 36,812 10,236 47,048 
Foreign currency translation adjustments— — — — — — — — — 2,793 — 588 3,381 
Balance at September 30, 202090,985,582 $1 96,933,192 $1 5,109,991 $ 34,403,255 $ $3,940,592 $100 $116,161 $822,364 $4,879,219 
The accompanying notes are an integral part of these consolidated financial statements.





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Tradeweb Markets Inc. and Subsidiaries
Consolidated Statements of Changes in Equity – (Continued)
(in thousands, except share amounts)
(Unaudited)

Members'
Capital
Class A
Common Stock
Class B
Common Stock
Class C
Common Stock
Class D
Common Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Non-
Controlling
Interests
Total
Stockholders'
Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at Balance at December 31, 2018$4,573,200  $  $  $  $ $ $(866)$ $ $4,572,334 
Adjustment to Class C Shares and Class P(C) shares in mezzanine capital(2,369)— — — — — — — — — — — — (2,369)
Capital distributions(20,000)— — — — — — — — — — — — (20,000)
Stock-based compensation4,674 — — — — — — — — — — — — 4,674 
Net income42,352 — — — — — — — — — — — — 42,352 
Foreign currency translation adjustments— — — — — — — — — — 988 — — 988 
Balance at March 31, 20194,597,857  $  $  $  $ $ $122 $ $