Company Quick10K Filing
Tradeweb Markets
Price39.51 EPS0
Shares223 P/E120
MCap8,823 P/FCF78
Net Debt-391 EBIT90
TEV8,432 TEV/EBIT94
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
S-1 2020-04-20 Public Filing
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-02-21
S-1 2019-10-15 Public Filing
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-12
10-Q 2019-03-31 Filed 2019-05-20
S-1 2019-03-07 Public Filing
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-19
8-K 2020-05-07
8-K 2020-04-20
8-K 2020-03-20
8-K 2020-02-12
8-K 2019-11-07
8-K 2019-10-15
8-K 2019-08-08
8-K 2019-06-18
8-K 2019-05-09
8-K 2019-04-03

TW 10Q Quarterly Report

Part I - Financial Information
Item 1. - Financial Statements
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 twm-2020x06x30xexx311.htm
EX-31.2 twm-2020x06x30xexx312.htm
EX-32.1 twm-2020x06x30xexx321.htm
EX-32.2 twm-2020x06x30xexx322.htm

Tradeweb Markets Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02018201820192020
Assets, Equity
0.30.20.20.10.10.02018201820192020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12018201820192020
Ops, Inv, Fin

tw-20200630
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Table of Contents
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 June 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 July 24, 2020
Class A Common Stock, par value $0.00001 per share
90,762,277  
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 June 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 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)
June 30,
2020
December 31,
2019
Assets
Cash and cash equivalents
$559,889  $460,711  
Restricted cash
1,000  1,000  
Receivable from brokers and dealers and clearing organizations
66,821  30,641  
Deposits with clearing organizations
10,955  9,724  
Accounts receivable, net of allowance for credit losses of $115 and $195 at June 30, 2020 and December 31, 2019, respectively
101,512  92,814  
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization
35,733  40,405  
Right-of-use assets
25,012  24,504  
Software development costs, net of accumulated amortization
171,155  173,086  
Goodwill
2,694,797  2,694,797  
Intangible assets, net of accumulated amortization
1,231,737  1,281,441  
Receivable from affiliates
1,482  2,525  
Deferred tax asset
525,534  256,450  
Other assets
38,254  27,236  
Total assets
$5,463,881  $5,095,334  
Liabilities and Stockholders' Equity
Liabilities
Payable to brokers and dealers and clearing organizations
$66,697  $30,452  
Accrued compensation
71,879  119,415  
Deferred revenue
27,428  23,990  
Accounts payable, accrued expenses and other liabilities
39,258  32,834  
Employee equity compensation payable
1,642  1,048  
Lease liability
30,306  30,955  
Payable to affiliates
3,164  1,506  
Deferred tax liability
21,411  21,572  
Tax receivable agreement liability
372,953  240,817  
Total liabilities
634,738  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; 90,642,108 shares issued and outstanding as of June 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 June 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 June 30, 2020
    
Class D common stock, $.00001 par value; 300,000,000 shares authorized; 34,403,255 shares issued and outstanding as of June 30, 2020
  1  
Additional paid-in capital
3,922,559  3,329,386  
Accumulated other comprehensive income (loss)
(2,693) 1,366  
Retained earnings
94,374  47,833  
Total stockholders' equity attributable to Tradeweb Markets Inc.
4,014,242  3,378,588  
Non-controlling interests
814,901  1,214,157  
Total equity
4,829,143  4,592,745  
Total liabilities and stockholders' equity
$5,463,881  $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 Ended June 30,Six Months Ended June 30,
2020201920202019
Revenues
Transaction fees
$122,146  $103,952  $262,970  $206,592  
Subscription fees
35,006  34,566  69,489  69,011  
Commissions
38,115  36,413  80,608  70,610  
Refinitiv market data fees
14,565  13,385  29,193  27,001  
Other
2,275  2,169  4,453  4,063  
Gross revenue
212,107  190,485  446,713  377,277  
Expenses
Employee compensation and benefits
88,866  95,995  179,386  173,268  
Depreciation and amortization
37,919  34,292  75,095  67,795  
Technology and communications
12,042  9,519  22,360  19,559  
General and administrative
7,523  9,365  15,863  18,454  
Professional fees
6,609  6,738  13,520  13,709  
Occupancy
3,509  3,621  7,235  7,260  
Total expenses
156,468  159,530  313,459  300,045  
Operating income
55,639  30,955  133,254  77,232  
Net interest income (expense)(286) 175  413  1,033  
Income before taxes
55,353  31,130  133,667  78,265  
Provision for income taxes
(12,945) (6,314) (28,774) (11,097) 
Net income
42,408  24,816  104,893  67,168  
Less: Pre-IPO net income attributable to Tradeweb Markets LLC      42,352  
Net income attributable to Tradeweb Markets Inc. and non-controlling interests42,408  24,816  104,893  24,816  
Less: Net income attributable to non-controlling interests
11,912  11,988  30,469  11,988  
Net income attributable to Tradeweb Markets Inc.
$30,496  $12,828  $74,424  $12,828  
EPS calculations for post-IPO and pre-IPO periods (1)
Earnings per share
Basic
0.17(a)
0.09(a)
0.43(a)
0.19(b) / 0.09(a)
Diluted
0.16(a)
0.09(a)
0.41(a)
0.19(b) / 0.09(a)
Weighted average shares outstanding
Basic
177,649,501(a)
142,933,192(a)
171,942,125(a)
222,222,197(b) / 142,933,192(a)
Diluted
185,489,824(a)
150,847,183(a)
180,008,891(a)
223,320,457(b) / 150,847,183(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 Ended June 30, 2020Three Months Ended June 30, 2019Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Comprehensive income - Tradeweb Markets Inc.
Net income attributable to Tradeweb Markets Inc.$30,496  $12,828  $74,424  $12,828  
Other comprehensive income:
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.(265) (647) (3,817) (647) 
Comprehensive income attributable to Tradeweb Markets Inc.$30,231  $12,181  $70,607  $12,181  
Comprehensive income - Non-controlling interests
Net income attributable to non-controlling interests$11,912  $11,988  $30,469  $11,988  
Other comprehensive income:
Foreign currency translation adjustments attributable to non-controlling interests(71) (359) (1,303) (359) 
Comprehensive income attributable to non-controlling interests$11,841  $11,629  $29,166  $11,629  
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—  —  —