Virtu Financial Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
VIRT$57.75+2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income | $263,921 | $468,332 | $827,234 |
| Adjustments to reconcile net income to net cash used by operating activities: | |||
| Depreciation and amortization | 63,306 | 66,377 | 67,816 |
| Amortization of purchased intangibles and acquired capitalized software | 63,960 | 64,837 | 69,668 |
| Debt issue cost related to debt refinancing and prepayment | 1,098 | 24,316 | 649 |
| Amortization of debt issuance costs and deferred financing fees | 11,388 | 6,919 | 6,939 |
| Termination of office leases | 455 | 4,707 | 28,138 |
| Share-based compensation | 63,933 | 67,219 | 55,751 |
| Deferred taxes | 19,069 | (3,468) | 34,617 |
| Other | (12,795) | 11,392 | (5,556) |
| Changes in operating assets and liabilities: | |||
| Securities borrowed | (534,766) | 161,648 | 75,694 |
| Securities purchased under agreements to resell | (1,175,115) | (217,546) | (96,587) |
| Receivables from broker-dealers and clearing organizations | 290,193 | (1,110) | 657,199 |
| Trading assets, at fair value | (2,728,059) | (373,597) | (1,141,224) |
| Receivables from customers | (25,415) | 65,646 | 68,002 |
| Operating lease right-of-use assets | (42,057) | 28,670 | 33,930 |
| Other assets | 20,331 | (62,799) | 59,209 |
| Securities loaned | 269,014 | (81,616) | 193,792 |
| Securities sold under agreements to repurchase | 1,168,445 | 113,224 | 53,090 |
| Payables to broker-dealers and clearing organizations | 886,208 | (276,646) | (267,126) |
| Payables to customers | (23,296) | (8,474) | (63,827) |
| Trading liabilities, at fair value | 1,874,378 | 686,195 | 587,071 |
| Operating lease liabilities | 39,115 | (33,322) | (36,595) |
| Accounts payable, accrued expenses and other liabilities | (1,534) | (4,101) | (36,258) |
| Net cash provided by operating activities | 491,777 | 706,803 | 1,171,626 |
| Cash flows from investing activities | |||
| Development of capitalized software | (38,355) | (37,658) | (35,508) |
| Acquisition of property and equipment | (37,774) | (27,201) | (24,562) |
| Other investing activities | (18,355) | 35,329 | (27,279) |
| Net cash used in investing activities | (94,484) | (29,530) | (87,349) |
| Cash flows from financing activities | |||
| Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest | (306,136) | (375,284) | (548,017) |
| Repurchase of Class C common stock | (1,566) | (8,256) | (3,454) |
| Purchase of treasury stock | (229,012) | (480,544) | (427,453) |
| Stock options exercised | — | 5,109 | 10,042 |
| Short-term borrowings, net | (3,944) | (59,112) | (2,017) |
| Proceeds from long-term borrowings | — | 1,800,000 | — |
| Repayment of long-term borrowings | (73,000) | (1,599,774) | (36,737) |
| Proceeds from interest rate swaps | 55,830 | — | — |
| Payment of tax receivable agreement obligations | (23,275) | (21,343) | (16,505) |
| Debt issuance costs | (3,929) | (35,741) | (2,658) |
| Warrants exercised | — | — | 68,940 |
| Contributions from noncontrolling interests | — | 39,200 | — |
| Net cash used in financing activities | (585,032) | (735,745) | (957,859) |
| Effect of exchange rate changes on cash and cash equivalents | 4,957 | (24,239) | (12,470) |
| Net increase (decrease) in cash and cash equivalents | (182,782) | (82,711) | 113,948 |
| Cash, cash equivalents, and restricted or segregated cash, beginning of period | 1,038,242 | 1,120,953 | 1,007,005 |
| Cash, cash equivalents, and restricted or segregated cash, end of period | $855,460 | $1,038,242 | $1,120,953 |
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Supplementary disclosure of cash flow information | |||
| Cash paid for interest | $632,263 | $246,985 | $159,864 |
| Cash paid for taxes | 38,687 | 103,965 | 134,878 |
| Non-cash investing activities | |||
| Share-based and accrued incentive compensation to developers relating to capitalized software | 19,691 | 17,356 | 17,239 |
| Non-cash financing activities | |||
| Tax receivable agreement described in Note 4 | (3,787) | 1,044 | 311 |
| Repurchase of Class C common stock | (2,330) | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.