Virtu Financial Inc

For the period ended Jun 30, 2024. Filed Jul 26, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Jul 26, 2024

VIRT$57.75+2.0%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
(in thousands)	2024	2023
Cash flows from operating activities
Net income	$239,425	$139,626
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	32,154	31,261
Amortization of purchased intangibles and acquired capitalized software	26,840	32,040
Debt issue cost related to debt refinancing and prepayment	22,563	306
Amortization of debt issuance costs and deferred financing fees	3,522	3,452
Termination of office leases	33	(50)
Share-based compensation	32,996	31,754
Deferred taxes	10,614	13,165
Other	(28,192)	2,742
Changes in operating assets and liabilities:
Securities borrowed	(196,533)	(477,505)
Securities purchased under agreements to resell	718,822	(456,816)
Receivables from broker-dealers and clearing organizations	(159,531)	(350,768)
Trading assets, at fair value	29,181	(1,821,748)
Receivables from customers	(18,524)	(49,793)
Operating lease right-of-use assets	28,573	13,306
Other assets	(41,325)	6,104
Securities loaned	228,215	246,462
Securities sold under agreements to repurchase	(723,951)	492,602
Payables to broker-dealers and clearing organizations	(316,939)	574,434
Payables to customers	35,479	(6,785)
Trading liabilities, at fair value	216,030	1,615,913
Operating lease liabilities	(30,100)	(15,116)
Accounts payable, accrued expenses and other liabilities	(13,944)	(50,970)
Net cash provided by (used in) operating activities	95,408	(26,384)
Cash flows from investing activities
Development of capitalized software	(28,649)	(26,411)
Acquisition of property and equipment	(6,734)	(21,865)
Other investing activities	(1,061)	(6,860)
Net cash used in investing activities	(36,444)	(55,136)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(160,684)	(145,656)
Repurchase of Class C common stock	—	(424)
Purchase of treasury stock	(82,945)	(134,962)
Stock options exercised	558	—
Short-term borrowings, net	75,000	111,056
Proceeds from long-term borrowings	1,741,888	—
Repayment of long-term borrowings	(1,727,000)	(18,000)
Proceeds from interest rate swaps	1,955	—
Payment of tax receivable agreement obligations	(20,226)	(23,216)
Debt issuance costs	(23,217)	(3,888)
Net cash used in financing activities	(194,671)	(215,090)
Effect of exchange rate changes on cash and cash equivalents	(3,090)	4,175
Net decrease in cash and cash equivalents	(138,797)	(292,435)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	855,460	1,038,242
Cash, cash equivalents, and restricted or segregated cash, end of period	$716,663	$745,807
Supplementary disclosure of cash flow information

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
(in thousands)	2024	2023
Cash paid for interest	$285,693	$225,332
Cash paid for taxes	25,984	15,345
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	10,529	9,811

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.