Virtu Financial Inc

For the period ended Sep 30, 2024. Filed Oct 28, 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.

Sep 30, 2024 · Filed Oct 28, 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)

	Nine Months Ended September 30,
(in thousands)	2024	2023
Cash flows from operating activities
Net income	$358,448	$257,220
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	48,640	47,076
Amortization of purchased intangibles and acquired capitalized software	38,688	48,007
Debt issue cost related to debt refinancing and prepayment	22,563	306
Amortization of debt issuance costs and deferred financing fees	5,203	5,260
Termination of office leases	50	314
Share-based compensation	50,941	47,108
Deferred taxes	16,590	16,566
Other	(41,574)	1,794
Changes in operating assets and liabilities:
Securities borrowed	(579,250)	(336,503)
Securities purchased under agreements to resell	803,341	(2,790,073)
Receivables from broker-dealers and clearing organizations	(456,607)	(596,916)
Trading assets, at fair value	172,584	(3,656,973)
Receivables from customers	(63,320)	(67,615)
Operating lease right-of-use assets	39,238	25,631
Other assets	(12,968)	13,795
Securities loaned	779,718	399,548
Securities sold under agreements to repurchase	(750,183)	2,749,399
Payables to broker-dealers and clearing organizations	(547,821)	266,621
Payables to customers	74,545	27,849
Trading liabilities, at fair value	263,819	3,744,498
Operating lease liabilities	(42,064)	(27,953)
Accounts payable, accrued expenses and other liabilities	26,928	(31,268)
Net cash provided by operating activities	207,509	143,691
Cash flows from investing activities
Development of capitalized software	(34,507)	(31,961)
Acquisition of property and equipment	(12,608)	(24,292)
Other investing activities	(8,544)	(14,210)
Net cash used in investing activities	(55,659)	(70,463)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(247,889)	(251,867)
Purchase of treasury stock	(132,942)	(184,382)
Stock options exercised	9,178	—
Short-term borrowings, net	129,574	96,056
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)	(23,275)
Debt issuance costs	(27,365)	(3,817)
Net cash used in financing activities	(272,827)	(385,285)
Effect of exchange rate changes on cash and cash equivalents	3,745	170
Net decrease in cash and cash equivalents	(117,232)	(311,887)
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	$738,228	$726,355
Supplementary disclosure of cash flow information
Cash paid for interest	$426,757	$370,761

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
(in thousands)	2024	2023
Cash paid for taxes	32,576	33,595
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	14,931	14,665
Non-cash financing activities
Repurchase of Class C common stock	(52)	(4,020)

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.