Virtu Financial Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income | $534,535 | $263,921 | $468,332 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 65,816 | 63,306 | 66,377 |
| Amortization of purchased intangibles and acquired capitalized software | 50,471 | 63,960 | 64,837 |
| Debt issue cost related to debt refinancing and prepayment | 22,563 | 1,098 | 24,316 |
| Amortization of debt issuance costs and deferred financing fees | 6,861 | 11,388 | 6,919 |
| Termination of office leases | 16,224 | 455 | 4,707 |
| Share-based compensation | 75,475 | 63,933 | 67,219 |
| Deferred taxes | 4,247 | 19,069 | (3,468) |
| Other | (37,145) | (12,795) | 11,392 |
| Changes in operating assets and liabilities: | |||
| Securities borrowed | (572,089) | (534,766) | 161,648 |
| Securities purchased under agreements to resell | 528,173 | (1,175,115) | (217,546) |
| Receivables from broker-dealers and clearing organizations | (363,320) | 290,193 | (1,110) |
| Trading assets, at fair value | (444,041) | (2,728,059) | (373,597) |
| Receivables from customers | (43,559) | (25,415) | 65,646 |
| Operating lease right-of-use assets | 44,422 | (42,057) | 28,670 |
| Other assets | (57,404) | 20,331 | (62,799) |
| Securities loaned | 1,102,432 | 269,014 | (81,616) |
| Securities sold under agreements to repurchase | (524,206) | 1,168,445 | 113,224 |
| Payables to broker-dealers and clearing organizations | (244,057) | 886,208 | (276,646) |
| Payables to customers | 22,883 | (23,296) | (8,474) |
| Trading liabilities, at fair value | 369,619 | 1,874,378 | 686,195 |
| Operating lease liabilities | (48,492) | 39,115 | (33,322) |
| Accounts payable, accrued expenses and other liabilities | 89,583 | (1,534) | (4,101) |
| Net cash provided by operating activities | 598,991 | 491,777 | 706,803 |
| Cash flows from investing activities | |||
| Development of capitalized software | (41,886) | (38,355) | (37,658) |
| Acquisition of property and equipment | (12,427) | (37,774) | (27,201) |
| Other investing activities | (7,534) | (18,355) | 35,329 |
| Net cash used in investing activities | (61,847) | (94,484) | (29,530) |
| Cash flows from financing activities | |||
| Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest | (299,403) | (306,136) | (375,284) |
| Repurchase of Class C common stock | — | (1,566) | (8,256) |
| Purchase of treasury stock | (191,138) | (229,012) | (480,544) |
| Stock options exercised | 13,210 | — | 5,109 |
| Short-term borrowings, net | 38,541 | (3,944) | (59,112) |
| Proceeds from long-term borrowings | 1,741,888 | — | 1,800,000 |
| Repayment of long-term borrowings | (1,727,000) | (73,000) | (1,599,774) |
| Proceeds from interest rate swaps | 1,955 | 55,830 | — |
| Payment of tax receivable agreement obligations | (20,226) | (23,275) | (21,343) |
| Debt issuance costs | (27,392) | (3,929) | (35,741) |
| Contributions from noncontrolling interests | — | — | 39,200 |
| Net cash used in financing activities | (469,565) | (585,032) | (735,745) |
| Effect of exchange rate changes on cash and cash equivalents | (9,048) | 4,957 | (24,239) |
| Net increase (decrease) in cash and cash equivalents | 58,531 | (182,782) | (82,711) |
| Cash, cash equivalents, and restricted or segregated cash, beginning of period | 855,460 | 1,038,242 | 1,120,953 |
| Cash, cash equivalents, and restricted or segregated cash, end of period | $913,991 | $855,460 | $1,038,242 |
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Supplementary disclosure of cash flow information | |||
| Cash paid for interest | $586,279 | $632,263 | $246,985 |
| Cash paid for taxes | 43,418 | 38,687 | 103,965 |
| Non-cash investing activities | |||
| Share-based and accrued incentive compensation to developers relating to capitalized software | 23,162 | 19,691 | 17,356 |
| Non-cash financing activities | |||
| Tax receivable agreement described in Note 5 | (209) | (3,787) | 1,044 |
| Repurchase of Class C common stock | (76) | (2,330) | — |
| Purchase of treasury stock | (1,340) | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.