XML 20 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 197,490 $ 190,057 $ 182,203
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 33,629 30,441 23,922
Amortization of purchased intangibles and acquired capitalized software 211 211 1,011
Debt issue cost related to debt refinancing     10,022
Amortization of debt issuance costs and deferred financing fees 1,755 1,334 3,861
Termination of office leases 1,380    
Share based compensation 61,878 14,234 13,441
Reserve for legal matter 5,440    
Equipment writeoff 559 378 1,968
Deferred taxes 3,985    
Other 219 (2,204) 240
Changes in operating assets and liabilities:      
Securities borrowed 31,638 223,169 (278,784)
Securities purchased under agreements to resell 16,482 131,145 (92,526)
Receivables from broker dealers and clearing organizations (88,884) 40,089 (61,598)
Trading assets, at fair value 247,094 259,105 (290,848)
Other assets ($5,984, $8,205 and $0, at fair value, as of December 31, 2015, 2014 and 2013, respectively) (5,796) 2,751 (665)
Securities loaned 26,741 (531,450) 291,984
Securities sold under agreements to repurchase (2,006) (8,877) (4,051)
Payables to broker dealers and clearing organizations (199,599) 155,974 277,721
Trading liabilities, at fair value (58,544) (240,778) 180,952
Accounts payable and accrued expenses and other liabilities (13,392) 7,120 508
Net cash provided by operating activities 260,280 272,699 259,361
Cash flows from investing activities      
Development of capitalized software (8,028) (8,039) (10,085)
Acquisition of property and equipment (16,271) (28,120) (21,931)
Net cash used in investing activities (24,299) (36,159) (32,016)
Cash flows from financing activities      
Distribution to members through April 15, 2015 (130,000) (140,652) (433,400)
Distribution from Virtu Financial to non-controlling interest, after April 15, 2015 (81,377)    
Dividends to Class A shareholders (17,362)    
Proceeds from issuance 327,366    
Purchase of treasury stock (3,819)    
Proceeds from short term borrowings 45,000    
Repayment of short term borrowings   72,800 7,200
Proceeds from senior secured credit facility     253,792
Repayment of senior secured credit facility (2,914) (7,286) (6,717)
Debt issuance costs (976)   (8,597)
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock (277,153)    
Issuance of common stock in connection with secondary offering, net of offering costs 7,782    
Repurchase of Virtu Financial Units and corresponding number of Class A and C common stock in connection with secondary offering (8,805)    
Net cash used in financing activities (144,355) (221,654) (202,695)
Effect of exchange rate changes on Cash and cash equivalents (4,255) (5,032) 1,382
Net increase in Cash and cash equivalents 87,371 9,854 26,032
Cash and cash equivalents, beginning of period 75,864 66,010 39,978
Cash and cash equivalents, end of period 163,235 75,864 66,010
Supplementary disclosure of cash flow information      
Cash paid for interest 63,230 61,293 44,848
Cash paid for taxes 12,875 3,764 4,559
Non-cash investing activities      
Compensation to developers subject to capitalization of software (of which $11,278, $1,719 and $1,633 were capitalized for the years ended December 31, 2015, 2014 and 2013, respectively) 25,684 5,112 4,459
Non-cash financing activities      
Tax receivable agreement described in Note 4 (21,854)    
Discount on issuance of senior secured credit facility     2,925
Class A-2      
Cash flows from financing activities      
Repurchase of interests $ (2,097) (916) $ (573)
Non-cash financing activities      
Repurchase of interests   (6,000)  
Class A-2 | Temasek Member      
Cash flows from financing activities      
Proceeds from issuance   3,048  
Repurchase of interests   $ (3,048)