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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Cash flows from operating activities          
Net Income $ (39,990) $ 33,023 $ (14,503) $ 123,665 $ 158,340
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 15,602 7,158 29,157 22,685  
Amortization of purchased intangibles and acquired capitalized software 6,440 53 6,546 159  
Debt issue cost related to debt refinancing     9,351    
Amortization of debt issuance costs and deferred financing fees     3,470 1,396  
Share based compensation     10,924 9,440  
Reserve for legal matter     (2,176)    
Equipment writeoff     1,335 428  
Deferred taxes     1,489 9,345  
Other     (444) (1,267)  
Changes in operating assets and liabilities:          
Securities borrowed     101,046 58,484  
Securities purchased under agreements to resell     8,645 14,981  
Receivables from broker dealers and clearing organizations     21,241 (36,756)  
Trading assets, at fair value     1,020,821 (142,754)  
Other Assets     26,248 1,705  
Securities loaned     194,523 (42,656)  
Securities sold under agreements to repurchase     (220,719)    
Payables to broker dealers and clearing organizations     (393,564) (181,348)  
Payables to customers     7,967    
Trading liabilities, at fair value     (569,911) 339,469  
Accounts payable and accrued expenses and other liabilities     (25,675) 10,166  
Net cash provided by operating activities     215,771 187,142  
Cash flows from investing activities          
Development of capitalized software     (7,929) (6,044)  
Acquisition of property and equipment     (13,932) (8,933)  
Investment in SBI Japannext       (38,754)  
Acquisition of KCG Holdings described in Note 3     (799,303)    
Acquisition of Teza Technologies     (5,594)    
Proceeds from sale of DMM business     300    
Net cash used in investing activities     (826,458) (53,731)  
Cash flows from financing activities          
Distribution from Virtu Financial to non-controlling interest     (65,573) (123,867)  
Dividends     (42,013) (28,117)  
Purchase of treasury stock     (147)    
Short-term borrowings, net     (10,000) (27,400)  
Payments on repurchase of non-voting common interest     (6,092) (1,500)  
Proceeds from long-term borrowings     1,115,036 33,078  
Repayment of senior secured credit facility     (206,473) (3,825)  
Repayment of KCG Notes     (480,987)    
Tax receivable agreement obligations     (7,045)    
Debt issuance costs     (52,528) (93)  
Issuance of common stock, net of offering costs     735,973 16,677  
Repurchase of Virtu Financial Units and corresponding number of Class A and C Common Stock       (17,383)  
Net cash provided by (used in) financing activities     980,151 (152,430)  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash     8,300 1,783  
Increase (decrease) in cash, cash equivalents, and restricted cash     377,764 (17,236)  
Cash, cash equivalents, and restricted cash, beginning of period     181,415 163,235 163,235
Cash, cash equivalents, and restricted cash, end of period $ 559,179 $ 145,999 559,179 145,999 $ 181,415
Supplementary disclosure of cash flow information          
Cash paid for interest     59,524 43,827  
Cash paid for taxes     5,744 15,008  
Non-cash investing activities          
Share based compensation of developers relating to software capitalized     $ 1,448 $ 5,187