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Parent Company
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Parent Company Parent Company

VFI is the sole managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the First Lien Term Loan Facility (see Note 10 “Borrowings”). VFI is limited to its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under the Credit Agreement. The following financial statements (the “Parent Company Only Financial Statements”) should be read in conjunction with the consolidated financial statements of the Company and the foregoing.

Virtu Financial, Inc.
(Parent Company Only)
Condensed Statements of Financial Condition

 
As of December 31,
(In thousands except interest data)
2019
 
2018
Assets
    
 
    
Cash
$
4,650

 
$
3,841

Deferred tax asset
197,792

 
189,627

Investment in subsidiary
2,689,026

 
1,730,867

Other assets
33,653

 
35,998

Total assets
$
2,925,121

 
$
1,960,333

 
 
 
 
Liabilities, redeemable membership interest and equity
 
 
 
Liabilities
 
 
 
Payable to affiliate
$
1,724,465

 
$
694,028

Accounts payable and accrued expenses and other liabilities
—

 
6

Tax receivable agreement obligations
269,282

 
214,403

Total liabilities
$
1,993,747

 
$
908,437

 
 
 
 
Virtu Financial Inc. Stockholders' equity
 
 
 
Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 120,435,912 and 108,955,048 shares, Outstanding — 118,257,141 and 106,776,277 shares at December 31, 2019 and December 31, 2018, respectively
1

 
1

Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2019 and December 31, 2018, respectively
—

 
—

Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 12,887,178 and 13,749,886 shares at December 31, 2019 and December 31, 2018, respectively
—

 
—

Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 69,091,740 shares at December 31, 2019 and December 31, 2018, respectively
1

 
1

Treasury stock, at cost, 2,178,771 and 2,178,771 shares at December 31, 2019 and December 31, 2018, respectively
(55,005
)
 
(55,005
)
Additional paid-in capital
1,075,779

 
1,010,468

Retained earnings (accumulated deficit)
(88,755
)
 
96,513

Accumulated other comprehensive income (loss)
(647
)
 
(82
)
Total Virtu Financial Inc. stockholders' equity
$
931,374

 
$
1,051,896

 
 
 
 
Total liabilities and stockholders' equity
$
2,925,121

 
$
1,960,333


Virtu Financial, Inc.
(Parent Company Only)
Condensed Statements of Comprehensive Income

 
For the Years Ended
December 31,
(in thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Other Income
—

 
—

 
86,599

 
—

 
—

 
86,599

 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
Operations and administrative
3

 
1

 
181

 
 
 
 
 
 
Income (loss) before equity in income of subsidiary
(3
)
 
(1
)
 
86,418

Equity in income (loss) of subsidiary, net of tax
(29,416
)
 
620,193

 
(83,479
)
Net income (loss)
$
(29,419
)
 
$
620,192

 
$
2,939

Net income (loss) attributable to common stockholders
(29,419
)
 
620,192

 
2,939

Other comprehensive income (loss):
 
 
 
 
 
Foreign currency translation adjustment, net of taxes
(565
)
 
(3,073
)
 
3,243

Comprehensive income (loss)
$
(29,984
)
 
$
617,119

 
$
6,182



Virtu Financial, Inc.
(Parent Company Only)
Condensed Statements of Cash Flows

 
For the Years Ended
December 31,
(in thousands)
2019
 
2018
 
2017
Cash flows from operating activities
 
 
 
 
 
Net income
$
(29,419
)
 
$
620,192

 
$
2,939

 
 
 
 
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in income of subsidiary, net of tax
136,878

 
(305,936
)
 
(513,601
)
Tax receivable agreement obligation reduction
54,879

 
79,722

 
(86,599
)
Deferred taxes
(8,165
)
 
(64,996
)
 
102,973

Other
—

 
—

 
(8,500
)
Changes in operating assets and liabilities:
2,339

 
(25,268
)
 
(8,832
)
Net cash provided by (used in) operating activities
156,512

 
303,714

 
(511,620
)
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
Acquisition of KCG, net of cash acquired, described in Note 3
—

 
—

 
(23,908
)
Investments in subsidiaries, equity basis
70,762

 
34,909

 
16,846

Net cash provided by (used in) investing activities
70,762

 
34,909

 
(7,062
)
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
Distribution from Virtu Financial to non-controlling interest
(99,221
)
 
(206,903
)
 
(89,563
)
Dividends
(112,414
)
 
(100,329
)
 
(63,814
)
Payments on repurchase of non-voting common interest
—

 
—

 
(11,143
)
Repurchase of Class C common stock
(196
)
 
(8,216
)
 
—

Purchase of treasury stock
(14,259
)
 
(66,218
)
 
(2,683
)
Tax receivable agreement obligations
—

 
(12,359
)
 
(7,045
)
Issuance of common stock, net of offering costs
—

 
—

 
735,974

Issuance of common stock in connection with secondary offering, net of offering costs
(375
)
 
(950
)
 
—

Net cash provided by (used in) financing activities
$
(226,465
)
 
$
(394,975
)
 
$
561,726

 
 
 
 
 
 
Net increase (decrease) in Cash
$
809

 
$
(56,352
)
 
$
43,044

Cash, beginning of period
3,841

 
60,193

 
17,149

Cash, end of period
$
4,650

 
$
3,841

 
$
60,193

 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
Taxes paid
$
—

 
$
—

 
$
133

 
 
 
 
 
 
Non-cash financing activities
 
 
 
 
 
Tax receivable agreement described in Note 6
—

 
—

 
1,534