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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to     
Commission file number:  001-37352
Virtu Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware32-0420206
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
10019
1633 Broadway
New York, New York
(Address of principal executive offices)(Zip Code)
 
(212) 418-0100
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.00001 per shareVIRTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filerNon-accelerated filerSmaller reporting company 
  Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
Class of Stock
Shares outstanding as of April 19, 2024
Class A common stock, par value $0.00001 per share88,494,096
Class C common stock, par value $0.00001 per share8,607,998
Class D common stock, par value $0.00001 per share60,091,740
 
1

Table of Contents




VIRTU FINANCIAL, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED March 31, 2024
      PAGE
NUMBER
    
PART I - 
  
    
  
    
  
  
  
  
  
    
 
    
 
    
 
    
  
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
  


1

Table of Contents
PART I

ITEM 1. FINANCIAL STATEMENTS
Index to Condensed Consolidated Financial Statements
 
 PAGE
NUMBER
 
  
  
  
  
2

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)March 31,
2024
December 31,
2023
Assets
Cash and cash equivalents $399,585 $820,436 
Cash restricted or segregated under regulations and other29,821 35,024 
Securities borrowed1,782,982 1,722,440 
Securities purchased under agreements to resell502,470 1,512,114 
Receivables from broker-dealers and clearing organizations ($22,801 and $ at fair value, as of March 31, 2024 and December 31, 2023, respectively)
1,270,404 737,724 
Trading assets, at fair value:
Financial instruments owned4,998,078 6,127,752 
Financial instruments owned and pledged1,449,054 1,230,859 
Receivables from customers118,680 106,245 
Property, equipment and capitalized software (net of accumulated depreciation of $336,866 and $367,779 as of March 31, 2024 and December 31, 2023, respectively)
97,436 100,365 
Operating lease right-of-use assets212,689 229,499 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $396,660 and $381,973 as of March 31, 2024 and December 31, 2023, respectively)
242,833 257,520 
Deferred tax assets128,171 133,760 
Other assets ($167,384 and $84,521, at fair value, as of March 31, 2024 and December 31, 2023, respectively)
408,586 303,720 
Total assets$12,789,715 $14,466,384 
Liabilities and equity
Liabilities
Short-term borrowings$138,202 $ 
Securities loaned1,640,521 1,329,446 
Securities sold under agreements to repurchase836,433 1,795,994 
Payables to broker-dealers and clearing organizations ($90,271 and $7,661, at fair value, as of March 31, 2024 and December 31, 2023, respectively)
472,895 1,167,712 
Payables to customers33,485 23,229 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased5,694,997 6,071,352 
Tax receivable agreement obligations196,254 216,480 
Accounts payable, accrued expenses and other liabilities365,711 451,293 
Operating lease liabilities260,483 278,317 
Long-term borrowings1,726,657 1,727,205 
Total liabilities11,365,638 13,061,028 
Commitments and Contingencies (Note 14)
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 — 136,550,996 and 134,901,037 shares, Outstanding — 88,783,569 and 89,092,686 shares at March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, respectively
  
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 8,607,998 and 8,607,998 shares at March 31, 2024 and December 31, 2023, 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 60,091,740 shares at March 31, 2024 and December 31, 2023, respectively
1 1 
Treasury stock, at cost, 47,767,427 and 45,808,351 shares at March 31, 2024 and December 31, 2023, respectively
(1,202,188)(1,166,299)
Additional paid-in capital1,380,457 1,351,574 
Retained earnings (accumulated deficit)1,017,547 1,000,403 
Accumulated other comprehensive income (loss)15,904 17,047 
Total Virtu Financial Inc. stockholders' equity1,211,722 1,202,727 
3

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)March 31,
2024
December 31,
2023
Noncontrolling interest212,355 202,629 
Total equity1,424,077 1,405,356 
Total liabilities and equity$12,789,715 $14,466,384 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
4

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Three Months Ended March 31,
(in thousands, except share and per share data)20242023
Revenues:
Trading income, net$408,095 $412,511 
Interest and dividends income105,992 82,244 
Commissions, net and technology services118,611 121,444 
Other, net10,141 4,181 
Total revenue642,839 620,380 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net139,799 145,523 
Communication and data processing58,182 56,812 
Employee compensation and payroll taxes100,823 103,437 
Interest and dividends expense126,028 97,601 
Operations and administrative22,346 24,299 
Depreciation and amortization16,076 15,348 
Amortization of purchased intangibles and acquired capitalized software14,687 16,020 
Termination of office leases17 96 
Debt issue cost related to debt refinancing, prepayment and commitment fees1,694 2,176 
Transaction advisory fees and expenses135 15 
Financing interest expense on long-term borrowings23,232 24,288 
Total operating expenses503,019 485,615 
Income before income taxes and noncontrolling interest139,820 134,765 
Provision for income taxes28,512 24,682 
Net income111,308 110,083 
Noncontrolling interest(55,491)(52,202)
Net income available for common stockholders$55,817 $57,881 
Earnings per share
Basic$0.59 $0.56 
Diluted$0.59 $0.56 
Weighted average common shares outstanding
Basic88,999,122 97,795,957 
Diluted88,999,122 97,813,691 
Net income$111,308 $110,083 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes(3,526)1,648 
Net change in unrealized cash flow hedges gain (loss), net of taxes1,547 (13,168)
Comprehensive income109,329 98,563 
Less: Comprehensive income attributable to noncontrolling interest(54,655)(47,535)
Comprehensive income attributable to common stockholders$54,674 $51,028 
 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
5

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity (Unaudited)
Three Months Ended March 31, 2024 and 2023
Class A Common StockClass C Common StockClass D Common StockTreasury StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (loss)Total Virtu Financial Inc. Stockholders' EquityNoncontrolling InterestTotal Equity
(in thousands, except share and interest data)
SharesAmountsSharesAmountsSharesAmountsSharesAmountsAmounts
Balance at December 31, 2023134,901,037 $1 8,607,998 $ 60,091,740 $1 (45,808,351)$(1,166,299)$1,351,574 $1,000,403 $17,047 $1,202,727 $202,629 $1,405,356 
Share based compensation2,596,226 — — — — — — — 28,883 — — 28,883 — 28,883 
Treasury stock purchases(946,267)— — — — — (1,959,076)(35,889)— (16,013)— (51,902)— (51,902)
Net income— — — — — — — — — 55,817 — 55,817 55,491 111,308 
Foreign exchange translation adjustment— — — — — — — — — — (2,037)(2,037)(1,489)(3,526)
Net change in unrealized cash flow hedges gains— — — — — — — — — — 894 894 653 1,547 
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Unit and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest
— — — — — — — — — (22,660)— (22,660)(44,929)(67,589)
Balance at March 31, 2024136,550,996 $1 8,607,998 $ 60,091,740 $1 (47,767,427)$(1,202,188)$1,380,457 $1,017,547 $15,904 $1,211,722 $212,355 $1,424,077 
Class A Common StockClass C Common StockClass D Common StockTreasury StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (loss)Total Virtu Financial Inc. Stockholders' EquityNoncontrolling InterestTotal Equity
(in thousands, except share and interest data)
SharesAmountsSharesAmountsSharesAmountsSharesAmountsAmounts
Balance at December 31, 2022133,071,754 $1 9,030,066 $ 60,091,740 $1 (34,522,290)$(954,637)$1,292,613 $972,317 $31,604 $1,341,899 $309,528 $1,651,427 
Share based compensation2,393,550 — — — — — — — 31,030 — — 31,030 — 31,030 
Repurchase of Class C common stock— (21,498)— — — — — (424)— — (424)— (424)
Treasury stock purchases(902,947)— — — — — (3,932,499)(75,568)— (17,650)— (93,218)— (93,218)
Net income— — — — — — — — — 57,881 — 57,881 52,202 110,083 
Foreign exchange translation adjustment— — — — — — — — — — 980 980 668 1,648 
Net change in unrealized cash flow hedges gains— — — — — — — — — — (7,834)(7,834)(5,334)(13,168)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest
— — — — — — — — — (24,696)— (24,696)(27,308)(52,004)
Issuance of common stock in connection with employee exchanges152,037 — — — — — — — — — — — — — 
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges— — (152,037)— — — — — — — — — — — 
Balance at March 31, 2023134,714,394 $1 8,856,531 $ 60,091,740 $1 (38,454,789)$(1,030,205)$1,323,219 $987,852 $24,750 $1,305,618 $329,756 $1,635,374 

See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Three Months Ended March 31,
(in thousands)20242023
Cash flows from operating activities
Net income$111,308 $110,083 
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization16,076 15,348 
Amortization of purchased intangibles and acquired capitalized software14,687 16,020 
Debt issue cost related to debt refinancing and prepayment 306 
Amortization of debt issuance costs and deferred financing fees1,720 1,664 
Termination of office leases17 96 
Share-based compensation15,033 15,583 
Deferred taxes5,390 7,800 
Other(15,118)(4,030)
Changes in operating assets and liabilities:
Securities borrowed(60,542)(270,347)
Securities purchased under agreements to resell1,009,644 (376,365)
Receivables from broker-dealers and clearing organizations(526,927)(66,035)
Trading assets, at fair value911,479 (807,784)
Receivables from customers(12,435)(28,375)
Operating lease right-of-use assets16,810 813 
Other assets(104,205)16,955 
Securities loaned311,075 (32,896)
Securities sold under agreements to repurchase(959,561)379,758 
Payables to broker-dealers and clearing organizations(687,156)(15,091)
Payables to customers10,256 61,001 
Trading liabilities, at fair value(376,355)917,807 
Operating lease liabilities(17,834)(1,948)
Accounts payable, accrued expenses and other liabilities(58,776)(88,745)
Net cash used in operating activities(395,414)(148,382)
Cash flows from investing activities
Development of capitalized software(23,383)(20,638)
Acquisition of property and equipment(2,815)(13,795)
Other investing activities(1,278)(1,350)
Net cash used in investing activities(27,476)(35,783)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest(67,589)(52,004)
Repurchase of Class C common stock (424)
Purchase of treasury stock(51,823)(93,218)
Short-term borrowings, net140,000 121,055 
Repayment of long-term borrowings (18,000)
Payment of tax receivable agreement obligations(20,226) 
Debt issuance costs (3,953)
Net cash provided by (used in) financing activities362 (46,544)
Effect of exchange rate changes on cash and cash equivalents(3,526)1,648 
Net increase (decrease) in cash and cash equivalents(426,054)(229,061)
Cash, cash equivalents, and restricted or segregated cash, beginning of period855,460 1,038,242 
Cash, cash equivalents, and restricted or segregated cash, end of period$429,406 $809,181 
Supplementary disclosure of cash flow information
Cash paid for interest$142,200 $96,572 
Cash paid for taxes6,609 3,471 
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Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Three Months Ended March 31,
(in thousands)20242023
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software4,101 4,732 
 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
8


Virtu Financial, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(dollars in thousands, except shares and per share amounts, unless otherwise noted)
1. Organization and Basis of Presentation

Organization

The accompanying Condensed Consolidated Financial Statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of March 31, 2024, VFI owned approximately 57.8% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”).

The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 25,000 financial instruments, on over 235 venues, in 36 countries worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, Exchange-Traded Funds (“ETFs”), options, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets.

The Company has completed two significant acquisitions that have expanded and complemented Virtu Financial's original electronic trading and marking making business. On July 20, 2017, the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction (the “ITG Acquisition”).

Virtu Financial’s principal United States (“U.S.”) subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre- and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited (“VFIL”) and Virtu Europe Trading Limited (“VETL”) (f/k/a Virtu ITG Europe Limited), each formed in Ireland; Virtu ITG UK Limited (“VIUK”), formed in the United Kingdom; Virtu Canada Corp (f/k/a Virtu ITG Canada Corp.), formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions.

The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 20 “Geographic Information and Business Segments” for a further discussion of the Company’s segments.

Basis of Consolidation and Form of Presentation

These Condensed Consolidated Financial Statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-Q and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with SEC rules and regulations. The Condensed Consolidated Financial Statements of the Company include its equity interests in Virtu Financial and its subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that
9


the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

2. Summary of Significant Accounting Policies
For a detailed discussion of the Company's significant accounting policies, see Note 2 “Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023.

Accounting Pronouncements Recently Adopted

Fair Value Measurement - In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 326). The ASU clarifies the impact of contractual sale restrictions on the fair value of an equity security. Additionally, this ASU requires disclosure of the nature and remaining duration of the sale restriction. The Company adopted this ASU on January 1, 2024, and it did not have a material impact on its Condensed Consolidated Financial Statements.

Leases - Common Control Arrangements - In March 2023, the FASB issued ASU 2023-01, Leases—Common Control Arrangements (Topic 842). This ASU provides updated guidance for accounting for common control leases and leasehold improvements. The Company adopted this ASU on January 1, 2024, and it did not have a material impact on its Condensed Consolidated Financial Statements.

Investments - Equity Method and Joint Ventures - In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323). This ASU provides updated guidance for accounting for investments in tax credit structures. The Company adopted this ASU on January 1, 2024, and it did not have a material impact on its Condensed Consolidated Financial Statements.

Accounting Pronouncements Not Yet Adopted as of March 31, 2024

Business Combinations—Joint Venture Formations - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60). This ASU provides updated guidance on accounting for the formation of joint ventures. This ASU is effective prospectively for joint ventures formed on or after January 1, 2025. The Company does not expect it to have a material impact on its Condensed Consolidated Financial Statements.

Segment Reporting - In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This ASU requires incremental disclosures related to a public entity’s reportable segments. It aims to provide financial statement users with more disaggregated information, specifically, significant expenses for each reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

Intangibles—Goodwill and Other—Crypto Assets - In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60). This ASU requires measurement of in-scope crypto assets at fair value and provides updated guidance on presentation and disclosure requirements for crypto assets. This ASU is effective for periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its Condensed Consolidated Financial Statements and related disclosures, and will adopt the disclosure requirements for the periods beginning after December 15, 2024.

Income Taxes - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU requires disclosure of additional information on effective tax rate reconciliation and income taxes paid. This ASU is effective for periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

10


3. Earnings per Share

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:
 Three Months Ended March 31,
(in thousands)20242023
Income before income taxes and noncontrolling interest$