Virtu financial, inc. (VIRT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Sep'14Jun'14Mar'14
Cash flows from operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

388,238

-29,417

-5,184

-55,485

-13,619

147,937

15,610

46,623

410,022

33,401

-39,990

4,413

21,074

34,675

33,023

39,286

51,356

42,942

69,539

7,565

77,444

41,418

79,739

-8

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation And Amortization Excluding Intangible Assets

17,360

16,785

17,599

14,810

16,450

13,596

16,012

16,207

15,339

18,170

15,602

6,798

6,757

7,018

7,158

7,800

7,727

7,604

8,176

8,186

9,663

-

-

-

Amortization of Intangible Assets

19,000

20,200

18,900

20,600

10,900

6,100

6,300

6,849

6,851

8,854

6,440

53

53

52

53

53

53

52

53

53

53

-

-

-

Debt issue cost related to debt refinancing and prepayment

1,464

33,238

2

-1,320

9,214

0

2,265

2,359

6,021

1,109

4,869

4,482

0

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs and deferred financing fees

3,493

2,207

3,152

3,717

2,644

2,446

2,546

3,844

1,583

2,352

2,817

439

214

294

518

410

468

468

464

447

376

-

-

-

Termination of office leases

276

-38

1,282

65,208

0

57

1,440

1,890

19,970

3,671

0

0

0

-

-

0

292

-1,349

0

0

2,729

-

-

-

Share-based compensation

22,257

16,038

18,401

15,399

21,890

9,397

7,786

5,629

9,122

15,335

3,675

3,431

3,818

13,426

3,212

3,126

3,102

2,641

5,708

48,154

5,375

-

-

-

Reserve for legal matters

4,422

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-down of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

428

-

-

-

-

-

-

-

Deferred taxes

-5,116

-30,286

4,630

4,476

2,489

-4,687

3,272

3,075

2,471

101,484

-2,539

1,674

2,354

3,968

4,066

2,749

2,530

-

-

-1,521

713

-

-

-4

Gain on sale of businesses

-

-

-

-

-

0

-2,339

7,847

329,703

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Other

-296

-349

1,865

-15,385

14,749

349

-696

8,093

-7,328

-4,133

120

-2,134

1,570

197

-1,191

-73

-3

1,443

2,025

-3,750

501

-

-

-

Changes in operating assets and liabilities:
Securities borrowed

-606,781

349,822

377,614

-81,540

-129,999

93,895

88,617

-14,876

-239,124

-54,231

-166,260

-73,244

138,458

-174,807

-155,398

-103,855

200,769

-57,304

-157,370

-23,114

206,150

-

-

-

Securities purchased under agreements to resell

-67,885

124,227

-4,169

17,319

-9,820

5,461

4,851

4,561

602

-8,249

-8,645

0

0

0

-5,031

5,031

-14,981

14,981

-31,050

30,778

-31,191

-

-

-

Receivables from broker-dealers and clearing organizations

1,244,137

-245,147

276,640

99,371

-241,841

-32,402

63,842

-382,118

462,022

-4,904

42,119

-276,945

213,585

-64,564

-836,072

719,453

153,375

-84,180

-130,447

229,982

73,529

-

-

-

Trading assets, at fair value

328,130

90,854

-430,166

152,553

312,005

-286,832

153,670

-134,523

194,984

-189,778

-583,526

-509,383

72,088

387,914

-235,554

151,848

226,460

-157,344

-602,834

-19,715

532,799

-

-

-

Receivables from customers

437,769

-163,577

1,891

133,100

-1,147

36,174

-18,087

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease right-of-use assets

-12,197

-

-

-

263,187

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

24,798

-56,873

25,936

282,328

-276,524

-30,421

41,982

-130,985

-5,848

-18,246

-27,539

1,854

-563

933

-1,165

112

-652

4,687

-1,017

-9,063

11,189

-

-

-

Securities loaned

-582,738

506,778

314,970

-41,552

-327,799

329,894

11,302

-147,218

181,374

171,772

71,542

-78,488

201,469

-259,744

-473,715

264,990

166,069

-217,125

-135,054

-80,115

459,035

-

-

-

Securities sold under agreements to repurchase

48,937

58,959

-14,020

5,803

8,139

-19,377

21,478

14,359

-125,241

-230,245

-220,719

0

0

-

-

-

-

-9,000

8,754

-10,727

8,967

-

-

-

Payables to broker-dealers and clearing organizations

298,477

-197,799

356,004

-319,297

268,358

-384,902

204,730

98,825

-67,417

-122,812

-95,490

-191,784

-106,290

390,722

-102,807

-27,895

-50,646

158,550

-240,405

-157,626

39,882

-

-

-

Payables to customers

479,533

-28,540

-23,904

58,899

-44,015

0

-28,875

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Trading liabilities, at fair value

316,327

249,026

-467,486

421,793

-180,781

77,301

-8,270

-440,089

461,855

-151,293

-329,766

-564,792

324,647

30,596

-605,465

512,415

432,519

-219,791

-586,747

493,348

254,646

-

-

-

Operating lease liabilities

-14,677

-

-

-

305,289

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable, accrued expenses and other liabilities

132,395

-2,462

52,630

300,205

-388,038

13,511

79,039

-89,384

-53,276

35,568

-27,825

10,128

-11

-24,850

3,905

3,717

2,544

-34,844

7,083

-1,978

16,347

-

-

-

Net cash provided by (used in) operating activities

-218,661

514,993

31,103

-167,356

-209,969

401,084

3,214

191,290

119,007

74,803

133,378

50,306

32,087

52,457

101,685

33,989

51,468

18,287

59,072

100,668

82,253

48,785

105,635

0

Cash flows from investing activities
Payable to affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14

Development of capitalized software

8,111

22,854

9,010

10,383

6,245

3,051

5,540

5,875

7,016

6,229

4,756

1,157

2,016

2,360

1,891

2,150

2,003

1,838

1,983

1,956

2,251

-

-

-

Acquisition of property and equipment

10,750

-7,781

7,926

4,513

4,662

7,752

5,122

9,088

4,505

5,000

6,935

3,154

3,843

2,926

3,293

4,353

1,287

1,853

847

9,506

4,065

-

-

-

Proceeds from sale of business

-

-

-

-

-

-

0

0

400,192

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

Investment in joint ventures

1,150

1,750

1,500

1,500

1,500

23,669

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-20,011

-16,823

-18,436

-16,396

-847,988

-34,472

-10,062

-14,963

388,671

-11,558

-810,584

-10,015

-5,859

-5,286

-43,938

-6,503

-3,290

-3,691

-2,830

-11,462

-6,316

-

-

-

Distribution to members

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

50,000

80,000

-

-

-

Distribution from Virtu Financial to non-controlling interest

19,165

21,686

25,448

14,891

37,196

10,842

30,449

66,574

99,038

23,990

28,497

16,065

21,011

39,102

32,348

50,279

41,240

-

-

-

-

-

-

-

Dividends

29,602

28,818

28,692

28,592

26,312

26,002

26,016

25,931

22,380

21,801

21,735

10,164

10,114

9,642

9,378

9,361

9,378

-

-

-

-

-

-

-

Repurchase of stock

-

-

-

-

-

-

14,254

29,520

14,444

-

147

-441

441

-

-

-

-

-

-

-

-

-

-

-

Stock options exercised

3,206

0

0

72

859

0

-178

63,024

13,908

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Short-term borrowings, net

358,900

-23,813

-52,497

-11,371

127,616

0

-30,000

22,500

-7,500

17,000

2,000

-9,000

-3,000

7,400

-50,400

36,000

-13,000

-

-

-

-

-

-

-

Proceeds from long-term borrowings

0

0

0

0

1,492,500

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on repurchase of non-voting common interest

-

-

-

-

-

-

-

-

-

-

4,651

941

500

-

500

500

500

-

0

500

597

-

-

-

Repayments of Long-term Debt

0

50,000

0

50,000

400,000

0

115,154

108,846

276,000

50,000

200,000

5,123

1,350

0

1,275

1,275

1,275

-

-

-

-

-

-

-

Tax receivable agreement obligations

13,286

-

-

-

0

-

-

-

-

0

0

0

7,045

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

9,263

0

0

681

35,021

0

1,082

1,179

0

3,977

52,528

0

0

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

280,989

-128,230

-107,804

-108,027

1,113,641

-45,084

-236,620

-147,992

-405,786

-90,354

-50,572

1,074,184

-43,461

-8,807

-61,622

-25,415

-65,393

-8,049

-25,278

-30,431

-80,597

-

-

-

Effect of exchange rate changes on cash and cash equivalents

-10,396

8,521

-7,605

1,013

-3,404

-1,414

-666

-5,576

2,529

817

2,663

4,852

785

-2,948

519

-1,230

2,494

-4,850

3,596

1,632

-4,633

-

-

-

Net increase (decrease) in cash and cash equivalents

31,921

378,461

-102,742

-290,766

52,280

320,114

-244,134

22,759

104,421

-26,292

-725,115

1,119,327

-16,448

35,416

-3,356

841

-14,721

1,697

34,560

60,407

-9,293

-

-

-

Supplementary disclosure of cash flow information
Cash paid for interest

52,724

77,956

36,751

58,772

31,954

50,310

24,039

34,431

30,632

53,458

24,106

22,221

13,197

11,045

14,886

15,155

13,786

15,588

14,805

18,822

14,015

-

-

-

Cash paid for taxes

2,843

7,270

3,257

575

1,171

9,654

7,316

76,865

156

232

1,160

2,669

1,915

1,167

5,730

7,751

1,527

-

-

-

-

-

-

-

Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software

3,254

701

-7

874

567

881

730

1,119

206

157

120

664

664

-2,437

1,733

2,776

678

-14,142

1,493

22,649

1,278

-

-

-

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

-

-

-

-

-

-991

-3,439

3,439

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Discount on issuance of senior secured credit facility

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net increase in cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

ITG
ITG Acquisition, net of cash acquired, described in Note 3

0

0

0

0

835,581

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Common Class C [Member]
Repurchase of stock

-

-

-

-

-

0

7,128

756

332

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Treasury Stock
Repurchase of stock

9,801

-

-

-

8,805

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-