Company Quick10K Filing
Quick10K
Virtu Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$24.76 190 $4,710
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-25 Regulation FD
8-K 2019-06-26 Other Events, Exhibits
8-K 2019-06-05 Regulation FD, Exhibits
8-K 2019-06-04 Shareholder Vote
8-K 2019-05-29 Regulation FD
8-K 2019-05-14 Enter Agreement, Other Events, Exhibits
8-K 2019-05-03 Earnings, Exhibits
8-K 2019-03-13 Regulation FD, Exhibits
8-K 2019-03-01 Other Events, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2019-01-25 Regulation FD, Exhibits
8-K 2019-01-25 Regulation FD, Exhibits
8-K 2019-01-18 Officers, Exhibits
8-K 2019-01-08 Earnings, Exhibits
8-K 2018-12-11 Officers, Exhibits
8-K 2018-11-15 Officers
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-11-06 Enter Agreement, Exhibits
8-K 2018-09-19 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-07 Other Events, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-06-05 Shareholder Vote
8-K 2018-06-04 Accountant, Exhibits
8-K 2018-05-10 Enter Agreement, Other Events, Exhibits
8-K 2018-05-04 Other Events, Exhibits, Other Events
8-K 2018-02-08 Earnings, Exhibits
8-K 2018-01-02 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
IFF International Flavors & Fragrances 14,510
POR Portland General Electric 4,640
FSS Federal Signal 1,580
MITK Mitek Systems 424
SLDB Solid Biosciences 344
SBPH Spring Bank Pharmaceuticals 110
DCIX Diana Containerships 30
BOSC BOS Better Online Solutions 10
SEED Origin Agritech 1
MPAC Micropac Industries 0
VIRT 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311q219.htm
EX-31.2 exhibit312q219.htm
EX-32.1 exhibit321q219.htm
EX-32.2 exhibit322q219.htm

Virtu Financial Earnings 2019-06-30

VIRT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 2019
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)
Delaware
32-0420206
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Liberty Plaza
165 Broadway
10006
New York,
New York
(Address of principal executive offices)
(Zip Code)
 
(212) 418-0100
(Registrant’s telephone number, including area code) 
(Former name, former address and former fiscal year, if changed since last report) 

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 filer
Non-accelerated filer
Smaller 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
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Class A common stock, par value $0.00001 per share
 
VIRT
 
The NASDAQ Stock Market LLC
Class of Stock
 
Shares outstanding as of August 9, 2019
Class A common stock, par value $0.00001 per share
 
117,380,768
Class C common stock, par value $0.00001 per share
 
13,138,402
Class D common stock, par value $0.00001 per share
 
60,091,740
 
 


Table of Contents





VIRTU FINANCIAL, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2019
 
    
 
PAGE
NUMBER
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Unless the context otherwise requires, the terms “we,” “us,” “our,” “Virtu” and the “Company” refer to Virtu Financial, Inc., a Delaware corporation, and its consolidated subsidiaries and the term “Virtu Financial” refers to Virtu Financial LLC, a Delaware limited liability company and a consolidated subsidiary of ours.


1

Table of Contents

PART I - FINANCIAL INFORMATION

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)
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
458,064

 
$
729,547

Cash restricted or segregated under regulations and other
 
39,497

 
6,500

Securities borrowed
 
1,201,327

 
1,399,684

Securities purchased under agreements to resell
 
22,974

 
15,475

Receivables from broker-dealers and clearing organizations
 
1,287,091

 
1,101,449

Trading assets, at fair value:
 
 
 
 
Financial instruments owned
 
2,435,001

 
1,848,806

Financial instruments owned and pledged
 
670,001

 
791,115

Receivables from customers
 
254,650

 

Property, equipment and capitalized software (net of accumulated depreciation of $481,871 and $323,718 as of June 30, 2019 and December 31, 2018, respectively)
 
117,899

 
113,322

Operating lease right-of-use assets
 
318,269

 

Goodwill
 
1,196,548

 
836,583

Intangibles (net of accumulated amortization of $180,172 and $148,644 as of June 30, 2019 and December 31, 2018, respectively)
 
532,061

 
83,989

Deferred tax assets
 
252,229

 
200,359

Other assets ($49,199 and $48,273, at fair value, as of June 30, 2019 and December 31, 2018, respectively)
 
295,786

 
254,149

Total assets
 
$
9,081,397

 
$
7,380,978

 
 
 
 
 
Liabilities and equity
 
 
 
 
Liabilities
 
 
 
 
Short-term borrowings
 
$
146,847

 
$
15,128

Securities loaned
 
778,351

 
1,130,039

Securities sold under agreements to repurchase
 
295,803

 
281,861

Payables to broker-dealers and clearing organizations
 
668,545

 
567,441

Payables to customers
 
131,303

 

Trading liabilities, at fair value:
 
 
 
 
Financial instruments sold, not yet purchased
 
2,716,418

 
2,475,395

Tax receivable agreement obligations
 
256,700

 
214,403

Deferred tax liabilities
 
65,848

 

Accounts payable, accrued expenses and other liabilities
 
349,832

 
294,975

Operating lease liabilities
 
388,070

 

Long-term borrowings
 
1,931,811

 
907,037

Total liabilities
 
$
7,729,528

 
$
5,886,279

 
 
 
 
 
Commitments and Contingencies (Note 15)
 

 

 
 
 
 
 
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 — 119,491,416 and 108,955,048 shares, Outstanding — 117,312,645 and 106,776,277 shares at June 30, 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 June 30, 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 — 13,138,402 and 13,749,886 shares at June 30, 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 June 30, 2019 and December 31, 2018, respectively
 
1

 
1

Treasury stock, at cost, 2,178,771 and 2,178,771 shares at June 30, 2019 and December 31, 2018, respectively
 
(55,005
)
 
(55,005
)
Additional paid-in capital
 
1,057,587

 
1,010,468

Retained earnings
 
(5,949
)
 
96,513

Accumulated other comprehensive income (loss)
 
(1,670
)
 
(82
)
Total Virtu Financial Inc. stockholders' equity
 
$
994,965

 
$
1,051,896


3

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)

(in thousands, except share data)
 
June 30,
2019
 
December 31,
2018
Noncontrolling interest
 
356,904

 
442,803

Total equity
 
$
1,351,869

 
$
1,494,699

 
 
 
 
 
Total liabilities and equity
 
$
9,081,397

 
$
7,380,978


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 (Loss) (Unaudited)

 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in thousands, except share and per share data)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Trading income, net
 
$
205,923

 
$
258,593

 
$
463,463

 
$
664,755

Interest and dividends income
 
24,162

 
21,937

 
53,293

 
39,886

Commissions, net and technology services
 
145,120

 
46,565

 
220,267

 
100,409

Other, net
 
3,251

 
1,031

 
4,425

 
338,129

Total revenue
 
378,456

 
328,126

 
741,448

 
1,143,179



 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
 
Brokerage, exchange and clearance fees, net
 
75,851

 
73,318

 
139,904

 
161,141

Communication and data processing
 
54,423

 
48,791

 
96,237

 
98,277

Employee compensation and payroll taxes
 
83,702

 
41,226

 
191,540

 
105,896

Payments for order flow
 
23,636

 
15,842

 
47,197

 
32,098

Interest and dividends expense
 
36,824

 
35,009

 
82,193

 
68,633

Operations and administrative
 
34,808

 
16,610

 
56,885

 
36,416

Depreciation and amortization
 
14,810

 
16,194

 
31,260

 
31,546

Amortization of purchased intangibles and acquired capitalized software
 
20,606

 
6,838

 
31,528

 
13,675

Termination of office leases
 
65,207

 
1,777

 
65,208

 
21,860

Debt issue cost related to debt refinancing and prepayment
 
(1,319
)
 
2,359

 
7,894

 
8,380

Transaction advisory fees and expenses
 
1,798

 
1,750

 
16,907

 
9,246

Charges related to share based compensation at IPO
 

 
10

 

 
24

Financing interest expense on long-term borrowings
 
34,689

 
18,780

 
57,478

 
37,827

Total operating expenses
 
445,035

 
278,504

 
824,231

 
625,019

Income (loss) before income taxes and noncontrolling interest
 
(66,579
)
 
49,622

 
(82,783
)
 
518,160

Provision for (benefit from) income taxes
 
(11,094
)
 
3,000

 
(13,679
)
 
61,515

Net income (loss)
 
(55,485
)
 
46,622

 
(69,104
)
 
456,645

Noncontrolling interest
 
25,594

 
(21,413
)
 
32,540

 
(256,684
)
 
 
 
 
 
 
 
 
 
Net income (loss) available for common stockholders
 
$
(29,891
)
 
$
25,209

 
$
(36,564
)
 
$
199,961

 
 
 
 
 
 
 
 
 
Earnings (loss) per share
 
 
 
 
 
 
 
 
Basic
 
$
(0.27
)
 
$
0.25

 
$
(0.34
)
 
$
2.06

Diluted
 
$
(0.27
)
 
$
0.24

 
$
(0.34
)
 
$
2.02

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
 
 
 
 
Basic
 
112,828,240

 
99,542,659

 
110,076,375

 
95,124,675

Diluted
 
112,828,240

 
101,619,651

 
110,076,375

 
97,155,104

 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(55,485
)
 
$
46,622

 
$
(69,104
)
 
$
456,645

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Foreign exchange translation adjustment, net of taxes
 
884

 
(5,576
)
 
(2,860
)
 
(3,047
)
Comprehensive income (loss)
 
(54,601
)
 
41,046

 
(71,964
)
 
453,598

Less: Comprehensive income (loss) attributable to noncontrolling interest
 
25,258

 
(18,972
)
 
33,812

 
(255,531
)
Comprehensive income (loss) attributable to common stockholders
 
$
(29,343
)
 
$
22,074

 
$
(38,152
)
 
$
198,067

 
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 and Six Months Ended June 30, 2019 and 2018


 
 
Class A Common Stock
 
Class C Common Stock
 
Class D Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Virtu Financial Inc. Stockholders' Equity
 
Non-Controlling Interest
 
Total Equity
(in thousands, except share and interest data)
 
Shares
 
Amounts
 
Shares
 
Amounts
 
Shares
 
Amounts
 
Shares
 
Amounts
 
Amounts
 
 
 
 
 
Balance at December 31, 2018
 
108,955,048

 
$
1

 
13,749,886

 
$

 
69,091,740

 
$
1

 
(2,178,771
)
 
$
(55,005
)
 
$
1,010,468

 
$
96,513

 
$
(82
)
 
$
1,051,896

 
$
442,803

 
$
1,494,699

Share based compensation
 
965,421

 

 

 

 

 

 

 

 
30,764

 

 

 
30,764

 

 
30,764

Repurchase of Class C common stock
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock purchases
 
(325,195
)
 

 

 

 

 

 

 

 

 
(8,805
)
 

 
(8,805
)
 

 
(8,805
)
Stock options exercised
 
86,224

 

 

 

 

 

 

 

 
859

 

 

 
859

 

 
859

Net income (loss)
 

 

 

 

 

 

 

 

 

 
(6,673
)
 

 
(6,673
)
 
(6,946
)
 
(13,619
)
Foreign exchange translation adjustment
 

 

 

 

 

 

 

 

 

 

 
(2,136
)
 
(2,136
)
 
(1,608
)
 
(3,744
)
Distribution from Virtu Financial to non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 
(37,196
)
 
(37,196
)
Dividends
 

 

 

 

 

 

 

 

 

 
(26,312
)
 

 
(26,312
)
 

 
(26,312
)
Issuance of common stock in connection with employee exchanges
 
240,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges
 

 

 
(240,000
)
 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019
 
109,921,498

 
$
1

 
13,509,886

 
$

 
69,091,740

 
$
1

 
(2,178,771
)
 
$
(55,005
)
 
$
1,042,091

 
$
54,723

 
$
(2,218
)
 
$
1,039,593

 
$
397,053

 
$
1,436,646

Share based compensation
 
257,750

 

 

 

 

 

 

 

 
16,443

 

 

 
16,443

 

 
16,443

Repurchase of Class C common stock
 

 

 
(3,584
)
 

 

 

 

 

 

 
(96
)
 

 
(96
)
 

 
(96
)
Treasury stock purchases
 
(90,852
)
 

 

 

 

 

 

 

 

 
(2,093
)
 

 
(2,093
)
 

 
(2,093
)
Stock option exercised
 
35,120

 

 

 

 

 

 

 

 
72

 

 

 
72

 

 
72

Net income (loss)
 

 

 

 

 

 

 

 

 

 
(29,891
)
 

 
(29,891
)
 
(25,594
)
 
(55,485
)
Foreign exchange translation adjustment
 

 

 

 

 

 

 

 

 

 

 
548

 
548

 
336

 
884

Distribution from Virtu Financial to non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 
(14,891
)
 
(14,891
)
Dividends
 

 

 

 

 

 

 

 

 

 
(28,592
)
 

 
(28,592
)
 

 
(28,592
)
Issuance of common stock in connection with employee exchanges
 
367,900

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Common Stock in connection with secondary offering, net of offering costs
 
9,000,000

 

 

 

 
(9,000,000
)
 

 

 

 
(375
)
 

 

 
(375
)
 

 
(375
)
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges
 

 

 
(367,900
)
 

 

 

 

 

 

 

 

 

 

 

Issuance of tax receivable agreements in connection with employee exchange
 

 

 

 

 

 

 

 

 
(644
)
 

 

 
(644
)
 

 
(644
)
Balance at June 30, 2019
 
119,491,416

 
$
1

 
13,138,402

 
$