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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, 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 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 ☒
Class of Stock
Shares outstanding as of July 19, 2024
Class A common stock, par value $0.00001 per share87,194,694
Class C common stock, par value $0.00001 per share8,576,052
Class D common stock, par value $0.00001 per share60,091,740
 
1




VIRTU FINANCIAL, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED June 30, 2024
      PAGE
NUMBER
    
PART I - 
  
    
  
    
  
  
  
  
  
    
 
    
 
    
 
    
  
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
  


1
PART I

ITEM 1. FINANCIAL STATEMENTS
Index to Condensed Consolidated Financial Statements
 
2
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)June 30,
2024		December 31,
2023
Assets
Cash and cash equivalents $684,806 $820,436 
Cash restricted or segregated under regulations and other31,857 35,024 
Securities borrowed1,918,973 1,722,440 
Securities purchased under agreements to resell793,292 1,512,114 
Receivables from broker-dealers and clearing organizations ($27,682 and $— at fair value, as of June 30, 2024 and December 31, 2023, respectively)
902,867 737,724 
Trading assets, at fair value:
Financial instruments owned5,830,029 6,127,752 
Financial instruments owned and pledged1,499,401 1,230,859 
Receivables from customers124,769 106,245 
Property, equipment and capitalized software (net of accumulated depreciation of $352,877 and $367,779 as of June 30, 2024 and December 31, 2023, respectively)
95,076 100,365 
Operating lease right-of-use assets200,926 229,499 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $404,829 and $381,973 as of June 30, 2024 and December 31, 2023, respectively)
226,819 257,520 
Deferred tax assets125,183 133,760 
Assets of business held for sale4,485 — 
Other assets ($112,137 and $84,521, at fair value, as of June 30, 2024 and December 31, 2023, respectively)
341,949 303,720 
Total assets$13,929,358 $14,466,384 
Liabilities and equity
Liabilities
Short-term borrowings$73,692 $— 
Securities loaned1,557,661 1,329,446 
Securities sold under agreements to repurchase1,072,043 1,795,994 
Payables to broker-dealers and clearing organizations ($43,768 and $7,661, at fair value, as of June 30, 2024 and December 31, 2023, respectively)
843,112 1,167,712 
Payables to customers58,708 23,229 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased6,287,382 6,071,352 
Tax receivable agreement obligations196,254 216,480 
Accounts payable, accrued expenses and other liabilities423,976 451,293 
Operating lease liabilities248,217 278,317 
Long-term borrowings1,738,056 1,727,205 
Liabilities of business held for sale1,433 — 
Total liabilities12,500,534 13,061,028 
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 — 136,591,706 and 134,901,037 shares, Outstanding — 87,439,686 and 89,092,686 shares at June 30, 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 June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively
1 1 
Treasury stock, at cost, 49,152,020 and 45,808,351 shares at June 30, 2024 and December 31, 2023, respectively
(1,233,432)(1,166,299)
Additional paid-in capital1,394,091 1,351,574 
Retained earnings (accumulated deficit)1,061,574 1,000,403 
3
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)June 30,
2024		December 31,
2023
Accumulated other comprehensive income (loss)8,709 17,047 
Total Virtu Financial Inc. stockholders' equity1,230,944 1,202,727 
Noncontrolling interest197,880 202,629 
Total equity1,428,824 1,405,356 
Total liabilities and equity$13,929,358 $14,466,384 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
4
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2024202320242023
Revenues:
Trading income, net$426,395 $306,168 $834,490 $718,679 
Interest and dividends income107,066 97,979 213,058 180,223 
Commissions, net and technology services126,101 109,504 244,712 230,948 
Other, net33,423 (6,797)43,564 (2,617)
Total revenue692,985 506,854 1,335,824 1,127,233 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net150,787 122,471 290,586 267,993 
Communication and data processing59,327 56,959 117,509 113,771 
Employee compensation and payroll taxes105,716 95,557 206,539 198,994 
Interest and dividends expense123,693 112,493 249,721 210,094 
Operations and administrative22,061 25,491 44,407 49,790 
Depreciation and amortization16,078 15,913 32,154 31,261 
Amortization of purchased intangibles and acquired capitalized software12,153 16,020 26,840 32,040 
Termination of office leases16 (146)33 (50)
Debt issue cost related to debt refinancing, prepayment and commitment fees24,279 1,771 25,973 3,948 
Transaction advisory fees and expenses60 8 195 23 
Financing interest expense on long-term borrowings23,430 24,850 46,662 49,138 
Total operating expenses537,600 471,387 1,040,619 957,002 
Income before income taxes and noncontrolling interest155,385 35,467 295,205 170,231 
Provision for income taxes27,268 5,923 55,780 30,605 
Net income128,117 29,544 239,425 139,626 
Noncontrolling interest(61,531)(12,842)(117,022)(65,044)
Net income available for common stockholders$66,586 $16,702 $122,403 $74,582 
Earnings per share
Basic$0.71 $0.16 $1.30 $0.73 
Diluted$0.71 $0.16 $1.30 $0.73 
Weighted average common shares outstanding
Basic88,137,799 94,973,489 88,568,461 96,376,926 
Diluted88,358,223 94,973,489 88,671,329 96,376,926 
Net income$128,117 $29,544 $239,425 $139,626 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes436 2,527 (3,090)4,175 
Net change in unrealized cash flow hedges gain (loss), net of taxes(12,910)8,202 (11,363)(4,966)
Comprehensive income115,643 40,273 224,972 138,835 
Less: Comprehensive income attributable to noncontrolling interest(56,252)(17,189)(110,907)(64,724)
Comprehensive income attributable to common stockholders$59,391 $23,084 $114,065 $74,111 
 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
5
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity (Unaudited)
Three and Six Months Ended June 30, 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 Units 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 
Share based compensation20,000 — — — — — — — 13,076 — — 13,076 — 13,076 
Treasury stock purchases(8,665)— — — — — (1,384,593)(31,244)— (191)— (31,435)— (31,435)
Stock options exercised29,375 — — — — — — — 558 — 558 — 558 
Net income— — — — — — — — — 66,586 — 66,586 61,531 128,117 
Foreign exchange translation adjustment— — — — — — — — — — 221 221 215 436 
Net change in unrealized cash flow hedges gains— — — — — — — — — — (7,416)(7,416)(5,494)(12,910)
Dividends ($0.24 per share of Class A and Class B common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest
— — — — — — — — — (22,368)— (22,368)(70,727)(93,095)
Balance at June 30, 2024136,591,706 $1 8,607,998 $— 60,091,740 $1 (49,152,020)$(1,233,432)$1,394,091 $1,061,574 $8,709 $1,230,944 $197,880 $1,428,824 
6
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity (Unaudited)
Three and Six Months Ended June 30, 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, 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