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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, 2022
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 StockShares outstanding as of May 3, 2022
Class A common stock, par value $0.00001 per share105,336,188
Class C common stock, par value $0.00001 per share9,053,155
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 March 31, 2022
      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)March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents $564,900 $1,071,463 
Cash restricted or segregated under regulations and other47,788 49,490 
Securities borrowed1,700,224 1,349,322 
Securities purchased under agreements to resell160,152 119,453 
Receivables from broker-dealers and clearing organizations1,501,948 1,026,807 
Trading assets, at fair value:
Financial instruments owned4,833,178 3,238,995 
Financial instruments owned and pledged1,137,134 1,017,960 
Receivables from customers330,378 146,476 
Property, equipment and capitalized software (net of accumulated depreciation of $485,626 and $472,155 as of March 31, 2022 and December 31, 2021, respectively)
90,031 89,595 
Operating lease right-of-use assets220,140 225,328 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $269,642 and $253,161 as of March 31, 2022 and December 31, 2021, respectively)
369,851 386,332 
Deferred tax assets145,884 158,518 
Other assets ($87,484 and $84,378, at fair value, as of March 31, 2022 and December 31, 2021, respectively)
268,554 291,306 
Total assets$12,519,088 $10,319,971 
Liabilities and equity
Liabilities
Short-term borrowings$140,782 $61,510 
Securities loaned1,268,377 1,142,048 
Securities sold under agreements to repurchase549,707 514,325 
Payables to broker-dealers and clearing organizations934,722 571,526 
Payables to customers161,565 54,999 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased5,104,999 3,510,779 
Tax receivable agreement obligations237,938 259,282 
Deferred tax liabilities60 65 
Accounts payable, accrued expenses and other liabilities358,059 457,942 
Operating lease liabilities269,937 278,745 
Long-term borrowings1,794,200 1,605,132 
Total liabilities10,820,346 8,456,353 
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 — 132,872,351 and 131,497,645 shares, Outstanding — 105,636,944 and 113,170,782 shares at March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, respectively
  
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 9,053,155 and 9,359,065 shares at March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, respectively
1 1 
Treasury stock, at cost, 27,235,407 and 18,326,863 shares at March 31, 2022 and December 31, 2021, respectively
(781,286)(494,075)
Additional paid-in capital1,246,983 1,223,119 
Retained earnings (accumulated deficit)897,387 830,538 
Accumulated other comprehensive income (loss)16,019 (10,196)
3

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)March 31,
2022
December 31,
2021
Total Virtu Financial Inc. stockholders' equity1,379,105 1,549,388 
Noncontrolling interest319,637 314,230 
Total equity1,698,742 1,863,618 
Total liabilities and equity$12,519,088 $10,319,971 
See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).
4

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 Three Months Ended March 31,
(in thousands, except share and per share data)20222021
Revenues:
Trading income, net$522,307 $812,743 
Interest and dividends income21,011 6,997 
Commissions, net and technology services154,655 191,649 
Other, net3,289 1,183 
Total revenue701,262 1,012,572 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net150,380 259,332 
Communication and data processing55,835 51,690 
Employee compensation and payroll taxes103,480 104,771 
Interest and dividends expense42,538 24,028 
Operations and administrative25,215 25,655 
Depreciation and amortization17,477 16,778 
Amortization of purchased intangibles and acquired capitalized software16,480 18,077 
Termination of office leases707 1,221 
Debt issue cost related to debt refinancing, prepayment and commitment fees25,684 1,755 
Transaction advisory fees and expenses422 (14)
Financing interest expense on long-term borrowings21,333 19,492 
Total operating expenses459,551 522,785 
Income before income taxes and noncontrolling interest241,711 489,787 
Provision for income taxes41,786 80,555 
Net income199,925 409,232 
Noncontrolling interest(87,668)(169,827)
Net income available for common stockholders$112,257 $239,405 
Earnings per share
Basic$0.99 $1.91 
Diluted$0.98 $1.89 
Weighted average common shares outstanding
Basic109,329,468 122,062,555 
Diluted110,066,641 123,389,328 
Net income$199,925 $409,232 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes(5,168)(3,676)
Net change in unrealized cash flow hedges gain, net of taxes47,873 21,906 
Comprehensive income242,630 427,462 
Less: Comprehensive income attributable to noncontrolling interest(104,159)(177,616)
Comprehensive income attributable to common stockholders$138,471 $249,846 
 
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 months ended March 31, 2022, and 2021
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, 2021131,497,645 $1 9,359,065 $ 60,091,740 $1 (18,326,863)$(494,075)$1,223,119 $830,538 $(10,196)$1,549,388 $314,230 $1,863,618 
Share based compensation1,669,030 — — — — — — — 27,377 — — 27,377 — 27,377 
Repurchase of Class C common stock— — (234,269)— — — — — (8,204)— — (8,204)— (8,204)
Treasury stock purchases(612,844)— — — — — (8,908,544)(287,211)— (18,354)— (305,565)— (305,565)
Stock options exercised246,879 — — — — — — — 4,691 — — 4,691 — 4,691 
Net income— — — — — — — — — 112,257 — 112,257 87,668 199,925 
Foreign exchange translation adjustment— — — — — — — — — — (3,172)(3,172)(1,996)(5,168)
Net change in unrealized cash flow hedges gains— — — — — — — — — — 29,387 29,387 18,486 47,873 
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
— — — — — — — — — (27,054)— (27,054)(98,751)(125,805)
Issuance of common stock in connection with employee exchanges71,641 — — — — — — — — — — — — — 
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges— — (71,641)— — — — — — — — — — — 
Balance at March 31, 2022132,872,351 $1 9,053,155 $ 60,091,740 $1 (27,235,407)$(781,286)$1,246,983 $897,387 $16,019 $1,379,105 $319,637 $1,698,742 
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, 2020125,627,277 $1 10,226,939 $ 60,091,740 $1 (3,615,097)$(88,923)$1,160,567 $422,381 $(25,487)$1,468,540 $386,498 $1,855,038 
Share based compensation1,896,407 — — — — — — — 27,450 — — 27,450 — 27,450 
Treasury stock purchases(615,794)— — — — — (2,277,409)(63,359)— (16,059)— (79,418)— (79,418)
Stock options exercised154,372 — — — — — — — 2,933 — — 2,933 — 2,933 
Net income— — — — — — — — — 239,405 — 239,405 169,827 409,232 
Foreign exchange translation adjustment— — — — — — — — — — (2,165)(2,165)(1,511)(3,676)
Net change in unrealized cash flow hedges gains— — — — — — — — — — 12,607 12,607 9,299 21,906 
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
— — — — — — — — — (30,147)— (30,147)(159,239)(189,386)
Issuance of common stock in connection with employee exchanges91,757 — — — — — — — — — — — — — 
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges— — (91,757)— — — — — — — — — — — 
Balance at March 31, 2021127,154,019 $1 10,135,182 $ 60,091,740 $1 (5,892,506)$(152,282)$1,190,950 $615,580 $(15,045)$1,639,205 $404,874 $2,044,079