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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 September 30, 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 November 3, 2022
Class A common stock, par value $0.00001 per share99,801,488
Class C common stock, par value $0.00001 per share9,030,066
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 September 30, 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)September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents $836,298 $1,071,463 
Cash restricted or segregated under regulations and other54,149 49,490 
Securities borrowed1,264,550 1,349,322 
Securities purchased under agreements to resell46,674 119,453 
Receivables from broker-dealers and clearing organizations1,515,043 1,026,807 
Trading assets, at fair value:
Financial instruments owned3,746,435 3,238,995 
Financial instruments owned and pledged1,056,913 1,017,960 
Receivables from customers247,492 146,476 
Property, equipment and capitalized software (net of accumulated depreciation of $475,084 and $472,155 as of September 30, 2022 and December 31, 2021, respectively)
82,161 89,595 
Operating lease right-of-use assets199,942 225,328 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $301,993 and $253,161 as of September 30, 2022 and December 31, 2021, respectively)
337,500 386,332 
Deferred tax assets133,893 158,518 
Other assets ($74,017 and $84,378, at fair value, as of September 30, 2022 and December 31, 2021, respectively)
302,284 291,306 
Total assets$10,972,260 $10,319,971 
Liabilities and equity
Liabilities
Short-term borrowings$167,450 $61,510 
Securities loaned988,969 1,142,048 
Securities sold under agreements to repurchase446,078 514,325 
Payables to broker-dealers and clearing organizations680,530 571,526 
Payables to customers96,931 54,999 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased4,199,838 3,510,779 
Tax receivable agreement obligations237,938 259,282 
Deferred tax liabilities213 65 
Accounts payable, accrued expenses and other liabilities440,641 457,942 
Operating lease liabilities248,701 278,745 
Long-term borrowings1,792,063 1,605,132 
Total liabilities9,299,352 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 — 133,012,526 and 131,497,645 shares, Outstanding — 100,574,550 and 113,170,782 shares at September 30, 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 September 30, 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 — 9,030,066 and 9,359,065 shares at September 30, 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 September 30, 2022 and December 31, 2021, respectively
1 1 
Treasury stock, at cost, 32,437,976 and 18,326,863 shares at September 30, 2022 and December 31, 2021, respectively
(909,368)(494,075)
Additional paid-in capital1,265,919 1,223,119 
Retained earnings (accumulated deficit)970,334 830,538 
Accumulated other comprehensive income (loss)21,178 (10,196)
Total Virtu Financial Inc. stockholders' equity1,348,065 1,549,388 
3

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)September 30,
2022
December 31,
2021
Noncontrolling interest324,843 314,230 
Total equity1,672,908 1,863,618 
Total liabilities and equity$10,972,260 $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 September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2022202120222021
Revenues:
Trading income, net$397,383 $394,265 $1,315,618 $1,591,840 
Interest and dividends income43,631 9,704 95,435 26,246 
Commissions, net and technology services120,986 135,923 411,981 470,687 
Other, net(956)4,452 44,010 17,108 
Total revenue561,044 544,344 1,867,044 2,105,881 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net168,869 158,862 476,235 588,885 
Communication and data processing52,907 55,627 164,441 159,824 
Employee compensation and payroll taxes103,254 84,552 305,338 273,172 
Interest and dividends expense61,989 26,586 153,243 75,585 
Operations and administrative14,319 18,228 53,110 65,636 
Depreciation and amortization16,658 16,636 50,470 49,764 
Amortization of purchased intangibles and acquired capitalized software16,060 16,933 48,817 53,087 
Termination of office leases361 238 1,744 5,126 
Debt issue cost related to debt refinancing, prepayment and commitment fees1,404 1,237 28,525 4,981 
Transaction advisory fees and expenses134 167 1,113 150 
Financing interest expense on long-term borrowings23,483 20,179 66,905 59,784 
Total operating expenses459,438 399,245 1,349,941 1,335,994 
Income before income taxes and noncontrolling interest101,606 145,099 517,103 769,887 
Provision for income taxes21,732 21,961 88,405 128,611 
Net income79,874 123,138 428,698 641,276 
Noncontrolling interest(39,867)(52,631)(191,264)(268,454)
Net income available for common stockholders$40,007 $70,507 $237,434 $372,822 
Earnings per share
Basic$0.38 $0.59 $2.17 $3.04 
Diluted$0.37 $0.59 $2.16 $3.01 
Weighted average common shares outstanding
Basic102,289,172 115,770,457 105,500,700 119,148,571 
Diluted102,550,852 116,623,115 106,004,393 120,373,160 
Net income$79,874 $123,138 $428,698 $641,276 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes(18,527)(7,843)(43,505)(11,452)
Net change in unrealized cash flow hedges gain (loss), net of taxes30,731 3,498 92,666 18,197 
Comprehensive income92,078 118,793 477,859 648,021 
Less: Comprehensive income attributable to noncontrolling interest(44,719)(51,007)(209,051)(271,552)
Comprehensive income attributable to common stockholders$47,359 $67,786 $268,808 $376,469 
 
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 Nine months ended September 30, 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— — — — — — —