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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, 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 August 2, 2022
Class A common stock, par value $0.00001 per share103,041,858
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 June 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)June 30,
2022
December 31,
2021
Assets
Cash and cash equivalents $810,649 $1,071,463 
Cash restricted or segregated under regulations and other39,121 49,490 
Securities borrowed1,369,616 1,349,322 
Securities purchased under agreements to resell122,766 119,453 
Receivables from broker-dealers and clearing organizations1,419,628 1,026,807 
Trading assets, at fair value:
Financial instruments owned4,101,897 3,238,995 
Financial instruments owned and pledged1,078,824 1,017,960 
Receivables from customers226,933 146,476 
Property, equipment and capitalized software (net of accumulated depreciation of $496,229 and $472,155 as of June 30, 2022 and December 31, 2021, respectively)
86,056 89,595 
Operating lease right-of-use assets208,476 225,328 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $285,918 and $253,161 as of June 30, 2022 and December 31, 2021, respectively)
353,575 386,332 
Deferred tax assets141,922 158,518 
Other assets ($80,143 and $84,378, at fair value, as of June 30, 2022 and December 31, 2021, respectively)
307,225 291,306 
Total assets$11,415,614 $10,319,971 
Liabilities and equity
Liabilities
Short-term borrowings$157,114 $61,510 
Securities loaned1,049,609 1,142,048 
Securities sold under agreements to repurchase501,193 514,325 
Payables to broker-dealers and clearing organizations704,897 571,526 
Payables to customers106,969 54,999 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased4,471,229 3,510,779 
Tax receivable agreement obligations237,938 259,282 
Deferred tax liabilities73 65 
Accounts payable, accrued expenses and other liabilities396,128 457,942 
Operating lease liabilities257,673 278,745 
Long-term borrowings1,792,383 1,605,132 
Total liabilities9,675,206 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 — 132,915,640 and 131,497,645 shares, Outstanding — 103,917,477 and 113,170,782 shares at June 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 June 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 June 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 June 30, 2022 and December 31, 2021, respectively
1 1 
Treasury stock, at cost, 28,998,163 and 18,326,863 shares at June 30, 2022 and December 31, 2021, respectively
(828,772)(494,075)
Additional paid-in capital1,256,760 1,223,119 
Retained earnings (accumulated deficit)956,487 830,538 
Accumulated other comprehensive income (loss)13,826 (10,196)
Total Virtu Financial Inc. stockholders' equity1,398,303 1,549,388 
Noncontrolling interest342,105 314,230 
3

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)June 30,
2022
December 31,
2021
Total equity1,740,408 1,863,618 
Total liabilities and equity$11,415,614 $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 June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2022202120222021
Revenues:
Trading income, net$395,928 $384,832 $918,235 $1,197,576 
Interest and dividends income30,792 9,545 51,804 16,541 
Commissions, net and technology services136,340 143,115 290,995 334,764 
Other, net41,678 11,473 44,966 12,656 
Total revenue604,738 548,965 1,306,000 1,561,537 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net156,986 170,691 307,366 430,023 
Communication and data processing55,699 52,507 111,534 104,197 
Employee compensation and payroll taxes98,604 83,849 202,084 188,620 
Interest and dividends expense48,716 24,971 91,254 48,999 
Operations and administrative13,577 21,753 38,792 47,408 
Depreciation and amortization16,334 16,349 33,812 33,127 
Amortization of purchased intangibles and acquired capitalized software16,277 18,077 32,757 36,154 
Termination of office leases677 3,667 1,384 4,888 
Debt issue cost related to debt refinancing, prepayment and commitment fees1,437 1,989 27,121 3,744 
Transaction advisory fees and expenses558 (3)980 (17)
Financing interest expense on long-term borrowings22,089 20,113 43,422 39,605 
Total operating expenses430,954 413,963 890,506 936,748 
Income before income taxes and noncontrolling interest173,784 135,002 415,494 624,789 
Provision for income taxes24,888 26,095 66,674 106,650 
Net income148,896 108,907 348,820 518,139 
Noncontrolling interest(63,729)(45,997)(151,397)(215,824)
Net income available for common stockholders$85,167 $62,910 $197,423 $302,315 
Earnings per share
Basic$0.78 $0.51 $1.78 $2.43 
Diluted$0.78 $0.50 $1.77 $2.41 
Weighted average common shares outstanding
Basic104,960,826 119,681,845 107,133,079 120,865,624 
Diluted105,478,278 121,181,392 107,759,784 122,279,261 
Net income$148,896 $108,907 $348,820 $518,139 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes(19,810)66 (24,978)(3,610)
Net change in unrealized cash flow hedges gain (loss), net of taxes14,062 (7,206)61,935 14,700 
Comprehensive income143,148 101,767 385,777 529,229 
Less: Comprehensive income attributable to noncontrolling interest(60,173)(42,929)(164,332)(220,545)
Comprehensive income attributable to common stockholders$82,975 $58,838 $221,445 $308,684 
 
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, 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 —