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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, 2021
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.)
One Liberty Plaza10006
165 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, 2021
Class A common stock, par value $0.00001 per share112,339,058
Class C common stock, par value $0.00001 per share9,763,065
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, 2021
      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,
2021
December 31,
2020
Assets
Cash and cash equivalents $683,836 $889,559 
Cash restricted or segregated under regulations and other70,477 117,446 
Securities borrowed1,277,601 1,425,016 
Securities purchased under agreements to resell170,194 22,866 
Receivables from broker-dealers and clearing organizations1,452,426 1,684,006 
Trading assets, at fair value:
Financial instruments owned3,018,838 2,369,192 
Financial instruments owned and pledged959,056 746,539 
Receivables from customers414,244 214,478 
Property, equipment and capitalized software (net of accumulated depreciation of $470,524 and $455,961 as of September 30, 2021 and December 31, 2020, respectively)
103,963 113,590 
Operating lease right-of-use assets247,531 268,864 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $236,581 and $183,494 as of September 30, 2021 and December 31, 2020, respectively)
402,912 454,499 
Deferred tax assets176,279 193,070 
Other assets ($87,926 and $68,316, at fair value, as of September 30, 2021 and December 31, 2020, respectively)
303,194 317,747 
Total assets$10,429,477 $9,965,798 
Liabilities and equity
Liabilities
Short-term borrowings$312,814 $64,686 
Securities loaned1,017,436 948,256 
Securities sold under agreements to repurchase583,268 461,235 
Payables to broker-dealers and clearing organizations1,094,971 876,446 
Payables to customers182,939 118,826 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased2,871,649 2,923,708 
Tax receivable agreement obligations254,660 271,165 
Accounts payable, accrued expenses and other liabilities413,998 491,818 
Operating lease liabilities292,967 315,340 
Long-term borrowings1,604,062 1,639,280 
Total liabilities8,628,764 8,110,760 
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 — 127,872,786 and 125,627,277 shares, Outstanding — 113,220,345 and 122,012,180 shares at September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, respectively
  
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 9,763,065 and 10,226,939 shares at September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, respectively
1 1 
Treasury stock, at cost, 14,652,441 and 3,615,097 shares at September 30, 2021 and December 31, 2020, respectively
(392,468)(88,923)
Additional paid-in capital1,209,064 1,160,567 
Retained earnings (accumulated deficit)690,568 422,381 
Accumulated other comprehensive income (loss)(21,838)(25,487)
Total Virtu Financial Inc. stockholders' equity1,485,328 1,468,540 
3

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)September 30,
2021
December 31,
2020
Noncontrolling interest315,385 386,498 
Total equity1,800,713 1,855,038 
Total liabilities and equity$10,429,477 $9,965,798 
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)2021202020212020
Revenues:
Trading income, net$394,265 $441,295 $1,591,840 $1,987,756 
Interest and dividends income9,704 10,932 26,246 46,788 
Commissions, net and technology services135,923 133,853 470,687 452,333 
Other, net4,452 70,032 17,108 75,758 
Total revenue544,344 656,112 2,105,881 2,562,635 
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net158,862 196,448 588,885 573,769 
Communication and data processing55,627 51,647 159,824 162,336 
Employee compensation and payroll taxes84,552 35,798 273,172 327,091 
Interest and dividends expense26,586 27,374 75,585 97,656 
Operations and administrative18,228 24,612 65,636 73,480 
Depreciation and amortization16,636 16,656 49,764 50,728 
Amortization of purchased intangibles and acquired capitalized software16,933 18,265 53,087 56,177 
Termination of office leases238 60 5,126 343 
Debt issue cost related to debt refinancing, prepayment and commitment fees1,237 9,916 4,981 27,282 
Transaction advisory fees and expenses167 2,463 150 2,737 
Financing interest expense on long-term borrowings20,179 20,358 59,784 67,764 
Total operating expenses399,245 403,597 1,335,994 1,439,363 
Income before income taxes and noncontrolling interest145,099 252,515 769,887 1,123,272 
Provision for income taxes21,961 52,807 128,611 200,044 
Net income123,138 199,708 641,276 923,228 
Noncontrolling interest(52,631)(82,999)(268,454)(386,311)
Net income available for common stockholders$70,507 $116,709 $372,822 $536,917 
Earnings per share
Basic$0.59 $0.92 $3.04 $4.31 
Diluted$0.59 $0.92 $3.01 $4.29 
Weighted average common shares outstanding
Basic115,770,457 122,686,931 119,148,571 121,328,895 
Diluted116,623,115 123,772,005 120,373,160 121,939,839 
Net income$123,138 $199,708 $641,276 $923,228 
Other comprehensive income
Foreign exchange translation adjustment, net of taxes(7,843)7,812 (11,452)3,860 
Net change in unrealized cash flow hedges gain (loss), net of taxes3,498 314 18,197 (64,425)
Comprehensive income118,793 207,834 648,021 862,663 
Less: Comprehensive income attributable to noncontrolling interest(51,007)(86,761)(271,552)(360,302)
Comprehensive income attributable to common stockholders$67,786 $121,073 $376,469 $502,361 
 
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, 2021 and 2020
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 (losses)— — — — — — — — — — 12,607 12,607 9,299 21,906 
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
— — — — — — — — — (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 
Share based compensation32,916 — — — — — — — 7,444 — — 7,444 — 7,444 
Repurchase of Class C common stock— — (45,622)— — — — — (1,323)— — (1,323)— (1,323)
Treasury stock purchases(5,489)— —