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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net Income (loss) $ 620,192 $ 18,898 $ 158,340
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 61,154 47,327 29,703
Amortization of purchased intangibles and acquired capitalized software 26,123 15,447 211
Debt issue cost related to debt refinancing and prepayment 10,645 10,460 5,579
Amortization of debt issuance costs and deferred financing fees 10,419 5,822 1,690
Termination of office leases 23,357 3,671 0
Share based compensation 31,934 26,259 22,866
Reserve for legal matters 2,020 657 0
Write-down of assets 3,239 1,216 428
Connectivity early termination 2,000 0 0
Tax receivable agreement obligation reduction 0 (86,599) 0
Deferred taxes 4,131 102,973 13,313
Gain on sale of businesses (335,211) 0 0
Other 418 (4,577) (1,070)
Changes in operating assets and liabilities:      
Securities borrowed 71,488 155,277 233,291
Securities purchased under agreements to resell (15,475) 16,894 14,981
Receivables from broker dealers and clearing organizations (129,431) 26,145 27,808
Trading assets, at fair value 72,701 1,210,599 (530,668)
Other assets 125,272 44,494 772
Securities loaned 375,352 366,295 (302,400)
Securities sold under agreements to repurchase (108,781) (450,964) 0
Payables to broker dealers and clearing organizations (148,764) (516,376) 209,374
Trading liabilities, at fair value 90,797 (721,204) 370,065
Accounts payable and accrued expenses and other liabilities (78,985) 17,860 (14,684)
Net cash provided by operating activities 714,595 290,574 239,599
Cash flows from investing activities      
Development of capitalized software (21,482) (14,158) (8,404)
Acquisition of property and equipment (26,467) (18,932) (11,859)
Proceeds from sale of telecommunication assets 600 0 0
Investment in joint ventures (23,669) 0 0
Investment in SBI Japannext 0 0 (38,754)
Acquisition of KCG Holdings, net of cash acquired, described in Note 3 0 (799,632) 0
Acquisition of Teza Technologies 0 (5,594) 0
Net cash provided by (used in) investing activities 329,174 (838,016) (59,017)
Cash flows from financing activities      
Distribution from Virtu Financial to non-controlling interest (206,903) (89,563) (162,969)
Dividends (100,329) (63,814) (37,759)
Repurchase of stock (66,218) (2,683) (4,539)
Stock option exercised 76,754 0 0
Short-term borrowings, net (15,000) 7,000 (20,000)
Proceeds from long-term borrowings 0 1,115,036 75,753
Repayment of long term borrowings (500,000) (256,473) (3,825)
Repayment of KCG Notes 0 (480,987) 0
Tax receivable agreement obligations (12,359) (7,045) 0
Debt issuance costs (2,261) (56,505) (5,094)
Issuance of common stock, net of offering costs 0 735,974 0
Issuance of common stock in connection with secondary offering, net of offering costs (950) 0 16,677
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with secondary offering 0 0 (17,383)
Net cash provided by (used in) financing activities (835,482) 889,797 (161,237)
Effect of exchange rate changes on cash and cash equivalents (5,127) 9,117 (1,165)
Net increase (decrease) in cash and cash equivalents 203,160 351,472 18,180
Cash and cash equivalents beginning of period 532,887 181,415 163,235
Cash and cash equivalents, end of period 736,047 532,887 181,415
Supplementary disclosure of cash flow information      
Cash paid for interest 139,412 112,982 54,872
Cash paid for taxes 93,991 5,976 16,175
Non-cash investing activities      
Share based compensation to developers relating to capitalized software 2,936 1,605 2,750
Non-cash financing activities      
Tax receivable agreement described in Note 6 (991) 1,534 545
Discount on issuance of senior secured credit facility 0 1,438 1,350
Secondary offerings described in Note 16 0 0 0
Class A-2 Interests      
Cash flows from financing activities      
Repurchase of stock 0 (11,143) (2,000)
Class C common stock      
Cash flows from financing activities      
Repurchase of stock (8,216) 0 (98)
BondPoint      
Cash flows from investing activities      
Proceeds from sale of business 400,192 0 0
DMM Business      
Cash flows from investing activities      
Proceeds from sale of business $ 0 $ 300 $ 0