Condensed Statements of Financial Condition |
Virtu Financial, Inc. (Parent Company Only) Condensed Statements of Financial Condition | | | | | | | | | | | | (In thousands except interest data) | December 31, 2020 | | December 31, 2019 | Assets | | | | Cash | $ | 71,481 | | | $ | 4,650 | | Deferred tax asset | 183,549 | | | 197,792 | | Investment in subsidiary | 3,126,502 | | | 2,689,026 | | Other assets | 82,917 | | | 33,653 | | Total assets | $ | 3,464,449 | | | $ | 2,925,121 | | | | | | Liabilities, redeemable membership interest and equity | | | | Liabilities | | | | Payable to affiliate | $ | 1,724,046 | | | $ | 1,724,465 | | Accounts payable and accrued expenses and other liabilities | 698 | | | — | | Tax receivable agreement obligations | 271,165 | | | 269,282 | | Total liabilities | 1,995,909 | | | 1,993,747 | | | | | | 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 — 125,627,277 and 120,435,912 shares, Outstanding — 122,012,180 and 118,257,141 shares at December 31, 2020 and December 31, 2019, 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 December 31, 2020 and December 31, 2019, respectively | — | | | — | | Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 10,226,939 and 12,887,178 shares at December 31, 2020 and December 31, 2019, 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 December 31, 2020 and December 31, 2019, respectively | 1 | | | 1 | | Treasury stock, at cost, 3,615,097 and 2,178,771 shares at December 31, 2020 and December 31, 2019, respectively | (88,923) | | | (55,005) | | Additional paid-in capital | 1,160,567 | | | 1,075,779 | | Retained earnings (accumulated deficit) | 422,381 | | | (88,755) | | Accumulated other comprehensive income (loss) | (25,487) | | | (647) | | Total Virtu Financial Inc. stockholders' equity | 1,468,540 | | | 931,374 | | | | | | Total liabilities and stockholders' equity | $ | 3,464,449 | | | $ | 2,925,121 | |
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Condensed Statements of Comprehensive Income |
Virtu Financial, Inc. (Parent Company Only) Condensed Statements of Comprehensive Income | | | | | | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2020 | | 2019 | | 2018 | Revenues: | | | | | | | | | | | | Other Income | $ | — | | | $ | — | | | $ | — | | | — | | | — | | | — | | | | | | | | Operating Expenses: | | | | | | Operations and administrative | 171 | | | 3 | | | 1 | | | | | | | | Income (loss) before equity in income of subsidiary | (171) | | | (3) | | | (1) | | Equity in income (loss) of subsidiary, net of tax | 1,121,084 | | | (29,416) | | | 620,193 | | Net income (loss) | $ | 1,120,913 | | | $ | (29,419) | | | $ | 620,192 | | | | | | | | Net income (loss) attributable to common stockholders | $ | 1,120,913 | | | $ | (29,419) | | | $ | 620,192 | | Other comprehensive income (loss): | | | | | | Foreign currency translation adjustment, net of taxes | 8,604 | | | (565) | | | (3,073) | | Net change in unrealized cash flow hedges gains (losses), net of taxes | (33,444) | | | — | | | — | | Comprehensive income (loss) | $ | 1,096,073 | | | $ | (29,984) | | | $ | 617,119 | |
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Condensed Statements of Cash Flows |
Virtu Financial, Inc. (Parent Company Only) Condensed Statements of Cash Flows | | | | | | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2020 | | 2019 | | 2018 | Cash flows from operating activities | | | | | | Net income | $ | 1,120,913 | | | $ | (29,419) | | | $ | 620,192 | | | | | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Equity in income of subsidiary, net of tax | (543,992) | | | 136,878 | | | (305,936) | | Tax receivable agreement obligation reduction | 15,169 | | | 54,879 | | | 79,722 | | Deferred taxes | 14,243 | | | (8,165) | | | (64,996) | | | | | | | | Changes in operating assets and liabilities: | (48,566) | | | 2,339 | | | (25,268) | | Net cash provided by operating activities | 557,767 | | | 156,512 | | | 303,714 | | | | | | | | Cash flows from investing activities | | | | | | | | | | | | Investments in subsidiaries, equity basis | 56,629 | | | 70,762 | | | 34,909 | | Net cash provided by investing activities | 56,629 | | | 70,762 | | | 34,909 | | | | | | | | Cash flows from financing activities | | | | | | | | | | | | Distribution from Virtu Financial to non-controlling interest | (363,919) | | | (99,221) | | | (206,903) | | Dividends | (120,496) | | | (112,414) | | | (100,329) | | | | | | | | Repurchase of Class C common stock | — | | | (196) | | | (8,216) | | Purchase of treasury stock | (49,864) | | | (14,259) | | | (66,218) | | Tax receivable agreement obligations | (13,286) | | | — | | | (12,359) | | | | | | | | | | | | | | Issuance of common stock in connection with secondary offering, net of offering costs | — | | | (375) | | | (950) | | | | | | | | Net cash used in financing activities | (547,565) | | | (226,465) | | | (394,975) | | | | | | | | Net increase (decrease) in Cash | 66,831 | | | 809 | | | (56,352) | | Cash, beginning of period | 4,650 | | | 3,841 | | | 60,193 | | Cash, end of period | $ | 71,481 | | | $ | 4,650 | | | $ | 3,841 | | | | | | | | Supplemental disclosure of cash flow information: | | | | | | Taxes paid | $ | 203,031 | | | $ | 1,332 | | | $ | 73,991 | | | | | | | | Non-cash financing activities | | | | | | Tax receivable agreement described in Note 7 | (1,388) | | | (5,811) | | | (911) | | | | | | | |
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