Parent Company

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

VFI is the sole managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the First Lien Term Loan Facility (see Note 10 "Borrowings"). VFI is limited to its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under the Credit Agreement. The following financial statements (the “Parent Company Only Financial Statements”) should be read in conjunction with the consolidated financial statements of the Company and the foregoing.

Virtu Financial, Inc.

(Parent Company Only)

Statements of Financial Condition


(In thousands except interest data)	December 31, 2021		December 31, 2020
Assets
Cash	$	129,229	$	71,481
Deferred tax asset	149,742		183,549
Investment in subsidiary	3,221,605		3,126,502
Other assets	40,183		82,917
Total assets	$	3,540,759	$	3,464,449

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,729,320	$	1,724,046
Accounts payable and accrued expenses and other liabilities	50		698
Deferred tax liabilities	2,719		—
Tax receivable agreement obligations	259,282		271,165
Total liabilities	1,991,371		1,995,909

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 — 131,497,645 and 125,627,277 shares, Outstanding — 113,170,782 and 122,012,180 shares at December 31, 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 December 31, 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 — 9,359,065 and 10,226,939 shares at December 31, 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 December 31, 2021 and December 31, 2020, respectively	1		1
Treasury stock, at cost, 18,326,863 and 3,615,097 shares at December 31, 2021 and December 31, 2020, respectively	(494,075)		(88,923)
Additional paid-in capital	1,223,119		1,160,567
Retained earnings (accumulated deficit)	830,538		422,381
Accumulated other comprehensive income (loss)	(10,196)		(25,487)
Total Virtu Financial Inc. stockholders' equity	1,549,388		1,468,540

Total liabilities and stockholders' equity	$	3,540,759	$	3,464,449

Virtu Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2021		2020		2019
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	734		171		3

Income (loss) before equity in income of subsidiary	(734)		(171)		(3)
Equity in income (loss) of subsidiary, net of tax	827,968		1,121,084		(29,416)
Net income (loss)	$	827,234	$	1,120,913	$	(29,419)

Net income (loss) attributable to common stockholders	$	827,234	$	1,120,913	$	(29,419)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	(7,672)		8,604		(565)
Net change in unrealized cash flow hedges gains (losses), net of taxes	22,964		(33,444)		—
Comprehensive income (loss)	$	842,526	$	1,096,073	$	(29,984)

Virtu Financial, Inc.

(Parent Company Only)

Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2021		2020		2019
Cash flows from operating activities
Net income	$	827,234	$	1,120,913	$	(29,419)

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	87,055		(543,992)		136,878
Tax receivable agreement obligation reduction	4,622		15,169		54,879
Deferred taxes	36,526		14,243		(8,165)

Changes in operating assets and liabilities:	42,086		(48,566)		2,339
Net cash provided by operating activities	997,523		557,767		156,512

Cash flows from investing activities

Investments in subsidiaries, equity basis	55,654		56,629		70,762
Net cash provided by investing activities	55,654		56,629		70,762

Cash flows from financing activities

Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(548,017)		(484,415)		(211,635)


Repurchase of Class C common stock	(3,454)		—		(196)
Purchase of treasury stock	(427,454)		(49,864)		(14,259)
Tax receivable agreement obligations	(16,505)		(13,286)		—


Issuance of common stock in connection with secondary offering, net of offering costs	—		—		(375)

Net cash used in financing activities	(995,430)		(547,565)		(226,465)

Net increase (decrease) in Cash	57,747		66,831		809
Cash, beginning of period	71,481		4,650		3,841
Cash, end of period	$	129,228	$	71,481	$	4,650

Supplemental disclosure of cash flow information:
Taxes paid	$	78,844	$	203,031	$	1,332

Non-cash financing activities
Tax receivable agreement described in Note 6	311		(1,388)		(5,811)