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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, 2020
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 6, 2020
Class A common stock, par value $0.00001 per share122,918,976
Class C common stock, par value $0.00001 per share10,466,939
Class D common stock, par value $0.00001 per share60,091,740
 
1

Table of Contents




VIRTU FINANCIAL, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED September 30, 2020
      PAGE
NUMBER
    
PART I - 
  
    
  
    
  
  
  
  
  
    
 
    
 
    
 
    
  
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
  
    Unless the context otherwise requires, the terms “we,” “us,” “our,” “Virtu” and the “Company” refer to Virtu Financial, Inc., a Delaware corporation, and its consolidated subsidiaries and the term “Virtu Financial” refers to Virtu Financial LLC, a Delaware limited liability company and a consolidated subsidiary of ours.

1

Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Index to Condensed Consolidated Financial Statements
 
 PAGE
NUMBER
 
  
  
  
  
2

Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)September 30,
2020
December 31,
2019
Assets
Cash and cash equivalents $567,677 $732,164 
Cash restricted or segregated under regulations and other98,285 41,116 
Securities borrowed1,325,843 1,928,763 
Securities purchased under agreements to resell17,413 143,032 
Receivables from broker-dealers and clearing organizations1,881,881 1,318,584 
Trading assets, at fair value:
Financial instruments owned2,208,147 2,068,734 
Financial instruments owned and pledged609,050 696,956 
Receivables from customers176,939 103,531 
Property, equipment and capitalized software (net of accumulated depreciation of $443,770 and $457,229 as of September 30, 2020 and December 31, 2019, respectively)
116,550 116,089 
Operating lease right-of-use assets287,069 314,526 
Goodwill1,148,926 1,148,926 
Intangibles (net of accumulated amortization of $165,417 and $219,239 as of September 30, 2020 and December 31, 2019, respectively)
473,317 529,638 
Deferred tax assets192,467 214,671 
Other assets ($66,805 and $48,966, at fair value, as of September 30, 2020 and December 31, 2019, respectively)
339,161 252,640 
Total assets$9,442,725 $9,609,370 
Liabilities and equity
Liabilities
Short-term borrowings$123,993 $73,486 
Securities loaned705,789 1,600,099 
Securities sold under agreements to repurchase466,995 340,742 
Payables to broker-dealers and clearing organizations675,032 826,750 
Payables to customers141,980 89,719 
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased2,790,135 2,497,958 
Tax receivable agreement obligations255,996 269,282 
Accounts payable, accrued expenses and other liabilities508,543 399,168 
Operating lease liabilities330,626 365,364 
Long-term borrowings1,636,829 1,917,866 
Total liabilities7,635,918 8,380,434 
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 — 125,059,325 and 120,435,912 shares, Outstanding — 122,880,554 and 118,257,141 shares at September 30, 2020 and December 31, 2019, respectively
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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, 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 — 10,466,939 and 12,887,178 shares at September 30, 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 September 30, 2020 and December 31, 2019, respectively
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Treasury stock, at cost, 2,178,771 and 2,178,771 shares at September 30, 2020 and December 31, 2019, respectively
(55,005)(55,005)
Additional paid-in capital1,143,149 1,077,398 
Retained earnings (accumulated deficit)343,817 (90,374)
Accumulated other comprehensive income (loss)(35,203)(647)
Total Virtu Financial Inc. stockholders' equity1,396,760 931,374 
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Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)September 30,
2020
December 31,
2019
Noncontrolling interest410,047 297,562 
Total equity1,806,807 1,228,936 
Total liabilities and equity$9,442,725 $9,609,370 
See accompanying notes to the Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents
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)2020201920202019
Revenues:
Trading income, net$441,295 $220,148 $1,987,756 $683,611 
Interest and dividends income10,932 23,352 46,788 76,645 
Commissions, net and technology services133,853 139,627 452,333 359,894 
Other, net70,032 (787)75,758 (2,277)
Total revenue656,112 382,340 2,562,635 1,117,873 

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net196,448 98,789 573,769 285,890 
Communication and data processing51,647 59,767 162,336 156,004 
Employee compensation and payroll taxes35,798 90,595 327,091 282,135 
Interest and dividends expense27,374 34,546 97,656 116,739 
Operations and administrative24,612 25,333 73,480 76,293 
Depreciation and amortization16,656 17,598 50,728 48,859 
Amortization of purchased intangibles and acquired capitalized software18,265 18,908 56,177 50,436 
Termination of office leases60 1,278 343 66,490 
Debt issue cost related to debt refinancing, prepayment and commitment fees9,916  27,282 7,894 
Transaction advisory fees and expenses2,463 7,163 2,737 24,074 
Financing interest expense on long-term borrowings20,358 34,191 67,764 91,669 
Total operating expenses403,597 388,168 1,439,363 1,206,483 
Income (loss) before income taxes and noncontrolling interest252,515 (5,828)1,123,272 (88,610)
Provision for (benefit from) income taxes52,807 (644)200,044 (14,322)
Net income (loss)199,708 (5,184)923,228 (74,288)
Noncontrolling interest(82,999)872 (386,311)33,412 
Net income (loss) available for common stockholders$116,709 $(4,312)$536,917 $(40,876)
Earnings (loss) per share
Basic$0.92 $(0.04)$4.31 $(0.38)
Diluted$0.92 $(0.04)$4.29 $(0.38)
Weighted average common shares outstanding
Basic122,686,931 117,548,769 121,328,895 112,602,934 
Diluted123,772,005 117,548,769 121,939,839 112,602,934 
Net income (loss) $199,708 $(5,184)$923,228 $(74,288)
Other comprehensive income (loss)
Foreign exchange translation adjustment, net of taxes7,812 (7,197)3,860 (10,057)
Net change in unrealized cash flow hedges gain (loss), net of taxes314  (64,425) 
Comprehensive income (loss)207,834 (12,381)862,663 (84,345)
Less: Comprehensive income (loss) attributable to noncontrolling interest(86,761)3,598 (360,302)37,221 
Comprehensive income (loss) attributable to common stockholders$121,073 $(8,783)$502,361 $(47,124)
 
See accompanying notes to the Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity (Unaudited)
Three and Nine Months Ended September 30, 2020 and 2019
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' EquityNon-Controlling InterestTotal Equity
(in thousands, except share and interest data)
SharesAmountsSharesAmountsSharesAmountsSharesAmountsAmounts
Balance at December 31, 2019120,435,912 $1 12,887,178 $ 60,091,740 $1 (2,178,771)$(55,005)$1,077,398 $(90,374)$(647)$931,374 $297,562 $1,228,936 
Share based compensation1,854,961 — — — — — — — 21,357 — — 21,357 — 21,357 
Treasury stock purchases(642,869)— — — — — — — — (9,801)— (9,801)— (9,801)
Stock options exercised213,129 — — — — — — — 3,206 — — 3,206 — 3,206 
Warrants issued— — — — — — — — 11,486 — — 11,486 — 11,486 
Net income (loss)— — — — — — — — — 221,069 — 221,069 167,169 388,238 
Foreign exchange translation adjustment— — — — — — — — — — (5,884)(5,884)(4,512)(10,396)
Net change in unrealized cash flow hedges gains (losses)— — — — — — — — — — (31,468)(31,468)(24,134)(55,602)
Distribution from Virtu Financial to non-controlling interest— — — — — — — — — — — — (19,165)(19,165)
Dividends— — — — — — — — — (29,602)— (29,602)— (29,602)
Issuance of common stock in connection with employee exchanges724,327 — — — — — — — — — — — — — 
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges— — (724,327)— — — — — — — — — — — 
Balance at March 31, 2020122,585,460 $1 12,162,851 $ 60,091,740 $1 (2,178,771)$(55,005)$1,113,447 $91,292 $(37,999)$1,111,737 $416,920 $1,528,657 
Share based compensation36,771 — — — — — — — 7,839 — — 7,839 —