v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net Income $ 482,611 $ 239,425
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 31,550 32,154
Amortization of purchased intangibles and acquired capitalized software 23,566 26,840
Debt issue cost related to debt refinancing and prepayment 0 22,563
Amortization of debt issuance costs and deferred financing fees 3,371 3,522
Termination of office leases 21 33
Share-based compensation 44,459 32,996
Deferred taxes 13,632 10,614
Gain on sale of RFQ-hub (66,988) 0
Other 7,828 (28,192)
Changes in operating assets and liabilities:    
Securities borrowed (359,831) (196,533)
Securities purchased under agreements to resell (100,381) 718,822
Receivables from broker-dealers and clearing organizations (235,436) (159,531)
Trading assets, at fair value (3,126,121) 29,181
Receivables from customers (210,569) (18,524)
Operating lease right-of-use assets 18,535 28,573
Other assets (56,292) (41,325)
Securities loaned 686,472 228,215
Securities sold under agreements to repurchase 635,338 (723,951)
Payables to broker-dealers and clearing organizations 317,135 (316,939)
Payables to customers 4,358 35,479
Trading liabilities, at fair value 1,982,657 216,030
Operating lease liabilities (22,180) (30,100)
Accounts payable, accrued expenses and other liabilities 3,994 (13,944)
Net cash provided by (used in) operating activities 77,729 95,408
Cash flows from investing activities    
Development of capitalized software (29,769) (28,649)
Acquisition of property and equipment (10,944) (6,734)
Proceeds from sale of RFQ-hub 37,932 0
Other investing activities (8,600) (1,061)
Net cash provided by (used in) investing activities (11,381) (36,444)
Cash flows from financing activities    
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest (254,446) (160,684)
Repurchase of Class C common stock (1,566) 0
Purchase of treasury stock (157,562) (82,945)
Stock options exercised 15,461 558
Short-term borrowings, net 216,759 75,000
Proceeds from long-term borrowings 1,245,000 1,741,888
Repayment of long-term borrowings (1,245,000) (1,727,000)
Proceeds from interest rate swaps 0 1,955
Payment of tax receivable agreement obligations (20,773) (20,226)
Debt issuance costs (5,684) (23,217)
Net cash provided by (used in) financing activities (207,811) (194,671)
Effect of exchange rate changes on cash and cash equivalents 17,279 (3,090)
Net increase (decrease) in cash and cash equivalents (124,184) (138,797)
Cash, cash equivalents, and restricted or segregated cash, beginning of period 913,991 855,460
Cash, cash equivalents, and restricted or segregated cash, end of period 789,807 716,663
Supplementary disclosure of cash flow information    
Cash paid for interest 313,188 285,693
Cash paid for taxes 75,201 25,984
Non-cash investing activities    
Share-based and accrued incentive compensation to developers relating to capitalized software 10,309 10,529
Non-cash financing activities    
Repurchase of Class C common stock (645) 0
Purchase of treasury stock $ (356) $ 0