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v3.19.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2019 | Mar. 31, 2018
Cash flows from operating activities |  |
Net income (loss) | $ (13,619) | $ 410,022
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 16,450 | 15,339
Amortization of purchased intangibles and acquired capitalized software | 10,922 | 6,851
Debt issue cost related to debt refinancing and prepayment | 9,214 | 6,021
Amortization of debt issuance costs and deferred financing fees | 2,644 | 1,583
Termination of office leases | 0 | 19,970
Share based compensation | 21,890 | 9,122
Deferred taxes | 2,489 | 2,471
Gain on sale of businesses | 0 | (329,703)
Other | 14,749 | (7,328)
Changes in operating assets and liabilities: |  |
Securities borrowed | 129,999 | 239,124
Securities purchased under agreements to resell | 9,820 | (602)
Receivables from broker-dealers and clearing organizations | 241,841 | (462,022)
Trading assets, at fair value | (312,005) | (194,984)
Receivables from customer | 1,147 | 0
Other assets | 13,337 | 5,848
Securities loaned | (327,799) | 181,374
Securities sold under agreements to repurchase | 8,139 | (125,241)
Payables to broker-dealers and clearing organizations | 268,358 | (67,417)
Payables to customers | (44,015) | 0
Trading liabilities, at fair value | (180,781) | 461,855
Accounts payable, accrued expenses and other liabilities | (82,749) | (53,276)
Net cash provided by (used in) operating activities | (209,969) | 119,007
Cash flows from investing activities |  |
Development of capitalized software | (6,245) | (7,016)
Acquisition of property and equipment | (4,662) | (4,505)
Proceeds from sale of business | 0 | 400,192
ITG Acquisition, net of cash acquired, described in Note 3 | (835,581) |
Investment in joint ventures | (1,500) | 0
Net cash provided by (used in) investing activities | (847,988) | 388,671
Cash flows from financing activities |  |
Distribution from Virtu Financial to non-controlling interest | (37,196) | (99,038)
Dividends | (26,312) | (22,380)
Repurchase of stock | (8,805) | (14,444)
Stock options exercised | 859 | 13,908
Short-term borrowings, net | 127,616 | (7,500)
Proceeds from long-term borrowings | 1,492,500 | 0
Repayment of long term borrowings | (400,000) | (276,000)
Debt issuance costs | (35,021) | 0
Net cash provided by (used in) financing activities | 1,113,641 | (405,786)
Effect of exchange rate changes on cash and cash equivalents | (3,404) | 2,529
Net increase (decrease) in cash and cash equivalents | 52,280 | 104,421
Cash and cash equivalents beginning of period | 736,047 | 532,887
Cash and cash equivalents, end of period | 788,327 | 637,308
Supplementary disclosure of cash flow information |  |
Cash paid for interest | 31,954 | 30,632
Cash paid for taxes | 1,171 | 156
Non-cash investing activities |  |
Share based compensation to developers relating to capitalized software | 567 | 206
Non-cash financing activities |  |
Tax receivable agreement described in Note 6 | 0 | 0
Discount on issuance of senior secured credit facility | 0 | 0
Class C common stock |  |
Cash flows from financing activities |  |
Repurchase of stock | $ 0 | $ (332)

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- Definition The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3213-108585 + Details
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3213-108585 + Details
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- Definition The cash outflow associated with the development or modification of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3213-108585 + Details
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- Definition Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3291-108585 + Details
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- Definition The cash inflow associated with the amount received from the sale of a portion of the company's business, for example a segment, division, branch or other business, during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3179-108585 + Details
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3255-108585 + Details
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- Definition The net cash inflow or outflow for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109197908&loc=SL79508275-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3255-108585 + Details
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