Financial Data and Key Metrics Changes - For Q2 2024, the company reported adjusted EPS of $0.83 and adjusted net trading income of $6.1 million per day, with an adjusted EBITDA margin of 56.5% and $218 million of adjusted EBITDA [17][30] - Adjusted net trading income totaled $385 million, with market making contributing $286 million and execution services contributing $100 million [30] - The company generated a cash-on-cash return of over 65% for the quarter, with an average of 71% on invested capital [6] Business Line Data and Key Metrics Changes - Virtu Execution Services saw adjusted net trading income increase by 3% over Q1, reaching $100 million, the highest since Q2 2022 [17] - Market making adjusted net trading income was $286 million, with strong performance in single stocks and ETFs despite reduced volatility [20] - Growth initiatives contributed $670,000 per day to adjusted net trading income, accounting for 11% of the total [20] Market Data and Key Metrics Changes - U.S. notional turnover decreased by almost 6%, while pan-European turnover was down about 2% per day, and Tokyo Stock Exchange turnover fell by about 10% [17] - Realized volatility of the S&P 500 was down about 6%, and U.S. equity volumes excluding sub-dollar shares were down 4% [25] - High-grade credit volumes decreased over 11% compared to the prior quarter, while FX volumes were up about 5% to 10% [25] Company Strategy and Development Direction - The company is focused on investing in technology and infrastructure to enhance its multi-asset class platform and meet client needs [17][18] - Strategic partnerships and white label offerings are being leveraged to create recurring revenue opportunities and expand market reach [18] - The company is optimistic about growth in fixed income markets and is actively developing technology to increase its footprint in this area [22] Management's Comments on Operating Environment and Future Outlook - Management noted a mixed market environment with varying performance across different asset classes, emphasizing the importance of adapting to market conditions [25][40] - The company is preparing to support spot Ethereum ETFs and is optimistic about the growth potential in the crypto market, despite recent volume declines [24][41] - Management expressed confidence in the company's ability to generate significant returns and maintain a disciplined approach to capital management [26][28] Other Important Information - The company repurchased 1.4 million shares at an average price of $22.34 during the quarter, with a total of 47.3 million shares repurchased to date [26] - A refinancing of $1.7 billion of existing debt was completed, resulting in a lower interest rate and extended maturities [27] - Adjusted cash operating expenses were $168 million for the quarter, with a cash compensation ratio of 22% [31][29] Q&A Session Summary Question: What drove the disconnect in ANT growth this quarter? - Management acknowledged that while organic initiatives showed growth, market forces impacted overall performance, with adjustments made to enhance execution quality and service [35][36] Question: How does the company expect to drive revenues in crypto without new ETF approvals? - Management highlighted ongoing efforts to onboard new venues and create a liquidity distribution network, anticipating growing demand from institutional investors [41][42] Question: What is the expected impact of Ether ETF approvals? - Management expressed optimism about potential inflows from Ether ETFs, suggesting that initial activity could mirror that of Bitcoin ETFs, contributing positively to the bottom line [47][49] Question: How does the fixed income opportunity compare to other markets? - Management indicated that fixed income presents a significant growth opportunity, especially with ongoing electronification and centralized clearing trends [60][61] Question: What is the recurring revenue percentage in execution services? - Management noted that while specific figures are not disclosed, there is a significant push towards subscription models within the execution services segment [64][66] Question: How did the meme stock phenomenon impact the quarter? - Management stated that the meme stock activity was overblown and did not materially affect performance, viewing it more as a risk management issue [70][72]

Virtu Financial, Inc. (VIRT) reported second-quarter 2024 adjusted earnings per share (EPS) of 83 cents, which outpaced the Zacks Consensus Estimate by 33.9%. The bottom line jumped from 37 cents per share a year ago. Adjusted net trading income improved more than 36% year over year to $385.1 million in the quarter under review. It beat the consensus estimate by 15.8%. The strong second-quarter results benefited on the back of strong revenue contribution from the Market Making segment and higher revenues fr ...

Over the last four quarters, the company has surpassed consensus EPS estimates three times. Virtu Financial shares have added about 16% since the beginning of the year versus the S&P 500's gain of 17.2%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. It will be inter ...

Execution Services Market Making Major Market Metrics ➢ Clarity on results at different ANTI levels • Maintained expense discipline • Repurchased 1.4M shares for $31M in 2Q 20244 2Q 2024 Key Financials Commentary & Highlights See endnotes at end of this supplement o Cumulative repurchases of 47.3M shares for over $1.18B, representing 18.2% of shares outstanding, net of issuances4,5 2 Key Financial Metrics Daily Average Adj. NTI1 Trend YTD 2Q 2024 share buybacks ($67M) in line with guidance © 201X Virtu Fina ...

Second Quarter 2024: The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2024 to shareholders of record as of September 1, 2024. Financial Results Total revenues increased 36.7% to $693.0 million for this quarter, compared to $506.9 million for the same period in 2023. Trading income, net, increased 39.3% to $426.4 million for the quarter compared to $306.2 million for the same period in 2023. Net income totaled $128.1 ...

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP finan ...

"Maria is an accomplished athlete and exceptional role model. She is well on her way to future success on the international show jumping stage, including representing the United States at the 2028 Olympics. Virtu is proud and honored to help support Maria in the quest to achieve her championship goals," said Douglas A. Cifu, Virtu's Chief Executive Officer. Investor Relations and Media Relations Andrew Smith investor_relations@virtu.com media@virtu.com Ms. Costa has several equestrian accomplishments in her ...

Investors with an interest in Financial - Miscellaneous Services stocks have likely encountered both Virtu Financial (VIRT) and Blackstone Inc. (BX) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Virtu Financial (VIRT) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 18, 2024, might help the stock move higher if these key numbers are better than ex ...

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 March 31, 2024 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) Delaware 32-0420206 (State or other jurisd ...