Virtu Financial, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Adjusted Net Trading Income: $505 million, or $8.1 million/day — up 7% from Q4 2021 ($472 million).
  • Adjusted EPS: $1.27 — increased 7% from Q4 2021 ($1.18).
  • Adjusted EBITDA: $344 million — 5% higher than Q4 2021 ($328 million).
  • Adjusted EBITDA Margin: 68% — flat compared to Q4 2021 and FY 2021.
  • Market Making Segment: $382 million adjusted NTI or $6.2 million/day — up 6% from Q4 2021.
  • Execution Services Segment: $123 million adjusted NTI or ~$2 million/day — up 12% from Q4 2021.
  • Organic Growth Initiatives: Represented 10% of adjusted NTI ($821,000/day), with strength in options, ETF block, ATM, and crypto Market Making.
  • Share Repurchases: $287 million in Q1; total of $732 million since late 2020, representing 9% of shares outstanding (net of new issuances).
  • Debt Refinancing: Refinanced and upsized to $1.8 billion; expected annual interest expense now ~$83 million.
  • Dividend: Maintained $0.24 quarterly dividend (consistent for 25 consecutive quarters since IPO).

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Operator: Good day, all, and thank you for joining the Virtu Financial 2022 First Quarter Results Call. My name is Louisa and I’ll be operating your call today. [Operator Instructions] I now have the pleasure of handing over to your host today, Andrew Smith, Head of Investor Relations. Andrew, please go ahead. Andrew Smith: Thank you, Louisa, and good morning, everyone. Thanks for joining us. Our first quarter results were released this morning and are available on our website. On this morning’s call, we have Mr. Douglas Cifu, our Chief Executive Officer; Mr. Joseph Molluso, our Co-President and Co-Chief Operating Officer; and Mr. Sean Galvin, our Chief Financial Officer. They will begin with prepared remarks and then take your questions. First, a few reminders. Today’s call may include forward-looking statements, which represent Virtu’s current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be outside the company’s control. Please note that our actual results and financial condition may differ materially from what is indicated in those forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press releases and encourage you to review the description of risk fa

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