Virtu Financial, Inc. Q2 FY2021 Earnings Call

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  • Adjusted EPS: $0.63, significantly down from $2.04 in Q1 2021 and $0.73 in Q2 2020.
  • Adjusted Net Trading Income (ANTI): $342 million ($5.4 million/day), down 55% from Q1 2021 ($8.63 million/day) and down 49% year-over-year.
  • Market Making ANTI: $3.7 million/day, compared to $4 million/day in Q3 2020, despite 34% lower realized volatility; down 58% YoY and 61% from Q1 2021.
  • Execution Services ANTI: $110 million ($1.7 million/day), decreased 6% YoY.
  • Adjusted EBITDA: $197 million, down 59% YoY and 65% QoQ; Adjusted EBITDA Margin: 57.6%.
  • Realized Volatility: Down nearly 30% QoQ and 9% below 2019 average, highlighting subdued market activity.
  • Average Daily ANTI for H1 2021: $8.63 million/day.
  • Share Repurchase: $100 million in Q2 2021 (3.4 million shares); total repurchases under current authorization: $230 million out of $470 million.
  • Dividend: $0.24/share quarterly dividend maintained.
  • Long-term Debt: $1.6 billion, with $35 million repayment during Q2.

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Operator: Good day, and welcome to the Virtu Financial 2021 Second Quarter Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Andrew Smith. Please go ahead. Andrew Smith: Thanks, Tom, and good morning. Thanks for joining us today. Our second 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; and 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 these forward-looking statements. It is important to note that any forward-looking statements made on this call are based upon 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 release and encourage you to review the description factors contained in our Annual Report and Form 10-K, 10-Q and other public filings. During today's call, in addition to GAA

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