Virtu Financial, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Adjusted EPS: $0.70, increased 11% compared to Q2 2021.
  • Adjusted Net Trading Income (NTI): $354M for Q3, or $5.5M/day. This was down 2% YoY (vs Q3 2020), but up 2% sequentially (vs Q2 2021).
  • Market Making NTI: $249M or $3.9M/day, down 3% YoY, but up 5% from Q2 2021.
  • Execution Services NTI: $106M or $1.65M/day, up 1% YoY, down 5% Q/Q.
  • Adjusted EBITDA: $210.8M (up from $196.8M in Q2); margin of 59.5% (an increase of two points from Q2).
  • Dividend: $0.24/share maintained.
  • Share Repurchases:
    • $139M in Q3 (5.4M shares @ $25.71 average price).
    • Total buybacks since program began now at $361M (13.4M shares).
    • New $750M repurchase authorization announced over next two years.

Key Business Developments

  • Options Market Making: Continued expansion in symbols and venues. Strong quarter despite industry-wide 15% drop in options trading volumes vs early 2021. Virtu intends to begin participating in the U.S. retail options (605) market early in 2022.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good morning, and welcome to the Virtu Financial 2021 Third Quarter Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this is being recorded. I would now like to turn the conference over to Andrew Smith, Head of Investor Relations. Please go ahead. Andrew Smith: Thank you, Anthony, and good morning, everyone. Thanks for joining us. Our third quarter results were released this morning and are available on our website. This morning’s call, we have Mr. Douglas Cifu, our Chief Executive Officer; and Mr. Joseph Molluso, our Co-President and Cooperating 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 beliefs 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 conditions 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

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional