Virtu Financial, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Adjusted EPS: $0.61 for the quarter, compared to $0.70 in Q3 2021 (down 13%).
  • Adjusted Net Trading Income: $331 million ($5.2 million/day), down 7% YoY and 10% from Q2 2022.
  • Market Making: $238 million ($3.7 million/day), down 4% YoY and 9% QoQ.
  • Execution Services: $93 million ($1.5 million/day), declined 12% YoY and 13% QoQ.
  • Adjusted EBITDA: $181 million, down 14% YoY and QoQ. Margin at 55%, down from 59% in Q2 2022.
  • Year-to-date (through Q3):
    • Adjusted EPS: $2.61
    • Adjusted Net Trading Income Average: $6.3 million per day
    • Adjusted EBITDA: $733 million
    • EBITDA Margin: 61%
  • Share Buybacks:
    • 31.1 million shares repurchased since inception (~$870 million)
    • $432 million repurchased in 2022 YTD, with $350 million capacity remaining
    • 12.2% of shares repurchased, net of compensation dilution
  • Dividend: $0.24 per quarter, consistently paid for 29 consecutive quarters.
  • Growth Initiatives:
    • Crypto market making desk expanding connectivity across top crypto venues.

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Operator: Good morning, and thank you for joining the Virtu Financial 2022 Third Quarter Results. [Operator Instructions] Please note that this conference call is being recorded and will be available on the company's website for replay shortly. And now I will turn the call over to Andrew Smith. Andrew Smith: Thank you, Rita, and good morning, everyone. Thank you for joining us. Our third 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; Mr. Sean Galvin, our Chief Financial Officer; and Ms. Cindy Lee, our Deputy Chief Financial Officer. We will begin with prepared remarks and 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 on information presently available to the company, and we should not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclosures in our press release and encourage you to r

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