Virtu Financial, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Virtu Financial Q3 2023 Earnings Summary

  • Adjusted Net Trading Income (NTI): $298M or $4.7M per day, up 5% per day from Q2 2023.
  • Adjusted Earnings Per Share (EPS): $0.45, up 22% from Q2 2023 EPS of $0.37.
  • Adjusted EBITDA: $140M, with a margin of 47%.

Segment Breakdown

  • Market Making: $208M or $3.3M per day in adjusted NTI, up 6% from prior quarter.
  • Execution Services: $90M or $1.4M per day in adjusted NTI, up 4% from prior quarter.

Growth Initiatives

  • Organic Growth: $488K per day or 10% of adjusted NTI in Q3 2023.
  • Options Market Making: Continued to perform well despite a declining opportunity set; growing participation in index options like SPX, including international expansion into Japan and India.
  • ETF Block Business: Strong performance, particularly in Europe; expansion in fixed income (credit and rates).
  • Crypto Market Making: Seeing increased activity with anticipation over SEC approval of spot crypto ETFs; Virtu is AP for 10 proposed ETFs.
  • Virtu Capital Markets: Excellent quarter; uptick in financing activity and new issuers returning for capital raises.

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Operator: Hello and welcome to the Virtu Financial 2023 Third Quarter Results. My name is Kerry, and I’ll be the conference operator for today. [Operator Instructions] I would now like to hand the call over to Andrew Smith from Investor Relations to begin. Please go ahead. Andrew Smith: Thank you, Kerry and good morning everyone. Thank you for joining us. Our third quarter results were released this morning and are available on our website. With us today 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. We 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 maybe 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 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 of risk factors contained in our annual

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