Virtu Financial, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Virtu Financial Q4 and Full Year 2022 Earnings Summary

  • Adjusted Net Trading Income (ANTI): $4.4 million/day for Q4 2022, down 43% year-over-year (YoY); $5.8 million/day for full year 2022.
  • Adjusted EPS: $0.37 for Q4 2022; $3.00 for full year 2022.
  • Adjusted EBITDA: $125 million in Q4 2022 (down 62% YoY); $859 million in full year 2022 (down 34% YoY). EBITDA margins were 46% in Q4 and 59% for the full year (vs 68% margin in 2021).
  • Segment Breakdown:
    • Market Making: $2.9 million/day in Q4, includes customer and non-customer market making. Experienced decreased opportunities in Q4, particularly in Retail Wholesale flow quality.
    • Execution Services (VES): $1.4 million/day in Q4 (flat QoQ); $1.6 million/day for the year, representing 28% of total ANTI.
  • Growth Initiatives: Contributed $602K/day in Q4 (11% of global ANTI) and $665K/day for full year 2022 (14% of global ANTI).
  • Options Trading: Record year; ANTI from options up 100%+ YoY for a second consecutive year. Still in early stage and significant runway remains.
  • Fixed Income & Block ETF: Continued investment helped increase ANTI in 2022 despite market headwinds.

Continue Reading

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

Upgrade to Professional
Operator: Ladies and gentlemen, welcome to the Virtu Financial 2022 Fourth Quarter Results Call. My name is Glenn, and I'll be the moderator for today's call. [Operator Instructions] I will now hand you over to your host, Andrew Smith, Head of Investor Relationship. Andrew, please go ahead. Andrew Smith: Thank you, Glenn, and good morning, everyone. Thank you for joining us. Our fourth 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 Ms. Cindy Lee, our Deputy 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 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 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 containe

Continue Reading

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

Upgrade to Professional