Virtu Financial, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Adjusted Net Trading Income (ANTI): $4.14 million/day in Q4 2023, down slightly from $4.8 million/day for full-year 2023.
  • Adjusted EPS: $0.27 in Q4 2023, compared with $1.84 full-year 2023.
  • Adjusted EBITDA: $99 million in Q4 2023, reflecting a 38% margin (down from 47% margin reported for full year).
  • Market Making ANTI: $2.7 million/day in Q4 2023.
  • Execution Services ANTI: $1.5 million/day in Q4 2023, up 4% from Q3 2023.
Business Performance and Segment Insights
  • Market Making: Weaker customer market making due to reduced volumes and narrower spreads, particularly in a soft two-month stretch of volatility at the end of the year. Non-customer market making performed well relative to opportunity.
  • Execution Services (VES): Continued incremental progress globally despite softness in institutional activity and wallet compression. Key wins included fixed-income EMS for a major European asset manager and deployments with a large Asian asset manager.

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Operator: Hello and welcome to the Virtu Financial 2023 Fourth Quarter Results. My name is Alex, and I'll be coordinating the call today. [Operator Instructions] I'll now hand it over to your host, Andrew Smith of Invest Relations. Please go ahead. Andrew Smith: Thank you, Alex, and good morning, everyone. Thank you for joining us. Our fourth 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 Ms. Cindy Lee, our Deputy Chief Financial Officer. We'll 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, 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 report, Form 10-K, a

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