Virtu Announces Fourth Quarter and Full Year 2016 Results


NEW YORK, Feb. 02, 2017 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ:VIRT) a leading technology-enabled market maker and liquidity provider to the global financial markets, today reported results for the fourth quarter and the full year ended December 31, 2016.

Fourth Quarter and Full Year Selected Results

Fourth Quarter 2016:

  • Net income of $34.9 million; Normalized Adjusted Net Income* of $32.9 million
  • Basic and Diluted EPS of $0.22; Normalized Adjusted EPS* of $0.24
  • Total revenues of $170.6 million; Adjusted Net Trading Income* of $100.3 million
  • Adjusted EBITDA* of $64.8 million; Adjusted EBITDA Margin* of 62.6%
  • Quarterly cash dividend of $0.24 per share payable on March 15, 2017

Full Year 2016:

  • Net Income of $158.5 million; Normalized Adjusted Net Income* of $135.8 million
  • Basic and Diluted EPS of $0.88; Normalized Adjusted EPS* of $0.97
  • Total revenues of $702.3 million; Adjusted Net Trading Income* of $414.1 million
  • Adjusted EBITDA* of $268.6 million; Adjusted EBITDA Margin* of 63.3%

* Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2017 to shareholders of record as of March 1, 2017.

“The 4th quarter was really the tale of two very different quarters.  The quarter began similar to the third quarter with muted volumes and volatility and that was upended with the US Presidential election with much more favorable market conditions that were sustained throughout November and early December.   We view Virtu's solid performance and profitability in this quarter and the full year 2016 to be a testament to the resiliency and sustainability of our business model and the product of our singular focus on broad diversification and scale.  We believe with the new pro-growth and pro-business environment in Washington that the stage is set for return to a more normalized volume and volatility environment globally and we look forward to creating more value for our shareholders,” said Douglas Cifu, Chief Executive Officer of Virtu Financial.

Financial Results

Fourth Quarter 2016:

Total revenues decreased 3.5% to $170.6 million for this quarter, compared to $176.9 million for the same period in 2015. Trading income, net, decreased 6.6% to $155.9 million for this quarter, compared to $166.9 million for the same period in 2015. Net income decreased 18.8% to $34.9 million for this quarter, compared to $42.9 million for the same period in 2015.  

Basic and Diluted EPS for this quarter were $0.22 and $0.22, compared to $0.22 and $0.22 for the same period in 2015, respectively.

Adjusted Net Trading Income decreased 7% to $100.3 million for this quarter, compared to $107.8 million for the same period in 2015. Adjusted EBITDA decreased 9.9% to $64.8 million for this quarter, compared to $71.9 million for the same period in 2015. Normalized Adjusted Net Income decreased 10.6% to $32.9 million for this quarter, compared to $36.8 million for the same period in 2015. Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxation, Normalized Adjusted EPS was $0.24 for this quarter and $0.27 for the same period in 2015.

Full Year 2016:

Total revenues decreased 11.8% to $702.3 million, compared to $796.2 million in 2015. Trading income, net, decreased 12.1% to $665.5 million, compared to $757.5 million in 2015. Net income decreased 19.7% to $158.5 million, compared to $197.5 million in 2015. 

Basic and Diluted EPS for this year were $0.88 and $0.88, compared to $0.60 and $0.59 in 2015, respectively.

Adjusted Net Trading Income decreased 17.3% to $414.1 million, compared to $500.7 million in 2015. Normalized Adjusted Net Income decreased 27.3% to $135.8 million, compared to $186.7 million in 2015. Adjusted EBITDA decreased 23.8% to $268.6 million, compared to $352.4 million in 2015. Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxation, Normalized Adjusted EPS was $0.97 for this year and $1.35 in 2015.

Historical quarterly results from first quarter 2014 to date are available at http://ir.virtu.com.

Business Performance

Since our inception, we have sought to broadly diversify our market making across securities, asset classes and  geographies, and as a result, for the quarter ended December 31, 2016, we achieved a diverse mix of Adjusted Net Trading Income results, with no one category constituting more than 31.3% of our total Adjusted Net Trading Income. Average daily Adjusted Net Trading Income was approximately $1.592 million for this quarter compared to $1.684 million for the same period in the previous year. For the full year 2016, no single category constituted more than 30.0% of our total Adjusted Net Trading Income and our average daily Adjusted Net Trading Income was approximately $1.645 million compared to $1.987 million for the previous year.

As of December 31, 2016, Virtu was connected to more than 235 unique market venues in 36 countries and made markets in over 12,000 financial instruments.

The following tables show our Adjusted Net Trading Income, average daily Adjusted Net Trading Income and percentage of Adjusted Net Trading Income by category for the three months ended December 31, 2016 and 2015, and years ended December 31, 2016 and 2015, respectively.

          
 Three Months Ended December 31,
Adjusted Net Trading Income: 2016 % of
Total
  2015 % of
Total
 % Change
Category(in thousands, except percentages)
Americas Equities$31,409 31.3% $33,384 31.0% -5.9%
EMEA Equities 9,702 9.7%  12,555 11.6% -22.7%
APAC Equities 11,198 11.2%  11,035 10.2% 1.5%
Global Commodities 23,011 22.9%  22,102 20.5% 4.1%
Global Currencies 15,385 15.3%  20,346 18.9% -24.4%
Options, Fixed Income and Other 5,321 5.3%  7,109 6.6% -25.2%
Unallocated1 4,262 4.3%  1,279 1.2% NM  
          
Total Adjusted Net Trading Income$   100,288 100.0% $   107,810  100.0% -7.0%
          
          
 Three Months Ended December 31,
Average Daily Adjusted Net Trading Income: 2016 % of
Total
  2015 % of
Total
 % Change
Category(in thousands, except percentages)
Americas Equities$499 31.3% $522 31.0% -4.4%
EMEA Equities 154 9.7%  196 11.6% -21.4%
APAC Equities 178 11.2%  172 10.2% 3.5%
Global Commodities 365 22.9%  345 20.5% 5.8%
Global Currencies 244 15.3%  318 18.9% -23.3%
Options, Fixed Income and Other 84 5.3%  111 6.6% -24.3%
Unallocated1 68 4.3%  20 1.2% NM  
          
Total Adjusted Net Trading Income$   1,592  100.0% $   1,684  100.0% -5.5%
          
          
          
 Year Ended December 31,
Adjusted Net Trading Income: 2016 % of
otal
  2015 % of
Total
 % Change
Category(in thousands, except percentages)
Americas Equities$124,246 30.0% $135,662 27.1% -8.4%
EMEA Equities 44,505 10.7%  58,568 11.7% -24.0%
APAC Equities 49,931 12.1%  44,910 9.0% 11.2%
Global Commodities 101,234 24.4%  112,616 22.5% -10.1%
Global Currencies 65,667 15.9%  110,493 22.1% -40.6%
Options, Fixed Income and Other 28,135 6.8%  32,020 6.4% -12.1%
Unallocated1 411 0.1%  6,430 1.2% NM  
          
Total Adjusted Net Trading Income$   414,129  100.0% $   500,699  100.0% -17.3%
          
          
 Year Ended December 31,
Average Daily Adjusted Net Trading Income: 2016 % of
Total
  2015 % of
Total
 % Change
Category(in thousands, except percentages)
Americas Equities$493 30.0% $538 27.1% -8.4%
EMEA Equities 177 10.7%  232 11.7% -23.7%
APAC Equities 198 12.1%  178 9.0% 11.2%
Global Commodities 402 24.4%  447 22.5% -10.1%
Global Currencies 261 15.9%  439 22.1% -40.5%
Options, Fixed Income and Other 112 6.8%  127 6.4% -11.8%
Unallocated1 2 0.1%  26 1.2% NM  
          
Total Adjusted Net Trading Income$   1,645  100.0% $   1,987  100.0% -17.2%
          
1 Under our methodology for recording ‘‘trading income, net’’ in our condensed consolidated statements of comprehensive income, we recognize revenues based on the exit price of assets in accordance with applicable U.S. GAAP rules, and when we calculate Adjusted Net Trading revenues based on the exit price of assets in accordance with applicable U.S. GAAP rules, and when we calculate Adjusted Net Trading Income for corresponding reporting periods, we start with trading income, net. By contrast, when we calculate Adjusted Net Trading Income by category, we recognize revenues on a daily basis, and as a result prices used in recognizing revenues may differ. Because we provide liquidity on a global basis, across asset classes and time zones, the timing of any particular daily Adjusted Net Trading Income calculation can effectively defer or accelerate revenue from one day to another or one reporting period to another, as the case may be. We do not allocate any resulting differences based on the timing of revenue recognition. 
 

Financial Condition

As of December 31, 2016, Virtu had $181.4 million in cash and cash equivalents, and total long-term debt outstanding in an aggregate principal amount of $569.9 million.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:

  • "Adjusted Net Trading Income", which is the amount of revenue we generate from our market making activities, or trading income, net, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange and clearance fees, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our market making activities.
  • "EBITDA", which measures our operating performance by adjusting Net Income to exclude financing interest expense on our senior secured credit facility, debt issue cost related to debt refinancing, depreciation and amortization, amortization of purchased intangibles and acquired capitalized software, and income tax expense, and "Adjusted EBITDA", which measures our operating performance by further adjusting EBITDA to exclude severance, reserve for legal matter, transaction advisory fees and expenses, termination of office leases, trading related settlement income, other losses (revenues), equipment write-off, share based compensation, charges related to share based compensation at IPO, 2015 Management Incentive Plan, and charges related to share based compensation at IPO.
  • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items including IPO-related adjustments and other non-cash items, assuming that all vested and unvested Virtu Financial LLC units have been exchanged for Class A Common Stock, and applying a corporate tax rate of 35.5%.  

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains covenants and other tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

  • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
  • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
  • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
  • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
  • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income (loss), cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

        
 Three Months Ended December 31, Year Ended December 31,
  2016   2015   2016   2015 
 (in thousands, except share and per share data)
Revenues:       
Trading income, net$155,937  $166,901  $665,480  $757,455 
Interest and dividends income 11,457   7,114   26,419   28,136 
Technology services 3,114   2,889   10,338   10,622 
Other revenues (losses) 138   -   36   - 
        
Total revenues 170,646   176,904   702,273   796,213 
        
Operating Expenses:       
Brokerage, exchange and clearance fees, net 53,798   53,016   221,214   232,469 
Communication and data processing 17,423   17,046   71,001   68,647 
Employee compensation and payroll taxes 21,113   21,219   85,295   88,026 
Interest and dividends expense 13,308   13,189   56,557   52,423 
Operations and administrative 6,420   5,974   22,773   25,991 
Depreciation and amortization 7,018   7,600   29,703   33,629 
Amortization of purchased intangibles and       
acquired capitalized software 53   53   212   211 
Debt issue cost related to debt refinancing 5,579   -   5,579   - 
Reserve for legal matter -   5,440   -   5,440 
Charges related to share based compensation at IPO 312   (1,098)  1,755   44,194 
Financing interest expense on senior secured credit facility 6,758   7,188   28,327   29,254 
        
Total operating expenses 131,782   129,627   522,416   580,284 
        
        
Income before income taxes and noncontrolling interest 38,864   47,277   179,857   215,929 
Provision for income taxes 4,000   4,337   21,326   18,439 
        
Net income$34,864  $42,940  $158,531  $197,490 
        
Noncontrolling interest (25,898)  (34,834)  (123,811)  (176,603)
        
        
Net income available for common stockholders$8,966  $8,106  $34,720  $20,887 
        
Earnings per share:       
Basic$0.22  $0.22  $0.88  $0.60 
Diluted$0.22  $0.22  $0.88  $0.59 
        
        
Weighted average common shares outstanding       
Basic 39,354,983   36,168,177   38,539,091   34,964,312 
Diluted 39,354,983   36,689,572   38,539,091   35,339,585 
        
Comprehensive income:       
Net income$34,864  $42,940  $158,531  $197,490 
Other comprehensive income (loss)       
Foreign exchange translation adjustment, net of taxes (2,930)  (1,304)  (1,174)  (4,255)
        
Comprehensive income$31,934  $41,636  $157,357  $193,235 
Less: Comprehensive income attributable to noncontrolling interest (23,815)  (33,873)  (122,969)  (172,249)
        
Comprehensive income available for common stockholders$8,119  $7,763  $34,388  $20,986 
        

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

        
 Three Months Ended December 31,Year Ended December 31,
  2016   2015   2016   2015 
 (in thousands, except percentages)
Reconciliation of Trading income, net to Adjusted Net Trading Income      
Trading income, net$155,937  $166,901  $665,480  $757,455 
Interest and dividends income 11,457   7,114   26,419   28,136 
Brokerage, exchange and clearance fees, net (53,798)  (53,016)  (221,214)  (232,469)
Interest and dividends expense (13,308)  (13,189)  (56,557)  (52,423)
        
Adjusted Net Trading Income$100,288  $107,810  $414,128  $500,699 
        
Reconciliation of Net Income to EBITDA and Adjusted EBITDA       
Net income$34,864  $42,940  $158,531  $197,490 
Financing interest expense on senior secured credit facility 6,758   7,188   28,327   29,254 
Debt issue cost related to debt refinancing 5,579   -   5,579   - 
Depreciation and amortization 7,018   7,600   29,703   33,629 
Amortization of purchased intangibles and acquired capitalized software 53   53   212   211 
Provision for income taxes 4,000   4,337   21,326   18,439 
        
EBITDA$58,272  $62,118  $243,678  $279,023 
        
Severance 982   420   1,252   1,064 
Reserve for legal matter -   5,440   -   5,440 
Transaction advisory fees and expenses 318   -   994   - 
Termination of office leases -   -   (319)  2,729 
Trading related settlement income -   -   (2,975)  - 
Other losses (revenues) (138)  -   (36)  - 
Equipment write-off -   -   428   - 
Share based compensation 3,635   3,295   18,222   15,202 
Charges related to share based compensation at IPO, 2015 Management Incentive Plan 1,393   1,693   5,606   4,710 
Charges related to share based compensation awards at IPO 312   (1,098)  1,755   44,194 
        
Adjusted EBITDA$64,774  $71,868  $268,605  $352,362 
        
        
Selected Operating Margins       
Net Income Margin1 33.7%  38.8%  37.3%  38.6%
EBITDA Margin2 56.4%  56.1%  57.4%  54.6%
Adjusted EBITDA Margin3 62.6%  64.9%  63.3%  68.9%
        
1 Calculated by dividing net income by the sum of Adjusted Net Trading Income and technology services revenue.
  
2 Calculated by dividing EBITDA by the sum of Adjusted Net Trading Income and technology services revenue.
  
3 Calculated by dividing Adjusted EBITDA by the sum of Adjusted Net Trading Income and technology services revenue.
  
   

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

        
 Three Months Ended December 31, Year Ended December 31,
  2016   2015   2016   2015
 (in thousands, except share and per share data)
Reconciliation of Net Income to Normalized Adjusted Net Income       
Net income$34,864  $42,940  $158,531  $197,490
Provision for income taxes 4,000   4,337   21,326   18,439
        
Income before income taxes$38,864  $47,277  $179,857  $215,929
        
Amortization of purchased intangibles and acquired capitalized software 53   53   212   211
Debt issue cost related to debt refinancing 5,579   -   5,579   -
Severance 982   420   1,252   1,064
Reserve for legal matter -   5,440   -   5,440
Transaction advisory fees and expenses 318   -   994   -
Termination of office leases -   -   (319)  2,729
Equipment write-off -   -   428   1,719
Trading related settlement income -   -   (2,975)  -
Other losses (revenues) (138)  -   (36)  -
Share based compensation 3,635   3,295   18,222   15,202
Charges related to share based compensation at IPO, 2015 Management Incentive Plan 1,393   1,693   5,606   4,710
Charges related to share based compensation awards at IPO 312   (1,098)  1,755   44,194
        
Normalized Adjusted Net Income before income taxes$50,998  $57,080  $210,575  $291,198
        
Normalized provision for income taxes1 18,104   20,263   74,754   103,375
        
Normalized Adjusted Net Income$32,894  $36,817  $135,821  $187,823
        
Weighted Average Adjusted shares outstanding2 139,681,670   138,918,476   139,685,124   138,772,354
        
Normalized Adjusted EPS$0.24  $0.27  $0.97  $1.35
        
1 Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 35.5%.
  
2 Assumes that (1) holders of all vested and unvested Virtu Financial LLC Units (together with corresponding shares of Class C common stock), have exercised their right to exchange such Virtu Financial LLC Units for shares of Class A common stock on a one-for-one basis,  (2) holders of all Virtu Financial LLC Units (together with corresponding shares of Class D common stock), have exercised their right to exchange such Virtu Financial LLC Units for shares of Class B common stock on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B common stock into shares of Class A common stock on a one-for-one basis. Includes additional shares from dilutive impact of options and restricted stock units outstanding under the 2015 Management Incentive Plan during the three months and the year ended December 31, 2016 and 2015.
        


     
 December 31, December 31, 
  2016  2015  
 (in thousands, except share data) 
Assets    
Cash and cash equivalents$181,415 $163,235  
Securities borrowed 220,005  453,296  
Securities purchased under agreements to resell -  14,981  
Receivables from broker-dealers and clearing organizations 449,771  476,536  
Trading assets, at fair value 1,960,126  1,297,214  
Property, equipment and capitalized software, net 29,660  37,501  
Goodwill 715,379  715,379  
Intangibles (net of accumulated amortization) 992  1,203  
Deferred taxes 185,354  193,740  
Other assets 77,669  38,845  
     
Total assets$3,820,371 $3,391,930  
     
Liabilities and equity    
Liabilities    
Short-term borrowings$25,000 $45,000  
Securities loaned 222,203  524,603  
Payables to broker-dealers and clearing organizations 828,223  486,604  
Trading liabilities, at fair value 1,350,198  979,090  
Tax receivable agreement obligations 226,048  218,399  
Accounts payable and accrued expenses and other liabilities 67,976  86,775  
Long-term borrowings, net 564,957  493,589  
     
Total liabilities$3,284,605 $2,834,060  
     
     
Total equity 535,766  557,870  
     
     
Total liabilities and equity$3,820,371 $3,391,930  
     
     
 As of December 31, 2016 
Ownership of Virtu Financial LLC Interests:Interests % 
     
Virtu Financial, Inc. - Class A Common Stock 41,562,952  29.5% 
Non-controlling Interests (Virtu Financial LLC) 99,421,197  70.5% 
     
Total Virtu Financial LLC Interests 140,984,149  100.0% 
     

Conference Call Information

Douglas Cifu, Chief Executive Officer, and Joseph Molluso, Chief Financial Officer, will host a conference call to discuss the Company's financial results and outlook on Thursday, February 2, 2017, at 8:00 a.m. Eastern Time. To access the conference call, please dial (855) 645-0552 (U.S.) or (720) 634-9067 (international). The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://ir.virtu.com/events.cfm. The Webcast will also be archived on http://ir.virtu.com/events.cfm for 90 days following the announcement.

About Virtu Financial, Inc.

Virtu is a leading technology-enabled market maker and liquidity provider to the global financial markets. We stand ready, at any time, to buy or sell a broad range of securities and other financial instruments, and we generate revenue by buying and selling securities and other financial instruments and earning small amounts of money on individual transactions based on the difference between what buyers are willing to pay and what sellers are willing to accept, which we refer to as "bid/ask spreads," across a large volume of transactions. We make markets by providing quotations to buyers and sellers in more than 12,000 securities and other financial instruments on more than 235 unique exchanges, markets and liquidity pools in 36 countries around the world. We believe that our broad diversification, in combination with our proprietary technology platform and low-cost structure, enables us to facilitate risk transfer between global capital markets participants by supplying liquidity and competitive pricing while at the same time earning attractive margins and returns.

Cautionary Note Regarding Forward-Looking Statements

The foregoing information and certain oral statements made from time to time by representatives of the Company contain certain forward-looking statements that reflect the company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.

CONTACT

Investor Relations
Andrew Smith
Virtu Financial, Inc.
(212) 418-0195
investor_relations@virtu.com 

Media Relations
media@virtu.com


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