Virtu Announces Fourth Quarter 2024 Results

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the fourth quarter ended December 31, 2024. Fourth Quarter and Full Year Selected Highlights Fourth Quarter 2024: Net income of $176.1 million; Normalized Adjusted Net Income1 of $182.2 millionBasic and diluted earnings per share of $1.03; Normalized Adjusted EPS1 of $1.14Total revenues of $834.3 million; Trading income, net, of $544.0 million; Net income Margin of 21.1%2 Adjusted Net Trading Income1 of $457.7 million Adjusted EBITDA1 of $283.5 million; Adjusted EBITDA Margin1 of 61.9%Share buybacks of $57.1 million, or 1.7 million shares, under the Share Repurchase Program3 Full Year 2024: Net income of $534.5 million; Normalized Adjusted Net Income1 of $573.9 millionBasic and diluted earnings per share of $2.98 and $2.97, respectively; Normalized Adjusted EPS1 of $3.55Total revenues of $2,876.9 million; Trading income, net of $1,822.4 million; Net income Margin of 18.6%2 Adjusted Net Trading Income1 of $1,597.7 million Adjusted EBITDA1 of $918.7 million; Adjusted EBITDA Margin1 of 57.5%Share buybacks of $172.2 million, or 6.7 million shares, under the Share Repurchase Program3 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 17, 2025 to shareholders of record as of February 28, 2025. Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.Note 2: Calculated by dividing Net income by Total revenueNote 3: Shares repurchased calculated on a settlement date basis. Financial Results Fourth Quarter 2024: Total revenues increased 55.7% to $834.3 million for this quarter, compared to $536.0 million for the same period in 2023. Trading income, net, increased 104.0% to $544.0 million for the quarter compared to $266.6 million for the same period in 2023. Net income totaled $176.1 million for this quarter, compared to net income of $6.7 million in the prior year quarter. Basic and diluted earnings per share for this quarter were $1.03, compared to basic and diluted earnings per share of $0.05 for the same period in 2023. Adjusted Net Trading Income increased 75.4% to $457.7 million for this quarter, compared to $260.9 million for the same period in 2023. Adjusted EBITDA increased 186.4% to $283.5 million for this quarter, compared to $99.0 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 313.5% to $182.2 million for this quarter, compared to $44.1 million for the same period in 2023. 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 taxes, Normalized Adjusted EPS was $1.14 for this quarter, compared to $0.27 for the same period in 2023. Full Year 2024: Total revenues increased 25.4% to $2,876.9 million for this year, compared to $2,293.4 million for 2023. Trading income, net, increased 40.0% to $1,822.4 million for this year, compared to $1,301.3 million for 2023. Net income totaled $534.5 million for this year, compared to net income of $263.9 million for 2023. Basic and diluted earnings per share were $2.98 and $2.97, respectively, for 2024, compared to basic and diluted earnings per share of $1.42 for 2023. Adjusted Net Trading Income increased 32.0% to $1,597.7 million for this year, compared to $1,210.7 million for 2023. Adjusted EBITDA increased 61.7% to $918.7 million for this year, compared to $568.0 million for 2023. Normalized Adjusted Net Income increased 86.3% to $573.9 million for this year, compared to $308.1 million for 2023. 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 taxes, Normalized Adjusted EPS was $3.55 for 2024, compared to $1.84 for 2023. Operating Segment Information The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate. Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions. Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs. Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses. The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months and full years ended December 31, 2024 and 2023. Total revenues by segment(in thousands, unaudited) Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $534,728 $9,222 $— $543,950 $262,501 $4,079 $— $266,580Commissions, net and technology services 13,173 127,277 — 140,450 6,894 107,481 — 114,375Interest and dividends income 121,151 2,632 — 123,783 151,773 2,877 — 154,650Other, net 37,594 (2,476) (9,016) 26,102 833 (7,940) 7,479 372Total Revenues $706,646 $136,655 $(9,016) $834,285 $422,001 $106,497 $7,479 $535,977 Year Ended December 31, 2024 Year Ended December 31, 2023 Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $1,798,942 $23,495 $— $1,822,437 $1,283,680 $17,664 $— $1,301,344Commissions, net and technology services 42,376 474,407 — 516,783 29,571 426,027 — 455,598Interest and dividends income 451,329 10,741 — 462,070 451,859 10,707 — 462,566Other, net 81,449 (1,413) (4,377) 75,659 78,413 (7,856) 3,308 73,865Total Revenues $2,374,096 $507,230 $(4,377) $2,876,949 $1,843,523 $446,542 $3,308 $2,293,373 Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment(in thousands, unaudited) Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $534,728 $9,222 $— $543,950 $262,501 $4,079 $— $266,580 Commissions, net and technology services 13,173 127,277 — 140,450 6,894 107,481 — 114,375 Interest and dividends income 121,151 2,632 — 123,783 151,773 2,877 — 154,650 Brokerage, exchange, clearance fees and payments for order flow, net (179,228) (27,867) — (207,095) (96,740) (20,380) — (117,120)Interest and dividends expense (141,958) (1,428) — (143,386) (156,941) (630) — (157,571)Adjusted Net Trading Income $347,866 $109,836 $— $457,702 $167,487 $93,427 $— $260,914 Year Ended December 31, 2024 Year Ended December 31, 2023 Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $1,798,942 $23,495 $— $1,822,437 $1,283,680 $17,664 $— $1,301,344 Commissions, net and technology services 42,376 474,407 — 516,783 29,571 426,027 — 455,598 Interest and dividends income 451,329 10,741 — 462,070 451,859 10,707 — 462,566 Brokerage, exchange, clearance fees and payments for order flow, net (573,382) (101,044) — (674,426) (420,608) (87,750) — (508,358)Interest and dividends expense (524,158) (5,019) — (529,177) (497,895) (2,572) — (500,467)Adjusted Net Trading Income $1,195,107 $402,580 $— $1,597,687 $846,607 $364,076 $— $1,210,683 Financial Condition As of December 31, 2024, Virtu had $914.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,767.3 million. Share Repurchase Program Since inception of the program in November 2020 through settlement date January 27, 2025, the Company repurchased approximately 50.7 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,296.2 million. The Company has approximately $423.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program. Earnings Conference Call Information Virtu Financial will host a conference call to review its fourth quarter 2024 financial performance today, January 29th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations. Website Information We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document. 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 commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, 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 core business activities. “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, 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, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses. “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, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%. “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company 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, Adjusted EBITDA Margin, 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, Adjusted EBITDA Margin, 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 tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, 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, Adjusted EBITDA Margin, 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, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS 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, Adjusted EBITDA Margin, 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; andthey 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, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS 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, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS 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, 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 SubsidiariesCondensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months EndedDecember 31, Year EndedDecember 31,(in thousands, except share and per share data) 2024 2023 2024 2023 Revenues: Trading income, net $543,950 $266,580 $1,822,437 $1,301,344 Interest and dividends income 123,783 154,650 462,070 462,566 Commissions, net and technology services 140,450 114,375 516,783 455,598 Other, net 26,102 372 75,659 73,865 Total revenues 834,285 535,977 2,876,949 2,293,373 Operating Expenses: Brokerage, exchange, clearance fees and payments for order flow, net 207,095 117,120 674,426 508,358 Communication and data processing 59,336 59,923 236,446 230,760 Employee compensation and payroll taxes 120,638 97,825 434,823 394,039 Interest and dividends expense 143,386 157,571 529,177 500,467 Operations and administrative 27,656 26,768 97,002 98,972 Depreciation and amortization 17,176 16,230 65,816 63,306 Amortization of purchased intangibles and acquired capitalized software 11,783 15,953 50,471 63,960 Termination of office leases 16,174 141 16,224 455 Debt issue cost related to debt refinancing, prepayment and commitment fees 1,739 2,573 29,479 8,317 Transaction advisory fees and expenses 49 284 313 314 Financing interest expense on long-term borrowings 26,648 24,795 97,802 99,294 Total operating expenses 631,680 519,183 2,231,979 1,968,242 Income before income taxes and noncontrolling interest 202,605 16,794 644,970 325,131 Provision for income taxes 26,518 10,093 110,435 61,210 Net income $176,087 $6,701 $534,535 $263,921 Noncontrolling interest (82,027) (1,163) (258,120) (121,885) Net income available for common stockholders $94,060 $5,538 $276,415 $142,036 Earnings per share: Basic $1.03 $0.05 $2.98 $1.42 Diluted $1.03 $0.05 $2.97 $1.42 Weighted average common shares outstanding Basic 85,662,686 90,217,295 87,482,162 94,076,165 Diluted 86,066,968 90,217,295 87,821,576 94,076,165 Comprehensive income: Net income $176,087 $6,701 $534,535 $263,921 Other comprehensive income Foreign exchange translation adjustment, net of taxes (12,793) 4,787 (9,048) 4,957 Net change in unrealized cash flow hedges gain (loss), net of taxes (1,320) (24,381) (32,251) (36,993)Comprehensive income $161,974 $(12,893) $493,236 $231,885 Less: Comprehensive income attributable to noncontrolling interest (75,941) 11,151 (240,931) (104,406)Comprehensive income available for common stockholders $86,033 $(1,742) $252,305 $127,479 Virtu Financial, Inc. and SubsidiariesReconciliation 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 EndedDecember 31, Year EndedDecember 31,(in thousands, except percentages) 2024 2023 2024 2023 Reconciliation of Trading income, net to Adjusted Net Trading Income Trading income, net $543,950 $266,580 $1,822,437 $1,301,344 Commissions, net and technology services 140,450 114,375 516,783 455,598 Interest and dividends income 123,783 154,650 462,070 462,566 Brokerage, exchange, clearance fees and payments for order flow, net (207,095) (117,120) (674,426) (508,358)Interest and dividends expense (143,386) (157,571) (529,177) (500,467)Adjusted Net Trading Income $457,702 $260,914 $1,597,687 $1,210,683 Reconciliation of Net Income to EBITDA and Adjusted EBITDA Net income 176,087 6,701 534,535 263,921 Financing interest expense on long-term borrowings 26,648 24,795 97,802 99,294 Debt issue cost related to debt refinancing, prepayment and commitment fees 1,739 2,573 29,479 8,317 Depreciation and amortization 17,176 16,230 65,816 63,306 Amortization of purchased intangibles and acquired capitalized software 11,783 15,953 50,471 63,960 Provision for income taxes 26,518 10,093 110,435 61,210 EBITDA $259,951 $76,345 $888,538 $560,008 Severance 4,279 3,537 7,930 8,793 Transaction advisory fees and expenses 49 284 313 314 Termination of office leases 16,174 141 16,224 455 Other (21,461) 1,860 (69,795) (65,536)Share based compensation 24,534 16,825 75,475 63,933 Adjusted EBITDA $283,526 $98,992 $918,685 $567,967 Selected Operating Margins GAAP Net income Margin (1) 21.1% 1.3% 18.6% 11.5%Non-GAAP Net income Margin (2) 38.5% 2.6% 33.5% 21.8%EBITDA Margin (3) 56.8% 29.3% 55.6% 46.3%Adjusted EBITDA Margin (4) 61.9% 37.9% 57.5% 46.9% 1 Calculated by dividing Net income by Total revenue. 2 Calculated by dividing Net income by Adjusted Net Trading Income. 3 Calculated by dividing EBITDA by Adjusted Net Trading Income. 4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income. Virtu Financial, Inc. and SubsidiariesReconciliation 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 EndedDecember 31, Year EndedDecember 31,(in thousands, except share and per share data) 2024 2023 2024 2023 Reconciliation of Net Income to Normalized Adjusted Net Income Net income $176,087 $6,701 $534,535 $263,921 Provision for income taxes 26,518 10,093 110,435 61,210 Income before income taxes and noncontrolling interest $202,605 $16,794 $644,970 $325,131 Amortization of purchased intangibles and acquired capitalized software 11,783 15,953 50,471 63,960 Debt issue cost related to debt refinancing, prepayment and commitment fees 1,739 2,573 29,479 8,317 Severance 4,279 3,537 7,930 8,793 Transaction advisory fees and expenses 49 284 313 314 Termination of office leases 16,174 141 16,224 455 Other (21,461) 1,860 (69,795) (65,536)Share based compensation 24,534 16,825 75,475 63,933 Normalized Adjusted Net Income before income taxes $239,702 $57,967 $755,067 $405,367 Normalized provision for income taxes (1) 57,529 13,912 181,217 97,286 Normalized Adjusted Net Income $182,173 $44,055 $573,850 $308,081 Weighted Average Adjusted shares outstanding (2) 160,183,679 163,869,845 161,845,371 167,782,513 Normalized Adjusted EPS $1.14 $0.27 $3.55 $1.84 (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “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 the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three months and full years ended December 31, 2024 and 2023. Virtu Financial, Inc. and SubsidiariesCondensed Consolidated Statements of Financial Condition (Unaudited) (in thousands, except share data) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $872,513 $820,436 Cash and securities segregated under regulations and other 41,478 35,024 Securities borrowed 2,294,529 1,722,440 Securities purchased under agreements to resell 983,941 1,512,114 Receivables from broker-dealers and clearing organizations 1,054,378 737,724 Receivables from customers 149,804 106,245 Trading assets, at fair value 7,802,652 7,358,611 Property, equipment and capitalized software, net 91,415 100,365 Operating lease right-of-use assets 175,046 229,499 Goodwill 1,148,926 1,148,926 Intangibles (net of accumulated amortization) 203,188 257,520 Deferred taxes 135,046 133,760 Assets of business held for sale 4,615 — Other assets 386,811 303,720 Total assets 15,344,342 14,466,384 Liabilities and equity Liabilities Short-term borrowings, net 38,541 — Securities loaned 2,431,878 1,329,446 Securities sold under agreements to repurchase 1,271,788 1,795,994 Payables to broker-dealers and clearing organizations 901,165 1,167,712 Payables to customers 46,112 23,229 Trading liabilities, at fair value 6,440,971 6,071,352 Tax receivable agreement obligations 196,592 216,480 Accounts payable and accrued expenses and other liabilities 558,100 451,293 Operating lease liabilities 229,825 278,317 Long-term borrowings, net 1,740,467 1,727,205 Liabilities of business held for sale 1,526 — Total liabilities 13,856,965 13,061,028 Total equity 1,487,377 1,405,356 Total liabilities and equity $15,344,342 $14,466,384 As of December 31, 2024Ownership of Virtu Financial LLC Interests: Interests %Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units 90,540,857 56.9%Non-controlling Interests (Virtu Financial LLC) 68,653,710 43.1%Total Virtu Financial LLC Interests 159,194,567 100.0% About Virtu Financial, Inc. Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets. Cautionary Note Regarding Forward-Looking Statements This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of pending SEC proposals by the prior administration focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. CONTACT

Virtu Announces Fourth Quarter 2024 Results

FAQ

Why Very Bullish?

How important is it?

Why Short Term?

Related Companies

Related News