NASDAQ: VIRT 24.93 -0.03 -0.12% Volume: 498,959 Pricing Delayed 20 Minutes. Mar 18, 2019

Press Release Details

Virtu Announces First Quarter 2018 Results

May 4, 2018

NEW YORK, May 04, 2018 (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 first quarter ended March 31, 2018.

First Quarter Selected Highlights

  • Net income of $410.0 million, Normalized Adjusted Net Income* of $145.0 million
  • Basic earnings per share of $1.89; Diluted earnings per share of $1.86; Normalized Adjusted EPS* of $0.76
  • Total revenues of $815.1 million; Adjusted Net Trading Income* of $340.3 million
  • Adjusted EBITDA* of $222.7 million; Adjusted EBITDA Margin* of 65.4%
  • Results include $329 million net gain on sale of BondPoint transaction closed on January 2, 2018
  • Expense and capital synergies on track with forecast as integration progresses
  • Made $376 million of pre-payments on the term loan since the beginning of 2018, including $100 million pre-payment made on April 19
  • Total to-date pre-payments of $626 million on the $1.15 billion term loan debt incurred in connection with KCG acquisition
  • Repurchased to date $11 million out of $50 million previously announced share buyback program
  • Quarterly cash dividend of $0.24 per share payable on June 15, 2018

* 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 June 15, 2018 to shareholders of record as of June 1, 2018.

“Our continued successful integration enabled this quarter’s outstanding performance in this favorable environment. The first quarter of 2018 saw the return of volume and volatility. Average realized volatility of 19.8 for the quarter was at a multi-year high. Our profitability and margins this quarter demonstrate the earnings power and competitive advantage of having a scaled and unified firm. As our integration progresses we see opportunity for continued superior performance,” said Douglas Cifu, Chief Executive Officer of Virtu Financial.

First Quarter Financial Results

Total revenues increased 453.4% to $815.1 million for this quarter, compared to $147.3 million for the same period in 2017. Trading income, net, increased 191.0% to $406.2 million for this quarter, compared to $139.6 million for the same period in 2017. Net income increased 1,845.6% to $410.0 million for this quarter, compared to $21.1 million for the same period in 2017.  

Basic and Diluted earnings per share for this quarter were $1.89 and $1.86, respectively, compared to $0.10 each for the same period in 2017.

Adjusted Net Trading Income increased 314.0% to $340.3 million for this quarter, compared to $82.2 million for the same period in 2017. Adjusted EBITDA increased 366.9% to $222.7 million for this quarter, compared to $47.7 million for the same period in 2017. Normalized Adjusted Net Income increased 559.1% to $145.0 million for this quarter, compared to $22.0 million for the same period in 2017.

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 $0.76 for this quarter and $0.16 for the same period in 2017.

Operating Segment Information

Prior to the acquisition of KCG Holdings, Inc. in July 2017, the Company was managed and operated as one business, and, accordingly, operated under one reportable segment.  As a result of the acquisition of KCG, beginning in the third quarter of 2017 the Company has three operating segments: (i) Market Making; (ii) Execution Services; and (iii) Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, options, fixed income, currencies 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.

Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the total revenues and Adjusted Net Trading Income by operating segment for the three months ended March 31, 2018 and 2017.

Total Revenues by operating segment
(in thousands, except percentages)

  
 Three Months Ended March 31, 2018
 Market Execution    
 Making Services Corporate Total
        
Trading income, net$405,709 $453 $-  $406,162
Commissions, net and technology services 8,501  45,343  -   53,844
Interest and dividends income 17,769  145  35   17,949
Other, net 557  337,838  (1,297)  337,098
Total Revenues$  432,536  $  383,779  $  (1,262) $  815,053
        
 Three Months Ended March 31, 2017
 Market Execution    
 Making Services Corporate Total
        
Trading income, net$139,574 $- $-  $139,574
Commissions, net and technology services -  2,779  -   2,779
Interest and dividends income 4,874  -  -   4,874
Other, net -  -  60   60
Total Revenues$  144,448  $  2,779  $  60   $  147,287
             

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, except percentages)

        
 Three Months Ended March 31, 2018
 Market Execution    
 Making Services Corporate Total
        
Trading income, net$405,709  $453  $- $406,162 
Commissions, net and technology services 8,501   45,343   -  53,844 
Interest and dividends income 17,769   145   35  17,949 
Brokerage, exchange and clearance fees, net (69,072)  (18,752)  -  (87,824)
Payments for order flow (16,196)  (60)  -  (16,256)
Interest and dividends expense (33,207)  (417)  -  (33,624)
Adjusted Net Trading Income$  313,504   $  26,712   $  35  $  340,251  
        
        
 Three Months Ended March 31, 2017
 Market Execution    
 Making Services Corporate Total
        
Trading income, net$139,574  $-  $- $139,574 
Commissions, net and technology services -   2,779   -  2,779 
Interest and dividends income 4,874   -   -  4,874 
Brokerage, exchange and clearance fees, net (52,770)  -   -  (52,770)
Interest and dividends expense (12,280)  -   -  (12,280)
Adjusted Net Trading Income$  79,398   $  2,779   $  -   $  82,177  
        

Reconciliation of trading income, net to Adjusted Net Trading Income by category – Market Making segment
(in thousands, except percentages)

          
 Three Months Ended March 31, 2018
 Americas ROW Global FICC,   Total
 Equities Equities Options and Other Unallocated Market Making
          
Trading income, net$273,188  $51,694  $82,070  $(1,243) $405,709 
Commissions, net and technology services 8,522   -   (21)  -   8,501 
Brokerage, exchange and clearance fees, net (41,085)  (15,949)  (12,539)  501   (69,072)
Payments for order flow (16,196)  -   -   -   (16,196)
Interest and dividends, net (8,733)  (2,394)  (3,251)  (1,060)  (15,438)
Adjusted Net Trading Income$  215,696   $  33,351   $  66,259   $  (1,802) $  313,504  
          
          
          
 Three Months Ended March 31, 2017
 Americas ROW Global FICC,   Total
 Equities Equities Options and Other Unallocated Market Making
          
Trading income, net$49,831  $38,749  $51,572  $(578) $139,574 
Brokerage, exchange and clearance fees, net (20,216)  (17,090)  (15,076)  (388)  (52,770)
Interest and dividends, net (1,564)  (2,925)  (2,366)  (551)  (7,406)
Adjusted Net Trading Income$  28,051   $  18,734   $  34,130   $  (1,517) $  79,398  
          

The following tables show our Adjusted Net Trading Income and average daily Adjusted Net Trading Income by category for the three months ended March 31, 2018 and 2017 (in thousands, except percentages).

 Three Months Ended March 31,
Adjusted Net Trading Income by Category:2018
 2017
 % Change
      
Market Making:     
Americas Equities$215,696  $28,052  668.9%
ROW Equities 33,351   18,734  78.0%
Global FICC, Options and Other 66,259   34,130  94.1%
Unallocated1 (1,802)  (1,518) NM 
Total Market Making$313,504  $79,398  294.9%
      
Execution Services 26,712   3,114  757.8%
      
Corporate 35   -  NM 
      
Adjusted Net Trading Income$  340,251   $  82,512   312.4%
      
      
Average Daily Three Months Ended March 31,
Adjusted Net Trading Income by Category:2018
 2017
 % Change
      
Market Making:     
Americas Equities$3,536  $452  681.5%
ROW Equities 547   302  80.9%
Global FICC, Options and Other 1,086   550  97.3%
Unallocated1 (30)  (24) NM 
Total Market Making$5,139  $1,281  301.3%
      
Execution Services 438   50.23  772.1%
      
Corporate 1   -  NM 
      
Adjusted Net Trading Income$  5,578   $  1,331   319.2%
      
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 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 Adjusted Net Trading Income calculation can defer or accelerate the amount in a particular asset class from one day to another, and, at the end of a reporting period, from one reporting period to another. The purpose of the Unallocated category is to ensure that Adjusted Net Trading Income by category sums to total Adjusted Net Trading Income, which can be reconciled to Trading Income, Net, calculated in accordance with GAAP. We do not allocate any resulting differences based on the timing of revenue recognition.
 

BondPoint Sale

On January 2, 2018, the Company completed the sale of BondPoint to Intercontinental Exchange (NYSE:ICE) for $400 million in cash. The Company recorded a gain on the sale of $337.5 million, which is recorded as other, net on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018. The net gain on the sale of BondPoint was $329 million including direct costs associated with the sale which comprised professional fees of $7.1 million and compensation of $1.4 million.

On January 8, 2018, the Company completed a repricing transaction of its 1st Lien Senior Secured Term Loan along with a principal repayment of $276 million from the proceeds from the sale of BondPoint to ICE. The repriced term loan bears interest at LIBOR + 325 bps, reflecting a reduction of 50 bps compared to its prior rate.

Financial Condition

As of March 31, 2018, Virtu had $637.3 million in cash and cash equivalents, and total long-term debt outstanding in an aggregate principal amount of $1.157 billion.

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 and clearance fees, net and payments for order flow. 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 long-term borrowings, 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, acquisition related retention bonus, trading related settlement income, gain on sale of business, connectivity early termination, other, net, 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 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 between 35.5% and 37%. As a result of the Tax Act, our corporate tax rate is estimated to be approximately 23% beginning January 1, 2018 due to the decrease in the U.S. federal corporate income tax rate.

Total 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. 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, 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, 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 March 31, 
(in thousands, except share and per share data) 2018   2017  
     
     
Revenues:    
Trading income, net$406,162  $139,574  
Commissions, net and technology services 53,844   2,779  
Interest and dividends income 17,949   4,874  
Other, net 337,098   60  
Total revenues 815,053   147,287  
     
Operating Expenses:    
Brokerage, exchange and clearance fees, net 87,824   52,770  
Communication and data processing 49,486   18,207  
Employee compensation and payroll taxes 64,670   21,347  
Payments for order flow 16,256   -  
Interest and dividends expense 33,624   12,280  
Operations and administrative 19,919   4,846  
Depreciation and amortization 15,339   6,757  
Amortization of purchased intangibles and    
acquired capitalized software 6,851   53  
Termination of office leases 19,970   -  
Debt issue cost related to debt refinancing 6,021   -  
Transaction advisory fees and expenses 7,496   132  
Charges related to share based compensation at IPO 14   185  
Financing interest expense on long-term borrowings 19,047   6,828  
Total operating expenses 346,517   123,405  
     
Income before income taxes and noncontrolling interest 468,536   23,882  
Provision for income taxes 58,514   2,808  
Net income$410,022  $21,074  
     
Noncontrolling interest (235,271)  (16,494) 
     
Net income available for common stockholders$174,751  $4,580  
     
Earnings per share:    
Basic$1.89  $0.10  
Diluted$1.86  $0.10  
     
Weighted average common shares outstanding    
Basic 90,699,321   40,398,381  
Diluted 92,406,318   40,398,381  
     
Comprehensive income:    
Net income$410,022  $21,074  
Other comprehensive income (loss)    
Foreign exchange translation adjustment, net of taxes 2,529   785  
     
Comprehensive income$412,551  $21,859  
Less: Comprehensive income attributable to noncontrolling interest (236,559)  (17,044) 
Comprehensive income available for common stockholders$175,992  $4,815  
     

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 March 31,
(in thousands, except percentages) 2018   2017 
    
    
Reconciliation of Trading income, net to Adjusted Net Trading Income   
Trading income, net$406,162  $139,574 
Commissions, net and technology services 53,844   2,779 
Interest and dividends income 17,949   4,874 
Brokerage, exchange and clearance fees, net (87,824)  (52,770)
Payments for order flow (16,256)  - 
Interest and dividends expense (33,624)  (12,280)
Adjusted Net Trading Income$340,251  $82,177 
    
Reconciliation of Net Income to EBITDA and Adjusted EBITDA   
Net income$410,022  $21,074 
Financing interest expense on long-term borrowings 19,047   6,828 
Debt issue cost related to debt refinancing 6,021   - 
Depreciation and amortization 15,339   6,757 
Amortization of purchased intangibles and acquired capitalized software 6,851   53 
Provision for income taxes 58,514   2,808 
EBITDA$515,794  $37,520 
    
Severance 3,744   877 
Transaction advisory fees and expenses 7,496   132 
Termination of office leases 19,970   - 
Connectivity early termination 2,500   - 
Gain on sale of business (337,549)  - 
Other, net 451   (60)
Equipment write-off 936   - 
Share based compensation 7,902   7,579 
Charges related to share based compensation at IPO, 2015 Management Incentive Plan 1,398   1,425 
Charges related to share based compensation awards at IPO 14   185 
Adjusted EBITDA$222,656  $47,658 
    
    
Selected Operating Margins   
Net Income Margin1 120.5%  25.6%
EBITDA Margin2 151.6%  45.7%
Adjusted EBITDA Margin3 65.4%  58.0%
    
1 Calculated by dividing net income by Adjusted Net Trading Income.   
2 Calculated by dividing EBITDA by Adjusted Net Trading Income.   
3 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.   
    

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 March 31,
(in thousands, except share and per share data) 2018   2017 
    
    
Reconciliation of Net Income to Normalized Adjusted Net Income   
Net income$410,022  $21,074 
Provision for income taxes 58,514   2,808 
Income before income taxes$468,536  $23,882 
Amortization of purchased intangibles and acquired capitalized software 6,851   53 
Debt issue cost related to debt refinancing 6,021   - 
Severance 3,744   877 
Transaction advisory fees and expenses 7,496   132 
Termination of office leases 19,970   - 
Connectivity early termination 2,500   - 
Gain on sale of business (337,549)  - 
Equipment write-off 936   - 
Other, net 451   (60)
Share based compensation 7,902   7,579 
Charges related to share based compensation at IPO, 2015 Management Incentive Plan 1,398   1,425 
Charges related to share based compensation awards at IPO 14   185 
Normalized Adjusted Net Income before income taxes$188,270  $34,073 
Normalized provision for income taxes1 43,302   12,096 
Normalized Adjusted Net Income$144,968  $21,977 
    
Weighted Average Adjusted shares outstanding2 190,056,747   140,837,161 
    
Normalized Adjusted EPS$0.76  $0.16 
    
1 Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 23% for 2018 and 35.5% for 2017
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 1,706,996 additional shares from dilutive impact of options and restricted stock units outstanding under the 2015 Management Incentive Plan during the three months ended March 31, 2018.    
 


    
Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited) 
    
 March 31, December 31,
  2018  2017 
    
 (in thousands, except share data)
Assets   
Cash and cash equivalents$637,308 $532,887 
Securities borrowed 1,232,048  1,471,172 
Securities purchased under agreements to resell 602  - 
Receivables from broker-dealers and clearing organizations 1,434,039  972,018 
Trading assets, at fair value 2,907,606  2,712,622 
Property, equipment and capitalized software, net 128,675  137,018 
Goodwill 836,583  844,883 
Intangibles (net of accumulated amortization) 104,387  111,224 
Deferred taxes 123,289  125,760 
Assets of business held for sale -  55,070 
Other assets 353,394  357,352 
Total assets$7,757,931 $7,320,006 
    
Liabilities and equity   
Liabilities   
Short-term borrowings, net$20,944 $27,883 
Securities loaned 936,061  754,687 
Securities sold under agreements to repurchase 265,401  390,642 
Payables to broker-dealers and clearing organizations 648,788  716,205 
Trading liabilities, at fair value 2,846,453  2,384,598 
Tax receivable agreement obligations 147,040  147,040 
Accounts payable and accrued expenses and other liabilities 313,305  358,825 
Long-term borrowings, net 1,121,464  1,388,548 
Total liabilities$6,299,456 $6,168,428 
    
Total equity 1,458,475  1,151,578 
    
Total liabilities and equity$7,757,931 $7,320,006 
    
    
 As of March 31, 2018
Ownership of Virtu Financial LLC Interests:Interests %
    
Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units 93,379,693  49.1%
Non-controlling Interests (Virtu Financial LLC) 96,677,054  50.9%
Total Virtu Financial LLC Interests 190,056,747  100.0%
       

About Virtu Financial, Inc.

Virtu is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. As a market maker, Virtu provides deep liquidity that helps to create more efficient markets around the world. Our market structure expertise, broad diversification, and execution technology enables us to provide competitive bids and offers in over 25,000 securities, at over 235 venues, in 36 countries worldwide.

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, including with respect to integration of KCG and synergy realization. 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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Source: Virtu Financial, LLC