Virtu Announces Second Quarter 2021 Results

New York, New York, UNITED STATES


NEW YORK, Aug. 04, 2021 (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 second quarter ended June 30, 2021.

Second Quarter 2021:

  • Net income of $108.9 million; Normalized Adjusted Net Income1 of $122.3 million
  • Basic earnings per share of $0.51 and diluted earnings per share of $0.50; Normalized Adjusted EPS1 of $0.63
  • Total revenues of $549.0 million; Trading income, net, of $384.8 million; Adjusted Net Trading Income1 of $341.8 million
  • Adjusted EBITDA1 of $197.3 million; Adjusted EBITDA Margin1 of 57.7%
  • Share buybacks of $101.3 million, or 3.4 million shares, under the Share Repurchase Program2

"Our results reflect our resilient and balanced business model, against a backdrop of more muted market activity in the second quarter," said Douglas Cifu, CEO of Virtu Financial. "Our growth initiatives continue to produce steady results, especially in options where our business increased overall despite the decline in market volumes."

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2021 to shareholders of record as of September 1, 2021.

Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.
Note 2: Shares repurchased calculated on a settlement date basis.

Financial Results

Second Quarter 2021:

Total revenues decreased 39.4% to $549.0 million for this quarter, driven primarily by lower trading volumes in U.S. equities, compared to $905.9 million for the same period in 2020, when volumes were significantly elevated due to the COVID-19 pandemic. Trading income, net, decreased 48.3% to $384.8 million for this quarter, compared to $744.0 million for the same period in 2020. Net income totaled $108.9 million for this quarter, compared to net income of $335.3 million in the prior year quarter.

Basic earnings per share for this quarter was $0.51 and diluted earnings per share was $0.50, compared to a basic earnings per share of $1.59 and diluted earnings per share of $1.58 for the same period in 2020.

Adjusted Net Trading Income decreased 48.9% to $341.8 million for this quarter, compared to $668.7 million for the same period in 2020. Adjusted EBITDA decreased 59.4% to $197.3 million for this quarter, compared to $485.8 million for the same period in 2020.

Normalized Adjusted Net Income, removing one-time integration costs and non-cash items, decreased 64.0% to $122.3 million for this quarter, compared to $340.0 million for the same period in 2020.

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 $0.63 for this quarter, compared to $1.73 for the same period in 2020.

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 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 and six months ended June 30, 2021 and 2020.

Total revenues by segment
(in thousands, unaudited)

  Three Months Ended June 30, 2021 Three Months Ended June 30, 2020
  Market
Making
 Execution
Services
 Corporate Total Market
Making
 Execution
Services
 Corporate Total
Trading income, net $380,644  $4,188  $  $384,832  $744,685  $(689) $  $743,996 
Commissions, net and technology services 9,087  134,028    143,115  (634) 148,370    147,736 
Interest and dividends income 9,569  (24)   9,545  9,020  320    9,340 
Other, net 3,241  (62) 8,294  11,473  6,046  75  (1,290) 4,831 
Total Revenues $402,541  $138,130  $8,294  $548,965  $759,117  $148,076  $(1,290) $905,903 


  Six Months Ended June 30, 2021 Six Months Ended June 30, 2020
  Market
Making
 Execution
Services
 Corporate Total Market
Making
 Execution
Services
 Corporate Total
Trading income, net $1,181,926  $15,650  $  $1,197,576  $1,547,347  $(886) $  $1,546,461 
Commissions, net and technology services 23,217  311,547    334,764  136  318,345    318,481 
Interest and dividends income 16,469  72    16,541  35,453  403    35,856 
Other, net 4,653  100  7,903  12,656  6,767  79  (1,120) 5,726 
Total Revenues $1,226,265  $327,369  $7,903  $1,561,537  $1,589,703  $317,941  $(1,120) $1,906,524 
                                 

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

  Three Months Ended June 30, 2021 Three Months Ended June 30, 2020
  Market
Making
 Execution
Services
 Corporate Total Market
Making
 Execution
Services
 Corporate Total
Trading income, net $380,644  $4,188  $  $384,832  $744,685  $(689) $  $743,996 
Commissions, net and technology services 9,087  134,028    143,115  (634) 148,370    147,736 
Interest and dividends income 9,569  (24)   9,545  9,020  320    9,340 
Brokerage, exchange, clearance fees and payments for order flow, net (144,784) (25,907)   (170,691) (172,872) (30,631)   (203,503 
Interest and dividends expense (22,442) (2,529)   (24,971) (28,085) (756)   (28,841 
Adjusted Net Trading Income $232,074  $109,756  $  $341,830  $552,114  $116,614  $  $668,728 


  Six Months Ended June 30, 2021 Six Months Ended June 30, 2020
  Market
Making
 Execution
Services
 Corporate Total Market
Making
 Execution
Services
 Corporate Total
Trading income, net $1,181,926  $15,650  $  $1,197,576  $1,547,347  $(886) $  $1,546,461 
Commissions, net and technology services 23,217  311,547    334,764  136  318,345    318,481 
Interest and dividends income 16,469  72    16,541  35,453  403    35,856 
Brokerage, exchange, clearance fees and payments for order flow, net (367,978) (62,045)   (430,023) (309,476) (67,845)   (377,321)
Payments for order flow                
Interest and dividends expense (46,436) (2,563)   (48,999) (69,071) (1,210)   (70,281)
Adjusted Net Trading Income $807,198  $262,661  $  $1,069,859  $1,204,389  $248,807  $  $1,453,196 
                                 

Financial Condition

As of June 30, 2021, Virtu had $915.3 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,631.3 million.

Share Repurchase Program

Since inception of the program in November 2020, the Company repurchased approximately 8.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $228.9 million. The Company has approximately $241.1 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 second quarter 2021 financial performance today, August 4th, 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 Twitter account (twitter.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 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, 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, COVID-19 one-time costs and donations and Other net, and “Adjusted EBITDA Margin”, which compares Adjusted EBITDA to Adjusted Net Trading Income.

  • “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 non-voting common interest units in Virtu Financial LLC have been exchanged for shares of our 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; 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, 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 Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

  Three Months Ended
June 30,
 Six Months Ended
June 30,
(in thousands, except share and per share data) 2021 2020 2021 2020
         
Revenues:        
Trading income, net $384,832  $743,996  $1,197,576  $1,546,461 
Interest and dividends income 9,545  9,340  16,541  35,856 
Commissions, net and technology services 143,115  147,736  334,764  318,481 
Other, net 11,473  4,831  12,656  5,726 
Total revenues 548,965  905,903  1,561,537  1,906,524 
         
Operating Expenses:        
Brokerage, exchange, clearance fees and payments for order flow, net 170,691  203,503  430,023  377,321 
Communication and data processing 52,507  55,662  104,197  110,689 
Employee compensation and payroll taxes 83,849  120,934  188,620  291,292 
Interest and dividends expense 24,971  28,841  48,999  70,281 
Operations and administrative 21,753  21,737  47,408  48,867 
Depreciation and amortization 16,349  16,713  33,127  34,073 
Amortization of purchased intangibles and acquired capitalized software 18,077  18,954  36,154  37,912 
Termination of office leases 3,667  7  4,888  283 
Debt issue cost related to debt refinancing, prepayment and commitment fees 1,989  13,195  3,744  17,366 
Transaction advisory fees and expenses (3) 86  (17) 274 
Financing interest expense on long-term borrowings 20,113  21,736  39,605  47,406 
Total operating expenses 413,963  501,368  936,748  1,035,764 
         
Income before income taxes and noncontrolling interest 135,002  404,535  624,789  870,760 
Provision for income taxes 26,095  69,250  106,650  147,237 
Net income $108,907  $335,285  $518,139  $723,523 
         
Noncontrolling interest (45,997) (136,143) (215,824) (303,312)
         
Net income available for common stockholders $62,910  $199,142  $302,315  $420,211 
         
Earnings per share:        
Basic $0.51  $1.59  $2.43  $3.39 
Diluted $0.50  $1.58  $2.41  $3.38 
         
Weighted average common shares outstanding        
Basic 119,681,845  121,527,673  120,865,624  120,642,415 
Diluted 121,181,392  122,238,905  122,279,261  121,013,689 
         
Comprehensive income:        
Net income $108,907  $335,285  $518,139  $723,523 
Other comprehensive income        
Foreign exchange translation adjustment, net of taxes 66  6,444  (3,610) (3,952)
Net change in unrealized cash flow hedges gains (losses), net of taxes (7,206) (9,137) 14,700  (64,739)
Comprehensive income $101,767  $332,592  $529,229  $654,832 
Less: Comprehensive income attributable to noncontrolling interest (42,929) (135,018) (220,545) (273,541)
Comprehensive income available for common stockholders $58,838  $197,574  $308,684  $381,291 


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
June 30,
 Six Months Ended
June 30,
(in thousands, except percentages) 2021 2020 2021 2020
         
Reconciliation of Trading income, net to Adjusted Net Trading Income        
Trading income, net $384,832   $743,996   $1,197,576   $1,546,461  
Commissions, net and technology services 143,115   147,736   334,764   318,481  
Interest and dividends income 9,545   9,340   16,541   35,856  
Brokerage, exchange, clearance fees and payments for order flow, net (170,691)  (203,503)  (430,023)  (377,321) 
Interest and dividends expense (24,971)  (28,841)  (48,999)  (70,281) 
Adjusted Net Trading Income $341,830   $668,728   $1,069,859   $1,453,196  
         
Reconciliation of Net Income to EBITDA and Adjusted EBITDA        
Net income (loss) 108,907   335,285   518,139   723,523  
Financing interest expense on long-term borrowings 20,113   21,736   39,605   47,406  
Debt issue cost related to debt refinancing, prepayment and commitment fees 1,989   13,195   3,744   17,366  
Depreciation and amortization 16,349   16,713   33,127   34,073  
Amortization of purchased intangibles and acquired capitalized software 18,077   18,954   36,154   37,912  
Provision for income taxes 26,095   69,250   106,650   147,237  
EBITDA $191,530   $475,133   $737,419   $1,007,517  
Severance 1,020   (38)  3,039   4,161  
Transaction advisory fees and expenses (3)  86   (17)  274  
Termination of office leases 3,667   7   4,888   283  
Other (11,434)  (5,935)  (8,603)  980  
Share based compensation 12,552   16,505   25,330   42,249  
Adjusted EBITDA $197,332   $485,758   $762,056   $1,055,464  
         
Selected Operating Margins        
Net Income Margin (1) 31.9 % 50.1 % 48.4 % 49.8 %
EBITDA Margin (2) 56.0 % 71.1 % 68.9 % 69.3 %
Adjusted EBITDA Margin (3) 57.7 % 72.6 % 71.2 % 72.6 %
         
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
June 30,
 Six Months Ended
June 30,
(in thousands, except share and per share data) 2021 2020 2021 2020
         
Reconciliation of Net Income to Normalized Adjusted Net Income        
Net income $108,907  $335,285  $518,139  $723,523 
Provision for income taxes 26,095  69,250  106,650  147,237 
Income before income taxes and noncontrolling interest $135,002  $404,535  $624,789  $870,760 
Amortization of purchased intangibles and acquired capitalized software 18,077  18,954  36,154  37,912 
Debt issue cost related to debt refinancing, prepayment and commitment fees 1,989  13,195  3,744  17,366 
Severance 1,020  (38) 3,039  4,161 
Transaction advisory fees and expenses (3) 86  (17) 274 
Termination of office leases 3,667  7  4,888  283 
Other (11,434) (5,935) (8,603) 980 
Share based compensation 12,552  16,505  25,330  42,249 
Normalized Adjusted Net Income before income taxes $160,870  $447,309  $689,324  $973,985 
Normalized provision for income taxes (1) 38,609  107,354  165,438  233,757 
Normalized Adjusted Net Income $122,261  $339,955  $523,886  $740,228 
         
Weighted Average Adjusted shares outstanding (2) 194,770,445  197,050,236  195,861,065  196,049,119 
         
Normalized Adjusted EPS $0.63  $1.73  $2.67  $3.78 
         
(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 dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan and the Amended and Restated ITG 2007 Equity Plan during the three and six months ended June 30, 2021 and 2020 as well as warrants issued in connection with the Founder Member Loan during the three and six months ended June 30, 2020.


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

(in thousands, except share data) June 30,
2021
 December 31,
2020
     
Assets    
Cash and cash equivalents $848,111  $889,559 
Cash and securities segregated under regulations and other 67,144  117,446 
Securities borrowed 1,535,297  1,425,016 
Securities purchased under agreements to resell 54,555  22,866 
Receivables from broker-dealers and clearing organizations 1,609,065  1,684,006 
Receivables from customers 208,247  214,478 
Trading assets, at fair value 3,642,346  3,115,731 
Property, equipment and capitalized software, net 107,955  113,590 
Operating lease right-of-use assets 240,194  268,864 
Goodwill 1,148,926  1,148,926 
Intangibles (net of accumulated amortization) 418,345  454,499 
Deferred taxes 180,356  193,070 
Other assets 280,870  317,747 
Total assets 10,341,411  9,965,798 
     
Liabilities and equity    
Liabilities    
Short-term borrowings, net 214,252  64,686 
Securities loaned 1,142,741  948,256 
Securities sold under agreements to repurchase 490,879  461,235 
Payables to broker-dealers and clearing organizations 776,586  876,446 
Payables to customers 127,859  118,826 
Trading liabilities, at fair value 3,123,388  2,923,708 
Tax receivable agreement obligations 254,660  271,165 
Accounts payable and accrued expenses and other liabilities 399,074  491,818 
Operating lease liabilities 286,335  315,340 
Long-term borrowings, net 1,602,815  1,639,280 
Total liabilities 8,418,589  8,110,760 
     
Total equity 1,922,822  1,855,038 
     
Total liabilities and equity $10,341,411  $9,965,798 
     
  As of June 30, 2021
Ownership of Virtu Financial LLC Interests: Interests %
Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units 121,976,197  63.6%
Non-controlling Interests (Virtu Financial LLC) 69,890,776  36.4%
Total Virtu Financial LLC Interests 191,866,973  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 the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic and governmental and other responses thereto; fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties 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; 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; 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

        Investor & Media Relations
        Andrew Smith
        media@virtu.com