Virtu Financial reports 16% Y/Y drop in revenues in Q2 2023
Virtu Financial, Inc. (NASDAQ:VIRT), a leading provider of financial services and products, today reported results for the quarter ended June 30, 2023.
Total revenues decreased 16.2% to $506.9 million for this quarter, compared to $604.7 million for the same period in 2022. Trading income, net, decreased to $306.2 million for the quarter compared to $395.9 million for the same period in 2022.
Net income totalled $29.5 million for this quarter, compared to net income of $148.9 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.16, compared to a basic and diluted earnings per share of $0.78, for the same period in 2022.
Adjusted Net Trading Income decreased 22.0% to $278.7 million for this quarter, compared to $357.4 million for the same period in 2022. Adjusted EBITDA decreased 41.6% to $122.0 million for this quarter, compared to $209.3 million for the same period in 2022.
Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 52.5% to $61.7 million for this quarter, compared to $129.9 million for the same period in 2022.
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 $0.37 for this quarter, compared to $0.73 for the same period in 2022.
As of June 30, 2023, Virtu had $745.8 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,806.3 million.
Since inception of the share repurchase program in November 2020 through settlement date April 19, 2023, the Company repurchased approximately 38.5 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,016.7 million. The company has approximately $203.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.
The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2023 to shareholders of record as of September 1, 2023.
