Virtu registers 12.9% Y/Y decrease in revenues in Q1 2023
Virtu Financial, Inc. (NASDAQ:VIRT), a leading provider of financial services and products to the global markets, today reported results for the first quarter ended March 31, 2023.
Total revenues decreased 12.9% to $610.5 million for the first three months of 2023 compared to $701.3 million for the same period in 2022.
Trading income, net, decreased to $411.5 million for the quarter compared to $522.3 million for the same period in 2022. Net income totalled $110.1 million for this quarter, compared to net income of $199.9 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.56, compared to a basic and diluted earnings per share of $0.99, and $0.98, respectively, for the same period in 2022.
Adjusted Net Trading Income decreased 26.1% to $373.1 million for this quarter, compared to $505.1 million for the same period in 2022. Adjusted EBITDA decreased 39.6% to $207.5 million for this quarter, compared to $343.8 million for the same period in 2022.
Normalized Adjusted Net Income, removing one-time and non-cash items, decreased 45.0% to $127.6 million for the first quarter of 2023, compared to $231.8 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 $0.74 for this quarter, compared to $1.27 for the same period in 2022.
As of March 31, 2023, Virtu had $809.2 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,808.3 million.
Since inception of the program in November 2020 through settlement date April 19, 2023, the Company repurchased approximately 36.9 million shares of Class A Common Stock and Virtu Financial Units for approximately $987.2 million. The Company has approximately $232.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.