NEW YORK, July 26, 2023 (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, 2023.

Second Quarter 2023:

Net income of $29.5 million; Normalized Adjusted Net Income² of $61.7 million
Basic and diluted earnings per share of $0.16; Normalized Adjusted EPS² of $0.37
Total revenues of $506.9 million; Trading income, net, of $306.2 million; Net income Margin of 5.8%¹
- Adjusted Net Trading Income² of $278.7 million
Adjusted EBITDA² of $122.0 million; Adjusted EBITDA Margin² of 43.8%
Share buybacks of $41.5 million, or 2.3 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 September 15, 2023 to shareholders of record as of September 1, 2023.

Note 1: Calculated by dividing Net income by Total revenue

Note 2: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.

Note 3: Shares repurchased calculated on a settlement date basis.

Financial Results

Second Quarter 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 totaled $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.

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, 2023 and 2022.

Total revenues by segment

(in thousands, unaudited)

	Three Months Ended June 30, 2023										Three Months Ended June 30, 2022
	Market Making		Execution Services		Corporate			Total			Market Making		Execution Services		Corporate		Total
Trading income, net	$	302,312	$	3,856	$	—		$	306,168		$	390,263	$	5,665	$	—	$	395,928
Commissions, net and technology services		6,634		102,870		—			109,504			11,145		125,195		—		136,340
Interest and dividends income		95,595		2,384		—			97,979			30,792		—		—		30,792
Other, net		709		6		(7,512	)		(6,797	)		395		137		41,146		41,678
Total Revenues	$	405,250	$	109,116	$	(7,512	)	$	506,854		$	432,595	$	130,997	$	41,146	$	604,738

	Six Months Ended June 30, 2023										Six Months Ended June 30, 2022
	Market Making		Execution Services		Corporate			Total			Market Making		Execution Services		Corporate		Total
Trading income, net	$	710,655	$	8,024	$	—		$	718,679		$	906,621	$	11,614	$	—	$	918,235
Commissions, net and technology services		16,334		214,614		—			230,948			20,194		270,801		—		290,995
Interest and dividends income		175,283		4,940		—			180,223			51,775		29		—		51,804
Other, net		1,897		15		(4,529	)		(2,617	)		568		298		44,100		44,966
Total Revenues	$	904,169	$	227,593	$	(4,529	)	$	1,127,233		$	979,158	$	282,742	$	44,100	$	1,306,000

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment

(in thousands, unaudited)

	Three Months Ended June 30, 2023											Three Months Ended June 30, 2022
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	302,312		$	3,856		$	—	$	306,168		$	390,263		$	5,665		$	—	$	395,928
Commissions, net and technology services		6,634			102,870			—		109,504			11,145			125,195			—		136,340
Interest and dividends income		95,595			2,384			—		97,979			30,792			—			—		30,792
Brokerage, exchange, clearance fees and payments for order flow, net		(99,842	)		(22,629	)		—		(122,471	)		(131,121	)		(25,865	)		—		(156,986	)
Interest and dividends expense		(111,508	)		(985	)		—		(112,493	)		(47,355	)		(1,361	)		—		(48,716	)
Adjusted Net Trading Income	$	193,191		$	85,496		$	—	$	278,687		$	253,724		$	103,634		$	—	$	357,358

	Six Months Ended June 30, 2023											Six Months Ended June 30, 2022
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	710,655		$	8,024		$	—	$	718,679		$	906,621		$	11,614		$	—	$	918,235
Commissions, net and technology services		16,334			214,614			—		230,948			20,194			270,801			—		290,995
Interest and dividends income		175,283			4,940			—		180,223			51,775			29			—		51,804
Brokerage, exchange, clearance fees and payments for order flow, net		(222,791	)		(45,202	)		—		(267,993	)		(254,636	)		(52,730	)		—		(307,366	)
Interest and dividends expense		(208,431	)		(1,663	)		—		(210,094	)		(88,382	)		(2,872	)		—		(91,254	)
Adjusted Net Trading Income	$	471,050		$	180,713		$	—	$	651,763		$	635,572		$	226,842		$	—	$	862,414

Financial Condition

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.

Share Repurchase Program

Since inception of the 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.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its second quarter 2023 financial performance today, July 26th, at 8:00 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 core business 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, 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 including gains and losses from strategic investments and the sales of businesses, 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)		2023			2022			2023			2022

Revenues:
Trading income, net	$	306,168		$	395,928		$	718,679		$	918,235
Interest and dividends income		97,979			30,792			180,223			51,804
Commissions, net and technology services		109,504			136,340			230,948			290,995
Other, net		(6,797	)		41,678			(2,617	)		44,966
Total revenues		506,854			604,738			1,127,233			1,306,000

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net		122,471			156,986			267,993			307,366
Communication and data processing		56,959			55,699			113,771			111,534
Employee compensation and payroll taxes		95,557			98,604			198,994			202,084
Interest and dividends expense		112,493			48,716			210,094			91,254
Operations and administrative		25,491			13,577			49,790			38,792
Depreciation and amortization		15,913			16,334			31,261			33,812
Amortization of purchased intangibles and acquired capitalized software		16,020			16,277			32,040			32,757
Termination of office leases		(146	)		677			(50	)		1,384
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,771			1,437			3,948			27,121
Transaction advisory fees and expenses		8			558			23			980
Financing interest expense on long-term borrowings		24,850			22,089			49,138			43,422
Total operating expenses		471,387			430,954			957,002			890,506

Income before income taxes and noncontrolling interest		35,467			173,784			170,231			415,494
Provision for income taxes		5,923			24,888			30,605			66,674
Net income	$	29,544		$	148,896		$	139,626		$	348,820

Noncontrolling interest		(12,842	)		(63,729	)		(65,044	)		(151,397	)

Net income available for common stockholders	$	16,702		$	85,167		$	74,582		$	197,423

Earnings per share:
Basic	$	0.16		$	0.78		$	0.73		$	1.78
Diluted	$	0.16		$	0.78		$	0.73		$	1.77

Weighted average common shares outstanding
Basic		94,973,489			104,960,826			96,376,926			107,133,079
Diluted		94,973,489			105,478,278			96,376,926			107,759,784

Comprehensive income:
Net income	$	29,544		$	148,896		$	139,626		$	348,820
Other comprehensive income
Foreign exchange translation adjustment, net of taxes		2,527			(19,810	)		4,175			(24,978	)
Net change in unrealized cash flow hedges gains, net of taxes		8,202			14,062			(4,966	)		61,935
Comprehensive income	$	40,273		$	143,148		$	138,835		$	385,777
Less: Comprehensive income attributable to noncontrolling interest		(17,189	)		(60,173	)		(64,724	)		(164,332	)
Comprehensive income available for common stockholders	$	23,084		$	82,975		$	74,111		$	221,445

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)		2023			2022			2023			2022

Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net	$	306,168		$	395,928		$	718,679		$	918,235
Commissions, net and technology services		109,504			136,340			230,948			290,995
Interest and dividends income		97,979			30,792			180,223			51,804
Brokerage, exchange, clearance fees and payments for order flow, net		(122,471	)		(156,986	)		(267,993	)		(307,366	)
Interest and dividends expense		(112,493	)		(48,716	)		(210,094	)		(91,254	)
Adjusted Net Trading Income	$	278,687		$	357,358		$	651,763		$	862,414

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		29,544			148,896			139,626			348,820
Financing interest expense on long-term borrowings		24,850			22,089			49,138			43,422
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,771			1,437			3,948			27,121
Depreciation and amortization		15,913			16,334			31,261			33,812
Amortization of purchased intangibles and acquired capitalized software		16,020			16,277			32,040			32,757
Provision for income taxes		5,923			24,888			30,605			66,674
EBITDA	$	94,021		$	229,921		$	286,618		$	552,606
Severance		1,265			757			3,910			2,759
Transaction advisory fees and expenses		8			558			23			980
Termination of office leases		(146	)		677			(50	)		1,384
Other		10,671			(41,631	)		7,204			(37,369	)
Share based compensation		16,171			18,997			31,754			32,709
Adjusted EBITDA	$	121,990		$	209,279		$	329,459		$	553,069

Selected Operating Margins
GAAP Net income Margin (1)		5.8	%		24.6	%		12.4	%		26.7	%
Non-GAAP Net income Margin (2)		10.6	%		41.7	%		21.4	%		40.4	%
EBITDA Margin (3)		33.7	%		64.3	%		44.0	%		64.1	%
Adjusted EBITDA Margin (4)		43.8	%		58.6	%		50.5	%		64.1	%

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 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)		2023			2022			2023			2022

Reconciliation of Net Income to Normalized Adjusted Net Income
Net income	$	29,544		$	148,896		$	139,626		$	348,820
Provision for income taxes		5,923			24,888			30,605			66,674
Income before income taxes and noncontrolling interest	$	35,467		$	173,784		$	170,231		$	415,494
Amortization of purchased intangibles and acquired capitalized software		16,020			16,277			32,040			32,757
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,771			1,437			3,948			27,121
Severance		1,265			757			3,910			2,759
Transaction advisory fees and expenses		8			558			23			980
Termination of office leases		(146	)		677			(50	)		1,384
Other		10,671			(41,631	)		7,204			(37,369	)
Share based compensation		16,171			18,997			31,754			32,709
Normalized Adjusted Net Income before income taxes	$	81,227		$	170,856		$	249,060		$	475,835
Normalized provision for income taxes (1)		19,495			41,006			59,772			114,201
Normalized Adjusted Net Income	$	61,732		$	129,850		$	189,288		$	361,634

Weighted Average Adjusted shares outstanding (2)		168,831,964			178,886,524			170,085,629			181,017,758

Normalized Adjusted EPS	$	0.37		$	0.73		$	1.11		$	2.00

(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 during the three and six months ended June 30, 2023 and 2022 and the Amended and Restated ITG 2007 Equity Plan during the three and six months ended June 30, 2022

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

(in thousands, except share data)	June 30, 2023		December 31, 2022

Assets
Cash and cash equivalents	$	698,674	$	981,580
Cash and securities segregated under regulations and other		47,133		56,662
Securities borrowed		1,665,179		1,187,674
Securities purchased under agreements to resell		793,815		336,999
Receivables from broker-dealers and clearing organizations		1,459,826		1,115,185
Receivables from customers		130,623		80,830
Trading assets, at fair value		6,452,300		4,630,552
Property, equipment and capitalized software, net		95,735		85,194
Operating lease right-of-use assets		174,136		187,442
Goodwill		1,148,926		1,148,926
Intangibles (net of accumulated amortization)		289,440		321,480
Deferred taxes		134,549		146,801
Other assets		299,348		303,916
Total assets		13,389,684		10,583,241

Liabilities and equity
Liabilities
Short-term borrowings, net		111,721		3,944
Securities loaned		1,306,894		1,060,432
Securities sold under agreements to repurchase		1,120,151		627,549
Payables to broker-dealers and clearing organizations		848,277		273,843
Payables to customers		39,740		46,525
Trading liabilities, at fair value		5,812,887		4,196,974
Tax receivable agreement obligations		215,542		238,758
Accounts payable and accrued expenses and other liabilities		379,815		448,635
Operating lease liabilities		224,086		239,202
Long-term borrowings, net		1,778,270		1,795,952
Total liabilities		11,837,383		8,931,814

Total equity		1,552,301		1,651,427

Total liabilities and equity	$	13,389,684	$	10,583,241

	As of June 30, 2023
Ownership of Virtu Financial LLC Interests:	Interests		%
Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units		98,916,958		58.9	%
Non-controlling Interests (Virtu Financial LLC)		68,948,271		41.1	%
Total Virtu Financial LLC Interests		167,865,229		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 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

Investor & Media Relations

Andrew Smith

investor_relations@virtu.com

media@virtu.com

Virtu Announces Second Quarter 2023 Results