NEW YORK, July 18, 2024 (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, 2024. Second Quarter 2024: Net income of $128.1 million; Normalized Adjusted Net Income1 of $135.3 million Basic and diluted earnings per share of $0.71; Normalized Adjusted EPS1 of $0.83 Total revenues of $693.0 million; Trading income, net, of $426.4 million; Net income Margin of 18.5%2 Adjusted Net Trading Income1 of $385.1 million Adjusted EBITDA1 of $217.5 million; Adjusted EBITDA Margin1 of 56.5% Share buybacks of $31.0 million, or 1.4 million shares, under the Share Repurchase Program3 Completed refinancing of existing debt with the issuance of $1.2 billion senior secured first lien term loan due 2031 and issuance of $0.5 billion senior secured first lien notes due 2031. The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2024 to shareholders of record as of September 1, 2024. Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.Note 2: Calculated by dividing Net income by Total revenueNote 3: Shares repurchased calculated on a settlement date basis. Financial Results Second Quarter 2024: Total revenues increased 36.7% to $693.0 million for this quarter, compared to $506.9 million for the same period in 2023. Trading income, net, increased 39.3% to $426.4 million for the quarter compared to $306.2 million for the same period in 2023. Net income totaled $128.1 million for this quarter, compared to net income of $29.5 million in the prior year quarter. Basic and diluted earnings per share for this quarter were $0.71, compared to basic and diluted earnings per share of $0.16, for the same period in 2023. Adjusted Net Trading Income increased 38.2% to $385.1 million for this quarter, compared to $278.7 million for the same period in 2023. Adjusted EBITDA increased 78.3% to $217.5 million for this quarter, compared to $122.0 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 119.2% to $135.3 million for this quarter, compared to $61.7 million for the same period in 2023. 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 $0.83 for this quarter, compared to $0.37 for the same period in 2023. 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, 2024 and 2023. Total revenues by segment(in thousands, unaudited)     Three Months Ended June 30, 2024   Three Months Ended June 30, 2023     Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total Trading income, net   $ 420,074     $ 6,321     $ —     $ 426,395     $ 302,312     $ 3,856     $ —     $ 306,168   Commissions, net and technology services     9,281       116,820       —       126,101       6,634       102,870       —       109,504   Interest and dividends income     104,311       2,755       —       107,066       95,595       2,384       —       97,979   Other, net     36,117       1,163       (3,857 )     33,423       709       6       (7,512 )     (6,797 ) Total Revenues   $ 569,783     $ 127,059     $ (3,857 )   $ 692,985     $ 405,250     $ 109,116     $ (7,512 )   $ 506,854                                         Six Months Ended June 30, 2024   Six Months Ended June 30, 2023     Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total Trading income, net   $ 823,772     $ 10,718     $ —     $ 834,490     $ 710,655     $ 8,024     $ —     $ 718,679   Commissions, net and technology services     16,483       228,229       —       244,712       16,334       214,614       —       230,948   Interest and dividends income     208,113       4,945       —       213,058       175,283       4,940       —       180,223   Other, net     42,423       955       186       43,564       1,897       15       (4,529 )     (2,617 ) Total Revenues   $ 1,090,791     $ 244,847     $ 186     $ 1,335,824     $ 904,169     $ 227,593     $ (4,529 )   $ 1,127,233   Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment(in thousands, unaudited)     Three Months Ended June 30, 2024   Three Months Ended June 30, 2023     Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total Trading income, net   $ 420,074     $ 6,321     $ —     $ 426,395     $ 302,312     $ 3,856     $ —     $ 306,168   Commissions, net and technology services     9,281       116,820       —       126,101       6,634       102,870       —       109,504   Interest and dividends income     104,311       2,755       —       107,066       95,595       2,384       —       97,979   Brokerage, exchange, clearance fees and payments for order flow, net     (125,972 )     (24,815 )     —       (150,787 )     (99,842 )     (22,629 )     —       (122,471 ) Interest and dividends expense     (122,130 )     (1,563 )     —       (123,693 )     (111,508 )     (985 )     —       (112,493 ) Adjusted Net Trading Income   $ 285,564     $ 99,518     $ —     $ 385,082     $ 193,191     $ 85,496     $ —     $ 278,687                                         Six Months Ended June 30, 2024   Six Months Ended June 30, 2023     Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total Trading income, net   $ 823,772     $ 10,718     $ —     $ 834,490     $ 710,655     $ 8,024     $ —     $ 718,679   Commissions, net and technology services     16,483       228,229       —       244,712       16,334       214,614       —       230,948   Interest and dividends income     208,113       4,945       —       213,058       175,283       4,940       —       180,223   Brokerage, exchange, clearance fees and payments for order flow, net     (241,838 )     (48,748 )     —       (290,586 )     (222,791 )     (45,202 )     —       (267,993 ) Interest and dividends expense     (247,288 )