NEW YORK, Feb. 04, 2016 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ:VIRT) a leading technology-enabled market maker and liquidity provider to the global financial markets, which priced its initial public offering on April 15, 2015, today reported results for the fourth quarter ended December 31, 2015.

Fourth Quarter and Full Year Selected Results

Fourth Quarter 2015:

• Net Income of $42.9 million; Adjusted Net Income* of $52.7 million, which excludes IPO related adjustments
• Normalized Adjusted EPS* of $0.27; GAAP Basic and Diluted EPS of $0.22
• Adjusted Net Trading Income* of $107.8 million
• Adjusted EBITDA* of $71.9 million; Adjusted EBITDA Margin* of 64.9%
• Quarterly cash dividend of $0.24 per share payable on March 15, 2016
  
  

Full Year 2015:

• Net Income of $197.5 million; Adjusted Net Income* of $272.8 million, which excludes IPO related adjustments
• Adjusted Net Trading Income* of $500.7 million
• Adjusted EBITDA* of $352.4 million; Adjusted EBITDA Margin* of 68.9%
  
  

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

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2016 to shareholders of record as of March 1, 2016.

“2015 was a seminal year in Virtu's history. We completed our Initial Public Offering in April. We ended the year with our company present on more than 230 unique venues in 35 countries. Although fourth quarter volumes and volatility trailed the pace set in the third quarter, we began 2016 in a very strong fashion and have benefitted from the sustained elevated volatility and volume levels seen in January,” said Douglas Cifu, Chief Executive Officer of Virtu Financial.

GAAP Financial Results

Total revenues decreased 17.2% to $176.9 million for this quarter, compared to $213.5 million for the same period in 2014. Trading income, net, decreased 18.3% to $166.9 million for this quarter, compared to $204.4 million for the same period in 2014. Net income decreased 37.7% to $42.9 million for this quarter, compared to $68.9 million for the same period in 2014.

GAAP Basic and Diluted EPS for this quarter were $0.22.

Historical quarterly results from first quarter 2014 to date are available at http://ir.virtu.com.

Business Performance

For the fourth quarter of 2015, Adjusted Net Trading Income decreased 18.0% to $107.8 million for this quarter, compared to $131.5 million for the same period in 2014. Adjusted Net Income decreased 30.6% to $52.7 million for this quarter, compared to $75.9 million for the same period in 2014. Adjusted EBITDA decreased 23.8% to $71.9 million for this quarter, compared to $94.3 million for the same period in 2014. 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 taxation, Normalized Adjusted EPS was $0.27 for this quarter.

For the full year 2015, Adjusted Net Trading Income increased 15.1% to $500.7 million, compared to $435.0 million in 2014. Adjusted Net Income increased 20.4% to $272.8 million for the full year 2015, compared to $226.5 million in 2014. Adjusted EBITDA increased 20.9% to $352.4 million for the full year 2015, compared to $291.4 million in 2014. 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 taxation, Normalized Adjusted EPS was $1.35 for this year.

Since our inception, we have sought to broadly diversify our market making across securities, asset classes and  geographies, and as a result, for the quarter ended December 31, 2015, we achieved a diverse mix of Adjusted Net Trading Income results, with no one category constituting more than 31.0% of our total Adjusted Net Trading Income. Average daily Adjusted Net Trading Income was approximately $1.685 million for this quarter compared to $2.055 million for the same period in the previous year. For the full year 2015, no single category constituted more than 27.1% of our total Adjusted Net Trading Income and our average daily Adjusted Net Trading Income was approximately $1.987 million compared to $1.726 million for the previous year.

As of December 31, 2015, Virtu was connected to more than 230 unique market venues in 35 countries and made markets in over 12,000 financial instruments.

The following tables show our Adjusted Net Trading Income, average daily Adjusted Net Trading Income and percentage of Adjusted Net Trading Income by category for the three months ended December 31, 2015 and 2014, and years ended December 31, 2015 and 2014, respectively.

		Three Months Ended December 31,
	Adjusted Net Trading Income:		2015			% of Total					2014			% of Total				% Change
	Category	(in thousands, except percentages)
	Americas Equities	$	33,384				31.0	%		$	35,280				26.8	%			-5.4	%
	EMEA Equities		12,555				11.6	%			13,321				10.1	%			-5.8	%
	APAC Equities		11,035				10.2	%			9,515				7.2	%			16.0	%
	Global Commodities		22,102				20.5	%			25,235				19.2	%			-12.4	%
	Global Currencies		20,346				18.9	%			39,136				29.8	%			-48.0	%
	Options, Fixed Income and Other		7,109				6.6	%			14,490				11.0	%			-50.9	%
	Unallocated1		1,279				1.2	%			(5,468	)			-4.1	%			NM
	Total Adjusted Net Trading Income	$	107,810				100.0	%		$	131,509				100.0	%			-18.0	%
		Three Months Ended December 31,
	Average Daily Adjusted Net Trading Income:		2015			% of Total					2014			% of Total				% Change
	Category	(in thousands, except percentages)
	Americas Equities	$	522				31.0	%		$	551				26.8	%			-5.4	%
	EMEA Equities		196				11.6	%			208				10.1	%			-5.8	%
	APAC Equities		173				10.2	%			149				7.2	%			16.0	%
	Global Commodities		346				20.5	%			394				19.2	%			-12.4	%
	Global Currencies		318				18.9	%			612				29.8	%			-48.0	%
	Options, Fixed Income and Other		111				6.6	%			226				11.0	%			-50.9	%
	Unallocated1		19				1.2	%			(85	)			-4.1	%			NM
	Total Adjusted Net Trading Income	$	1,685				100.0	%		$	2,055				100.0	%			-18.0	%
		Three Months Ended December 31,
	Selected Market Metrics:		2015								2014							% Change
	US Equities Average Daily Volume, in millions2		7,050								7,004								0.7	%
	EU Equities Average Daily Volume, in millions2		5,547								5,796								-4.3	%
	TSE Equities Average Daily Volume, in millions3		2,482								2,919								-15.0	%
	CME Average Daily Energy Contracts4		2,032,222								1,796,769								13.1	%
	CME Average Daily FX Contracts4		779,324								957,384								-18.6	%
	OCC Average Daily Volume, in millions5		16.0								17.8								-10.1	%
	VIX (Average)6		17.03								16.08								5.9	%
	VIX (High)6		24.39								26.25								-7.1	%
	VIX (Low)6		14.15								11.82								19.7	%
	Trading Days (US)7		64								64
		Years Ended December 31,
	Adjusted Net Trading Income:		2015			% of Total					2014			% of Total				% Change
	Category	(in thousands, except percentages)
	Americas Equities	$	135,662				27.1	%		$	113,402				26.1	%			19.6	%
	EMEA Equities		58,568				11.7	%			51,604				11.9	%			13.5	%
	APAC Equities		44,910				9.0	%			29,965				6.9	%			49.9	%
	Global Commodities		112,616				22.5	%			93,083				21.4	%			21.0	%
	Global Currencies		110,493				22.1	%			109,693				25.2	%			0.7	%
	Options, Fixed Income and Other		32,020				6.4	%			42,321				9.7	%			-24.3	%
	Unallocated1		6,430				1.2	%			(5,043	)			-1.2	%			NM
	Total Adjusted Net Trading Income	$	500,699				100.0	%		$	435,025				100.0	%			15.1	%
		Years Ended December 31,
	Average Daily Adjusted Net Trading Income:		2015			% of Total					2014			% of Total				% Change
	Category	(in thousands, except percentages)
	Americas Equities	$	538				27.1	%		$	450				26.1	%			19.6	%
	EMEA Equities		232				11.7	%			205				11.9	%			13.5	%
	APAC Equities		178				9.0	%			119				6.9	%			49.9	%
	Global Commodities		447				22.5	%			369				21.4	%			21.0	%
	Global Currencies		439				22.1	%			435				25.2	%			0.7	%
	Options, Fixed Income and Other		127				6.4	%			168				9.7	%			-24.3	%
	Unallocated1		26				1.2	%			(20	)			-1.2	%			NM
	Total Adjusted Net Trading Income	$	1,987				100.0	%		$	1,726				100.0	%			15.1	%
		Years Ended December 31,
	Selected Market Metrics:		2015								2014							% Change
	US Equities Average Daily Volume, in millions2		6,912								6,415								7.7	%
	EU Equities Average Daily Volume, in millions2		5,859								5,470								7.1	%
	TSE Equities Average Daily Volume, in millions3		2,691								2,667								0.9	%
	CME Average Daily Energy Contracts4		1,968,661								1,628,819								20.9	%
	CME Average Daily FX Contracts4		869,232								802,089								8.4	%
	OCC Average Daily Volume, in millions5		16.4								16.9								-3.0	%
	VIX (Average)6		16.68								14.18								17.6	%
	VIX (High)6		40.74								26.25								55.2	%
	VIX (Low)6		11.95								10.32								15.8	%
	Trading Days (US)7		252								252
	1 Under our methodology for recording ‘‘trading income, net’’ in our condensed consolidated statements of comprehensive income, we recognize
	revenues based on the exit price of assets in accordance with applicable U.S. GAAP rules, and when we calculate Adjusted Net Trading
	Income for corresponding reporting periods, we start with trading income, net. By contrast, when we calculate Adjusted Net
	Trading Income by category, we recognize revenues on a daily basis, and as a result prices used in recognizing revenues may differ.
	Because we provide liquidity on a global basis, across asset classes and time zones, the timing of any particular daily Adjusted Net Trading
	Income calculation can effectively defer or accelerate revenue from one day to another or one reporting period to another, as the case
	may be. We do not allocate any resulting differences based on the timing of revenue recognition.
	2 Source: BATS
	3 Source: Tokyo Stock Exchange
	4 Source: Chicago Mercantile Exchange Group
	5 Source: Options Clearing Corporation
	6 Source: Chicago Board Options Exchange
	7 Based on NYSE/NASDAQ trading calendar

Financial Condition

As of December 31, 2015, Virtu had $163.2 million in cash and cash equivalents, and total long-term debt outstanding in an aggregate principal amount of $499.8 million.  The increase in cash and cash equivalents from prior periods is primarily due to the net proceeds contributed to Virtu Financial LLC as a result of the Initial Public Offering.

Virtu’s headcount was 148 full-time employees as of December 31, 2015.

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 interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange and clearance fees, 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.
• "Adjusted Net Income", which measures our operating performance by adjusting Net Income to exclude amortization of purchased intangibles and acquired capitalized software, severance, reserve for legal matter, transaction advisory fees and expenses, termination of office leases, equipment write-off, acquisition related retention bonus, share based compensation, charges related to share based compensation at IPO, 2015 Management Incentive Plan, and charges related to share based compensation awards at IPO.
• "EBITDA", which measures our operating performance by adjusting Net Income to exclude financing interest expense on senior secured credit facility, depreciation and amortization, amortization of purchased intangibles and acquired capitalized software, equipment write-off and income tax expense, and "Adjusted EBITDA", which measures our operating performance by further adjusting EBITDA to exclude severance, reserve for legal matter, transaction advisory fees and expenses, termination of office leases, acquisition related retention bonus, share based compensation, charges related to share based compensation at IPO, 2015 Management Incentive Plan, and charges related to share based compensation at IPO.
• “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 IPO related adjustments and other non-cash items, assuming that all vested and unvested Virtu Financial LLC units have been exchanged for Class A Common Stock, and applying a corporate tax rate of 35.5%.  
  
  

Adjusted Net Trading Income, Adjusted Net Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS are non-GAAP financial measures used by management 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, Adjusted Net Income, EBITDA, Adjusted EBITDA, 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 it assists both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, Adjusted Net Income, EBITDA, Adjusted EBITDA, 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 covenants and other tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted Net Income, Adjusted EBITDA, 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 Net Income, Adjusted EBITDA, 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, Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income 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, Adjusted Net Income, EBITDA, Adjusted EBITDA, 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, Adjusted Net 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, Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income 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, Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income 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 operating income (loss), Net Income (loss), 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 December 31,									Years Ended December 31,
			2015				2014					2015				2014
		(in thousands, except share and per share data)
	Revenues:
	Trading income, net	$	166,901			$	204,351				$	757,455			$	685,150
	Interest and dividends income		7,114				6,636					28,136				27,923
	Technology services		2,889				2,561					10,622				9,980
	Total revenues		176,904				213,548					796,213				723,053
	Operating Expenses:
	Brokerage, exchange and clearance fees, net		53,016				66,833					232,469				230,965
	Communication and data processing		17,046				18,279					68,647				68,847
	Employee compensation and payroll taxes		21,219				20,895					88,026				84,531
	Interest and dividends expense		13,189				12,645					52,423				47,083
	Operations and administrative		5,974				4,557					23,263				21,074
	Depreciation and amortization		7,600				7,927					31,909				30,441
	Amortization of purchased intangibles and
	acquired capitalized software		53				52					211				211
	Acquisition related retention bonus		-				-					-				2,639
	Termination of office leases		-				-					2,729				849
	Initial public offering fees and expenses		-				-					-				8,961
	Transaction advisory fees and expenses		-				3,000					-				3,000
	Reserve for legal matter		5,440				-					5,440				-
	Equipment write-off		-				-					1,719				-
	Charges related to share based compensation at IPO		(1,098	)			-					44,194				-
	Financing interest expense on senior secured credit facility		7,188				7,780					29,254				30,894
	Total operating expenses		129,627				141,968					580,284				529,495
	Income before income taxes and non-controlling interest		47,277				71,580					215,929				193,558
	Provision for income taxes		4,337				2,672					18,439				3,501
	Net income	$	42,940			$	68,908				$	197,490			$	190,057
	Non-controlling interest		(34,834	)								(176,603	)
	Net income available for common stockholders	$	8,106								$	20,887
	Earnings per share:
	Basic	$	0.22								$	0.60
	Diluted	$	0.22								$	0.59
	Weighted average common shares outstanding
	Basic		36,168,177									34,964,312
	Diluted		36,689,572									35,339,585
	Comprehensive income:
	Net income	$	42,940			$	68,908				$	197,490			$	190,057
	Other comprehensive income (loss)
	Foreign exchange translation adjustment, net of taxes		(1,304	)			(1,042	)				(4,254	)			(5,032	)
	Comprehensive income	$	41,636			$	67,866				$	193,236			$	185,025
	Less: Comprehensive income attributable to noncontrolling interests		(33,873	)								(172,267	)
	Comprehensive income available for common stockholders	$	7,763								$	20,969

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 Income, EBITDA, Adjusted EBITDA, Adjusted Net Trading Income, and selected Operating Margins.

		Three Months Ended December 31,								Years Ended December 31,
			2015				2014				2015				2014
		(in thousands, except percentages)
	Reconciliation of Trading income, net to Adjusted Net Trading Income
	Trading income, net	$	166,901			$	204,351			$	757,455			$	685,150
	Interest and dividends income		7,114				6,636				28,136				27,923
	Brokerage, exchange and clearance fees, net		(53,016	)			(66,833	)			(232,469	)			(230,965	)
	Interest and dividends expense		(13,189	)			(12,645	)			(52,423	)			(47,083	)
	Adjusted Net Trading Income	$	107,810			$	131,509			$	500,699			$	435,025
	Reconciliation of Net Income to Adjusted Net Income
	Net income	$	42,940			$	68,908			$	197,490			$	190,057
	Amortization of purchased intangibles and acquired capitalized software		53				52				211				211
	Severance		420				2,742				1,065				4,786
	Reserve for legal matter		5,440				-				5,440				-
	Initial public offering fees and expenses		-				-				-				8,961
	Transaction advisory fees and expenses		-				-				-				3,000
	Termination of office leases		-				-				2,729				849
	Equipment write-off		-				-				1,719				-
	Acquisition related retention bonus		-				-				-				2,639
	Share based compensation		3,295				4,170				15,202				16,033
	Charges related to share based compensation at IPO, 2015 Management Incentive Plan		1,693				-				4,710				-
	Charges related to share based compensation awards at IPO		(1,098	)			-				44,194				-
	Adjusted Net Income	$	52,743			$	75,872			$	272,760			$	226,536
	Reconciliation of Net Income to EBITDA and Adjusted EBITDA
	Net income	$	42,940			$	68,908			$	197,490			$	190,057
	Financing interest expense on senior secured credit facility		7,188				7,780				29,254				30,894
	Debt issue cost related to debt re-financing		-				-				-				-
	Depreciation and amortization		7,600				7,927				31,909				30,441
	Amortization of purchased intangibles and acquired capitalized software		53				52				211				211
	Equipment write-off		-				-				1,719				-
	Provision for income taxes		4,337				2,672				18,439				3,501
	EBITDA	$	62,118			$	87,339			$	279,022			$	255,104
	Severance		420				2,742				1,065				4,786
	Reserve for legal matter		5,440				-				5,440				-
	Initial public offering fees and expenses		-				-				-				8,961
	Transaction advisory fees and expenses		-				-				-				3,000
	Termination of office leases		-				-				2,729				849
	Acquisition related retention bonus		-				-				-				2,639
	Share based compensation		3,295				4,170				15,202				16,033
	Charges related to share based compensation at IPO, 2015 Management Incentive Plan		1,693				-				4,710				-
	Charges related to share based compensation awards at IPO		(1,098	)			-				44,194				-
	Adjusted EBITDA	$	71,868			$	94,251			$	352,362			$	291,372
	Selected Operating Margins
	Net Income Margin1		38.8	%			51.4	%			38.6	%			42.7	%
	Adjusted Net Income Margin2		47.6	%			56.6	%			53.3	%			50.9	%
	EBITDA Margin3		56.1	%			65.1	%			54.6	%			57.3	%
	Adjusted EBITDA Margin4		64.9	%			70.3	%			68.9	%			65.5	%
	1 Calculated by dividing net income by the sum of Adjusted Net Trading Income and technology services revenue.
	2 Calculated by dividing Adjusted Net Income by the sum of Adjusted Net Trading Income and technology services revenue.
	3 Calculated by dividing EBITDA by the sum of Adjusted Net Trading Income and technology services revenue.
	4 Calculated by dividing Adjusted EBITDA by the sum of Adjusted Net Trading Income and technology services revenue.

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 and Normalized Adjusted Net Income per share.

		Three Months Ended December 31,								Years Ended December 31,
			2015				2014				2015				2014
		(in thousands, except share and per share data)
	Reconciliation of Net Income to Normalized Adjusted Net Income
	Net income	$	42,940			$	68,908			$	197,490			$	190,057
	Provision for income taxes		4,337				2,672				18,439				3,501
	Income before income taxes	$	47,277			$	71,580			$	215,929			$	193,558
	Amortization of purchased intangibles and acquired capitalized software		53				52				211				211
	Severance		420				2,742				1,065				4,786
	Reserve for legal matter		5,440				-				5,440				-
	Initial public offering fees and expenses		-				-				-				8,961
	Transaction advisory fees and expenses		-				-				-				3,000
	Termination of office leases		-				-				2,729				849
	Equipment write-off		-				-				1,719				-
	Acquisition related retention bonus		-				-				-				2,639
	Share based compensation		3,295				4,170				15,202				16,033
	Charges related to share based compensation at IPO, 2015 Management Incentive Plan		1,693				-				4,710				-
	Charges related to share based compensation awards at IPO		(1,098	)			-				44,194				-
	Normalized Adjusted Net Income before income taxes	$	57,080			$	78,544			$	291,199			$	230,037
	Normalized provision for income taxes1		20,263				27,883				103,376				81,663
	Normalized Adjusted Net Income	$	36,817			$	50,661			$	187,823			$	148,374
	Adjusted shares outstanding2		138,918,476				138,447,359				138,772,354				138,447,359
	Normalized Adjusted Net Income per share	$	0.27			$	0.37			$	1.35			$	1.07
	1 Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 35.5%.
	2 Assumes that (1) holders of all vested and unvested Virtu Financial LLC Units (together with corresponding shares of Class C common stock), have exercised
	their right to exchange such Virtu Financial LLC Units for shares of Class A common stock on a one-for-one basis,  (2) holders of all Virtu Financial LLC Units
	(together with corresponding shares of Class D common stock), have exercised their right to exchange such Virtu Financial LLC Units for shares of 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 521,395 and 375,273 additional shares from dilutive impact of options and RSU's outstanding under the 2015 MIP during the three months and year ended December 31, 2015, respectively.

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

		December 31,				December 31,
			2015				2014
		(in thousands, except share data)
	Assets
	Cash and cash equivalents	$	163,235			$	75,864
	Securities borrowed		453,296				484,934
	Securities purchased under agreements to resell		14,981				31,463
	Receivables from broker-dealers and clearing organizations		493,093				387,652
	Trading assets, at fair value		1,338,661				1,544,308
	Property, equipment and capitalized software, net		37,501				44,644
	Goodwill		715,379				715,379
	Intangibles (net of accumulated amortization)		1,203				1,414
	Deferred taxes		187,010				-
	Other assets		45,575				33,800
	Total assets	$	3,449,934			$	3,319,458
	Liabilities, redeemable interest and equity
	Liabilities
	Short-term borrowings	$	45,000			$	-
	Securities loaned		524,603				497,862
	Securities sold under agreements to repurchase		-				2,006
	Payables to broker-dealers and clearing organizations		543,002				686,203
	Trading liabilities, at fair value		980,696				1,037,634
	Tax receivable agreement obligations		218,399				-
	Accounts payable and accrued expenses and other liabilities		86,776				93,331
	Senior secured credit facility, net		493,589				495,724
	Total liabilities	$	2,892,065			$	2,812,760
	Class A-1 redeemable membership interest		-				294,433
	Total equity		557,869				212,265
	Total liabilities, redeemable interest and equity	$	3,449,934			$	3,319,458
		As of December 31, 2015
	Ownership of Virtu Financial LLC Interests:	Interests				%
	Virtu Financial, Inc. - Class A Common Stock		37,803,165				27.3	%
	Non-controlling Interests (Virtu Financial LLC)		100,593,916				72.7	%
	Total Virtu Financial LLC Interests		138,397,081				100.0	%

Conference Call Information

Douglas Cifu, Chief Executive Officer, and Joseph Molluso, Chief Financial Officer, will host a conference call to discuss the Company's financial results and outlook on Thursday, February 4, 2016, at 8:00 a.m. Eastern Time. To access the conference call, please dial (855) 645-0552 (U.S.) or (720) 634-9067 (international). The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://ir.virtu.com/events.cfm. The Webcast will also be archived on http://ir.virtu.com/events.cfm for 90 days following the announcement.

About Virtu Financial, Inc.

Virtu is a leading technology-enabled market maker and liquidity provider to the global financial markets. We stand ready, at any time, to buy or sell a broad range of securities and other financial instruments, and we generate revenue by buying and selling securities and other financial instruments and earning small amounts of money on individual transactions based on the difference between what buyers are willing to pay and what sellers are willing to accept, which we refer to as "bid/ask spreads," across a large volume of transactions. We make markets by providing quotations to buyers and sellers in more than 12,000 securities and other financial instruments on more than 230 unique exchanges, markets and liquidity pools in 35 countries around the world. We believe that our broad diversification, in combination with our proprietary technology platform and low-cost structure, enables us to facilitate risk transfer between global capital markets participants by supplying liquidity and competitive pricing while at the same time earning attractive margins and returns.

Cautionary Note Regarding Forward-Looking Statements

The foregoing information contains certain forward-looking statements that reflect the company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.

CONTACT              

Investor Relations
Andrew Smith
Virtu Financial, Inc.
(212) 418-0195
investor_relations@virtu.com 

Media Relations
media@virtu.com

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