Virtu Financial (VIRT) FY2017 results: revenue $1.0 billion, up 46.4% on the year
Virtu Financial, Inc. (VIRT) reported revenue of $1.0 billion for fiscal 2017, the year ended 31 December 2017, up 46.4% on the year before. Net income was $3 million, down 91.1%, and diluted earnings per share $0.03. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2018.
Revenue
$1.0 billion
+46.4% on the year
FY2013FY2017
Operating margin
11.0%
25.6% a year earlier
FY2013FY2017
Net income
$3 million
-91.1% on the year
FY2013FY2017
Diluted EPS
$0.03
-96.4% on the year
FY2013FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,028
702
796
+46.4%
Operating income
113
180
216
-37.0%
Operating margin
11.0%
25.6%
27.1%
Interest expense
64.1
28.3
29.3
+126.3%
Pre-tax income
113
180
216
-37.0%
Income tax
94.3
21.3
18.4
+343.6%
Effective tax rate
83.3%
11.8%
8.5%
Net income
2.9
33.0
20.9
-91.1%
Net margin
0.3%
4.7%
2.6%
Diluted EPS
$0.03
$0.83
$0.59
-96.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
291
240
260
+21.3%
Capital expenditure
18.9
11.9
16.3
+59.6%
Free cash flow
272
228
244
+19.3%
Free cash flow margin
26.4%
32.4%
30.6%
Cash from investing
-838
-59.0
-24.3
Cash from financing
890
-161
-144
Depreciation and amortisation
52.2
19.8
33.6
+163.7%
Share-based compensation
26.3
22.9
61.9
+14.8%
Buybacks
2.7
4.5
3.8
-40.9%
Dividends paid
63.8
37.8
17.4
+69.0%
Diluted shares, weighted
63m
39m
35m
+62.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
831
146
131
+470.2%
Non-controlling interest
321
389
427
-17.4%
Short-term borrowings
27.9
25.0
45.0
+11.5%
Debt
1,389
565
494
+145.8%
Other liabilities
4,752
2,568
2,295
+85.0%
Total liabilities and equity
7,320
3,692
3,392
+98.2%
Fixed assets
137
29.7
37.5
+362.0%
Goodwill
845
715
715
+18.1%
Intangible assets
111
1.0
1.2
+11,112.1%
Securities borrowed
1,471
220
453
+568.7%
Cash and equivalents
533
181
163
+193.7%
Other assets
4,223
2,545
2,021
+65.9%
Total assets
7,320
3,692
3,392
+98.2%
10-K for the year ended 31 December 2017, filed 13 March 2018: the filing.