Virtu Financial (VIRT) FY2019 results: revenue $1.5 billion, down 19.2% on the year
Virtu Financial, Inc. (VIRT) reported revenue of $1.5 billion for fiscal 2019, the year ended 31 December 2019, down 19.2% on the year before. Net income was -$59 million, and diluted earnings per share $-0.53. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$1.5 billion
-19.2% on the year
FY2013FY2019
Operating margin
-7.6%
37.1% a year earlier
FY2013FY2019
Net income
-$59 million
FY2013FY2019
Diluted EPS
-$0.53
FY2013FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,517
1,879
1,028
-19.2%
Operating income
-116
696
113
Operating margin
-7.6%
37.1%
11.0%
Interest expense
122
71.8
64.1
+69.7%
Pre-tax income
-116
696
113
Income tax
-12.3
76.2
94.3
Effective tax rate
n/a
10.9%
83.3%
Net income
-58.6
289
2.9
Net margin
-3.9%
15.4%
0.3%
Diluted EPS
-$0.53
$2.78
$0.03
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
169
715
291
-76.4%
Capital expenditure
9.3
26.5
18.9
-64.8%
Free cash flow
159
688
272
-76.8%
Free cash flow margin
10.5%
36.6%
26.4%
Cash from investing
-900
329
-838
Cash from financing
770
-835
890
Depreciation and amortisation
115
74.5
52.2
+54.7%
Share-based compensation
71.7
31.9
26.3
+124.6%
Buybacks
0.2
66.2
2.7
-99.7%
Dividends paid
112
100
63.8
+12.0%
Dividend per share
$0.24
n/a
n/a
Diluted shares, weighted
114m
102m
63m
+11.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
931
1,052
831
-11.5%
Non-controlling interest
298
443
321
-32.8%
Short-term borrowings
73.5
15.1
27.9
+385.8%
Debt
1,918
907
1,389
+111.4%
Finance lease liabilities
13.4
n/a
n/a
Other liabilities
6,376
4,964
4,752
+28.4%
Total liabilities and equity
9,609
7,381
7,320
+30.2%
Fixed assets
n/a
113
137
Goodwill
1,149
837
845
+37.3%
Intangible assets
530
84.0
111
+530.6%
Securities borrowed
1,929
1,400
1,471
+37.8%
Cash and equivalents
732
730
533
+0.4%
Other assets
5,270
4,218
4,223
+24.9%
Total assets
9,609
7,381
7,320
+30.2%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.