Virtu Financial Inc (VIRT) Q4 2019 Earnings Call Transcript

Virtu Financial Inc (VIRT) Q4 2019 Earnings Call Transcript

Today's call may include forward-looking statements, which represent Virtu's current beliefs regarding future events and are subject to risks, assumptions and uncertainties, which may be outside the Company's control.. On today's call, we have Mr. Douglas Cifu, our Chief Executive Officer, and Mr. Alex Ioffe, our Chief Financial Officer.. In addition to GAAP results, we may refer to certain non-GAAP measures including adjusted net trading income, adjusted net income, adjusted EBITDA and adjusted EBITDA margin.. We generated $4.08 million per day in the fourth quarter, an increase of [Technical Issues] over the prior period, despite significantly lower opportunities this quarter as demonstrated by a 3% decline in US equity average daily volumes, and a 35% decline in realized volatility of the S&P 500 Index versus the prior quarter.. For the full-year 2019, Virtu generated $3.88 million per day of adjusted net trading income.. The quarter's 5% increase in average daily adjusted net trading income, combined with reduction in expenses drove a 29% increase in our non-GAAP adjusted earnings per share of $0.27 per share compared to 21% -- $0.21, excuse me, in the prior quarter.. On a GAAP basis, we generated basic and diluted loss per share of $0.16 versus