$VRTS
Virtus Investment Partners Inc

2017 Q2 Form 10-Q Financial Statement

#000088323717000083 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $94.13M $80.09M
YoY Change 17.54% -19.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $776.0K $776.0K
YoY Change 0.0% -11.11%
% of Gross Profit
Operating Expenses $90.95M $71.34M
YoY Change 27.48% -14.51%
Operating Profit $3.184M $8.743M
YoY Change -63.58% -46.06%
Interest Expense -$1.186M -$900.0K
YoY Change 31.78% -843.8%
% of Operating Profit -37.25% -10.29%
Other Income/Expense, Net -$90.00K $6.944M
YoY Change -101.3% -361.84%
Pretax Income $1.908M $14.79M
YoY Change -87.1% -12.17%
Income Tax $1.880M $6.087M
% Of Pretax Income 98.53% 41.16%
Net Earnings -$305.0K $8.088M
YoY Change -103.77% -10.25%
Net Earnings / Revenue -0.32% 10.1%
Basic Earnings Per Share -$0.34 $0.99
Diluted Earnings Per Share -$0.34 $0.97
COMMON SHARES
Basic Shares Outstanding 7.064M shares 8.170M shares
Diluted Shares Outstanding 7.064M shares 8.314M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.1M $327.9M
YoY Change -23.13% 36.65%
Cash & Equivalents $179.9M $247.7M
Short-Term Investments $72.16M $80.23M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.30M $8.348M
YoY Change 47.28% -10.97%
Goodwill $171.2M $6.788M
YoY Change 2421.66% 1.88%
Intangibles $312.1M $39.63M
YoY Change 687.43% -6.77%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.292B $975.0M
YoY Change 135.03% 35.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $1.645B $481.8M
YoY Change 241.44% 348.27%
SHAREHOLDERS EQUITY
Retained Earnings -$410.5M -$452.2M
YoY Change -9.21% -5.48%
Common Stock $1.218B $1.091B
YoY Change 11.57% -4.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $344.2M $172.7M
YoY Change 99.33% 63.39%
Treasury Stock Shares 3.230M shares 1.390M shares
Shareholders Equity $573.6M $466.3M
YoY Change
Total Liabilities & Shareholders Equity $2.292B $975.0M
YoY Change 135.03% 35.04%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$305.0K $8.088M
YoY Change -103.77% -10.25%
Depreciation, Depletion And Amortization $776.0K $776.0K
YoY Change 0.0% -11.11%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Business</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Virtus Investment Partners, Inc. (&#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or &#8220;Virtus&#8221;), a Delaware corporation, operates in the investment management industry through its subsidiaries.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides investment management and related services to individuals and institutions. The Company&#8217;s retail investment management services are provided to individuals through products consisting of U.S. 1940 Act mutual funds and Undertaking for Collective Investment in Transferable Securities ("UCITS") (collectively, "open end funds"), closed-end funds, exchange traded funds (&#8220;ETFs&#8221;) and retail separate accounts. Institutional investment management services are provided to corporations, multi-employer retirement funds, employee retirement systems, foundations, endowments, structured products and as a subadviser to unaffiliated mutual funds.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 1, 2017, the Company completed the acquisition of RidgeWorth Investments ("RidgeWorth"), which provides investment management and related services to clients throughout North America, Europe and Asia. See Note 3 for further discussion of the RidgeWorth acquisition.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. As a result of the overall increase of consolidated investment products and the decrease in consolidated sponsored investment products during the quarter, the Company has combined these categories under the caption "consolidated investment products" and accordingly reclassified prior presentations. Further, the Company has reclassified its prior net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Condensed Consolidated Statement of Cash Flows for the six months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> to conform with the current year presentation of showing such purchases and sales as separate line items within the cash flows from operating activities. The reclassifications had no impact on the net cash provided by or used in operating, investing or financing activities within the Condensed Consolidated Statement of Cash Flows, nor any impact on the other Condensed Consolidated Financial Statements. </font></div></div>

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